# EDGAR Filing Document

**Accession Number:** 0001673504
**File Stem:** 0001493152-23-004371
**Filing Date:** 2023-2
**Character Count:** 46494
**Document Hash:** d0b4689ee6a25e3671c91021a7eb7dde
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-004371.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001493152-23-004371

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20200930

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shengshi Elevator International Holding Group Inc.
- **CENTRAL INDEX KEY:** 0001673504
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **IRS NUMBER:** 383995730
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-213608
- **FILM NUMBER:** 23614456

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 2106, BEAUTIFUL GROUP TOWER
- **STREET 2:** 77 CONNAUGHT ROAD
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86-18503010555

**MAIL ADDRESS:**
- **STREET 1:** ROOM 2106, BEAUTIFUL GROUP TOWER
- **STREET 2:** 77 CONNAUGHT ROAD
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Galem Group Inc.
- **DATE OF NAME CHANGE:** 20160502

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

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

**For the quarterly period ended <u>September 30, 2020</u>**

Or

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

For the transition period from ______ to ______

Commission file number **333-213608**

**SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **38-3995730** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

---

| |
|:---|
| **8742** |
| (Primary Standard Industrial Classification Code Number) |

---

---

| | |
|:---|:---|
| **1185 Avenue of the Americas 3rd Floor New York,**<br>**New York** | **10036** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **<u>(646) 768 -8417</u>**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☒ No

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated Filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

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

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

The number of shares outstanding of the registrant's common stock as of February 13, 2023 was 603,970,000 shares.

DOCUMENTS INCORPORATED BY REFERENCE — NONE

**SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.**

**QUARTERLY REPORT ON FORM 10-Q**

**For the Nine Months ended September 30, 2020**

---

| | | |
|:---|:---|:---|
| **[Part I – FINANCIAL INFORMATION](#a_001)** | **[Part I – FINANCIAL INFORMATION](#a_001)** |  |
| Item 1. | [Financial Statements (unaudited)](#a_002) | 1 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 9 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_004) | 10 |
| Item 4. | [Controls and Procedures](#a_005) | 10 |
| **[Part II – OTHER INFORMATION](#a_006)** | **[Part II – OTHER INFORMATION](#a_006)** |  |
| Item 1. | [Legal Proceedings](#a_007) | 12 |
| Item 1A. | [Risk Factors](#a_008) | 12 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 12 |
| Item 3. | [Defaults Upon Senior Securities](#a_010) | 12 |
| Item 4. | [Mine Safety Disclosures](#a_011) | 12 |
| Item 5. | [Other Information](#a_012) | 12 |
| Item 6. | [Exhibits](#a_013) | 13 |
| **[SIGNATURES](#a_014)** | **[SIGNATURES](#a_014)** | 14 |

---

i

**PART I FINANCIAL INFORMATION**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Information contained in this quarterly report on Form 10-Q contains "forward-looking statements." These forward-looking statements are contained principally in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," and are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans, intentions or strategies concerning future events, including, but not limited to: our ability to consummate the Merger, as such term is defined below; the continued services of the Custodian as such term is defined below; our future financial performance; the continuation of historical trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions; and our liquidity and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking statements are subject to various known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. These risks, uncertainties and other factors include but are not limited to: the risks of limited management, labor, and financial resources; our ability to establish and maintain adequate internal controls; our ability to develop and maintain a market in our securities; and our ability obtain financing, if and when needed, on terms that are acceptable. Except as required by applicable laws, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

As used in this quarterly report on Form 10-Q, "we", "our", "us" and the "Company" refer to Shengshi Elevator International Holding Group Inc. a Nevada corporation unless the context requires otherwise.

