Bangfu Technology (BFGX) 10-Q 6 Nov 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	KELINDA
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

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
Current Assets
Cash	$ 114	$ 412
Prepaid Expenses	73	0
Total Current Assets	187	412
Fixed Assets
Furniture and Equipment	1,969	1,969
Accumulated Depreciation	(558)	(459)
Total Fixed Assets	1,411	1,510
Intangible Assets
Application Development Costs	98,870	98,870
Accumulated Amortization	(8,239)	0
Total Intangible Assets	90,631	98,870
TOTAL ASSETS	92,229	100,792
Current Liabilities
Accounts Payable	40,100	53,150
Related Party Loan	51,815	33,215
Total Current Liabilities	91,915	86,365
Total Liabilities	$ 91,915	$ 86,365
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	$ 27,565	$ 27,565
Accumulated Deficit	(35,201)	(21,088)
Total Stockholders' Equity (Deficit)	314	14,427
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)	$ 92,229	$ 100,792

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
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 and outstanding	7,950,500	7,950,500

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
REVENUE	$ 0	$ 0
EXPENSES:
General and Administrative Expenses	197	153
Amortization and Depreciation Expense	8,338	99
Professional Fees	5,505	5,500
Rent Expense	73	135
Total expenses	14,113	5,887
OTHER INCOME (EXPENSE):
Interest Income (Expense)	0	0
Total other income (expense)	0	0
Income (loss) before income taxes	(14,113)	(5,887)
Income tax expense	0	0
NET INCOME (LOSS)	$ (14,113)	$ (5,887)
Net loss per common share - basic & diluted	$ 0	$ 0
Weighted average of common shares outstanding - basic & diluted	7,950,500	7,000,000

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance as of June 30, 2019	$ 3,241	$ 7,000		$ (3,759)
Balance as of June 30, 2019 (in shares)		7,000,000
Balance	3,241	$ 7,000		(3,759)
There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019.		7,000,000
Balance	3,241	$ 7,000		(3,759)
Balance (in shares)		7,000,000
Net loss	(5,887)			(5,887)
Balance as of June 30, 2019	(2,646)	$ 7,000		(9,646)
Balance as of June 30, 2019 (in shares)		7,000,000
Balance	(2,646)	$ 7,000		(9,646)
There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019.		7,000,000
Balance	(2,646)	$ 7,000		(9,646)
Balance (in shares)		7,000,000
Balance as of June 30, 2019	14,427	$ 7,950	$ 27,565	(21,088)
Balance as of June 30, 2019 (in shares)		7,950,500
Balance	14,427	$ 7,950	27,565	(21,088)
There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019.		7,950,500
Balance	14,427	$ 7,950	27,565	(21,088)
Balance (in shares)		7,950,500
Net loss	(14,113)			(14,113)
Balance as of June 30, 2019	$ 314	$ 7,950	27,565	(35,201)
Balance as of June 30, 2019 (in shares)	7,950,500	7,950,500
Balance	$ 314	$ 7,950	27,565	(35,201)
There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019.	7,950,500	7,950,500
Balance	$ 314	$ 7,950	$ 27,565	$ (35,201)
Balance (in shares)	7,950,500	7,950,500

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net Loss	$ (14,113)	$ (5,887)
Adjustments to reconcile Net Loss to net cash used by operations:
Amortization and depreciation expense	8,338	99
Changes in operating assets and liabilities:
Prepaid expenses	0	1,000
Prepaid rent	(73)	(135)
Accounts payable	(13,050)	2,000
Net cash used by Operating Activities	(18,898)	(2,923)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party loan	18,600	3,375
Net cash provided by Financing Activities	18,600	3,375
Net cash increase (decrease) for period	(298)	452
Cash at beginning of period	412	87
Cash at end of period	114	539
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	0	0
Income taxes paid	$ 0	$ 0

- ORGANIZATION AND NATURE OF BU

- ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
	Sep. 30, 2019
- ORGANIZATION AND NATURE OF BUSINESS [Abstract]
- ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Kelinda (“the Company,” “we,” “us” or “our”) was incorporated on December 18, 2017 in the State of Nevada. The Company specializes on application development with its first project being an application of the same name Kelinda. It offers panels of various analyses with schedules and reminders about the necessity of visiting doctors sent through the application and emails, as well as storage of personal data (analyses and conclusions). Users may upload them at their discretion and exchange their personal data. Users who download the application can access the lists and data of another user upon receipt of an invitation from the latter. We offer free basic schedules and more serious panels to both adults and children in order to prevent development of numerous diseases. In addition, Kelinda offers drug-taking reminders for an even more effective use of the application. Revenue is to be generated by subscription-based access sales. Our executive office is located at 49/3 Tighina street 54, Chisinau, Moldova, MD-2001. The functional and reporting currency of the Company is the US dollar.

