0001017386-20-000441.txt : 20201026 0001017386-20-000441.hdr.sgml : 20201026 20201026160053 ACCESSION NUMBER: 0001017386-20-000441 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201026 DATE AS OF CHANGE: 20201026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Landbay Inc CENTRAL INDEX KEY: 0001672572 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 811260549 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56182 FILM NUMBER: 201260741 BUSINESS ADDRESS: STREET 1: 36-25 MAIN STREET CITY: FLUSHING STATE: NY ZIP: 11354 BUSINESS PHONE: 9172325799 MAIL ADDRESS: STREET 1: 36-25 MAIN STREET CITY: FLUSHING STATE: NY ZIP: 11354 10-Q 1 landbay_2020sep30-10q.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

_________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 000-56182

Landbay Inc

(Exact name of registrant as specified in its charter)

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

36-25 Main Street

Flushing, NY 11354

(Address of Principal Executive Office)

917-232-5799

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

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

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

LANDBAY INC

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

TABLE OF CONTENTS

		PAGE

	Note about Forward-Looking Statements	2

	PART I - FINANCIAL INFORMATION

Item 1	Financial Statements	4
	Condensed Unaudited Balance Sheets as of September 30, 2020 and March 31, 2020	4
	Condensed Statements of Operations (Unaudited) for the three and six months ended September 30, 2020 and 2019	5
	Condensed Statements of Changes in Stockholders’ Equity (Unaudited) for the three and six months ended September 30, 2020 and 2019	6
	Condensed Statements of Cash Flows (Unaudited) for the six months ended September 30, 2020 and 2019	7
	Notes to Condensed Unaudited Financial Statements	8
Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operation	10
Item 3	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4	Controls and Procedures	11

	PART II - OTHER INFORMATION

Item 1	Legal Proceedings	12
Item 1A	Risk Factors	12
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3	Defaults Upon Senior Securities	12
Item 4	Mine Safety Disclosures	12
Item 5	Other Information	12
Item 6	Exhibits	12
SIGNATURES		13
EXHIBIT INDEX

NOTE ABOUT FORWARD-LOOKING STATEMENTS

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

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

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

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

PART I

ITEM 1. FINANCIAL STATEMENTS

LANDBAY INC

INDEX TO FINANCIAL STATEMENTS

Condensed Unaudited Balance Sheets as of September 30, 2020 and March 31, 2020	4

Condensed Statements of Operations (Unaudited) for the three and six months ended September 30, 2020 and 2019	5

Condensed Statements of Changes in Stockholders’ Equity (Unaudited) for the three and six months ended September 30, 2020 and 2019	6

Condensed Statements of Cash Flows (Unaudited) for the six months ended September 30, 2020 and 2019	7

Notes to Condensed Unaudited Financial Statements	8 - 9

LANDBAY INC

CONDENSED UNAUDITED BALANCE SHEETS

AS OF SEPTEMBER 30, 2020 AND MARCH 31, 2020

	September 30,			March 31,
	2020			2020
ASSETS
CURRENT ASSETS
Cash	$	16,707		$	17,127
Short-term investments		—			1,491
Inventory		145,209			146,993
Notes receivable, net		53,535			70,000
Prepaid expense		3,500			—
Total Current Assets		218,951			235,611

NONCURRENT ASSET
Property and equipment, net		6,087			11,189
TOTAL ASSETS	$	225,038		$	246,800

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Shareholder loans	$	57,100		$	40,000
Other tax payable		2,232			1,915
Total Current Liabilities		59,332			41,915
TOTAL LIABILITIES		59,332			41,915

STOCKHOLDERS’ EQUITY:
Common stock ($0.001 par value, 30,000,000 shares authorized, 30,000,000 shares issued and outstanding as of September 30, 2020 and March 31, 2020)		30,000			30,000
Additional Paid in Capital		325,659			325,659
Accumulated Deficit		(189,953	)		(150,774	)
Total Stockholders’ Equity		165,706			204,885
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	225,038		$	246,800

The accompanying notes are part of these condensed unaudited financial statements

