# EDGAR Filing Document

**Accession Number:** 0001593549
**File Stem:** 0001493152-23-008910
**Filing Date:** 2023-3
**Character Count:** 30124
**Document Hash:** 0e4f1db4a096e32735e7c57337e2b80d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-008910.hdr.sgml**: 20231201

**ACCESSION NUMBER**: 0001493152-23-008910

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Livento Group, Inc.
- **CENTRAL INDEX KEY:** 0001593549
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 493999052
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 17 STATE STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 980 432 8241

**MAIL ADDRESS:**
- **STREET 1:** 17 STATE STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NuGene International, Inc.
- **DATE OF NAME CHANGE:** 20150127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bling Marketing, Inc.
- **DATE OF NAME CHANGE:** 20131205

FRANK J. HARITON ● ATTORNEY - AT - LAW

1065 Dobbs Ferry Road ● White Plains ● New York 10607 ● (Tel) (914) 674-4373 ● (Fax) (914) 693-2963 ● (e-mail) hariton@sprynet.com

March 24, 2023

Division of Corporation Finance

Office of Technology

Securities and Exchange Commission

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Livento Group, Inc. (the "Company")** |
|  | **Amendment Number 8 to Registration Statement on Form 10-12G** |
|  | **File No. 000-56457** |

---

Ladies and Gentlemen:

We are filing amendment number 8 in response to staff comments and to updated and correct minor errors in prior filings. Our responses to staff comments are as follows:

<u>Business Trends in Our Markets, page 9</u>

1. In light of your disclosure that your software product was developed to run portfolio analyses and to provide improved portfolio management and performance, please revise the assertion that the company does not have to comply with regulatory requirements.

We have removed the sentence that says our software is not subject to regulation.

<u>Liquidity and Capital Resources, page 24</u>

2. On page 25 you state, "Each movie is produced in separate company, so risk of failure is mitigated for Livento as a holding company." Please clarify this statement. Tell us who produces the movies. Tell us if the production company is a related party as defined in ASC 850-10-20.

Pursuant to ASC 850-10-20, which defines the term as "related parties" or "affiliates" these movies are not produced by any "related parties", "affiliates" or includes other parties that are de facto agents of the variable interest holder based on the definition of ASC 850-10-20. The companies where distributor finances the movie in its final phase are owned by a third party that do not meet the definition of ASC 850-10-20. The production company is owned by a third party, that is NOT directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with an entity. The movies are produced by our internal team. The companies we cooperate with are Cygnus Film Group, LLC and The Avenue Entertainment, LLC.

3. With regard to your real estate project, you state on page 26 that "The project was financed by 65% by bank loans which will be repaid on the sale of the units." It does not appear that these bank loans are recorded in your financial statements. Please revise accordingly.

**Contractual Obligations**

The Company's Real Estate Project was financed by 65% bank loan. Since, December 31, 2022, the contractual obligations of the Company have changed as follows:

● The outstanding balance of these loans was repaid by application of the proceeds of sales of the Units. There is a pending legal procedure on the Cadastral office and land register to free the units and clients' money to complete the transaction. We expect this to be finalized before 31th of March 2023.

<u>Description of Registrant's Securities to be Registered Common Shares, page 31</u>

4. Your disclosure that your Certificate of Incorporation authorizes you to issue 500,000,000 shares of common stock appears to be inconsistent with the last amendment to your Certificate of Incorporation (filed as Exhibit 3.9), which authorizes 800,000,000 shares of common stock. Please revise or advise. Similarly, we note updates to your disclosure regarding the amount of authorized shares of blank check preferred stock. Please explain why this change was made and file an updated Certificate of Incorporation, if applicable.

We inadvertently failed to file an amendment reducing our Authorized common shares as an exhibit. It is now filed.

<u>Consolidated Statements of Equity, page 39</u>

5. On page 31 you list various share issuances during the past two fiscal years. Please reconcile these share issuances to your Consolidated Statements of Equity.

