10-Q

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 December 31, 2021

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 333-152242

YINFU GOLD CORPORATION

(Exact name of registrant as specified in its charter)

Wyoming	20-8531222
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

Suite 2313, Dongfang Science and Technology Mansion, Nanshan District, Shenzhen, China 518000

(Address of principal executive offices)

(86)755-8316-0998

(Registrant’s telephone number, including area code)

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 past 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).Yes ☒     No ☐

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	ELRE	OTCQB

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of February 15, 2022, the Company had 9,917,592 shares of common stock outstanding.

YINFU GOLD CORPORATION

Quarterly Report on Form 10-Q

For the Period Ended December 31, 2021

FORWARD-LOOKING STATEMENTS

This Form 10-Q for the period ended December 31, 2021 contains forward-looking statements that involve risks and uncertainties. Forward-looking statements in this document include, among others, statements regarding our capital needs, business plans and expectations. Such forward-looking statements involve assumptions, risks and uncertainties regarding, among others, the success of our business plan, availability of funds, government regulations, operating costs, our ability to achieve significant revenues, our business model and products and other factors. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. In evaluating these statements, you should consider various factors, including the assumptions, risks and uncertainties set forth in reports and other documents we have filed with or furnished to the SEC. These factors or any of them may cause our actual results to differ materially from any forward-looking statement made in this document. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events, our actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. The forward-looking statements in this document are made as of the date of this document and we do not intend or undertake to update any of the forward-looking statements to conform these statements to actual results, except as required by applicable law, including the securities laws of the United States.

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TABLE OF CONTENT

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19
Item 4.	Controls and Procedures	19
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	21
Index to Exhibits		21
SIGNATURES		22

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

YINFU GOLD CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 31,			March 31,
	2021			2021
ASSETS
Current Assets
Cash and cash equivalents	$	689		$	300
Other receivables		5,248			1,695
Total current Assets		5,937			1,995
Non-current assets
Operating lease right of use asset, net		25,716			79,635
Total non-current assets		25,716			79,635
Total Assets		31,653			81,630
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities		89,973			99,692
Other payables		78,833			87,672
Short-term loan – related party		201,779			171,666
Operating lease liabilities - current		45,194			98,526
Due to related party		1,938,935			1,567,380
Total Current Liabilities		2,354,714			2,024,936
Non-current liabilities
Operating lease liabilities - noncurrent		-			-
Total Non-current Liabilities		-			-
Total Liabilities		2,354,714			2,024,936
Stockholders' Deficit
Common stock, ($0.001 par value, 3,000,000,000 shares authorized, 9,917,592 shares issued and outstanding as of December 31, 2021 and March 31, 2021)		9,918			9,918
Accumulated deficit		(2,282,634	)		(1,928,249	)
Accumulated other comprehensive loss		(50,345	)		(24,975	)
Total Stockholders' Deficit		(2,323,061	)		(1,943,306	)
Total Liabilities and Stockholders' Deficit	$	31,653		$	81,630

See Notes to the Condensed Consolidated Financial Statements.

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YINFU GOLD CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For Three Months Ended December 31,						For Nine Months Ended December 31,
	2021			2020			2021			2020
REVENUE	$	-			-		$	-			-
OPERATING EXPENSES:
General and administrative		105,631			(5,814	)		312,311			109,729
Professional fees		12,830			54,699			41,824			60,699
Total operating expenses		118,461			48,885			354,135			170,428
Net loss from operations		(118,461	)		(48,885	)		(354,135	)		(170,428	)
Other Income and (Expense)
Other income (expense)		-			-			(250	)		-
Total other income(loss)		-			-			(250	)		-
Net income (loss) before income taxes		(118,461	)		(48,885	)		(354,385	)		(170,428	)
Provision for income taxes		-			-			-			-
Net loss		(118,461	)		(48,885	)		(354,385	)		(170,428	)
Comprehensive income
Other comprehensive loss		(14,673	)		(29,571	)		(25,370	)		(57,906	)
Total comprehensive loss		(133,134	)		(78,456	)		(379,755	)		(228,334	)
Basic and diluted loss per common share		(0.01	)		(0.00	)		(0.04	)		(0.02	)
Weighted average number of common shares outstanding - basic and diluted		9,917,592			9,917,592			9,917,592			9,917,592

See Notes to the Condensed Consolidated Financial Statements.

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YINFU GOLD CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY

(Unaudited)

	Common Stock							Accumulated other
	Number of shares		Par value		Accumulated Deficit			comprehensive loss			Total
For the nine months ended December 31, 2020
Balance as of March 31,2020		9,917,592	$	9,918	$	(1,641,935	)	$	29,234		$	(1,602,783	)
Net loss						(121,543	)					(121,543	)
Foreign currency translation adjustment									(28,335	)		(28,335	)
Balance as of September 30, 2020		9,917,592		9,918		(1,763,478	)		899			(1,752,661	)
Net loss						(48,885	)					(48,885	)
Foreign currency translation adjustment									(29,571	)		(29,571	)
Balance as of December 31,2020		9,917,592		9,918		(1,812,363	)		(28,672	)		(1,831,117	)
For the nine months ended December 31, 2021
Balance as of March 31,2021		9,917,592		9,918		(1,928,249	)		(24,975	)		(1,943,306	)
Net loss						(235,924	)					(235,924	)
Foreign currency translation adjustment									(10,697	)		(10,697	)
Balance as of September 30,2021		9,917,592	$	9,918	$	(2,164,173	)	$	(35,672	)	$	(2,189,927	)
Net loss						(118,461	)					(118,461	)
Foreign currency translation adjustment									(14,673	)		(14,673	)
Balance as of December 31,2021		9,917,592		9,918		(2,282,634	)		(50,345	)		(2,323,061	)

See Notes to the Condensed Consolidated Financial Statements.

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YINFU GOLD CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For Nine Months Ended December 31,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		(354,385	)		(170,428	)
Amortization of right-of-use asset		56,262			-
Changes in assets and liabilities:
Other receivables		(3,491	)		244
Accounts payable and accrued liabilities		(9,721	)		(14,596	)
Operating lease liability		(56,262	)		-
Wages payable to related party		180,000			-
Other payable		50,185			-
Net cash used in operating activities	$	(137,412	)	$	(184,780	)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	$	-		$	-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loan – related parties		26,215			-
Net advances from related parties		111,493			184,439
Net cash provided by financing activities	$	137,708		$	184,439
Effect on changes in foreign exchange rate		93			32
Net increase in cash and cash equivalents		389			(309	)
Cash and cash equivalents, beginning of period		300			775
Cash and cash equivalents, end of period	$	689		$	466
		-			-
Non-cash investing and financing activities:
Recognized ROU assets through lease liabilities		56,262			27,865
Supplemental cash flow information
Cash paid for interest	$			$
Cash paid for income taxes	$			$

See Notes to the Consolidated Financial Statements.

