YINFU GOLD CORPORATION |
(Exact name of registrant as specified in its charter) |
WYOMING | 20-8531222 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | x | Smaller reporting company | x |
Emerging growth company | ¨ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, par value $0.001 per share | ELRE | OTCQB |
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| December 31, |
| March 31, | |||||
| 2019 |
| 2019 |
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Assets | ||||||||
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Current Assets |
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Cash and cash equivalents |
| $ | 368 |
| $ | 519 |
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Other receivables |
| 962 |
| 7,039 |
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Total Assets |
| $ | 1,330 |
| $ | 7,558 | ||
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Liabilities and Stockholders’ Deficit | ||||||||
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Current liabilities | ||||||||
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Accounts payable and accrued liabilities |
| 132,935 |
| 109,241 |
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Short-term loan |
| 164,081 |
| 169,309 |
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Note payable - related party |
| 1,262,142 |
| 1,145,112 |
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Total Current Liabilities |
| 1,559,158 |
| 1,423,662 |
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Total Liabilities |
| 1,559,158 |
| 1,423,662 | ||||
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Stockholders’ Deficit |
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Common stock, ($0.001 par value, 3,000,000 shares authorized, 9,917,592 shares issued and outstanding as of December 31, 2019 and March 31,2019) |
| 9,918 |
| 9,918 |
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Accumulated deficit |
| (1,586,892 | ) |
| (1,434,619 | ) | ||
Accumulated other comprehensive loss |
| 19,146 |
| 8,597 | ||||
Total Stockholders’ Deficit |
| (1,557,828 | ) |
| (1,416,104 | ) | ||
Total Liabilities and Stockholders’ Deficit |
| $ | 1,330 |
| $ | 7,558 |
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| For the Three Months ended December 31, |
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| For the Nine Months ended December 31, |
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| 2019 |
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| 2018 |
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| 2019 |
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| 2018 |
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REVENUE |
| $ | - |
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| $ | - |
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| $ | - |
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| $ | - |
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OPERATING EXPENSES: |
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General and administrative |
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| 37,006 |
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| 47,437 |
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| 122,528 |
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| 171,208 |
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Professional fees |
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| 4,411 |
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| 3,461 |
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| 29,755 |
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| 42,395 |
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Total operating expenses |
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| 41,417 |
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| 50,898 |
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| 152,283 |
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| 213,603 |
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Net loss from operations |
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| (41,417 | ) |
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| (50,898 | ) |
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| (152,283 | ) |
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| (213,603 | ) |
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Other Income and (Expense) |
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Provision for income taxes |
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| - |
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| - |
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| - |
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| - |
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Net loss |
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| (41,417 | ) |
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| (50,898 | ) |
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| (152,283 | ) |
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| (213,603 | ) |
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Basic and diluted loss per common share |
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| (0.00 | ) |
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| (0.01 | ) |
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| (0.02 | ) |
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| (0.02 | ) |
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Weighted average number of common shares outstanding - basic and diluted |
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| 9,917,592 |
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| 9,917,592 |
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| 9,917,592 |
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| 9,917,592 |
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5 |
YINFU GOLD CORPORATION |
(Unaudited) (Stated in U.S. Dollars) |
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| For the Three Months ended December 31, |
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| For the Nine Months ended December 31, |
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| 2019 |
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| 2018 |
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| 2019 |
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| 2018 |
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NET LOSS |
| $ | (41,417 | ) |
| $ | (50,898 | ) |
| $ | (152,283 | ) |
| $ | (213,603 | ) |
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OTHER COMPREHENSIVE LOSS NET OF TAX: |
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Foreign currency translation adjustments |
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| (35,469 | ) |
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| 214 |
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| 14,511 |
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| 18,166 |
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OTHER COMPREHENSIVE LOSS |
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| (35,469 | ) |
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| 214 |
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| 10,559 |
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| 18,166 |
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COMPREHENSIVE LOSS |
| $ | (76,875 | ) |
| $ | (50,684 | ) |
| $ | (141,724 | ) |
| $ | (195,437 | ) |
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| Common Stock |
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| Accumulated other |
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| Number of shares |
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| Par value |
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| Accumulated Deficit |
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| comprehensive loss |
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| Total |
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Balance as of March 31,2019 |
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| 9,917,592 |
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| $ | 9,918 |
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| $ | (1,434,619 | ) |
| $ | 8,597 |
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| $ | (1,416,104 | ) |
Foreign currency translation adjustment |
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| 25,327 |
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| 25,327 |
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Net loss |
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| (61,967 | ) |
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| (61,967 | ) |
Balance as of June 30,2019 |
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| 9,917,592 |
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| 9,918 |
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| (1,496,586 | ) |
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| 33,924 |
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| (1,452,744 | ) |
Foreign currency translation adjustment |
