0001741257 false FY 0001741257 2022-07-01 2023-06-30 0001741257 2021-08-18 0001741257 2023-10-12 0001741257 2023-06-30 0001741257 2022-06-30 0001741257 2021-07-01 2022-06-30 0001741257 us-gaap:CommonStockMember 2021-06-30 0001741257 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001741257 us-gaap:RetainedEarningsMember 2021-06-30 0001741257 2021-06-30 0001741257 us-gaap:CommonStockMember 2022-06-30 0001741257 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001741257 us-gaap:RetainedEarningsMember 2022-06-30 0001741257 us-gaap:CommonStockMember 2021-07-01 2022-06-30 0001741257 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2022-06-30 0001741257 us-gaap:RetainedEarningsMember 2021-07-01 2022-06-30 0001741257 us-gaap:CommonStockMember 2022-07-01 2023-06-30 0001741257 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2023-06-30 0001741257 us-gaap:RetainedEarningsMember 2022-07-01 2023-06-30 0001741257 us-gaap:CommonStockMember 2023-06-30 0001741257 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001741257 us-gaap:RetainedEarningsMember 2023-06-30 0001741257 BFGX:StockPurchaseAgreementMember 2022-07-01 2023-06-30 0001741257 BFGX:StockPurchaseAgreementMember 2023-06-30 0001741257 us-gaap:RelatedPartyMember 2022-07-01 2023-06-30 0001741257 us-gaap:RelatedPartyMember 2021-07-01 2022-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

 

 

UNITED STATES 

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 

Form 10-K

 

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

 

For the fiscal year ended June 30, 2023

 

☐ 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: 333-153575

 

BANGFU TECHNOLOGY GROUP CO., LTD.

 (Exact name of registrant as specified in its charter)

  

Nevada   30-1023894
(State or other jurisdiction of  
incorporation or organization)		   (I.R.S. Employer Identification No.)

 

No. 34-3, Building 2, Diwang International Fortune Center,
No. 10 Plaza Road  
Liuzhou, Guangxi Province, China		   545005
(Address of principal executive offices)   (Zip Code)

  

Registrant’s telephone number, including area code: +86 772-3719700

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Securities registered pursuant to Section 12(g) of the Act: common stock, par value $0.001 per share.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒

 

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 (§ 232.405 of this chapter) 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, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

 

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

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the fi ling reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

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

 

The aggregate market value of the voting common stock held by non-affiliates computed by reference to the price at which registrant’s common stock was last sold on the OTC markets as of August 18, 2021, was approximately $30,000. There has been no trading of the registrant’s common stock since August 18, 2021.

 

As of October 12, 2023, there were 7,950,500 shares of common stock issued and outstanding at a par value of $0.001 per share.

 

 
 

 

TABLE OF CONTENTS 

 

    PAGE
Cautionary Note Regarding Forward-Looking Statements ii
PART I  
Item 1. Business 1
Item 1A. Risk Factors 2
Item 1B. Unresolved Staff Comments 2
Item 1C. Cybersecurity 2
Item 2. Properties 2
Item 3. Legal Proceedings 2
Item 4. Mine Safety Disclosures 2
   
PART II    
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 3
Item 6. Reserved 3
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 4
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 6
Item 8. Financial Statements and Supplementary Data 6
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 7
Item 9A. Controls and Procedures 7
Item 9B. Other Information 7
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevents Inspections 6
   
PART III    
Item 10. Directors, Executive Officers and Corporate Governance 8
Item 11. Executive Compensation 9
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 9
Item 13. Certain Relationships and Related Transactions, and Director Independence 10
Item 14. Principal Accounting Fees and Services 10
     
PART IV    
Item 15. Exhibits and Financial Statement Schedules 11
Item 16. Form 10-K Summary 11

 

i
 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K (the “Report”), including, without limitation, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or other business combination and any other statements that are not statements of current or historical facts. These statements are based on management’s current expectations, but actual results may differ materially due to various factors, including, but not limited to:

 

  ● our ability to establish our business in China and implement our business plan;
  ● acceptance of the services that we expect to market;
  ● our ability to retain key employees;
  ● adverse changes in general market conditions for online business services in China;
  ● our ability to continue as a going concern;
  ● our future financing plans; and
  ● our ability to adapt to changes in foreign, cultural, political and financial market conditions which could impair our future operations and financial performance (including, without limitation, the changes resulting from the aftermath of the Covid-19 pandemic in China and around the world).

