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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2023

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number 000-56182

 

Landbay Inc

(Exact name of registrant as specified in its charter)

 

New York   81-1260549
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)

 

36-25 Main Street

Flushing, NY 11354

(Address of Principal Executive Office)

 

917-232-5799

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Not applicable   Not applicable   Not applicable

 

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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of February 5, 2024, the registrant had 30,000,000 shares of Class A common stock outstanding.

 

 

 

 
 

 

LANDBAY INC

 

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED DECEMBER 31, 2023

 

TABLE OF CONTENTS

 

    PAGE
     
  Note about Forward-Looking Statements 2
     
  PART I - FINANCIAL INFORMATION  
     
Item 1 Financial Statements 3
  Condensed Balance Sheets as of December 31, 2023(Unaudited) and March 31, 2023 4
  Condensed Statements of Operations (Unaudited) for the Three and Nine Months Ended December 31, 2023 and 2022 5
  Condensed Statements of Changes in Stockholders’ Deficit (Unaudited) for the Three and Nine Months Ended December 31, 2023 and 2022 6
  Condensed Statements of Cash Flows (Unaudited) for the Nine Months Ended December 31, 2023 and 2022 7
  Notes to Condensed Unaudited Financial Statements 8
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operation 10
Item 3 Quantitative and Qualitative Disclosures About Market Risk 11
Item 4 Controls and Procedures 11
     
  PART II - OTHER INFORMATION  
     
Item 1 Legal Proceedings 12
Item 1A Risk Factors 12
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 12
Item 3 Defaults Upon Senior Securities 12
Item 4 Mine Safety Disclosures 12
Item 5 Other Information 12
Item 6 Exhibits 13
     
SIGNATURES 14
     
EXHIBIT INDEX  

 

 
 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements.

 

These forward-looking statements are subject to a number of risks, uncertainties and assumptions. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

 

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

Unless expressly indicated or the context requires otherwise, the terms “Landbay,” “Company,” “we,” “us,” and “our” in this document refer to Landbay Inc, a New York corporation.

 

2
 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LANDBAY INC

 

INDEX TO FINANCIAL STATEMENTS

 

Condensed Balance Sheets as of December 31, 2023(Unaudited) and March 31, 2023 4
   
Condensed Statements of Operations (Unaudited) for the Three and Nine Months Ended December 31, 2023 and 2022 5
   
Condensed Statements of Changes in Stockholders’ Deficit (Unaudited) for the Three and Nine Months Ended December 31, 2023 and 2022 6
   
Condensed Statements of Cash Flows (Unaudited) for the Nine Months Ended December 31, 2023 and 2022 7
   
Notes to Condensed Unaudited Financial Statements 8 - 9

 

3
 

 

LANDBAY INC

CONDENSED BALANCE SHEETS

 

   December 31,   March 31, 
   2023   2023 
   (Unaudited)     
ASSETS          
CURRENT ASSETS          
Cash  $3,016   $8,105 
Inventories   3,772    7,494 
Total Current Assets   6,788    15,599 
           
TOTAL ASSETS  $6,788   $15,599 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES:          
Other tax payable  $97   $398 
Accrued expenses   1,500    - 
Shareholder loans   121,794    99,456 
Total Current Liabilities   123,391    99,854 
TOTAL LIABILITIES   123,391    99,854 
           
STOCKHOLDERS’ DEFICIT:          
Preferred stock ($0.001 par value, 20,000,000 shares authorized; no share issued and outstanding as of December 31, 2023 and March 31, 2023)   -    - 
Common stock ($0.001 par value, 100,000,000 shares authorized, 30,000,000 shares issued and outstanding as of December 31, 2023 and March 31, 2023)   30,000    30,000 
Additional paid in capital   325,659    325,659 
Accumulated deficit   (472,262)   (439,914)
Total Stockholders’ Deficit   (116,603)   (84,255)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $6,788   $15,599 

 

The accompanying notes are part of these condensed unaudited financial statements.

