U.S.
SECURITIES AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549





FORM
10-KSB




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





For the
fiscal year ended December 31, 2007





Commission
file number 000-30426





LARGO
VISTA GROUP, LTD.


(Name of
Small Business Issuer in its charter)




Nevada
            76-0434540(State
      or other jurisdiction of incorporation or organization)
            (I.R.S.
      Employer Identification No.)




4570
      Campus Drive
              Newport Beach,
      California
            92660(Address
      of principal executive offices)
            (Zip
      Code)





Issuer's
telephone number (949) 252-2180





Securities
registered under Section 12(b) of the Act: None





Securities
registered under Section 12(g) of the Act: Common Stock





Check
whether the registrant (1) filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the past 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 [ X ] No
[     ]





Check if
there is no disclosure of delinquent filers pursuant to Item 405 of Regulation
S-B contained in this form, and no disclosure will be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ X ]





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





The
revenues for the year ended December 31, 2007 were $360,607.





The
market value of the voting and non-voting common stock held by non-affiliates of
the registrant as April 8, 2008 was $1,638,054.


The
number of shares of Common Stock outstanding as of April 8, 2008 was
327,610,727.








Index


LARGO VISTA GROUP, LTD.


FORM
10-KSB


INDEX




Item
            Description
            PagePart
      IItem
      1.
            Description of
      Business
            1Item
      2.
            Description of
      Property
            9Item
      3.
            Legal
      Proceedings
            10Item
      4
            Submission of Matters of a Vote
      of Security Holders
            10Part
      IIItem
      5.
            Market for Common Equity and
      Related Stockholder Matters and Small Business Issuer Purchase of Equity
      Securities
            10Item
      6.
            Management's Discussion and
      Analysis of Financial Condition and Results of
      Operations
            12Item
      7.
            Consolidated Financial
      Statements and Supplementary Data
            F-1Item
      8.
            Changes in and Disagreements with
      Accountants on Accounting and Financial
      Disclosure
            18Item
      8A.
            Controls and
      Procedures
            18Part
      IIIItem
      9.
            Directors and Executive Officers,
      Promoters & Control Persons; Compliance with Section 16(a) of the
      Exchange Act
            19Item
      10.
            Executive
      Compensation
            20Item
      11.
            Security Ownership of Certain
      Beneficial Owners and Management And Related Stockholder
      Matters
            22Item
      12.
            Certain Relationships and
      Related Transactions and Director
      Independence
            22Part
      IVItem
      13.
            Exhibits
            23Item
      14.
            Principal Accountant Fees and
      Services
            24Signatures
            25








Index


PART
I





Item 1.
            DESCRIPTION
      OF BUSINESS





Business
Development





Largo
Vista Group, Ltd. (“Largo Vista” or the "Company") was formed under the laws of
the State of Nevada on January 16, 1987 under the name, "The George Group". On
January 9, 1989, The George Group acquired Waste Service Technologies, Inc.
("WST"), an Oregon corporation, and filed a name change in Nevada and changed
its name to WST, listed its stock, and began trading on OTC bulletin
Board.





On April
15, 1994, WST acquired Largo Vista, Inc., a California corporation, and filed a
name change in Nevada to change WST's name to Largo Vista Group, Ltd., OTC
bulletin Board symbol "LGOV". Largo Vista originally planned to develop housing
in China, but after shipping two factory built homes to China, never fully
implemented plans due to unanticipated financing, environmental and regulatory
complications.





Unless
the context otherwise requires, all references to the Company include its
wholly-owned subsidiaries, Largo Vista, Inc., an inactive California
corporation, Largo Vista Construction, Inc., an inactive Nevada corporation, and
Largo Vista International, Corp., an inactive Panama corporation. Largo Vista
also has operations through Doing Business As (“DBA”) agreement first with Zunyi
Shilin Xinmao Petrochemical Industries Co. Ltd, (“Zunyi”) and later with Jiahong
Gas Co., Ltd. (“Jiahong”), both registered under the Chinese laws in the Peoples
Republic of China, Guizhou Province.





Business
of the Issuer





Through
DBA agreement with Jiahong, Largo Vista is engaged in the business of purchasing
and reselling liquid petroleum gas ("LPG") in the retail and wholesale markets
to both residential and commercial consumers. Largo Vista operated a storage
depot and has an office headquarters in the City of Zunyi. Largo Vista has found
the storage depot operations to be unprofitable, and therefore has terminated
those operations in order to concentrate its resources on supplying LPG in
bottles and through pipelines.





In
February 2002, Largo Vista’s China operations entered into an agreement with the
Zunyi Municipal Government to design and install LPG pipeline systems in
residential areas in the city of Zunyi. In exchange for installing the pipeline,
the agreement provides for the Largo Vista to be the sole LPG supplier for those
households for 40 years. Largo Vista substantially completed the installation of
the LPG pipeline in 2002 and continues to operate the pipeline.





In May
2003, Largo Vista’s China operations entered into its second agreement with
Zunyi Municipal Government to design and install more LPG pipeline systems in
residential areas in the city of Zunyi, China. The pipeline project was
substantially completed in December of 2004. In 2007, these two pipelines
currently serve approximately 743 customers compared to 720 in 2006. When
natural gas becomes available to the area, these pipelines will be in place to
deliver that commodity to the same customers.








1
 Index


In
addition, Largo Vista has contracted with a private developer to construct four
additional pipelines in the same area. Pipeline Number 3 will serve 42
condominiums and was completed July, 2005, in 2007 we have 2 LPG users and
expecting future growth. Pipeline Number 4 will serve 60 condominiums.
Construction schedules are still pending. Pipeline Number 5 will serve 1,067
condominiums and the original plan was to build 16 buildings, housing 1,067
residences. 15 buildings containing 994 residences were completed during fiscal
year 2006. The developer is awaiting government approval to proceed with the
16th building of 73 residences. Pipeline 5 LPG services increased from 138
users to 367 users in 2007. Pipeline Number 6 will serve 5,000 condominiums but
the developer is slow in civil engineering. Pipeline Number 7 completed during
fiscal year 2006 will serve 74 condominiums. Pipeline 7 LPG services increased
from 2 users to 22 users in 2007. Pipeline Number 8 will serve 242
condominiums. Pipeline 8 had stopped due to a capital problem from our partner,
Zunyi Minsheng Real Estate Company, Ltd.. Pipeline Number 9 will serve 150
condominiums, construction started October 2007 and slowly progressing of the
buildings.  Pipeline Number 10 will serve 1,000 condominiums and was
signed in 2007, we are waiting for final approvals to start construction.
Pipeline Number 11 will serve 192 condominiums and was signed in 2007, we are
waiting for final approvals to start construction All of these pipelines will be
operated by Largo Vista under long term supply
contracts.


The
contracts that Largo Vista Group, Ltd. (the “Company”) has with the Zunyi
Municipal Government granted to the Company the exclusive right to supply liquid
petroleum gas (LPG) to project buildings through pipeline systems. These project
buildings are similar to large apartment or condominium complexes in
the United States. The Company contracts with independent third parties for
all of the design and construction of the pipelines. Generally, a central supply
station will be built close to the buildings to be served. LPG will be stored in
this facility and gasified before entering the pipeline system. The Company
operates these central supply stations and manages the relationships with the
individual customers in the buildings.





The Zunyi
Municipal Government (“Zunyi”) agreed in its contracts with the Company to
reimburse the Company for the costs of constructing the LPG pipelines, fifty
percent (50%) after the signing of each contract and the remaining fifty percent
(50%) upon completion of each pipeline project. Zunyi did pay the Company the
first fifty percent (50%); but failed to pay the Company the remaining fifty
percent (50%) upon completion of the first two (2) pipeline projects. Zunyi took
the position that the Company should collect the balance from the customers as
they subscribe for LPG delivery. The Company has been collecting that
amount as a connection or subscription fee and accounting for that revenue as it
is received.




For
pipeline agreements with private developers and all other LPG sales, the Company
collects payments from developers and customers pursuant to sales agreements,
and recognizes revenues when services was provided or products are delivered, as
the collectibility can be reasonably assured.





Largo
Vista still seeks for the opportunities to supply petroleum products into
Vietnam.





In
addition, Largo Vista had two representative offices in the Far East area, one
in Wuhan, China and another in Ho Chi Minh City, Vietnam, to supervise LPG and
gas oil trading operations in China and Vietnam respectively. Largo Vista closed
its rep office in Vietnam at the end of December 2005.





Arrangement
to Sell Stock to Shanghai Offshore Oil Group





On March
18, 2005, Largo Vista signed an Agreement and Assignment of Certain Contractual
Rights and Benefits (the “Agreement”), with Shanghai Offshore Oil Group (HK)
Co., Ltd. (“Shanghai Oil”).  Under the Agreement, Shanghai Oil assigned to
Largo Vista all of its rights to receive payments under a prior contract with
Asiacorp Investment Holding Ltd. (“Asiacorp”), under which Shanghai Oil would
purchase from Asiacorp fuel oil produced in Russia and deliver it to entities in
The People’s Republic of China at a rate of thirty thousand (30,000) metric tons
per month for three (3) months and continue for the following thirty-three (33)
months at a rate of two hundred thousand (200,000) metric tons per month, for a
total of six million, six hundred ninety thousand metric tons (the “Asiacorp
Contract”).  The Agreement states that deliveries under the Asiacorp
Contract were to begin no later than May 18, 2005.




2
 Index





The
Agreement provides that Largo Vista will receive all of the profit realized by
Shanghai Oil from the sale of fuel oil it acquires under the Asiacorp Contract,
after the deduction of costs associated with the purchase, transportation and
sale of the fuel oil, with a minimum payment of two dollars ($2.00) per metric
ton. In exchange for the receipt of payment from Shanghai Oil, Largo Vista
agreed to issue to Shanghai Oil one hundred million (100,000,000) shares of
Largo Vista’s Common Stock, deliverable in three equal increments over the term
of the Agreement, which amounts may be reduced based upon the amount, if any, of
Shanghai Oil’s actual payments from its sale of the fuel oil.  However,
Largo Vista has not received any payments from Shanghai Oil under the Agreement,
and cannot give absolute assurances that any fuel oil will be delivered under
the Asiacorp Contract.





Payments
received by Largo Vista based upon Shanghai Oil’s sale of the fuel oil, if
any, will be accounted for as a capital transaction as Largo Vista’s
transaction with Shanghai Oil represents, in substance, a stock subscription
under which Largo Vista would receive approximately $0.13 per share if the total
projected amount of fuel oil is sold and the minimum guaranteed profit
margin is paid to Largo Vista.





During
June of 2005, Shanghai Oil notified Largo Vista that it had not received any
fuel oil under the Asiacorp Contract.  As Largo Vista had not received any
payments from Shanghai Oil, it did not release any of its shares of Common Stock
to Shanghai Oil.  On approximately July 1, 2005, Largo Vista sent Shanghai
Oil a written “Demand to Cure Delayed-Performance” giving Shanghai Oil until
July 18, 2005, later extended to August 31, 2005, to make its first payment to
Largo Vista under the Agreement.  Although Shanghai Oil has indicated to
Largo Vista that it intends to deliver payment pursuant to the Agreement, either
through performance under the Asiacorp Contract or through another contract in
its place, investors should understand that delivery is far from certain. As of
the date of filing of this Amendment, Largo Vista has not received any payments
from Shanghai Oil nor has it released any of the shares deliverable to Shanghai
Oil.





Resolution
with Shanghai Oil remains highly uncertain, and Largo Vista does not foresee any
economic benefit materializing from the Agreement. While Largo Vista has
reserved its rights to pursue all available remedies it may have against
Shanghai Oil, actually pursuing these remedies may be prohibitively expensive.
On December 22, 2005, Largo Vista’s board of directors unanimously adopted a
resolution to cancel the 97,364,597 shares that were issued Shanghai Oil under
the Agreement and to return those shares to Largo Vista’s reserve of
authorized but unissued shares of capital stock.





Affiliate
and Subsidiary Relationships.




Largo
Vista Group, Ltd. has three wholly-owned subsidiaries, none of which have
current operations. These are  Largo Vista, Inc., Largo Vista International
Corp, and Largo Vista Construction Inc. In addition, Largo Vista Group, Ltd has
a controlling financial interest in Zunyi Jiahong Gas Co. Ltd through a "doing
business agreement" which results in financial statement
consolidation.




3
 Index


Principal
Products and Their Markets





The
Product





LPG is
used by about 500 million people worldwide. As a form of energy, it is
considered a very efficient fuel. Its liquid state provides a significant supply
of energy in a comparatively small volume. LPG is recognized for its
transportability and ease-of-use. It is a clean and environmentally friendly
source of energy that has a variety of residential, commercial, industrial and
transportation uses. It can be used at home for cooking and heating and can
therefore replace wood, kerosene, coal and other environmentally unfriendly
sources of energy. Environmental concerns have caused the outlaw of the use of
coal in most of the larger cities in China. Since LPG is one of the only viable
sources of energy for cooking and heating in Southern China, management believes
the China LPG market is ripe for growth and expansion.





