Lanbay (LNBY) 10-Q 9 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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 Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Mar. 31, 2023
CURRENT ASSETS
Cash	$ 2,875	$ 8,105
Inventories	7,494	7,494
Total Current Assets	10,369	15,599
TOTAL ASSETS	10,369	15,599
CURRENT LIABILITIES:
Other tax payable		398
Accrued liabilities	5,100
Shareholder loans	106,304	99,456
Total Current Liabilities	111,404	99,854
TOTAL LIABILITIES	111,404	99,854
STOCKHOLDERS’ DEFICIT:
Preferred stock ($0.001 par value, 20,000,000 shares authorized; no share issued and outstanding as of June 30, 2023 and March 31, 2023)
Common stock ($0.001 par value, 100,000,000 shares authorized, 30,000,000 shares issued and outstanding as of June 30, 2023 and March 31, 2023)	30,000	30,000
Additional paid in capital	325,659	325,659
Accumulated deficit	(456,694)	(439,914)
Total Stockholders’ Deficit	(101,035)	(84,255)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 10,369	$ 15,599

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
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 Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue – sales, net		$ 7,348
Gross profit		7,348
Operating expenses
General and administrative expenses	16,800	20,913
Total operating expenses	16,800	20,913
Loss from operations	(16,800)	(13,565)
Other income
Other income	20
Total other income	20
Net loss	$ (16,780)	$ (13,565)
Net loss per common share, basic	$ 0	$ 0
Net loss per common share, diluted	$ 0	$ 0
Weighted average number of common shares outstanding, basic	30,000,000	30,000,000
Weighted average number of common shares outstanding, diluted	30,000,000	30,000,000

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders's Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member] Common Class A [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Mar. 31, 2022		$ 30,000	$ 325,659	$ (402,247)	$ (46,588)
Balance, shares at Mar. 31, 2022		30,000,000
Net loss				(13,565)	(13,565)
Balance at Jun. 30, 2022		$ 30,000	325,659	(415,812)	(60,153)
Balance, shares at Jun. 30, 2022		30,000,000
Balance at Mar. 31, 2023		$ 30,000	325,659	(439,914)	(84,255)
Balance, shares at Mar. 31, 2023		30,000,000
Net loss				(16,780)	(16,780)
Balance at Jun. 30, 2023		$ 30,000	$ 325,659	$ (456,694)	$ (101,035)
Balance, shares at Jun. 30, 2023		30,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (16,780)	$ (13,565)
Changes in assets and liabilities:
Accounts receivable		9,115
Accounts payable and accrued expenses	5,100	5,528
Other tax payable	(398)	(743)
Net cash provided by (used in) operating activities	(12,078)	335
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan	6,848
Net cash provided by financing activities	6,848
Net (decrease) increase in cash	(5,230)	335
Cash at beginning of period:	8,105	26,140
Cash at end of period:	2,875	26,475
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Income taxes paid		$ 743

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Jun. 30, 2023
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, 2023
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. 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 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 adopted ASU No. 2016-13 on April 1, 2023, and the adoption did not have a material impact on its financial position and results of operations. 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	3 Months Ended
	Jun. 30, 2023
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, 2023
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. During the three months ended June 30, 2023 and 2022, the Company borrowed additional loans in the amounts of $ 6,848 nil 106,304 99,456

INCOME TAX

INCOME TAX	3 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 5 – INCOME TAX For the three months ended June 30, 2023 and 2022, the Company has incurred a net loss before tax of $ 16,780 13,565 90,092 86,568

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 6 – SUBSEQUENT EVENT The Company has evaluated all subsequent events through the date these condensed financial statements were issued and determine that there were no subsequent events or transactions that require recognition or disclosures in the condensed financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2023
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.
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 Adopted	Recent Accounting Pronouncements 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 adopted ASU No. 2016-13 on April 1, 2023, and the adoption did not have a material impact on its financial position and results of operations. 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) - Larison Inc [Member]	Jul. 24, 2019 shares
Common Stock [Member] | Northern Ifurniture Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, ownership percentage	96%
Sale of stock, number of shares issued in transaction	9,222,350
Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, ownership percentage	100%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Borrowed from shareholders	$ 6,848
Shareholder loans	106,304		$ 99,456
Northern Ifurniture Inc [Member] | President [Member]
Borrowed from shareholders	$ 6,848

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net loss before tax	$ 16,780	$ 13,565
Deferred tax assets	$ 90,092	$ 86,568