 

4
 

 

LANDBAY INC

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

 

   2023   2022   2023   2022 
  

For the three months ended
December 31,

  

For the nine months ended
December 31,

 
   2023   2022   2023   2022 
                 
Revenues:                    
Revenue – sales, net  $1,102   $6,356   $4,280   $13,704 
Revenues   1,102    6,356    4,280    13,704 
Cost of goods sold   (850)   (5,150)   (3,722)   (5,150)
                     
Gross profit   252    1,206    558    8,554 
                     
Operating expenses                    
                     
General and administrative expenses   7,988    9,315    32,883    37,276 
                     
Total operating expenses   7,988    9,315    32,883    37,276 
                     
Loss from operations   (7,736)   (8,109)   (32,325)   (28,722)
                     
Other expenses                    
                     
Other income (expenses)   14    15    (23)   15 
                     
Total other income (expenses)   14    15    (23)   15 
                     
Net loss  $(7,722)  $(8,094)  $(32,348)  $(28,707)
                     
Net loss per common share, basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average number of common shares outstanding, basic and diluted   30,000,000    30,000,000    30,000,000    30,000,000 

 

The accompanying notes are part of these condensed unaudited financial statements.

 

5
 

 

LANDBAY INC

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER’S DEFICIT (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
   Preferred Stock   Class A Common Stock   Additional Paid-in   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
                             
Balances, March 31, 2023   -   $-    30,000,000   $30,000   $325,659   $(439,914)  $(84,255)
Net loss   -    -    -    -    -    (32,348)   (32,348)
Balances, December 31, 2023   -    -    30,000,000    30,000    325,659    (472,262)   (116,603)

 

   Preferred Stock   Class A Common Stock   Additional Paid-in   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
                             
Balances, March 31, 2022   -   $-    30,000,000   $30,000   $325,659   $(402,247)  $(46,588)
Net loss   -    -    -    -    -    (28,707)   (28,707)
Balances, December 31,2022   -    -    30,000,000    30,000    325,659    (430,954)   (75,295)

 

   Preferred Stock   Class A Common Stock   Additional Paid-in   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
                             
Balances, September 30, 2023   -   $-    30,000,000   $30,000   $325,659   $(464,540)   (108,881)
Net loss   -    -    -    -    -    (7,722)   (7,722)
Balances, December 31, 2023   -    -    30,000,000    30,000    325,659    (472,262)   (116,603)

 

   Preferred Stock   Class A Common Stock   Additional Paid-in   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
                             
Balances, September 30, 2022   -   $-    30,000,000   $30,000   $325,659   $(422,860)   (67,201)
Net loss   -    -    -    -    -    (8,094)   (8,094)
Balances, December 31,2022   -    -    30,000,000    30,000    325,659    (430,954)   (75,295)

 

The accompanying notes are part of these condensed unaudited financial statements

 

6
 

 

LANDBAY INC

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

FOR THE NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

 

   For the nine
months ended
December 31, 2023		   For the nine
months ended
December 31,2022		 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss  $(32,348)  $(28,707)
           
Changes in assets and liabilities:          
Accounts receivable   -    2,195 
Accrued expenses   1,500    - 
Inventories   3,722    (6,116)
Other tax payable   (301)   1,321 
Net cash used in operating activities   (27,427)   (31,307)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from shareholder loan   22,338    7,229 
Net cash provided by financing activities   22,338    7,229 
           
Net decrease in cash   (5,089)   (24,078)
Cash at beginning of period:   8,105    26,140 
Cash at end of period:  $3,016   $2,062 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Interest paid  $—   $— 
Income taxes paid  $—   $743 

 

The accompanying notes are part of these condensed unaudited financial statements.

 

7
 

 

LANDBAY INC

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS

 

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Landbay Inc. (the “Company”) is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354.

 

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

 

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Preparation

 

The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account and collectible of notes receivable. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.

