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10-K - 20170331 FORK 10-K OF LANDBAY INC - Landbay Inc | landbay20170331form10k.htm |
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Independent Accountant's Audit Report ..................................................................................... | 1 |
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Financial Statements: | |
  Statement of Assets, Liabilities and Stockholder's Equity ........ ...................................................... | 2 |
  Statement of Revenues and Expenses ....................................................................................... | 3 |
  Statement of Changes in Stockholder's Equity ............................................................................. | 4 |
  Statement of Cash Flows ................................................................................................... | 5 |
  Notes to Financial Statements ............................................................................................. | 6 |
                     
  To the Board of Directors and Shareholder(s) of
I have audited the accompanying balance sheet of Landbay Inc. as of March 31, 2017, and the related statement of income, retained earnings, and cash flows for the fiscal year then ended, and the related notes to the financial statements. The Company's management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. My responsibility is to express an opinion on these financial statements based on my audit. I conducted the audit in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements to design audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement. I believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion. In my opinion, the financial statements referred to previously present fairly, in all material respects, the financial position of Landbay Inc. as of March 31, 2017, and the results of its operations and its cash flows for the fiscal year then ended in conformity with accounting principles generally accepted in the United States of America. /s/Rizwan Ahemd CPA P.C.
New Hyde Park, NY
 
Back to Top   BALANCE SHEETS AS OF MARCH 31, 2017   |
Current assets: |   |
    Cash & cash equivalents | $12,489 |
    Short Term Investment | $6,003 |
        Total current assets | $18,492 |
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TOTAL ASSETS | $18,492 |
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Current Liabilities: |   |
    Account payable | - |
    Tax payable | - |
    Loans payable | $7,000 |
        Total current liabilities | $7,000 |
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Stockholder's equity: |   |
    Common Stock: 0.0000001 Par Value; 99,900,000,000 Shares authorized; 99,900,000,000 share issued and outstanding | $9,990 |
    Additional paid-in capital | $3,324 |
    Retained earnings (Deficit) | $(1,822) |
        Total stockholder's equity | $11,492 |
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Total liabilities and stockholder's equity | $18,492 |
                     
Back to Top   STATEMENT OF REVENUES AND EXPENSES FOR THE YEAR ENDED MARCH 31, 2017
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Revenues: |   |
    Gain (loss) from Investment | $97 |
    Trading Commissions | $25 |
    Unrealized Gain (lose) from Investment | $184 |
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    Less:(Fee and commission Expense) | ($4) |
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Net profit(lose) | $302 |
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Expenses: |   |
    Bank Service Charge | $177 |
    Custodian Fees | $173 |
    Account Fees | $550 |
    Office Supplies | $23 |
    Legal & Professinal | $1,000 |
Total Expenses | $1,923 |
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Excess of Revenues over Expenses before Taxes | $(1,621) |
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Provision for Taxes | - |
    NY State Tax | - |
    NYC Tax | - |
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Net income (loss) | $(1,621) |
                     
Back to Top   - STATEMENT OF CHANGES IN STOCKHOLDER'S FOR THE YEAR ENDED MARCH 31, 2017
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Shareholders' equity-April 1, 2016 | $1,994 |
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Add: Net (Lose) for the period from April 01, 2016 to March 31, 2017 | $(1,621) |
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Add: Common Stock, 99,900,000,000 issued and outstanding | $9,990 |
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Add: Additional paid-in capital for the period from April 01, 2016 to March 31, 2017 | $1,129 |
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Less: Additional paid-out capital for the period from April 01, 2016 to March 31, 2017 | - |
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Shareholder's equity-March 31, 2017 | $11,492 |
                     
Back to Top   STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2017
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Cash flows from operating activities: |   |
    Net Lose | $(1,621) |
    Adjustments to reconcile net income to net cash provided by operations activities: |   |
        Depreciation | - |
    (Increase)decrease in assets: |   |
        Account receivables | - |
        Short term investments | $(5,947) |
    (Increase)decrease in liabilities: |   |
        Account payables | - |
Net cash provided by (used in) operating activities | $(7,568) |
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Cash flows from investing activities: |   |
    Long term investments | - |
Net cash provided by (used in) investing activities | - |
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Cash flows from financing activities: |   |
    Loans | $7,000 |
    Capital stock | $9,990 |
    Additional paid-in (paid-out) capital | $1,129 |
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Net cash provided by (used in) financing activities | $18,119 |
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Net increase (decrease) in cash and cash equivalents | $10,551 |
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Cash and cash equivalent-April 1, 2016 | $1,938 |
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Cash and equivalents-March 31, 2017 | $12,498 |
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |   |
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    Cash paid during the period for: |   |
        Interest expenses | - |
        Tax expenses | - |
               
