Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



☒  QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended September
30, 2016



or



☐  TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Commission File Number: 333-173680



GLORYWIN ENTERTAINMENT GROUP INC.

(Exact name of registrant as specified in its charter)



|Nevada                                                         | 27-3369810                          
|-------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)



Room 8, 20/F, AIA Tower,Nos 251A-301, Avenida
Commercial de Macau, Macau

(Address of principal executive offices)



+853 8294-2333

(Registrant's telephone number)





Securities registered pursuant to Section 12(b)
of the Act:



|Title of each class | Trading Symbol | Name of each exchange on which registered
|------------------- | -------------- | -----------------------------------------
|                    |                |                                          



Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes
☒    No ☐



Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes 
☒     No ☐



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging
growth company” in Rule 12b-2 of the Exchange Act.



|Large accelerated Filer ☐ | Accelerated Filer ☐        
|------------------------- | ---------------------------
|Non-accelerated Filer ☐   | Smaller reporting company ☒
|                          | Emerging growth company ☐  



If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to section 13(a) of the Exchange Act. ☐



Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes ☐    No
☒



APPLICABLE ONLY TO CORPORATE ISSUERS:



Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date: 356,194,747 shares of $0.001 par value common stock outstanding as of June 6, 2022.















GLORYWIN ENTERTAINMENT GROUP INC.

FORM 10-Q

Quarterly Period Ended September 30, 2015



TABLE OF CONTENTS





|                                                  | Page                                                                                                                                          
|------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------
|                                                  |                                                                                                                                               
|SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | 3                                                                                                                                             
|                                                  |                                                                                                                                               
|PART I. FINANCIAL INFORMATION                     | 4                                                                                                                                             
|Item 1.                                           | Financial Statements                                                                                                                          
|                                                  | Consolidated Balance Sheets as of September 30, 2016 (Unaudited) and March 31, 2016                                                           
|                                                  | Consolidated Statements of Operations and Comprehensive Income (Unaudited) for Three and Six Months Ended September 30, 2016 and 2015         
|                                                  | Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Year Ended March 31, 2016 and Six Months Ended September 30, 2016
|                                                  | Consolidated Statements of Cash Flows (Unaudited) for Six Months Ended September 30, 2016 and 2015                                            
|                                                  | Notes to Unaudited Consolidated Financial Statements                                                                                          
|Item 2.                                           | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                         
|Item 3.                                           | Quantitative and Qualitative Disclosures About Market Risk                                                                                    
|Item 4.                                           | Controls and Procedures                                                                                                                       
|                                                  |                                                                                                                                               
|PART II. OTHER INFORMATION                        | 18                                                                                                                                            
|Item 1.                                           | Legal Proceedings                                                                                                                             
|Item 1A.                                          | Risk Factors                                                                                                                                  
|Item 2.                                           | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                   
|Item 3.                                           | Defaults Upon Senior Securities                                                                                                               
|Item 4.                                           | Mine Safety Disclosures                                                                                                                       
|Item 5.                                           | Other Information                                                                                                                             
|Item 6.                                           | Exhibits                                                                                                                                      
|                                                  |                                                                                                                                               
|SIGNATURES                                        | 20                                                                                                                                            





2







Unless otherwise noted, references in this registration
statement to "Glorywin Entertainment Group Inc." the "Company," "we," "our" or "us"
means Glorywin Entertainment Group Inc. and its subsidiaries.



FORWARD-LOOKING STATEMENTS



This document contains "forward-looking statements".  All
statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities
laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies
and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding
future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.



Forward-looking statements may include the words
"may, "could," "estimate," "intend," "continue," "believe," "expect"
or "anticipate" or other similar words. These forward-looking statements present our estimates and assumptions only as of the
date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as
of the dates on which they are made. Except for our ongoing securities laws, we do not intend, and undertake no obligation, to update
any forward-looking statement.  Additionally, the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 most likely do not apply to our forward-looking statements as a result of being a penny stock issuer.  You should, however,
consult further disclosures we make in future filings of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.



Although we believe the expectations reflected
in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any
of our forward-looking statements.  Our future financial condition and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and uncertainties.



AVAILABLE INFORMATION



We file annual, quarterly and special reports and other information
with the SEC that can be inspected and copied at the public reference facility maintained by the SEC at 100 F Street, N.E., Room 1580,
Washington, D.C. 20549-0405. Information regarding the public reference facilities may be obtained from the SEC by telephoning 1-800-SEC-0330.
The Company's filings are also available through the SEC's Electronic Data Gathering Analysis and Retrieval System which is publicly available
through the SEC's website (www.sec.gov). Copies of such materials may also be obtained by mail from the public reference section of the
SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549-0405 at prescribed rates.





3







PART I - FINANCIAL INFORMATION



Item 1. Financial Statements.





| | GLORYWIN ENTERTAINMENT GROUP, INC. AND SUBSIDIARIES
| | ---------------------------------------------------
| | CONSOLIDATED BALANCE SHEETS                        
| | As of September 30, 2016 and March 31, 2016        