Most
Chinese consumers have used wood and coal all their lives, primarily for
cooking. They are, however, beginning to realize the ease and convenience of
using LPG for cooking and heating water. Most consumers obtain LPG in 15kg.
cylinders, very similar to those used for gas barbecues in the U.S. As LPG
delivery systems, such as pipelines, make use more convenient and simple, LPG
consumption per capita should increase significantly.





Markets:





The China
market is broken down in two ways for purposes of analysis:





The first
way to view the market is through the distribution method; that is, either
retail-direct or wholesale-indirect. Retail distribution is accomplished by the
three major LPG companies that deal directly with the end user. In Zunyi, Largo
Vista distributes to both retail and wholesale customers, and to both
residential and commercial users. Retail customers, however, are far more
profitable for the Company than wholesale because sales prices are higher and
there are no middleman costs. The Company is implementing strategies to develop
and expand the retail customer base.





The
second way to view the market is through the method of delivery to the user;
such as by bottle or cylinder, by pipeline, or by tank truck.





The
bottle users may be either retail, purchasing directly from a major LPG company,
or wholesale, purchasing from a distributor of a major LPG company. Bottle
customers purchase LPG in 15 kg. cylinders or bottles that must, by law, be
filled to a minimum of 13.5 kg, which is considered full. Bottle users include
residential and commercial customers. Residential consumption is by far the
largest, with commercial restaurants and caterers following second. There has
been little industrial use of LPG to date.





Pipeline
users are considered retail-direct users. LPG flows directly into household via
pipes from a central storage tank that is replenished when necessary by a major
LPG company. Pipeline users are billed according to usage based on a meter in
their living unit. Management is pursuing a policy of expanding into this arena
due to the fact that once the retail customer is captured via a pipeline
connection, they will remain a profit center for the Company. Also, the usage by
a pipeline customer is expected to be greater than a bottle retail customer
because of the expanding uses of LPG, such as heating of the
residence.




4
 Index


Tank
truck or bulk sales are made to wholesale distributors who operate small bottle
filling stations. These distributors represent lower profit margins, but sheer
volume of distribution makes-up some of the difference. Bulk sales are
encouraged to cultivate the small wholesale distributors because of the
potential of acquiring their customer base in the future.





During
the 1990s, world LPG demand has risen on average nearly 3.6% per year, compared
to 1.4% per year for the petroleum industry overall, as the world economy has
grown. LPG demand is expanding worldwide but most dramatically in the developing
countries of Asia. Demand in the region has been growing by an average of more
than 6% per year, as per-capita consumption increases with the increasing
standard of living in the region. For example, per-capita consumption of LPG in
China in the 1990s increased from around 1 kg to more than 6 kg per-capita and
expecting consumption to expand to more than 15 kg per-capita in the next
century.





Asian
markets are expanding rapidly, along with markets in other developing countries
as population continues to grow along with demand for clean-burning LPG. It has
been estimated that y 2020, Asia should account for more than 70 million metric
tons per year of residential and commercial LPG demand, which represents more
than 40% of total world LPG demand. China will account for the greatest
percentage of the growth in overall LPG imports as a result of continued growth
of the domestic Chinese economy and per-capita consumption of LPG.





The
majority of dollars invested in the China LPG market have been invested in large
"mega" depots by the major oil companies. Little to no focus has been placed on
the retail end-user market. Put simply, the LPG "storage" infrastructure is in
place, but it is overbuilt because the retail market has not been cultivated at
the same pace. Management's primary objective is the development of this retail
consumer base.





From the
mega-depots on the east and southeast coast of China, LPG is shipped to smaller
inland storage depots via railroad tank car. LPG is then pumped into large
storage tanks until it is distributed in bottles, pipelines or tank trucks to
end users and distributors.





Inland
infrastructure development has not kept pace with coastal development. Inland
depot storage capacity must be expanded to serve the customers waiting for LPG
service. More efficient distribution methods are also needed. The bottle
exchange system is labor intensive, a factor that currently does not
significantly affect overhead; but will have greater future impact as salaries
increase.





Distribution
of LPG via pipelines directly to end-users is very efficient; but one drawback
is the cost to install pipeline service to each household, which is
approximately $185.00 US per household. Some more affluent customers can afford
to pay the installation fee up front; but most of these have already purchased
pipeline service. Some new construction projects permit the cost of installation
to be incorporated into the cost of the home. Most customers, however, cannot
afford the up-front fee; but are willing and able to pay extra each month based
on usage.





Largo
Vista has a number of pipeline projects in various planning or construction
phases and it is management's belief that this area is one of the most
profitable in the long term. In November, 2002 Largo Vista’s Pipeline Project
Number 1 was completed





5
 Index


and a
long term service contract to maintain and supply LPG to its customers along the
pipeline was signed. In December of 2004, Largo Vista’s Pipeline Project Number
2 was substantially completed. Largo Vista has also signed contracts for
Pipeline Projects Number 3 through Number 6 (terms and details of some of the
contracts are not finalized), all in the same area, as discussed above under
“Business of the Issuer.” - Number 3 was completed during 2005 and Number 5 was
completed during 2006.





Distribution
of LPG





There are
four primary levels of LPG distribution:





Major LPG
Companies


Major LPG
Distributors


Medium
LPG Distributors


Small
Independent LPG Distributors





The Major
LPG companies are characterized by the following: They purchase LPG directly
from refineries or major oil companies. They must be licensed. They have
railroad tank cars and storage depots. They typically serve over 10,000 retail
customers. These companies depend on distribution networks to get LPG to the
consumers.





Major
distributors are licensed by major LPG companies and generally serve more than
4,000 but less than 10,000 customers directly. They do not typically have any
railroad tank cars, and have little or no storage capacity.





Medium
distributors are also licensed by major LPG companies, generally serve more than
1,500 but less than 4,000 customers directly and do not have any storage
capacity. At this time, Largo Vista would be considered as a medium
distributor.





Small
independent distributors are those who may or may not be licensed, do not have
any relationship or loyalty to any major oil company or distributor and usually
serve less than 1,500 customers.





Since all
of these distributors serve a customer base, Zunyi is actively recruiting them
on an ongoing basis.





The
majority of Largo Vista's customer base is serviced with the help of agents and
entity users. Largo Vista has a number of agents that are independent dealers
who exclusively represent the Company in an outlying county area that is
difficult for the Company to access on a regular basis. The consumers serviced
by the agent pay retail prices. The Company pays the agent a fee for his
services and the agent carries his own overhead expenses. As the LPG market was
developing in the early 1990's, the Company was seeking to develop a customer
base in the most efficient and effective manner possible, and, as a result,
began to cultivate the "entity" user. Entity users were companies in other
industries, already providing housing for their employees who also desired to
provide a convenience to their workers by distributing LPG as an additional
service. These entity users developed into distribution service to consumers who
paid retail prices. As the market further developed, the entity user also began
to be a distribution outlet to other consumers in the local area that were not
affiliated with the entity company. Today, the Company is actively seeking to
cultivate and develop additional entity users to expand the consumer
base.




6
 Index


Raw
Materials





The
Chinese market is unique compared to other Asian countries. Japan and Korea seek
security of supply through regular term contracts supported by long-term
relationships, but in China, low price and bargaining is the driving force for
LPG purchases.





When
purchasing LPG, Largo Vista must weigh various factors including quality of LPG,
price, and transportation costs. It generally purchases from domestic sources
inside China where prices are very low, but transportation costs are
higher.





Cost of
goods can fluctuate widely and rapidly and can cause cash flow
problems.





Competition





The LPG
industry in the city of Zunyi, Guizhou Province, consists of three major LPG
companies with storage facilities that sell LPG in both the retail and wholesale
markets. All three companies depend on a network of distributors to help reach
and service the needs of their customers. Two are privately owned and operated
and the other is state owned. Competition is based principally on price and
service; however relationship and reputation are also important to consumers of
LPG.





LPG
retail market prices have been relatively unstable during recent years,
characterized by oversupply and cutthroat competition.





In the
residential wholesale market, many independent "black market" dealers have been
operating without a license, and have ignored safety regulations. Another
flagrant violation of consumer fairness is the practice of short-filling
bottles. The "black market" dealer typically will fill a bottle with 10kg of
LPG, representing that it has 13.5kg of LPG. Short filling has permitted the
Company's competition to charge lower prices and unfairly compete with Largo
Vista. This practice of cheating the consumer has been prevalent over the past
several years. Largo Vista challenges customers to be aware of what they
are paying for by implementing of a "weight comparison program." The program
permits the consumer to weigh their bottles to expose the "short-fill"
problem.





Largo
Vista competes with others on both reputation and service. To differentiate
itself from its competition, Largo Vista stresses a long-term relationship both
with the residential user and with the distributor to help them bring in and
keep new customers. Its reputation is excellent and is backed up by a record
of good service, with the understanding that Largo Vista can be relied upon
to deliver honest weights and measures.





Governmental
Regulation





Largo
Vista’s operations in China are regulated on a day-to-day basis by the Zunyi
municipal government, which oversees all companies licensed to do business and
enforces rules and regulations in the market place. The Zunyi government faces
many problems in this rapidly emerging chaotic market including the existence of
many unlicensed small distributors, violations of safety regulations and short
filled bottles. Local government is working to correct some of these more
flagrant violations.





Patents,
Trademarks & Licenses




The
Company does not currently own any patents or trademarks.




7
 Index


Employees





Largo
Vista has no employees in the United States and relies on outside consultants
for legal, accounting and organizational services as needed. Operations in Zunyi
and Wuhan have a total of 15 employees, including management, all of whom are
full-time employees.





Item 1A.
            CAUTIONARY
      STATEMENTS REGARDING FUTURE RESULTS, FORWARD-LOOKING INFORMATION AND
      CERTAIN IMPORTANT FACTORS





Largo
Vista makes written and oral statements from time to time regarding its business
and prospects, such as projections of future performance, statements of
management's plans and objectives, forecasts of market trends, and other matters
that are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933. Statements containing the words or phrases "will likely
result," "are expected to," "will continue," "is anticipated," "estimates,"
"projects," "believes," "expects," "anticipates," "intends," "target," "goal,"
"plans," "objective," "should" or similar expressions identify forward-looking
statements, which may appear in documents, reports, filings with the Securities
and Exchange Commission, news releases, written or oral presentations made by
officers or other representatives made by Largo Vista to analysts, stockholders,
investors, news organizations and others, and discussions with management and
other representatives of Largo Vista. For such statements, Largo Vista claims
the protection of the safe harbor for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995.





Largo
Vista’s future results, including results related to forward-looking statements,
involve a number of risks and uncertainties. No assurance can be given that the
results reflected in any forward-looking statements will be achieved. Any
forward-looking statement made by or on behalf of Largo Vista speaks only as of
the date on which such statement is made. Largo Vista’s forward-looking
statements are based upon assumptions that are sometimes based upon estimates,
data, communications and other information from suppliers, government agencies
and other sources that may be subject to revision. Except as required by law,
Largo Vista does not undertake any obligation to update or keep current either
(i) any forward-looking statement to reflect events or circumstances arising
after the date of such statement, or (ii) the important factors that could cause
Largo Vista’s future results to differ materially from historical results or
trends, results anticipated or planned by Largo Vista, or which are reflected
from time to time in any forward-looking statement which may be made by or on
behalf of Largo Vista.





In
addition to other matters identified or described by Largo Vista from time to
time in filings with the SEC, there are several important factors that could
cause Largo Vista’s future results to differ materially from historical results
or trends, results anticipated or planned by Largo Vista, or results that are
reflected from time to time in any forward-looking statement that may be
made by or on behalf of Largo Vista. Some of these important factors, but not
necessarily all important factors, include the following:





RISK
FACTORS CONCERNING OUR BUSINESS




Largo
Vista has a history of losses, expects to incur additional losses and may never
achieve profitability. During Largo Vista’s fiscal year ended December 31, 2007,
the Company generated only $360,607 of revenue and realized a net loss $555,780.
Largo Vista has yet to generate profits from operations and consequently is
unable to predict with any certainty whether its operations will become a
commercially viable business. In order for Largo Vista to become profitable, it
will need to generate and sustain a significant amount of revenue while
maintaining reasonable cost and expense levels.




8
 Index


Largo
Vista may require additional capital in order to meet its projected operating
costs and, if necessary, to finance future losses from operations as it
endeavors to build revenue, but largo vista does not have any commitments to
obtain such capital and cannot assure you that it will be able to obtain
adequate capital as and when required. Should Largo Vista be required to sell
additional equity securities or additional debt securities convertible into
equity, there will be additional dilution to Largo Vista’s
shareholders.