 

The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

ii
 

 

PART I

  

ITEM 1. BUSINESS

 

Overview

 

Bangfu Technology Group Co., Ltd. (the “Company”, “we”, “us”, “our” and similar terminology) was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications. The Company’s first project was to develop a mobile application (the “App”) for free test panels to identify general health conditions and targeted diseases for both children and adults. The main purpose of the App was to remind users of doctor’s appointments and examinations. The App synchronized with Google and Apple calendars and sent notifications regarding pills-taking time, required tests or doctor appointments via the App and email. We expected to generate revenue from in-app subscriptions. Prior to the Change of Control as defined below, we had developed terms of reference, design of our application, creation of an Apple store account and were at the server and application development stage.

 

Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser. In connection with the Transaction, Petru Afanasenco, the President and director of the Company, and Andrei Afanasenco, the Secretary and Treasurer of the Company, both resigned from all of their director and officer positions with the Company, effective immediately upon the consummation of the Transaction.

 

On June 3, 2020, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada to effect a change in the name of the Company from “Kelinda” to “Bangfu Technology Group Co., Ltd.”, effective upon filing. In connection with its name change, the Company’s ticker symbol on the OTC Pink Market was changed from “KLDA” to “BFGX.”

 

1
 

 

Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to first roll out the plan with a focus on the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi in China. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in the near term.

 

From the Change of Control to the date of this Report, the Company has not commenced its planned business and presently has no business operations, revenues or assets and thus is and has been a “shell company” as defined by Rule 405 of the Securities Act of 1993, as amended (the “Securities Act”). The Company does not have an established timetable to implement our business plan, and until it does, the Company will remain a shell company.

 

ITEM 1A. RISK FACTORS

 

Not applicable.

  

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None.

 

ITEM 1C. CYBERSECURITY

 

Not applicable.

 

ITEM 2. PROPERTIES

 

We do not own or lease any property. Our principal executive offices are located at No. 34-3, Building 2, Diwang International Fortune Center, No. 10 Plaza Road, Liuzhou, Guangxi Province, China 545005.

  

ITEM 3. LEGAL PROCEEDINGS

 

We are not currently involved in any legal proceedings nor are we aware of any pending or potential legal actions.

 

ITEM 4. MINE SAFETY DISCLOSURE

 

Not applicable.

 

2
 

 

PART II

 

ITEM 5. MARKET FOR REGISTRANlT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

 

  (a) Market Information

 
Our common stock is quoted on OTC Pink market operated by the OTC Markets under the symbol “BFGX.” There has been sporadic trading in our shares of common stock. We cannot assure you that there will be an active market in the future for our common stock.

 

  (b) Stockholders of Record

 

Based upon information furnished by our transfer agent, as of October 12, 2023, the Company had approximately three stockholders of record. Because some of our common stock is held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial stockholders.

 

  (c) Dividends

 

We have never paid or declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.

 

  (d) Securities Authorized for Issuance under Equity Compensation Plans

 

We currently do not have any equity compensation plans.

 

  (e) Performance Graph

 

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by this item.

 

  (f) Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

None.

 

ITEM 6. [RESERVED]

 

3
 

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of our results of operations and financial condition should be read together with our audited financial statements and the notes thereto, which are included elsewhere in this Report. Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (the “U.S. GAAP”).

 

Overview

 

The Company was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications.

 

Following the Change in Control, the Company changed its business plan to engage in online business service in the People’s Republic of China.

  

Results of Operations

 

Revenue

 

For the years ended June 30, 2023 and 2022, the Company did not generate any revenue.

 

Operating Expenses

 

Total operating expenses for the years ended June 30, 2023 and 2022 were $49,800 and $48,000, respectively. The operating expenses for the year ended June 30, 2023 primarily included general and administrative expense of $8,550 and professional fees of $41,250, whereas for the same period of 2022, the operating expenses primarily included general and administrative expense of $7,250 and professional fees of $40,750. The increase in 2023 was mainly due to the increase in general and administrative expenses as there were higher filing fees.

 

Net Loss

 

As a result of the foregoing, our net loss was $49,800 and $48,000, respectively, for the years ended June 30, 2023 and 2022.

 

4
 

 

Going Concern

 

The future of the Company is dependent upon our ability to obtain financing to implement our new business plans and initiatives and our ability to generate positive net profits from implementation of our business plans. Management has plans to seek additional capital funding through either equity financings or debt financings from its principal stockholders to support its operations for the next twelve months. However, there is no assurance that such funds will be available or available on acceptable terms. 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.

 

Liquidity and Capital Resources

 

As of June 30, 2023 and 2022, the Company had no assets.

 

As of June 30, 2023 and 2022, the Company had liabilities of $2,250 and $1,350, respectively and accumulated deficit of $296,921 and $247,121, respectively.

 

Cash Flows from Operating Activities

 

For the year ended June 30, 2023, net cash used in operating activities was $48,700, which is the result of: (1) net loss for the year of $49,800; and (2) adjustment for increase in accounts payable of $1,100.

 

For the year ended June 30, 2022, net cash used in operating activities was $50,057, which is the result of: (1) net loss for the year of $48,000; and (2) adjustment for decrease in accounts payable of $2,057.