|                                                                                                                                                                                  |  | September 30, |            |   | March 31,   |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ---------- | - | ----------- | -
|                                                                                                                                                                                  |  | 2016          |            |   | 2016        |  
|                                                                                                                                                                                  |  | (Unaudited)   |            |   | (Unaudited) |  
|ASSETS                                                                                                                                                                            |  |               |            |   |             |  
|Current assets                                                                                                                                                                    |  |               |            |   |             |  
|Cash and cash equivalents                                                                                                                                                         |  | $             | 252        |   |             | $
|Accounts receivable                                                                                                                                                               |  |               | –          |   |             |  
|Other current assets                                                                                                                                                              |  |               | –          |   |             |  
|Total current assets                                                                                                                                                              |  |               | 252        |   |             |  
|                                                                                                                                                                                  |  |               |            |   |             |  
|Non - current assets                                                                                                                                                              |  |               |            |   |             |  
|Property, plant and equipment, net                                                                                                                                                |  |               | –          |   |             |  
|Construction in process                                                                                                                                                           |  |               | –          |   |             |  
|Deposits for long-term operating leases                                                                                                                                           |  |               | –          |   |             |  
|Total non-current assets                                                                                                                                                          |  |               | –          |   |             |  
|Total assets                                                                                                                                                                      |  | $             | 252        |   |             | $
|                                                                                                                                                                                  |  |               |            |   |             |  
|LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                              |  |               |            |   |             |  
|Current liabilities                                                                                                                                                               |  |               |            |   |             |  
|Accrued liabilities and other payables                                                                                                                                            |  | $             | 75,086     |   |             | $
|Taxes payable                                                                                                                                                                     |  |               | –          |   |             |  
|Other payables - related parties                                                                                                                                                  |  |               | –          |   |             |  
|Total current liabilities                                                                                                                                                         |  |               | 75,086     |   |             |  
|Total liabilities                                                                                                                                                                 |  |               | 75,086     |   |             |  
|                                                                                                                                                                                  |  |               |            |   |             |  
|Shareholders' equity                                                                                                                                                              |  |               |            |   |             |  
|Common stock, $0.001 par value, 490,000,000 shares authorized, 102,100,338 and 50,900,338 shares issued and outstanding as of September 30, 2016 and March 31, 2016, respectively |  |               | 102,100    |   |             |  
|Additional paid-in capital                                                                                                                                                        |  |               | 1,839,796  |   |             |  
|Accumulated other comprehensive loss                                                                                                                                              |  |               | (11,282    | ) |             |  
|Retained earnings                                                                                                                                                                 |  |               | (2,005,448 | ) |             |  
|Total shareholders' equity                                                                                                                                                        |  |               | (74,834    | ) |             |  
|Total liabilities and shareholders' equity                                                                                                                                        |  | $             | 252        |   |             | $





See notes to unaudited consolidated financial statements





4







GLORYWIN ENTERTAINMENT GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME



(Unaudited)



|                                         |  | For the Three Months Ended September 30, |            |   | For the Six Months Ended September 30, |  
|---------------------------------------- |  | ---------------------------------------- | ---------- | - | -------------------------------------- | -
|                                         |  | 2016                                     |            |   | 2015                                   |  
|Revenues                                 |  | $                                        | –          |   |                                        | $
|Gross profit                             |  |                                          | –          |   |                                        |  
|Operating expenses:                      |  |                                          |            |   |                                        |  
|General and administrative expenses      |  |                                          | 17,191     |   |                                        |  
|Professional fees                        |  |                                          | –          |   |                                        |  
|Total operating expenses                 |  |                                          | 17,191     |   |                                        |  
|Income before provision for income taxes |  |                                          | –          |   |                                        |  
|Provision for income taxes               |  |                                          | –          |   |                                        |  
|Net income                               |  | $                                        | 17,191     |   |                                        | $
|                                         |  |                                          |            |   |                                        |  
|Comprehensive income                     |  |                                          |            |   |                                        |  
|Net income                               |  | $                                        | (17,191    | ) |                                        | $
|Total comprehensive income               |  | $                                        | (17,191    | ) |                                        | $
|                                         |  |                                          |            |   |                                        |  
|Net income per share                     |  |                                          |            |   |                                        |  
|Basic                                    |  | $                                        | 0.00       |   |                                        | $
|Diluted                                  |  | $                                        | 0.00       |   |                                        | $
|Weighted average shares outstanding      |  |                                          |            |   |                                        |  
|Basic                                    |  |                                          | 53,126,425 |   |                                        |  
|Diluted                                  |  |                                          | 53,126,425 |   |                                        |  





See notes to unaudited consolidated financial statements





5









GLORYWIN ENTERTAINMENT GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)

