Attached files

file filename
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF CHIEF FINANCIAL OFFICER - Landbay Incexhibit_31-2.htm
EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED - Landbay Incexhibit_32-1.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER - Landbay Incexhibit_31-1.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

_________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

 

Commission File Number 000-56182

 

Landbay Inc

(Exact name of registrant as specified in its charter)

 

New York   81-1260549
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)

 

36-25 Main Street

Flushing, NY 11354

(Address of Principal Executive Office)

 

917-232-5799

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act: None.

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Securities registered pursuant to Section 12(b) of the Act: None

  

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of October 23, 2020, the registrant had 30,000,000 shares of class A common stock outstanding.  

 
 

 

LANDBAY INC

 

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2020

 

 

TABLE OF CONTENTS

    PAGE
     
   Note about Forward-Looking Statements 2
     
  PART I - FINANCIAL INFORMATION  
     
Item 1 Financial Statements 4
  Condensed Unaudited Balance Sheets as of September 30, 2020 and March 31, 2020 4
  Condensed Statements of Operations (Unaudited) for the three and six months ended September 30, 2020 and 2019 5
  Condensed Statements of Changes in Stockholders’ Equity (Unaudited) for the three and six months ended September 30, 2020 and 2019 6
  Condensed Statements of Cash Flows (Unaudited) for the six months ended September 30, 2020 and 2019 7
  Notes to Condensed Unaudited Financial Statements 8
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operation 10
Item 3 Quantitative and Qualitative Disclosures About Market Risk 11
Item 4 Controls and Procedures 11
     
   PART II - OTHER INFORMATION  
     
Item 1 Legal Proceedings 12
Item 1A Risk Factors 12
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 12
Item 3 Defaults Upon Senior Securities 12
Item 4 Mine Safety Disclosures 12
Item 5 Other Information 12
Item 6 Exhibits 12

 

SIGNATURES

  13

 

EXHIBIT INDEX

   
   

 
 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Unless expressly indicated or the context requires otherwise, the terms "Landbay," "company," "we," "us," and "our" in this document refer to Landbay Inc, a New York corporation.

 
 

 


PART I

ITEM 1. FINANCIAL STATEMENTS


 LANDBAY INC

 

INDEX TO FINANCIAL STATEMENTS 

 

Condensed Unaudited Balance Sheets as of September 30, 2020 and March 31, 2020 4
   
Condensed Statements of Operations (Unaudited) for the three and six months ended September 30, 2020 and 2019 5
   
Condensed Statements of Changes in Stockholders’ Equity (Unaudited) for the three and six months ended September 30, 2020 and 2019 6
   
Condensed Statements of Cash Flows (Unaudited) for the six months ended September 30, 2020 and 2019 7
   
Notes to Condensed Unaudited Financial Statements 8 - 9

 

 

 

 

 

 

 

 

3 

 

 

 
 

 

LANDBAY INC

CONDENSED UNAUDITED BALANCE SHEETS

AS OF SEPTEMBER 30, 2020 AND MARCH 31, 2020

 

 

 

   September 30,  March 31,
   2020  2020
ASSETS          
CURRENT ASSETS          
Cash  $16,707   $17,127 
Short-term investments   —      1,491 
Inventory   145,209    146,993 
Notes receivable, net   53,535    70,000 
Prepaid expense   3,500    —   
Total Current Assets   218,951    235,611 
           
NONCURRENT ASSET          
Property and equipment, net   6,087    11,189 
TOTAL ASSETS  $225,038   $246,800 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Shareholder loans  $57,100   $40,000 
Other tax payable   2,232    1,915 
Total Current Liabilities   59,332    41,915 
TOTAL LIABILITIES  59,332   41,915 
           
STOCKHOLDERS’ EQUITY:          
Common stock ($0.001 par value, 30,000,000 shares authorized, 30,000,000 shares issued and outstanding as of September 30, 2020 and March 31, 2020)   30,000    30,000 
Additional Paid in Capital   325,659    325,659 
Accumulated Deficit   (189,953)   (150,774)
Total Stockholders’ Equity   165,706    204,885 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $225,038   $246,800 

 

 

 

The accompanying notes are part of these condensed unaudited financial statements

 

4 

 

 

 
 

 

LANDBAY INC

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

 

  

For the three months ended

 

 

For the six months ended

 

   September 30,
2020
  September 30,
2019
  September 30,
2020
  September 30,
2019
             
Revenues:                    
   Revenue-sales  $3,083   $2,519   $3,083   $2,519 
   Revenue-service   —      26,603    —      26,603 
Total revenue   3,083    29,122    3,083    29,122 
   Cost of goods sold   1,784    1,561    1,784    1,561 
Gross Profit   1,299    27,561    1,299    27,561 
                     