ii

**Item 1. Financial Statements.**

**Index to Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| **FINANCIAL STATEMENTS:** |  |
| **[Balance Sheets, September 30, 2020 (unaudited), and December 31, 2019](#t_001)** | 2 |
| **[Unaudited Statements of Operations for the three and nine months ended September 30, 2020, and 2019](#t_002)** | 3 |
| **[Unaudited Statements of Changes in Stockholders' Deficit for the three and nine September 30, 2020, and 2019](#t_003)** | 4 |
| **[Unaudited Statements of Cash Flows for the nine months ended September 30, 2020, and 2019](#t_004)** | 5 |
| **[Notes to the Unaudited Interim Financial Statements](#t_005)** | 6 |

---

**Shengshi Elevator International Holding Group Inc.**

**Consolidated Balance Sheets**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30**<br>**2020** | **December 31,**<br>**2019** |
| **Assets** |  |  |
| Current assets |  |  |
| Cash and cash equivalents | 1539946 | 1539946 |
| Accounts receivable | 4604 | 4604 |
| Accounts receivable—related party | 18657 | 18657 |
| Other receivables | 380998 | 380998 |
| Prepayments | 36437 | 36437 |
| Due from related parties | 8821 | 8821 |
| Inventory | 168275 | 168275 |
| **Total current assets** | 2157738 | 2157738 |
| Non-current assets |  |  |
| Property and equipment, net | 810719 | 810719 |
| Land use right | 538 | 538 |
| Long term deferred assets | 75042 | 75042 |
| ROU asset | 728929 | 728929 |
| **Total non-current assets** | 1615228 | 1615228 |
| **Total assets** | 3772966 | 3772966 |
| **Liabilities and Deficit** |  |  |
| Current Liabilities |  |  |
| Accounts payable | 105429 | 105429 |
| Advance from customers | 1064538 | 1064538 |
| Due to related parties | 4642986 | 4626671 |
| Accrued expenses and other liabilities | 1682774 | 1682774 |
| **Total current liabilities** | 7495727 | 7479412 |
| Long term payable | 64487 | 64487 |
| Lease liability | 732275 | 732275 |
| **Total non-current liabilities** | 796762 | 796762 |
| **Total liabilities** | 8292489 | 8276174 |
| **Equity** |  |  |
| Common Stock ($0.001 par value, 1,000,000,000 shares authorized; 603,970,000 shares and 603,970,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively) | 603970 | 603970 |
| Additional paid in capital | 28130 | 28130 |
| Capital surplus | 22490 | 22490 |
| Accumulated deficit | (5521910) | (5505595) |
| Accumulated other comprehensive income | 347797 | 347797 |
| **Total stockholders' deficit** | (4519523) | (4503208) |
| **Total liabilities and deficit** | 3772966 | 3772966 |

---

The accompanying notes are an integral part of these financial statements

**Shengshi Elevator International Holding Group Inc.**

**Consolidated Statements of Operations and Comprehensive Loss**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2020** | **2019** | **2020** | **2019** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue, net | $- | $- | $- | $- |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 16315 | 970170 | 16315 | 3029357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 16315 | 970170 | 16315 | 3029357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from Operations | (16315) | (970170) | (16315) | (3029357) |
| **Other income (expenses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses), net | - | 198 | - | 74246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations before income taxes | (16315) | (969972) | (16315) | (2955111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | - | - | - | - |
| **Net Loss** | $(16315) | $(969972) | $(16315) | $(2955111) |
| **Other comprehensive income** |  |  |  |  |
| Foreign currency translation gain, net of nil income taxes | - | 84935 | - | 111732 |
| **Comprehensive Loss** | $(16315) | $(885037) | $(16315) | $(2843379) |
| **Weighted average number of ordinary shares** |  |  |  |  |
| Basic and diluted | 603970000 | 3970000 | 603970000 | 3970000 |
| **Earnings per share** |  |  |  |  |
| Basic and diluted | $0.00 | $(0.22) | $0.00 | $(0.72) |

