Lanbay (LNBY) 10-K 12 Jul 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Mar. 31, 2019USD ($)shares
Document And Entity Information
Entity Registrant Name	Landbay Inc
Entity Central Index Key	0001672572
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Shell Business	false
Entity Interactive Data	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float | $	$ 0
Entity Common Stock, Shares Outstanding | shares	9,638,650
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Transition Period	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Current Assets:
Cash & cash equivalents	$ 9,085	$ 1,496
Short term investments	35,218	40,887
Deferred Tax Assets	11,761
Total current assets	56,064	42,383
Other Assets:
Notes Receiveble	46,000	25,000
TOTAL ASSETS	102,064	67,383
Current Liabilities:
Accounts Payable
Taxes Payable	12,228
Loans Payable
Total current liabilities	12,228
Stockholder's equity:
Common Stock: 0.001 Par Value; 999,000,000 Shares authorized; 9,990,000 shares issued; 9,638,650 shares outstanding	9,990	9,990
Additional paid-in capital	89,018	67,639
Retained Earnings (Deficit)	(8,821)	(9,895)
Less: Treasury Stock, 351,350	(351)	(351)
Total Stockholder's equity	89,836	67,383
Total liabilities and stockholder's equity	$ 102,064	$ 67,383

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	999,000,000	999,000,000
Common stock, Issued	9,990,000	9,990,000
Common stock, outstanding	9,638,650	9,638,650
Treasury stock, shares	351,350	351,350

Consolidated Statements of Reve

Consolidated Statements of Revenues and Expenses - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Realized Gain (loss) from Investment	$ 4,256	$ 77,184	$ 1,533
Interest and Income	1,351	4,908	645
Trading Comissions			11
Unrealized Gain (loss) from Investments	(20,204)	(38,751)	(8,032)
Less: (Fee and commission expense)	(260)	(1,211)	(1,447)
Net Profit (loss)	(14,857)	42,130	(7,290)
Expenses:
Advertising	600	600
Bank Service Charges	50	289	365
Custodian Fees		59	146
Legal & Professional	5,054	39,504
Office Supplies	75	75
Taxes, Licenses and Fees		64	270
Total Expenses	5,779	40,591	781
Excess of Expenses over Revenues before Taxes	(20,636)	1,539	(8,071)
Provision for Taxes-Federal Taxes	(1,626)	231
Provision for Taxes-NY State Taxes	(2,214)	100
Provision for Taxes-NYC Taxes	(3,753)	136
Net Income (Loss)	$ (13,043)	$ 1,072	$ (8,071)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders Equity - 12 months ended Mar. 31, 2019	USD ($)
Beginning Balance, Amount at Mar. 31, 2018	$ 67,383
Net (Loss)	1,072
Additional paid-in capital	21,379
Ending Balance, Amount at Mar. 31, 2019	$ 89,836

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net Income	$ 1,072	$ (8,071)
Adjustments to reconcile excess of revenue over expenses to net cash provided by operating activities:
Depreciation
(Increase) decrease in assets:
Accounts receivables
Short-Term Investments	5,669	(34,884)
Deferred Tax	(11,761)
Increase (decrease) in liabilities:
Income Tax Payables	12,230
Net cash provided by (used in) operating activities	7,210	(42,955)
Cash Flows From Investing Activities:
Long Term Investments
Net cash (used in) investing activities
Cash Flows From Financing Activities:
Loans	(21,000)	(32,000)
Capital stock		64,313
Additional paid-in capital	21,379
Treasury stocks		(351)
Net cash provided by (used in) financing activities	379	31,962
Net increase (decrease) in cash and cash equivalents	7,589	(10,993)
Cash and cash equivalents - beginning	1,496	12,489
Cash and cash equivalents - ending	9,085	1,496
Supplemental cash flow information:
Cash paid during the periods for: Interest
Cash paid during the period for: Tax expenses

Organization and Business Activ

Organization and Business Activities	12 Months Ended
	Mar. 31, 2019
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. Currently, the Company is engaged in trading spot silver in Canadian markets and trading equity securities in US markets. Additionally, as of January 30, 2018 the Company began trading Whisky in United Kingdom's markets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2019
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 and Whisky. These accompanying financial statements of the Company is for the period from April 01, 2018, to March 31, 2019. 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, Charles Schwab 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 March 31, 2019: Cash in Bank and brokerage accounts $1,150. 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	12 Months Ended
	Mar. 31, 2019
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 March 31, 2019.

