Attached files
| file | filename |
|---|---|
| EX-32.1 - Landbay Inc | ex32-1.htm |
| EX-31.2 - Landbay Inc | ex31-2.htm |
| EX-31.1 - Landbay Inc | ex31-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
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)
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 [X] 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 [X] 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 | [X] | Smaller reporting company | [X] |
| Emerging growth company | [X] |
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. [ ]
Securities registered pursuant to Section 12(b) of the Act: None
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
As of January 26, 2021, 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 SEPTEMBER 30, 2020
TABLE OF CONTENTS
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, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. 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.
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LANDBAY INC
INDEX TO FINANCIAL STATEMENTS
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LANDBAY INC
CONDENSED UNAUDITED BALANCE SHEETS
AS OF DECEMBER 31, 2020 AND MARCH 31, 2020
| December 31, | March 31, | |||||||
| 2020 | 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 11,565 | $ | 17,127 | ||||
| Short-term investments | - | 1,491 | ||||||
| Inventory | 144,589 | 146,993 | ||||||
| Notes receivable, net | 50,000 | 70,000 | ||||||
| Total Current Assets | 206,154 | 235,611 | ||||||
| NONCURRENT ASSET | ||||||||
| Property and equipment, net | 3,535 | 11,189 | ||||||
| TOTAL ASSETS | $ | 209,689 | $ | 246,800 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Shareholder loans | $ | 57,100 | $ | 40,000 | ||||
| Other tax payable | 70 | 1,915 | ||||||
| Total Current Liabilities | 57,170 | 41,915 | ||||||
| TOTAL LIABILITIES | $ | 57,170 | $ | 41,915 | ||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Class A Common stock ($0.001 par value, 30,000,000 shares authorized, 30,000,000 shares issued and outstanding as of December 31, 2020 and March 31, 2020) | 30,000 | 30,000 | ||||||
| Additional Paid in Capital | 325,659 | 325,659 | ||||||
| Accumulated Deficit | (203,140 | ) | (150,774 | ) | ||||
| Total Stockholders’ Equity | 152,519 | 204,885 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 209,689 | $ | 246,800 | ||||
The accompanying notes are part of these condensed unaudited financial statements
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LANDBAY INC
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2020 AND 2019
For the three months ended | For the nine months ended | |||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||
| Revenues: | ||||||||||||||||
| Revenue-sales | $ | 785 | $ | 18,553 | $ | 3,868 | $ | 21,072 | ||||||||
| Revenue-service | - | - | - | 26,603 | ||||||||||||
| Total revenue | ||||||||||||||||
| Cost of goods sold | 620 | 9,589 | 2,404 | 11,150 | ||||||||||||
| Gross Profit | 165 | 8,964 | 1,464 | 36,525 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| General and Administrative expenses | 14,249 | 24,712 | 57,171 | 40,688 | ||||||||||||
| Total Operating Expenses | 14,249 | 24,712 | 57,171 | 40,688 | ||||||||||||
| Loss from operations | (14,084 | ) | (15,748 | ) | (55,707 | ) | (15,749 | ) | ||||||||
| Other income(expense) | ||||||||||||||||
| Loss from commodity trading | - | - | (1,090 | ) | (2,666 | ) | ||||||||||
| Interest and dividends | 883 | - | 4,417 | 2 | ||||||||||||
| Other income | 14 | - | 14 | - | ||||||||||||
| Total other income (expense), net | 897 | - | 3,341 | (2,664 | ) | |||||||||||
| Net loss | $ | (13,187 | ) | $ | (15,748 | ) | $ | (52,366 | ) | $ | (6,827 | ) | ||||
| Loss per share, basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
| Weighted average number of shares outstanding, basic and diluted | 30,000,000 | 30,000,000 | 30,000,000 | 18,084,840 | ||||||||||||