---

The accompanying notes are an integral part of these financial statements

**Shengshi Elevator International Holding Group Inc**

**Consolidated Statements of Changes in Shareholders' Deficit**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | |
|  | **Number of<br> shares** | **Amount** | **Additional**<br>**paid in<br> capital** |<br>**Retained<br> (deficit)** | **Accumulated other**<br>**comprehensive<br> income** |<br>**Total<br> Deficit** |
| Balance, December 31, 2019 | 603970000 | $603970 | $50620 | $(5505595) | $347797 | $(4503208) |
| Net income for the period | - | - | - | - | - | - |
| Balance, March 31, 2020 | 603970000 | $603970 | $50620 | $(5505595) | $347797 | $(4503208) |
| Net income for the period | - | - | - | - | - | - |
| Balance, June 30, 2020 | 603970000 | $603970 | $50620 | $(5505595) | $347797 | $(4503208) |
| Net loss for the period | - | - | - | (16315) | - | (16315) |
| Balance, September 30, 2020 | 603970000 | $603970 | $50620 | $(5521910) | $347797 | $(4519523) |

---

The accompanying notes are an integral part of these financial statements

**Shengshi Elevator International Holding Group Inc.**

**Consolidated Statements of Cash Flows**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br>**September 30,**<br>**2020** | **Nine Months Ended**<br>**September 30,**<br>**2019** |
| **Cash Flows From Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(16315) | $(2955111) |
| **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense |  | 83973 |
| &nbsp;&nbsp;&nbsp;Reversal of allowance for doubtful accounts |  | (729) |
| &nbsp;&nbsp;&nbsp;Disposal of property, plant and equipment |  | 891 |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | 145898 |
| &nbsp;&nbsp;&nbsp;Other receivables |  | (118292) |
| &nbsp;&nbsp;&nbsp;Prepayments |  | 26816 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties |  | 1644445 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (160247) |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 74597 |
| &nbsp;&nbsp;&nbsp;Contract with customer, liability |  | 3135192 |
| &nbsp;&nbsp;&nbsp;Other taxes payable |  | 1689 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | - | 13021 |
| **Net cash provided by (used in) operating activities** | (16315) | 1892143 |
| **Cash Flows From Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | - | (165610) |
| &nbsp;&nbsp;&nbsp;Loans repaid by third parties | - | 21885 |
| **Net cash used in investing activities** | - | (143725) |
| **Cash Flows From Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash effect of reverse acquisition |  | 408 |
| &nbsp;&nbsp;&nbsp;Proceeds from related parties | 16315 |  |
| &nbsp;&nbsp;&nbsp;Repayment of loans to related parties | - | (1590283) |
| **Net cash (used in) provided by financing activities** | 16315 | (1589875) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate fluctuation on cash and cash equivalents | - | (9834) |
| **Net increase in cash and cash equivalents** | - | 148708) |
| **Cash and cash equivalents, beginning of period** | 1539946 | 177566 |
| **Cash and cash equivalents, end of period** | $1539946 | $326275 |
| **Supplemental disclosure information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax expense | $- | $- |
| &nbsp;&nbsp;&nbsp;Cash paid for interest expense | $- | $- |

---

The accompanying notes are an integral part of these financial statements

**SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.**

**NOTES TO (UNAUDITED) FINANCIAL STATEMENTS**

**NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS**

The Company is a US holding company incorporated in Nevada on March 31, 2016, which operates through the Company's wholly-owned subsidiary Shengshi International Holdings Co., Ltd. ("Shengshi International"), a Cayman Islands corporation incorporated on October 19, 2018.