- GOING CONCERN

- GOING CONCERN	3 Months Ended
	Sep. 30, 2019
- GOING CONCERN [Abstract]
- 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 September 30, 2019. The Company currently has limited 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 ACCOUN

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2019
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three month period ended September 30, 2019. The Company's year-end is June 30. 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 $114 of cash as of September 30, 2019. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. 8 KELINDA NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. 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 United States 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 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 shareholders 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 September 30, 2019 and June 30, 2019. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

- STOCKHOLDERS' EQUITY

- STOCKHOLDERS' EQUITY	3 Months Ended
	Sep. 30, 2019
- STOCKHOLDERS' EQUITY [Abstract]
- STOCKHOLDERS' EQUITY	NOTE 4 - STOCKHOLDERS' EQUITY The Company has 75,000,000, $0.001 par value shares of common stock authorized. On March 19, 2018, the Company issued 4,000,000 founders' shares of common stock to the President, Petru Afanasenco, and, on March 20, 2018, the Company issued 3,000,000 shares of common stock to the Secretary, Andrei Afanasenco, for cash contributions of $4,000 and $3,000 at $0.001 per share, respectively. During March 2019, the Company issued 195,000 shares of common stock for cash proceeds of $5,850 at $0.03 per share. During April 2019, the Company issued 547,500 shares of common stock for cash proceeds of $16,425 at $0.03 per share. During May 2019, the Company issued 208,000 shares of common stock for cash proceeds of $6,240 at $0.03 per share. There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019. 9 KELINDA NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

- RELATED PARTY TRANSACTIONS

- RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2019
- RELATED PARTY TRANSACTIONS [Abstract]
- RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS During the three months ended September 30, 2019 and 2018, the President of the Company, Petru Afanasenco, loaned to the Company $15,750 and $0, respectively. During the three months ended September 30, 2019 and 2018, the Company's officer, Andrei Afanasenco, loaned to the Company $2,850 and $3,375, respectively. As of September 30, 2019, and June 30, 2019, the balance due to the Company's officers was $51,815 and $33,215 respectively. Petru and Andrei Afanasenco have formal commitments to loan funds of $50,000 and $40,000, respectively. These loans are unsecured, non-interest bearing and due on demand.

- COMMITMENTS AND CONTINGENCIES

- COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2019
- COMMITMENTS AND CONTINGENCIES [Abstract]
- COMMITMENTS AND CONTINGENCIES	NOTE 6 - COMMITMENTS AND CONTINGENCIES On August 21, 2019, the Company entered into a new rental agreement for use of an address, office facilities, IT and telecommunication systems, office equipment and secretarial services. The contract is $73 per month and is entered into for an unspecified term. As of September 30, 2019, the amount prepaid rent was $73.

- INTANGIBLE ASSETS

- INTANGIBLE ASSETS	3 Months Ended
	Sep. 30, 2019
- INTANGIBLE ASSETS [Abstract]
- INTANGIBLE ASSETS	NOTE 7 - INTANGIBLE ASSETS As of June 30, 2019, the unamortized balance of the Application Development Costs related to the purchase or internal development and production of software to be sold, leased, or otherwise marketed was $98,870. During the three months ended September 30, 2019, the Company recorded amortization expense of $8,239, resulting in an unamortized balance of $90,631 at September 30, 2019. No impairment was recorded during the period, as the September 30, 2019 unamortized balance is deemed to be equal to the net realizable value. As of September 30, 2019, the total amount of accumulated amortization was $8,239. The amortization expenses of the application development costs for the next three years are set for the below: Amortization Expense Recorded Cost Accumulated Amortization Net Asset Value Year ended June 30, 2019 - Purchase $0 $98,870 $0 $98,870 Year ended June 30, 2020 $32,957 $98,870 $32,957 $65,913 Year ended June 30, 2021 $32,957 $98,870 $65,913 $32,956 Year ended June 30, 2022 $32,956 $98,870 $98,870 $0

- PREPAID EXPENSES

- PREPAID EXPENSES	3 Months Ended
	Sep. 30, 2019
- PREPAID EXPENSES [Abstract]
- PREPAID EXPENSES	NOTE 8 - PREPAID EXPENSES The Company had $73 in prepaid rent as of September 30, 2019 (NOTE 6).

