Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 15, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BANGFU TECHNOLOGY GROUP CO., LTD. | |
Entity Central Index Key | 0001741257 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,950,500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 333-227350 | |
Entity Incorporation, State or Country Code | NV |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Current Assets | ||
Cash | ||
Total Current Assets | ||
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Accounts Payable | 2,957 | |
Total Current Liabilities | 2,957 | |
Total Liabilities | 2,957 | 0 |
Stockholders' Equity (Deficit) | ||
Common Stock: $0.001 par value, 75,000,000 shares authorized, 7,950,500 shares issued and outstanding | 7,950 | 7,950 |
Additional Paid-in Capital | 178,328 | 142,078 |
Accumulated Deficit | (189,235) | (150,028) |
Total Stockholders' Equity (Deficit) | (2,957) | |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $ 0 | $ 0 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock par value | $ 0.001 | $ 0.001 |
Common Stock shares authorized | 75,000,000 | 75,000,000 |
Common Stock shares issued | 7,950,500 | 7,950,500 |
Common Stock shares outstanding | 7,950,500 | 7,950,500 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
REVENUE: | ||||
EXPENSES: | ||||
Other expenses | 76,790 | 76,790 | ||
General and administrative expenses | 12,207 | 9,313 | 39,207 | 42,950 |
Total expenses | 12,207 | 86,103 | 39,207 | 119,740 |
Loss before income taxes | (12,207) | (86,103) | (39,207) | (119,740) |
Income tax expense | ||||
NET LOSS | $ (12,207) | $ (86,103) | $ (39,207) | $ (119,740) |
Net loss per common share - basic & diluted | $ 0 | $ (0.01) | $ 0 | $ (0.02) |
Weighted average of common shares outstanding - basic & diluted | 7,950,500 | 7,950,500 | 7,950,500 | 7,950,500 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at beginning at Jun. 30, 2019 | $ 7,950 | $ 27,565 | $ (21,088) | $ 14,427 |
Balance at beginning (in shares) at Jun. 30, 2019 | 7,950,500 | |||
Net loss | (119,740) | (119,740) | ||
Forgiveness of related party loan | 83,903 | 83,903 | ||
Contributions from shareholders | 21,410 | 21,410 | ||
Balance at end at Mar. 31, 2020 | $ 7,950 | 132,878 | (140,828) | |
Balance at end (in shares) at Mar. 31, 2020 | 7,950,500 | |||
Balance at beginning at Dec. 31, 2019 | $ 7,950 | 27,565 | (54,725) | (19,210) |
Balance at beginning (in shares) at Dec. 31, 2019 | 7,950,500 | |||
Net loss | (86,103) | (86,103) | ||
Forgiveness of related party loan | 83,903 | 83,903 | ||
Contributions from shareholders | 21,410 | 21,410 | ||
Balance at end at Mar. 31, 2020 | $ 7,950 | 132,878 | (140,828) | |
Balance at end (in shares) at Mar. 31, 2020 | 7,950,500 | |||
Balance at beginning at Jun. 30, 2020 | $ 7,950 | 142,078 | (150,028) | |
Balance at beginning (in shares) at Jun. 30, 2020 | 7,950,500 | |||
Net loss | (39,207) | (39,207) | ||
Contributions from shareholders | 36,250 | 36,250 | ||
Balance at end at Mar. 31, 2021 | $ 7,950 | 178,328 | (189,235) | (2,957) |
Balance at end (in shares) at Mar. 31, 2021 | 7,950,500 | |||
Balance at beginning at Dec. 31, 2020 | $ 7,950 | 169,078 | (177,028) | |
Balance at beginning (in shares) at Dec. 31, 2020 | 7,950,500 | |||
Net loss | (12,207) | (12,207) | ||
Contributions from shareholders | 9,250 | 9,250 | ||
Balance at end at Mar. 31, 2021 | $ 7,950 | $ 178,328 | $ (189,235) | $ (2,957) |
Balance at end (in shares) at Mar. 31, 2021 | 7,950,500 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (39,207) | $ (119,740) |
Adjustments to reconcile net loss to net cash used by operations: | ||
Write-off of fixed assets and intangible assets | 76,790 | |
Amortization and depreciation expense | 23,590 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 2,957 | (53,150) |
Net cash used by Operating Activities | (36,250) | (72,510) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital contribution from a stockholder | 36,250 | 21,410 |
Proceeds from related party loan | 50,688 | |
Net cash provided by Financing Activities | 36,250 | 72,098 |
Net cash increase (decrease) for period | (412) | |
Cash at beginning of period | 412 | |
Cash at end of period | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest paid | ||
Income taxes paid | ||
Non-cash investing and financing activities - forgiveness of related party loans | $ 83,903 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Mar. 31, 2021 | |
- ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Bangfu Technology Group Co., Ltd. (the “Company”) was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications. The Company’s first project was to develop a mobile application (the “App”) to free test panels to identify general health conditions and targeted diseases of both children and adults. The main purpose of the App was to remind users of doctor’s appointments and examinations. The App synchronized with Google and Apple calendars and sent notifications regarding pills-taking time, required tests or doctor appointments via the App and email. The Company expected to generate revenue from in-app subscriptions. Prior to the Change of Control as defined below, the Company had developed terms of reference, design of the App, creation of an Apple store account and was at the server and application development stage. Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser. On June 3, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada to effect a change in the name of the Company from “Kelinda” to “Bangfu Technology Group Co., Ltd.”, effective upon filing. Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to roll out the plan with a focus in the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi first. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in 2021 but its ability to execute on its business plans and initiatives will depend upon the developments of the pandemic, including the duration and spread of the COVID-19 and lockdown restrictions imposed by the respective various governments and oversight bodies in China. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Mar. 31, 2021 | |