 

Cash Flows from Financing Activities

 

For the year ended June 30, 2023, net cash provided by financing activities was $48,700, all of which were stockholders’ capital contributions to support the Company’s operations.

 

For the year ended June 30, 2022, net cash provided by financing activities was $50,057, all of which were stockholders’ capital contributions to support the Company’s operations.

 

5
 

 

Material commitments

 

We had no material commitments as of June 30, 2023.

 

Off-Balance Sheet Arrangements

 

As of June 30, 2023, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Policies and Estimates

 

Our discussion and analysis of our financial condition and results of operations is based on our financial statements. In preparing our financial statements in conformity with U.S. GAAP, we must make a variety of estimates that affect the reported amounts and related disclosures. See Note 3 of our financial statements included in the Report.

 

In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTS INSPECTIONS

 

Not applicable.

 

6
 

 

Index to Financial Statements 

 

  Page
   
Consolidated Financial Statements for the Years Ended June 30, 2023 and 2022  
   
Report of Independent Registered Public Accounting Firm (PCAOB 6117) F-2
   
Balance Sheets as of June 30, 2023 and 2022 F-3
   
Statements of Operations for the Years Ended June 30, 2023 and 2022 F-4
   
Statements of Changes in Stockholders’ Deficit for the Years Ended June 30, 2023 and 2022 F-5
   
Statements of Cash Flows for Years Ended June 30, 2023 and 2022 F-6
   
Notes to Financial Statements F-7

 

F-1
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders
Bangfu Technology Group Co., Ltd.

 

Opinion on the Financial Statements

 

We have audited the accompanying balance sheets of Bangfu Technology Group Co., Ltd. (the “Company”) as of June 30, 2023 and 2022, and the related statements of operations, changes in stockholders’ deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Consideration of the Company’s Ability to Continue as a Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses and has minimal operations which raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ Pinnacle Accountancy Group of Utah

 

We have served as the Company’s auditor since 2018.

 

Pinnacle Accountancy Group of Utah
(a dba of Heaton & Company, PLLC)
Farmington, Utah
October 13, 2023

 

F-2
 

 

Bangfu Technology Group Co., Ltd.

BALANCE SHEETS

  

           
   June 30,
2023		  June 30,
2022
ASSETS          
Current Assets          
Cash  $—   $— 
Total Current Assets   —    — 
TOTAL ASSETS  $—   $— 
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Liabilities          
Current Liabilities          
Accounts Payable  $2,450   $1,350 
Total Current Liabilities   2,450    1,350 
Total Liabilities   2,450    1,350 
Stockholders’ Deficit          
Common Stock: $0.001 par value, 75,000,000 shares authorized, 7,950,500 shares issued and outstanding   7,950    7,950 
Additional Paid-in Capital   286,521    237,821 
Accumulated Deficit   (296,921)   (247,121)
Total Stockholders’ Deficit   (2,450)   (1,350)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $—   $— 

 

The accompanying notes are an integral part of these financial statements.

 

F-3
 

 

Bangfu Technology Group Co., Ltd.

STATEMENTS OF OPERATIONS

  

           
   Year Ended June 30, 2023  Year Ended June 30, 2022
       
REVENUE:  $—   $— 
           
EXPENSES:          
General and administrative expenses   49,800    48,000 
Total operating expenses  $49,800   $48,000 
           
           
Loss before income taxes  $(49,800)  $(48,000)
           
Income tax expense   —    — 
           
NET LOSS  $(49,800)  $(48,000)
           
Net loss per common share basic & diluted  $(0.01)  $(0.01)
           
Weighted average of common shares outstanding basic & diluted   7,950,500    7,950,500 

 

The accompanying notes are an integral part of these financial statements.

 

F-4
 

 

Bangfu Technology Group Co., Ltd.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

Years Ended June 30, 2023 and 2022

 

                          
   Common Stock  Additional
Paid-in
Capital		  Accumulated Deficit  Total
Stockholders’
Deficit
   Shares  Amount         
Balance as of June 30, 2021   7,950,500   $7,950   $187,764   $(199,121)  $(3,407)
Net loss   —    —    —    (48,000)   (48,000)
Contributions from stockholders   —    —    50,057    —    50,057 
Balance as of June 30, 2022   7,950,500   $7,950   $237,821   $(247,121)  $(1,350)
Net loss   —    —    —    (49,800)   (49,800)
Contributions from stockholders   —    —    48,700    —    48,700 
Balance as of June 30, 2023   7,950,500   $7,950   $286,521   $(296,921)  $(2,450)

 

The accompanying notes are an integral part of these financial statements.

 

F-5
 

 

Bangfu Technology Group Co., Ltd.