7

YINFU GOLD CORPORATION

 Notes to the Condensed Consolidated Interim Financial Statements

 December 31, 2021

 (Unaudited)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Yinfu Gold Corporation (the “Company”) is a Wyoming corporation incorporated on September 1, 2005 under the name Ace Lock and Security, Inc. with a fiscal year end of March 31. On March 5, 2007, the Company filed a Certificate of Amendment with the Wyoming Secretary of State to change the name to Element92 Resources Corp. and increased the authorized capital to 1,000,000,000 common shares. On August 16, 2010 the Company filed an amendment with the State of Wyoming changing its name from Element92 resources Corp. to Yinfu Gold Corporation and on November 18, 2010, the Company received a notification from the Financial Industry Regulatory Authority (“FINRA”) that the Company’s change of name to Yinfu Gold Corporation was posted as effective with FINRA. The Company was established as an exploration stage company engaged in the search for commercially viable minerals.

The Company no longer pursues opportunities related to the exploration of minerals. The name changed signified that the Company has commenced working toward a major change in our business plan and business model.

Effective November 20, 2014, the Company executed a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares and assets of China Enterprise Overseas Investment & Finance Group Limited (“CEI”), a British Virgin Islands corporation. Pursuant to the Agreement, the Company has agreed to issue 800 million restricted common shares of the Company to the owners of CEI.

Pursuant to the Agreement, on or before January 1, 2015, CEI was to deliver to the Company, duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of CEI and its assets, specifically detailing the assets and an asset valuation by a third-party valuator. The valuation report was received by the Company on January 28, 2015.

Additionally, the Agreement stated that both parties agreed that all shares issued, pursuant to the terms and conditions of the agreement, were to be issued as soon as practicable following the signing of the agreement, but all shares so issued were to be held in escrow until all terms and conditions are met.

The various terms and conditions of the Agreement were fulfilled on January 28, 2015, therefore, the share certificates representing the shares have been issued in the names of the CEI shareholders and the Agreement between the Company and CEI was closed on January 28, 2015.

On April 11, 2017, the Company acquired Yinfu Gold International Holdings Limited (“HK”), a company incorporated in Hong Kong, and HK’s subsidiary, Yinfu International Holdings Limited (“WOFE”), a wholly owned foreign enterprise incorporated in the People’s Republic of China. The acquired entities are owned by the Company’s management; therefore, the transaction has been accounted for as a business combination under common control in accordance to ASC-805-30-5, in which the assets and liabilities of HK and WOFE have been presented at their carrying values at the date of the transaction.

During the year ended March 31, 2018, we disposed the discontinued business, Element Resources International Limited. No gain or loss was recognized as a result of the disposal.

The accompanying comparative financial statements have been retroactively restated to combine the financial data of previously separate entities with those of the Company.

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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for (a) the financial position, (b) the result of operations, and (c) cash flows have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended March 31, 2021. The condensed consolidated financial information as of March 31, 2021 has been derived from audited consolidated financial statements not included herein. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Interim Financial Information

The unaudited financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

These financial statements should be read in conjunction with the audited financial statements as of and for the year ended March 31, 2021, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended March 31, 2021.

Principles of Consolidation

The accompanying consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation.

Name of Subsidiary	State or Jurisdiction of Organization of Entity	Attributable equity interest
Yinfu Group Overseas Investment & Finance Limited (“BVI”)	British Virgin Island		100	%
Yinfu Group International Holdings Limited (“HK”)	Hong Kong		100	%
Yinfu International Holdings Limited (“WOFE”)	Shenzhen, People Republic of China		100	%
Yinfu International Holdings Limited Huizhou Branch (“WOFE”)	Huizhou, People Republic of China		100	%

Yinfu Group Overseas Investment & Finance Limited is a holding entity established in BVI that did not have any activities or operations since inception.

On June 25, 2019, the management decided to abandon the BVI entity and transfer its subsidiaries Yinfu Group International Holdings Limited and Yinfu International Holdings Limited (“WOFE”) to Yinfu Gold Corp.

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 estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

9

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.

Foreign Currency Translation and Re-measurement

In accordance with ASC 830, “Foreign Currency Matters”, the Company’s foreign operations whose functional currency is not the U.S. dollar, the assets and liabilities are translated into U.S. dollars at current exchange rates. Resulting translation adjustments are reflected as other comprehensive income (loss) in stockholders’ equity. Revenue and expenses are translated at average exchange rates for the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are charged to operations as incurred. The Company had foreign currency translations loss of $25,370 and $57,906 for the nine months ended December 31, 2021 and 2020 respectively.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents as well as related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposure is limited.

Financial Instruments

The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2021. The carrying values of our financial instruments, including, cash and cash equivalents; accounts payable and accrued expenses; and loans and notes payable approximate their fair values due to the short-term maturities of these financial instruments.

Business Combinations

In accordance with ASC 805-10, “Business Combinations”, the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company’s results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets.

Income Taxes, Deferred Income Taxes and Valuation Allowance

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, where deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at December 31, 2021 and March 31, 2021.

Net Income (Loss) Per Share of Common Stock

The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.

The following table sets forth the computation of basic earnings (loss) per share, for the nine months ended December 31, 2021 and 2020:

	Nine Months Ended December 31,
	2021			2020
Net loss	$	(354,385	)	$	(170,428	)
Weighted average common shares outstanding (basic and diluted)		9,917,592			9,917,592
Net loss per common share, basic and diluted	$	(0.04	)	$	(0.02	)

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Commitments and Contingencies

The Company follows ASC 450-20, “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, as well as other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, 2021 and March 31, 2021.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Advertising Costs

The Company follows ASC 720, “Advertising Costs,” and expenses costs as incurred. No advertising costs were incurred for the nine months ended December 31, 2021 and 2020 respectively.

Related Parties

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 7.

Revenue Recognition

The Company adopted ASU 2014-09, Topic 606 on April 1, 2018, using the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The adoption of Topic 606 has no impact on the Company’s financials as the Company has not generated any revenues.

Recent Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements of fair value measurements. The Company adopted ASU 2018-13 effective January 1, 2020, and it did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. .The Company adopted ASU 2019-12 effective January 1, 2021, and it did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies an issuer’s accounting for certain convertible instruments and the application of derivatives scope exception for contracts in an entity’s own equity. This guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The new guidance is required to be applied either retrospectively to financial instruments outstanding as of the beginning of the first comparable reporting period for each prior reporting period presented or retrospectively with the cumulative effect of the change to be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. This guidance is effective for the Company for the year ending March 31, 2023 and interim reporting periods during the year ending March 31, 2023. Early adoption is permitted. The Company is evaluating the effects, if any, of the adoption of this guidance on the financial position, results of operations and cash flows. 

No other new accounting pronouncement issued or effective recently had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

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NOTE 3 - GOING CONCERN

The Company’s financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established an on-going source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. As of December 31, 2021, the Company had an accumulated deficit of $2,282,634, and net loss of $354,385 and net cash used in operations of $137,412 for the nine months ended December 31, 2021. Losses have principally occurred as a result of the substantial resources required for the operating of the two new wholly owned subsidiaries. These factors raise substantial doubt about its ability to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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NOTE 4-STOCKHOLDERS’EQUITY (DEFICIT)

Common Stock

The Company is authorized to issue 3,000,000,000 shares of common stock.

As of December 31, 2021 and March 31,2021, the Company has 9,917,592 shares of common stock issued and outstanding.