Below is a detailed breakdown of all movements in Equity

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series A Preferred Stock | Series A Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Common stock | Common stock | Additional Paid in capital | Accumulated Deficit | Shareholder's equity |
| | No. of shares | Amount | No. of shares | Amount | No. of shares | Amount | No. of shares | Amount | | | |
| **Balance as of January 1, 2021,** | **-** | **-** | **1917720** | **192** | **-** | **-** | **59254155** | **5925** | **21918062** | **-11748760** | **10175419** |
| New preferred Shares issued to take-over the company by former management | 100 | 0 | - | - | - | - | - | - | 0 | - | 0 |
| Common shares issued for services | - | - | - | - | - | - | 634110594 | 63411 | -63411 | - | - |
| Series C Preferred Shares issued for services | - | - | 28000 | 3 | - | - | - | - | -3 | - | - |
| Coversion of Series C Preferred Shares to Common shares | - | - | -28000 | -3 | - | - | 2800000 | 280 | -277 | - | 0 |
| Coversion of Series C Preferred Shares to Common shares with specific condition | - | - | -1917720 | -192 | - | - | 1917720 | 192 | - | - | - |
| Loan Settlement | - | - | - | - | - | - | 67146478 | 6715 | -6715 | - | - |
| Common shares settlement | - | - | - | - | - | - | 666666 | 67 | -67 | - | - |
| Changes in additional Paid in capital from other companies | - | - | - | - | - | - | - | - | 10227343 | - | 10227343 |
| Net Loss for the year ended | - | - | - | - | - | - | - | - | - | -320320 | -320320 |
| **Balance as of December 31, 2021** | **100** | **0** | **-** | **-** | **-** | **-** | **765895613** | **76590** | **32074932** | **-12069080** | **20082442** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Transaction** | **Transaction type (e.g., new issuance, cancellation, shares returned to treasury)** | **Number of Shares Issued (or cancelled)** | **Class of Securities** | **Individual/ Entity Shares were issued to (entities must have individual with voting / investment control disclosed).** | **Reason for share issuance (e.g., for cash or debt conversion)-OR-Nature of Services Provided** | **Restricted or Unrestricted as of this filing.** | **Exemption or Registration Type.** |
| 04/05/2021 | New | 700 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 04/20/2021 | Cancelled | -2 328 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 04/20/2021 | New | 2 328 000 | Common | Michael Kopstick | Services | Restricted | 144 |
| 05/07/2021 | Cancelled | -10 500 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 05/07/2021 | New | 10 500 000 | Common | Michael Kopstick | Services | Restricted | 144 |
| 06/09/2021 | Cancelled | -2 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 06/09/2021 | New | 2 000 000 | Common | James Cowland | Services | Restricted | 144 |
| 06/17/2021 | Cancelled | -2 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 06/17/2021 | New | 2 000 000 | Common | Paul Segura Jr. | Services | Restricted | 144 |
| 07/02/2021 | Cancelled | -20 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 07/02/2021 | New | 20 000 000 | Common | Frank J. Hariton | Services | Restricted | 144 |
| 07/08/2021 | Cancelled | -37 800 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 07/08/2021 | New | 37 800 000 | Common | Judah Aaron Sternhill | Services | Restricted | 144 |
| 07/21/2021 | Cancelled | -10 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 07/23/2021 | New | 4 000 000 | Common | Milan Hoffman | Services | Restricted | 144 |
| 07/23/2021 | New | 958 860 | Common | ALI KHARAZMI | Conversion from Preferred to Common | Restricted | 144 |
| 07/23/2021 | New | 958 860 | Common | SAEED KHARAZMI | Conversion from Preferred to Common | Restricted | 144 |
| 08/13/2021 | New | 100 | Preferred A | Milan Hoffman | Super Voting Stock | Restricted | 144 |
| 08/13/2021 | Cancelled | -1 917 720 | Preferred C | Milan Hoffman | Conversion from Preferred to Common | Restricted | 144 |