 

Revenue Recognition

 

The Company accounts for revenue arising from contracts and customers in accordance with Revenue from Contracts with Customers (“ASC 606”) since January 1, 2018.Under the new standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when or as the entity satisfies a performance obligation. The Company concluded that the adoption of the new standard had no impact on the Company’s financial statement. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities.

 

Recent Accounting Pronouncements Adopted

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently issued amendments (ASU 2018-19, ASU 2019-04,ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on April 1, 2023, and the adoption did not have a material impact on its financial position and results of operations.

 

The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows.

 

8
 

 

NOTE 3 – GOING CONCERN ASSESSMENT

 

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, operating losses, accumulated deficit and other adverse key financial ratios.

 

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

The Company has been provided office space by its president at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements.

 

During the nine months ended December 31, 2023 and 2022, the Company borrowed additional loans in the amounts of $22,338 and $7,229 from the President of the Company and Northern Ifurniture Inc, an entity under the common control, respectively. As of December 31, 2023 and March 31, 2023, the balances of shareholder loans were $121,794 and $99,456, respectively, bearing no interest, unsecured and due on demand.

 

NOTE 5 – INCOME TAX

 

For the three months ended December 31, 2023 and 2022, the Company has incurred a net loss before tax of $7,722 and $8,094, respectively. For the nine months ended December 31, 2023 and 2022, the Company has incurred a net loss before tax of 32,348 and $28,707, respectively. Net operation losses (“NOLs”) can be carried forever based on the 2017 Tax Cuts and Jobs Act. As of December 31, 2023 and March 31, 2023, deferred tax assets resulted from NOLs of approximately $115,000 and $86,568, which was fully reserved for valuation allowance due to they are most likely than not to be realized.

 

NOTE 6 – SUBSEQUENT EVENT

 

The Company has evaluated all other subsequent events through the date these condensed financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the condensed financial statements.

 

9
 

 

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

 

This Quarterly Report on Form 10-Q contains forward-looking statements, particularly those identified with the words, “anticipates,” “believes,” “expects,” “plans,” “intends,” “objectives,” and similar expressions. These statements reflect management’s best judgment based on factors known at the time of such statements. The reader may find discussions containing such forward-looking statements in the material set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” generally, and specifically therein under the captions “Liquidity and Capital Resources” as well as elsewhere in this Quarterly Report on Form 10-Q. Actual events or results may differ materially from those discussed herein. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guarantee, or warranty is to be inferred from those forward-looking statements. The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

 

Overview

 

Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York, 11354. Tel: 917-232-5799.

 

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

 

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

 

Results of Operation for the three months ended December 31, 2023 and 2022

 

During the three months ended December 31, 2023 and 2022, the Company generated revenue of $1,102 and $6,356, respectively. Cost of goods sold for the three months ended December 31, 2023 total $850, decreasing from $5,150 for the same quarter of last year. During the three months ended December 31, 2023 and 2022, the Company incurred operating expenses of $7,988 and $9,315, respectively. The decrease was due to the decrease in professional fee, compared with the same period of last year. For the three months ended December 31, 2023 and 2022, our net loss was $7,722 and $8,094, respectively. The decrease in net loss was mainly due to the fact that the Company had lower gross profit in the current quarter.

 

Results of Operation for the nine months ended December 31, 2023 and 2022

 

During the nine months ended December 31, 2023 and 2022, the Company generated revenue of $4,280 and $13,704, respectively. Cost of goods sold for the nine months ended December 31, 2023 total $3,722, decreasing from $5,150 for the same period of last year. During the nine months ended December 31, 2023 and 2022, the Company incurred operating expenses of $32,883 and $37,276, respectively. The change was due to the decrease in professional fee, compared with the same period of last year. For the nine months ended December 31, 2023 and 2022, our net loss was $32,348 and $28,707, respectively. The increase in net loss was mainly due to the fact that the Company had lower gross profit in the current period.

