Yong Bai Chao New Retail (YBCN) 10-Q 20 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Entity Registrant Name	YONG BAI CHAO NEW RETAIL CORPORATION
Entity Central Index Key	0001284454
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding	189,120,068
Entity File Number	333-206764
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	20-3626387
Entity Address Address Line 1	No. 3205-3209, South Building, No. 3
Entity Address Address Line 2	Intelligence Industrial Park
Entity Address Address Line 3	No.39 Hulan West Road, Baoshan District
Entity Address City Or Town	Shanghai
City Area Code	86
Local Phone Number	135-8568-1065
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Address Country	CN

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash	$ 0	$ 0
TOTAL CURRENT ASSETS	0	0
TOTAL ASSETS	0	0
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	24,405	7,322
Due to related party	100,087	99,337
TOTAL CURRENT LIABILITIES	124,492	106,659
TOTAL LIABILITIES	124,492	106,659
STOCKHOLDERS' DEFICIT:
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2024 and December 31, 2023)	0	0
Common stock ($0.001 par value; 190,000,000 shares authorized; 189,495,068 shares issued and 189,120,068 shares outstanding at March 31, 2024 and December 31, 2023)	195,496	195,496
Common stock to be issued	2,282	2,282
Treasury Stock	0	0
Additional paid-in capital	3,371,271	3,371,271
Accumulated deficit	(3,693,541)	(3,675,708)
TOTAL STOCKHOLDERS' DEFICIT	(124,492)	(106,659)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONDENSED BALANCE SHEETS
Preferred Stock, Shares Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	190,000,000	190,000,000
Common Stock, Shares Issued	189,495,068	189,495,068
Common Stock, Shares Outstanding	189,120,068	189,120,068

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Revenue	$ 0	$ 0
Operating expenses:
Professional fees	17,833	25,000
Total operating expenses	17,833	25,000
Loss from operations	(17,833)	(25,000)
Other income (expense):
Interest expense	0	0
Total other income (expense)	0	0
Loss before income taxes	(17,833)	(25,000)
Income taxes	0	0
Net loss	$ (17,833)	$ (25,000)
Net loss per common share:
EPS - Basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding:
Basic and diluted	189,120,068	189,120,068

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT (UNAUDITED) - USD ($)	Total	Treasury Stock	Common Stock	Common Stock To Be Issued	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2022		375,000	189,120,068
Balance, amount at Dec. 31, 2022	$ (44,642)	$ 0	$ 195,496	$ 2,282	$ 3,371,271	$ (3,613,691)
Net loss	(25,000)	$ 0	$ 0	0	0	(25,000)
Balance, shares at Mar. 31, 2023		375,000	189,120,068
Balance, amount at Mar. 31, 2023	(69,642)	$ 0	$ 195,496	2,282	3,371,271	(3,638,691)
Balance, shares at Dec. 31, 2023		375,000	189,120,068
Balance, amount at Dec. 31, 2023	(106,659)	$ 0	$ 195,496	2,282	3,371,271	(3,675,708)
Net loss	(17,833)	$ 0	$ 0	0	0	(17,833)
Balance, shares at Mar. 31, 2024		375,000	189,120,068
Balance, amount at Mar. 31, 2024	$ (124,492)	$ 0	$ 195,496	$ 2,282	$ 3,371,271	$ (3,693,541)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,833)	$ (25,000)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	17,083	24,177
Due to related party	750	823
NET CASH USED IN OPERATING ACTIVITIES	0	0
NET INCREASE IN CASH	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income tax	$ 0	$ 0

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year ends December 31 st Currently, the Company only possesses minimal liabilities with no substantial business operations. There was no revenue or positive cash flows from operating activities for the three months ended March 31, 2024. The Company’s management efforts are focused on seeking out a new and profitable operating business with rapid growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of the legal service fee, accounting fee, and filing fee etc. related to maintaining a public company. Basis of Presentation These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on April 15, 2024. Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents as of March 31, 2024 and December 31, 2023. 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 estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Per Share Data ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share is computed by dividing net loss available to common stockholders 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, common stock equivalents and potentially dilutive securities outstanding during each period. Fair Value of Financial Instruments and Fair Value Measurements The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature. Concentration of Credit Risk There are no financial instruments that potentially subject the Company to the concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks. Going Concern As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,693,541 and working capital deficit of $124,492 on March 31, 2024 and has incurred recurring net loss of $17,833 for the three months ended March 31, 2024. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least the next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities. Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adoption of this ASU on its financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 2 – RELATED PARTY TRANSACTIONS Due to Related Party The Company’s former CEO, Fei Wang, paid certain expenses on behalf of the Company. As of March 31, 2024 and December 31, 2023, the Company had a payable amount owed to him of $100,087 and $99,337, respectively.