| 08/17/2021 | New | 800 000 | Common | Sandy Miles | Services | Restricted | 144 |
| 08/17/2021 | New | 8 000 | Preferred C | Sandy Miles | Services | Restricted | 144 |
| 09/03/2021 | New | 6 399 416 | Common | Eagle Equities LLC, Yanky Borenstein | Loan Settlement | Unrestricted |  |
| 09/13/2021 | New | 2 225 034 | Common | EMA Financial LLC, John Scholz | Loan Settlement | Unrestricted |  |
| 10/05/2021 | New | 20 000 | Preferred C | James Cowland | Services | Restricted | 144 |
| 10/18/2021 | New | 333 333 | Common | Sharni Brodesky | Purchase | Restricted | 144 |
| 10/19/2021 | New | 333 333 | Common | Dayna R. Shereck | Purchase | Restricted | 144 |
| 11/17/2021 | Cancelled | -10 689 406 | Common | Milan Hoffman | Cancellation | Restricted | 144 |
| 11/17/2021 | New | 10 689 406 | Common | Eagle Equities LLC,Yanky Borenstien | Loan Settlement | Unrestricted |  |
| 11/18/2021 | Cancelled | -20 000 000 | Common | Milan Hoffman | Cancellation | Restricted | 144 |
| 11/18/2021 | New | 5 428 572 | Common | Power Up Lending Group Ltd., Curt Kramer | Loan Settlement | Unrestricted |  |
| 11/30/2021 | New | 8 285 583 | Common | EMA Financial, Felicia Preston LLC | Loan Settlement | Unrestricted |  |
| 12/02/2021 | New | 4 583 333 | Common | Labrys Fund LP,TJ Silverman | Loan Settlement | Unrestricted |  |
| 12/06/2021 | New | 6 160 000 | Common | SBI Investments LLC, Jonathan Juchno | Loan Settlement | Unrestricted |  |
| 12/06/2021 | New | 3 960 000 | Common | Power Up Lending Group Ltd.,Curt Kramer | Loan Settlement | Restricted | 144 |
| 12/07/2021 | Cancelled | -30 000 000 | Common | Milan Hoffman | Cancellation | Restricted | 144 |
| 12/13/2021 | New | 19 415 134 | Common | Auctus Fund LLC, Lou Posner | Loan Settlement | Unrestricted |  |
| 12/17/2021 | Cancelled | - 8 000 | Preferred C | Sandy Miles | Conversion from Preferred to Common | Restricted | 144 |
| 12/17/2021 | New | 800 000 | Common | Sandy Miles | Purchase | Restricted | 144 |
| 12/17/2021 | Cancelled | - 20 000 | Preferred C | James Cowland | Conversion from Preferred to Common | Restricted | 144 |
| 12/17/2021 | New | 2 000 000 | Common | James Cowland | Services | Restricted | 144 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Series A Preferred Stock | | Series C Preferred Stock | | Series D Preferred Stock | | Common stock | | Additional Paid in capital | Accumulated Deficit | Shareholder's<br> equity |
| | No. of shares | Amount | No. of shares | Amount | No. of shares | Amount | No. of shares | Amount | | | |
| **Balance as of January 1, 2021,** | **100** | **0** | **-** | **-** | **-** | **-** | **765895613** | **76590** | **32074932** | **- 12069080** | **20082442** |
| Conversion of Note | - | - | - | - | - | - | 49586549 | 4959 | - 4959 | - | - |
| Issuance of Series C Preferred Shares to David Stybr and their cancelation | - | - | - | - | - | - | - | - | - | - | - |
| Series D Preferred Shares issued for services | - | - | - | - | 141630 | 1416 | - | - | - 1416 | - | - |
| Sales of Series D Preferred Shares | - | - | - | - | 69714 | 697 | - | - | 365803 | - | 366500 |
| Cancelation of Common shares and their transformation to Series C Preferred Shares | - | - | 1164826 | 116 | - | - | -116482594 | -11648 | 11532 | - | 0 |
| Cancelation of Common shares by former director | - | - | - | - | - | - | -500000000 | -50000 | 50000 | - | - |
| Sales of Series C Preferred Shares | - | - | 39600 | 4 | - | - | - | - | -4 | - | - |
| Net Loss for the year ended | - | - | - | - | - | - | - | - | - | - 1460395 | - 1460395 |
| Changes in additional Paid in capital from other companies | - | - | - | - | - | - | - | - | -65 | - | - 65 |