STATEMENTS OF CASH FLOWS

 

                 
    Year Ended
June 30, 2023		   Year Ended
June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES                
Net Loss   $ (49,800 )   $ (48,000 )
Changes in operating assets and liabilities:                
Accounts payable     (1,100 )     (2,057 )
Net cash used by Operating Activities     (48,700 )     (50,057 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Capital contributions     48,700       50,057  
Net cash provided by Financing Activities     48,700       50,057  
                 
Net cash increase (decrease) for period     —       —  
                 
Cash at beginning of period     —       —  
                 
Cash at end of period     —       —  
                 
SUPPLEMENTAL CASH FLOW INFORMATION                
Interest paid   $ —     $ —  
Income taxes paid    $ —     $ —  

 

The accompanying notes are an integral part of these financial statements.

 

F-6
 

 

Bangfu Technology Group Co., Ltd.

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Bangfu Technology Group Co., Ltd. (the “Company”) was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications. The Company’s first project was to develop a mobile application (the “App”) for free test panels to identify general health conditions and targeted diseases for both children and adults. The main purpose of the App was to remind users for doctor’s appointments and examinations. The App synchronized with Google and Apple calendars and sent notifications regarding pills-taking time, required tests or doctor appointments via the App and email. The Company expected to generate revenue from in-app subscriptions. Prior to the Change of Control as defined below, the Company had developed terms of reference, design of the App, creation of an Apple store account and was at the server and application development stage.

 

Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser.

 

On June 3, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada to effect a change in the name of the Company from “Kelinda” to “Bangfu Technology Group Co., Ltd.”, effective upon filing. In connection with its name change, the Company’s ticker symbol on the OTC Pink Market changed from “KLDA” to “BFGX.”

 

Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to roll out the plan with a focus in the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi first. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in the near future but its ability to execute on its business plans and initiatives will depend upon the developments of the pandemic, including the duration and spread of the COVID-19 and lockdown restrictions imposed by the respective various governments and oversight bodies in China.

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles (the “U.S. GAAP”), which contemplate continuation of the Company as a going concern. As a start-up, the Company has had no revenues and has accumulated losses through June 30, 2023. The Company currently has limited working capital and has not established a source of revenues sufficient to cover operating costs over an extended period of time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital from its principal stockholder to fund operating expenses. The Company may also raise additional funds through equity and/or debt financing. However, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern.

 
F-7
 

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s financial statements have been prepared in accordance with U.S. GAAP. The functional and reporting currency of the Company is the U.S. dollar.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash as of June 30, 2023 or 2022.

 

Taxation

 

Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

 

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.

 

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences,

 
F-8
 

 

(ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

 

There were no current and future income tax provision recorded for the years ended June 30, 2023 and 2022 since the Company did not generate any revenues in these fiscal years.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Basic Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of June 30, 2023 or 2022.

 

Recent Accounting Pronouncements

 

The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 
F-9
 

 

 NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has 75,000,000 authorized shares of common stock, $0.001 par value per share. There were 7,950,500 shares of common stock issued and outstanding as of June 30, 2023.

 

There were no issuances of common stock during the years ended June 30, 2023 and 2022.

 

During the year ended June 30, 2023, the Company’s current major stockholder, Fuming Yang, contributed a total of $48,700 in cash to support the Company’s working capital needs.

 

During the year ended June 30, 2022, the Company’s current major stockholder, Fuming Yang, contributed a total of $50,057 in cash to support the Company’s working capital needs.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

Other than the capital contributions as disclosed in Note 4 above, there were no other related party transactions during the years ended June 30, 2023 and 2022.

 

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

The Company does not have any commitments or contingencies as of June 30, 2023 or 2022.

 

NOTE 7 – INCOME TAXES

 

The provision for federal income tax consists of the following:

 

          
   June 30, 2023  June 30, 2022
   US$  US$
Income tax rate   21%   21%
Income tax benefit   10,458    10,080 
Change in valuation allowance   (10,458)   (10,080)
Net provision for income taxes   —    — 

 

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

 

          
   June 30, 2023  June 30, 2022
   US$  US$
Deferred income tax assets:          
Net operating loss carryover   62,353    51,895 
Less: valuation allowance   (62,353)   (51,895)
Net deferred income tax assets   —    — 

  

The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

 

NOTE 8 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to June 30, 2023, through the date when these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

F-10
 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES.

 

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under 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 our reports filed or submitted under the Exchange Act is accumulated and communicated to our Certifying Officer or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

 

Under the supervision of our Chief Executive Officer and Chief Financial Officer (the “Certifying Officer”), the Company has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2023 due to the material weakness in our internal control over financial reporting discussed below.

