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BFGX Bangfu Technology

Filed: 17 May 21, 4:39pm

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                     to                 

 

Commission File No. 333-227350

 

BANGFU TECHNOLOGY GROUP CO., LTD.
(Exact name of registrant as specified in its charter)

 

Nevada 30-1023894
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

 

No. 34-3, Building 2, Diwang International Fortune Center, No. 10 Plaza Road,
Liuzhou, Guangxi Province, China 545005
(Address of Principal Executive Offices, including zip code)

 

+86 772-3719700
(Registrant’s telephone number, including area code)

 

Not Applicable
(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.

 

 ☐ 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 May 15, 2021, there were 7,950,500 shares of common stock, par value $0.001, of the Company issued and outstanding.

 

 

 

BANGFU TECHNOLOGY GROUP CO., LTD.

Quarterly Report on Form 10-Q

 

TABLE OF CONTENTS

 

  Page
   
   
Cautionary Note Regarding Forward-Looking Statementsii
  
PART I – FINANCIAL INFORMATION 
   
Item 1.Financial Statement1
   
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations8
   
Item 3.Quantitative and Qualitative Disclosures about Market Risk10
   
Item 4.Control and Procedures10
   
PART II – OTHER INFORMATION 
   
Item 1.Legal Proceedings11
   
Item 1A.Risk Factors11
   
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds11
   
Item 3.Defaults Upon Senior Securities11
   
Item 4.Mine Safety Disclosures11
 �� 
Item 5.Other Information11
   
Item 6.Exhibits11
   
SIGNATURES12
    

 

i

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (the “Report”), including, without limitation, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or other business combination and any other statements that are not statements of current or historical facts. These statements are based on management’s current expectations, but actual results may differ materially due to various factors, including, but not limited to:

 

 our ability to establish our business in China and implement our business plan;
 acceptance of the services that we expect to market;
 our ability to retain key employees;
 adverse changes in general market conditions for online business services in China;
 our ability to continue as a going concern;
 our future financing plans; and
 our ability to adapt to changes in foreign, cultural, political and financial market conditions which could impair our future operations and financial performance (including, without limitation, the changes resulting from the ongoing COVID-19 pandemic in China and around the world).

 

The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

ii

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS.

 

BANGFU TECHNOLOGY GROUP CO., LTD.

 

CONDENSED BALANCE SHEETS

(Unaudited)

 

  March 31,
2021
 June 30,
2020
     
ASSETS        
Current Assets        
Cash      
Total Current Assets      
TOTAL ASSETS $  $ 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)        
Liabilities        
Current Liabilities        
Accounts Payable $2,957  $ 
Total Current Liabilities  2,957    
Total Liabilities  2,957    
         
Stockholders’ Equity (Deficit)        
Common Stock: $0.001 par value, 75,000,000 shares authorized, 7,950,500 shares issued and outstanding  7,950   7,950 
Additional Paid-in Capital  178,328   142,078 
Accumulated Deficit  (189,235)  (150,028)
Total Stockholders’ Equity (Deficit)  (2,957)   
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) $  $ 

 

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

1

 

 

BANGFU TECHNOLOGY GROUP CO., LTD.

 

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

  Three months ended March 31,
2021
 Three months ended March 31,
2020
 Nine months ended March 31,
2021
 Nine months ended March 31,
2020
REVENUE: $  $  $  $ 
                 
EXPENSES:                
Other expenses     76,790      76,790 
General and administrative expenses  12,207   9,313   39,207   42,950 
Total expenses  12,207   86,103   39,207   119,740 
Loss before income taxes $(12,207) $(86,103) $(39,207) $(119,740)
                 
Income tax expense $  $  $  $ 
                 
NET LOSS $(12,207) $(86,103) $(39,207) $(119,740)
                 
Net loss per common share – basic & diluted $(0.00) $(0.01) $(0.00) $(0.02)
                 
Weighted average of common shares outstanding – basic & diluted  7,950,500   7,950,500   7,950,500   7,950,500 

 

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

2

 

 


BANGFU TECHNOLOGY GROUP CO., LTD.