|  | **100** | **0** | **1204426** | **120** | **211344** | **2113** | **198999568** | **19900** | **32495823** | **- 13529475** | **18988482** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Transaction** | **Transaction type (e.g., new issuance, cancellation, shares returned to treasury)** | **Number of Shares Issued (or cancelled)** | **Class of Securities** | **Individual/ Entity Shares were issued to (entities must have individual with voting / investment control disclosed).** | **Reason for share issuance (e.g., for cash or debt conversion)-OR-Nature of Services Provided** | **Restricted or Unrestricted as of this filing.** | **Exemption or Registration Type.** |
| 01/04/2022 | New | 9 482 781 | Common | Sandy Miles | Conversion of Note | Unrestricted |  |
| 02/02/2022 | New | 15 691 925 | Common | Adam R. Long, Puerto Rico, Oasis Capital LLC | Conversion of Note | Unrestricted |  |
| 02/25/2022 | Cancellation | -58 682 594 | Common | Milan Hoffman | Cancellation | Restricted | 144 |
| 02/25/2022 | New | 586 826 | Preferred C | Milan Hoffman | Services/payment | Restricted | 144 |
| 02/28/2022 | New | 378 000 | Preferred C | Judah A. Sternhill | Purchase | Restricted | 144 |
| 02/28/2022 | New | 200 000 | Preferred C | Frank J. Hariton | Services/payment | Restricted | 144 |
| 02/28/2022 | Cancellation | -500 000 000 | Common | Milan Hoffman | Return to unissued authorized status | Restricted | 144 |
| 02/28/2022 | Cancellation | -37 800 000 | Common | Judah A. Sternhill | Purchase | Restricted | 144 |
| 02/28/2022 | Cancellation | -20 000 000 | Common | Frank J. Hariton | Services/payment | Restricted | 144 |
| 03/01/2022 | New | 15 898 682 | Common | Tiger Trout Capital LLC, Puerto Rico, Alan Masley | Conversion of Note | Unrestricted |  |
| 03/03/2022 | New | 9 032 080 | Common | Abra Prince | Conversion of Note | Unrestricted |  |
| 03/14/2022 | New | 5 000 000 | Preferred | David Štýbr | Control block | Restricted | 144 |
| 03/23/2022 | New | 9 482 781 | Common | Kalimdor LLC, Ales Kudrna | Conversion of Note | Unrestricted |  |
| 06/21/2022 | Cancellation | -5 000 000 | Preferred C | David Štýbr | Cancellation | Restricted | 144 |
| 07/19/2022 | New | 10 000 000 | Common | Kalimdor LLC, Ales Kudrna | Conversion of Note | Unrestricted |  |
| 07/19/2022 | New | 5 000 | Preferred D | Milan Behro | Purchase | Restricted | 144 |
| 07/25/2022 | New | 5 319 | Preferred D | Kerberos Invest sro, Jan Zikmunda | Purchase | Restricted | 144 |
| 08/05/2022 | New | 1 667 | Preferred D | Cedric Herlinda Jan Francois | Purchase | Restricted | 144 |
| 09/01/2022 | New | 141 250 | Preferred D | West East Wind Ltd, Petr Horvath | Purchase | Restricted | 144 |
| 09/09/2022 | New | 5 000 | Preferred D | Roman Kacin | Purchase | Restricted | 144 |
| 09/14/2022 | New | 1 625 | Preferred D | Jonathon Paul Tingle | Purchase | Restricted | 144 |
| 10/20/2022 | New | 3 704 | Preferred D | Samuel Lachlan Rose | Purchase | Restricted | 144 |
| 10/27/2022 | New | 2 000 000 | Common | Kalimdor LLC, Ales Kudrna | Conversion of Note | Unrestricted |  |
| 11/03/2022 | New | 39 600 | Preferred C | Eagle Equities LLC, Yanky Borenstein | Purchase | Restricted | 144 |
| 11/04/2022 | New | 4 025 | Preferred D | James Conerly | Purchase | Restricted | 144 |
| 11/09/2022 | New | 4 025 | Preferred D | Lynda Raposo-Morris | Purchase | Restricted | 144 |
| 11/10/2022 | New | 1 646 | Preferred D | Laura Kojamanian | Purchase | Restricted | 144 |
| 11/11/2022 | New | 1 610 | Preferred D | James D. Opfar | Purchase | Restricted | 144 |
| 11/11/2022 | New | 1 610 | Preferred D | Seth Rush | Purchase | Restricted | 144 |
| 11/17/2022 | New | 2 000 | Preferred D | Wesley J. Hamilton | Purchase | Restricted | 144 |
| 11/17/2022 | New | 2 000 000 | Common | Kalimdor LLC, Ales Kudrna | Conversion of Note | Unrestricted |  |
| 11/21/2022 | New | 3 317 | Preferred D | Richard James Parker | Purchase | Restricted | 144 |
| 11/28/2022 | New | 4 166 | Preferred D | Richard James Parker | Purchase | Restricted | 144 |
| 12/07/2022 | New | 4 000 000 | Common | Kalimdor LLC, Ales Kudrna | Conversion of Note | Unrestricted |  |
| 12/21/2022 | New | 380 | Preferred D | Michael Henriksen | rewards | Restricted | 144 |
| 12/27/2022 | New | 25 000 | Preferred D | Greg Weinberg | Purchase | Restricted | 144 |