Largo
Vista is dependant on the stability of economic relations with the People’s
Republic of China for its current revenues. Nearly all of Largo Vista’s current
revenues are generated in China. Largo Vista cannot predict or guarantee the
stability of economic relations with China; and, therefore the operations of
Largo Vista are subject to disruption from a number of political and economic
causes.





Largo
Vista is owed a substantial portion of its accounts receivable from the single
source of the government of the city of Zunyi, China. Pursuant to the its
agreement with Largo Vista in February 2002, the government of Zunyi paid Largo
Vista 50% of the total contracted installation price, or $154,438. The Zunyi
government also has an obligation to collect the remaining 50% of contract price
from the households obtaining LPG from the pipeline on behalf of the Company.
Management determined that the collectibility and length of time to collect the
amount due can not be reasonably assured. Accordingly, revenues are recognized
as collected for the project. In May 2003, the Company entered into its Second
Agreement (“Second Agreement”) with the government of Zunyi to design and
install more LPG pipeline systems in residential areas in the city of Zunyi,
China. Pursuant to the Second Agreement, the government of Zunyi is obligated to
pay to the Company 50% of the total contract price, or $87,258, which was paid
during 2004. Management determined that the collectibility and length of time to
collect the amount due cannot be reasonably assured. Accordingly, revenues are
recognized as collected for the project.





Should
Largo Vista choose to grow through acquisitions, it will experience the
uncertainties associated with such a strategy. As part of Largo Vista’s business
strategy in the future, Largo Vista could acquire assets and businesses relating
to or complementary to its operations. Any acquisitions by Largo Vista would
involve risks commonly encountered in acquisitions of companies. These risks
would include, among other things, the following: Largo Vista could be exposed
to unknown liabilities of the acquired companies; Largo Vista could incur
acquisition costs and expenses higher than it anticipated; fluctuations in Largo
Vista's quarterly and annual operating results could occur due to the costs and
expenses of acquiring and integrating new businesses or technologies; Largo
Vista could experience difficulties and expenses in assimilating the operations
and personnel of the acquired businesses; Largo Vista's ongoing business could
be disrupted and its management's time and attention diverted; Largo Vista could
be unable to integrate successfully.





Item 2.
            DESCRIPTION
      OF PROPERTY





Our
principal executive and administrative offices are located in Newport Beach,
California which consist of 193 square feet. The offices are occupied on a
month-to-month lease at a rate of $755 per month. We believe these facilities
are adequate and suitable to meet our needs for the foreseeable
future.




9
 Index


Largo
Vista maintains a representative office in Wuhan, Hubei Province, China, which
include three offices and access to common areas. The facilities are leased from
Proton Enterprises.





Largo
Vista, through a contract agreement with Jiahong Gas Co., Ltd., operated its
primary service in the City of Zunyi, Guizhou Province. The Company also leases
office facilities and four distribution stores in Zunyi City.





Item 3.
            LEGAL
      PROCEEDINGS





In August
2005, the staff of the Los Angeles office of the Securities and Exchange
Commission advised Largo Vista that it had initiated a formal, non-public
inquiry.  Largo Vista and its officers have received document
subpoenas seeking documents related to the previously announced contract between
Largo Vista and Shanghai Oil and trading in the securities of Largo Vista, among
other things.
 
 By
letters dated April 8, 2008, Largo
Vista Group, Ltd., Shan Deng
and Albert Figueroa, were each informed that the Pacific Regional Office of the
Commission had completed its investigation and that it does not intend
to recommend any
enforcement action by the Commission.


Item 4.
            SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY
HOLDERS





No
matters were submitted during the 4th quarter of the fiscal year
covered by this report to a vote of our security holders.





PART
II





Item 5.
            MARKET
      FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS
      ISSUER PURCHASES OF EQUITY
SECURITIES





MARKET
INFORMATION




The
Company's Common Stock is quoted on the OTC Bulletin Board under the symbol
LGOV.





The
following table sets forth the range of high and low bid information for the
Company's Common Stock for each quarterly period in 2007 and 2006. These
quotations are believed to be representative inter-dealer prices, without retail
mark-up, markdown or commission, and may not represent actual
transactions.




10
 Index




BidHigh
            
            
            Low4th
      Quarter 2007
            
            $
            0.014
            
            
            $
            0.0073rd
      Quarter 2007
            
            $
            0.017
            
            
            $
            0.012nd
      Quarter 2007
            
            $
            0.028
            
            
            $
            0.0121st
      Quarter 2007
            
            $
            0.037
            
            
            $
            0.0114th
      Quarter 2006
            
            $
            0.04
            
            
            $
            0.023rd
      Quarter 2006
            
            $
            0.05
            
            
            $
            0.032nd
      Quarter 2006
            
            $
            0.05
            
            
            $
            0.031st
      Quarter 2006
            
            $
            0.08
            
            
            $
            0.03





As of
April 8, 2008, the Company had approximately 686 shareholders on
record.





We have
never paid a cash dividend and do not anticipate doing so in the foreseeable
future.





RECENT
SALES OF UNREGISTERED SECURITIES:




On
January 3, 2007, we issued an aggregate of 208,003 shares of Common Stock for
2006 consulting services rendered
by a unaffliated third-partyvalued at $6,000.





On
January 3, 2007, we issued an aggregate of 2,400,000 shares of Common Stock to a
private investor, valued at $30,000, in exchange for common stock subscribed in
prior year.





On April
11, 2007, we issued an aggregate of 300,000 shares of Common Stock for 2007
consulting services rendered by a unaffliated third-party valued at
$6,000.





On July
9, 2007, we issued an aggregate of 1,789,743 shares of Common Stock to Albert
Figueroa, Corporate Secretary and a Director for 2006 consulting services valued
at $60,000.





On July
9, 2007, we issued an aggregate of 53,434 shares of Common Stock to Albert
Figueroa, Corporate Secretary and a Director in exchange for $1,876 of 2006
expenses paid on behalf of the Company.





On July
9, 2007, we issued an aggregate of 2,505,640 shares of Common Stock to Shan
Deng, Interim Chief Executive Officer and Chairman of the Board of Directors for
2006 consulting services valued at $84,000.





On July
9, 2007, we issued an aggregate of 158,866 shares of Common Stock to Denise
Deng, Chief Financial Officer for 2006 consulting services valued at
$4,500.





On July
9, 2007, we issued an aggregate of 671,628 shares of Common Stock, for 2006 and
2007 consulting services rendered by a unaffliated third-party valued at
$15,000.





On
October 8, 2007, we issued an aggregate of 581,818 shares of Common Stock for
2007 consulting services rendered by a unaffliated third-party valued at
$6,000.





On
October 8, 2007, we issued an aggregate of 4,666,665 shares of Common Stock to
several private investors, valued at $28,000.





On
December 5, 2007, we issued an aggregate of 11,111,111 shares of Common Stock to
several private investors, valued at $50,000.




The
foregoing sales were conducted pursuant to exemptions from
registration under Sections 4 (2) or 4 (6) of the 1933 Act.Stock
issuances other than for cash were valued at market, generally determined by the
low bid quotation.


11
 Index




Item 6.
            MANAGEMENT'S
      DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION





Cautionary
Statement Regarding Forward-Looking Information





The
following is a discussion of the financial condition and results of operations
of the Company as of the date of this Annual Report. This discussion and
analysis should be read in conjunction with the accompanying audited
Consolidated Financial Statements of the Company including the Notes thereto
which are included elsewhere in this Form 10-KSB.





Overview





Largo
Vista is in the business of supplying liquid petroleum gas (LPG) through
pipelines and in bottles to consumers in the People’s Republic of China. Largo
Vista constructs and operates LPG pipelines in the City on Zunyi, China. Almost
all of Largo Vista’s current pipeline projects are under exclusive 40-year
supply contracts.




Basis
of Presentation





The
accompanying consolidated financial statements, included elsewhere in this
Annual Report on Form 10-KSB, have been prepared in conformity with accounting
principles generally accepted in the United States of America, which contemplate
continuation as a going concern. Largo Vista has incurred a net loss of
$555,780 for the year ended December 31, 2007 and as of December 31, 2007, had a
working capital deficiency of $1,337,939.





These
conditions raise substantial doubt as to Largo Vista’s ability to continue as a
going concern. These financial statements do not include any adjustments that
might result from the outcome of this uncertainty. These financial statements do
not include any adjustments relating to the recoverability and classification of
recorded asset amounts, or amounts and classification of liabilities that might
be necessary should Largo Vista be unable to continue as a going
concern.





Critical
Accounting Policies and Estimates





The
preparation of our financial statements in conformity with accounting principles
generally accepted in the United States requires us to make estimates and
judgments that affect our reported assets, liabilities, revenues, and expenses,
and the disclosure of contingent assets and liabilities. We base our estimates
and judgments on historical experience and on various other assumptions we
believe to be reasonable under the circumstances. Future events, however, may
differ markedly from our current expectations and assumptions. While there are a
number of significant accounting policies affecting our consolidated financial
statements; we believe the following critical accounting policies involve the
most complex, difficult and subjective estimates and judgments.





Stock-Based
Compensation





Effective
January 1, 2006, the beginning of the Company’s first fiscal quarter of 2006,
the Company adopted the fair value recognition provisions of SFAS 123R, using
the modified-prospective transition method. Under this transition method,
stock-based compensation expense was recognized in the consolidated financial
statements for granted, modified, or settled stock options. Compensation expense
recognized included the estimated expense for stock options granted on and
subsequent to January 1, 2006, based on the grant date fair value estimated in
accordance with the provisions of SFAS 123R, and the estimated expense for the
portion vesting in the period for options granted prior to, but not vested as of
January 1, 2006, based on the grant date fair value estimated in accordance with
the original provisions of SFAS 123. Results for prior periods have not been
restated, as provided for under the modified-prospective method.





SFAS
123(R) requires forfeitures to be estimated at the time of grant and revised, if
necessary, in subsequent periods if actual forfeitures differ from those
estimates. In the Company’s pro forma information required under SFAS 123 for
the periods prior to fiscal 2006, the Company accounted for forfeitures as they
occurred.




Upon
adoption of SFAS 123(R), the Company is using the Black-Scholes option-pricing
model as its method of valuation for share-based awards granted beginning in
fiscal 2006, which was also previously used for the Company’s pro forma
information required under SFAS 123. The Company’s determination of fair value
of share-based payment awards on the date of grant using an option-pricing model
is affected by the Company’s stock price as well as assumptions regarding a
number of highly complex and subjective variables. These variables include, but
are not limited to the Company’s expected stock price volatility over the term
of the awards, and certain other market variables such as the risk free interest
rate.





The
Company had no employee stock options issued and outstanding at December 31,
2007 and 2006. All prior awards of stock options were vested at the time of
issuance in prior years.




12
 Index


Revenue
Recognition


For
revenue from product sales, the Company recognizes revenue in accordance with
Staff Accounting Bulletin No. 104, REVENUE RECOGNITION ("SAB104"), which
superseded Staff Accounting Bulletin No. 101, REVENUE RECOGNITION IN FINANCIAL
STATEMENTS ("SAB101"). SAB 101 requires that four basic criteria must be met
before revenue can be recognized: (1) persuasive evidence of an arrangement
exists; (2) delivery has occurred; (3) the selling price is fixed and
determinable; and (4) collectibility is reasonably assured. Determination of
criteria (3) and (4) are based on management's judgments regarding the fixed
nature of the selling prices of the products delivered and the collectibility of
those amounts. Provisions for discounts and rebates to customers, estimated
returns and allowances, and other adjustments are provided for in the same
period the related sales are recorded. The Company defers any revenue for which
the product has not been delivered or is subject to refund until such time that
the Company and the customer jointly determine that the product has been
delivered or no refund will be required.





SAB 104
incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"),
MULTIPLE-DELIVERABLE REVENUE ARRANGEMENTS. EITF 00-21 addresses accounting for
arrangements that may involve the delivery or performance of multiple products,
services and/or rights to use assets. The effect of implementing EITF 00-21 on
the Company's consolidated financial position and results of operations was not
significant.





The
Company generally recognizes revenue upon delivery of LPG to the customer.
Revenue associated with shipments of petroleum products is recognized when title
passes to the customer. The Company has several pipeline projects where the
collectability and length of time to collect the amount due from customers can
not be reasonably assured, revenues are deferred until the cash is
collected.


13
 Index


Results
of Operations





The
following selected financial information has been derived from the Company's
consolidated financial statements. The information set forth below is not
necessarily indicative of results of future operations and cash flows and should
be read in conjunction with the consolidated financial statements and notes
thereto appearing elsewhere in this Form 10-KSB.





The
Company's 2007 revenues of $360,607 are attributable to liquid petroleum gas
sales and pipeline projects at its Zunyi facility located in South China. This
is a 48.6% decrease from the revenues of $701,727 in 2006. This is mainly
attributable to pipeline project number 5 and number 7 completed during the
fiscal year 2006. There was no business of big wholesales of LPG in the year
2007.