The following is the organizational structure of Shengshi International Holdings Co., Ltd. along with ownership detail and its subsidiaries:

Shengshi International Holdings Co., Ltd. (the "Shengshi International"), was incorporated in the Cayman Islands on October 19, 2018. It is owned by four individuals and four entities. Mr. Jin Xukai, owning 10% share, is the executive director. Mr. Liu Yanyu, owning 4.2% share, Mr. Li Zhonglin, owning 4.5% share, Mr. Liu Bin, owning 4.33% share are the three directors. The following entities own the remaining shares of Shengshi International: Shengshi Qianyuan Co., Ltd., founded on Oct. 12, 2018, whose director is Ms. Jiang Yanru, the ownership percentage is 3.7%; Shengshi Xinguang Co., Ltd, founded on Oct. 10, 2018, whose director is Mr. Zhang Baozhu, the ownership percentage is s 15%; Shengshi Jinhong Co., Ltd, founded on Oct. 2, 2018, whose director is Ms. Zhang Lina, the ownership percentage is 38.27%; and Shengshi Huading Co., Ltd., founded on Oct. 9, 2018, whose director is Li Ying, the ownership percentage is 20%.

Shengshi Shengshun (Hong Kong) Co., Ltd. ("Shengshi Hong Kong"), was established in Hong Kong Special Administrative Region of the People's Republic of China (the "PRC") on September 18, 2018. It is 100% owned by Shengshi International.

Shengshi Yinghe (Shenzhen) Technology Co. Ltd. ("Shengshi Yinghe") was established as a wholly foreign-owned enterprise on November 08, 2018, in Shenzhen City, Guangdong province, under the laws of the PRC. It is 100% owned by Shengshi Hong Kong.

Shenzhen Shengshi Elevator Co., Ltd. ("Shenzhen Shengshi"), was incorporated on April 2, 2014, registered in Shenzhen City, Guangdong province, under the laws of the PRC. The Company was established by Mr. Jin Xukai, the founder, president, chairman, chief designer, and the controlling shareholder. It is 100% owned by Shengshi Yinghe.

Shenzhen Shengshi focuses on elevator technology research and development, sales, maintenance, and installation. The company's flagship product is an elevator that adopts the technical principle of the world's first "An embedded open nut track lifting system" and represents a brand-new product direction and industrial innovation.

Sichuan Shengshi Elevator Technology Co., Ltd. ("Sichuan Shengshi"), was incorporated on July 13, 2018, registered in Chengdu city, Sichuan province, under the laws of the PRC, a wholly-owned subsidiary of Shenzhen Shengshi. Sichuan Shengshi has the same business scope and offers similar products and services as the parent company.

The Company has been dormant since May 14, 2020.

The Company's year-end is December 31.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*<u>Basis of Presentation</u>*

The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board ("<u>FASB</u>") "FASB Accounting Standard Codification™" (the "<u>Codification</u>") which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles ("<u>GAAP</u>") in the United States.

*<u>Management's Representation of Interim Financial Statements</u>*

The accompanying unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto on December 31, 2019, as presented in the Company's Annual Report on Form 10-K.

 

*<u>Use of Estimates</u>*

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of inventory, and recoverability of carrying amount, and the estimated useful lives of long-lived assets.

*<u>Income taxes</u>*

The Company accounts for income taxes under FASB ASC 740, *"Accounting for Income Taxes"*. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, *"Accounting for Uncertainty in Income Taxes"* prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position's sustainability under audit.

*<u>Net Loss per Share</u>*

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share." Basic earnings per common share ("EPS") calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

**NOTE 3 - GOING CONCERN**

As of September 30, 2020, the Company had $1,539,946 in cash and cash equivalents. The Company had a net loss of $16,315 for the nine months ended September 30, 2020, and has negative working capital of $5,337,989 and an accumulated deficit of $5,521,910 on September 30, 2020. The Company's principal sources of liquidity have been cash provided by operating activities, as well as financial support from related parties. The Company's operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to maintain profitability and continue growth for the foreseeable future. If management is not able to increase revenue and/or manage operating expenses in line with revenue forecasts, the Company may not be able to maintain profitability. These factors raise substantial doubt about the Company's ability to continue as a going concern.