 

Equity and Capital Resources

 

As of December 31, 2023 and March 31, 2023, we had an accumulated deficit of $472,262 and $439,914, respectively. As of December 31, 2023, we had cash of $3,016 and working capital deficit of $116,603. As of March 31, 2023, we had cash of $8,105 and a working capital deficit of $84,255. The increase in the working capital deficit was primarily due to additional borrowing from shareholders.

 

10
 

 

Going Concern Assessment

 

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

 

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and the President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

 

The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

 

Off-Balance Sheet Arrangements

 

We have no 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 is material to stockholders.

 

Critical Accounting Policies

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

The critical accounting policies are discussed in further detail in the notes to the unaudited financial statements appearing elsewhere in this 10-Q report. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable financial information about our operating results and financial condition.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company” we are not required to provide this information under this item pursuant to Regulation S-K.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report on Form 10-Q, our President (principal executive officer) and our Chief Financial Officer performed an evaluation of the effectiveness of and the operation of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. Based on that evaluation, our President and Chief Financial Officer each concluded that as of the end of the period covered by this report on Form 10-Q, our disclosure controls and procedures were not effective in timely alerting them to material information relating to Landbay Inc. required to be included in our Exchange Act filings.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred during the quarter ended December 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

11
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None

 

Item 1A. Risk Factors

 

As a “smaller reporting company”, we are not required to provide this information under this item pursuant to Regulation S-K.

 

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

 

None

 

Item 3. Defaults Upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None

 

12
 

 

Item 6. Exhibits

 

Exhibit

Number

   Description of Exhibit
31.1*   Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
     
31.2*   Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
     
32.1*   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

13
 

 

SIGNATURES

 

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

 

  LANDBAY INC
   
Date: February 5, 2024 /s/ Xiaowei Jin
  Xiaowei Jin,Chief Executive Officer

 

Date: February 5, 2024 /s/ Xiaowei Jin
  Xiaowei Jin, Chief Financial Officer

 

14
 

 

EXHIBIT INDEX

 

Exhibit

Number

   Description of Exhibit
31.1*   Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
   
31.2*   Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
   
32.1*   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

* Filed herewith.

 

15

 

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Xiaowei Jin, certify that:

 

1. I have reviewed this report on Form 10-Q of Landbay Inc;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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; and
     
  d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

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

 

  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.

 

  /s/ Xiaowei Jin
  Xiaowei Jin, Chief Executive Officer
  February 5, 2024

 

 

 

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Xiaowei Jin, certify that:

 

1. I have reviewed this report on Form 10-Q of Landbay Inc;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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; and
     
  d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

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

 

  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.

 

  /s/ Xiaowei Jin
  Xiaowei Jin , Chief Financial Officer
  February 5, 2024

 

 

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the report of Landbay Inc (the “Company”) on Form 10-Q for the period ending December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

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

 

  /s/ Xiaowei Jin
  Xiaowei Jin
 

Chief Executive Officer

  February 5, 2024
   
  /s/ Xiaowei Jin
  Xiaowei Jin
  Chief Financial Officer
  February 5, 2024

 

 

 

 

