| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
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FORM 10-Q |
(Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number:333-210916 |
| Landbay Inc (Exact name of registrant as specified in its charter) |
| New York (State or other jurisdiction of incorporation or organization) |
| 81-1260549 (I.R.S. Employer Identification No.) |
| Address:3906 Main Street, 207, Flushing, NY11354 (Address of principal executive offices) (Zip Code) |
| Tel: 646-508-6285 (Registrant's telephone number, including area code) |
| Not applicable! (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. [ X ] Yes [ ] No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). [ X ] Yes [ ] No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] (Do not check if a smaller reporting company) Smaller reporting company [ X ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ X ] Yes [ ] No The number of shares of the registrant's Class A common stock, par value $0.0000001 per share, outstanding was 99,900,000,000 as of January 23, 2017.
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QUARTERLY REPORT ON FORM 10-Q |
| Item 1. Legal Proceedings | 7 |
| Item 1A. Risk Factors | 7 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 7 |
| Item 5. Other Information | 7 |
| Item 6. Exhibits | 7 |
| SIGNATURES | 7 |
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. 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. Moreover, we operate in a very competitive and rapidly changing environment. 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. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. 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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FINANCIAL STATEMENT (UNAUDITED) AS OF DECEMBER 31, 2016
BALANCE SHEETS (UNAUDITED) AS OF DECEMBER 31, 2016
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| Current assets: | |
| Cash & cash equivalents | $1,395 |
| Short Term Investment | $2,397 |
| Total current assets | $3,792 |
| TOTAL ASSETS | $3,792 |
| Current Liabilities: | |
| Account payable | $1,000 |
| Tax payable | - |
| Loan payable | $2,000 |
| Total current liabilities | $3,000 |
| Stockholder's equity: | |
| Common Stock: 0.0000001 Par Value; 99,900,000,000 Shares authorized; 0 share issued and outstanding | - |
| Additional paid-in capital | $2,395 |
| Retained earnings (Deficit) | $(1,603) |
| Total stockholder's equity | $792 |
| Total liabilities and stockholder's equity | $3,792 |
STATEMENT OF REVENUES AND EXPENSES (UNAUDITED) FOR THE PERIOD FROM OCTOBER 01, 2016 TO DECEMBER 31, 2016 |
| Revenues: | |
| Gain (loss) from Investment | - |
| Trading Commissions | $7 |
| Unrealized Gain (lose) from Investment | $(193) |
| Less: (Fee and commission Expense) | $(49) |
| Net profit(lose) | $(235) |
| Expenses: | |
| Bank Service Charge | $64 |
| Other Supplies | - |
| Legal & Professional | $1,000 |
| Total Expenses | $1,064 |
| Excess of Revenues over Expenses before Taxes | $(1,299) |
| Provision for Taxes: | |
| NY State Tax | - |
| NYC Tax | - |
| Net income (loss) | $(1,299) |
| - STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED) FOR THE PERIOD FROM OCTOBER 01, 2016 TO DECEMBER 31, 2016 |
| Shareholders' Equity-OCTOBER 01, 2016 | $2,091 |
| Add: Net (Lose) from the period from October 1, 2016 to December 31, 2016 | $(1,299) |
| Add: Additional Paid-in Capital | - |
| Less: Additional Paid-out Capital | - |
| Shareholder's Equity-DECEMBER 31, 2016 | $792 |
STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE PERIOD FROM OCTOBER 01, 2016 TO DECEMBER 31, 2016 |
| Cash flows from operating activities: | |
| Net Loss | $(1,299) |
| Adjustments to reconcile net income to net cash provided by operations activities: | |
| Depreciation | - |
| (Increase)decrease in assets: | |
| Account receivables | - |
| Short term investments | $(1,758) |
| (Increase)decrease in liabilities: | |
| Account payables | $1,000 |
| Net cash provided by (used in) operating activities | $(2,057) |
| Cash flows from investing activities: | |
| Long term investments | - |
| Net cash provided by (used in) investing activities | - |
| Cash flows from financing activities: | |
| Loan | $2,000 |
| Capital stock | - |
| Additional paid-in capital | - |
| Net cash provided by (used in) financing activities | $2,000 |
| Net increase (decrease) in cash and cash equivalents | $(57) |
| Cash and cash equivalent-October 01, 2016 | $1,452 |
| Cash and equivalents-December 31, 2016 | $1,395 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |
| Cash paid during the period for: | |
| Interest expenses | - |
| Tax expenses | - |
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NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2016 NOTE 1. ORGANIZATION AND BUSINESS ACTIVITIES Landbay Inc., the Company, incorporated in the State of New York on January 28, 2016, is engaged in the investment activities of the spot gold and silver trading. During in its initial operations, the company opened a trading account in Bullion Vault which the brokerage firm registered in England to start trading activities. The company's activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue the investment activities. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The company was incorporated on January 28, 2016, and the Company started its operations to trade the spot gold and spot silver on March 26, 2016. These accompanying financial statements of the Company is for the period from October 01, 2016, to December 31, 2016. b. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. c. Income Taxes The Company is responsible for paying federal, state and local income tax and, accordingly, provisions are made for income taxes. d. Basis of measurement The financial statements have been prepared on the historical cost basis, except for the following material items in the statement of financial position: (a). All short-term investments including spot gold and spot silver are considered Trading Securities (b). Short-term investments at fair value through gains or losses are measured at fair value NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) e. Cash and Cash Equivalents The financial statements are presented in US dollar, which is the Company's functional currency. Cash and cash equivalents include cash on hand; cash in banks and brokerage accounts and all highly liquid investments with maturity of three months or less at the time purchase. The Company maintains its cash balance at a financial institution located in New York and a trading account in Bullion Vault which is in England. Cash account at the New York institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At times during the year, the cash balances may exceed the FDIC insurance limits. The following is a schedule of cash and cash equivalents at the year ended on December 31, 2016: Cash in Bank and brokerage accounts $1,395 f. Revenue Recognition The company recognizes capital gains and losses from the spot gold trading and the spot silver trading at the time it sells gold and silver from the trading in brokerage firms. Additionally, it recognizes unrealized gains and losses through adjustments to the fair market value at the end of each period. The change in fair market value is reported on the income statement under "Revenues" - "Unrealized Gain (loss) from investments". NOTE 3. EARNINGS PER SHARE Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss 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 and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of December 31, 2016.