On November 16, 2021, the Company’s board of directors and stockholders authorized a reverse stock split of its issued and outstanding stock at a ratio 1-for-5. The transaction is not yet completed and the number of shares and price per share in the financial statements have not been adjusted to reflect this reverse stock split.

NOTE 5 – SHORT-TERM LOAN – RELARED PARTIES

Short-term loan of $175,501 consists of two notes from Ms. Wu Fengqun, 8.95% shareholder of the Company, in the amount of $131,339 (RMB834,673), annual fixed interest of $100, maturity date of April 11, 2020; and in the amount of $44,162 (HKD344,345), annual fixed interest of $50, maturity date of April 11, 2020. These two notes were extended to mature on March 31, 2022 without interest.

Short-term loan of $26,278 (RMB167,000) consists of a loan from Mr. Huang Jing, 8.68% shareholder of the Company. The loan matures on December 27, 2022 without interest.

As of December 31, 2021 and March 31, 2021, short-term loan – related parties outstanding was $201,779 and $171,666 respectively.

NOTE 6 – LEASES

The Company has a lease agreement for its office space. The current lease agreement was signed to cover the lease for the period from May 1, 2020 to April 30, 2022.

The Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for this lease based primarily on its lease term in PRC which is approximately 4.75%.

The Company has elected to not recognized lease assets and liabilities for lease with a term less than twelve months.

Operating lease expenses were $58,295 and $54,066 for the nine months ended December 31, 2021 and 2020, respectively.

The undiscounted future minimum lease payment schedule as follows:

For the years ended March 31,	Amount
2022 (three months from December 31, 2021 to March 31, 2022)		19,432
2023 (twelve months from April1, 2022 to March 31, 2023)		6,477
2024 (twelve months from April1, 2023 to March 31, 2024)		-
Thereafter		-
Total	$	25,909

14

NOTE 7 - RELATED PARTY TRANSACTIONS

During the nine months ended December 31, 2021, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $129,122 for operating expenses, received $17,629 from the Company as repayments. These advances are due on demand, non-interest bearing, and unsecured unless further disclosed.

During the nine months ended December 31, 2020, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $295,066 for operating expenses, received $76,235 from the Company as repayments.

Mr. Jiang, Libin is entitled to monthly salary of $20,000 starting January 2021. As of December, 31, 2021 and March 31,2021, the accrued salary payable was $240,000 and $60,000 respectively.

On December 18, 2019, the Company signed a Letter of intent for Equity Acquisition (the “LOI Agreement”) as part of a joint venture plan between the Company and Ji’an Chengpin Mining Co., Ltd, a third-party company. The Company received $152,437 from the acquiree as earnest money deposit to secure the transfer of Mr. Jiang Libin’ shares as part of the LOI Agreement. On July 24, 2020, the LOI Agreement was terminated by all parties and the earnest money deposit of $152,437 was not required to be returned to the acquiree according pursuant to the Termination Agreement. As a result, the earnest money deposit was reclassified as amount payable to Mr. Jiang. The amounts are due on demand, non-interest bearing, and unsecured.

As of December 31, 2021 and March 31, 2021, the Company owed $1,451,577 and $1,080,022 to Mr. Jiang, Libin respectively.

As of December 31, 2021 and March 31, 2021, the Company owed $487,358 and $487,358 to Mr. Tsap, respectively. The amounts are due on demand, non-interest bearing, and unsecured.

NOTE 8 - CONTINGENCIES & UNCERTAINTIES

Contingencies

On June 25, 2019, the management decided to abandon the Company’s subsidiary Yinfu Group Overseas Investment & Finance Limited (“Yinfu BVI”) that has been administratively struck off by the BVI registrar for non-payment of fees. Yinfu BVI is a holding entity established in BVI that did not have any activities or operations since inception. Yinfu BVI being a struck off company continues to have legal status. As such, it may incur additional liabilities (including fees and late payment penalties which would need be to repaid in order to restore the company); it may potentially be the subject of a creditor’s claim or judgement; and its members, directors, officers and agents remains responsible for any liabilities that existed before it was struck off. If the indicated events were to occur it may have negative effects on the Company’s operation

NOTE 9 - SUBSEQUENT EVENTS

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. Based on this evaluation, the Company concluded that , there was no subsequent event that would require disclosure to or adjustment to the financial statements..

15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words “expects”, “anticipates”, “intends”, “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the sections “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. You should carefully review other documents we file from time to time with the Securities and Exchange Commission (“SEC”). You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

All references in this Form 10-Q to the “Company”, “Yinfu”, “we”, “us” or “our” are to Yinfu Gold Corporation.

Our unaudited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Overview

Yinfu Gold Corporation (the “Company”) is a Wyoming corporation incorporated on September 1, 2005, under the name Ace Lock & Security, Inc. Our name was changed to Yinfu Gold Corporation as of November 18, 2010.We are working to enter into new-emerging application industries of Internet Technology, Artificial Intelligence (AI) and the Internet of Things (IOT).

We have had limited operations and based upon our reliance on the sale of our common stock and the advances from our president, there are no assurances of any future source of funds for our operations.

Plan of Operation

We devote substantial efforts to enter into new-emerging application industries of Internet Technology, Artificial Intelligence (AI) and the Internet of Things (IOT). However, our planned principal operations have not yet commenced.

16

Need for Additional Capital

The Company has not generated any revenues from operations, and may be unable to fund on-going activities. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in developing our own hardware and software, and the possibility of new regulations that will make our company difficult or impossible to operate.

If we are unable to meet our needs for cash from either our operations, or possible alternative sources, then we may be unable to continue, develop, or expand our operations.

If we are unable to complete any phase of our development program or fail to raise additional capital to maintain our operations in the future, we may be unable to carry out our full business plan or we may be forced to cease operations.

Results of Operations

Three Months Ended December 31, 2021 and 2020

	Three Months Ended December 31, 2021			Three Months Ended December 31, 2020			Fluctuation			%
Revenue	$	-		$	-
Operating Expenses:
General and administrative		105,631			(5,814	)		111,445			(19	%)
Professional fees		12,830			54,699			(41,869	)		77	%
Total Operating Expenses		118,461			48,885			69,576			142	%
Loss from Operations	$	(118,461	)	$	(48,885	)		69,576			142	%

Revenues

The Company has generated no revenues during the three months ended December 31, 2021 and 2020.

Operating expenses

For the three months ended December 31, 2021, total operating expenses were $118,461, which consisted general and administrative fees and professional fees. For the three months ended December 31, 2020, total operating expenses were $48,885, which consisted general and administrative fees and professional fees. The increase in operating expense was mainly due to the increase in both general and administrative expense and professional fees which mainly resulted from the additional $60,000 salary to Mr. Libin Jiang for the three months ended December 31, 2021.

Nine Months Ended December 31, 2021 and 2020

	Nine Months Ended December 31, 2021			Nine Months Ended December 31, 2020			Fluctuation			%
Revenue	$	-		$	-
Operating Expenses:
General and administrative		312,311			109,729			202,582			185	%
Professional fees		41,824			60,699			(18,875	)		(31	%)
Total Operating Expenses		354,135			170,428			183,707			108	%
Loss from Operations	$	(354,135	)	$	(170,428	)		(183,707	)		108	%

We have generated no revenues and have incurred $354,135 in expenses through the nine months ended December 31, 2021.