LANDBAY INC

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

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

	For the three months ended						For the six months ended
	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019

Revenues:
Revenue-sales	$	3,083		$	2,519		$	3,083		$	2,519
Revenue-service		—			26,603			—			26,603
Total revenue		3,083			29,122			3,083			29,122
Cost of goods sold		1,784			1,561			1,784			1,561
Gross Profit		1,299			27,561			1,299			27,561

Operating Expenses

General and Administrative expenses		14,014			8,411			42,922			15,976

Total Operating Expenses		14,014			8,411			42,922			15,976

Other income(expense)
Loss from commodity trading		—			(2,946	)		(1,090	)		(2,667	)
Interest and dividends		882			1			3,534			2
Total other income (expense), net		882			(2,945	)		2,444			(2,665	)

Net (loss) income	$	(11,833	)	$	16,205		$	(39,179	)	$	8,921

Earnings (loss) per share, basic and diluted	$	(0.00	)	$	0.00		$	(0.00	)	$	0.00

Weighted average number of shares outstanding, basic and diluted		30,000,000			14,113,672			30,000,000			11,876,161

The accompanying notes are part of these condensed unaudited financial statements

LANDBAY INC
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
	Common Shares		Common Stock Amount		Additional Paid-in Capital		Accumulated Deficit			Treasury stocks			Total
Balances, March 31, 2020		30,000,000	$	30,000	$	325,659	$	(150,774	)	$	—		$	204,885
Net loss		—		—		—		(27,346	)		—			(27,346	)
Balances, June 30, 2020		30,000,000		30,000		325,659		(178,120	)		—			177,539
Net loss		—		—		—		(11,833	)		—			(11,833	)
Balances, September 30, 2020		30,000,000	$	30,000	$	325,659	$	(189,953	)	$	—		$	165,706

		Common Shares		Common Stock Amount		Additional Paid-in Capital		Accumulated Deficit			Treasury stocks			Total
Balances, March 31, 2019		9,990,000	$	9,990	$	145,938	$	(108,057	)	$	(351	)	$	47,520
Net loss		—		—		—		(7,284	)		—			(7,284	)
Balances, June 30, 2019		9,990,000		9,990		145,938		(115,341	)		(351	)		40,236
Shares issued for cash		5,010,000		5,010		48,253		—			351			53,614
Share issued for inventory and fixed asset		15,000,000		15,000		131,468		—			—			146,468
Net loss		—		—		—		16,205			—			16,205
Balances, September 30, 2019		30,000,000	$	30,000	$	325,659	$	(99,136	)	$	—		$	256,523

The accompanying notes are part of these condensed unaudited financial statements

LANDBAY INC

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

	For the six months ended September 30, 2020			For the six months ended September 30, 2019 (Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(39,179	)	$	8,921
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense		5,102			—
Fair value change of short-term investments		221			—
Increase (decrease) in assets and liabilities:
Notes receivables		(3,535	)		—
Inventory		1,784			1,561
Prepaid expense		(3,500	)		—
Other tax payable		317			(11,959	)
Account receivable		—			(29,391	)
Net cash used in operating activities		(38,790	)		(30,868	)

CASH FLOWS FROM INVESTING ACTIVITIES
Short-term investments		1,270			13,445
Notes receivable		20,000			27,244
Net cash provided by investing activities		21,270			40,689

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loan from shareholder		17,100			—
Proceeds from share issuance		—			53,614
Net cash provided by financing activities		17,100			53,614

Net increase (decrease) in Cash		(420	)		63,435
Cash at beginning of period:		17,127			6,085	*
Cash at end of period:	$	16,707		$	69,520

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	$	—		$	—
Income taxes paid	$	—		$	—
NON-CASH TRANSACTIONS
Shares issued for inventory and fixed asset	$	—		$	146,468

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

The accompanying notes are part of these condensed unaudited financial statements

