Lanbay (LNBY) 10-Q 19 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 19, 2017
Document And Entity Information
Entity Registrant Name	Landbay Inc
Entity Central Index Key	1,672,572
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		999,000,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets	Jun. 30, 2017USD ($)
Current Assets:
Cash & cash equivalents	$ 58,079
Short term investments	44,379
Total current assets	102,458
Current Liabilities:
Loans Payable	27,000
Total current liabilities	27,000
Stockholder's equity:
Common Stock: .00001 Par Value; 999,000,000 Shares Authorized; 999,000,000 share issued and outstanding	9,990
Additional paid-in capital	67,003
Retained Earnings (Deficit)	(1,535)
Total Stockholder's equity	75,458
Total liabilities and stockholder's equity	$ 102,458

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical)	Jun. 30, 2017$ / sharesshares
Statement of Financial Position [Abstract]
Common stock, par value | $ / shares	$ .00001
Common stock, Authorized	999,000,000
Common stock, Issued	999,000,000
Common stock, outstanding	999,000,000

Statements of Revenues and Expe

Statements of Revenues and Expenses	6 Months Ended
	Jun. 30, 2017USD ($)
Revenues:
Gain (loss) from Investments	$ 10
Trading Comissions	2
Unrealized Gain (loss) from Investments	605
Net Profit (loss)	617
Expenses:
Bank Service Charges	76
Custodian Fees	36
Account Fees	219
Total Expenses	331
Excess of Expenses over Revenues before Taxes	286
Provision for Taxes
Net Income (Loss)	$ 286

Statements of Cash Flows

Statements of Cash Flows	6 Months Ended
	Jun. 30, 2017USD ($)
Cash Flows From Operating Activities:
Net Income	$ 286
(Increase) decrease in assets:
Short-Term Investments	(38,376)
Increase (decrease) in liabilities:
Net cash provided by operating activities	(38,090)
Cash Flows From Financing Activities:
Loans	20,000
Additional paid-in capital	63,680
Net cash (used by) financing activities	83,680
Net (decrease) in cash and cash equivalents	45,590
Cash and cash equivalents - beginning	11,492
Cash and cash equivalents - ending	58,079
Supplemental cash flow information:
Cash paid during the periods for: Interest
Cash paid during the period for: Income taxes

Statement of Changes in Stockho

Statement of Changes in Stockholders Equity - 6 months ended Jun. 30, 2017 - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2016		$ 3,324	$ (1,822)	$ 11,492
Additional paid-in-capital		63,680		63,680
Net loss			286	286
Ending Balance, Shares at Jun. 30, 2017	999,000,000
Ending Balance, Amount at Jun. 30, 2017	$ 9,990	$ 67,004	$ (1,535)	$ 75,458

Organization and Business Activ

Organization and Business Activities	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Activities	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 currently trades spot gold and silver in the Canadian Markets. The Company also engages trading equity securities in US markets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. Additionally, it started to trade equity securities on March 08, 2017. These accompanying financial statements of the Company is for the period from April 01, 2017, to June 30, 2017. 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 and equity investments are considered Trading Securities (b). Short-term investments at fair value through gains or losses are measured at fair value 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, a trading account in Bullion Vault which is in England and with Alpine Securities, which is a brokerage firm in Salt Lake City, Utah. 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 June 30,2017: Cash in Bank and brokerage accounts $58,079 f. Revenue Recognition The company recognizes capital gains and losses from the spot gold trading, spot silver trading and equity security trading at the time it sells spot gold or silver and investment securities from the trading through 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 and Unrealized Gain (loss) from investments..

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	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 June 30, 2017.