Revenues

The Company has generated no revenues during the nine months ended December 31, 2021 and 2020.

Operating expenses

For the nine months ended December 31, 2021, total operating expenses were $354,135, which consisted general and administrative fees and professional fees. For the nine months ended December 31, 2020, total operating expenses were $170,428, which consisted general and administrative fees and professional fees. The increase in operating expense was mainly due to the increase in both general and administrative expense and professional fees which mainly resulted from the additional $180,000 salary to Mr. Libin Jiang for the nine months ended December 31, 2021.

The following table provides selected financial data about our company as of December 31, 2021 and March 31, 2021.

	December 31, 2021			March 31, 2021
Cash	$	689		$	300
Total Assets	$	31,653		$	81,630
Total Liabilities	$	2,354,714		$	2,024,936
Stockholders’ Equity (Deficit)	$	(2,323,061	)	$	(1,943,306	)

As of December 31, 2021, the Company’s cash balance was $689 compared to $300 as of March 31, 2021, and our total assets as of December 31, 2021, were $31,653 compared with $81,630 as of March 31, 2021. The increase in cash was immaterial and decrease in total assets was mainly due to the decrease in operating lease right of use asset, net.

17

As of December 31, 2021, the Company had total liabilities of $2,354,714 compared with total liabilities of $2,024,936 as of March 31, 2021. The increase in total liabilities was primarily attributed to the increase of advance from the President for operating expenses.

Liquidity and Capital Resources

Working Capital

	As of December 31, 2021			As of March 31, 2021
Current Assets	$	5,937		$	1,995
Current Liabilities	$	2,354,714		$	2,024,936
Working Capital Deficiency	$	(2,348,777	)	$	(2,022,941	)

As of December 31, 2021, the Company had a working capital deficiency of $2,348,777 compared with working capital deficiency of $2,022,941 as of March 31, 2021. The slight increase in working capital deficiency was primarily attributed to the increase in current liabilities due to the increase of advance from the President and one individual creditor for operating expenses.

Cash Flows

	Nine Months Ended December 31, 2021			Nine Months Ended December 31, 2020
Cash Flows Used in Operating Activities	$	(137,412	)	$	(184,780	)
Cash Flows Provided by Investing Activities	$	-		$	-
Cash Flows Provided by Financing Activities	$	137,708		$	184,439
Effects on change in foreign exchange rate	$	93		$	32
Net increase (decrease) in Cash During Period	$	389		$	(309	)

Cash Flows Used in Operating Activities

During the nine months ended December 31, 2021, the Company had $137,412 in cash used in operating activities, which was mainly attributed from loss from operations of $354,385 and offset by the increase in salary payable to related party of $180,000.

During the nine months ended December 31, 2020, the Company had $184,780 in cash used in operating activities, which was attributed from loss from operations of $170,428 and decrease in accounts payable and accrued liabilities of $14,596 and decrease in other receivable of $244.

Cash Flows Provided by Investing Activities

During the nine months ended December 31, 2021 and 2020, the Company used no cash in investing activities.

Cash Flows Provided by Financing Activities

During the nine months ended December 31, 2021, the President and one individual creditor have advanced the Company $111,493 and $26,215 respectively, for operating expenses.

During the nine months ended December 31, 2020, the President has advanced the Company $184,439 for operating expenses.

Off-Balance Sheet Arrangements

We do not have any 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 investors.

18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Management’s Report on Disclosure Controls and Procedures

As of December 31, 2021, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by two individuals without adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officer in connection with their review of our financial statements as of December 31, 2021.

Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors’ results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the nine months ended December 31, 2021, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

19

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not presently a party to any legal proceedings and, to our knowledge, no such proceedings are threatened or pending.

However, we noted the following risks arising recently:

· Substantial uncertainties exist with respect to the interpretation and implementation of PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.

The PRC government will establish a foreign investment information reporting system, according to which foreign investors or foreign-invested enterprises shall submit investment information to the competent department for commerce concerned through the enterprise registration system and the enterprise credit information publicity system, and a security review system under which the security review shall be conducted for foreign investment affecting or likely affecting the state security.

Furthermore, the Foreign Investment Law provides that foreign invested enterprises established according to the existing laws regulating foreign investment may maintain their structure and corporate governance within five years after the implementing of the Foreign Investment Law.

In addition, the Foreign Investment Law also provides several protective rules and principles for foreign investors and their investments in the PRC, including, among others, that a foreign investor may freely transfer into or out of China, in Renminbi or a foreign currency, its contributions, profits, capital gains, income from disposition of assets, royalties of intellectual property rights, indemnity or compensation lawfully acquired, and income from liquidation, among others, within China; local governments shall abide by their commitments to the foreign investors; governments at all levels and their departments shall enact local normative documents concerning foreign investment in compliance with laws and regulations and shall not impair legitimate rights and interests, impose additional obligations onto FIEs, set market access restrictions and exit conditions, or intervene with the normal production and operation activities of FIEs; except for special circumstances, in which case statutory procedures shall be followed and fair and reasonable compensation shall be made in a timely manner, expropriation or requisition of the investment of foreign investors is prohibited; and mandatory technology transfer is prohibited.

● The Chinese government exerts substantial influence over the manner in which we must conduct our business activities. We are currently not required to obtain approval from Chinese authorities to list on U.S exchanges, however, if our VIE or the holding company were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing on U.S. exchange, which would materially affect the interest of the investors.

The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves of any interest we then hold in Chinese properties.

For example, the Chinese cybersecurity regulator announced on July 2 that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company’s app be removed from smartphone app stores.

As such, the Company’s business segments may be subject to various government and regulatory interference in the provinces in which they operate. The Company could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. The Company may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.

Furthermore, it is uncertain when and whether the Company will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded. Although the Company is currently not required to obtain permission from any of the PRC federal or local government to obtain such permission and has not received any denial to list on the U.S. exchange, our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry.

Item 1A. Risk Factors.

Not applicable.

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

No stock was sold during the nine months ended December 31, 2021.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

20

Item 6. Exhibits.

Index to Exhibits

31.1	Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2	Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1	Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
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.

21

SIGNATURES

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

	Yinfu Gold Corporation
	(Registrant)
Dated: February 15, 2022		/s/ Jiang, Libin
		Jiang, Libin
		Chief Executive Officer

22

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Jiang, Libin, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Yinfu Gold Corporation
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 15, 2022	By:	/s/ Jiang, Libin
		Jiang, Libin
		Chief Executive Officer Principal Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Jiang, Libin, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Yinfu Gold Corporation.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 15, 2022	By:	/s/ Jiang, Libin
		Jiang, Libin
		Chief Financial Officer Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jiang, Libin, certify, as of the dates hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Yinfu Gold Corporation, on Form 10-Q for the nine months ended December 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Yinfu Gold Corporation at the dates and for the periods indicated.

Date: February 15, 2022	By:	/s/ Jiang, Libin
		Jiang, Libin
		Chief Executive Officer

I, Jiang, Libin, certify, as of the dates hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Yinfu Gold Corporation, on Form 10-Q for the nine months ended December 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Yinfu Gold Corporation at the dates and for the periods indicated.