 

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) 

(Unaudited)

 

Nine months ended March 31, 2021

 

  Common Stock Additional
Paid-in
 Accumulated Total Stockholders’ Equity
  Shares Amount Capital Deficit (Deficit)
Balance as of June 30, 2020  7,950,500  $7,950  $142,078  $(150,028) $ 
Net loss           (39,207)  (39,207)
Contribution from a stockholder        36,250      36,250 
Balance as of March 31, 2021  7,950,500  $7,950  $178,328  $(189,235) $(2,957)

 

Three months ended March 31, 2021

 

  Common Stock Additional
Paid-in
 Accumulated Total Stockholders’ Equity
  Shares Amount Capital Deficit (Deficit)
Balance as of December 31, 2020  7,950,500  $7,950  $169,078  $(177,028) $ 
Net loss           (12,207)  (12,207)
Contribution from a stockholder        9,250      9,250 
Balance as of March 31, 2021  7,950,500  $7,950  $178,328  $(189,235) $(2,957)

 

Nine months ended March 31, 2020

 

  Common Stock Additional
Paid-in
 Accumulated Total Stockholders’ Equity
  Shares Amount Capital Deficit (Deficit)
Balance as of June 30, 2019  7,950,500  $7,950  $27,565  $(21,088) $14,427 
Net loss           (119,740)  (119,740)
Forgiveness of related party loan        83,903      83,903 
Contribution from shareholders        21,410      21,410 
Balance as of March 31, 2020  7,950,500  $7,950  $132,878  $(140,828) $ 

 

Three months ended March 31, 2020

 

  Common Stock Additional
Paid-in
 Accumulated Total Stockholders’ Equity
  Shares Amount Capital Deficit (Deficit)
Balance as of December 31, 2019  7,950,500  $7,950  $27,565  $(54,725) $(19,210)
Net loss           (86,103)  (86,103)
Forgiveness of related party loan        83,903      83,903 
Contribution from shareholders        21,410      21,410 
Balance as of March 31, 2020  7,950,500  $7,950  $132,878  $(140,828) $ 

 

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

3

 

 

BANGFU TECHNOLOGY GROUP CO., LTD.

 

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

  Nine months ended March 31, 2021 Nine months ended March 31, 2020
     
CASH FLOWS FROM OPERATING ACTIVITIES        
Net Loss $(39,207) $(119,740)
Adjustments to reconcile net loss to net cash used by operations:        
Write-off of fixed assets and intangible assets     76,790 
Amortization and depreciation expense     23,590 
Changes in operating assets and liabilities:        
Accounts payable  2,957   (53,150)
Net cash used by Operating Activities  (36,250)  (72,510)
CASH FLOWS FROM FINANCING ACTIVITIES        
Capital contribution from stockholders  36,250   21,410 
Proceeds from related party loan     50,688 
Net cash provided by Financing Activities  36,250   72,098 
         
Net cash increase (decrease) for period     (412)
         
Cash at beginning of period     412 
         
Cash at end of period $  $ 
         
SUPPLEMENTAL CASH FLOW INFORMATION        
Interest paid $  $ 
Income taxes paid $  $ 
Non-cash investing and financing activities – forgiveness of related party loans $  $83,903 

 

The accompanying notes are an integral part of these condensed unaudited financial statements.

 

4

 

 

 BANGFU TECHNOLOGY GROUP CO., LTD. 

NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED MARCH 31, 2021 AND 2020

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Bangfu Technology Group Co., Ltd. (the “Company”) was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications. The Company’s first project was to develop a mobile application (the “App”) to free test panels to identify general health conditions and targeted diseases of both children and adults. The main purpose of the App was to remind users of doctor’s appointments and examinations. The App synchronized with Google and Apple calendars and sent notifications regarding pills-taking time, required tests or doctor appointments via the App and email. The Company expected to generate revenue from in-app subscriptions. Prior to the Change of Control as defined below, the Company had developed terms of reference, design of the App, creation of an Apple store account and was at the server and application development stage.

 

Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser.

 

On June 3, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada to effect a change in the name of the Company from “Kelinda” to “Bangfu Technology Group Co., Ltd.”, effective upon filing. In connection with its name change, the Company’s ticker symbol on the OTC Pink Market changed from “KLDA” to “BFGX.”