For the Year Ended March 31, 2016 and Six Months Ended September 30, 2016





|                                                      |  | Preferred Stock |   |  | Common Stock |   |   |        |  |  |             |  |  | Retained |         |  | Shareholders’ |  
|----------------------------------------------------- |  | --------------- | - |  | ------------ | - | - | ------ |  |  | ----------- |  |  | -------- | ------- |  | ------------- | -
|                                                      |  | Shares          |   |  | Amount       |   |   | Shares |  |  | Amount      |  |  | APIC     |         |  | AOCI          |  
|Balance - March 31, 2014                              |  |                 | – |  |              | $ | – |        |  |  | 9,805,044   |  |  | $        | 9,805   |  |               | $
|                                                      |  |                 |   |  |              |   |   |        |  |  |             |  |  |          |         |  |               |  
|Share issued for acquisition of Top Point             |  |                 | – |  |              |   | – |        |  |  | 10,195,294  |  |  |          | 10,195  |  |               |  
|Share based compensation - employees                  |  |                 | – |  |              |   | – |        |  |  | 100,000     |  |  |          | 100     |  |               |  
|Share issued to third parties for services provided   |  |                 | – |  |              |   | – |        |  |  | 100,000     |  |  |          | 100     |  |               |  
|Share issued to related parties for services provided |  |                 | – |  |              |   | – |        |  |  | 600,000     |  |  |          | 600     |  |               |  
|Acquisition of Wonderful Gate                         |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Debt forgiveness                                      |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Net income                                            |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Exchange reserves                                     |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|                                                      |  |                 |   |  |              |   |   |        |  |  |             |  |  |          |         |  |               |  
|Balance - March 31, 2015                              |  |                 | – |  |              |   | – |        |  |  | 20,800,338  |  |  |          | 20,800  |  |               |  
|                                                      |  |                 |   |  |              |   |   |        |  |  |             |  |  |          |         |  |               |  
|Contributions from shareholder                        |  |                 |   |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Share based compensations - employees                 |  |                 |   |  |              |   | – |        |  |  | 100,000     |  |  |          | 100     |  |               |  
|Acquisition of Little Wooden House                    |  |                 |   |  |              |   | – |        |  |  | 30,000,000  |  |  |          | 30,000  |  |               |  
|Exchange Reserves                                     |  |                 |   |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Net income                                            |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|                                                      |  |                 |   |  |              |   |   |        |  |  |             |  |  |          |         |  |               |  
|Balance-March 31,2016                                 |  |                 | – |  |              |   | – |        |  |  | 50,9000,338 |  |  |          | 50,900  |  |               |  
|Contribution from Shareholders                        |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Acquisition of Top Honesty Biomass Sdn Bhd            |  |                 | – |  |              |   | – |        |  |  | 51,200,000  |  |  |          | 51,200  |  |               |  
|Exchange Reserves                                     |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|Net Income                                            |  |                 | – |  |              |   | – |        |  |  | –           |  |  |          | –       |  |               |  
|                                                      |  |                 |   |  |              |   |   |        |  |  |             |  |  |          |         |  |               |  
|Ending Balance - September 30, 2016                   |  |                 | – |  |              | $ | – |        |  |  | 102,100,338 |  |  | $        | 102,100 |  |               | $





See notes to unaudited consolidated financial statements





6







GLORYWIN ENTERTAINMENT GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended September 30, 2016 and 2015

(Unaudited)



|                                                                                            |  | For the Six Months Ended September 30, |        
|------------------------------------------------------------------------------------------- |  | -------------------------------------- | -------
|                                                                                            |  | 2016                                   |        
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                       |  |                                        |        
|Net income                                                                                  |  | $                                      | (41,635
|Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |                                        |        
|Expenses paid and waived by shareholder                                                     |  |                                        | –      
|Depreciation expenses                                                                       |  |                                        | –      
|Share based compensation - employees                                                        |  |                                        | –      
|Changes in operating assets and liabilities:                                                |  |                                        |        
|Accounts receivable                                                                         |  |                                        | –      
|Other current assets                                                                        |  |                                        | –      
|Deposits for long-term operating leases                                                     |  |                                        | –      
|Taxes payable                                                                               |  |                                        | –      
|Accrued liabilities and other payables                                                      |  |                                        | 41,823 
|                                                                                            |  |                                        |        
|NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                         |  |                                        | 188    
|                                                                                            |  |                                        |        
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                       |  |                                        |        
|Purchase of property, plant and equipment                                                   |  |                                        | –      
|Cash paid for construction in process                                                       |  |                                        | –      
|                                                                                            |  |                                        |        
|NET CASH USED IN INVESTING ACTIVITIES                                                       |  |                                        | –      
|                                                                                            |  |                                        |        
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                       |  |                                        |        
|Proceeds from related party advances                                                        |  |                                        | –      
|Repayments to related party advances                                                        |  |                                        | –      
|                                                                                            |  |                                        |        
|NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                         |  |                                        | –      
|                                                                                            |  |                                        |        
|EFFECT OF EXCHANGE RATE ON CASH                                                             |  |                                        | (188   
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                        |  |                                        | –      
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                            |  |                                        | 252    
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                  |  | $                                      | 252    
|                                                                                            |  |                                        |        
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                           |  |                                        |        
|Cash paid for:                                                                              |  |                                        |        
|Interest                                                                                    |  | $                                      | –      
|Income taxes                                                                                |  | $                                      | –      
|                                                                                            |  |                                        |        
|NON-CASH DISCLOSURE OF CASH FLOW INFORMATION:                                               |  |                                        |        
|Shares issues for acquisition of Top Honesty Biomass Sdn Bhd                                |  | $                                      | 51,200 
|Debt forgiveness                                                                            |  | $                                      | –      
|Shares issued for acquisition of Top Point                                                  |  | $                                      | –      





See notes to unaudited consolidated financial statements





7







Glorywin Entertainment Group Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements



Note 1 – Nature of Business



Glorywin Entertainment Group Inc. (“Glorywin”),
formerly known as Zippy Bags, Inc., was incorporated in the state of Nevada on August 26, 2010 (“Inception”). It was initially
formed to market a snowboard carrying bag locally, in the Salt Lake City, Utah area to snowboard shops and outdoor retailers.



On June 17, 2014, Janet Somsen, the original owner
of Glorywin, entered into a security purchase agreement to sell 44.5% of Glorywin’s outstanding shares, or 4,365,000 shares, of
common stock, to Taipan Pearl Sdn Bhd and Wenwei Wu in exchange for an aggregate purchase price of $189,004 in cash. At the closing of
the transaction, Janet Somsen agreed that the previous officers would resign, and all the debts, consisting of $11,719 of taxes payable,
$1,650 of accounts payable, and $3,500 of notes payable due to BK Consulting and Associates, P.C. (“BK Consulting”), would
be repaid by Ms.Somsen. Glorywin is a shell company and has no operations.



On the same day, Glorywin entered into a share
transfer agreement with Top Point Limited (“Top Point”), a company incorporated in Samoa on April 9, 2014. Pursuant to the
agreement, Glorywin issued 10,195,294 shares of common stock to Wen Wei Wu, Taipan Pearl Sdn Bhd, Boon Siong Lee and Zhen Long Ho to acquire
1,000 common shares (100%) of Top Point. Top Point is a shell company and has no operations.