The
following table shows the revenues reported by the Company for fiscal years 2006
and 2007 broken down by LPG Sales, Pipeline Projects and Pipeline Operations, in
U. S. Dollars:





Fiscal
      Year
            
            LPG
      Sales
            
            
            Pipeline
      Projects
            
            
            Pipeline
      Operations
            
            
            TOTAL2006
            
            $
            375,758
            
            
            $
            295,698
            
            
            $
            30,271
            
            
            $
            701,7272007
            
            $
            321,078
            
            
            $
            0
            
            
            $
            39,529
            
            
            $
            360,607





The
Company incurred costs of sales of $326,870, or 90.64% of sales in connection
with the LPG revenues during 2007, compared to $586,906, or 83.6% in 2006. This
decrease in gross margin from 16% in 2006 to 9.4% in 2007 was mainly attributed
to higher gross margin generated from pipeline projects. In 2006, the
Company completed pipeline project number 5 and 7, whereas in 2007, Company had
no revenues from pipeline projects.
 
 Selling
and administrative expenses increased from $313,883 during 2006 to $553,892
during 2007, an increase of 76.5%. This increase was due primarily to higher
attorney, auditing, consulting, and other professional fees.
 
 Net
interest expense was $34,509 for 2007 compared to $38,783 in 2006.
 
 The net
loss from operations increased to $555,780, or (154)% in 2007 from $240,948, or
(34.3)%, in 2006.


Currency
Consideration





The
Company translates the foreign currency financial statements of its Chinese
subsidiary in accordance with the requirements of Statement of Financial
Accounting Standards No. 52, "Foreign Currency Translation." Assets and
liabilities are translated at the rates of exchange at the balance sheet date,
and related revenue and expenses are translated at average monthly exchange
rates in effect during the period. Resulting translation adjustments are
recorded as a separate component in stockholders' equity. Foreign currency
transaction gains and losses are included in the statement of
income.




14
 Index


Liquidity
and Capital Resources





As of
December 31, 2007, the Company had a working capital deficit of $1,337,939. We
generated a negative cash flow of $168,753 from operating activities during
2007. This was a result of our net loss of $555,780, adjusted principally for
$1,116 of depreciation, common stock issued in exchange for $18,000 of services,
$54,007 of decreases in assets, and $313,904 of increase in accrued and
other liabilities. We met our cash requirements during the year primarily
through the sale of $78,000 of private placement stock purchases. We received
$87,625 from related party advances.





The
Company has experienced significant operating losses from inception and has
financed its activities to date through cash advances from affiliates and sales
of its Common Stock. Availability, source, amount and terms of any additional
financing are uncertain at this time, and by no means assured.





The
Company believes it will require at least an additional $1,000,000 of new
capital in order to fund its plan of operations over the next 12 months. The
Company expects to fund its working capital requirements over the next 12 months
from additional advances from its affiliates and the sale of its Common
Stock.





The
Company's independent certified public accountants have stated in their report
included in the Company's December 31, 2007 Form 10-KSB, that the Company has
incurred operating losses and that the Company is dependent upon management's
ability to develop profitable operations. These factors among others may
raise substantial doubt about the Company's ability to continue as a going
concern.





The
accompanying statements have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. As shown in the consolidated financial statements
during the years ended December 31, 2007 and 2006, the Company incurred losses
from operations of 550,780 and $240,948, respectively. The Company's current
liabilities exceeded its current assets by $1,337,939 as of December 31, 2007.
These factors among others may indicate that the Company will be unable to
continue as a going concern for a reasonable period of time.





The
Company’s existence is dependent upon management’s ability to develop profitable
operations and resolve its liquidity problems. Management anticipates the
Company will attain profitable status and improve its liquidity through the
continued developing, marketing and selling of its products and additional
equity investment in the Company. The accompanying consolidated financial
statements do not include any adjustments that might result should the Company
be unable to continue as a going concern.





In order
to improve the Company’s liquidity, the Company is actively pursuing additional
equity financing through discussions with investment bankers and private
investors. There can be no assurance the Company will be successful in its
effort to secure additional equity financing.





If
operations and cash flows continue to improve through these efforts, management
believes that the Company can continue to operate. However, no assurance can be
given that management’s actions will result in profitable operations or the
resolution of its liquidity problems.





15
 Index


Recent
accounting pronouncements





In
February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for
Financial Assets and Financial Liabilities.” SFAS 159 permits entities to choose
to measure many financial instruments, and certain other items, at fair value.
SFAS 159 applies to reporting periods beginning after November 15, 2007. The
adoption of SFAS 159 is not expected to have a material impact on the Company’s
financial condition or results of operations.





In
December 2007, the FASB issued SFAS No. 141(R),"Business Combinations"
("SFAS No. 141(R)"), which establishes principles and requirements for how
an acquirer recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, and any noncontrolling interest in an
acquiree, including the recognition and measurement of goodwill acquired in a
business combination. SFAS No. 141R is effective as of the beginning of the
first fiscal year beginning on or after December 15,
2008.  Earlier adoption is prohibited and the Company is currently
evaluating the effect, if any, that the adoption will have on its financial
position, results of operations or cash flows.





In
December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interest in
Consolidated Financial Statements, an amendment of ARB No. 51"
("SFAS No. 160"), which will change the accounting and reporting for
minority interests, which will be recharacterized as noncontrolling interests
and classified as a component of equity within the consolidated balance
sheets.  SFAS No. 160 is effective as of the beginning of the first
fiscal year beginning on or after December 15, 2008.  Earlier
adoption is prohibited and the Company is currently evaluating the effect, if
any, that the adoption will have on its financial position, results of
operations or cash flows.





Off-Balance
Sheet Arrangements





Largo
Vista currently has no off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on its financial condition,
revenue or expenses, results of operations, liquidity, capital expenditures or
capital resources that is material to investors.





Inflation





The
effect of inflation on the Company's revenue and operating results was not
significant.























16
 Index





SECURITIES AND EXCHANGE COMMISSION





WASHINGTON,
D.C. 20549











FINANCIAL
STATEMENTS AND SCHEDULES





DECEMBER
31, 2007 AND 2006











FORMING
A PART OF ANNUAL REPORT


PURSUANT
TO THE SECURITIES EXCHANGE ACT OF 1934








LARGO
VISTA GROUP, LTD.






































17
 Index


LARGO
VISTA GROUP, LTD.





Index
to Consolidated Financial Statements





PageReport of Independent Registered Certified Public
      Accounting Firm
            F-2Consolidated Balance Sheets at December 31, 2007 and
      2006
            F-3Consolidated Statements of Operations for the
      years
              ended December 31, 2007 and 2006
            F-4Consolidated Statements of Deficiency in Stockholders’
      Equity for
              the years ended December 31, 2007 and
    2006
            F-5Consolidated Statements of Cash Flows for the
      years
              ended December 31, 2007 and 2006
            F-6Notes to Consolidated Financial
    Statements
            F-7~F-15












































F-1
 Index


RBSM LLP


Certified
Public Accountants











REPORT OF INDEPENDENT
REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM








To the
Board of Directors


Largo
Vista Group, Ltd.


Newport
Beach, California





We have
audited the accompanying consolidated balance sheets of Largo Vista Group, Ltd.
and its wholly-owned subsidiaries (the “Company”) as of December 31, 2007 and
2006 and the related consolidated statements of operations, deficiency in
stockholders’ equity, and cash flows for each of the two years in the period
ended December 31, 2007. These financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these
financial statements based upon our audits.





We
conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States of America). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe our audits
provide a reasonable basis for our opinion.





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of the Company as of December
31, 2007 and 2006, and the results of its operations and its cash flows for each
of the two years in the period ended December 31, 2007 in conformity with
accounting principles generally accepted in the United States of
America.





The
accompanying consolidated financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note B, the
Company is experiencing difficulty in generating sufficient cash flow to meet it
obligations and sustain its operations, which raises substantial doubt about its
ability to continue as a going concern. Management’s plans in regard to this
matter are described in Note B. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.







/S/ RBSM
      LLPRBSM
      LLPCertified
      Public Accountants


McLean,
Virginia


April 8,
2008


























F-2
 Index





LARGO VISTA GROUP, LTD.CONSOLIDATED
      BALANCE SHEETSDECEMBER
      31, 2007 AND 20062007
            
            
            2006ASSETSCurrent
      assets:Cash
      and cash equivalent
            
            $
            51,155
            
            
            $
            53,992Accounts
      receivable, net
            
            
            105,180
            
            
            
            187,965Employee
      advances
            
            
            31,239
            
            
            
            10,734Inventories,
      at cost (Note C)
            
            
            24,562
            
            
            
            21,078Prepaid
      expenses and other
            
            
            30,153
            
            
            
            11,672Total
      current assets
            
            
            242,289
            
            
            
            285,441Property
      and equipment, at cost (Note D)
            
            
            19,221
            
            
            
            17,017Less:
      accumulated depreciation
            
            
            18,495
            
            
            
            15,703726
            
            
            
            1,314Deposits
            
            
            755
            
            
            
            755Total
      assets
            
            $
            243,770
            
            
            $
            287,510LIABILITIES
      AND DEFICIENCY IN STOCKHOLDERS' EQUITYCurrent
      Liabilities:Accounts
      payable and accrued liabilities (Note E)
            
            $
            767,386
            
            
            $
            606,927Notes
      payable to related parties (Note F)
            
            
            482,773
            
            
            
            529,473Due
      to related parties (Note G)
            
            
            330,069
            
            
            
            197,617Total
      Current Liabilities
            
            
            1,580,228
            
            
            
            1,334,017Commitment
      and contingencies
            
            
            -
            
            
            
            -Deficiency
      In Stockholders’ Equity:Preferred
      stock, $0.001 par value; 25,000,000 shares authorized, none issued and
      outstanding at December 31, 2007 and 2006 (Note H)
            
            
            -
            
            
            
            -Common
      stock, $0.001 par value; 400,000,000 shares authorized, 313,276,262 and
      288,829,354 shares issued and outstanding at December 31, 2007
      and  2006, respectively  (Note H)
            
            
            313,276
            
            
            
            288,829Additional
      paid-in capital
            
            
            15,881,322
            
            
            
            15,614,393Subscription
      payable
            
            
            -
            
            
            
            30,000Accumulated
      deficit
            
            
            (17,539,012
            )
            
            
            (16,983,232
            )Accumulated
      other comprehensive income:Foreign
      currency translation adjustment
            
            
            7,956
            
            
            
            3,503Deficiency
      in stockholders' equity
            
            
            (1,336,458
            )
            
            
            (1,046,507
            )Total
      liabilities and deficiency in stockholders' equity
            
            $
            243,770
            
            
            $
            287,510





F-3
 Index




LARGO VISTA GROUP, LTD.CONSOLIDATED
      STATEMENTS OF OPERATIONSFOR
      THE YEARS ENDED DECEMBER 31, 2007 AND 20062007
            
            
            2006Revenue
            
            $
            360,607
            
            
            $
            701,727Cost
      of sales
            
            
            326,870
            
            
            
            586,906Gross
      profit
            
            
            33,737
            
            
            
            114,821Operating
      expenses:Selling
      general and administrative
            
            
            553,892
            
            
            
            313,883Depreciation
            
            
            1,116
            
            
            
            3,103555,008
            
            
            
            316,986Loss
      from operations
            
            
            (521,271
            )
            
            
            (202,165
            )Other
      income (expenses):Interest
      expense, net
            
            
            (34,509
            )
            
            
            (38,783
            )Total
      other expenses
            
            
            (34,509
            )
            
            
            (38,783
            )Loss
      from operations before income taxes
            
            
            (555,780
            )
            
            
            (240,948
            )Provision
      for income taxes
            
            
            -
            
            
            
            -Net
      loss
            
            
            (555,780
            )
            
            
            (240,948
            )Other
      comprehensive income: foreign currency translation income
            
            
            4,453
            
            
            
            5,539Comprehensive
      (loss)
            
            $
            (551,327
            )
            
            $
            (235,409
            )Loss
      per common share (basic and assuming diluted)
            
            $
            (0.00
            )
            
            $
            (0.00
            )Weighted
      average shares outstanding
            
            
            295,558,231
            
            
            
            283,727,030













F-4
 Index




LARGO VISTA GROUP, LTD.STATEMENTS
      OF DEFICIENCY IN STOCKHOLDERS' EQUITYYEARS
      ENDED DECEMBER 31, 2007 AND 2006ForeignAdditional
            