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| 20,701 |
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| 20,701 |
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Net loss |
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| (48,899 | ) |
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| (48,899 | ) |
Balance as of September 30,2019 |
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| 9,917,592 |
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| 9,918 |
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| (1,545,485 | ) |
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| 54,625 |
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| (1,480,942 | ) |
Foreign currency translation adjustment |
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| 10 |
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| (35,479 | ) |
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| (35,469 | ) |
Net loss |
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| (41,417 | ) |
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| (41,407 | ) |
Balance as of December 31,2019 |
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| 9,917,592 |
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| 9,918 |
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| (1,586,892 | ) |
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| 19,146 |
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| (1,557,828 | ) |
Common Stock | Accumulated | |||||||||||||||||||
Number of shares | Par value | Accumulated Deficit | other comprehensive loss | Total | ||||||||||||||||
Balance as of March 31,2018 | 9,917,592 | $ | 9,918 | $ | (1,171,294 | ) | $ | (12,558 | ) | $ | (1,173,934 | ) | ||||||||
Foreign currency translation adjustment | 9,479 | 9,479 | ||||||||||||||||||
Net loss | (89,447 | ) | (89,447 | ) | ||||||||||||||||
Balance as of June 30,2018 | 9,917,592 | 9,918 | (1,260,741 | ) | (3,079 | ) | (1,253,902 | ) | ||||||||||||
Foreign currency translation adjustment | 8,473 | 8,473 | ||||||||||||||||||
Net loss | (73,258 | ) | (73,258 | ) | ||||||||||||||||
Balance as of September 30,2018 | 9,917,592 | 9,918 | (1,333,999 | ) | 5,394 | (1,318,687 | ) | |||||||||||||
Foreign currency translation adjustment | 214 | 214 | ||||||||||||||||||
Net loss | (50,898 | ) | (50,898 | ) | ||||||||||||||||
Balance as of December 31,2018 | 9,917,592 | 9,918 | (1,384,897 | ) | 5,608 | (1,369,371 | ) |
7 |
YINFU GOLD CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
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| For the Nine Months Ended December 31, |
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| 2019 |
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| 2018 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
|
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Net loss |
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| (152,283 | ) |
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| (213,603 | ) |
Depreciation |
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| - |
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Changes in assets and liabilities: |
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Other receivables |
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| 2,281 |
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| (138 | ) |
Accounts payable and accrued liabilities |
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| 24,126 |
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| (55,379 | ) |
Net cash used in operating activities |
| $ | (125,876 | ) |
| $ | (269,120 | ) |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Net cash used in investing activities |
| $ | - |
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| $ | - |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Repayment of short-term loans |
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| (1,426 | ) |
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| (258 | ) |
Proceeds from note payable - related parties |
|
| 126,643 |
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| 196,897 |
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| $ | 125,217 |
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| $ | 196,639 |
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Effect on changes in foreign exchange rate |
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| 508 |
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| 18,166 |
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Net increase in cash and cash equivalents |
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| (151 | ) |
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| (54,315 | ) |
Cash and cash equivalents, beginning of period |
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| 519 |
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| 55,054 |
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Cash and cash equivalents, end of period |
| $ | 368 |
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| $ | 739 |
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8 |
9 |
Name of Subsidiary | State or Jurisdiction of Organization of Entity | Attributable | ||||
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 | % |
10 |
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Nine Months Ended December 31, | ||||||||
2019 | 2018 | |||||||
Net loss | $ | (152,283 | ) | $ | (213,603 | ) | ||
Weighted average common shares outstanding (basic and diluted) | 9,917,592 | 9,917,592 | ||||||
Net loss per common share, basic and diluted | $ | (0.02 | ) | $ | (0.02 | ) |
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Periods |
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For year ended March 31, 2020 (excluding the nine months ended December 31, 2019) |
| $ | - |
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For year ended March 31, 2021 |
|
| - |
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For year ended March 31, 2022 |
|
| - |
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For year ended March 31, 2023 |
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| - |
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Thereafter |
|
| - |
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Total |
| $ | - |
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16 |
December 31, 2019 | March 31, 2019 | |||||||
Cash | $ | 368 | $ | 519 | ||||
Total Assets | $ | 1,330 | $ | 7,558 | ||||
Total Liabilities | $ | 1,559,158 | $ | 1,423,662 | ||||
Stockholders’ Equity (Deficit) | $ | (1,557,828 | ) | $ | (1,416,104 | ) |
17 |
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| Nine Months Ended December 31, 2019 |
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| Nine Months Ended December 31, 2018 |
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Revenue |
| $ | - |
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| $ | - |
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Operating Expenses |
|
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|
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General and administrative |
|
| 122,528 |
|
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| 171,208 |
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Professional fees |
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| 29,755 |
|
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| 42,395 |
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Total Operating Expenses |
| $ | 152,283 |
|
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| 213,603 |
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Income (Loss) from Operation |
| $ | (152,283 | ) |
| $ | (213,603 | ) |
18 |
As of December 31, 2019 | As of March 31, 2019 | |||||||
Current Assets | $ | 1,330 | $ | 7,558 | ||||
Current Liabilities | $ | 1,559,158 | $ | 1,423,662 | ||||
Working Capital Deficiency | $ | (1,557,828 | ) | $ | (1,416,104 | ) | ||
As of December 31, 2019, the Company had a working capital deficiency of $1,557,828 compared with working capital deficiency of $1,416,104 as of March 31, 2019. The increase in working capital deficiency was primarily attributed to the increase in current liabilities due to the increase of advance from the President for operating expenses. | ||||||||
Cash Flows | ||||||||
Nine Months Ended December 31, 2019 | Nine Months Ended December 31, 2018 | |||||||
Cash Flows Used in Operating Activities | $ | (125,876 | ) | $ | (269,120 | ) | ||
Cash Flows Provided by Investing Activities | $ | - | $ | - | ||||
Cash Flows Provided by Financing Activities | $ | 125,217 | $ | 196,639 | ||||
Effects on change in foreign exchange rate | $ | (508 | ) | $ | 18,166 | |||
Net Decrease in Cash During Period | $ | (151 | ) | $ | (54,315 | ) |
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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. |
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Yinfu Gold Corporation | |||
(Registrant) | |||
Dated: February 14, 2020 | /s/ Jiang, Libin | ||
Jiang, Libin | |||
Chief Executive Officer |
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