Simultaneously, Glorywin paid Macanese Pataca
(“MOP”) 60,000 (approximately $7,692) to acquire Wonderful Gate Strategy Company Limited (“Wonderful Gate”), a
company incorporated on March 11, 2009 in Macau, China,   and had no operation prior to the acquisition from, Carmen Lum. Since then,
Wonderful Gate has been engaged in service of introducing sub-junkets and information technology infrastructure to land-based casinos
and receiving an agreed percentage of total bets as revenue. Wonderful Gate has introduced 25 sub-junkets to initially three land-based
casinos in Cambodia and reduced to one land-based casino to date.



After the above transactions, Taipan Pearl Sdn
Bhd owns 56% interest of the Glorywin and its subsidiaries, (collectively, “the Company”, “us”), and became the
biggest shareholder of the Company.



On October 30, 2014, the Company changed its name
to Glorywin Entertainment Group, Inc.



Acquisition of Gwin Company Limited (Gwin)



On October 22, 2014, the Company orally entered
into a conditional sale agreement ("Conditional Sale Agreement"), which was later put into a written form on January 19, 2015,
with Taipan Pearl Sdn Bhd, shareholder of 56% of the Company's interest. Pursuant to the Conditional Sale Agreement, the Company agreed
to pay a total price of $2,000,000 to acquire Gwin Company Limited ("Target Company", or "Gwin"), which is solely
owned by Mr. Sing Hong Ting, the 100% beneficial owner of Taipan Pearl Sdn Bhd. Gwin obtained the formal approval of incorporation in
March, 2015 and did not generate any revenues since its establishment. The sale would be completed under conditions that the Target Company
becomes profitable within 12 months from the date of the Conditional Sale Agreement (“Profitability Condition”) and that the
Target Company maintains all necessary licenses to be operational. If the two conditions were not satisfied, the amount paid would
be fully refunded. On February 18, 2015, the Company signed a supplementary agreement to the Conditional Sale Agreement ("Supplementary
Agreement") with Taipan Pearl Sdn Bhd, pursuant to which, another $2,000,000 would be paid by the Company for acquisition of the
Target Company. The incremental $2,000,000 would be used in renovating and operating of the Target Company. The Company paid $3,180,425
as of March 31, 2015 and continued to pay until September 29, 2015, when the Company entered into a Closing Agreement ("Closing Agreement")
with Mr. Sing Hong Ting to officially acquire the Target Company. On November 11, 2015, the Company entered into an Amended and Restated
Agreement (“Restated Agreement”) with Mr. Sing Hong Ting. Pursuant to the Closing Agreement and Restated Agreement, the Company:
(1) purchased 100% of Gwin’s equity interest, and all the advanced payment to the Target Company, totalling $5,876,392, shall be
regarded as the final consideration of the sale, and therefore shall not be refundable; (2) waived the Profitability Condition of the
Conditional Sale Agreement, which was not met as of September 29, 2015; and (3) agreed with the other signing party to correct the seller
of Gwin from Taipan Pearl Sdn Bhd to Mr. Sing Hong Ting. On January 9, 2015, Gwin entered into a lease agreement to lease a casino hotel
building with equipment in it located in Kingdom of Cambodia. Gwin is currently refurbishing the building and expects to finish the refurbishment
and start its operation in gaming and hospitality industry in February, 2016.







8







Since the Company and Gwin are under common control
by Mr. Sing Hong Ting, the acquisition of Gwin was recorded as a transaction between entities under common control. The Company has accounted
for Gwin’s operations on a retrospective basis in the Company’s consolidated financial statements from the inception of Gwin
in March, 2015. Accordingly, the consolidated balance sheet as of March 31, 2015 and the consolidated statement of changes in shareholders’
equity for the year ended March 31, 2015 have been retrospectively restated in this report to reflect Gwin’s accounts at their historical
amounts as of those dates.



Note 2 – Significant Accounting Policies



Basis of Presentation



The consolidated financial statements include
the accounts of the Company and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in the
consolidation. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with U.S.
generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted as permitted by the rules and regulations
of the United States Securities and Exchange Commission ("SEC"), although the Company believes that the disclosures contained
in this report are adequate to make the information presented not misleading.



The accompanying unaudited interim consolidated
financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present
fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations
for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken
as a whole.



We have defined various periods that are covered
in this report as follows:



- "fiscal year 2015"—April 1,
2014 through March 31, 2015

- "fiscal year 2016"—April 1, 2015 through March 31,
2016



Use of Estimates



The preparation of consolidated financial statements
that conform with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates
its estimates, including those related to bad debts, income taxes, and the valuation of equity transactions. The Company bases its estimates
on historical experience and on various other assumptions that it believed to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets
and liabilities. Actual results may differ from these estimates under different assumptions or conditions.



Fair value of Financial Instruments



The Company's financial instruments consist principally
of cash and cash equivalents, accounts receivable, accrued liability and other payables. The carrying amounts of such financial instruments
in the accompanying balance sheets approximate their fair values due to their relatively short-term nature.



Transactions involving related parties cannot
be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist.
Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated
on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however,
practical to determine the fair value of other payables to related parties due to their related party nature.







9







Construction in progress



Direct costs that are related to the construction
of property and equipment incurred in connection with bringing the assets to their intended use are capitalized as construction in progress.
Construction in progress is transferred to specific property and equipment and the depreciation of these assets commences when the assets
are ready for their intended use. As of September 30, 2016 and March 31, 2016, the balance of construction in progress was $nil and $nil,
respectively, which was primarily related to the refurbishment of a leased casino hotel building.