            
            Stock
            
            
            CurrencyCommon
            
            
            Stock
            
            
            Paid-In
            
            
            Subscription
            
            
            Translation
            
            
            AccumulatedShares
            
            
            Amount
            
            
            Capital
            
            
            Payable
            
            
            Adjustment
            
            
            Deficit
            
            
            TotalBalance,
      January 1, 2006
            
            
            277,635,403
            
            
            $
            277,635
            
            
            $
            15,344,344
            
            
            $
            25,000
            
            
            $
            (2,036
            )
            
            $
            (16,742,284
            )
            
            $
            (1,097,341
            )Common
      stock subscription sold for cash
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            17,650
            
            
            
            -
            
            
            
            -
            
            
            
            17,650Common
      stock issued for services rendered
            
            
            2,067,720
            
            
            
            2,067
            
            
            
            102,933
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            105,000Common
      stock issued for payment for expenses paid
            
            
            68,634
            
            
            
            69
            
            
            
            4,735
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            4,804Common
      stock issued for subscriptions
            
            
            2,091,666
            
            
            
            2,092
            
            
            
            40,558
            
            
            
            (42,650
            )
            
            
            -
            
            
            
            -
            
            
            
            -Sale
      of common stock
            
            
            6,965,931
            
            
            
            6,966
            
            
            
            121,823
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            128,789Common
      stock subscription sold for cash
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            30,000
            
            
            
            -
            
            
            
            -
            
            
            
            30,000Foreign
      currency translation adjustment
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            5,539
            
            
            
            
            
            
            
            5,539Net
      loss
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (240,948
            )
            
            
            (240,948
            )Balance
      at December 31, 2006
            
            
            288,829,354
            
            
            
            288,829
            
            
            
            15,614,393
            
            
            
            30,000
            
            
            
            3,503
            
            
            
            (16,983,232
            )
            
            
            (1,046,507
            )Common
      stock issued for services rendered and accrued service
fees
            
            
            6,215,698
            
            
            
            6,216
            
            
            
            175,284
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            181,500Common
      stock issued for repayment of related party advances
            
            
            53,434
            
            
            
            54
            
            
            
            1,822
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            1,876Common
      stock issued for subscriptions
            
            
            2,400,000
            
            
            
            2,400
            
            
            
            27,600
            
            
            
            (30,000
            )
            
            
            -
            
            
            
            -
            
            
            
            -Sale
      of common stock
            
            
            15,777,776
            
            
            
            15,777
            
            
            
            62,223
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            78,000Foreign
      currency translation adjustment
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            4,453
            
            
            
            -
            
            
            
            4,453Net
      loss
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (555,780
            )
            
            
            (555,780
            )Balance,
      December 31, 2007
            
            
            313,276,262
            
            
            $
            313,276
            
            
            $
            15,881,322
            
            
            $
            -
            
            
            $
            7,956
            
            
            $
            (17,539,012
            )
            
            $
            (1,336,458
            )











F-5
 Index




LARGO VISTA GROUP, LTD.CONSOLIDATED
      STATEMENTS OF CASH FLOWSFOR
      YEARS ENDED DECEMBER 31, 2007 AND 20062007
            
            
            2006CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss from operations
            
            $
            (555,780
            )
            
            $
            (240,948
            )Adjustments
      to reconcile net loss to net cash provided by operating
      activities:Depreciation
            
            
            1,116
            
            
            
            3,103Common
      stock issued in exchange for services rendered (Note H)
            
            
            18,000
            
            
            
            38,140Changes
      in assets and liabilities:Accounts
      receivable
            
            
            91,913
            
            
            
            (187,678
            )Inventories
            
            
            (1,953
            )
            
            
            (3,389
            )Employee
      advances
            
            
            (18,979
            )
            
            
            330Prepaid
      expenses and other
            
            
            (16,974
            )
            
            
            118,092Accounts
      payable and other liabilities
            
            
            313,904
            
            
            
            155,512NET
      CASH USED IN OPERATING ACTIVITIES
            
            
            (168,753
            )
            
            
            (116,838
            )NET
      CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:Purchase
      of property and equipment
            
            
            (433
            )
            
            
            (381
            )NET
      CASH USED IN INVESTING ACTIVITIES:
            
            
            (433
            )
            
            
            (381
            )CASH
      FLOWS FROM FINANCING ACTIVITIES:Sale
      of commons stock and common stock subscription
            
            
            78,000
            
            
            
            148,149Proceeds
      from related parties, net of repayments
            
            
            87,625
            
            
            
            (56,473
            )NET
      CASH PROVIDED BY FINANCING ACTIVITIES
            
            
            165,625
            
            
            
            91,676Effect
      of exchange rates on cash
            
            
            724
            
            
            
            3,893NET
      DECREASE IN CASH AND CASH EQUIVALENTS
            
            
            (2,837
            )
            
            
            (21,650
            )Cash
      and cash equivalents at the beginning of the period
            
            
            53,992
            
            
            
            75,642Cash
      and cash equivalents at the end of the period
            
            $
            51,155
            
            
            $
            53,992Supplemental
      Disclosures of Cash Flow InformationCash
      paid during the period for interest
            
            $
            -
            
            
            $
            731Income
      taxes paid
            
            $
            -
            
            
            $
            -Common
      stock issued for service (Note H)
            
            $
            18,000
            
            
            $
            38,140Common
      stock issued for accrued service fees (Note H)
            
            $
            163,500
            
            
            $
            95,150Common
      stock issued in exchange for due to related parties (Note
    H)
            
            $
            1,876
            
            
            $
            4,084Common
      stock issued in exchange for common stock subscribed in prior year (Note
      H)
            
            $
            30,000
            
            
            $
            25,000







F-6
 Index






NOTE
A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





A summary
of the significant accounting policies applied in the preparation of the
accompanying consolidated financial statements follows.





Business and Basis of
Presentation





Largo
Vista Group, Ltd. (the "Company") was incorporated under the laws of the State
of Nevada. The Company is principally engaged in the distribution of liquid
petroleum gas (LPG) in the retail and wholesale markets in South China and in
the purchase of petroleum products for delivery to the Far East.





The
consolidated financial statements include the accounts of the Company and its
wholly-owned subsidiaries, Largo Vista, Inc., Largo Vista Construction, Inc.,
and Largo Vista International Corp. Largo Vista, Inc. is formed under the laws
of the State of California and is inactive. Largo Vista Construction, Inc. is
formed under the laws of the State of Nevada and is inactive. Largo Vista
International Corp. is formed under the laws of Panama and is inactive. The
Company also has a controlling financial interest in Zunyi Jiahong Gas Co., Ltd.
("Jiahong") through a DBA (Doing Business As) agreement that results
in consolidation (see Note K). Jiahong is registered under the Chinese laws in
the Peoples Republic of China.





All
significant intercompany balances and transactions have been eliminated in
consolidation. All amounts in these consolidated financial statements and notes
thereto are stated in United States dollars unless otherwise
indicated.





Foreign Currency
Translation





The
Company translates the foreign currency financial statements of its Chinese
subsidiary in accordance with the requirements of Statement of Financial
Accounting Standards No. 52, "Foreign Currency Translation." Assets and
liabilities are translated at the rates of exchange at the balance sheet date,
and related revenue and expenses are translated at average monthly exchange
rates in effect during the period. Resulting translation adjustments are
recorded as a separate component in stockholders' equity. Foreign currency
transaction gains and losses are included in the statement of
income.





Cash and Cash
Equivalents





For
purposes of the Statements of Cash Flows, the Company considers all highly
liquid debt instruments purchased with a maturity date of three months or less
to be cash equivalents.





Property and
Equipment





Property
and equipment are stated at cost. When retired or otherwise disposed, the
related carrying value and accumulated depreciation are removed from the
respective accounts and the net difference less any amount realized from
disposition, is reflected in earnings. For financial statement purposes,
property and equipment are recorded at cost and depreciated using the
straight-line method over their estimated useful lives (Note D).





Long-Lived
Assets





The
Company has adopted Statement of Financial Accounting Standards No. 144 (“SFAS
144”). The Statement requires that long-lived assets and certain identifiable
intangibles held and used by the Company be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. Events relating to recoverability may include
significant unfavorable changes in business conditions, recurring losses, or a
forecasted inability to achieve break-even operating results over an extended
period. The Company evaluates the recoverability of long-lived assets based upon
forecasted undiscounted cash flows. Should impairment in value be indicated, the
carrying value of intangible assets will be adjusted, based on estimates of
future discounted cash flows resulting from the use and ultimate disposition of
the asset. SFAS No. 144 also requires assets to be disposed of be reported at
the lower of the carrying amount or the fair value less costs to
sell.





Income
Taxes





The
Company has implemented the provisions on Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" (“SFAS 109”). SFAS 109 requires
that income tax accounts be computed using the liability method. Deferred taxes
are determined based upon the estimated future tax effects of differences
between the financial reporting and tax reporting bases of assets and
liabilities given the provisions of currently enacted tax laws.


F-7
 Index
   NOTE
A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)





Net Earnings (Losses) Per
Common Share





The
Company computes earnings per share under Statement of Financial Accounting
Standards No. 128, "Earnings Per Share" (“SFAS 128”). Net earnings (losses) per
common share is computed by dividing net income (loss) by the weighted average
number of shares of Common Stock and dilutive Common Stock equivalents
outstanding during the year. Dilutive Common Stock equivalents consist of shares
issuable upon conversion of convertible preferred shares and the exercise of the
Company's stock options and warrants (calculated using the treasury stock
method). During the year ended December 31, 2007 and 2006, Common Stock
equivalents are not considered in the calculation of the weighted average number
of common shares outstanding because they would be anti-dilutive, thereby
decreasing the net loss per common share.





Use of
Estimates





The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.





Fair Value of Financial
Instruments





Statement
of Financial Accounting Standards No. 107, "Disclosures About Fair Value of
Financial Instruments," requires disclosure of the fair value of certain
financial instruments. The carrying value of cash and cash equivalents, accounts
receivable, accounts payable and short-term borrowings, as reflected in the
balance sheets, approximate fair value because of the short-term maturity of
these instruments.





Inventories





Inventories
consist primarily of LPG. Cost is determined by the first-in, first-out method
for retail operations and specific identification method for wholesale
operations (Note C). Inventories are stated at the lower of cost or
market.





Reclassifications





Certain
reclassifications have been made in prior year’s financial statements to conform
to classifications used in the current year.





Revenue
Recognition





For
revenue from product sales, the Company recognizes revenue in accordance with
Staff Accounting Bulletin No. 104, REVENUE RECOGNITION ("SAB104"), which
superseded Staff Accounting Bulletin No. 101, REVENUE RECOGNITION IN FINANCIAL
STATEMENTS ("SAB101"). SAB 101 requires that four basic criteria must be met
before revenue can be recognized: (1) persuasive evidence of an arrangement
exists; (2) delivery has occurred; (3) the selling price is fixed and
determinable; and (4) collectability is reasonably assured. Determination of
criteria (3) and (4) are based on management's judgments regarding the fixed
nature of the selling prices of the products delivered and the collectability of
those amounts. Provisions for discounts and rebates to customers, estimated
returns and allowances, and other adjustments are provided for in the same
period the related sales are recorded. The Company defers any revenue for which
the product has not been delivered or is subject to refund until such time that
the Company and the customer jointly determine that the product has been
delivered or no refund will be required.





SAB 104
incorporates Emerging Issues Task Force 00-21 ("EITF 00-21"),
MULTIPLE-DELIVERABLE REVENUE ARRANGEMENTS. EITF 00-21 addresses accounting for
arrangements that may involve the delivery or performance of multiple products,
services and/or rights to use assets. The effect of implementing EITF 00-21 on
the Company's consolidated financial position and results of operations was not
significant.





The
Company generally recognizes revenue upon delivery of LPG to the customer.
Revenue associated with shipments of petroleum products is recognized when title
passes to the customer. The Company has several pipeline projects where the
collectability and length of time to collect the amount due from customers can
not be reasonably assured, revenues are deferred until the cash is
collected.


F-8
 Index






NOTE
A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)




Advertising





The
Company follows the policy of charging the costs of advertising to expenses as
incurred. The Company incurred no advertising costs during the years ended
December 31, 2007 and 2006.





Research and
Development





The
Company accounts for research and development costs in accordance with the
Financial Accounting Standards Board’s Statement of Financial Accounting
Standards No. 2 (“SFAS 2”), “Accounting for Research and Development Costs.”
Under SFAS 2, all research and development costs must be charged to expense as
incurred. Accordingly, internal research and development costs are expensed as
incurred. Third-party research and developments costs are expensed when the
contracted work has been performed or as milestone results have been achieved.
Company-sponsored research and development costs related to both present and
future products are expensed in the period incurred. The Company incurred no
expenditures on research and product development for the year ended December 31,
2007 and 2006.





Liquidity





As shown
in the accompanying financial statements, the Company incurred a net loss from
operations of $555,780 and $240,948 during the year ended December 31, 2007 and
2006, respectively. The Company's current liabilities exceeded its current
assets by $1,337,939 as of December 31, 2007.