 

Management’s Report on Internal Controls over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over our financial reporting. In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework. A material weakness is a deficiency or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. The Company has identified the following material weaknesses, which are indicative of many small companies with small staff, as of June 30, 2023: (i) lack of proper segregation of duties and risk assessment process; (ii) lack of formal documentation in internal controls over financial reporting; and (iii) lack of independent directors and an audit committee.

 

Because of these material weaknesses, management has concluded that the Company did not maintain effective internal control over financial reporting as of June 30, 2023, based on the criteria established in “2013 Internal Control-Integrated Framework” issued by COSO.

 

This annual report does not include an attestation report of the Company’s independent 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 SEC that permit the Company to provide only management’s report.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

7
 

 

PART III

  

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

The name, age and biography of our executive officer and director are as follows:

 

Name   Age   Position
             
Fuming Yang     41     Director, President, Treasurer and Secretary

 

Fuming Yang has been our sole officer and director since March 2020. Mr. Yang is the founder and has served as the Chief Executive Officer of Liuzhou Bangfu Technology Co., Ltd. (“Liuzhou Bangfu”), a company focusing on internet technology development, maintenance and services, since its inception in July 2018. Mr. Yang has been responsible for Liuzhou Bangfu’s overall strategic layout, personnel organization and brand operations. From June to December 2018, Mr. Yang served as a judge in the “Star Avenue” program of CCTV, being responsible for reviewing, analyzing and confirming the promotion of the players’ performance, and from December 2017 to May 2018, Mr. Yang was engaged in the overall planning of Liuzhou Radio and Television’s “Speak Out Your Dream” program, being responsible for program planning, stage effect design, contestants selection and event organization. Mr. Yang also previously served as the General Manager of Liuzhou Fu’anjia Network Technology Company from August 2013 to August 2019, Project Director at Guangxi Yingte Building Decoration Engineering Co., Ltd. from July 2009 to July 2013, Project Manager for the Guangxi Guichuan Construction Co., Ltd. from June 2004 to September 2008 and a Technician for Liuzhou Jindianzi Decoration Co., Ltd., a construction and internal design firm, from 2002 to May 2004. Mr. Yang graduated from Anhui Vocational and Technical College of Architecture Design and Marketing and Pan-American University of Costa Rica with a Master of Business Administration.

 

Board of Directors and Committees

 

We do not have any independent directors. We are not required to maintain a majority of independent directors or the foregoing committees under the rules applicable to companies that do not have securities listed or quoted on a national securities exchange. Our board of directors does not maintain a separate audit, nominating, or compensation committee. Functions customarily performed by such committees are performed by our board of directors as a whole.

 

Legal Proceedings

 

To the Company’s knowledge, there are no material proceedings to which any director, officer or affiliate of the Company is a party adverse to the Company or has a material interest adverse to the Company.

 

Code of Ethics

 

We intend at some point to adopt a code of ethics that applies to our officers, directors and employees. We will file copies of our code of ethics in a current report on Form 8-K. You will be able to review these documents by accessing our public filings at the SEC’s website at www.sec.gov. In addition, a copy of the code of ethics will be provided without charge upon request to us. We intend to disclose any amendments to or waivers of certain provisions of our code of ethics in a current report on Form 8-K.

 

8
 

 

ITEM 11. EXECUTIVE COMPENSATION

 

There are no current employment agreements between the Company and its officer. We have never paid any compensation to any of our executive officers or directors. Our officer has agreed to work with no remuneration until such time as the company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be. There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table sets forth certain information, regarding the beneficial ownership of the Company’s common stock as of October 12, 2023  by (i) each stockholder known by the Company to be the beneficial owner of more than 5% of its common stock, (ii) by each director and executive officer of the Company and (iii) by all executive officers and directors of the Company as a group. Each of the persons named in the table has sole voting and investment power with respect to common stock beneficially owned.

 

The business address of each person listed below is No. 34-3, Building 2, Diwang International Fortune Center, No. 10 Plaza Road, Liuzhou, Guangxi Province, China 545005.

 

   Number of  Percentage
   Shares  of Shares
Name and Address  Owned  Owned
       
5% Stockholders          
Fuming Yang   7,948,000    99%
Directors and Officers          
Fuming Yang   7,948,000    99%
All officer and director as a group   7,948,000    99%

 

9
 

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

Related Party Transactions

 

During the year ended June 30, 2023, the Company’s current major stockholder, Fuming Yang, contributed a total of $48,700 in cash to support the Company’s working capital needs.

 

During the year ended June 30, 2022, the Company’s current major stockholder, Fuming Yang, contributed a total of $50,057 in cash to support the Company’s working capital needs.

 

Review, Approval or Ratification of Transactions with Related Persons

 

We have not established any policies on the review and approval of related party transactions. Our board of directors reviews and approves transactions with related persons.

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

Our board of directors approves all services provided by our independent registered public accounting firm. The following table shows the fees that we paid or accrued for the audit and other services provided by our independent registered public accounting firm for the fiscal years ended June 30, 2023 and 2022.

