ORGANIZATION AND DESCRIPTION OF THE BUSINESS

10 Months Ended

Dec. 31, 2020

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Company Activities – Yubo International Biotech Limited (formerly Magna-Lab Inc.) (the “Company”), a New York corporation, acquired Platinum International Biotech Co. Ltd. (“Platinum”) in a “reverse merger” transaction on January 14, 2021 (See Note 8 – Subsequent Events).

The Company was previously engaged in research, development, and commercialization activities until it ceased such activities during the period September 2002 through March 2003. The Company’s efforts to raise additional capital or enter into a strategic arrangement in order to complete commercialization of its cardiac diagnostic Illuminator products and development of its Artery View product or to seek other means to realize value through sale, license or otherwise have been unsuccessful and therefore, in January 2017, the Company sold such technology to its President and CEO in exchange for relief from certain liabilities.

Effective December 4, 2020, the Company changed the name of the Company to “Yubo International Biotech Limited” and changed its stock symbol to “YBGJ”.