Concentrations of Credit
Risk





Financial
instruments and related items, which potentially subject the Company to
concentrations of credit risk, consist primarily of cash, cash equivalents and
related party receivables. The Company places its cash and temporary cash
investments with credit quality institutions. At times, such investments may be
in excess of the FDIC insurance limit. The Company periodically reviews its
trade receivables in determining its allowance for doubtful accounts. The
allowance for doubtful accounts was $0 at December 31, 2007 and
2006.





Comprehensive Income
(Loss)





The
Company adopted Statement of Financial Accounting Standards No. 130, “Reporting
Comprehensive Income”. SFAS No. 130 establishes standards for the reporting and
displaying of comprehensive income and its components. Comprehensive income is
defined as the change in equity of a business during a period from transactions
and other events and circumstances from non-owner sources. It includes all
changes in equity during a period except those resulting from investments by
owners and distributions to owners. SFAS No. 130 requires other comprehensive
income (loss) to include foreign currency translation adjustments and unrealized
gains and losses on available-for-sale securities.




F-9
 Index
   NOTE
A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)





Stock Based
Compensation




Effective
January 1, 2006, the beginning of the Company’s first fiscal quarter of 2006,
the Company adopted the fair value recognition provisions of SFAS 123R, using
the modified-prospective transition method. Under this transition method,
stock-based compensation expense was recognized in the consolidated financial
statements for granted, modified, or settled stock options. Compensation expense
recognized included the estimated expense for stock options granted on and
subsequent to January 1, 2006, based on the grant date fair value estimated in
accordance with the provisions of SFAS 123R, and the estimated expense for the
portion vesting in the period for options granted prior to, but not vested as of
January 1, 2006, based on the grant date fair value estimated in accordance with
the original provisions of SFAS 123. Results for prior periods have not been
restated, as provided for under the modified-prospective method.





SFAS
123(R) requires forfeitures to be estimated at the time of grant and revised, if
necessary, in subsequent periods if actual forfeitures differ from those
estimates. In the Company’s pro forma information required under SFAS 123 for
the periods prior to fiscal 2006, the Company accounted for forfeitures as they
occurred.




Upon
adoption of SFAS 123(R), the Company is using the Black-Scholes option-pricing
model as its method of valuation for share-based awards granted beginning in
fiscal 2006, which was also previously used for the Company’s pro forma
information required under SFAS 123. The Company’s determination of fair value
of share-based payment awards on the date of grant using an option-pricing model
is affected by the Company’s stock price as well as assumptions regarding a
number of highly complex and subjective variables. These variables include, but
are not limited to the Company’s expected stock price volatility over the term
of the awards, and certain other market variables such as the risk free interest
rate.





The
Company had no employee stock options issued and outstanding at December 31,
2007 and 2006. All prior awards of stock options were vested at the time of
issuance in prior years.





Segment
Information





Statement
of Financial Accounting Standards No. 131, “Disclosures about Segments of an
Enterprise and Related Information” (“SFAS 131”) establishes standards for
reporting information regarding operating segments in annual financial
statements and requires selected information for those segments to be presented
in interim financial reports issued to stockholders. SFAS 131 also establishes
standards for related disclosures about products and services and geographic
areas. Operating segments are identified as components of an enterprise about
which separate discrete financial information is available for evaluation by the
chief operating decision maker, or decision-making group, in making decisions
how to allocate resources and assess performance. The information disclosed
herein materially represents all of the financial information related to the
Company’s principal operating segment.





New Accounting
Pronouncements




In
February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for
Financial Assets and Financial Liabilities.” SFAS 159 permits entities to choose
to measure many financial instruments, and certain other items, at fair value.
SFAS 159 applies to reporting periods beginning after November 15, 2007. The
adoption of SFAS 159 is not expected to have a material impact on the Company’s
financial condition or results of operations.





In
December 2007, the FASB issued SFAS No. 141(R),"Business Combinations"
("SFAS No. 141(R)"), which establishes principles and requirements for how
an acquirer recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, and any noncontrolling interest in an
acquiree, including the recognition and measurement of goodwill acquired in
a business combination. SFAS No. 141R is effective as of the beginning of the
first fiscal year beginning on or after December 15,
2008.  Earlier adoption is prohibited and the Company is currently
evaluating the effect, if any, that the adoption will have on its financial
position, results of operations or cash flows.





In
December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interest in
Consolidated Financial Statements, an amendment of ARB No. 51"
("SFAS No. 160"), which will change the accounting and reporting for
minority interests, which will be recharacterized as noncontrolling interests
and classified as a component of equity within the consolidated balance
sheets.  SFAS No. 160 is effective as of the beginning of the first
fiscal year beginning on or after December 15, 2008.  Earlier
adoption is prohibited and the Company is currently evaluating the effect, if
any, that the adoption will have on its financial position, results of
operations or cash flows.




F-10
 Index
   NOTE
B - GOING CONCERN MATTERS





The
accompanying statements have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. As shown in the consolidated financial statements
during the years ended December 31, 2007 and 2006, the Company incurred losses
from operations of $555,780 and $240,948, respectively. The Company's current
liabilities exceeded its current assets by $1,337,939 as of December 31, 2007.
These factors among others may indicate that the Company will be unable to
continue as a going concern for a reasonable period of time.





The
Company’s existence is dependent upon management’s ability to develop profitable
operations and resolve its liquidity problems. Management anticipates the
Company will attain profitable status and improve its liquidity through the
continued developing, marketing and selling of its products and additional
equity investment in the Company. The accompanying consolidated financial
statements do not include any adjustments that might result should the Company
be unable to continue as a going concern.





In order
to improve the Company’s liquidity, the Company is actively pursuing additional
equity financing through discussions with investment bankers and private
investors. There can be no assurance the Company will be successful in its
effort to secure additional equity financing.





If
operations and cash flows continue to improve through these efforts, management
believes that the Company can continue to operate. However, no assurance can be
given that management’s actions will result in profitable operations or the
resolution of its liquidity problems.





NOTE
C - INVENTORIES





Inventories
are stated at the lower of cost or market determined by the first-in, first-out
(FIFO) method. Inventories consist primarily of liquid petroleum gas available
for sale to contract clients and the public. Components of inventories as of
December 31, 2007 and 2006 are as follows:





2007
            
            
            2006Liquid
      petroleum gas
            
            $
            12,236
            
            
            $
            9,545Packaging
      bottles
            
            
            11,234
            
            
            
            10,511Supplies
            
            
            1,092
            
            
            
            1,022$
            24,562
            
            
            $
            21,078





NOTE
D - PROPERTY, PLANT AND EQUIPMENT





Property
and equipment are stated at cost. For financial statement purposes, property and
equipment are recorded at cost and depreciated using the straight-line method
over their estimated useful lives of 5 years. The Company’s property and
equipment at December 31, 2007 and 2006 consists of the following:





2007
            
            
            2006Office
      furniture and equipment
            
            $
            4,868
            
            
            $
            4,013Transportation
      equipment
            
            
            14,353
            
            
            
            13,004Total
            
            
            19,221
            
            
            
            17,017Accumulated
      depreciation
            
            
            (18,295
            )
            
            
            (15,703
            )$
            726
            
            
            $
            1,314





Depreciation
expense included as a charge to income amounted to $1,116 and $3,103 for the
year ended December 31, 2007 and 2006, respectively.




F-11
 Index
   NOTE
E - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES





Accounts
payable and accrued liabilities at December 31, 2007 and 2006 are as
follows:





2007
            
            
            2006Accrued
      expenses
            
            $
            537,605
            
            
            $
            407,838Accrued
      interest
            
            
            229,781
            
            
            
            199,089$
            767,386
            
            
            $
            606,927





NOTE
F - NOTES PAYABLE TO RELATED PARTIES





Notes
payable to related parties at December 31, 2007 and 2006 consists of the
following:





2007
            
            
            2006Notes
      payable on demand to Company’s shareholder; interest payable monthly at 7%
      per annum; unsecured
            
            $
            416,628
            
            
            $
            463,328Notes
      payable on demand to Company’s shareholder; interest payable monthly at 7%
      per annum; unsecured
            
            
            9,400
            
            
            
            9,400Notes
      payable on demand to Company shareholder; interest payable monthly at 10%
      per annum; unsecured
            
            
            10,000
            
            
            
            10,000Notes
      payable on demand to Company shareholder; interest payable monthly at 7%
      per annum; unsecured
            
            
            46,745
            
            
            
            46,745Total
            
            
            482,773
            
            
            
            529,473Less:
      current portion
            
            
            (482,773
            )
            
            
            (529,473
            )$
            -
            
            
            $
            -





NOTE
G - RELATED PARTY TRANSACTIONS





In
addition to notes payable to related parties described in Note F, a shareholder
of the Company has advanced funds to the Company as working capital of its
Vietnam representative office. No formal repayment terms or arrangements exist.
The net amount of advances due the consultant at December 31, 2007 and 2006 was
$29,081.





The
Company’s shareholders have advanced funds to the Company for working capital
purpose. No formal repayment terms or arrangements exist. The net amount of
advances due the shareholders at December 31, 2007 and 2006 was $300,988 and
$168,536, respectively. The Company issued Common Stock in exchange for $1,876
of due to a shareholder during the year ended December 31, 2007 (Note
H).





NOTE
H - CAPITAL STOCK





The
Company has authorized 25,000,000 shares of Series A Preferred Stock, with a par
value of $.001 per share. As of December 31, 2007 and 2006, the Company has no
Series A Preferred Stock issued and outstanding. The company has authorized
400,000,000 shares of Common Stock, with a par value of $.001 per share. As of
December 31, 2007 and 2006, the Company has 313,276,262 and 288,829,354 shares
of Common Stock issued and outstanding, respectively.




F-12
 Index
   NOTE
H - CAPITAL STOCK (Continued)





During
the year ended December 31, 2006, the Company issued an aggregate of 8,064,965
shares of common stock in exchange for $118,149 of proceeds, net of costs and
fees, and the $25,000 of common stock subscribed in prior year. The Company
issued an aggregate of 3,060,352 shares of common stock to consultants in
exchange for services fees of $38,140 and accrued service fees of $95,150. All
valuations of common stock issued for services were based upon the value of the
services rendered, which did not differ materially from the fair value of the
Company's common stock during the period the services were rendered.
Additionally, the Company issued an aggregate of 68,634 shares of common stock
to officers and consultants in exchange for $4,804 of expenses paid on behalf of
the Company. The Company also received proceeds of $30,000 in exchange for
2,400,000 shares of common stock subscribed. The Company has accounted for the
$30,000 as common stock subscription payable at December 31, 2006.





During
the year ended December 31, 2007, the Company issued an aggregate of 18,177,776
shares of common stock in exchange for $78,000 of proceeds, net of costs and
fees, and the $30,000 of common stock subscribed in prior year. The Company
issued an aggregate of 6,215,698 shares of common stock to consultants in
exchange for services fees of $18,000 and accrued service fees of $163,500. All
valuations of common stock issued for services were based upon the value of the
services rendered, which did not differ materially from the fair value of the
Company's common stock during the period the services were rendered.
Additionally, the Company issued an aggregate of 53,434 shares of common stock
to officers and consultants in exchange for $1,876 of expenses paid on behalf of
the Company.




NOTE
I – INCOME TAXES
  At
December 31, 2007, the Company had federal and state net operating loss
carry forwards that expire through 2027. Due to the uncertainty of its ability
to utilize the deferred tax assets relating to the loss carry forwards and other
temporary differences between tax and financial reporting purposes, the Company
has recorded a valuation allowance equal to the related deferred
tax assets. If the Company continues to generate U.S. taxable income in
future periods, reversal of this valuation allowance could have a
significant positive impact on net income. As a result of the existence of the
valuation allowance, no tax provision was required for the year ended December
31, 2007, except for certain state and local taxes which are not based on
current earnings.
  In June
2006, the FASB issued FASB Interpretation No. 48, Accounting for
Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109
("FIN 48"). FIN 48 prescribes a recognition threshold and measurement attribute
for the financial statement recognition and measurement of a tax position taken
or expected to be taken in a tax return. FIN 48 also provides guidance on
derecognition, classification, treatment of interest and penalties, and
disclosure of such positions. Effective January 1, 2007, the Company
adopted the provisions of FIN 48, as required. As a result of implementing FIN
48, there has been no adjustment to the Company’s financial statements and the
adoption of FIN 48 did not have a material effect on the Company’s consolidated
financial statements for the year ending December 31, 2007.
 