 

Fee Category  Fiscal Year Ended
June 30, 2023		  Fiscal Year Ended
 
June 30, 2022
Audit Fees (1)  $9,750   $9,250 
Audit-Related Fees(2)  $—   $— 
Tax Fees(3)  $—   $— 
All Other Fees(4)  $—   $— 

 

(1) This category consists of fees for professional services rendered by our principal independent registered public accountants for the audit of our annual financial statements, review of financial statements included in our quarterly reports and services that are normally provided by the independent registered public accounting firms in connection with statutory and regulatory filings or engagements for those fiscal years.

 

(2) This category consists of fees for assurance and related services by our independent registered public accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under “Audit Fees.” The services for the fees disclosed under this category include consultations concerning financial accounting and reporting standards.

 

(3) This category consists of fees for professional services rendered by our independent registered public accountant for tax compliance, tax advice, and tax planning.

 

(4) This category consists of fees for services provided by our independent registered public accountants other than the services described above.

 

10
 

 

PART IV

  

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

  (a) The following documents are filed as part of this Report:

 

  (1) Financial Statements

 

  (2) Financial Statements Schedule

 

All financial statement schedules are omitted because they are not applicable or the amounts are immaterial and not required, or the required information is presented in the financial statements and notes thereto in is Item 15 of Part IV below.

 

  (3) Exhibits

 

We hereby file as part of this Report the exhibits listed in the attached Exhibit Index. Exhibits which are incorporated herein by reference can be retrieved from SEC website at www.sec.gov.

 

Item 16. FORM 10-K SUMMARY

 

Not applicable.

 

11
 

 

EXHIBIT INDEX

  

3.1   Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the registrant’s Registration Statement on Form S-1, filed with the Commission on September 14, 2018.
     
3.2   Certificate of Amendment to the Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K, filed with the Commission on June 8, 2020.
     
3.3   Bylaws, incorporated herein by reference to Exhibit 3.2 to the registrant’s Registration Statement on Form S-1, filed with the Commission on September 14, 2018.
     
31.1*   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
32.1**   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
101.INS*   XBRL Instance Document
   
101.SCH*   XBRL Taxonomy Extension Schema Document
   
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document
     
104*    Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

  

* Filed herewith.

 

** Furnished herewith.

 

12
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) 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.

 

  Bangfu Technology Group Co., Ltd.
     
Date: October 13, 2023 By: /s/ Fuming Yang
    Fuming Yang
    President, Treasurer and Secretary
(Principal Executive Officer, Principal Financial and
Accounting Officer)

 

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

 

Name   Position   Date
         
/s/ Fuming Yang   President, Treasurer, Secretary and director   October 13, 2023
Fuming Yang   (Principal Executive Officer, Principal Financial and Accounting Officer)    

  

13

 

 

 

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Fuming Yang, certify that:

  

1. I have reviewed this Annual Report on Form 10-K of Bangfu Technology Group Co., Ltd.;
   
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. I am 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:

 

  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;
     
  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;
     
  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;
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the board of directors:

 

  (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
     
  (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.

 

Date: October 13, 2023 By: /s/ Fuming Yang
    Fuming Yang
   

President, Treasurer and Secretary

 

(Principal Executive Officer, Principal Financial and
Accounting Officer)

 

 

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Bangfu Technology Group Co., Ltd. (the “Company”) on Form 10-K for the year ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Fuming Yang, President, Treasurer and Secretary of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

 

Date: October 13, 2023 By: /s/ Fuming Yang
    Fuming Yang
  Title: President, Treasurer and Secretary
(Principal Executive Officer, Principal Financial and
Accounting Officer)

 

 