Back to Top   NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 NOTE 1. ORGANIZATION AND BUSINESS ACTIVITIES Landbay Inc., the Company, incorporated in the State of New York on January 28, 2016, is engaged in the investment activities of the spot gold and silver trading. During in its initial operations, the company opened a trading account in Bullion Vault which the brokerage firm registered in England to start trading activities. The Company currently trades spot gold and silver in the Canadian Markets. The Company also engages trading equity securities in US markets. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The company was incorporated on January 28, 2016, and the Company started its operations to trade the spot gold and spot silver on March 26, 2016. Additionally, it started to trade equity securities on March 08, 2017. These accompanying financial statements of the Company is for the period from April 01, 2016, to March 31, 2017. b. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. c. Income Taxes The Company is responsible for paying federal, state and local income tax and, accordingly, provisions are made for income taxes. d. Basis of measurement The financial statements have been prepared on the historical cost basis, except for the following material items in the statement of financial position: (a). All short-term investments including spot gold and spot silver and equity investments are considered Trading Securities (b). Short-term investments at fair value through gains or losses are measured at fair value NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) e. Cash and Cash Equivalents The financial statements are presented in US dollar, which is the Company's functional currency. Cash and cash equivalents include cash on hand; cash in banks and brokerage accounts and all highly liquid investments with maturity of three months or less at the time purchase. The Company maintains its cash balance at a financial institution located in New York, a trading account in Bullion Vault which is in England and with Alpine Securities, which is a brokerage firm in Salt Lake City, Utah. Cash account at the New York institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At times during the year, the cash balances may exceed the FDIC insurance limits. The following is a schedule of cash and cash equivalents at the year ended on March 31, 2017: Cash in Bank and brokerage accounts $12,489 f. Revenue Recognition The company recognizes capital gains and losses from the spot gold trading, spot silver trading and equity security trading at the time it sells spot gold or silver and investment securities from the trading through brokerage firms. Additionally, it recognizes unrealized gains and losses through adjustments to the fair market value at the end of each period. The change in fair market value is reported on the income statement under "Revenues" - "Unrealized Gain (loss) from investments". NOTE 3. EARNINGS PER SHARE Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2017. NOTE 4. SHORT TERM INVESTMENTS The Company considers all investment assets other than marketable securities that can and will be sold within one year to be short term investments. Landbay, Inc. operated a trading account in Bullion Vault to trade the spot gold and spot silver, since those investments in the account can be sold online and can be traded anytime in near future as the Company's primary activity source, the Company treats the Bullion Vault account as short term investments assets. Additionally, Landbay Inc. trades investment securities through it's brokerage account with Alpine Securities, the intent is to also trade these securities within 1 year of it's acquisition date and therefore classified as Short Term Investments. As of March 31, 2017, the Short Term Investment holdings were as follows: SHORT TERM INVESTMENTS (CONTINUED) |
Bullion Property (kg) | (Kg) | Valuation in $(USD) |
Zurich Gold | 0.008 | $321 |
London Silver | 1.767 | $1,033 |
Toronto Gold | 0.012 | $481 |
Toronto Silver | 0.620 | $362 |
Totals: |   | $2,197 |
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Other Investments | Units | Valuation in $(USD) |
Stocks | 220,000 | $3,806 |
NOTE 5. STOCKHOLDER'S EQUITY The company has authorized 99,900,000,000 shares of common stocks with a par value o f 0.0000001 per share. There are currently 99,900,000,000 shares of common stocks outstanding as of March 31, 2017. In the period from April 01, 2016 to March 31, 2017, the Company didn't issue any other stock types other than common stocks, options and warrants; the Company didn't have any share-based compensation, related to employee share-based awards, Tax benefit from sharebased award activities. NOTE 6. 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. Larison Inc. owns 92,223,500,000 (approximately 92.32%) the common stock that are issued and outstanding of Landbay Inc. The Company's president, Mr. Wanjun Xie owns 100% of common stocks issued and outstanding of Larison Inc and is also the president and CEO of that entity. As of March 31, 2017 there is $7,000 loans outstanding to Larison Inc. It is a short term loan that bears no interest and will be paid back within 12 months. Since this is a short term loan, imputed interest need not be calculated as it is rendered immaterial.                      
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