 At
December 31, 2007, the significant components of the deferred tax assets
are summarized below:
  Net
      operating loss carry forwards
              
              $
              6,125,000Less:
      valuation allowance
              
              
              (6,125,000
              )Balance
              
              $
              —


NOTE
J - EARNINGS (LOSSES) PER SHARE





Basic and
fully diluted losses per share are calculated by dividing net income (loss)
available to common shareholders by the weighted average of common shares
outstanding during the year. The Company has no potentially dilutive securities,
options, warrants or other rights outstanding. The following table sets forth
the computation of basic and diluted earnings (losses) per share:




2007
            
            
            2006Net
      loss available to Common Stockholders
            
            $
            (555,780
            )
            
            $
            (240,948
            )Basic
      and diluted loss per share
            
            $
            (0.00
            )
            
            $
            (0.00
            )Basic
      and diluted weighted average number of common shares
      outstanding
            
            
            295,558,231
            
            
            
            283,727,030





F-13
 Index
   NOTE
K - COMMITMENTS AND CONTINGENCIES





a)
            Lease
      Commitments





The
Company leases office space on a month-to-month basis at base rent of $755 per
month in Newport Beach, California for its corporate offices. The Company leases
distribution and office facilities in Zunyi City, Province of Guizhou, China and
office facilities in Wuhan, China on a month-to-month basis. There are no
commitments for minimum rentals under non-cancelable leases at the end of 2007.
Rental expense charged to operations was $15,884 and $15,504 for the year ended
December 31, 2007 and 2006, respectively.





b)
            Consulting
      Agreements





The
Company has several agreements with outside contractors to provide
organizational services, business development in China and Vietnam,
international petroleum, and other products trading consultation services. The
agreements are generally for a term of 12 months from inception and renewable
from year to year unless either the Company or Consultant terminates such
engagement with written notice




c)
            DBA
      Agreement





The
Company has a controlling financial interest in Zunyi Jiahong Gas Co., Ltd.
("Jiahong") through a DBA (Doing Business As) agreement that results in
consolidation. The original agreement was entered into in August 2002 and the
Company and Jiahong extended the DBA agreement through August 2017. The
agreement is not terminable by Jiahong and the Company has exclusive authority
of all decision-making of ongoing operations of Jiahong. The Company agreed to
pay Jiahong annual fees, at the option of the Company, in the amount of RMB
50,000 (approximately US$6,300), or 20% of the distributable net profit
generated from Jiahong operations. At December 31, 2007 and 2006, no fees were
due Jiahing in connection with the DBA agreement.




d)
            Litigation





On March
20, 2007, Largo Vista Group, Ltd. (the “Company”), received a Wells Notice
letter from the staff of the U.S. Securities and Exchange Commission (the “SEC”
or “Commission”) flowing from a formal investigation conducted by the SEC. The
Company disclosed on August 22, 2005 that the SEC commenced a non-public, formal
investigation against the Company.




Subsequent
to the date of the financial statements, the Company, Shan Deng, a Director,
President and Chief Executive Officer of the Company and Albert Figueroa, a
Director and Secretary of the Company, were each informed that the Pacific
Regional Office of the Commission had completed its investigation and that it
does not intend to recommend and enforcement action by the
Commission.




F-14
 Index
   NOTE
K - COMMITMENTS AND CONTINGENCIES (Continued)





d)
            Litigation
      (Continued)





The
Company is subject to other legal proceedings and claims, which arise in the
ordinary course of its business. Although occasional adverse decisions or
settlements may occur, the Company believes that the final disposition of such
matters will not have a material adverse effect on its financial position,
results of operations, or liquidity.




Country
Risk





As the
Company's principal operations are conducted in the PRC, the Company is subject
to special considerations and significant risks not typically associated with
companies in North America and Western Europe. These risks include, among
others, risks associated with the political, economic and legal environments and
foreign currency exchange limitations encountered in the PRC. The Company's
results of operations may be adversely affected by changes in the political and
social conditions in the PRC, and by changes in governmental policies with
respect to laws and regulations, among other things.





In
addition, the Company's transactions undertaken in the PRC are denominated in
Chinese Yuan Renminbi (CNY), which must be converted into other currencies
before remittance out of the PRC may be considered. Both the conversion of CNY
into foreign currencies and the remittance of foreign currencies abroad require
the approval of the PRC government.




NOTE
L - BUSINESS CONCENTRATION





During
the year ended December 31, 2007, there were no customers accounted for greater
than 10% of sales. During the year ended December 31, 2007, purchases from one
major LPG vendor amounted $236,748, or 84% of total purchases. Accounts payable
to this vendors amounted $4,917 at December 31, 2007.





During
the year ended December 31, 2006, sales to one major customer amounted $267,747,
or 38.16% of total sale. Accounts receivable from this customer amounted
$181,261. During the year ended December 31, 2006, purchases from one major LPG
vendor amounted $383,760, or 99% of total purchases. Accounts payable to this
vendor amounted $598 at December 31, 2006.




NOTE
M – SUBSEQUENT EVENTS




Subsequent
to the date of the financial statements, the Company issued 14,334,465 shares of
its common stock in exchange for accrued services fees.
  On April
8, 2008, the Company, Shan Deng, a Director, President and Chief Executive
Officer of the Company and Albert Figueroa, a Director and Secretary of the
Company, were each informed that the Pacific Regional Office of the Commission
had completed its investigation and that it does not intend to recommend and
enforcement action by the Commission (see Note
K(d)).


F-15
 Index




Item 8.
            CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE




There
have been no changes in or disagreements with our accountants on accounting and
financial disclosure.





Item 8A.
            CONTROLS
      AND PROCEDURES




Disclosure
Controls and Procedures




Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed in company reports filed or
submitted under the Securities Exchange Act of 1934, or the “Exchange Act,” is
recorded, processed, summarized and reported, within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures include without
limitation, controls and procedures designed to ensure that information required
to be disclosed in company reports filed or submitted under the Exchange Act is
accumulated and communicated to management, including our chief executive
officer and treasurer, as appropriate to allow timely decisions regarding
disclosure.




Management’s Report on Internal
Control Over Financial Reporting




Management
is responsible for establishing and maintaining adequate “internal control over
financial reporting”as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial
reporting refers to the process designed by, or under the supervision of, our
Chief Executive Officer and Chief Financial Officer, and effected by our Board
of Directors, management and other personnel, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles, and includes those policies and procedures
that:




(i)
              pertain
      to the maintenance of records that, in reasonable detail, accurately and
      fairly reflect the transactions and dispositions of our
      assets;




(ii)
              provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of financial statements in accordance with generally accepted
      accounting principles, and that receipts and expenditures are being made
      only in accordance with authorizations of our management and directors;
      and




(iii)
              provide
      reasonable assurance regarding prevention or timely detection of
      unauthorized acquisition, use or disposition of our assets that could have
      a material effect on our financial
statements.




Management
has used the framework set forth in the report entitled “Internal
Control—Integrated Framework” published by the Committee of Sponsoring
Organizations of the Treadway Commission to evaluate the effectiveness of our
internal control over financial reporting.  Based on their evaluation,
they concluded that the disclosure controls and procedures were effective as of
December 31, 2007.






18
 Index


During
the most recently completed fiscal quarter, there has been no change in our
internal control over financial reporting that has materially affected or is
reasonably likely to materially affect, our internal control over financial
reporting.




This
annual report does not include an attestation report of the company's registered
public accounting firm regarding internal control over financial reporting.
Management's report was not subject to attestation by the company's registered
public accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit the company to provide only management's report
in this annual report.






PART
III





Item 9.
            DIRECTORS,
      EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE WITH SECTION
      16(a) OF THE EXCHANGE ACT





Name
            Age
            PositionAlbert
      N. Figueroa
            41
            Director;
      SecretaryDeng
      Shan
            56
            Interim
      Chief Executive officer and Chairman of the Board of
      DirectorsDenise
      Deng
            32
            Chief
      Financial Officer





Directors
serve until the next annual meeting of shareholders, or until their successors
are elected.





Albert N.
Figueroa, Secretary and Director, is in charge of day-to-day business operations
of Largo Vista in the United States, as well as being a liaison with all outside
service providers, and generally maintains the consistency of information within
the Company. Mr. Figueroa joined the Company in July 1991.





Deng
Shan, Chairman of the Board of Directors, is well versed in the business
practices of China. Early in his career Mr. Deng was a lecturer in Wuhan
Chemical Engineering School. Later he advanced to associate professor at
Huazhong University of Science and Technology. In 1989, Mr. Deng became the
Director, Science and Technology Commission, Nanshan District Government, China.
In 1994, Mr. Deng was appointed Chief Executive Officer/Chairman of the Board of
four commercial companies. Mr. Deng joined the Company in April
1997.





Ms. Denise
Deng, registrant’s new Chief Financial Officer, has over nine (9) years of
diverse financial management experience. For the nine (9) years, she has
held a variety of financial planning and analysis, accounting. Ms. Deng majored
in accounting and obtained the qualification of accounting profession from Henan
Finance Institute in China. She graduated from Normal University of Center of
China as a Major in Enterprises Management. Ms. Deng has been involved with
Largo Vista Group, Ltd. since 1999 and started working as Financial Manager of
Kunming Xinmao Petrochemical Industry Co., Ltd. and created the accounting
system. Currently, Ms. Deng is the General Manager of Zunyi Jiahong Gas Company,
Ltd. (for Largo Vista Group) and has created a new management system for the
business.





The
Company does not have an audit committee and consequently the entire Board of
Directors serves in that capacity. The Board’s pre-approval policy regarding
professional services provided by the Company’s principal accountant is to
pre-approve the engagement of the principal accountant for the performance of
all professional services. The policy does provide a waiver of pre-approval in
the event that such services, in the aggregate, will be less than 5% of the
audit fee, such services are not recognized as non-audit fees at the time of the
engagement, and pre-approval is obtained from a designated member of the Board
prior to the engagement. Until such time as an audit committee is appointed, the
designated individual is the Principal Executive Officer, currently the
President of the Company. 100% of the 2003 non-audit fees were pre-approved by
the designated Board member and subsequently approved by the
Board.





Section
16(a) of the Securities Exchange Act of 1934, as amended, and the rules
thereunder require the Company's officers and directors, and persons who own
more than 10% of a registered class of the Company's equity securities, to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission and to furnish the Company with copies. Based solely on its review of
the copies of the Section 16(a) forms received by it, or written representations
from certain reporting persons, the Company believes that, during the last
fiscal year, all Section 16(a) filing requirements applicable to its officers,
directors and greater than 10% beneficial owners were complied
with.




19
 Index





The
Company has adopted a Policy Statement on Business Ethics and Conflicts of
Interest, which was approved by the Board of Directors, applicable to all
employees, which is attached as an exhibit to this report.





Item 10.
            EXECUTIVE
      COMPENSATION





The
following table sets forth all compensation paid or accrued by the Company
during the last three years to its executive officers.





Summary
Compensation Table





Name
      and Principal Position
              (a)
            Year
              (b)
            Salary
      ($)
              (c)
            Bonus
      ($)
              (d)
            Stock
      Awards ($)
              (e)
            Option
      Awards($)
              (f)
            Non-Equity
      Incentive Plan
              Compensation
      ($)
              (g)
            Nonqualified
      Deferred
              Compensation
              Earnings($)
              (h)
            All
      Other
              Compensation($)
              (i)
            Total($)
              (j)Deng
      Shan
              CEO
            2007
              2006
              2005
            0
                0
              0
            
            84,000
                84,000
              0Albert
      Figueroa
              Secretary
            2007
              2006
              2005
            0
              0
              0
            
            60,000
              60,000
              60,000Denise
      Deng
              CFO
            2007
              2006
              2005
            0
              0
                0
            
            18,000
              4,500
              0




Notes:





The
officers listed above were paid their salary in a combination of stock options,
Common Stock and/or cash. Any issuance of Common Stock was valued at market,
generally determined by the closing price on the first day of trading of the
following month.







Deng
Shan, CEO, serves under a semi- annual Agreement for Services renewed effective
January 1, 2007 at annualized compensation of $84,000 that may be terminated
upon 30 days written notice of either party.





On July
9, 2007, we issued an aggregate of 2,505,640 shares of Common Stock to Shan
Deng, Interim Chief Executive Officer and Chairman of the Board of Directors for
2006 consulting services valued at $84,000.







Albert
Figueroa, serves under a semi- annual consulting contract renewed effective
January 1, 2007 at annualized compensation of $60,000 that may be terminated
upon 30 days written notice of either party.





On July
9, 2007, we issued an aggregate of 1,789,743 shares of Common Stock to Albert
Figueroa, Corporate Secretary and a Director for 2006 consulting services valued
at $60,000.





On July
9, 2007, we issued an aggregate of 53,434 shares of Common Stock to Albert
Figueroa, Corporate Secretary and a Director in exchange for $1,874.71 of 2006
expenses paid on behalf of the Company.





On July
9, 2007, we issued an aggregate of 158,866 shares of Common Stock to Denise
Deng, Chief Financial Officer for 2006 consulting services valued at
$4,500.