Foreign Currency Translation



The accompanying consolidated financial statements
are presented in United States dollars ("USD"). The functional currency of Wonderful Gate located in Macau is Hong Kong Dollars
("HKD"), and the functional currency of Glorywin, Top Point and Gwin is the USD. The financial statements are translated into
US dollars from HK$ at period-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses.
Capital accounts are translated at their historical exchange rates when the capital transactions occurred.



The Hong Kong Monetary Authority ("HKMA"),
Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983. The HKMA operates Convertibility Undertakings on both the
strong side and the weak side of the Linked Rate of US$1: HK$7.8. Thus, the consistent exchange rate used has been 7.80 HKD per each USD.



Foreign currency transactions are those that required
settlement in a currency other than HKD. Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in
the period they occur.



Related Party Transactions



A related party is generally defined as (i) any
person that holds 10% or more of the Company's securities including such person's immediate families, (ii) the Company's management, (iii)
someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly
influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there
is a transfer of resources or obligations between related parties.



Stock-Based Compensation



The Company accounts for stock based compensation
issued to employees in accordance with ASC 718 "Stock Compensation". ASC 718 requires companies to recognize an expense in
the statement of income at the grant date of stock options and other equity based compensation issued to employees. The Company accounts
for non-employee share-based awards in accordance with ASC 505-50 "Equity-based payments to nonemployees".



Operating Leases



Leases where substantially all the rewards
and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Payments made under operating
leases are charged to the consolidated statements of operations on a straight-line basis over the lease period.



Recent accounting pronouncements



In August 2015, the FASB issued ASU 2015-14,
“Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The amendments in ASU 2015-14 defer the
effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee
benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim
reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December
15, 2016, including interim reporting periods within that reporting period. The Company is currently in the process of evaluating the
impact of the adoption on its consolidated financial statements.







10







In September 2015, the FASB issued ASU 2015-16,
“Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. The amendments in ASU
2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting
period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial
statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change
to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity
to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period
earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been
recognized as of the acquisition date. The adoption of this standard is not expected to have a material impact on the Company’s
consolidated financial statements.



Note 3 – Accounts Receivable



Accounts receivable consists of the following:



|                            |  |   | As of
                                                                                September 30, 2016 |  |  |   | As of
                                                                                March 31, 2016 | 
|--------------------------- |  | - | -------------------------------------------------------------------------------------------------------- |  |  | - | ---------------------------------------------------------------------------------------------------- | 
|Introduction of IT company  |  | $ | –                                                                                                        |  |  | $ | –                                                                                                    | 
|Introduction of sub-junkets |  |   | –                                                                                                        |  |  |   | –                                                                                                    | 
|Total                       |  | $ | –                                                                                                        |  |  | $ | –                                                                                                    | 



We have written off the entire amount receivable
in previous year ended March 31, 2016 because our junket business was taken away by Mr. Sing Hong, former major shareholder, and his
concerted party, without our consent, and our company has no any receivables since then.



Note 4 – Income Taxes



Wonderful Gate, the operating entity of the Company,
is located in Macau, China. Income received in Macau is taxable under Macau's Complementary Tax provisions, irrespective of the beneficiary
being an individual or a corporation, its particular line of business, its nationality or domiciliation, without prejudice to the particular
deductions and allowances each taxpayer enjoys. Companies are required to declare their annual profit and such profit is subject to Complementary
Tax. If dividend is declared, taxable profit is based on taxable profit (after dividends have been paid). Law No.5/2015 (the 2015 Budget
Law) extends the exempted portion of income to MOP600, 000 and determines that the excess of taxable income be taxed at the relevant brackets
(0% from MOP0 to MOP600, 000 and 12% on the excess). These measures implemented through the 2015 Budget Law are extraordinary and there
can be no assurances that the exemption limit will increase, decrease or stay at its present level. These rates apply to the declared
taxable profit (gross income less allowable deductions) from all income generating sources, except professional tax and property income,
taxed separately under different regulations. The provision for income taxes for the six months ended September 30, 2016 and 2015 was
$0 and $393,190, respectively.



The Company's subsidiary, Top Point, is incorporated
in Samoa, and is subject to company tax at a tax rate of 27%. No provision for income taxes in Samoa has been made as the Company had
no Samoa taxable income as of September 30, 2016.



Glorywin is incorporated in the State of Nevada
and is subject to the United States federal income tax at an effective tax rate of 34%.



Gwin is incorporated in the Kingdom of Cambodia
and is subject to company tax at a rate ranging from 0% to 20% based on annual taxable profit. No provision for income taxes in Kingdom
of Cambodia has been made as Gwin had no taxable income as of September 30, 2016.







11







Income taxes are calculated on a separate entity
basis. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes. The provisions for income taxes for the six months ended
September 30, 2015 and 2014 are summarized as follows:



|               |  | Six Months Ended September 30, |  
|-------------- |  | ------------------------------ | -
|               |  | 2016                           |  
|Current taxes  |  | $                              | –
|Deferred taxes |  |                                | –
|Total          |  | $                              | –



The table below summarizes the difference between the U.S. statutory
federal tax rate and the Company's effective tax rate for the six months ended September 30, 2016 and 2015:



|                                                                  |  | Six Months Ended September 30, |     
|----------------------------------------------------------------- |  | ------------------------------ | ----
|                                                                  |  | 2016                           |     
|U.S. federal income tax rate                                      |  |                                | 34% 
|Foreign income note recognized in the U.S.                        |  |                                | (34%
|Macau Complementary tax                                           |  |                                | 12% 
|Kingdom of Cambodia company tax                                   |  |                                | 0%  
|Effect of income tax difference under different tax jurisdictions |  |                                | 4%  
|Total effective income tax rate                                   |  |                                | 16% 



Note 5 – Stockholders' Equity



Shares issued



On June 17, 2014, the Company issued 10,195,294
restricted shares to Taipan Pearl Sdn Bhd, Wenwei Wu, Boom Siong Lee and Zhen Long Ho as consideration for 1,000 shares of Top Point.
The shares were booked at par value issuance cost with a decrease to additional paid-in capital of $10,195 due to treatment requirements
for stock granted for an acquisition of an entity under common control. The transaction was accounted for as an acquisition of entity
under common control which requires booking the transaction at historical cost.