v3.23.3
Cover - USD ($)
 12 Months Ended
Jun. 30, 2023
Oct. 12, 2023
Aug. 18, 2021
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Jun. 30, 2023    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Current Fiscal Year End Date --06-30    
Entity File Number 333-153575    
Entity Registrant Name BANGFU TECHNOLOGY GROUP CO., LTD.    
Entity Central Index Key 0001741257    
Entity Tax Identification Number 30-1023894    
Entity Incorporation, State or Country Code NV    
Entity Address, Address Line One No. 34-3, Building 2    
Entity Address, Address Line Two Diwang International Fortune Center,    
Entity Address, Address Line Three No. 10 Plaza Road    
Entity Address Address Line Four Liuzhou    
Entity Address, City or Town Guangxi Province    
Entity Address, Country CN    
Entity Address, Postal Zip Code 545005    
City Area Code +86    
Local Phone Number 772-3719700    
Title of 12(g) Security common stock, par value $0.001 per share    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company true    
Elected Not To Use the Extended Transition Period false    
Entity Shell Company true    
Entity Public Float     $ 30,000
Entity Common Stock, Shares Outstanding   7,950,500  
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Auditor Firm ID 6117    
Auditor Name Pinnacle Accountancy Group of Utah    
Auditor Location Farmington, Utah    
v3.23.3
BALANCE SHEETS - USD ($)
Jun. 30, 2023
Jun. 30, 2022
Current Assets    
Cash
Total Current Assets
TOTAL ASSETS
Current Liabilities    
Accounts Payable 2,450 1,350
Total Current Liabilities 2,450 1,350
Total Liabilities 2,450 1,350
Stockholders’ Deficit    
Common Stock: $0.001 par value, 75,000,000 shares authorized, 7,950,500 shares issued and outstanding 7,950 7,950
Additional Paid-in Capital 286,521 237,821
Accumulated Deficit (296,921) (247,121)
Total Stockholders’ Deficit (2,450) (1,350)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
v3.23.3
BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2023
Jun. 30, 2022
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 75,000,000 75,000,000
Common stock, shares issued 7,950,500 7,950,500
Common stock, shares outstanding 7,950,500 7,950,500
v3.23.3
STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
REVENUE:
EXPENSES:    
General and administrative expenses 49,800 48,000
Total operating expenses 49,800 48,000
Loss before income taxes (49,800) (48,000)
Income tax expense
NET LOSS $ (49,800) $ (48,000)
v3.23.3
STATEMENTS OF OPERATIONS (Parenthetical) - $ / shares
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
Net loss per common share basic $ (0.01) $ (0.01)
Net loss per common share diluted $ (0.01) $ (0.01)
Weighted average of common shares outstanding basic 7,950,500 7,950,500
Weighted average of common shares outstanding diluted 7,950,500 7,950,500
v3.23.3
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Beginning balance, value at Jun. 30, 2021 $ 7,950 $ 187,764 $ (199,121) $ (3,407)
Beginning balance, shares at Jun. 30, 2021 7,950,500      
Net loss (48,000) (48,000)
Contributions from stockholders 50,057 50,057
Ending balance, value at Jun. 30, 2022 $ 7,950 237,821 (247,121) (1,350)
Ending balance, shares at Jun. 30, 2022 7,950,500      
Net loss (49,800) (49,800)
Contributions from stockholders 48,700 48,700
Ending balance, value at Jun. 30, 2023 $ 7,950 $ 286,521 $ (296,921) $ (2,450)
Ending balance, shares at Jun. 30, 2023 7,950,500      
v3.23.3
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (49,800) $ (48,000)
Changes in operating assets and liabilities:    
Accounts payable (1,100) (2,057)
Net cash used by Operating Activities (48,700) (50,057)
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions 48,700 50,057
Net cash provided by Financing Activities 48,700 50,057
Net cash increase (decrease) for period
Cash at beginning of period
Cash at end of period
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid
Income taxes paid 
v3.23.3
ORGANIZATION AND NATURE OF BUSINESS
 12 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Bangfu Technology Group Co., Ltd. (the “Company”) was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications. The Company’s first project was to develop a mobile application (the “App”) for free test panels to identify general health conditions and targeted diseases for both children and adults. The main purpose of the App was to remind users for doctor’s appointments and examinations. The App synchronized with Google and Apple calendars and sent notifications regarding pills-taking time, required tests or doctor appointments via the App and email. The Company expected to generate revenue from in-app subscriptions. Prior to the Change of Control as defined below, the Company had developed terms of reference, design of the App, creation of an Apple store account and was at the server and application development stage.

 

Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser.

 

On June 3, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada to effect a change in the name of the Company from “Kelinda” to “Bangfu Technology Group Co., Ltd.”, effective upon filing. In connection with its name change, the Company’s ticker symbol on the OTC Pink Market changed from “KLDA” to “BFGX.”

 

Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to roll out the plan with a focus in the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi first. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in the near future but its ability to execute on its business plans and initiatives will depend upon the developments of the pandemic, including the duration and spread of the COVID-19 and lockdown restrictions imposed by the respective various governments and oversight bodies in China.

 
v3.23.3
GOING CONCERN
 12 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles (the “U.S. GAAP”), which contemplate continuation of the Company as a going concern. As a start-up, the Company has had no revenues and has accumulated losses through June 30, 2023. The Company currently has limited working capital and has not established a source of revenues sufficient to cover operating costs over an extended period of time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital from its principal stockholder to fund operating expenses. The Company may also raise additional funds through equity and/or debt financing. However, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern.

 
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company’s financial statements have been prepared in accordance with U.S. GAAP. The functional and reporting currency of the Company is the U.S. dollar.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash as of June 30, 2023 or 2022.

 

Taxation

 

Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

 

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.