Date:  February 15, 2022	By:	/s/ Jiang, Libin
		Jiang, Libin
		Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Yinfu Gold Corporation and will be retained by Yinfu Gold Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	9 Months Ended
	Dec. 31, 2021	Feb. 15, 2022
Cover [Abstract]
Entity Registrant Name	YINFU GOLD CORPORATION
Entity Central Index Key	0001438461
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		9,917,592
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-152242
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	20-8531222
Entity Address Address Line 1	Suite 2313
Entity Address Address Line 2	Dongfang Science and Technology Mansion
Entity Address Address Line 3	Nanshan District
Entity Address City Or Town	Shenzhen
Entity Address Country	CN
Entity Address Postal Zip Code	518000
City Area Code	755
Local Phone Number	8316-0998
Security 12b Title	Common stock, par value $0.001 per share
Trading Symbol	ELRE
Entity Interactive Data Current	Yes

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current Assets
Cash and cash equivalents	$ 689	$ 300
Other receivables	5,248	1,695
Total current Assets	5,937	1,995
Non-current assets
Operating lease right of use asset, net	25,716	79,635
Total non-current assets	25,716	79,635
Total Assets	31,653	81,630
Current liabilities
Accounts payable and accrued liabilities	89,973	99,692
Other payables	78,833	87,672
Short-term loan - related party	201,779	171,666
Operating lease liabilities - current	45,194	98,526
Due to related party	1,938,935	1,567,380
Total Current Liabilities	2,354,714	2,024,936
Non-current liabilities
Operating lease liabilities - noncurrent	0	0
Total Non-current Liabilities	0	0
Total Liabilities	2,354,714	2,024,936
Stockholders' Deficit
Common stock, ($0.001 par value, 3,000,000,000 shares authorized, 9,917,592 shares issued and outstanding as of December 31, 2021 and March 31, 2021)	9,918	9,918
Accumulated deficit	(2,282,634)	(1,928,249)
Accumulated other comprehensive loss	(50,345)	(24,975)
Total Stockholders' Deficit	(2,323,061)	(1,943,306)
Total Liabilities and Stockholders' Deficit	$ 31,653	$ 81,630

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2021
Stockholders' Deficit
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	9,917,592	9,917,592
Common stock, shares outstanding	9,917,592	9,917,592

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES:
General and administrative	105,631	(5,814)	312,311	109,729
Professional fees	12,830	54,699	41,824	60,699
Total operating expenses	118,461	48,885	354,135	170,428
Net loss from operations	(118,461)	(48,885)	(354,135)	(170,428)
Other Income and (Expense)
Other income (expense)	0	0	(250)	0
Total other income(loss)	0	0	(250)	0
Net income (loss) before income taxes	(118,461)	(48,885)	(354,385)	(170,428)
Provision for income taxes	0	0	0	0
Net loss	(118,461)	(48,885)	(354,385)	(170,428)
Comprehensive income
Other comprehensive loss	(14,673)	(29,571)	(25,370)	(57,906)
Total comprehensive loss	$ (133,134)	$ (78,456)	$ (379,755)	$ (228,334)
Basic and diluted loss per common share	$ (0.01)	$ (0.00)	$ (0.04)	$ (0.02)
Weighted average number of common shares outstanding - basic and diluted	9,917,592	9,917,592	9,917,592	9,917,592

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Common Stock	Accumulated Deficit	Accumulated other comprehensive loss
Balance, shares at Mar. 31, 2020		9,917,592
Balance, amount at Mar. 31, 2020	$ (1,602,783)	$ 9,918	$ (1,641,935)	$ 29,234
Net loss	(121,543)		(121,543)
Foreign currency translation adjustment	(28,335)			(28,335)
Balance, shares at Sep. 30, 2020		9,917,592
Balance, amount at Sep. 30, 2020	(1,752,661)	$ 9,918	(1,763,478)	899
Balance, shares at Mar. 31, 2020		9,917,592
Balance, amount at Mar. 31, 2020	(1,602,783)	$ 9,918	(1,641,935)	29,234
Net loss	(170,428)
Balance, shares at Dec. 31, 2020		9,917,592
Balance, amount at Dec. 31, 2020	(1,831,117)	$ 9,918	(1,812,363)	(28,672)
Balance, shares at Sep. 30, 2020		9,917,592
Balance, amount at Sep. 30, 2020	(1,752,661)	$ 9,918	(1,763,478)	899
Net loss	(48,885)		(48,885)
Foreign currency translation adjustment	(29,571)			(29,571)
Balance, shares at Dec. 31, 2020		9,917,592
Balance, amount at Dec. 31, 2020	(1,831,117)	$ 9,918	(1,812,363)	(28,672)
Balance, shares at Mar. 31, 2021		9,917,592
Balance, amount at Mar. 31, 2021	(1,943,306)	$ 9,918	(1,928,249)	(24,975)
Net loss	(235,924)		(235,924)
Foreign currency translation adjustment	(10,697)			(10,697)
Balance, shares at Sep. 30, 2021		9,917,592
Balance, amount at Sep. 30, 2021	(2,189,927)	$ 9,918	(2,164,173)	(35,672)
Balance, shares at Mar. 31, 2021		9,917,592
Balance, amount at Mar. 31, 2021	(1,943,306)	$ 9,918	(1,928,249)	(24,975)
Net loss	(354,385)
Balance, shares at Dec. 31, 2021		9,917,592
Balance, amount at Dec. 31, 2021	(2,323,061)	$ 9,918	(2,282,634)	(50,345)
Balance, shares at Sep. 30, 2021		9,917,592
Balance, amount at Sep. 30, 2021	(2,189,927)	$ 9,918	(2,164,173)	(35,672)
Net loss	(118,461)		(118,461)
Foreign currency translation adjustment	(14,673)			(14,673)
Balance, shares at Dec. 31, 2021		9,917,592
Balance, amount at Dec. 31, 2021	$ (2,323,061)	$ 9,918	$ (2,282,634)	$ (50,345)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (354,385)	$ (170,428)
Amortization of right-of-use asset	56,262	0
Changes in assets and liabilities:
Other receivables	(3,491)	244
Accounts payable and accrued liabilities	(9,721)	(14,596)
Operating lease liability	(56,262)	0
Wages payable to related party	180,000	0
Other payable	50,185	0
Net cash used in operating activities	(137,412)	(184,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loan - related parties	26,215	0
Net advances from related parties	111,493	184,439
Net cash provided by financing activities	137,708	184,439
Effect on changes in foreign exchange rate	93	32
Net increase in cash and cash equivalents	389	(309)
Cash and cash equivalents, beginning of period	300	775
Cash and cash equivalents, end of period	689	466
Non-cash investing and financing activities:
Recognized ROU assets through lease liabilities	$ 56,262	$ 27,865

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ORGANIZATION AND DESCRIPTION OF BUSINESS

9 Months Ended

Dec. 31, 2021

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Yinfu Gold Corporation (the “Company”) is a Wyoming corporation incorporated on September 1, 2005 under the name Ace Lock and Security, Inc. with a fiscal year end of March 31. On March 5, 2007, the Company filed a Certificate of Amendment with the Wyoming Secretary of State to change the name to Element92 Resources Corp. and increased the authorized capital to 1,000,000,000 common shares. On August 16, 2010 the Company filed an amendment with the State of Wyoming changing its name from Element92 resources Corp. to Yinfu Gold Corporation and on November 18, 2010, the Company received a notification from the Financial Industry Regulatory Authority (“FINRA”) that the Company’s change of name to Yinfu Gold Corporation was posted as effective with FINRA. The Company was established as an exploration stage company engaged in the search for commercially viable minerals.