On November 18, 2014, the Company issued 600,000
restricted shares to Taipan Pearl Sdn Bhd, its major shareholder, 100,000 shares to Eng Wah Kung, its Chief Executive Officer at the time,
and 100,000 shares to its public relationship company as consideration for their services provided. The total fair value of the common
stock was $1,600,000 based on the closing price of the Company's common stock on the date of grant and the expense was included in general
and administrative expenses for the year ended March 31, 2015. The restriction period is one year from the grant date.



On July 1, 2015, the Company issued 100,000 restricted
shares of the Company's common stock valued at $2.25 per share to Mr. Muhammad Shahrezza Chong as compensation for his service to the
Company as Director of Public Relationships. The total fair value of the common stock was $225,000 based on the closing price of the Company's
common stock on the date of grant and the expense was included in general and administrative expenses for the three months ended September
30, 2015. The restriction period is one year from the grant date.



Debt forgiveness by related party



On June 17, 2014, Janet Somsen paid and released
the Company of $16,869 of outstanding liabilities. As Ms. Somsen was a shareholder of the Company, the transaction was accounted for as
contributed capital.







12







Note 6 – Related Party Transactions



The Company's officers, directors and related
parties, from time to time, provided advances to the Company for working capital purpose. These advances are short-term in nature, unsecured
and payable on demand. The due to related parties amounts on September 30, 2016 and March 31, 2016 were as follows:



Nil.



On June 17, 2014, Janet Somsen, the Glorywin's
original owner, sold 4,365,000 shares to Taipan Pearl Sdn Bhd and Wenwei Wu. As part of the security purchase agreement, all the debts
of the Glorywin as of the transaction date, including $11,719 of taxes payable, $1,650 of accounts payable, and $3,500 of notes payable
due to BK Consulting, would be repaid by Ms. Somsen. On the same day, Glorywin issued 10,195,294 restricted shares to Wenwei Wu, Taipan
Pearl Sdn Bhd, Boom Siong Lee and Zhen Long Ho for their interest in the 1,000 shares of Top Point. Simultaneously, Glorywin paid MOP60,000
(approximately $7,692) to acquire Wonderful Gate from Carmen Lum. Also see Note 1.



On November 18, 2014, the Company issued 600,000
restricted shares of common stock to Taipan Pearl Sdn Bhd and 100,000 restricted shares of common stock to Eng Wah Kung, the Company's
Chief Executive Officer at the time, as consideration for their services provided. The total fair value of the common stock was $1,400,000
based on the closing price of the Company's common stock on the date of grant.



On October 22, 2014 and February 18, 2015, the
Company entered into a Conditional Sale Agreement and a Supplementary Agreement, respectively, with Taipan Pearl Sdn Bhd to acquire Gwin.
A total of $4,000,000 was to be paid by the Company for acquisition of Gwin. On September 29, 2015, a Closing Agreement was entered into
by the Company and Ting Sing Hong, followed by an Amended and Restated Agreement signed on November 11, 2015 by the Company and Ting
Sing Hong. Pursuant to the Closing Agreement and Restated Agreement, the Company purchased 100% of Gwin's equity interest and all the
advances paid to Gwin, totalling $5,876,392, were regarded as the final consideration of the sale, and therefore is no longer refundable.
In addition, the Profitability Condition of the Conditional Sale Agreement was waived. Also see Note 1.



During the three months ended September 30, 2015, Ting Sing Hong paid
$9,000 house rent on behalf of Gwin   and waived repayment from the Company. This transaction was recorded as an adjustment
to the shareholders' equity (additional paid-in capital).



Note 7 – Commitments and Contingencies



On May 19, 2014, the Company entered into an agreement
for the lease of an office in Macau for monthly rental of MOP10,000 (approximately $1,290). The original lease term began on May 19, 2014
and expired on April 18, 2015. On April 19, 2015, the Company renewed the agreement for another six months. The monthly rental for the
renewed lease is MOP11,000, or $1,410. The renewed lease will expire on November 18, 2016.



Note 8 – Subsequent Events



None.







13







Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.



OVERVIEW AND OUTLOOK



The Company was formed in the state of Nevada
on August 26, 2010 under the name "Zippy Bags, Inc." to provide retail sales of snowboard carrying bags to the general public.



After the takeover by new management on June 17,
2014, the Company, through its 100% indirectly owned subsidiary, Wonderful Gate Strategy Company Limited, became principally engaged
in the service of introducing sub-junkets and information technology infrastructure to land-based casinos. For sub-junkets
introduction service and IT infrastructure introduction service performed, we charge 0.2% and 0.05%, respectively, of total bets played
by players introduced by sub-junkets from the casinos located in Cambodia.



On October 30, 2014, the Company filed a certificate
of amendment (the "Amendment") to its Certificate of Incorporation with the Secretary of State of the State of Nevada in order
to change its name to "Glorywin Entertainment Group, Inc." in order to better reflect the direction and business of the Company.
The Company has adopted a fiscal year end of March 31.



