Lanbay (LNBY) 10-Q 5 Aug 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
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

Condensed Balance Sheet (Unaudi

Condensed Balance Sheet (Unaudited) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
CURRENT ASSETS
Cash	$ 2,456	$ 6,631
Inventory	11,360	11,360
Notes receivable, net	51,736	50,863
Total Current Assets	65,552	68,854
NONCURRENT ASSET
Property and equipment, net		984
TOTAL ASSETS	65,552	69,838
CURRENT LIABILITIES:
Shareholder loans	81,100	66,630
Total Current Liabilities	81,100	66,630
TOTAL LIABILITIES	81,100	66,630
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock ($0.001 par value, 100,000,000 shares authorized, 30,000,000 shares issued and outstanding as of June 30, 2021 and March 31, 2021)	30,000	30,000
Additional Paid in Capital	325,659	325,659
Accumulated Deficit	(371,207)	(352,451)
Total Stockholders’ Equity (Deficit)	(15,548)	3,208
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 65,552	$ 69,838

Condensed Balance Sheet (Unau_2

Condensed Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
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

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Expenses
General and Administrative Expenses	$ 19,629	$ 28,883
Total Operating Expenses	19,629	28,883
Other income(expense)
Other income		1,270
Interest & Dividends	873	2,652
Total other income (expense), net	873	3,922
Net loss	$ (18,756)	$ (24,961)
Net loss per common share, basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding, basic and diluted	30,000,000	30,000,000

Condensed Statement of Changes

Condensed Statement of Changes in Stockholder's Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning, balance at Mar. 31, 2020	$ 30,000	$ 325,659	$ (150,774)		$ 204,885
Beginning balance, shares at Mar. 31, 2020	30,000,000
Net loss			(24,961)		(24,961)
Ending, balance at Jun. 30, 2020	$ 30,000	325,659	(175,735)		179,924
Ending balance, shares at Jun. 30, 2020	30,000,000
Beginning, balance at Mar. 31, 2021	$ 30,000	325,659	(352,451)		3,208
Beginning balance, shares at Mar. 31, 2021	30,000,000
Net loss			(18,756)		(18,756)
Ending, balance at Jun. 30, 2021	$ 30,000	$ 325,659	$ (371,207)		$ (15,548)
Ending balance, shares at Jun. 30, 2021	30,000,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (18,756)	$ (24,961)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	984	2,551
Interest income	(873)
Net cash used in operating activities	(18,645)	(22,410)
CASH FLOWS FROM INVESTING ACTIVITIES
Notes receivable		17,348
Net cash provided by investing activities		17,348
CASH FLOWS FROM FINANCING ACTIVITIES
Shareholder loan	14,470	17,100
Net cash provided by financing activities	14,470	17,100
Net (decrease) increase in Cash	(4,175)	12,038
Cash at beginning of period:	6,631	17,127
Cash at end of period:	2,456	29,165
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR
Interest paid
Income taxes paid

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Jun. 30, 2021
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 9,222,350 96 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2021
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.

GOING CONCERN ASSESSMENT

GOING CONCERN ASSESSMENT	3 Months Ended
	Jun. 30, 2021
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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2021
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. On December 13, 2019, the Company borrowed $ 40,000 100 17,100 57,100 57,100 During the three months ended March 31, 2021, the Company borrowed $ 9,530 14,470 24,000

NOTE RECEIVABLE

NOTE RECEIVABLE	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
NOTE RECEIVABLE	NOTE 5- NOTE RECEIVABLE As of March 31, 2020, there is $ 70,000 20,000 June 30, 2021 50,863 863 5,280 4,417 September 30, 2021 51,736 1,736 873

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	3 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
RISKS AND UNCERTAINTIES	NOTE 6 – 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 June 30, 2021 and March 31, 2021, the Company’s balance of notes receivable were $ 51,736 50,863

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 7 – SUBSEQUENT EVENT The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2021
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.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	Jul. 24, 2019shares
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage	96.00%
Sale of stock	9,222,350
Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage	100.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Dec. 13, 2019	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Entity Listings [Line Items]
Borrowed from shareholders		$ 14,470		$ 17,100
Shareholder loans		57,100	$ 57,100
Due to related parties current		81,100	66,630
Shareholder Loans [Member]
Entity Listings [Line Items]
Due to related parties current		24,000
President [Member]
Entity Listings [Line Items]
Borrowed from shareholders			$ 9,530
Ownership percentage	100.00%
Northern Ifurniture Inc [Member]
Entity Listings [Line Items]
Borrowed from shareholders	$ 40,000	$ 14,470		$ 17,100

NOTE RECEIVABLE (Details Narrat

NOTE RECEIVABLE (Details Narrative) - USD ($)	Jun. 28, 2021	Dec. 14, 2020	Jun. 26, 2020	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Entity Listings [Line Items]
Notes receivable				$ 51,736	$ 50,863
Debt, maturity date	Sep. 30, 2021	Jun. 30, 2021
Accrued interest				1,736	863
Interest income				$ 873	5,280
Interest income received					$ 4,417
Dazhong 368 Inc [Member]
Entity Listings [Line Items]
Notes receivable						$ 70,000
Repayment of notes receivable			$ 20,000

RISKS AND UNCERTAINTIES (Detail

RISKS AND UNCERTAINTIES (Details Narrative) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Notes receivable	$ 51,736	$ 50,863