Landbay Inc

Notes to the condensed unaudited financial statements

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

Nature of Business

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

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

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

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

Basis of Preparation

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

Significant Accounting Policies

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

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

Error correction

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

Going Concern Assessment

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

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

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

Use of Estimates

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

Reclassifications

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

NOTE 2. RELATED PARTY TRANSACTIONS

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

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

NOTE 3. NOTE RECEIVABLE

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

NOTE 4 – RISKS AND UNCERTAINTIES

Concentration of Credit Risks

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

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

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

Overview

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

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

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

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

Error correction

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

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

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

Equity and Capital Resources

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

Going Concern Assessment

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

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

Off-Balance Sheet Arrangements

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

Critical Accounting Policies

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

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

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

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

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

It isn't applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number		Description of Exhibit
31.1*		Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)

31.2*		Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a)

32.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

SIGNATURES

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

	LANDBAY INC

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

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

EX-31.1 2 exhibit_31-1.htm RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER

EXHIBIT 31.1

CERTIFICATION

I, Xiaowei Jin, certify that:

1.	I have reviewed this report on Form 10-Q of Landbay Inc;

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.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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, including its consolidated subsidiaries, 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.

5.	The registrant’s other certifying officer and 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 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.

/s/ Xiaowei Jin
Xiaowei Jin
President (Principal Executive Officer)
October 26, 2020

EX-31.2 3 exhibit_31-2.htm RULE 13A-14(A)/15D-14(A) CERTIFICATIONS OF CHIEF FINANCIAL OFFICER

EXHIBIT 31.2

CERTIFICATION

I, Xiaowei Jin, certify that:

1.	I have reviewed this report on Form 10-Q of Landbay Inc;

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.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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, including its consolidated subsidiaries, 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.

5.	The registrant’s other certifying officer and 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 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.

/s/ Xiaowei Jin
Xiaowei Jin
Chief Financial Officer
October 26, 2020

EX-32.1 4 exhibit_32-1.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Landbay Inc (the “Company”) on Form 10-Q for the period ending September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Xiaowei Jin
Xiaowei Jin
President (Principal Executive Officer)
October 26, 2020

/s/ Xiaowei Jin
Xiaowei Jin
President (Principal Executive Officer)
October 26, 2020

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NOTE 2. RELATED PARTY TRANSACTIONS   The Company has been provided office space by its president at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements.    On December 13, 2019, the Company borrowed $40,000 from shareholder, Northern Ifurniture Inc, bearing no interest and due on demand. During the six months ended September 30, 2020, the Company borrowed additional loan from Northern Ifurniture Inc, in the amount of $17,100. As of September 30, 2020, the balance of shareholder loans was in the amount of $57,100, bearing no interest and due on demand.

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

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

Going Concern Assessment   The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.   Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.   The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354.   On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.   Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.   The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the near future.   Basis of Preparation   The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.   Significant Accounting Policies   For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 -- Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. During the six months ended September 30, 2020, there were no significant changes made to the Company’s significant accounting policies.   A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impacted by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the six months ended on September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.   Error correction   The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the three months ended June 30, 2020 and six months ended September 30, 2020 increased by $2,358.     Going Concern Assessment   The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.   Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.   The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account, inventory write-down, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.   Reclassifications   Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented.

Significant Accounting Policies   For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 -- Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. During the six months ended September 30, 2020, there were no significant changes made to the Company’s significant accounting policies.   A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impacted by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the six months ended on September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.

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

Nature of Business Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354.   On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.   Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.   The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the near future.

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

NOTE 4 – RISKS AND UNCERTAINTIES   Concentration of Credit Risks   Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of notes receivable. As of September 30, 2020 and March 31, 2020, the Company’s balance of notes receivable were $53,534, including $3,534 accrued interests, and $70,000 from Dazhong 368 Inc, respectively.