- SUBSEQUENT EVENTS

- SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2019
- SUBSEQUENT EVENTS [Abstract]
- SUBSEQUENT EVENTS	NOTE 9 - SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to September 30, 2019, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. 10

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2019
Significant Accounting Policies (Policies) [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three month period ended September 30, 2019. The Company's year-end is June 30. 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 $114 of cash as of September 30, 2019. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. 8 KELINDA NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. 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 United States 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 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 shareholders 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 September 30, 2019 and June 30, 2019. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

- INTANGIBLE ASSETS (Tables)

- INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 30, 2019
- INTANGIBLE ASSETS (Tables) [Abstract]
The amortization expenses of the application development costs	The amortization expenses of the application development costs for the next three years are set for the below: Amortization Expense Recorded Cost Accumulated Amortization Net Asset Value Year ended June 30, 2019 - Purchase $0 $98,870 $0 $98,870 Year ended June 30, 2020 $32,957 $98,870 $32,957 $65,913 Year ended June 30, 2021 $32,957 $98,870 $65,913 $32,956 Year ended June 30, 2022 $32,956 $98,870 $98,870 $0

- SUMMARY OF SIGNIFICANT ACCO_2

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
Summary Of Significant_ Accounting Policies_ [Abstract]
The Company had $114 of cash as of September 30, 2019.	$ 114	$ 412

- STOCKHOLDERS' EQUITY (Details

- STOCKHOLDERS' EQUITY (Details Text) - USD ($)	Sep. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Mar. 20, 2018	Mar. 19, 2018
- STOCKHOLDERS' EQUITY [Abstract]
On March 19, 2018, the Company issued 4,000,000 founders' shares of common stock to the President, Petru Afanasenco.						3,000,000
on March 20, 2018, the Company issued 3,000,000 shares of common stock to the Secretary, Andrei Afanasenco					4,000,000
During March 2019, the Company issued 195,000 shares of common stock for cash proceeds of $5,850 at $0.03 per share.				$ 195,000
During April 2019, the Company issued 547,500 shares of common stock for cash proceeds of $16,425 at $0.03 per share.			547,500
During May 2019, the Company issued 208,000 shares of common stock for cash proceeds of $6,240 at $0.03 per share.		$ 208,000
There were 7,950,500 shares of common stock issued and outstanding as of September 30, 2019.	7,950,500

- RELATED PARTY TRANSACTIONS (D

- RELATED PARTY TRANSACTIONS (Details Text) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
- RELATED PARTY TRANSACTIONS [Abstract]
During the three months ended September 30, 2019 and 2018, the President of the Company, Petru Afanasenco, loaned to the Company $15,750 and $0, respectively.	$ 15,750	$ 0
During the three months ended September 30, 2019 and 2018, the Company's officer, Andrei Afanasenco, loaned to the Company $2,850 and $3,375, respectively.	2,850	$ 3,375
As of September 30, 2019, and June 30, 2019, the balance due to the Company's officers was $51,815 and $33,215 respectively	$ 51,815		$ 33,215
Petru and Andrei Afanasenco have formal commitments to loan funds of $50,000 and $40,000, respectively			$ 90,000

- COMMITMENTS AND CONTINGENCI_2

- COMMITMENTS AND CONTINGENCIES (Details Text)	Sep. 30, 2019USD ($)
Accrued Liabilities and Other Liabilities [Abstract]
As of September 30, 2019, the amount prepaid rent was $73.	$ 73

- INTANGIBLE ASSETS (Details 1)

- INTANGIBLE ASSETS (Details 1) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Intangible Assets, Net (Including Goodwill) [Abstract]
Amortization Expense	$ 8,338	$ 99	$ 32,956	$ 32,957	$ 32,957	$ 0
Recorded Cost			98,870	98,870	98,870	98,870
Accumulated Amortization			98,870	65,913	32,957	0
Net Asset Value			$ 0	$ 32,956	$ 65,913	$ 98,870

- INTANGIBLE ASSETS (Details Te

- INTANGIBLE ASSETS (Details Text) - USD ($)	12 Months Ended
	Jun. 30, 2019	Sep. 30, 2019
Intangible Assets Text Details [Abstract]
As of June 30, 2019, the unamortized balance of the Application Development Costs related to the purchase or internal development and production of software to be sold, leased, or otherwise marketed was $98,870	$ 98,870
During the three months ended September 30, 2019, the Company recorded amortization expense of $8,239, resulting in an unamortized balance of $90,631 at September 30, 2019		$ 90,631

- PREPAID EXPENSES (Details Tex

- PREPAID EXPENSES (Details Text)	3 Months Ended
	Sep. 30, 2019USD ($)
Prepaid Expense and Other Assets, Current [Abstract]
The Company had $73 in prepaid rent as of September 30, 2019 (NOTE 6).	$ 73