v3.24.0.1
Cover - shares
 9 Months Ended
Dec. 31, 2023
Feb. 05, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Dec. 31, 2023  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --03-31  
Entity File Number 000-56182  
Entity Registrant Name Landbay Inc  
Entity Central Index Key 0001672572  
Entity Tax Identification Number 81-1260549  
Entity Incorporation, State or Country Code NY  
Entity Address, Address Line One 36-25 Main Street  
Entity Address, City or Town Flushing  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11354  
City Area Code 917  
Local Phone Number 232-5799  
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 false  
Entity Common Stock, Shares Outstanding   30,000,000
v3.24.0.1
Condensed Balance Sheets - USD ($)
Dec. 31, 2023
Mar. 31, 2023
CURRENT ASSETS    
Cash $ 3,016 $ 8,105
Inventories 3,772 7,494
Total Current Assets 6,788 15,599
TOTAL ASSETS 6,788 15,599
CURRENT LIABILITIES:    
Other tax payable 97 398
Accrued expenses 1,500
Shareholder loans 121,794 99,456
Total Current Liabilities 123,391 99,854
TOTAL LIABILITIES 123,391 99,854
STOCKHOLDERS’ DEFICIT:    
Preferred stock ($0.001 par value, 20,000,000 shares authorized; no share issued and outstanding as of December 31, 2023 and March 31, 2023)
Common stock ($0.001 par value, 100,000,000 shares authorized, 30,000,000 shares issued and outstanding as of December 31, 2023 and March 31, 2023) 30,000 30,000
Additional paid in capital 325,659 325,659
Accumulated deficit (472,262) (439,914)
Total Stockholders’ Deficit (116,603) (84,255)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 6,788 $ 15,599
v3.24.0.1
Condensed Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Mar. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 30,000,000 30,000,000
Common stock, shares outstanding 30,000,000 30,000,000
v3.24.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues:        
Revenue – sales, net $ 1,102 $ 6,356 $ 4,280 $ 13,704
Revenues 1,102 6,356 4,280 13,704
Cost of goods sold (850) (5,150) (3,722) (5,150)
Gross profit 252 1,206 558 8,554
Operating expenses        
General and administrative expenses 7,988 9,315 32,883 37,276
Total operating expenses 7,988 9,315 32,883 37,276
Loss from operations (7,736) (8,109) (32,325) (28,722)
Other expenses        
Other income (expenses) 14 15 (23) 15
Total other income (expenses) 14 15 (23) 15
Net loss $ (7,722) $ (8,094) $ (32,348) $ (28,707)
Net loss per common share, basic $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Net loss per common share, diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of common shares outstanding, basic 30,000,000 30,000,000 30,000,000 30,000,000
Weighted average number of common shares outstanding, diluted 30,000,000 30,000,000 30,000,000 30,000,000
v3.24.0.1
Condensed Statements of Changes in Stockholder's Deficit (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Common Class A [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balances at Mar. 31, 2022 $ 30,000 $ 325,659 $ (402,247) $ (46,588)
Balance, shares at Mar. 31, 2022 30,000,000      
Net loss (28,707) (28,707)
Balances at Dec. 31, 2022 $ 30,000 325,659 (430,954) (75,295)
Balance, shares at Dec. 31, 2022 30,000,000      
Balances at Sep. 30, 2022 $ 30,000 325,659 (422,860) (67,201)
Balance, shares at Sep. 30, 2022 30,000,000      
Net loss (8,094) (8,094)
Balances at Dec. 31, 2022 $ 30,000 325,659 (430,954) (75,295)
Balance, shares at Dec. 31, 2022 30,000,000      
Balances at Mar. 31, 2023 $ 30,000 325,659 (439,914) (84,255)
Balance, shares at Mar. 31, 2023 30,000,000      
Net loss (32,348) (32,348)
Balances at Dec. 31, 2023 $ 30,000 325,659 (472,262) (116,603)
Balance, shares at Dec. 31, 2023 30,000,000      
Balances at Sep. 30, 2023 $ 30,000 325,659 (464,540) (108,881)
Balance, shares at Sep. 30, 2023 30,000,000      
Net loss (7,722) (7,722)
Balances at Dec. 31, 2023 $ 30,000 $ 325,659 $ (472,262) $ (116,603)
Balance, shares at Dec. 31, 2023 30,000,000      
v3.24.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (32,348) $ (28,707)
Changes in assets and liabilities:    
Accounts receivable 2,195
Accrued expenses 1,500
Inventories 3,722 (6,116)
Other tax payable (301) 1,321
Net cash used in operating activities (27,427) (31,307)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from shareholder loan 22,338 7,229
Net cash provided by financing activities 22,338 7,229
Net decrease in cash (5,089) (24,078)
Cash at beginning of period: 8,105 26,140
Cash at end of period: 3,016 2,062
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid
Income taxes paid $ 743
v3.24.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
 9 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Landbay Inc. (the “Company”) is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354.