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

XML 13 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	30,000,000	30,000,000
Common stock, Issued	30,000,000	30,000,000
Common stock, outstanding	30,000,000	30,000,000

XML 14 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenue- sales	$ 3,083	$ 2,519	$ 3,083	$ 2,519
Revenue- service		26,603		26,603
Total revenue	3,083	29,122	3,083	29,122
Cost of Goods Sold	1,784	1,561	1,784	1,561
Gross Profit	1,299	27,561	1,299	27,561
Operating Expenses
General and Administrative Expenses	14,014	8,411	42,922	15,976
Total Operating Expenses	14,014	8,411	42,922	15,976
Other income(expense)
Loss from commodity trading		(2,946)	(1,090)	(2,667)
Interest and Dividends	882	1	3,534	2
Total other income (expense), net	882	(2,945)	2,444	(2,665)
Net (loss) income	$ (11,833)	$ 16,205	$ (39,179)	$ 8,921
Earnings (loss) per common share, basic and diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding, basic and diluted	30,000,000	14,113,672	30,000,000	11,876,161

XML 15 R5.htm IDEA: XBRL DOCUMENT

Statement of Changes in Stockholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Total
Beginning Balance, Shares at Mar. 31, 2019	9,990,000
Beginning Balance, Amount at Mar. 31, 2019	$ 9,990	$ 145,938	$ (108,057)	$ (351)	$ 47,520
Net loss			(7,284)		(7,284)
Ending Balance, Shares at Jun. 30, 2019	9,990,000
Ending Balance, Amount at Jun. 30, 2019	$ 9,990	145,938	(115,341)	(351)	40,236
Beginning Balance, Shares at Mar. 31, 2019	9,990,000
Beginning Balance, Amount at Mar. 31, 2019	$ 9,990	145,938	(108,057)	(351)	47,520
Net loss					8,921
Ending Balance, Shares at Sep. 30, 2019	30,000,000
Ending Balance, Amount at Sep. 30, 2019	$ 30,000	325,659	(99,136)		256,523
Beginning Balance, Shares at Jun. 30, 2019	9,990,000
Beginning Balance, Amount at Jun. 30, 2019	$ 9,990	145,938	(115,341)	(351)	40,236
Common shares issued for cash, shares	5,010,000
Common shares issued for cash, amount	$ 5,010	48,253		$ 351	53,614
Shares issued for inventory and fixed asset, shares	15,000,000
Shares issued for inventory and fixed asset, amount	$ 15,000	131,468			146,468
Net loss			16,205		16,205
Ending Balance, Shares at Sep. 30, 2019	30,000,000
Ending Balance, Amount at Sep. 30, 2019	$ 30,000	325,659	(99,136)		256,523
Beginning Balance, Shares at Mar. 31, 2020	30,000,000
Beginning Balance, Amount at Mar. 31, 2020	$ 30,000	325,659	(150,774)		204,885
Net loss			(27,346)		(27,346)
Ending Balance, Shares at Jun. 30, 2020	30,000,000
Ending Balance, Amount at Jun. 30, 2020	$ 30,000	325,659	(178,120)		177,539
Beginning Balance, Shares at Mar. 31, 2020	30,000,000
Beginning Balance, Amount at Mar. 31, 2020	$ 30,000	325,659	(150,774)		204,885
Net loss					(39,179)
Ending Balance, Shares at Sep. 30, 2020	30,000,000
Ending Balance, Amount at Sep. 30, 2020	$ 30,000	325,659	(189,953)		165,706
Beginning Balance, Shares at Jun. 30, 2020	30,000,000
Beginning Balance, Amount at Jun. 30, 2020	$ 30,000	325,659	(178,120)		177,539
Net loss			(11,833)		(11,833)
Ending Balance, Shares at Sep. 30, 2020	30,000,000
Ending Balance, Amount at Sep. 30, 2020	$ 30,000	$ 325,659	$ (189,953)		$ 165,706