Short term investments

Short term investments	12 Months Ended
	Mar. 31, 2019
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. On January 30, 2018 the Company started to engage in Whisky Exchange. As of March 31, 2019, the Short Term Investment holdings were as follows: Bullion Property (kg) (Kg) Valuation in $(USD) Toronto Silver 32.037 $15,637 Totals: $15,637 Other Investments Units Valuation in $(USD) Stocks Various $15,754 Whisky Property (LPA) 800 $3,827 Totals: $35,218

Stockholders Equity

Stockholders Equity	12 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders Equity	NOTE 5. STOCKHOLDER'S EQUITY On February 2nd, 2018, the Company made a 2nd reverse 1-for-100 stock split and authorized an additional 989,010,000 of common stocks, therefore; The company has a total authorized 999,000,000 shares of common stocks with a par value of 0.001 per share. There are currently 9,990,000 shares of common stocks issued and 9,638,650 shares of common stocks outstanding as of March 31, 2019. As of March 31, 2019, the Company bought back a total of 351,350 of Treasury Stocks. In the period from April 01, 2017 to March 31, 2019, the Company didn't issue any other stock types other than common stocks, options and warrants; the Company didn't have any sharebased compensation, related to employee share-based awards, Tax benefit from share-based award activities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2019
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 9,222,350 (approximately 95.86%) the common stock that are 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 March 31, 2019 there is $25,000 loans outstanding to Larison Inc. that bears 10% interest. As of March 31, 2019 there is $21,000 loans outstanding to Larison Inc. that bears 10% interest. On April 25, 2018 and April 30, 2018 Lansdale Inc. gifted 15,000 and 30,000 shares of SMKC respectively to Landbay Inc. Additionally, On August 29, 2018, Lansdale Inc gifted 15,000 shares of SMKC to Landbay Inc.

Summary of Significant Accoutni

Summary of Significant Accoutning Policies (Policies)	12 Months Ended
	Mar. 31, 2019
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 and Whisky. These accompanying financial statements of the Company is for the period from April 01, 2018, to March 31, 2019.
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, Charles Schwab 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 March 31, 2019: Cash in Bank and brokerage accounts $1,150.
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)	12 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Short term investments	Bullion Property (kg) (Kg) Valuation in $(USD) Toronto Silver 32.037 $15,637 Totals: $15,637 Other Investments Units Valuation in $(USD) Stocks Various $15,754 Whisky Property (LPA) 800 $3,827 Totals: $35,218

Summary of Significant Accout_2

Summary of Significant Accoutning Policies (Details Narrative) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
FDIC	$ 250,000
Cash & cash equivalents	$ 9,085	$ 1,496	$ 12,489

Short term investments - Short

Short term investments - Short term investments (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 35,218	$ 40,887
Toronto Silver [Member]
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 15,637
Bullion Property (kg)	32.037
BillionTotal [Member]
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 15,637
Stocks [Member]
Debt Securities, Available-for-sale [Line Items]
Short term investments	15,754
Whisky Property (LPA)[Member]
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 3,827
Units	800
Other Investment Total [Member]
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 35,218

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - $ / shares	10 Months Ended	12 Months Ended
	Feb. 02, 2018	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Reverse Stock-split	1 for 100
Common stock, par value		$ 0.001	$ 0.001
Common stock additional authorized shares			989,010,000
Common stock, Authorized		999,000,000	999,000,000
Common stock, Issued		9,990,000	9,990,000
Common stock, outstanding		9,638,650	9,638,650
Company repurchase of Treasury shares, shares		351,350

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2019	Aug. 29, 2018	Apr. 30, 2018	Apr. 25, 2018	Mar. 31, 2018
Common stock, issued	9,990,000				9,990,000
Notes Receiveble	$ 46,000				$ 25,000
Larison Inc [Member]
Common stock, issued	9,222,350
Ownership of company	95.86%
Notes Receiveble	$ 25,000
Interest rate	10.00%
Mr. Wanjun Xie [Member]
Ownership of company	100.00%
Lansdale Inc[Member]
Notes Receiveble	$ 21,000
Interest rate	10.00%
Common stock shares received from related party		15,000	30,000	15,000