The Company no longer pursues opportunities related to the exploration of minerals. The name changed signified that the Company has commenced working toward a major change in our business plan and business model.

Effective November 20, 2014, the Company executed a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares and assets of China Enterprise Overseas Investment & Finance Group Limited (“CEI”), a British Virgin Islands corporation. Pursuant to the Agreement, the Company has agreed to issue 800 million restricted common shares of the Company to the owners of CEI.

Pursuant to the Agreement, on or before January 1, 2015, CEI was to deliver to the Company, duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of CEI and its assets, specifically detailing the assets and an asset valuation by a third-party valuator. The valuation report was received by the Company on January 28, 2015.

Additionally, the Agreement stated that both parties agreed that all shares issued, pursuant to the terms and conditions of the agreement, were to be issued as soon as practicable following the signing of the agreement, but all shares so issued were to be held in escrow until all terms and conditions are met.

The various terms and conditions of the Agreement were fulfilled on January 28, 2015, therefore, the share certificates representing the shares have been issued in the names of the CEI shareholders and the Agreement between the Company and CEI was closed on January 28, 2015.

On April 11, 2017, the Company acquired Yinfu Gold International Holdings Limited (“HK”), a company incorporated in Hong Kong, and HK’s subsidiary, Yinfu International Holdings Limited (“WOFE”), a wholly owned foreign enterprise incorporated in the People’s Republic of China. The acquired entities are owned by the Company’s management; therefore, the transaction has been accounted for as a business combination under common control in accordance to ASC-805-30-5, in which the assets and liabilities of HK and WOFE have been presented at their carrying values at the date of the transaction.

During the year ended March 31, 2018, we disposed the discontinued business, Element Resources International Limited. No gain or loss was recognized as a result of the disposal.

The accompanying comparative financial statements have been retroactively restated to combine the financial data of previously separate entities with those of the Company.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for (a) the financial position, (b) the result of operations, and (c) cash flows have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended March 31, 2021. The condensed consolidated financial information as of March 31, 2021 has been derived from audited consolidated financial statements not included herein. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Interim Financial Information

The unaudited financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

These financial statements should be read in conjunction with the audited financial statements as of and for the year ended March 31, 2021, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended March 31, 2021.

Principles of Consolidation

The accompanying consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation.

Name of Subsidiary	State or Jurisdiction of Organization of Entity	Attributable equity interest
Yinfu Group Overseas Investment & Finance Limited (“BVI”)	British Virgin Island		100	%
Yinfu Group International Holdings Limited (“HK”)	Hong Kong		100	%
Yinfu International Holdings Limited (“WOFE”)	Shenzhen, People Republic of China		100	%
Yinfu International Holdings Limited Huizhou Branch (“WOFE”)	Huizhou, People Republic of China		100	%

Yinfu Group Overseas Investment & Finance Limited is a holding entity established in BVI that did not have any activities or operations since inception.

On June 25, 2019, the management decided to abandon the BVI entity and transfer its subsidiaries Yinfu Group International Holdings Limited and Yinfu International Holdings Limited (“WOFE”) to Yinfu Gold Corp.

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 estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.

Foreign Currency Translation and Re-measurement

In accordance with ASC 830, “Foreign Currency Matters”, the Company’s foreign operations whose functional currency is not the U.S. dollar, the assets and liabilities are translated into U.S. dollars at current exchange rates. Resulting translation adjustments are reflected as other comprehensive income (loss) in stockholders’ equity. Revenue and expenses are translated at average exchange rates for the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are charged to operations as incurred. The Company had foreign currency translations loss of $25,370 and $57,906 for the nine months ended December 31, 2021 and 2020 respectively.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents as well as related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposure is limited.

Financial Instruments

The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2021. The carrying values of our financial instruments, including, cash and cash equivalents; accounts payable and accrued expenses; and loans and notes payable approximate their fair values due to the short-term maturities of these financial instruments.

Business Combinations

In accordance with ASC 805-10, “Business Combinations”, the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company’s results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets.

Income Taxes, Deferred Income Taxes and Valuation Allowance

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, where deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at December 31, 2021 and March 31, 2021.

Net Income (Loss) Per Share of Common Stock

The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.

The following table sets forth the computation of basic earnings (loss) per share, for the nine months ended December 31, 2021 and 2020:

	Nine Months Ended December 31,
	2021			2020
Net loss	$	(354,385	)	$	(170,428	)
Weighted average common shares outstanding (basic and diluted)		9,917,592			9,917,592
Net loss per common share, basic and diluted	$	(0.04	)	$	(0.02	)

Commitments and Contingencies

The Company follows ASC 450-20, “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, as well as other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, 2021 and March 31, 2021.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Advertising Costs

The Company follows ASC 720, “Advertising Costs,” and expenses costs as incurred. No advertising costs were incurred for the nine months ended December 31, 2021 and 2020 respectively.

Related Parties

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 7.

Revenue Recognition

The Company adopted ASU 2014-09, Topic 606 on April 1, 2018, using the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The adoption of Topic 606 has no impact on the Company’s financials as the Company has not generated any revenues.

Recent Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements of fair value measurements. The Company adopted ASU 2018-13 effective January 1, 2020, and it did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. .The Company adopted ASU 2019-12 effective January 1, 2021, and it did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies an issuer’s accounting for certain convertible instruments and the application of derivatives scope exception for contracts in an entity’s own equity. This guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The new guidance is required to be applied either retrospectively to financial instruments outstanding as of the beginning of the first comparable reporting period for each prior reporting period presented or retrospectively with the cumulative effect of the change to be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. This guidance is effective for the Company for the year ending March 31, 2023 and interim reporting periods during the year ending March 31, 2023. Early adoption is permitted. The Company is evaluating the effects, if any, of the adoption of this guidance on the financial position, results of operations and cash flows. 

No other new accounting pronouncement issued or effective recently had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

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GOING CONCERN

9 Months Ended

Dec. 31, 2021

GOING CONCERN

NOTE 3 - GOING CONCERN

NOTE 3 - GOING CONCERN

The Company’s financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established an on-going source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. As of December 31, 2021, the Company had an accumulated deficit of $2,282,634, and net loss of $354,385 and net cash used in operations of $137,412 for the nine months ended December 31, 2021. Losses have principally occurred as a result of the substantial resources required for the operating of the two new wholly owned subsidiaries. These factors raise substantial doubt about its ability to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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STOCKHOLDERS' EQUITY (DEFICIT)

9 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY (DEFICIT)

NOTE 4 - STOCKHOLDERS' EQUITY (DEFICIT)

NOTE 4-STOCKHOLDERS’EQUITY (DEFICIT)

Common Stock

The Company is authorized to issue 3,000,000,000 shares of common stock.