The accompanying notes are part of these condensed unaudited financial statements
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LANDBAY INC
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2020 AND 2019
Class A CommonShares | Class A Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Treasury stocks | Total | |||||||||||||||||||
| Balances, March 31, 2020 | 30,000,000 | $ | 30,000 | $ | 325,659 | $ | (150,774 | ) | $ | - | $ | 204,885 | ||||||||||||
| Net loss | - | - | - | (27,346 | ) | - | (27,346 | ) | ||||||||||||||||
| Balances, June 30, 2020 | 30,000,000 | 30,000 | 325,659 | (178,120 | ) | - | 177,539 | |||||||||||||||||
| Net loss | - | - | - | (11,833 | ) | - | (11,833 | ) | ||||||||||||||||
| Balances, September 30, 2020 | 30,000,000 | 30,000 | 325,659 | (189,953 | ) | - | 165,706 | |||||||||||||||||
| Net loss | - | - | - | (13,187 | ) | - | (13,187 | ) | ||||||||||||||||
| Balances, December 31, 2020 | 30,000,000 | $ | 30,000 | $ | 325,659 | $ | (203,140 | ) | $ | - | $ | 152,519 | ||||||||||||
Class A CommonShares | Class A Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Treasury stocks | Total | |||||||||||||||||||
| Balances, March 31, 2019 | 9,990,000 | $ | 9,990 | $ | 145,938 | $ | (108,057 | ) | $ | (351 | ) | $ | 47,520 | |||||||||||
| Net loss | - | - | - | (7,284 | ) | - | (7,284 | ) | ||||||||||||||||
| Balances, June 30, 2019 | 9,990,000 | 9,990 | 145,938 | (115,341 | ) | (351 | ) | 40,236 | ||||||||||||||||
| Shares issued for cash | 5,010,000 | 5,010 | 48,253 | - | 351 | 53,614 | ||||||||||||||||||
| Share issued for inventory and fixed asset | 15,000,000 | 15,000 | 131,468 | - | - | 146,468 | ||||||||||||||||||
| Net loss | - | - | - | 16,205 | - | 16,205 | ||||||||||||||||||
| Balances, September 30, 2019 | 30,000,000 | 30,000 | 325,659 | (99,136 | ) | - | 256,523 | |||||||||||||||||
| Net loss | - | - | - | (15,748 | ) | - | (15,748 | ) | ||||||||||||||||
| Balances, December 31, 2019 | 30,000,000 | $ | 30,000 | $ | 325,659 | $ | (114,884 | ) | $ | - | $ | 240,775 | ||||||||||||
The accompanying notes are part of these condensed unaudited financial statements
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LANDBAY INC
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE NINE MONTHS ENDED DECEMBER 31, 2020 AND 2019
| For the nine months ended December 31, 2020 | For the nine months ended December 31, 2019 (Restated) | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (52,366 | ) | $ | (6,826 | ) | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Depreciation expense | 7,654 | - | ||||||
| Fair value change of short-term investments | 221 | - | ||||||
| Increase (decrease) in liabilities: | ||||||||
| Inventory | 2,404 | (16,816 | ) | |||||
| Other tax payable | (1,845 | ) | (10,313 | ) | ||||
| Net cash used in operating activities | (43,932 | ) | (33,955 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Short-term investments | 1,270 | 27,244 | ||||||
| Notes receivable | 20,000 | (56,555 | ) | |||||
| Net cash provided by(used in) investing activities | 21,270 | (29,311 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds of loan from shareholder | 17,100 | 40,000 | ||||||
| Proceeds from share issuance | - | 53,614 | ||||||
| Net cash provided by financing activities | 17,100 | 93,614 | ||||||
| Net increase (decrease) in Cash | (5,562 | ) | 30,348 | |||||
| Cash at beginning of period: | 17,127 | 6,085 | * | |||||
| Cash at end of period: | $ | 11,565 | $ | 36,433 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Interest paid | $ | - | $ | - | ||||
| Income taxes paid | $ | - | $ | - | ||||
| NON-CASH TRANSACTIONS | ||||||||
| Shares issued for inventory and fixed asset | $ | - | $ | 146,468 | ||||
* The balance is different with the amount in audited financial statement as of March 31, 2019 due to the restatement.