COMMITMENTS AND CONTINCENGIES

COMMITMENTS AND CONTINCENGIES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINCENGIES	NOTE 3 – COMMITMENTS AND CONTINCENGIES On July 1, 2009, the Company entered into an investor relations agreement. Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week. On February 8, 2010, the Company issued 75,000 shares of common stock, which was included in common stock to be issued on December 31, 2009 at a value of $2,282. On January 1, 2010, the agreement was extended for twelve months, and the Company should have issued an additional 75,000 shares. On January 1, 2011, the agreement with the investor relation firm was extended for twelve months for no additional consideration and can be cancelled by either party by giving one month written notice. As of March 31, 2024 and December 31, 2023, the additional shares have not been issued and have been included in common stock to be issued at a value of $2,282.

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT	3 Months Ended
	Mar. 31, 2024
STOCKHOLDERS DEFICIT
STOCKHOLDERS' DEFICIT	NOTE 4 - STOCKHOLDERS’ DEFICIT On May 11, 2023, the Company’s board of directors approved the amendment to and adoption of the amended and restated articles of incorporation (the “Amended and Restated Articles of Incorporation”), to affect a 1-for-20 reverse stock split of the Company’s outstanding common stock (the “Reverse Stock Split”). On May 17, 2023, the majority stockholders by written consent adopted and ratified the Amended and Restated Articles of Incorporation. As a result of the Reverse Stock Split, each twenty shares of common stock will become and be consolidated into one share of common stock, The Reverse Stock Split will become effective upon the filing of the Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada. To date, the Amended and Restated Articles of Incorporation have not been filed with the Secretary of the State of Nevada.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	NOTE 5 – INCOME TAXES The Company files income tax returns in the U.S. federal jurisdiction. The Company is not currently under examination by the Internal Revenue Service or any state income tax authorities. The following table reconciles the statutory rates to the Company’s effective tax rate for three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Statutory tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes - % - %

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date on which the financial statements were available to be issued. All subsequent events requiring recognition as of March 31, 2024 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events”.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization And Description Of Business	Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year ends December 31 st Currently, the Company only possesses minimal liabilities with no substantial business operations. There was no revenue or positive cash flows from operating activities for the three months ended March 31, 2024. The Company’s management efforts are focused on seeking out a new and profitable operating business with rapid growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of the legal service fee, accounting fee, and filing fee etc. related to maintaining a public company.
Basis Of Presentation	These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on April 15, 2024.
Cash And Cash Equivalents	The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents as of March 31, 2024 and December 31, 2023.
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 estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Per Share Data	ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic net loss per share is computed by dividing net loss available to common stockholders 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, common stock equivalents and potentially dilutive securities outstanding during each period.
Fair Value of Financial Instruments and Fair Value Measurements	The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature.
Concentration Of Credit Risk	There are no financial instruments that potentially subject the Company to the concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks.
Going Concern	As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,693,541 and working capital deficit of $124,492 on March 31, 2024 and has incurred recurring net loss of $17,833 for the three months ended March 31, 2024. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least the next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities.
Recent Accounting Pronouncements	In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adoption of this ASU on its financial statements.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
Schedule of statutory rates to the Company's effective tax rate	For the Three Months Ended March 31, 2024 2023 Statutory tax benefit (21 )% (21 )% Change in deferred tax asset valuation allowance 21 % 21 % Provision for income taxes - % - %

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (17,833)	$ (25,000)
Accumulated deficit	(3,693,541)		$ (3,675,708)
Working Capital Deficit	$ (124,492)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Due to related party	$ 100,087	$ 99,337
CEO Fei Wang [Member]
Due to related party	$ 100,087	$ 99,337

COMMITMENTS AND CONTINCENGIES (

COMMITMENTS AND CONTINCENGIES (Details Narrative) - USD ($)	Feb. 08, 2010	Jul. 01, 2009	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2010	Dec. 31, 2009
COMMITMENTS AND CONTINGENCIES
Investor relations agreement description		Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week
Penalty fees per week		10%
Common stock shares issued during the period, shares	75,000
Common Stock to be issued, value			$ 2,282	$ 2,282		$ 2,282
Additional shares issued					75,000

STOCKHOLDERS DEFICIT (Details N

STOCKHOLDERS DEFICIT (Details Narrative)	3 Months Ended
	Mar. 31, 2024
STOCKHOLDERS DEFICIT
Reverse stock split description	affect a 1-for-20 reverse stock split

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Statutory tax benefit	(21.00%)	(21.00%)
Change in deferred tax asset valuation allowance	21%	21%
Provision for income taxes	0%	0%