As of December 31, 2021 and March 31,2021, the Company has 9,917,592 shares of common stock issued and outstanding.

On November 16, 2021, the Company’s board of directors and stockholders authorized a reverse stock split of its issued and outstanding stock at a ratio 1-for-5. The transaction is not yet completed and the number of shares and price per share in the financial statements have not been adjusted to reflect this reverse stock split.

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SHORT-TERM LOAN - RELARED PARTIES

9 Months Ended

Dec. 31, 2021

SHORT-TERM LOAN - RELARED PARTIES

NOTE 5 - SHORT-TERM LOAN - RELARED PARTIES

NOTE 5 – SHORT-TERM LOAN – RELARED PARTIES

Short-term loan of $175,501 consists of two notes from Ms. Wu Fengqun, 8.95% shareholder of the Company, in the amount of $131,339 (RMB834,673), annual fixed interest of $100, maturity date of April 11, 2020; and in the amount of $44,162 (HKD344,345), annual fixed interest of $50, maturity date of April 11, 2020. These two notes were extended to mature on March 31, 2022 without interest.

Short-term loan of $26,278 (RMB167,000) consists of a loan from Mr. Huang Jing, 8.68% shareholder of the Company. The loan matures on December 27, 2022 without interest.

As of December 31, 2021 and March 31, 2021, short-term loan – related parties outstanding was $201,779 and $171,666 respectively.

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LEASES

9 Months Ended

Dec. 31, 2021

LEASES

NOTE 6 - LEASES

NOTE 6 – LEASES

The Company has a lease agreement for its office space. The current lease agreement was signed to cover the lease for the period from May 1, 2020 to April 30, 2022.

The Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for this lease based primarily on its lease term in PRC which is approximately 4.75%.

The Company has elected to not recognized lease assets and liabilities for lease with a term less than twelve months.

Operating lease expenses were $58,295 and $54,066 for the nine months ended December 31, 2021 and 2020, respectively.

The undiscounted future minimum lease payment schedule as follows:

For the years ended March 31,	Amount
2022 (three months from December 31, 2021 to March 31, 2022)		19,432
2023 (twelve months from April1, 2022 to March 31, 2023)		6,477
2024 (twelve months from April1, 2023 to March 31, 2024)		-
Thereafter		-
Total	$	25,909

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RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the nine months ended December 31, 2021, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $129,122 for operating expenses, received $17,629 from the Company as repayments. These advances are due on demand, non-interest bearing, and unsecured unless further disclosed.

During the nine months ended December 31, 2020, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $295,066 for operating expenses, received $76,235 from the Company as repayments.

Mr. Jiang, Libin is entitled to monthly salary of $20,000 starting January 2021. As of December, 31, 2021 and March 31,2021, the accrued salary payable was $240,000 and $60,000 respectively.

On December 18, 2019, the Company signed a Letter of intent for Equity Acquisition (the “LOI Agreement”) as part of a joint venture plan between the Company and Ji’an Chengpin Mining Co., Ltd, a third-party company. The Company received $152,437 from the acquiree as earnest money deposit to secure the transfer of Mr. Jiang Libin’ shares as part of the LOI Agreement. On July 24, 2020, the LOI Agreement was terminated by all parties and the earnest money deposit of $152,437 was not required to be returned to the acquiree according pursuant to the Termination Agreement. As a result, the earnest money deposit was reclassified as amount payable to Mr. Jiang. The amounts are due on demand, non-interest bearing, and unsecured.

As of December 31, 2021 and March 31, 2021, the Company owed $1,451,577 and $1,080,022 to Mr. Jiang, Libin respectively.

As of December 31, 2021 and March 31, 2021, the Company owed $487,358 and $487,358 to Mr. Tsap, respectively. The amounts are due on demand, non-interest bearing, and unsecured.

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CONTINGENCIES AND UNCERTAINTIES

9 Months Ended

Dec. 31, 2021

CONTINGENCIES AND UNCERTAINTIES

NOTE 8 - CONTINGENCIES AND UNCERTAINTIES

NOTE 8 - CONTINGENCIES & UNCERTAINTIES

Contingencies

On June 25, 2019, the management decided to abandon the Company’s subsidiary Yinfu Group Overseas Investment & Finance Limited (“Yinfu BVI”) that has been administratively struck off by the BVI registrar for non-payment of fees. Yinfu BVI is a holding entity established in BVI that did not have any activities or operations since inception. Yinfu BVI being a struck off company continues to have legal status. As such, it may incur additional liabilities (including fees and late payment penalties which would need be to repaid in order to restore the company); it may potentially be the subject of a creditor’s claim or judgement; and its members, directors, officers and agents remains responsible for any liabilities that existed before it was struck off. If the indicated events were to occur it may have negative effects on the Company’s operation

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SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. Based on this evaluation, the Company concluded that , there was no subsequent event that would require disclosure to or adjustment to the financial statements..

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for (a) the financial position, (b) the result of operations, and (c) cash flows have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended March 31, 2021. The condensed consolidated financial information as of March 31, 2021 has been derived from audited consolidated financial statements not included herein. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Interim Financial Information

The unaudited financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

These financial statements should be read in conjunction with the audited financial statements as of and for the year ended March 31, 2021, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended March 31, 2021.

Principles of Consolidation

The accompanying consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation.

Name of Subsidiary	State or Jurisdiction of Organization of Entity	Attributable equity interest
Yinfu Group Overseas Investment & Finance Limited (“BVI”)	British Virgin Island		100	%
Yinfu Group International Holdings Limited (“HK”)	Hong Kong		100	%
Yinfu International Holdings Limited (“WOFE”)	Shenzhen, People Republic of China		100	%
Yinfu International Holdings Limited Huizhou Branch (“WOFE”)	Huizhou, People Republic of China		100	%

Yinfu Group Overseas Investment & Finance Limited is a holding entity established in BVI that did not have any activities or operations since inception.

On June 25, 2019, the management decided to abandon the BVI entity and transfer its subsidiaries Yinfu Group International Holdings Limited and Yinfu International Holdings Limited (“WOFE”) to Yinfu Gold Corp.

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 estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.

Foreign Currency Translation and Re-measurement

In accordance with ASC 830, “Foreign Currency Matters”, the Company’s foreign operations whose functional currency is not the U.S. dollar, the assets and liabilities are translated into U.S. dollars at current exchange rates. Resulting translation adjustments are reflected as other comprehensive income (loss) in stockholders’ equity. Revenue and expenses are translated at average exchange rates for the period. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are charged to operations as incurred. The Company had foreign currency translations loss of $25,370 and $57,906 for the nine months ended December 31, 2021 and 2020 respectively.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents as well as related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposure is limited.

Financial Instruments

The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2021. The carrying values of our financial instruments, including, cash and cash equivalents; accounts payable and accrued expenses; and loans and notes payable approximate their fair values due to the short-term maturities of these financial instruments.

Business Combinations

In accordance with ASC 805-10, “Business Combinations”, the Company accounts for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that the Company holds in the acquired company prior to the acquisition is re-measured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in the Company’s results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets.