We have established a website (www.glorywinentertainment.com)
which set forth general information for the Company.



Based on our current operating plan, we expect
that we will be able to generate revenue that is sufficient to cover our expenses for the next twelve months. Our ability to maintain
sufficient liquidity is dependent on our ability to raise additional capital.



Recent Developments



On August 1, 2015, Company launched a mobile
application to provide gaming to customers where such activity is legal. The software is provided by a third party vendor who is providing
the on-line casino platform in selected markets. The mobile application is currently available for Android operating system phone users
only. The Company is in the process to develop the mobile applications for IOS operating system phone users. Development of the mobile
application of gaming requires the Company to customize the appearance and branding of the third party software, and establish merchant
services to accept payments and facilitate distribution of winnings.



Player acquisition is a key factor for organic
growth in the online gaming industry. Players are primarily acquired from affiliates for a fixed fee or percentage of earnings based on
negotiated predetermined criteria. Affiliates are websites or individuals that attract players through various means such as player news/interest
websites, email campaigns or other relationships. The key is that payment to affiliates takes place only when negotiated criteria are
met. The criteria may be player minimum deposit, level of play, or revenue earned. The critical element is that unlike most marketing
campaigns, the revenues returned by marketing are generally predictable.



The key elements of player retention are the creation of exciting opportunities
to maintain player interest and increase play frequency. Similar to land-based casino's compensation programs, the tools used for this
purpose include prizes, "free money," opportunities to play against famous (or infamous) players, and tournament qualifications.











14







On October 22, 2014, the Company orally entered into a conditional
sale agreement ("Conditional Sale Agreement"), which was later put into a written form on January 19, 2015, with Taipan Pearl
Sdn Bhd. Pursuant to the Conditional Sale Agreement, the Company shall pay a total price of $2,000,000 to acquire Gwin Company Limited
("Target Company", or "Gwin"), which is solely owned by Mr. Sing Hong Ting. The sale would be completed under conditions
that the Target Company becomes profitable within 12 months from the date of the Conditional Sale Agreement (“Profitability Condition”)
and that the Target Company maintains all necessary licenses to be operational. If the two conditions are not satisfied, the amount paid
will be fully refunded. On February 18, 2015, the Company signed a supplementary agreement to the Conditional Sale Agreement ("Supplementary
Agreement") with Taipan Pearl Sdn Bhd, pursuant to which, another $2,000,000 would be paid by the Company for acquisition of the
Target Company. The Company paid $3,180,425 as of March 31, 2015 and continued to pay until September 29, 2015, when the Company entered
into a Closing Agreement ("Closing Agreement") with Mr. Sing Hong Ting to officially acquire the Target Company. On November
11, 2015, the Company entered into a Restated Agreement (“Restated Agreement”) with Mr. Sing Hong Ting. Pursuant to the Closing
Agreement and Restated Agreement, the Company: (1) purchased 100% of Gwin’s equity interest, and all the advanced payment to the
Target Company, totaling $5,876,392, shall be regarded as the final consideration of the sale, and therefore shall not be refundable;
(2) waived the Profitability Condition of the Conditional Sale Agreement, which was not met as of September 29, 2015; and (3) agreed with
the other signing party to correct the seller of Gwin from Taipan Pearl Sdn Bhd to Mr. Sing Hong Ting. On January 9, 2015, Gwin entered
into a lease agreement to lease a casino hotel building with equipment in it located in Kingdom of Cambodia. Gwin is currently refurbishing
the building and expects to finish the refurbishment and start its operation in gaming and hospitality industry in February, 2016.



Results of Operations for the Six Months Ended September
30, 2016 and 2015



Sales



Revenue of $0 and $3,515,773 was recognized
during the six months ended September 30, 2016 and 2015.



General and administrative expenses



General and administrative expenses were $41,635 for the six months
ended September 30, 2016 compared to $908,237 for the six months ended September 30, 2016. The decrease was because the discontinuance
of operations.



Net Profit



For the reasons above, net profit before provision for income taxes
for the six months ended September 30, 2016 was $(41,635) as compared to $2,119,026 for the six months ended September 30, 2015.



LIQUIDITY AND CAPITAL RESOURCES



We believe that our existing sources of liquidity
will be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least
the next twelve months.



The following table summarizes total assets, accumulated deficit, stockholder's
equity and working capital as of September 30, 2016 and March 31, 2016.



|                              |  | September 30, 2016 |            |   | March 31, 2016 |  
|----------------------------- |  | ------------------ | ---------- | - | -------------- | -
|Total Assets                  |  | $                  | 252        |   |                | $
|                              |  |                    |            |   |                |  
|Accumulated Profit            |  | $                  | (2,005,448 | ) |                | $
|                              |  |                    |            |   |                |  
|Stockholders' Equity          |  | $                  | (74,834    | ) |                | $
|                              |  |                    |            |   |                |  
|Net Working Capital (Deficit) |  | $                  | (74,834    | ) |                | $



Net cash provided by operating activities total $ 0 during the six
months ended September 30, 2016.







15







Satisfaction of Our Cash Obligations for the Next Twelve Months



Our plan for satisfying our cash requirements for the next twelve months
is through generating revenue from introduction of junket operations and technical service, and also receive of rental income generate
from sub-leasing the land-based casino under GWIN to third party.



Inflation



The rate of inflation has had little impact on the Company's results
of operations and is not expected to have a significant impact on the continuing operations.



Off-Balance Sheet Arrangements



We do not have any off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that is material to investors.