20
 Index





Albert
Figueroa, serves under a semi- annual consulting contract renewed effective
January 1, 2006 at annualized compensation of $60,000 that may be terminated
upon 30 days written notice of either party.




On April
8, 2006, we issued an aggregate of 821,613 shares of Common Stock to Albert
Figueroa, for 2005 consulting services valued at $60,000.




On
January 13, 2005, we issued an aggregate of 3,165,404 shares of Common Stock to
Albert Figueroa, for 2004 consulting services valued at $54,000.








Deng
Shan, CEO, serves under a semi- annual Agreement for Services renewed effective
January 1, 2006 at annualized compensation of $84,000 that may be terminated
upon 30 days written notice of either party. Mr. Deng agreed to waive the unpaid
salary during the year ended December 31, 2005.





Denise
Deng, Chief Financial Officer serves for an initial term of one (1) year,
subject to automatic renewal from year to year thereafter unless either party
gives notice of termination at least ninety (90) days prior to the
automatic renewal date, at a base salary of $18,000 per year. Ms. Deng was
appointed as the Company’s CFO on September 15, 2006.




The
members of the Company's Board of Directors receive no additional compensation
for serving as directors.








21
 Index




Item 11.
            SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS





The
following table sets forth information regarding beneficial ownership as of
April 8, 2008 of the Company's Common Stock by any person who is known to the
Company to be the beneficial owner of more than 5% of the Company's voting
securities and by each director and officer of the Company.




Title
      of Class
            Name
      of
              Beneficial
      Owner
            Amount
      and Nature of
              Beneficial
      Ownership
            Percent
      of
              ClassCommon
      Stock
            Albert
      Figueroa
            5,988,786
      (a)
            1.83%Common
      Stock
            Deng
      Shan
            83,549,362
      (b)
            25.50%All
      Officers and Directors
              as
      a group (2 persons)
            
            89,548,148
            27.33%





(a) Mr. Figueroa
owns 5,988,786 shares personally and his spouse owns 100,000 shares, which may
be deemed to be beneficially owned by Mr. Figueroa. Mr. Figueroa disclaims
beneficial ownership of such shares.





(b) Mr. Deng Shan
owns 7,791,473 shares personally, and 75,757,889 shares through his majority
owned corporation, Proton Technology Corporation Limited.








Item 12.
            CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
      INDEPENDENCE





Notes
payable to related parties at December 31, 2007 and 2006 consists of the
following:





2007
            
            
            2006Notes
      payable on demand to Company’s Chairman; interest payable monthly at 7%
      per annum; unsecured
            
            $
            416,628
            
            
            $
            463,328Notes
      payable on demand to Company’s shareholder (former CFO); interest payable
      monthly at 7% per annum; unsecured
            
            
            9,400
            
            
            
            9,400Notes
      payable on demand to Company shareholders; interest payable monthly at 10%
      per annum; unsecured
            
            
            10,000
            
            
            
            10,000Notes
      payable on demand to Company shareholders; interest payable monthly at 7%
      per annum; unsecured
            
            
            46,745
            
            
            
            46,745Total
            
            
            482,773
            
            
            
            529,473Less:
      current portion
            
            
            (482,773
            )
            
            
            (529,473
            )$
            -
            
            
            $
            -








A
shareholder of the Company has advanced funds to the Company as working capital
of its Vietnam representative office. No formal repayment terms or arrangements
exist. The net amount of advances due the consultant at December 31, 2007 and
2006 was $29,081.





The
Company’s shareholders have advanced funds to the Company for working capital
purpose. No formal repayment terms or arrangements exist. The net amount of
advances due the shareholders at December 31, 2007 and 2006 was $300,988 and
$168,536, respectively. The Company issued Common Stock in exchange for $1,876
of due to a shareholder during the year ended December 31, 2007 (Note
H).





22
 Index


Item
      13.
            EXHIBITS





3.1*
            Articles
      of Incorporation of Largo Vista Group, Limited (filed Form 10SB,
      11/2/99)3.2*
            Bylaws
      of Largo Vista Group, Limited (filed Form 10SB,
11/2/99)3.3*
            Articles
      of Incorporation of Largo Vista Inc. (filed Form 10SB,
      11/2/99)3.4*
            Bylaws
      of Largo Vista Inc. (filed Form 10SB, 11/2/99)3.5*
            Articles
      of Incorporation of Everlasting International Limited (filed Form 10SB,
      11/2/99)3.6*
            Bylaws
      of Everlasting International Limited (filed Form 10SB,
      11/2/99)3.7*
            Articles
      of Incorporation of Kunming Xinmao Petrochemical Industry Co., Ltd. (filed
      Form 10SB, 11/2/99)10
            Material
      Contracts10.1*
            Contract.
      Largo Vista Group, Ltd. and Sentio Corporation, December 28, 1998, (filed
      Form 10SB, 11/2/99)10.2*
            Contract.
      Hong Kong De Xiang Tuo Yi Industrial Company, August 28, 1992 (filed Form
      10SB, 11/2/99)10.3*
            Plan
      and Agreement of Reorganization between Largo Vista Group, Ltd., Proton
      Technology Corporation, Ltd. and Everlasting International, December 21,
      1996 (filed Form 10SB, 11/2/99)10.4*
            Joint
      Venture Agreement of Kunming Xinmao Petrochemical Industry Co., Ltd.,
      August 8, 1992 (filed Form 10SB, 11/2/99)10.5*
            Approval
      Certificate of Enterprise with Foreign Investment in the People's Republic
      of China (filed Form 10SB, 11/2/99)10.6*
            Business
      License of Enterprise in the Peoples Republic of China (filed Form 10SB,
      11/2/99)10.7*
            Business
      Permit to Engage in LPG Business in Yunnan Province (filed Form 10SB,
      11/2/99)10.8*
            Notice
      of Subsidiaries of the Agriculture Bank of China, Yunnan Provincial
      Branch, Acting as Agents for Collection and Receipt of Payment for Kunming
      Xinmao Petrochemical Industry Co., Ltd. (filed Form 10SB,
      11/2/99)10.9*
            Agreement
      of Supply of Liquefied Petroleum Gas, March 18, 1996 (filed Form 10SB,
      11/2/99)10.10*
            Method
      of Insurance for LPG Credit, August 26, 1997 (filed Form 10SB,
      11/2/99)10.11*
            Memorandum
      of Understanding Kunming Xinmao Petrochemical Industry Co., Ltd. and Wuhan
      Minyi Fuel Gas Petrochemical Company Limited, March 14, 1999 (filed Form
      10SB, 11/2/99)10.12*
            Memorandum
      of Understanding Kunming Xinmao Petrochemical Industry Co., Ltd. and
      Guilin Municipal Garden Fuel Gas Pipelines Limited, March 29, 1999 (filed
      Form 10SB, 11/2/99)10.13*
            Approval
      Certificate of Enterprises with Foreign Investment in the Peoples Republic
      of China, August 21, 1992 (filed Form 10SB, 11/2/99)10.14*
            Contract.
      Enterprise Ownership Transfer Agreement "Ten Year Leasing Contract",
      Seller Chen Mao Tak, Purchaser Everlasting International, Ltd., third
      party Kunming Fuel General Company, November 8, 1995 (filed Form 10SB-A1,
      1/14/2000 as EX-10.D)10.15*
            Joint
      Venture Agreement. , Largo Vista with the United Arab Petroleum
      Corporation ("UAPC"), known as Largo Vista/UAPC Partners (filed Form
      10SB-A1, 1/14/2000 as EX-10.F)







23
 Index











10.16*
            Memorandum
      of Association Limited Liability Company. Largo Vista Group, Ltd., LLC,
      Dubai, UAE, October 12, 1999, Largo Vista Group, Ltd., UAPC, and Sheik Al
      Shabani, named Largo Vista Group Limited, Limited Liability Company of the
      UAE (filed Form 10SB-A1, 1/14/2000 as EX-10.G)10.17*
            Contract:
      Mekong Petroleum Joint Venture Co., Ltd. (PETROMEKONG) Buyer, and United
      Arab Petroleum Corporation Seller, November 25, 1999 (filed Form 10SB-A1,
      1/14/2000 as EX-10.H)10.18*
            Contract:
      Mekong Petroleum Joint Venture Co., Ltd. (PETROMEKONG), Buyer, and United
      Arab Petroleum Corporation Seller, December 18, 1999 (filed Form 10SB-A1,
      1/14/2000 as EX-10.H)10.19*
            Employment
      Agreement Daniel J. Mendez 1999 (filed Form 10SB-A1 as Ex-3.iv,
      1/14/2000)10.20*
            Consultant
      Agreement Deng Shan 1999 (filed Form 10SB-A1, as Ex-3.v
      1/14/2000)10.21*
            Contract.
      "Enterprise Ownership Transfer Agreement", November 8, 1995, new
      translation (filed Form 10SB-A2, 3/20/2000 as
EX-10.E.1)10.22*
            Contract.
      "Agreement on Payment", November 8, 1995 (filed Form 10SB-A2, 3/20/2000 as
      EX-10.E.2)10.23*
            Contract.
      "Agreement on Supply of Liquified Petroleum Gas", March 18, 1996 (filed
      Form 10SB-A2, 3/20/2000 as EX-10.E.3)10.24*
            Employment
      Agreement Albert N. Figueroa 1999 (filed as Ex-3.vi
    3/21/2000)10.25*
            Agreement
      on Zunyi Pipeline Project No.1 Largo Vista Group, Ltd - Proton Enterprise
      (Wuhan) LTD., China (Agent Agreement)10.26*
            Zunyi
      Pipeline #1 Contract Proton Enterprise (Wuhan) LTD. & Construction
      Headquarters of Zunyi Municipal Government, Dated February 2,
      200210.27*
            Gas
      Supply Contract Between Proton Enterprise (Wuhan) LTD. and Zunyi
      Government Administration Construction Team, Dated October 15, 2002 40
      Years Exclusive Right10.28*
            Zunyi
      Jiahong Gas Co., Ltd. & Largo Vista Group, Ltd. Lease Agreement
      No.JHLGOV0802 Dated August 27, 200210.29*
            Policy
      Statement on Business Ethics and Conflicts of Interest10.30*
            Agreement
      and Assignment of Certain Contractual Rights and Benefits between Largo
      Vista Group, Ltd. and Shanghai Offshore Oil Group (HK) Co.,
      Ltd.21**
            Subsidiaries of Largo Vista Group,
      Ltd.31.1**
            Certification
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Chief
      Executive Officer.31.2**
            Certification
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Chief
      Financial Officer32.1**
            Certification of
      Deng Shan Pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.32.2**
            Certification of
      Denise Deng Pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002






ITEM 14.
            PRINCIPAL
      ACCOUNTANT FEES AND SERVICES





The
following table sets forth fees billed to the Company by our auditors during the
fiscal years ended December 31, 2006 and 2005:




DECEMBER
      31, 2007
            
            
            DECEMBER
      31, 20061.
      Audit Fees
            
            $
            95,969
            
            
            $
            58,1742.
      Audit Related Fees
            
            
            --
            
            
            
            --3.
      Tax Fees
            
            
            900
            
            
            
            9004.
      All Other Fees
            
            
            --
            
            
            
            --Total
      Fees
            
            $
            96,869
            
            
            $
            59,074





Audit
fees consist of fees billed for professional services rendered for the audit of
the Company's consolidated financial statements and review of the interim
consolidated financial statements included in quarterly reports and services
that are normally provided by RBSM LLP in connection with statutory and
regulatory filings or engagements.




24
 Index


Audit-related
fees consists of fees billed for assurance and related services that are
reasonably related to the performance of the audit or review of the Company's
consolidated financial statements, which are not reported under "Audit Fees."
There were no Audit-Related services provided in fiscal 2007 and
2006.





Tax fees
consists of fees billed for professional services for tax compliance, tax advice
and tax planning.





All other
fees consist of fees for products and services other than the services reported
above. There were no management consulting services provided in fiscal 2007 or
2006.




Audit Committee’s Pre-Approval Policies and
Procedures





The
Company currently does not have a designated Audit Committee, and accordingly,
the Company's Board of Directors' policy is to pre-approve all audit and
permissible non-audit services provided by the independent auditors. These
services may include audit services, audit-related services, tax services and
other services. Pre-approval is generally provided for up to one year and any
pre-approval is detailed as to the particular service or category of services
and is generally subject to a specific budget. The independent auditors and
management are required to periodically report to the Company's Board of
Directors regarding the extent of services provided by the independent auditors
in accordance with this pre-approval, and the fees for the services performed to
date. The Board of Directors may also pre-approve particular services on a
case-by-case basis.





SIGNATURES





In
accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.





LARGO
VISTA GROUP, LTD.





Signature
            Title
            Date/s/Denise
    Deng
            Chief
      Financial Officer
            April
      14,2008Denise
      Deng/s/Deng
    Shan
            Interim
      CEO
            April
      14,
      2008Deng
      Shan










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