Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 19, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Yinfu Gold Corp. | |
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 | Jun. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Common Stock Shares Outstanding | 9,917,592 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 516 | $ 519 |
Other receivables | 10,127 | 7,039 |
TOTAL ASSETS | 10,643 | 7,558 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 116,251 | 109,241 |
Short-term loan | 167,102 | 169,309 |
Note payable - related party | 1,196,980 | 1,145,112 |
TOTAL LIABILITIES | 1,480,333 | 1,423,910 |
STOCKHOLDERS' DEFICIT | ||
Common stock, 3,000,000,000 shares authorized; par value $0.001, 9,917,592 shares issued and outstanding | 9,918 | 9,918 |
Accumulated deficit | (1,496,586) | (1,434,619) |
Accumulated other comprehensive income (loss) | 16,978 | (8,349) |
Total Stockholders' Deficit | (1,469,690) | 1,416,352 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,643 | $ 7,558 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 |
STOCKHOLDERS' DEFICIT | ||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 9,917,592 | 9,917,592 |
Common stock, shares outstanding | 9,917,592 | 9,917,592 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 43,518 | 74,418 |
Professional fees | 18,449 | 15,029 |
Total Operating Expenses | 61,967 | 89,447 |
Net loss from Operations | (61,967) | (89,447) |
Other Income and (Expense) | ||
Provision for income taxes | ||
Net loss | $ (61,967) | $ (89,447) |
Basic and diluted loss per common share | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted | 9,917,592 | 9,917,592 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) | ||
NET LOSS | $ (61,967) | $ (89,447) |
OTHER COMPREHENSIVE LOSS NET OF TAX: | ||
Foreign currency translation adjustments | 25,327 | (9,479) |
OTHER COMPREHENSIVE INCOME (LOSS) | 25,327 | (9,479) |
COMPREHENSIVE LOSS | $ (44,989) | $ (79,968) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT (Unaudited) - 3 months ended Jun. 30, 2019 - USD ($) | Total | Common Stock Number Of shares | Capital Deficiency | Subscription Receivable | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning Balance, Shares at Mar. 31, 2019 | 9,917,592 | |||||
Beginning Balance, Amount at Mar. 31, 2019 | $ 1,416,352 | $ 9,918 | $ (1,434,619) | $ 5,662 | ||
Foreign currency translation adjustment | 25,327 | 25,327 | ||||
Net loss | (61,967) | (61,967) | ||||
Ending Balance, Shares at Jun. 30, 2019 | 9,917,592 | |||||
Ending Balance, Amount at Jun. 30, 2019 | $ (1,469,690) | $ 9,918 | $ (1,496,586) | $ 16,978 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (61,967) | $ (89,447) |
Changes in operating activities: | ||
Other receivables | (3,088) | 189 |
Accounts payable and accrued liabilities | (7,010) | (46,132) |
Net cash used in operating activities | (65,889) | (135,390) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from/(Repayments) short-term loan | (2,207) | |
Net proceeds from related parties | 51,868 | 74,233 |
Net Cash Provided by Financing Activities | 49,661 | 74,233 |
Effects on changes in foreign exchange rate | 16,225 | 9,479 |
Net decrease in cash and cash equivalents | (3) | (51,678) |
Cash and cash equivalents, beginning of period | 519 | 55,054 |
Cash and cash equivalents, end of period | $ 516 | $ 3,376 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jun. 30, 2019 | |
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 Companys 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 change 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 HKs subsidiary, Yinfu International Holdings Limited (WOFE), a wholly owned foreign enterprise incorporated in the Peoples Republic of China. The acquired entities are owned by the Companys 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2019 | |
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, 2019. The condensed consolidated financial information as of March 31, 2019 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. 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)* BVI 0% Yinfu Group International Holdings Limited (HK) Hong Kong 100% Yinfu International Holdings Limited (WOFE) P.R.C. 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 abandoned 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. Discontinued Operations The Company follows ASC 205-20, Discontinued Operations, 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 Companys 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. Concentrations of Credit Risk The Companys 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 Companys 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 entitys 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 June 30, 2018. 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 Companys results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets. 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 June 30, 2019 and March 31, 2019. Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, Earnings per Share, The following table sets forth the computation of basic earnings (loss) per share, for the three months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 2018 Net loss $ (61,967 ) $ (89,447 ) Weighted average common shares outstanding (basic and diluted) 9,917,592 9,917,592 Net loss per common share, basic and diluted $ (0.01 ) $ (0.01 ) 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 June 30, 2019 and March 31, 2019. Advertising Costs The Company follows ASC 720, Advertising Costs, and expenses costs as incurred. No advertising costs were incurred for the three months ended June 30, 2019 and 2018 respectively. Related Parties The Company follows ASC 850, Related Party Disclosures, Revenue Recognition The Company adopted ASU 201409, 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 June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Financial Instruments-Credit Losses (Topic 326) amends guidelines on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact on the financial statements of this guidance. In July 2018, the FSAB issued ASU 2018-10 ASC Topic 842: “Codification Improvements to Leases” The amendments are to address stakeholders’ questions about how to apply certain aspects of the new guidance in Accounting Standards Codification (ASC) 842, Leases. The clarifications address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. The amendments in ASC Topic 842 are effective for EGC for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842). This update provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. Entities that elect this optional transition method must provide the disclosures that were previously required. The Company is evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures. In March 2019, the FASB issued ASU 2019-01: “Leases (Topic 842)-Codification Improvements”. The amendments in this ASU (1) reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers, specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820; (2) address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented, specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities; and (3) clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date of the amendments in this ASU is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for any of the following: 1. A public business entity; 2. A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market; and 3. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). For all other entities, the effective date is for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. An entity should early apply the amendments as of the date that it first applied Topic 842, using the same transition methodology in accordance with paragraph 842-10-65-1(c). The Company is evaluating the effect this new guidance will have on its consolidated financial statements and related disclosures. In February 2016 the FASB issued ASU 2016-02, “Leases (Topic 842).” This standard amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning January 1, 2019. Early adoption is permitted. This standard is required to be adopted using a modified retrospective approach. We expect to elect certain available transitional practical expedients. In July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” which allows for the adoption of this standard to be applied at the beginning of the most recent fiscal year as opposed to at the beginning of the earliest year presented. We adopted under the provisions allowed under ASU 2018-11 and the adoption did not have an impact on the Company’s financial statements as the Company did not have any lease that are over twelve months at time of adoption. Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019, the Company had an accumulated deficit of $1,469,690, and net loss of $61,967 and net cash used in operations of $65,889 for the three months ended June 30, 2019. 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 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 3 Months Ended |
Jun. 30, 2019 | |
STOCKHOLDERS' EQUITY (DEFICIT) | |
NOTE 4 - STOCKHOLDERS' EQUITY (DEFICIT) | Common Stock Effective December 8, 2014, the Company increased the authorized capital from 1,000,000,000 common shares to 3,000,000,000 common shares. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. On November 9, 2016, we filed a Schedule 14C with Securities and Exchange Commission for the 1 for 100 Reverse Stock Split. On February 16, 2017, the Company received a notification from the Financial Industry Regulatory Authority (FINRA) that our application for Reverse Stock Split was approved by FIRNA and the market effective date was February 17, 2017. The post-split total shares outstanding is 9,917,592 shares with the fractional shares rounded down to the next whole share. As of June 30, 2019 and 2018, the Company has 9,917,592 shares of common stock issued and outstanding. The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
SHORT-TERM LOAN
SHORT-TERM LOAN | 3 Months Ended |
Jun. 30, 2019 | |
SHORT-TERM LOAN | |