Operating Expenses                    
                     
General and Administrative expenses   14,014    8,411    42,922    15,976 
                     
Total Operating Expenses   14,014    8,411    42,922    15,976 
                     
Other income(expense)                    
   Loss from commodity trading   —      (2,946)   (1,090)   (2,667)
   Interest and dividends   882    1    3,534    2 
 Total other income (expense), net   882    (2,945)   2,444    (2,665)
                     
 Net (loss) income  $(11,833)  $16,205   $(39,179)  $8,921 
                     
Earnings (loss) per share, basic and diluted  $(0.00)  $0.00  $(0.00)  $0.00
                     
Weighted average number of  shares outstanding, basic and diluted   30,000,000    14,113,672    30,000,000    11,876,161 

 

 

The accompanying notes are part of these condensed unaudited financial statements

 

5 

 

 

 
 

 

LANDBAY INC   
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED)   
FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019   
   Common Shares  Common Stock Amount  Additional Paid-in Capital  Accumulated Deficit  Treasury stocks  Total
Balances, March 31, 2020   30,000,000   $30,000   $325,659   $(150,774)  $—     $204,885 
Net loss   —      —      —      (27,346)   —      (27,346)
Balances, June 30, 2020   30,000,000    30,000    325,659    (178,120)   —      177,539 
Net loss   —      —      —      (11,833)   —      (11,833)
Balances, September 30, 2020   30,000,000   $30,000   $325,659   $(189,953)  $—     $165,706 
                               
    Common Shares    Common Stock Amount    Additional Paid-in Capital    Accumulated Deficit    Treasury stocks    Total 
Balances, March 31, 2019   9,990,000   $9,990   $145,938   $(108,057)  $(351)  $47,520 
Net loss   —       —      —      (7,284)   —      (7,284)
Balances, June 30, 2019   9,990,000    9,990    145,938    (115,341)   (351)   40,236 
Shares issued for cash   5,010,000    5,010    48,253    —      351    53,614 
Share issued for inventory and fixed asset   15,000,000    15,000    131,468    —      —      146,468 
Net loss   —      —      —      16,205    —      16,205 
Balances, September 30, 2019   30,000,000   $30,000   $325,659   $(99,136)  $—     $256,523 
                               

 

The accompanying notes are part of these condensed unaudited financial statements 

 

6

 

 

 
 

 

LANDBAY INC

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

 

   For the six months ended September 30, 2020 

For the six months ended September 30, 2019

(Restated)

CASH FLOWS FROM OPERATING ACTIVITIES          
Net (loss) income  $(39,179)  $8,921 
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation expense   5,102    —   
Fair value change of short-term investments   221    —   
Increase (decrease) in assets and liabilities:          
Notes receivables   (3,535)   —   
Inventory   1,784    1,561 
Prepaid expense   (3,500)   —   
Other tax payable   317    (11,959)
Account receivable   —      (29,391)
Net cash used in operating activities   (38,790)   (30,868)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Short-term investments   1,270    13,445 
Notes receivable   20,000    27,244 
Net cash provided by investing activities   21,270    40,689 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds of loan from shareholder   17,100    —   
Proceeds from share issuance   —      53,614 
Net cash provided by financing activities   17,100    53,614 
           
Net increase (decrease)  in Cash   (420)   63,435 
Cash at beginning of period:   17,127    6,085*
Cash at end of period:  $16,707   $69,520 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Interest paid  $—     $—   
Income taxes paid  $—     $—   
 NON-CASH TRANSACTIONS          
Shares issued for inventory and fixed asset  $—     $146,468 

 

* The balance is different with the amount in audited financial statement as of March 31, 2019 due to the restatement.

 

The accompanying notes are part of these condensed unaudited financial statements

 

7

 

 

 
 

Landbay Inc

Notes to the condensed unaudited financial statements

 

NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354.

 

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

 

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

 

The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the near future.

 

Basis of Preparation

 

The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

 

Significant Accounting Policies

 

For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 -- Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. During the six months ended September 30, 2020, there were no significant changes made to the Company’s significant accounting policies.

 

A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impacted by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the six months ended on September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.

 

Error correction

 

The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the three months ended June 30, 2020 and six months ended September 30, 2020 increased by $2,358.

 

Going Concern Assessment

 

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

 

 

8

  

 

 
 

 

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

 

The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account, inventory write-down, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.

 

Reclassifications

 

Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented.

 

NOTE 2. RELATED PARTY TRANSACTIONS

 

The Company has been provided office space by its president at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements. 