The Company will focus on improving operational efficiency and cost reduction, developing core cash-generating business, and enhancing marketing function. Actions include developing more customers, as well as creating synergy using the Company's resources.

The Company believes that available cash and cash equivalents, the cash provided by its receiver, should enable the Company to meet presently anticipated cash needs for at least the next 12 months after the date that the financial statements are issued and the Company has prepared the consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity, which could include, but not necessarily be limited to, obtaining financial support from related parties, and controlling overhead expenses. Management cannot provide any assurance that the Company's efforts will be successful. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.

**NOTE 4 – EQUITY**

***<u>Common Stock</u>***

The Company has authorized 1,000,000,000 shares of $0.001 par value, common stock. As of September 30, 2020, there were 603,970,000 shares of Common Stock issued and outstanding.

**NOTE 5 – COMMITMENTS AND CONTINGENCIES**

The Company did not have any contractual commitments as of September 30, 2020.

**NOTE 6 – SUBSEQUENT EVENTS**

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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

**Organizational History of the Company and Overview**

**No Current Operations**

**Plan of Operation**

The Company has no operations from a continuing business other than the expenditures related to running the Company and has no revenue from continuing operations as of the date of this Report.

Management intends to explore and identify business opportunities within the U.S., including a potential acquisition of an operating entity through a reverse merger, asset purchase or similar transaction. Our previous Chief Executive Officer has experience in business consulting, although no assurances can be given that he can identify and implement a viable business strategy or that any such strategy will result in profits. Our ability to effectively identify, develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and global economies.

We do not currently engage in any business activities that provide revenue or cash flow. During the next 12-month period we anticipate incurring costs in connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports, and consummating an acquisition of an operating business.

Given our limited capital resources, we may consider a business combination with an entity which has recently commenced operations, is a developing company or is otherwise in need of additional funds for the development of new products or services or expansion into new markets, or is an established business experiencing financial or operating difficulties and is in need of additional capital. Alternatively, a business combination may involve the acquisition of, or merger with, an entity which desires access to the U.S. capital markets.

As of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a potential business combination. Any target business that is selected may be financially unstable or in the early stages of development. In such event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or early-stage entity. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk or in which our management has limited experience, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

Our management anticipates that we will likely only be able to effect one business combination due to our limited capital. This lack of diversification will likely pose a substantial risk in investing in the Company for the indefinite future because it will not permit us to offset potential losses from one venture or operating territory against gains from another. The risks we face will likely be heightened to the extent we acquire a business operating in a single industry or geographical region.

We anticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic conditions, including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some industries and shortages of available capital, management believes that there are a number of firms seeking business opportunities at this time at discounted rates with which we will compete. We expect that any potentially available business combinations may appear in a variety of different industries or regions and at various stages of development, all of which will likely render the task of comparative investigation and analysis of such business opportunities extremely difficult and complicated. Once we have developed and begun to implement our business plan, management intends to fund our working capital requirements through a combination of our existing funds and future issuances of debt or equity securities. Our working capital requirements are expected to increase in line with the implementation of a business plan and commencement of operations.

Based upon our current operations, we do not have sufficient working capital to fund our operations over the next 12 months. If we are able to close a reverse merger, it is likely we will need capital as a condition of closing that acquisition. Because of the uncertainties, we cannot be certain as to how much capital we need to raise or the type of securities we will be required to issue. In connection with a reverse merger, we will be required to issue a controlling block of our securities to the target's shareholders which will be very dilutive.

Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences, or privileges senior to our Common Stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

We anticipate that we will incur operating losses in the next 12 months, principally costs related to our being obligated to file reports with the SEC. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development. Such risks for us include, but are not limited to, an evolving and unpredictable business model, recognition of revenue sources, and the management of growth. To address these risks, we must, among other things, develop, implement, and successfully execute our business and marketing strategy, respond to competitive developments, and attract, retain, and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so could have a material adverse effect on our business prospects, financial condition, and results of operations.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or "GAAP." The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Our significant accounting policies are fully described in **Note 2** to our financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.