The accompanying notes are part of these condensed unaudited financial statements
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Landbay Inc
Notes to the condensed unaudited financial statements
NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
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.
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 Class A common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of Class A 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.
The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the near future.
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.
Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 — Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. During the nine months ended December 31, 2020, there were no significant changes made to the Company’s significant accounting policies.
A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impacted by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the nine months ended December 31, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.
Error correction
The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the nine months ended December 31, 2020 increased by $2,358 and no impact for the three months ended December 31, 2020.
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 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.
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The condensed unaudited 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.
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, inventory write-down, impairment of long-lived assets and recoverability of deferred tax assets. 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.
Reclassifications
Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented.
NOTE 2. 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.
On December 13, 2019, the Company borrowed $40,000 from shareholder, Northern Ifurniture Inc, bearing no interest and due on demand. During the nine months ended December 31, 2020, the Company borrowed additional loan from Northern Ifurniture Inc, in the amount of $17,100. As of December 31, 2020, the balance of shareholder loans was in the amount of $57,100, bearing no interest and due on demand.
NOTE 3. NOTE RECEIVABLE
As of March 31, 2020, there is $70,000 loan outstanding from Dazhong 368 Inc which is due on December 13, 2020. On June 26, 2020, Dazhong 368 Inc repaid note receivable in the amount of $20,000 to the Company. On December 14, 2020, the Company approved to extend the maturity date to June 30, 2021. As of December 31, 2020, the outstanding loan Dazhong 368 Inc. was in the amount of $50,000.
NOTE 4 – RISKS AND UNCERTAINTIES
Concentration of Credit Risks
Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of notes receivable. As of December 31, 2020 and March 31, 2020, the Company’s balance of notes receivable were $50,000 and $70,000 from Dazhong 368 Inc, respectively.
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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 Class A common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of Class A 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.
The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the year of 2020.
Results of Operation for the three months ended December 31, 2020 and 2019
During the three months ended December 31, 2020 and 2019, the Company generated revenue in the amount of $785 and $18,553, respectively. The decrease in revenue was due to the impact of COVID-19. During the three months ended December 31, 2020 and 2019, the Company incurred operating expenses of $14,249 and $24,712, respectively. The decrease was due to the Company paid DTC service fee in the amount of $18,000 for the three months ended December 31, 2019, but no such fee paid for current period. For the three month December 31, 2020 and 2019, our net loss was $13,187 and $15,748, respectively. The decrease in net loss was mainly due to the decrease in operating expense, partially offset by decrease in revenue for the three month ended December 31, 2020 and 2019.
Error correction
The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in current period by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the nine months ended December 31, 2020 increased by $2,358 and no impact for the three months ended December 31, 2020.
Results of Operation for the nine months ended December 31, 2020 and 2019
During the nine months ended December 31, 2020 and 2019, the Company generated revenue in the amount of $3,868 and $47,675, respectively. The decrease in revenue was due to the impact of COVID-19. During the nine months ended December 31, 2020 and 2019, the Company incurred operating expenses of $57,171 and $40,688, respectively. The increase was due to the increase in professional fee. For the nine month December 31, 2020 and 2019, our net loss was $52,366 and $6,827, respectively. The increase in net loss was mainly due to the decrease in revenue and increase in operating expenses for the nine month ended December 31, 2020.
Equity and Capital Resources
As of December 31, 2020 and March 31, 2020, we had an accumulated deficit of $203,140 and $150,774, respectively. As of December 31, 2020, we had cash of $11,565 and working capital of $148,984. As of March 31, 2020, we had cash of $17,127 and a working capital of $193,696. The decrease in the working capital was primarily due to the cash paid for operating expense.
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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.
For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 — Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. 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 “small 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, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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None
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
It isn’t applicable.
None
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 | 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 |
* Filed herewith.
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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: January 27, 2021 | /s/ Xiaowei Jin |
| Xiaowei Jin, President | |
| (Principal Executive Officer) |
| Date: January 27, 2021 | /s/ Xiaowei Jin |
| Xiaowei Jin, Chief Financial Officer | |
| (Principal Financial and Accounting Officer) |
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