Going Concern | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a start-up, the Company has had no revenues and has accumulated losses through March 31, 2021. The Company currently has no working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020. The functional and reporting currency of the Company is the U.S. dollar. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash or equivalents as of March 31, 2021 or June 30, 2020. Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change. There were no current and future income tax provision recorded for the three and nine months ended March 31, 2021 or 2020 since the Company did not generate any revenues in these periods. Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method. We estimate that the useful life of equipment is 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2021 or June 30, 2020. Recent Accounting Pronouncements The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY The Company has 75,000,000 authorized shares of common stock, $0.001 par value per share. There were no shares of common stock issued during the nine months ended March 31, 2021 or 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS During the nine months ended March 31, 2020, the former President of the Company, Petru Afanasenco, loaned to the Company $44,888 for working capital use. There were no related party transactions with the former President for the nine months ended March 31, 2021. During the nine months ended March 31, 2020, the Company’s former Treasurer and Secretary, Andrei Afanasenco, loaned to the Company $5,800 for working capital use. There were no related party transactions with the former Treasurer and Secretary for the nine months ended March 31, 2021. On March 16, 2020, in connection with the Change in Control, Petru Afanasenco and Andrei Afanasenco entered into debt forgiveness agreements pursuant to which the two related parties forgave loans in the total amount of $83,903 that the Company owed to them. These forgiven loans were treated as capital contributions from the Company’s related parties and therefore a total gain of $83,903 was recorded in equity. During the nine months ended March 31, 2020, the Company’s two major shareholders and officers, Petru Afanasenco and Andrei Afanasenco, contributed a total of $21,410 capital contributions to support the Company’s working capital uses. During the nine months ended March 31, 2021, the Company’s current principal stockholder and sole officer and director, Fuming Yang, contributed $36,250 to the Company for working capital use. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company presently has no material commitments and contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to March 31, 2021, through the date when financial statements were issued, and has determined that it does not have any material subsequent events requiring disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020. The functional and reporting currency of the Company is the U.S. dollar. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash or equivalents as of March 31, 2021 or June 30, 2020. |
Taxation | Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change. There were no current and future income tax provision recorded for the three and nine months ended March 31, 2021 or 2020 since the Company did not generate any revenues in these periods. |
Equipment | Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method. We estimate that the useful life of equipment is 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2021 or June 30, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - Stock Purchase Agreement [Member] | 9 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Stock issued for cash | shares | 7,948,000 |
Proceeds from issuance of stock | $ | $ 330,000 |
Stock Price | $ / shares | $ 0.001 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Cash | |||||
Income tax provision | |||||
Potentially dilutive debt or equity | 0 | 0 | |||
Equipment | |||||
Estimated useful lives | 5 years |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | |||
Common Stock, par or stated value | $ 0.001 | $ 0.001 | |
Common Stock, shares authorized | 75,000,000 | 75,000,000 | |
Common stock shares issued during period | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |
Mar. 16, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Petru Afanasenco | |||
Loan from relted party | $ 0 | $ 44,888 | |
Andrei Afanasenco | |||
Loan from relted party | 0 | 5,800 | |
Fuming Yang | |||
Loan from relted party | $ 36,250 | ||
Two Related Parties [Member] | |||
Gain in equity | $ 83,903 | ||
Two major shareholders and officers | |||
Loan from relted party | $ 21,410 |