Bangfu Technology (BFGX) 10-K 7 Oct 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	333-153575
Entity Registrant Name	BANGFU TECHNOLOGY GROUP CO., LTD.
Entity Central Index Key	0001741257
Entity Tax Identification Number	30-1023894
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	No. 34-3, Building 2
Entity Address, Address Line Two	Diwang International Fortune
Entity Address, Address Line Three	No. 10 Plaza Road
Entity Address, City or Town	Liuzhou
Entity Address, State or Province	NV
Entity Address, Country	CN
Entity Address, Postal Zip Code	545005
City Area Code	+86
Local Phone Number	772-3719700
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 30,000
Entity Common Stock, Shares Outstanding		7,950,500
Auditor Name	Pinnacle Accountancy Group of Utah
Auditor Location	Farmington, Utah
Auditor Firm ID	6117

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current Assets
Cash
Total Current Assets
TOTAL ASSETS
Current Liabilities
Accounts Payable	1,350	3,407
Total Current Liabilities	1,350	3,407
Total Liabilities	1,350	3,407
Stockholders’ 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	237,821	187,764
Accumulated Deficit	(247,121)	(199,121)
Total Stockholders’ Deficit	(1,350)	(3,407)
TOTAL LIABILITIES AND STOCKHOLDERS’  DEFICIT

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
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

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUE:
EXPENSES:
General and administrative expenses	48,000	49,093
Total operating expenses	48,000	49,093
Loss before income taxes	(48,000)	(49,093)
Income tax expense
NET LOSS	$ (48,000)	$ (49,093)
Net loss per common share   basic & diluted	$ (0.01)	$ (0.01)
Weighted average of common shares outstanding   basic & diluted	7,950,500	7,950,500

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY DEFICIT - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2020	$ 7,950	$ 142,078	$ (150,028)
Beginning balance, shares at Jun. 30, 2020	7,950,500
Net loss			(49,093)	(49,093)
Contributions from stockholders		45,686		45,686
Ending balance, value at Jun. 30, 2021	$ 7,950	187,764	(199,121)	(3,407)
Ending balance, shares at Jun. 30, 2021	7,950,500
Net loss			(48,000)	(48,000)
Contributions from stockholders		50,057		50,057
Ending balance, value at Jun. 30, 2022	$ 7,950	$ 237,821	$ (247,121)	$ (1,350)
Ending balance, shares at Jun. 30, 2022	7,950,500

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (48,000)	$ (49,093)
Changes in operating assets and liabilities:
Accounts payable	(2,057)	3,407
Net cash used by Operating Activities	(50,057)	(45,686)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions	50,057	45,686
Net cash provided by Financing Activities	50,057	45,686
Net cash increase (decrease) for period
Cash at beginning of period
Cash at end of period
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [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”) for free test panels to identify general health conditions and targeted diseases for both children and adults. The main purpose of the App was to remind users for 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 0.001 330,000 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. In connection with its name change, the Company’s ticker symbol on the OTC Pink Market changed from “KLDA” to “BFGX.” 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 tie-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 the near future 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	12 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles (the “U.S. GAAP”), 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 June 30, 2022. The Company currently has limited working capital and has not established a 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 from its principal stockholder to fund operating expenses. The Company may also raise additional funds through equity and/or debt financing. However, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements have been prepared in accordance with U.S. GAAP. 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 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. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no 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 Earnings (Loss) Per Share The Company computes earnings (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 June 30, 2022 and June 30, 2021. 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	12 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 – STOCKHOLDERS’ EQUITY The Company has 75,000,000 0.001 7,950,500 There were no issuances of common stock during the years ended June 30, 2022 and 2021. During the year ended June 30, 2021, the Company current major shareholder, Fuming Yang, contributed a total of $ 45,686 During the year ended June 30, 2022, the Company current major shareholder, Fuming Yang, contributed a total of $ 50,057

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS Other than the capital contributions as disclosed in Note 4 above, there were no

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company does not have no commitments and contingencies as of June 30, 2022 or 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 – INCOME TAXES The provision for federal income tax consists of the following: Schedule of federal income tax June 30, 2022 June 30, 2021 US$ US$ Income tax rate 21 % 21 % Income tax benefit 10,080 10,310 Change in valuation allowance (10,080 ) (10,310 ) Net provision for income taxes — — The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: Schedule of deferred income tax assets June 30, 2022 June 30, 2021 US$ US$ Deferred income tax assets: Net operating loss carryover 51,895 41,815 Less: valuation allowance (51,895 ) (41,815 ) Net deferred income tax assets — — The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to June 30, 2022, through the date when these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements have been prepared in accordance with U.S. GAAP. 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
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. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no
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 Earnings (Loss) Per Share	Basic Earnings (Loss) Per Share The Company computes earnings (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 June 30, 2022 and June 30, 2021.
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.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of federal income tax	Schedule of federal income tax June 30, 2022 June 30, 2021 US$ US$ Income tax rate 21 % 21 % Income tax benefit 10,080 10,310 Change in valuation allowance (10,080 ) (10,310 ) Net provision for income taxes — —
Schedule of deferred income tax assets	Schedule of deferred income tax assets June 30, 2022 June 30, 2021 US$ US$ Deferred income tax assets: Net operating loss carryover 51,895 41,815 Less: valuation allowance (51,895 ) (41,815 ) Net deferred income tax assets — —

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - Stock Purchase Agreement [Member]	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Offsetting Assets [Line Items]
Stock issued for cash | shares	7,948,000
Stock Price | $ / shares	$ 0.001
Proceeds from issuance of stock | $	$ 330,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Cash	$ 0	$ 0
Income tax provision	$ 0	$ 0

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Common Stock, shares authorized	75,000,000	75,000,000
Common Stock, par or stated value	$ 0.001	$ 0.001
Common Stock, shares issued	7,950,500	7,950,500
Common Stock, shares outstanding	7,950,500	7,950,500
Capital contribution	$ 50,057	$ 45,686

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Other related party transactions	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax rate	21%	21%
Income tax benefit	$ 10,080	$ 10,310
Change in valuation allowance	(10,080)	(10,310)
Net provision for income taxes	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Deferred income tax assets:
Net operating loss carryover	$ 51,895	$ 41,815
Less: valuation allowance	(51,895)	(41,815)
Net deferred income tax assets