 

On December 13, 2019, the Company borrowed $40,000 from shareholder, Northern Ifurniture Inc, bearing no interest and due on demand. During the six months ended September 30, 2020, the Company borrowed additional loan from Northern Ifurniture Inc, in the amount of $17,100. As of September 30, 2020, the balance of shareholder loans was in the amount of $57,100, bearing no interest and due on demand.

 

NOTE 3. NOTE RECEIVABLE

 

As of March 31, 2020, there is $70,000 loan outstanding from Dazhong 368 Inc which is due on December 13, 2020. On June 26, 2020, Dazhong 368 Inc repaid note receivable in the amount of $20,000 to the Company. As of September 30, 2020, the outstanding loan Dazhong 368 Inc. was in the amount of $53,535, including $3,535 accrued interest.

 

NOTE 4 – RISKS AND UNCERTAINTIES

 

Concentration of Credit Risks

 

Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of notes receivable. As of September 30, 2020 and March 31, 2020, the Company’s balance of notes receivable were $53,534, including $3,534 accrued interests, and $70,000 from Dazhong 368 Inc, respectively.

 

9

  

 

 
 

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

This Quarterly Report on Form 10-Q contains forward-looking statements, particularly those identified with the words, “anticipates,” “believes,” “expects,” “plans,” “intends,” “objectives,” and similar expressions. These statements reflect management's best judgment based on factors known at the time of such statements. The reader may find discussions containing such forward-looking statements in the material set forth under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” generally, and specifically therein under the captions “Liquidity and Capital Resources” as well as elsewhere in this Quarterly Report on Form 10-Q. Actual events or results may differ materially from those discussed herein. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guarantee, or warranty is to be inferred from those forward-looking statements. The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements

 

Overview

 

Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York, 11354. Tel: 917-232-5799.

 

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

 

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

 

The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the year of 2020.

 

Results of Operation for the three months ended September 30, 2020 and 2019

 

During the three months ended September 30, 2020 and 2019, the Company generated revenue in the amount of $3,083 and $29,122, respectively. The decrease in revenue was due to the impact of COVID-19. During the three months ended September 30, 2020 and 2019, the Company incurred operating expenses of $14,015 and $8,411, respectively. The increase was due to the increase in professional fee. For the three month September 30, 2020 and 2019, our net income (loss) was $(11,834) and $16,205, respectively. The increase in net loss was mainly due to the decrease in revenue for the three month ended September 30, 2020.

Error correction

The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in current period by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the three months ended June 30, 2020 and six months ended September 30, 2020 increased by $2,358.

Results of Operation for the six months ended September 30, 2020 and 2019

During the six months ended September 30, 2020 and 2019, the Company generated revenue in the amount of $3,083 and $29,122, respectively. The decrease in revenue was due to the impact of COVID-19. During the six months ended September 30, 2020 and 2019, the Company incurred operating expenses of $42,923 and $15,975, respectively. The increase was due to the increase in professional fee. For the six month September 30, 2020 and 2019, our net income (loss) was $(39,180) and $8,921, respectively. The increase in net loss was mainly due to the decrease in revenue and increase in operating expenses for the six month ended September 30, 2020. 

10

 

 

 
 

Equity and Capital Resources

 

As of September 30, 2020 and March 31, 2020, we had an accumulated deficit of $189,954 and $150,774, respectively. As of September 30, 2020, we had cash of $16,707 and working capital of $159,619. As of March 31, 2020, we had cash of $17,127 and a working capital of $193,696. The decrease in the working capital was primarily due to the cash paid for operating expense.

 

Going Concern Assessment

 

The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

 

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and the President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

  

The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

 

Critical Accounting Policies

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. 

  

For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 -- Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable financial information about our operating results and financial condition.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “small reporting company” we are not required to provide this information under this item pursuant to Regulation S-K.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report on Form 10-Q, our President (principal executive officer) and our Chief Financial Officer performed an evaluation of the effectiveness of and the operation of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. Based on that evaluation, our President and Chief Financial Officer each concluded that as of the end of the period covered by this report on Form 10-Q, our disclosure controls and procedures were not effective in timely alerting them to material information relating to Landbay Inc required to be included in our Exchange Act filings.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred during the quarter ended September 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

11

 

 
 

 

  

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide this information under this item pursuant to Regulation S-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

It isn't applicable.

Item 5. Other Information

None 

Item 6. Exhibits

 

Exhibit

Number

  Description of Exhibit
31.1*   Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
   
31.2*   Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
   
32.1*   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

12

 

 
 

 

 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 
LANDBAY INC
 
   
Date: October 26, 2020 /s/ Xiaowei Jin
  Xiaowei Jin, President
  (Principal Executive Officer)

 

Date: October 26, 2020 /s/ Xiaowei Jin
  Xiaowei Jin, Chief Financial Officer
  (Principal Financial and Accounting Officer)