 

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

 

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Preparation

 

The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account and collectible of notes receivable. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.

 

Revenue Recognition

 

The Company accounts for revenue arising from contracts and customers in accordance with Revenue from Contracts with Customers (“ASC 606”) since January 1, 2018.Under the new standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when or as the entity satisfies a performance obligation. The Company concluded that the adoption of the new standard had no impact on the Company’s financial statement. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities.

 

Recent Accounting Pronouncements Adopted

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently issued amendments (ASU 2018-19, ASU 2019-04,ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on April 1, 2023, and the adoption did not have a material impact on its financial position and results of operations.

 

The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows.

 

 
v3.24.0.1
GOING CONCERN ASSESSMENT
 9 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN ASSESSMENT

NOTE 3 – GOING CONCERN ASSESSMENT

 

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, operating losses, accumulated deficit and other adverse key financial ratios.

 

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

 
v3.24.0.1
RELATED PARTY TRANSACTIONS
 9 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

The Company has been provided office space by its president at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements.

 

During the nine months ended December 31, 2023 and 2022, the Company borrowed additional loans in the amounts of $22,338 and $7,229 from the President of the Company and Northern Ifurniture Inc, an entity under the common control, respectively. As of December 31, 2023 and March 31, 2023, the balances of shareholder loans were $121,794 and $99,456, respectively, bearing no interest, unsecured and due on demand.

 
v3.24.0.1
INCOME TAX
 9 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAX

NOTE 5 – INCOME TAX

 

For the three months ended December 31, 2023 and 2022, the Company has incurred a net loss before tax of $7,722 and $8,094, respectively. For the nine months ended December 31, 2023 and 2022, the Company has incurred a net loss before tax of 32,348 and $28,707, respectively. Net operation losses (“NOLs”) can be carried forever based on the 2017 Tax Cuts and Jobs Act. As of December 31, 2023 and March 31, 2023, deferred tax assets resulted from NOLs of approximately $115,000 and $86,568, which was fully reserved for valuation allowance due to they are most likely than not to be realized.

 
v3.24.0.1
SUBSEQUENT EVENT
 9 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 6 – SUBSEQUENT EVENT

 

The Company has evaluated all other subsequent events through the date these condensed financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the condensed financial statements.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Preparation

Basis of Preparation

 

The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

 
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account and collectible of notes receivable. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.

 
Revenue Recognition

Revenue Recognition

 

The Company accounts for revenue arising from contracts and customers in accordance with Revenue from Contracts with Customers (“ASC 606”) since January 1, 2018.Under the new standard, revenue is recognized upon transfer of control of promised goods and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when or as the entity satisfies a performance obligation. The Company concluded that the adoption of the new standard had no impact on the Company’s financial statement. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities.

 
Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Adopted

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently issued amendments (ASU 2018-19, ASU 2019-04,ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on April 1, 2023, and the adoption did not have a material impact on its financial position and results of operations.

 

The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position, results of operations or cash flows.
v3.24.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - Larison Inc [Member]
Jul. 24, 2019
shares
Common Stock [Member] | Northern Ifurniture Inc [Member]  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Equity method investment, ownership percentage 96.00%
Sale of stock, number of shares issued in transaction 9,222,350
Stock Purchase Agreement [Member]  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Equity method investment, ownership percentage 100.00%
v3.24.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Loans borrowed from shareholders $ 22,338 $ 7,229  
Shareholder loans 121,794   $ 99,456
Northern Ifurniture Inc [Member] | President [Member]      
Loans borrowed from shareholders $ 22,338 $ 7,229  
v3.24.0.1
INCOME TAX (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Income Tax Disclosure [Abstract]          
Net loss before tax $ 7,722 $ 8,094 $ 32,348 $ 28,707  
Deferred tax assets $ 115,000   $ 115,000   $ 86,568
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