Critical Accounting Policies



We have identified the policies outlined below
as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive
list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by
accounting principles generally accepted in the United States, with no need for management's judgment in their application. The impact
and any associated risks related to these policies on our business operations is discussed throughout management's Discussion and Analysis
or Plan of Operation where such policies affect our reported and expected financial results. Note that our preparation of the financial
statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent
assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting
period. There can be no assurance that actual results will not differ from those estimates.



Revenue Recognition



Revenues from service contracts are recognized as services are performed
if collectability is reasonably assured.



The Company is engaged in service of introducing
of sub-junkets and information technology (IT) company to land-based casinos and receiving an agreed percentage of total bets as revenue.
For sub-junkets introduction service and IT infrastructure introduction service performed, the Company charges 0.2% and 0.05%, respectively,
of total bets played by players introduced by sub-junkets from the casinos located in Cambodia.



Recently Issued Accounting Pronouncements



For information about new accounting pronouncements
and the potential impact on our Consolidated Financial Statements, see Note 3 of the Notes to Consolidated Financial Statements in our
Form 10-K for the year ended March 31, 2016.



In May 2014, the FASB issued ASU 2014-09, "Revenue
from contracts with Customers (Topic 606)". This ASU affects any entity that either enters into contracts with customers to transfer
goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements
in Topic 605, Revenue Recognition, and most industry-specific guidance. The ASU also supersedes some cost guidance included in Subtopic
605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should
recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchanged for those goods or services. The standard is effective for annual reporting periods beginning
after December 15, 2016, including interim periods within that reporting period. The amendments in ASU 2015-14 defer the effective date
of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans
should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods
within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016,
including interim reporting periods within that reporting period. The Company is currently in the process of evaluating the impact of
the adoption on its consolidated financial statements.







16







Item 3. Quantitative and Qualitative Disclosure About Market Risk.



This item is not applicable as we are currently
considered a smaller reporting company.



Item 4. Controls and Procedures.



We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission (“SEC”) rules and forms, and that such information is accumulated and communicated
to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate,
to allow timely decisions regarding required disclosure.



Limitations on the Effectiveness of Disclosure Controls



In designing and evaluating the Company's disclosure
controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally,
in designing disclosure controls and procedures, Company management necessarily was required to apply its judgment in evaluating the cost-benefit
relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part
upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions



Evaluation of Disclosure Controls and Procedures



Our CEO and CFO, have evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this report. Based on the evaluation, they concluded that our disclosure controls and procedures are not effective in timely alerting
them to material information relating to us that is required to be included in our periodic SEC filings and ensuring that information
required to be disclosed by us in the reports we file or submit under the Act is accumulated and communicated to our management, including
our chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure,
for the following reasons:



| | · | The Company does not have an independent board of directors or audit committee;              
| | - | ---------------------------------------------------------------------------------------------
| | · | We do not have an independent body to oversee our internal controls over financial reporting.



We plan to rectify these weaknesses by implementing an independent
board of directors.



Changes in Internal Control Over Financial Reporting



None







17









PART II - OTHER INFORMATION



Item 1. Legal Proceedings.



We know of no material pending legal proceedings
to which our company or subsidiary is a party or of which any of their property is the subject. In addition, we do not know of any such
proceedings contemplated by any governmental authorities.



We know of no material proceedings in which any
director, officer or affiliate of our company, or any registered or beneficial stockholder of our company, or any associate of any such
director, officer, affiliate, or stockholder is a party adverse to our company or subsidiary or has a material interest adverse to our
company or subsidiary.



Item 1A. Risk Factors.



We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.



None.



Item 3. Defaults Upon Senior Securities.



None.



Item 4. Mine Safety Disclosures.



None.



Item 5. Other Information.



Amendment of Bylaws



On November 11, 2015, the Board adopted the Amended and Restated Bylaws
of the Company so that the Board may fill the vacancies of the Board, including vacancies resulted from the increase of the authorized
number of directors or resignations of directors. The foregoing description of the Bylaws does not purport to be complete and is qualified
in its entirety by reference to the complete text of each of such document, which are filed as Exhibits 3.1 hereto, and which are incorporated
herein by reference. In addition to the amendments summarized below, the new Bylaws reflect certain non-substantive changes to conform
to current provisions of Nevada law and to improve style and readability.



Appointment of Officer



On November 11, 2015, Miss Carmen Lum resigned
as the Company Director and the Board of Directors appointed Mr. Gim Hooi Ooi as the new Company Director in the Board. Mr. Gim Hooi OOI
is also current Chief Financial Officer of the Company.







18







Item 6. Exhibits.



|Exhibit |  | Exhibit Description                                                                           
|------- |  | ----------------------------------------------------------------------------------------------
|3.1     |  | Amended and Restated Bylaws (filed herewith)                                                  
|31.1    |  | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
|31.2    |  | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
|32.1    |  | Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act
|32.2    |  | Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
|101.INS |  | XBRL Instance Document                                                                        
|101.SCH |  | XBRL Taxonomy Extension Schema Document                                                       
|101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase Document                                         
|101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document                                          
|101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document                                               
|101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase Document                                        







19







SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.





|                    | GLORYWIN ENTERTAINMENT GROUP INC. |                                                                 
|------------------- | --------------------------------- | ----------------------------------------------------------------
|                    |                                   |                                                                 
|Date: June 14, 2022 | By:                               | /s/ Sorphea Rath                                                
|                    |                                   | Sorphea Rath                                                    
|                    |                                   | Acting Chief Executive Officer
    (Principal Executive Officer)



|Date: June 14, 2022 | By: | /s/
    Solin Hoem                                                       | 
|------------------- | --- | ------------------------------------------------------------------------ | 
|                    |     | Solin Hoem                                                               | 
|                    |     | Chief Financial Officer
    (Principal Financial and Accounting Officer)







20