Bangfu Technology (BFGX) 10-Q 17 May 21 2021 Q3 Quarterly report Financial data

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