Lanbay (LNBY) 10-Q 13 Feb 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2022	Feb. 12, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Mar. 31, 2022
CURRENT ASSETS
Cash	$ 2,062	$ 26,140
Accounts receivable	6,920	9,115
Inventories	6,116
Total Current Assets	15,098	35,255
TOTAL ASSETS	15,098	35,255
CURRENT LIABILITIES:
Other payables	2,064	743
Shareholder loans	88,329	81,100
Total Current Liabilities	90,393	81,843
TOTAL LIABILITIES	90,393	81,843
STOCKHOLDERS’ DEFICIT:
Preferred stock: $0.001 par value, 20,000,000 shares authorized; no share issued and outstanding
Additional paid in capital	325,659	325,659
Accumulated deficit	(430,954)	(402,247)
Total Stockholders’ Deficit	(75,295)	(46,588)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	15,098	35,255
Common Class A [Member]
STOCKHOLDERS’ DEFICIT:
Class A common stock: $0.001 par value, 100,000,000 shares authorized, 30,000,000 shares issued and outstanding	$ 30,000	$ 30,000

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
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 Class A [Member]
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

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Sales, net	$ 6,356		$ 13,704	$ 1,200
Cost of goods sold	(5,150)		(5,150)	(700)
Gross profit	1,206		8,554	500
Operating expenses
General and administrative expenses	9,315	10,300	37,276	39,397
Total operating expenses	9,315	10,300	37,276	39,397
Loss from operations	(8,109)	(10,300)	(28,722)	(38,897)
Other income
Interest income				1,538
Other income	15	5	15	5
Total other income	15	5	15	1,543
Net loss	$ (8,094)	$ (10,295)	$ (28,707)	$ (37,354)
Net loss per common share, basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding, basic and diluted	30,000,000	30,000,000	30,000,000	30,000,000

Statements of Changes in Stockh

Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member] Common Class A [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Mar. 31, 2021		$ 30,000	$ 325,659	$ (357,651)	$ (1,992)
Beginning balance, shares at Mar. 31, 2021		30,000,000
Net loss				(27,059)	(27,059)
Ending Balance at Sep. 30, 2021		$ 30,000	325,659	(384,710)	(27,051)
Ending balance, shares at Sep. 30, 2021		30,000,000
Beginning balance at Mar. 31, 2021		$ 30,000	325,659	(357,651)	(1,992)
Beginning balance, shares at Mar. 31, 2021		30,000,000
Net loss					(37,354)
Ending Balance at Dec. 31, 2021		$ 30,000	325,659	(395,005)	(39,346)
Ending balance, shares at Dec. 31, 2021		30,000,000
Beginning balance at Sep. 30, 2021		$ 30,000	325,659	(384,710)	(27,051)
Beginning balance, shares at Sep. 30, 2021		30,000,000
Net loss				(10,295)	(10,295)
Ending Balance at Dec. 31, 2021		$ 30,000	325,659	(395,005)	(39,346)
Ending balance, shares at Dec. 31, 2021		30,000,000
Beginning balance at Mar. 31, 2022		$ 30,000	325,659	(402,247)	(46,588)
Beginning balance, shares at Mar. 31, 2022		30,000,000
Net loss				(20,613)	(20,613)
Ending Balance at Sep. 30, 2022		$ 30,000	325,659	(422,860)	(67,201)
Ending balance, shares at Sep. 30, 2022		30,000,000
Beginning balance at Mar. 31, 2022		$ 30,000	325,659	(402,247)	(46,588)
Beginning balance, shares at Mar. 31, 2022		30,000,000
Net loss					(28,707)
Ending Balance at Dec. 31, 2022		$ 30,000	325,659	(430,954)	(75,295)
Ending balance, shares at Dec. 31, 2022		30,000,000
Beginning balance at Sep. 30, 2022		$ 30,000	325,659	(422,860)	(67,201)
Beginning balance, shares at Sep. 30, 2022		30,000,000
Net loss				(8,094)	(8,094)
Ending Balance at Dec. 31, 2022		$ 30,000	$ 325,659	$ (430,954)	$ (75,295)
Ending balance, shares at Dec. 31, 2022		30,000,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (8,094)	$ (10,295)	$ (20,613)	$ (27,059)	$ (28,707)	$ (37,354)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense						984
Interest income						863
Changes in assets and liabilities:
Accounts receivable					2,195
Inventories					(6,116)	700
Other payables					1,321
Net cash used in operating activities					(31,307)	(34,807)
CASH FLOWS FROM INVESTING ACTIVITIES
Notes receivable						50,000
Net cash provided by investing activities						50,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loans					7,229	14,470
Net cash provided by financing activities					7,229	14,470
Net (decrease) increase in cash					(24,078)	29,663
Cash at beginning of period			$ 26,140	$ 6,631	26,140	6,631	$ 6,631
Cash at end of period	$ 2,062	$ 36,294			2,062	36,294	$ 26,140
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Income taxes paid					$ 743

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Dec. 31, 2022
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	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying 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”) Recent Accounting Pronouncements Not 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 is evaluating the impact of this guidance on its financial statements. 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.

GOING CONCERN ASSESSMENT

GOING CONCERN ASSESSMENT	9 Months Ended
	Dec. 31, 2022
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 BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	NOTE 4 - RELATED PARTY BALANCES AND 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 14,470 26,630 7,229 88,329 81,100 During the nine months ended December 31, 2022 and 2021, the Company purchased inventories in the amount of $ 11,266 nil

NOTE RECEIVABLE

NOTE RECEIVABLE	9 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
NOTE RECEIVABLE	NOTE 5- NOTE RECEIVABLE The Company had loans of $ 50,000 10 50,863 863 1,538

INCOME TAX

INCOME TAX	9 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 6 – INCOME TAX For the nine months ended December 31, 2022 and 2021, the Company has incurred a net loss before tax of $ 28,707 37,354 65,947 67,673

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 7 – SUBSEQUENT EVENT The Company has evaluated all other subsequent events through the date these unaudited financial statements were issued and determine that there were no other subsequent events or transactions that require recognition or disclosures in the unaudited financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation The accompanying 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”)
Recent Accounting Pronouncements Not Adopted	Recent Accounting Pronouncements Not 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 is evaluating the impact of this guidance on its financial statements. 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.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	Jul. 24, 2019 shares
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, number of shares issued in transaction	9,222,350
Larison Inc [Member] | Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, ownership percentage	96%
Stock Purchase Agreement [Member] | Larison Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, ownership percentage	100%

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)		6 Months Ended	9 Months Ended		12 Months Ended
	Dec. 13, 2019	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Borrowed from shareholders			$ 7,229	$ 14,470
Shareholder loans			88,329		$ 81,100
Purchased inventories			11,266
President [Member] | Northern Ifurniture Inc [Member]
Ownership percentage	100%
Northern Ifurniture Inc [Member]
Borrowed from shareholders	$ 40,000		$ 7,229
Northern Ifurniture Inc [Member] | President [Member]
Borrowed from shareholders				$ 14,470	$ 26,630

NOTE RECEIVABLE (Details Narrat

NOTE RECEIVABLE (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 13, 2020
Interest income				$ 1,538
Dazhong Three Thundred Sixty Eight Inc [Member]
Loan receivable from related party						$ 50,000
Rate of interest						10%
Loan					$ 50,863
Outstanding Interest accrued					$ 863

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Net loss before income tax	$ 28,707	$ 37,354
Deferred tax assets	$ 65,947		$ 67,673