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Correspondence 0001829126-23-003915 from Winvest Group Ltd (WNLV) (CIK 0001558740) (WNLV)

Winvest Group Ltd (WNLV) (CIK 0001558740)
Date: June 5, 2023 · CIK: 0001558740 · Accession: 0001829126-23-003915

AI Filing Summary & Sentiment

File numbers found in text: 333-267006

Date
June 5, 2023
Author
Jeffrey Wong Kah Mun
Form
CORRESP
Company
Winvest Group Ltd (WNLV) (CIK 0001558740)

Letter

Via Edgar Division of Corporation Finance Attention: Re: Winvest Group Ltd Amendment No. 4 to Registration Statement on Form S-1 Filed April 18, 2023 File No. 333-267006

Dear Sir or Madam:

Winvest Group Ltd. (the “Company”) is hereby responding to your recent review letter addressed to Jeffrey Wong Kah Mun, Chief Executive Officer of the Company, dated May 4, 2023 (the “SEC Letter”). We are filing Amendment No.5 to our Form S-1/A (the “Amendment”) in response. This response letter addresses the concern you have expressed. The following numbered response correspond to the comment number in the SEC Letter.

Amendment No. 4 to Registration Statement on Form S-1 Filed April 18, 2023

Business Overview, page 2

1. We note your statements here and in the “Our Business” section starting on page 34, that state that TCG will seek to obtain a California Lender License once the company is adequately funded. However, we also note your statements that there is no need for government approval of principal products and services. Please revise to discuss your need for the California Lender License and generally discuss the approval process.

We have removed the statement regarding the need for California Lender License as TCG is operating with minimal costs and limited business activity.

Competitive position in the industry, page 3

2. We note your statement that “TCG’s model sets it apart from 95% of its competitors in the industry . . . .” Please state how many competitors TCG has in the industry. Also, provide a source for these statements or characterize them as management’s belief. Additionally, we note your statement that “TCG does not have to charge high legal fees unlike the competitors in the marketplace.” If known and material, please state the estimated savings to TCG.

We have removed the section labeled “Competitive position in the industry” from the Amendment.

Executive Compensation, page 50

3. Please update this section to reflect the executive compensation received in the last fiscal year (2022). Refer to Item 402(l) of Regulation S-K.

We have updated this Section to refer to the 2022 fiscal year end in which no executive compensation was paid.

Certain Relationships and Related Transactions, page 52

4. Please revise to reflect the related party information as of the last fiscal year. Refer to Item 404(d) of Regulation S-K.

We have revised the Amendment to include the related party information for the 2022 fiscal year.

Consolidated Financial Statements, page F-1

5. You provide audited financial statements for the seven-month transition period ended December 31, 2021. Since this does not satisfy the requirement for one fiscal year pursuant to Rule 3-06 (via Rule 8-01(f)) of Regulation S-X, please revise your filing to include audited financial statements for your prior fiscal year ended May 31, 2021. Refer to our guidance in Codification of Financial Reporting Policies 102.05 (Financial Reporting Release 35) and associated interpretations.

We have revised the Amendment to include the prior fiscal year ended May 31, 2021 financial statements.

Report of Independent Registered Public Accounting Firm, page F-2

6. The audit report provided is for the years ended December 31, 2022 and 2021. Since you do not present financial statements for the full fiscal year ended December 31, 2021, obtain and file an audit report that addresses this period consistent with the financial statements presented.

This Amendment now includes audited financial statements and opinions for both the prior fiscal years ended May 31, 2021 and December 31, 2021 thus satisfying the requirement to include one fiscal year. Therefore we believe that no change is required for the December 31, 2022 and 2021 audit opinion.

Note 2 - Summary of Significant Accounting Policies, page F-9

7. Please disclose your accounting policy for prepaid expenses and accrued liabilities. In doing so, describe the nature of the items included in these line items. To the extent any accrued liability item exceeds five percent of total current liabilities, state the item separately in accordance with Rule 5-02.20 of Regulation S-X. Consider stating separately any prepaid expense item in excess of five percent of total current assets.

We have included our accounting policies for prepaid and accrued liabilities in the Amendment.

Note 3 - Business Acquisition, page F-12

8. Please ensure you provide the historical financial statements of each business acquired in your fiscal 2022 as prescribed by Rule 8-04 of Regulation S-X, audited as appropriate.

We have included the applicable historical financial statements in the Amendment.

Note 8 - Subsequent Events, page F-14

9. Please provide the disclosure intended here, as nothing is disclosed.

We have deleted the Subsequent Events footnote in the Amendment because there were no subsequent events to report.

General

10. We note your response to comment 3 and we reissue it.

● In an appropriate place in the Prospectus Summary, please add a description of your Common Stock and Series A Preferred Stock.

● In an appropriate place the Prospectus Summary and separately, in the Risk Factors, please disclose the number of vote per share for your Common Stock and Series A Preferred Stock.

We have included additional disclosure regarding our classes of stock to the Amendment.

Please direct your correspondence regarding this matter to the undersigned.