---

6. On page 32, you state, "The Company has designated and issued 100 shares of Series A Preferred stock. The owner of these shares has 51% of all voting rights, regardless of the number of other shares issued. Our CEO, David Stybr, owns all of these shares and can control our affairs." Also, on page 41 you state, "Nugene International Inc. issued its 100 units of class A preference shares delivering 51% control and 5,000,000 units of Class C preference shares in acquisition of all the identifiable assets and Liabilities of Livento Group LLC." Neither the Series A Preferred shares nor the 5,000,000 units of Class C preference shares are included in your consolidated statement of stockholder's equity. Please explain or revise accordingly.

The price per "Series A Preferred stock" is US$0.0001 and the total amount of shares that were issued was 100 shares. Therefore, the total value of 100 issued shares is US$0.01, is below the resolution of the entire report, which only consider values greater than US$1.00.

Series C Preferred stock were issued and cancelled within the one year, therefore; the total value is US$0. Please see the additional exhibit we have filed.

<u>Consolidated Statements of Cash Flows, page 40</u>

7. Tell us if actual cash was transferred for the purchase of intangible assets, long term investments, co-investments, common stock issued, additional paid in capital. We note that 704,723,838 shares were issued for services during the year ended December 31, 2021. If some of these transactions were non-cash activities please revise per guidance in ASC 230-10-50-3 to 50-6.

Please see the chart above which details the share issuances and cancellations.

<u>Note 5 - Common-Control Transaction - ASC 805-50, page 45</u>

8. You state, "Livento Group, LLC Transfer 100% of its shares to Nugene International Inc in exchange of A class voting shares and C class shares, of net assets, this was an exchange of equity interests between entities under the control of the same parent." In this regard, please disclose the common control parent and why you believe they controlled both entities prior to the exchange.

The common control parson is David Stybr, CEO and the sole owner of Livento Group, LLC. The common control parent controlled both entities prior to the exchange.

9. With regard to your real estate investment, you state, "The cost to produce this asset is currently USD 97,171,659 and contains works of people and acquisition of initial project. Company already sold $2,000,000 with $100,000 profit so actual value is $7,171,659." Please clarify these statements and tell us how you accounted for the $97,171,659 cost to produce this asset. You also disclose that the $2,000,000 sale occurred on September 6, 2022. Since your revenue for the twelve months ended December is only $1,966,202, it is not clear how your recorded the sale in your financial statements. Please revise accordingly.

This was a typo. The cost to produce this asset is currently US$9,171,659 and contains works of people and acquisition of initial project. Company already sold $2,000,000 with $100,000 profit so actual value is US$7,171,659.

10. On page 22 you state that you "believe the capital generated from the disposal of our real estate properties will provide the required cash for these operations." You also disclose material long term investments related to real estate. Given the significance of your real estate investments, tell us and disclose how you account for real estate transactions. Your response should address how you considered ASC 970, ASC 606, and ASC 610-20.

***<u>Cost Capitalization</u>***

The cost of Real Estate includes the purchase price of the property, legal fees and other acquisition costs. Costs directly related to planning, developing, initial leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets. Capitalized development costs include interest, property taxes, insurance, and other direct project cost incurred during the period of development.

**<u>ASC 970 *Real Estate - General*</u>**

The costs of Real Estate Projects include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy or sale upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction.

***<u>Real Estate Held for Sale</u>***

The Company considers Real Estate to be assets held for sale when (1) management commits to a plan to sell the Real Estate; (2) the Real Estate will be available for sale in its present condition and (3) the Real Estate will be marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a Real Estate as an asset held for sale, we record the Real Estate's value at the lower of its' carrying value or its estimated net realizable value*.***

***<u>Real Estate Projects</u>***

Real Estate are stated at cost. Depreciation is provided using the straight-line and accelerated methods for financial and tax reporting purposes, respectively, over the estimated useful lives of the assets. Buildings will have an estimated useful life of 20 years. Land is an indefinite lived asset that is stated at fair value at date of acquisition.

***<u>Revenue Recognition</u>***

On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, *Revenue from Contracts with Customers* (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, *Revenue Recognition*. Results for reporting periods beginning after December 31, 2021, are presented under Topic 606.