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 16 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (39,179)	$ 8,921
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	5,102
Fair value change of short-term investments	221
Increase (decrease) in liabilities:
Notes receivables	(3,535)
Inventory	1,784	1,561
Prepaid expense	(3,500)
Other tax payable	317	(11,959)
Account receivable		(29,391)
Net cash used in operating activities	(38,790)	(30,868)
CASH FLOWS FROM INVESTING ACTIVITIES
Short-term investments	1,270	13,445
Notes receivable	20,000	27,244
Net cash provided by (used in) investing activities	21,270	40,689
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loan from shareholder	17,100
Proceeds from share issuance		53,614
Net cash provided by financing activities	17,100	53,614
Net increase (decrease) in Cash	(420)	63,435
Cash at beginning of period:	17,127	6,085
Cash at end of period:	16,707	69,520
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid
Income taxes paid
SUPPLEMENTAL DISCLOSURES OF CASH FLOW FOR NON-CASH TRANSACTION:
Shares issued for inventory and fixed asset		$ 146,468

XML 17 R7.htm IDEA: XBRL DOCUMENT

Nature of Business and Significant Accounting Policies

6 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

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

Nature of Business

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

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

Basis of Preparation

Significant Accounting Policies

Error correction

Going Concern Assessment

Use of Estimates

Reclassifications

XML 18 R8.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Sep. 30, 2020

Related Party Transactions

NOTE 2. RELATED PARTY TRANSACTIONS

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

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note Receivable

6 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Note Receivable

NOTE 3. NOTE RECEIVABLE

XML 20 R10.htm IDEA: XBRL DOCUMENT

Risk and Uncertainties

6 Months Ended

Sep. 30, 2020

Risks and Uncertainties [Abstract]

Risk and Uncertainties

NOTE 4 – RISKS AND UNCERTAINTIES

Concentration of Credit Risks

XML 21 R11.htm IDEA: XBRL DOCUMENT

Summary of Significant Accoutning Policies (Policies)	6 Months Ended
Summary of Significant Accoutning Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Nature of business	Nature of Business Landbay Inc. is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York 11354. On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company (“Seller”), entered into a Stock Purchase Agreement (the “Agreement”) with Northern Ifurniture Inc (the “Buyer”). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company’s issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company. Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area. The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the near future.
Basis of Presentation	Basis of Preparation The accompanying condensed unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent annual financial statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.
Significant Accounting Policies	Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to “Note 1 -- Nature of Business And Summary of Significant Accounting Policies” to the Company’s financial statements included in Company’s March 31, 2020 Form 10-K. During the six months ended September 30, 2020, there were no significant changes made to the Company’s significant accounting policies. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. Our business is impacted by the outbreak of the COVID-19 in New York, which resulted the decrease of our revenue for the six months ended on September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of the Company to develop its business plan.
Error Correction	Error correction The Company presented other income of $1,270 in its interim financial statements for the three months ended June 30, 2020 that the Company has applied for Economic Injury Disaster Loans (“EIDL”) and obtained the approval for the EIDL. After further verification, the Company determined that the money collected was from its investment account rather than from EIDL. Thus the Company corrected the transaction in by reversing the other income recorded in last quarter and crediting the balance of short term investment. The error correction led to the net loss for the three months ended June 30, 2020 and six months ended September 30, 2020 increased by $2,358.
Going Concern Assessment	Going Concern Assessment The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios. Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements. The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring the use of estimates are assessing the allowance of doubtful account, inventory write-down, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.
Reclassifications	Reclassifications Certain amounts from prior year financial statements have been reclassified to conform to the current year presentation. This reclassification has resulted in no changes to the Company’s financial position or results of operations presented.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Summary of Significant Accoutning Policies (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended	16 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Jul. 24, 2020
Accounting Policies [Abstract]
Shares for acquisition			9,222,350
Ownership			96.00%
Other income	$ 1,270
Net loss from error correction	$ 2,358	$ 2,358

XML 23 R13.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Shareholder loans	$ 57,100		$ 40,000
Shareholder loan	$ 17,100

XML 24 R14.htm IDEA: XBRL DOCUMENT

Note Receivable (Details Narrative) - USD ($)	3 Months Ended
Note Receivable (Details Narrative) - USD ($)	Jun. 26, 2020	Sep. 30, 2020	Mar. 31, 2020
Receivables [Abstract]
Repayment note receivable	$ 20,000
Notes receivable		$ 53,535	$ 70,000
Accrued interest		$ 3,535