Short term investments

Short term investments	6 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
Short term investments	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. Additionally, Landbay Inc. trades investment securities through it's brokerage account with Alpine Securities, the intent is to also trade these securities within 1 year of it’s acquisition date and therefore classified as Short Term Investments. As of June 30, 2017, the Short Term Investment holdings were as follows: Bullion Property (kg) (Kg) Valuation in $(USD) Zurich Gold 0.008 $315 London Silver 1.767 $926 Toronto Gold 0.009 $355 Toronto Silver 71.150 $37,283 Totals: $38,879 Other Investments Units Valuation in $(USD) Stocks 220,000 $5,500

Stockholders Equity

Stockholders Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders Equity	NOTE 5. STOCKHOLDER'S EQUITY The Company's management decided to do a 1 for 100 reverse stock split on June 02, 2017 which resulted in 999,000,000 authorized shares of common stocks with a par value of 0.00001 per share. There are currently 999,000,000 shares of common stocks outstanding as of June 30, 2017. In the period from April 01, 2017 to June 30, 2017, the Company didn't issue any other stock types other than common stocks, options and warrants; the Company didn't have any share-based compensation, related to employee share-based awards, Tax benefit from share-based award activities.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6. 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. Larison Inc. owns 922,235,000 (approximately 92.32%) the common stock that are issued and outstanding of Landbay Inc. The Company's president, Mr. Wanjun Xie owns 100% of common stocks issued and outstanding of Larison Inc and is also the president and CEO of that entity. As of June 30, 2017 there are $27,000 in loans outstanding to Larison Inc. They are short term loans that bears no interest and will be paid back within 12 months. Since this is a short term loan, imputed interest need not be calculated as it is rendered immaterial.

Summary of Significant Accoutni

Summary of Significant Accoutning Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	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. Additionally, it started to trade equity securities on March 08, 2017. These accompanying financial statements of the Company is for the period from April 01, 2017, to June 30, 2017.
Use of Estimates	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.
Income Taxes	c. Income Taxes The Company is responsible for paying federal, state and local income tax and, accordingly, provisions are made for income taxes.
Basis of Measurement	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 and equity investments are considered Trading Securities (b). Short-term investments at fair value through gains or losses are measured at fair value
Cash and Cash Equivalents	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, a trading account in Bullion Vault which is in England and with Alpine Securities, which is a brokerage firm in Salt Lake City, Utah. 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 June 30, 2017: Cash in Bank and brokerage accounts $58,079
Revenue Recognition	f. Revenue Recognition The company recognizes capital gains and losses from the spot gold trading, spot silver trading and equity security trading at the time it sells spot gold or silver and investment securities from the trading through 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 and Unrealized Gain (loss) from investments.

Short term investments (Tables)

Short term investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, All Other Investments [Abstract]
Short term investments	Bullion Property (kg) (Kg) Valuation in $(USD) Zurich Gold 0.008 $315 London Silver 1.767 $926 Toronto Gold 0.009 $355 Toronto Silver 71.150 $37,283 Totals: $38,879 Other Investments Units Valuation in $(USD) Stocks 220,000 $5,500

Summary of Significant Accout15

Summary of Significant Accoutning Policies (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
FDIC	$ 250,000
Cash & cash equivalents	$ 58,079	$ 11,492

Short term investments - Short

Short term investments - Short term investments (Details)	6 Months Ended
	Jun. 30, 2017USD ($)shares
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 44,379
Zurich Gold [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 315
Bullion Property (kg)	0.008
London Silver [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 926
Bullion Property (kg)	1.767
Toronto Gold [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 355
Bullion Property (kg)	0.009
Toronto Silver [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 37,283
Bullion Property (kg)	71.150
Billion Vault Total [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 38,879
Stocks [Member]
Schedule of Cost-method Investments [Line Items]
Short term investments	$ 5,500
Units | shares	220,000

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Equity [Abstract]
Reverse Stock-split	1 for 100
Common stock, par value | $ / shares	$ .00001
Common stock, Authorized | shares	999,000,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	6 Months Ended
	Jun. 30, 2017USD ($)shares
Loan from related party | $	$ 27,000
Common stock, issued	999,000,000
Ownership of company	100.00%
Larison Inc [Member]
Common stock, issued	922,235,000
Ownership of company	92.32%