NOTE 5 - SHORT-TERM LOAN | Ms Wu, Fengqun is the lender of the loan. The fixed interest is $100 per annum. The term of borrowing is 1 year. The interest and the principal of the loan is to be repaid on June 30, 2020. The loan is not secured by any collateral. As of June 30, 2019 and March 31 2019, the short-term loan outstanding was $167,102 and $169,309 respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 6 - RELATED PARTY TRANSACTIONS | During the three months ended June 30, 2019, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $51,863 for operating expenses. During the three months ended June 30, 2018, Mr. Jiang, Libin, the President and a director of the Company, had advanced the Company $74,233 for operating expenses. These advances have been formalized by non-interest bearing demand notes. As of June 30, 2019, the Company owed $487,358 and $709,622 to Mr. Tsap, Wai Ping, the former President of the Company (the Former President) and Mr. Jiang, Libin respectively. As of March 31, 2019, the Company owed $487,358 and $657,754 to the Former President and Mr. Jiang, Libin respectively. |
CONTINGENCIES UNCERTAINTIES
CONTINGENCIES UNCERTAINTIES | 3 Months Ended |
Jun. 30, 2019 | |
CONTINGENCIES UNCERTAINTIES | |
NOTE 7 - 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 Lease commitments Our Company has leased multiple office premises by entering into operating lease agreements. Different terms and renewal rights are provided to our Company under the agreements. The Company has elected to not recognize lease assets and liabilities for leases with a term less than twelve months. The future aggregate minimum lease payments under operating leases are as follows: Periods For year ended March 31, 2020 (excluding the three months ended June 30, 2019) $ 37,226 For year ended March 31, 2021 - For year ended March 31, 2022 - For year ended March 31, 2023 - Thereafter - Total $ 37,226 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 8 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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, 2019. The condensed consolidated financial information as of March 31, 2019 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. |
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)* BVI 0% Yinfu Group International Holdings Limited (HK) Hong Kong 100% Yinfu International Holdings Limited (WOFE) P.R.C. 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 abandoned 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. |
Discontinued Operations | The Company follows ASC 205-20, Discontinued Operations, |
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 Companys 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. |
Concentrations of Credit Risk | The Companys 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 Companys 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 entitys 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 June 30, 2018. 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 Companys results from the date of the acquisition onward and include amortization expense arising from acquired tangible and intangible assets. |
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 June 30, 2019 and March 31, 2019. |
Net Income (Loss) Per Share of Common Stock | The Company has adopted ASC Topic 260, Earnings per Share, The following table sets forth the computation of basic earnings (loss) per share, for the three months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 2018 Net loss $ (61,967 ) $ (89,447 ) Weighted average common shares outstanding (basic and diluted) 9,917,592 9,917,592 Net loss per common share, basic and diluted $ (0.01 ) $ (0.01 ) |
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 June 30, 2019 and March 31, 2019. |
Advertising Costs | The Company follows ASC 720, Advertising Costs, and expenses costs as incurred. No advertising costs were incurred for the three months ended June 30, 2019 and 2018 respectively. |
Related Parties | The Company follows ASC 850, Related Party Disclosures, |
Revenue Recognition | The Company adopted ASU 201409, 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 June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). Financial Instruments-Credit Losses (Topic 326) amends guidelines on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact on the financial statements of this guidance. In July 2018, the FSAB issued ASU 2018-10 ASC Topic 842: “Codification Improvements to Leases” The amendments are to address stakeholders’ questions about how to apply certain aspects of the new guidance in Accounting Standards Codification (ASC) 842, Leases. The clarifications address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. The amendments in ASC Topic 842 are effective for EGC for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842). This update provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the prior comparative period’s financials will remain the same as those previously presented. Entities that elect this optional transition method must provide the disclosures that were previously required. The Company is evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures. In March 2019, the FASB issued ASU 2019-01: “Leases (Topic 842)-Codification Improvements”. The amendments in this ASU (1) reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers, specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820; (2) address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented, specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities; and (3) clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date of the amendments in this ASU is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for any of the following: 1. A public business entity; 2. A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market; and 3. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). For all other entities, the effective date is for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. An entity should early apply the amendments as of the date that it first applied Topic 842, using the same transition methodology in accordance with paragraph 842-10-65-1(c). The Company is evaluating the effect this new guidance will have on its consolidated financial statements and related disclosures. In February 2016 the FASB issued ASU 2016-02, “Leases (Topic 842).” This standard amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning January 1, 2019. Early adoption is permitted. This standard is required to be adopted using a modified retrospective approach. We expect to elect certain available transitional practical expedients. In July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” which allows for the adoption of this standard to be applied at the beginning of the most recent fiscal year as opposed to at the beginning of the earliest year presented. We adopted under the provisions allowed under ASU 2018-11 and the adoption did not have an impact on the Company’s financial statements as the Company did not have any lease that are over twelve months at time of adoption. Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | |
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”)* BVI 0% Yinfu Group International Holdings Limited (“HK”) Hong Kong 100% Yinfu International Holdings Limited (“WOFE”) P.R.C. 100% |
Schedule of earning (loss) per share | Three Months Ended June 30, 2019 2018 Net loss $ (61,967 ) $ (89,447 ) Weighted average common shares outstanding (basic and diluted) 9,917,592 9,917,592 Net loss per common share, basic and diluted $ (0.01 ) $ (0.01 ) |
CONTINGENCIES UNCERTAINTIES (Ta
CONTINGENCIES UNCERTAINTIES (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
CONTINGENCIES UNCERTAINTIES (Tables) | |
Schedule of lease payments under operating leases | Periods For year ended March 31, 2020 (excluding the three months ended June 30, 2019) $ 37,226 For year ended March 31, 2021 - For year ended March 31, 2022 - For year ended March 31, 2023 - Thereafter - Total $ 37,226 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - shares | 1 Months Ended | 3 Months Ended | ||
Nov. 20, 2014 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 05, 2007 | |
State of country name | Wyoming | |||
Date of incorporation | Sep. 1, 2005 | |||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | 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 | 100.00% | |||
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. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Computation of basic earnings (loss) per share | ||
Net loss | $ (61,967) | $ (89,447) |
Weighted average common shares outstanding (basic and diluted) | 9,917,592 | 9,917,592 |
Net loss per common share, basic and diluted | $ (0.01) | $ (0.01) |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Jun. 30, 2019 |
Yinfu Group Overseas Investment & Finance Ltd [Member] | |
Ownership percentage | 0.00% |
Yinfu Group International [Member] | |
Ownership percentage | 100.00% |
Yinfu International [Member] | |
Ownership percentage | 100.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
GOING CONCERN (Details Narrative) | |||
Accumulated deficit | $ (1,496,586) | $ (1,434,619) | |
Net loss | (61,967) | $ (89,447) | |
Net cash used in operations | $ (65,889) | $ (135,390) |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative) - shares | Nov. 09, 2016 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Dec. 08, 2014 | Mar. 05, 2007 |
Common stock, issued | 9,917,592 | 9,917,592 | 9,917,592 | |||
Common stock, outstanding | 9,917,592 | 9,917,592 | 9,917,592 | |||
Reverse Stock Split | 1:100 | |||||
Post split shares outstanding | 9,917,592 | |||||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | 1,000,000,000 | |||
Minimum [Member] | ||||||
Common stock, shares authorized | 1,000,000,000 | |||||
Maximum [Member] | ||||||
Common stock, shares authorized | 3,000,000,000 |
SHORT-TERM LOAN (Details Narrat
SHORT-TERM LOAN (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
SHORT-TERM LOAN (Details Narrative) | ||
Fixed interest (per annum) | $ 100 | |
Short term loan borrowing term | 1 year | |
Repayment of loan maturity date | Jun. 30, 2020 | |
Short-term loan | $ 167,102 | $ 169,309 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Advances from related party | $ 51,868 | $ 74,233 | |
Mr. Jiang Libin | |||
Advances from related party | 51,863 | $ 74,233 | |
Note payable related party | 709,622 | $ 657,754 | |
Former President | |||
Note payable related party | $ 487,358 | $ 487,358 |
CONTINGENCIES UNCERTAINTIES (De
CONTINGENCIES UNCERTAINTIES (Details) | Jun. 30, 2019USD ($) |
CONTINGENCIES UNCERTAINTIES (Details) | |
For year ended March 31, 2020 | $ 37,226 |
For year ended March 31, 2021 | |
For year ended March 31, 2022 | |
For year ended March 31, 2023 | |
Thereafter | |
Total | $ 37,226 |