Back to Table of Contents NOTE 4. SHORT TERM INVESTMENTS The Company considers all investment assets other than marketable securities that can and will be sold within one year to be short term investments. Landbay, Inc. operated a trading account in Bullion Vault to trade the spot gold and spot silver, since those investments in the account can be sold online and can be traded anytime in near future as the Company's primary activity source, the Company treats the Bullion Vault account as short term investments assets. As of December 31, 2016, the Short Term Investment holdings were as followings: |
| Bullion Property (kg) | (Kg) | Valuation in $(USA) |
| Zurich Gold | 0.008 | $295 |
| London Silver | 1.767 | $913 |
| Toronto Gold | 0.020 | $740 |
| Toronto Silver | 0.868 | $449 |
| Totals | $2,397 |
| Ended December 31, 2016 | |
| Revenue | $7 |
| Cast of Revenue | $49 |
| Net Profit (Lose) | $(42) |
| Expenses: | |
| Bank Service Charge | $64 |
| Office Supplies | - |
| Legal & Profeesional | $1,000 |
| Total Expenses | $1,064 |
| Excess of Revenue over Expenses before Taxes | ($1,299) |
| NY State Tax | - |
| NYC Tax | - |
| Net income (lose) | ($1,299) |
The following table set forth our condensed statements of income data (as a percentage of revenue): |
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Revenue |
| Ended December 31, 2016 | |
| From October 1, 2016 to December 31, 2016 | |
| Revenue: | |
| Revenue | $7 |
| Total revenue | $7 |
Cost of Revenue |
| Ended December 31, 2016 | |
| From October 1, 2016 to December 31, 2016 | |
| Cost of revenue | $49 |
| Percentage of revenue | - |
Management Expenditure |
| Ended December 31, 2016 | |
| From October 1, 2016 to December 31, 2016 | |
| Expenses | $1,064 |
| Percentage of revenue | - |
Provision for income taxes |
| Ended December 31, 2016 | |
| From October 1, 2016 to December 31, 2016 | |
| Provision for income taxes | - |
| Effective tax rate | - |
Full Fiscal Years We discuss the financial condition and results of operations of the Corporation since October 1, 2016 to December 31, 2016. Liquidity and Capital Resources Our capital resources were from the investment of the owner. Our Capital Resources sources were our cash. Cash were $1,395 as of December 31, 2016 .. Cash Provided by Operating Activities $2,395 cash was invested in the spot gold and the spot silver trading as of December 31, 2016. Off-Balance Sheet Arrangements We did not have any off-balance sheet arrangements as of December 31, 2016. Contractual Obligations The Corporation didn't have any contractual obligations as of December 31, 2016. Obligations or Liabilities The Corporation has $3,000 liabilities (including contingent obligations or liabilities) as of December 31, 2016. Contingencies The Corporation didn't have any contingencies as of December 31, 2016. Material Favorable Impact on Net Revenues or Income The Corporation didn't have any material favorable impact on net revenues or income as of December 31, 2016. Inflation and Other Changes in Prices The inflation and other changes in prices didn't impact the Corporation's net revenues and income from continuing operations.
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Item 3.Quantitative and Qualitative Disclosures About Market Risk We are exposed to market risks, including changes to foreign currency exchange rates, interest rates, and inflation. Item 4.Controls and Procedures It isn't applicable! The Corporation didn't have any legal proceedings as of December 31, 2016 There aren't any Risk Factors to e changed. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None! None. 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Document 101.LAB XBRL Taxonomy Extension Labels Document 101.PRE XBRL Taxonomy Extension Presentation Document 101.DEF XBRL Taxonomy Extension Definition Document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Registrant: Landbay Inc Signature: Wanjun Xie Date:January 23, 2017 Signature: Wanjun Xie Date:January 23, 2017
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