Under Topic 606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance.

The Company reviewed all agreements at the date of initial application and elected to use the modified retrospective transition method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings on December 31, 2021. Considering there was no revenue in prior periods, the adoption of the new revenue recognition guidance had no transition impact.

The Company determines revenue recognition through the following steps:

● identification
 of the agreement, or agreements, with a buyer and/or investor;

● identification
 of the performance obligations in the agreement for the sale of lots including delivering title to the property being acquired from
 ILA;

● determination
 of the transaction price;

● allocation
 of the transaction price to the lots purchased when issued with equity or warrants to purchase equity in the Company; and

● recognition
 of revenue when, or as, we satisfy a performance obligation such as delivering title to lots purchased.

Revenue is measured based on considerations specified in the agreements with our customers. A contract exists when it becomes a legally enforceable agreement with a customer. The contract is based on either the acceptance of standard terms and conditions as stated in our agreement of lot sales or the execution of terms and conditions contracts with third parties and investors. These contracts define each party's rights, payment terms and other contractual terms and conditions of the sale. Consideration was historically paid prior to transfer of title as stated above and in future land sales, the Company plans to transfer title to buyers at the time consideration has been transferred if the acquisition of the property has been completed by the Company. The Company applies judgment in determining the customer's ability and intention to pay, however collection risk is mitigated through collecting payment in advance or through escrow arrangements. A performance obligation is a promise in a contract or agreement to transfer a distinct product or item to the customer, which for us is transfer of title to our buyers. Performance obligations promised in a contract are identified based on the property that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract, whereby the transfer of the property is separately identifiable from other promises in the contract. We have concluded the sale of property and delivering title is accounted for as the single performance obligation.

The implementation of ASC 606, have a material impact of US$7,171,659 on the Company's consolidated financial statements.

Effective January 1, 2018, the Company adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets. Generally, the Company's sales of its real estate properties would be considered a sale of a nonfinancial asset as defined. Under ASC 610-20, the Company will derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. During the twelve months ended December 31, 2022, and 2021, the Company has US$2,000,000 in revenue from the sale of real estate properties. As a result of the adoption of ASU 610-20, there was an impact to the Company's consolidated financial statements.

<u>Note 7 - Intangible Assets, page 48</u>

11. We note you amortize movie intangible assets at 20% per annum using the straight line method. This amortization method does not appear to be in accordance with ASC 926-20-35. Please explain or revise accordingly. Also, provide disclosure in accordance with ASC 926-20-50.

Pursuant to ASC 926-20-35, Livento Group, LLC amortizes capitalized movies cost when a movie is released, and it begins to recognize revenue from the film. These costs for an individual film are amortized and participation costs are accrued to direct operating expenses in the proportion that current year's revenues bear to management's estimates of the ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition, or sale of such film. Ultimate revenue includes estimates over a period not to exceed ten years following the date of initial release of the motion picture.

Pursuant to ASC 926-20-50-2, Livento Group costs to produce this asset is currently USD 10,086,617 and contains works of people, licenses, and acquisition of initial project.

---

| | | |
|:---|:---|:---|
| **Amortization of capitalized Movies Cost** | **Amortization of capitalized Movies Cost** | |
| **Released Date** | **Note** | **Amount** |
| 12/01/2022 | Project X - Capitalized movies cost | 820030 |
| **TOTAL** | **Amortization 2021** | **820030** |
| **In Production** | **Note** | **Amount** |
| 03/31/2022 | Capitalized movies cost | 0 |
| 06/30/2022 | Capitalized movies cost | 0 |
| 09/30/2022 | Capitalized movies cost | 0 |
| 10/01/2022 | Capitalized movies cost | 0 |
| **TOTAL** | **Amortization 2022** | **0** |
| **Classification of Movies** | **Classification of Movies** | **Classification of Movies** |
| **Acquisition Date** | **Note** | **Development Stage** |
| 08/25/2020 | Project X | Released 12/2022 |
| 03/31/2022 | Carnival | In Production |
| 06/30/2022 | Project RW | In Production |
| 09/30/2022 | Project B | In Production |
| 10/01/2022 | Project TV | In Production |

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If you have any further questions, do not hesitate to contact the undersigned at 914-649-7669.

Very truly yours,

*/s/ Frank J Hariton*