Very
truly yours,
/s/
Jeffrey Wong Kah Mun

Show Raw Text
CORRESP
1
filename1.htm

    Winvest
    Group Ltd.
    50
West Liberty Street, Suite 880

    Reno,
NV 89501

June
5, 2023

Via
Edgar

United
State Securities and Exchange Commission

Division
of Corporation Finance

100
F. Street, N.E.

Washington,
DC 20549

    Attention:

    Keira Nakada

    Doug Jones

    Cara Wirth

    Jennifer López Molina

Re:
Winvest Group Ltd

Amendment
No. 4 to Registration Statement on Form S-1

Filed
April 18, 2023

File
No. 333-267006

Dear
Sir or Madam:

Winvest
Group Ltd. (the “Company”) is hereby responding to your recent review letter addressed to Jeffrey Wong Kah Mun, Chief Executive
Officer of the Company, dated May 4, 2023 (the “SEC Letter”). We are filing Amendment No.5 to our Form S-1/A (the “Amendment”)
in response. This response letter addresses the concern you have expressed. The following numbered response correspond to the comment
number in the SEC Letter.

Amendment
No. 4 to Registration Statement on Form S-1 Filed April 18, 2023

Business
Overview, page 2

 1. We
note your statements here and in the “Our Business” section starting on page 34, that state that TCG will seek to obtain
a California Lender License once the company is adequately funded. However, we also note your statements that there is no need for government
approval of principal products and services. Please revise to discuss your need for the California Lender License and generally discuss
the approval process.

We
have removed the statement regarding the need for California Lender License as TCG is operating with minimal costs and limited business
activity.

Competitive
position in the industry, page 3

 2. We
note your statement that “TCG’s model sets it apart from 95% of its competitors in the industry . . . .” Please state
how many competitors TCG has in the industry. Also, provide a source for these statements or characterize them as management’s
belief. Additionally, we note your statement that “TCG does not have to charge high legal fees unlike the competitors in the marketplace.”
If known and material, please state the estimated savings to TCG.

We
have removed the section labeled “Competitive position in the industry” from the Amendment.

Executive
Compensation, page 50

 3. Please
update this section to reflect the executive compensation received in the last fiscal year (2022). Refer to Item 402(l) of Regulation
S-K.

We
have updated this Section to refer to the 2022 fiscal year end in which no executive compensation was paid.

Certain
Relationships and Related Transactions, page 52

 4. Please
revise to reflect the related party information as of the last fiscal year. Refer to Item 404(d) of Regulation S-K.

We
have revised the Amendment to include the related party information for the 2022 fiscal year.

Consolidated
Financial Statements, page F-1

 5. You
provide audited financial statements for the seven-month transition period ended December 31, 2021. Since this does not satisfy the requirement
for one fiscal year pursuant to Rule 3-06 (via Rule 8-01(f)) of Regulation S-X, please revise your filing to include audited financial
statements for your prior fiscal year ended May 31, 2021. Refer to our guidance in Codification of Financial Reporting Policies 102.05
(Financial Reporting Release 35) and associated interpretations.

We
have revised the Amendment to include the prior fiscal year ended May 31, 2021 financial statements.

Report
of Independent Registered Public Accounting Firm, page F-2

 6. The
audit report provided is for the years ended December 31, 2022 and 2021. Since you do not present financial statements for the full fiscal
year ended December 31, 2021, obtain and file an audit report that addresses this period consistent with the financial statements presented.

This
Amendment now includes audited financial statements and opinions for both the prior fiscal years ended May 31, 2021 and December 31,
2021 thus satisfying the requirement to include one fiscal year. Therefore we believe that no change is required for the December 31,
2022 and 2021 audit opinion.

Note
2 - Summary of Significant Accounting Policies, page F-9

 7. Please
disclose your accounting policy for prepaid expenses and accrued liabilities. In doing so, describe the nature of the items included
in these line items. To the extent any accrued liability item exceeds five percent of total current liabilities, state the item separately
in accordance with Rule 5-02.20 of Regulation S-X. Consider stating separately any prepaid expense item in excess of five percent of
total current assets.

We
have included our accounting policies for prepaid and accrued liabilities in the Amendment.

Note
3 - Business Acquisition, page F-12

 8. Please
ensure you provide the historical financial statements of each business acquired in your fiscal 2022 as prescribed by Rule 8-04 of Regulation
S-X, audited as appropriate.

We
have included the applicable historical financial statements in the Amendment.

    2

Note
8 - Subsequent Events, page F-14

 9. Please
provide the disclosure intended here, as nothing is disclosed.

We
have deleted the Subsequent Events footnote in the Amendment because there were no subsequent events to report.

General

 10. We
note your response to comment 3 and we reissue it.

 ● In
an appropriate place in the Prospectus Summary, please add a description of your Common Stock and Series A Preferred Stock.

 ● In
an appropriate place the Prospectus Summary and separately, in the Risk Factors, please disclose the number of vote per share for your
Common Stock and Series A Preferred Stock.

We
have included additional disclosure regarding our classes of stock to the Amendment.

Please
direct your correspondence regarding this matter to the undersigned.

Very
truly yours,

  /s/
                                           Jeffrey Wong Kah Mun

  Jeffrey
                               Wong Kah Mun

    3