 

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences,

 

(ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

 

There were no current and future income tax provision recorded for the years ended June 30, 2023 and 2022 since the Company did not generate any revenues in these fiscal years.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Basic Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of June 30, 2023 or 2022.

 

Recent Accounting Pronouncements

 

The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 
v3.23.3
STOCKHOLDERS’ EQUITY
 12 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

 NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has 75,000,000 authorized shares of common stock, $0.001 par value per share. There were 7,950,500 shares of common stock issued and outstanding as of June 30, 2023.

 

There were no issuances of common stock during the years ended June 30, 2023 and 2022.

 

During the year ended June 30, 2023, the Company’s current major stockholder, Fuming Yang, contributed a total of $48,700 in cash to support the Company’s working capital needs.

 

During the year ended June 30, 2022, the Company’s current major stockholder, Fuming Yang, contributed a total of $50,057 in cash to support the Company’s working capital needs.

 
v3.23.3
RELATED PARTY TRANSACTIONS
 12 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 5 – RELATED PARTY TRANSACTIONS

 

Other than the capital contributions as disclosed in Note 4 above, there were no other related party transactions during the years ended June 30, 2023 and 2022.

 
v3.23.3
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

The Company does not have any commitments or contingencies as of June 30, 2023 or 2022.

 
v3.23.3
INCOME TAXES
 12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 7 – INCOME TAXES

 

The provision for federal income tax consists of the following:

 

          
   June 30, 2023  June 30, 2022
   US$  US$
Income tax rate   21%   21%
Income tax benefit   10,458    10,080 
Change in valuation allowance   (10,458)   (10,080)
Net provision for income taxes   —    — 

 

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

 

          
   June 30, 2023  June 30, 2022
   US$  US$
Deferred income tax assets:          
Net operating loss carryover   62,353    51,895 
Less: valuation allowance   (62,353)   (51,895)
Net deferred income tax assets   —    — 

  

The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

 
v3.23.3
SUBSEQUENT EVENTS
 12 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to June 30, 2023, through the date when these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Company’s financial statements have been prepared in accordance with U.S. GAAP. The functional and reporting currency of the Company is the U.S. dollar.

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash as of June 30, 2023 or 2022.

 
Taxation

Taxation

 

Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

 

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.

 

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences,

 

(ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.

 

There were no current and future income tax provision recorded for the years ended June 30, 2023 and 2022 since the Company did not generate any revenues in these fiscal years.

 
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 
Basic Earnings (Loss) Per Share

Basic Earnings (Loss) Per Share

 

The Company computes earnings (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of June 30, 2023 or 2022.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 
v3.23.3
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of federal income tax
          
   June 30, 2023  June 30, 2022
   US$  US$
Income tax rate   21%   21%
Income tax benefit   10,458    10,080 
Change in valuation allowance   (10,458)   (10,080)
Net provision for income taxes   —    — 
Schedule of deferred income tax assets
          
   June 30, 2023  June 30, 2022
   US$  US$
Deferred income tax assets:          
Net operating loss carryover   62,353    51,895 
Less: valuation allowance   (62,353)   (51,895)
Net deferred income tax assets   —    — 
v3.23.3
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - Stock Purchase Agreement [Member]
 12 Months Ended
Jun. 30, 2023
USD ($)
$ / shares
shares
Offsetting Assets [Line Items]  
Stock issued for cash | shares 7,948,000
Stock price per share | $ / shares $ 0.001
Proceeds from issuance of stock | $ $ 330,000
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Accounting Policies [Abstract]    
Cash $ 0 $ 0
Income tax provision $ 0 $ 0
Antidilutive potentially amount 0 0
v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Equity [Abstract]    
Common stock, shares authorized 75,000,000 75,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares issued 7,950,500 7,950,500
Common stock, shares outstanding 7,950,500 7,950,500
Number of shares issued 0 0
Capital contribution $ 48,700 $ 50,057
v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Related Party [Member]    
Related Party Transaction [Line Items]    
Other related party transactions $ 0 $ 0
v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative)
Jun. 30, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other commitments $ 0
v3.23.3
INCOME TAXES (Details) - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Tax Disclosure [Abstract]    
Income tax rate 21.00% 21.00%
Income tax benefit $ 10,458 $ 10,080
Change in valuation allowance (10,458) (10,080)
Net provision for income taxes $ 0 $ 0
v3.23.3
INCOME TAXES (Details 1) - USD ($)
Jun. 30, 2023
Jun. 30, 2022
Deferred income tax assets:    
Net operating loss carryover $ 62,353 $ 51,895
Less: valuation allowance (62,353) (51,895)
Net deferred income tax assets
Bangfu Technology (CE) (USOTC:BFGX)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Bangfu Technology (CE) Charts.
Bangfu Technology (CE) (USOTC:BFGX)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Bangfu Technology (CE) Charts.