Income Taxes, Deferred Income Taxes and Valuation Allowance

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, where deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at December 31, 2021 and March 31, 2021.

Net Income (Loss) Per Share of Common Stock

The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.

The following table sets forth the computation of basic earnings (loss) per share, for the nine months ended December 31, 2021 and 2020:

	Nine Months Ended December 31,
	2021			2020
Net loss	$	(354,385	)	$	(170,428	)
Weighted average common shares outstanding (basic and diluted)		9,917,592			9,917,592
Net loss per common share, basic and diluted	$	(0.04	)	$	(0.02	)

Commitments and Contingencies

The Company follows ASC 450-20, “Loss Contingencies,” to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, as well as other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, 2021 and March 31, 2021.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Advertising Costs

The Company follows ASC 720, “Advertising Costs,” and expenses costs as incurred. No advertising costs were incurred for the nine months ended December 31, 2021 and 2020 respectively.

Related Parties

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 7.

Revenue Recognition

The Company adopted ASU 2014-09, Topic 606 on April 1, 2018, using the modified retrospective method. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The adoption of Topic 606 has no impact on the Company’s financials as the Company has not generated any revenues.

Recent Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements of fair value measurements. The Company adopted ASU 2018-13 effective January 1, 2020, and it did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. .The Company adopted ASU 2019-12 effective January 1, 2021, and it did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies an issuer’s accounting for certain convertible instruments and the application of derivatives scope exception for contracts in an entity’s own equity. This guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The new guidance is required to be applied either retrospectively to financial instruments outstanding as of the beginning of the first comparable reporting period for each prior reporting period presented or retrospectively with the cumulative effect of the change to be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. This guidance is effective for the Company for the year ending March 31, 2023 and interim reporting periods during the year ending March 31, 2023. Early adoption is permitted. The Company is evaluating the effects, if any, of the adoption of this guidance on the financial position, results of operations and cash flows. 

No other new accounting pronouncement issued or effective recently had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of principles of consolidation

Name of Subsidiary	State or Jurisdiction of Organization of Entity	Attributable equity interest
Yinfu Group Overseas Investment & Finance Limited (“BVI”)	British Virgin Island		100	%
Yinfu Group International Holdings Limited (“HK”)	Hong Kong		100	%
Yinfu International Holdings Limited (“WOFE”)	Shenzhen, People Republic of China		100	%
Yinfu International Holdings Limited Huizhou Branch (“WOFE”)	Huizhou, People Republic of China		100	%

Schedule of earning (loss) per share

	Nine Months Ended December 31,
	2021			2020
Net loss	$	(354,385	)	$	(170,428	)
Weighted average common shares outstanding (basic and diluted)		9,917,592			9,917,592
Net loss per common share, basic and diluted	$	(0.04	)	$	(0.02	)

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LEASES (Tables)

9 Months Ended

Dec. 31, 2021

LEASES

Schedule of future minimum lease payment

For the years ended March 31,	Amount
2022 (three months from December 31, 2021 to March 31, 2022)		19,432
2023 (twelve months from April1, 2022 to March 31, 2023)		6,477
2024 (twelve months from April1, 2023 to March 31, 2024)		-
Thereafter		-
Total	$	25,909

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ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares	1 Months Ended
	Nov. 20, 2014	Mar. 05, 2007
Common stock increase authorized capital shares		1,000,000,000
Sale and Purchase Agreement [Member] | China Enterprise Overseas Investment & Finance Group Limited [Member] | Restricted Stock [Member]
Ownership percentage to be acquired	100
Common stock shares reserved for future issuance	800,000,000
Ownership percentage to be acquired additional information	Pursuant to the Agreement, on or before January 1, 2015, CEI was to deliver to the Company, duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of CEI and its assets

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Dec. 31, 2021
Yinfu International Holdings Limited Huizhou Branch [Member]
Attributable equity interest	100
State or Jurisdiction of Organisation of Entity	Huizhou, People Republic of China
Yinfu Group Overseas Investment & Finance Ltd [Member]
Attributable equity interest	100
State or Jurisdiction of Organisation of Entity	British Virgin Island
Yinfu Group International Holdings Limited [Member]
Attributable equity interest	100
State or Jurisdiction of Organisation of Entity	Hong Kong
Yinfu International Holdings Limited [Member]
Attributable equity interest	100
State or Jurisdiction of Organisation of Entity	Shenzhen, People Republic of China

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (118,461)	$ (48,885)	$ (235,924)	$ (121,543)	$ (354,385)	$ (170,428)
Weighted average common shares outstanding (basic and diluted)	9,917,592	9,917,592			9,917,592	9,917,592
Net loss per common share, basic and diluted	$ (0.01)	$ (0.00)			$ (0.04)	$ (0.02)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign currency translations gain (loss)	$ 25,370	$ 57,906

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
GOING CONCERN
Accumulated deficit	$ (2,282,634)				$ (2,282,634)		$ (1,928,249)
Net loss	$ (118,461)	$ (48,885)	$ (235,924)	$ (121,543)	(354,385)	$ (170,428)
Net cash used in operations					$ (137,412)

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STOCKHOLDERS EQUITY (DEFICIT) (Details Narrative) - shares	1 Months Ended
	Nov. 16, 2021	Dec. 31, 2021	Mar. 31, 2021
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock shares authorized to issue		3,000,000,000	3,000,000,000
Common stock, issued		9,917,592	9,917,592
Reverse stock split	1-for-5
Common stock, outstanding		9,917,592	9,917,592

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SHORT-TERM LOAN - RELARED PARTIES (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Short-term loan	$ 175,501
Short-term loan - related parties	201,779	$ 171,666
Ms. Wu, Fengqun [Member]
Short-term loan	$ 131,339
Ownership Percentage	8.95
Maturity date	April 11, 2020
AnnuaL fixed interest	$ 100
Ms. Wu, Fengqun [Member] | Note Payable Two [Member]
Short-term loan	$ 44,162
Maturity date	April 11, 2020
AnnuaL fixed interest	$ 50
Mr Huang Jing [Member]
Short-term loan	$ 26,278
Ownership Percentage	8.68
Maturity date	December 27, 2022

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LEASES (Details) - Lease Agreements [Member]	Dec. 31, 2021 USD ($)
2022 (three months from December 31, 2021 to March 31, 2022)	$ 19,432
2023 (twelve months from April1, 2022 to March 31, 2023)	6,477
2024 (twelve months from April1, 2023 to March 31, 2024)	0
Thereafter	0
Total	$ 25,909

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LEASES (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating lease expenses	$ 58,295	$ 54,066
Incremental borrowing rate	4.75

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Jan. 31, 2021	Jul. 24, 2020	Dec. 18, 2019
Accrued salary	$ 240,000		$ 60,000	$ 20,000
Amount payable to related party					$ 152,437
Advances from related party debt	111,493	$ 184,439
Third Party [Member] | LOI Agreement [Member]
Amount payable to related party						$ 152,437
Mr. Jiang Libin [Member]
Advances from related party debt	129,122	295,066
Repayment to related party debt	17,629	$ 76,235
Notes payable, related party debt	1,451,577		1,080,022
Mr. Tsap President [Member]
Notes payable, related party debt	$ 487,358		$ 487,358