**Off-Balance Sheet Arrangements**

None.

**Item 3. Quantitative And Qualitative Disclosures About Market Risk.**

As a smaller reporting company, we are not required to provide the information called for by this Item.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures.**

Our management is responsible for establishing and maintaining a system of "disclosure controls and procedures" (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

**Management's Report on Internal Control over Financial Reporting**.

Our 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. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies and procedures that:

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

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

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

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

Our management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above and has concluded that as of September 30, 2020, our internal control over financial reporting was not effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles as a result of the following material weaknesses:

● The Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited resources.

● The Company does not have an independent board of directors or an audit committee.

● The Company does not have written documentation of our internal control policies and procedures.

● All of the Company's financial reporting is carried out by a financial consultant.

We plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures for our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse merger or similar business acquisition.

**Changes in Internal Control over Financial Reporting.**

There have been no change in our internal control over financial reporting during the year September 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II OTHER INFORMATION**

**Item 1. Legal Proceedings.**

The Company may be involved in certain legal proceedings that arise from time to time in the ordinary course of its business. Legal expenses associated with any contingency are expensed as incurred. The Company's officers and directors are not aware of any threatened or pending litigation to which the Company is a party or which any of its property is the subject and which would have any material, adverse effect on the Company.

**Item 1A. Risk Factors.**

Reference is made to the risks and uncertainties disclosed in Item 1A ("Risk Factors") of our Annual Report on Form 10-K for the period ended December 31, 2019 which sections are incorporated by reference into this report, as the same may be updated from time to time. Prospective investors are encouraged to consider the risks described in our 2019 Form 10-K, and our Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this Report and other information publicly disclosed or contained in documents we file with the Securities and Exchange Commission before purchasing our securities.

As a smaller reporting company, the Company is not required to disclose material changes to the risk factors that were contained in the 2019 Form 10-K.

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

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

**Item 6. Exhibits.**

The exhibits listed on the Exhibit Index below are provided as part of this report.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1\* | [Certification of principal executive and financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended](ex31-1.htm). |
| 32.1\* | [Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.](ex32-1.htm) |
| 101.INS\* | Inline XBRL INSTANCE |
| 101.SCH\* | Inline XBRL TAXONOMY EXTENSION SCHEMA |
| 101.CAL\* | Inline XBRL TAXONOMY EXTENSION CALCULATION |
| 101.DEF\* | Inline XBRL TAXONOMY EXTENSION DEFINITION |
| 101.LAB\* | Inline XBRL TAXONOMY EXTENSION LABELS |
| 101.PRE\* | Inline XBRL TAXONOMY EXTENSION PRESENTATION |

---

\* Filed herewith.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.** | **SHENGSHI ELEVATOR INTERNATIONAL HOLDING GROUP INC.** |
| Dated: February 13, 2023 | By: | */s/ CHENG, Sau Heung* |
|  |  | CHENG, Sau Heung |
|  |  | Chief Executive Officer and Chief Financial Officer<br> Principal Executive Officer, Principal Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

I, CHENG, Sau Heung, certify that:

1. I have reviewed this Quarterly report on Form 10-Q of Shengshi Elevator International Holding Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of a quarter report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: February 13, 2023 | By: | */s/ CHENG, Sau Heung* |
|  |  | CHENG, Sau Heung |
|  |  | Chief Executive Officer<br> (Principal Executive Officer and<br> Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Shengshi Elevator International Holding Group Inc. (the "Company") on Form 10-Q for the year ended September 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, CHENG, Sau Heung, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Dated: February 13, 2023 | By: | */s/ CHENG, Sau Heung* |
|  |  | CHENG, Sau Heung |
|  |  | Chief Executive Officer<br> (Principal Executive Officer and<br> Principal Financial Officer) |

---