 

Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to roll out the plan with a focus in the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi first. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in 2021 but its ability to execute on its business plans and initiatives will depend upon the developments of the pandemic, including the duration and spread of the COVID-19 and lockdown restrictions imposed by the respective various governments and oversight bodies in China.

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a start-up, the Company has had no revenues and has accumulated losses through March 31, 2021. The Company currently has no working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

5

 

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2021. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020.

 

The functional and reporting currency of the Company is the U.S. dollar.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash or equivalents as of March 31, 2021 or June 30, 2020.

 

Taxation

 

Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

 

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change.

 

There were no current and future income tax provision recorded for the three and nine months ended March 31, 2021 or 2020 since the Company did not generate any revenues in these periods.

 

Equipment

 

Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method. We estimate that the useful life of equipment is 5 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment’s useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

6

 

 

Basic Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2021 or June 30, 2020.

 

Recent Accounting Pronouncements

 

The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 

NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has 75,000,000 authorized shares of common stock, $0.001 par value per share. There were no shares of common stock issued during the nine months ended March 31, 2021 or 2020.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

During the nine months ended March 31, 2020, the former President of the Company, Petru Afanasenco, loaned to the Company $44,888 for working capital use. There were no related party transactions with the former President for the nine months ended March 31, 2021.

 

During the nine months ended March 31, 2020, the Company’s former Treasurer and Secretary, Andrei Afanasenco, loaned to the Company $5,800 for working capital use. There were no related party transactions with the former Treasurer and Secretary for the nine months ended March 31, 2021.

 

On March 16, 2020, in connection with the Change in Control, Petru Afanasenco and Andrei Afanasenco entered into debt forgiveness agreements pursuant to which the two related parties forgave loans in the total amount of $83,903 that the Company owed to them. These forgiven loans were treated as capital contributions from the Company’s related parties and therefore a total gain of $83,903 was recorded in equity.

 

During the nine months ended March 31, 2020, the Company’s two major shareholders and officers, Petru Afanasenco and Andrei Afanasenco, contributed a total of $21,410 capital contributions to support the Company’s working capital uses. During the nine months ended March 31, 2021, the Company’s current principal stockholder and sole officer and director, Fuming Yang, contributed $36,250 to the Company for working capital use.

 

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

The Company presently has no material commitments and contingencies.

 

NOTE 7 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to March 31, 2021, through the date when financial statements were issued, and has determined that it does not have any material subsequent events requiring disclosure.

 

7

 

 

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

 

Forward looking statement notice

 

The following discussion and analysis of our results of operations and financial condition should be read together with our unaudited financial statements and the notes thereto, which are included elsewhere in this Report and our Annual Report on Form 10-K for the year ended June 30, 2020 (the “Annual Report”) filed with SEC. Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

 

Overview

 

The Company was incorporated under the name “Kelinda” in the state of Nevada on December 18, 2017 to create health related applications.

 

Following a Change in Control on March 16, 2020, the Company changed its business plan to engage in online business service in the People’s Republic of China. The Company changed its name to Bangfu Technology Group Co., Ltd. on June 3, 2020 and its stock ticker to “BFGX”, effective June 8, 2020.

 

Results of Operations

 

Revenue

 

For the three and nine months ended March 31, 2021 and 2020, the Company did not generate any revenue. The Company does not expect to generate revenue until its business plan is implemented.

 

Operating Expenses

 

Total operating expenses for the three months ended March 31, 2021 were $12,207 compared to operating expenses of $86,103 for the same period of 2020. Total operating expenses for the nine months ended March 31, 2021 were $39,207 compared to operating expenses of $119,740 for the same period of 2020. The operating expenses for the nine months of 2021 primarily included professional fees and filing fee, whereas for the same period of 2020, the operating expenses primarily included professional fees, filing fees, depreciation expenses and write-off of fixed assets and intangible assets. The decrease was primarily because there were no depreciation expenses and write-off of fixed assets and intangible assets for three and nine months ended March 31, 2021.

 

Net Loss

 

As a result of the foregoing, the Company incurred a net loss of $12,207 and $39,207 for the three and nine months ended March 31, 2021, respectively, as compared to a net loss of $86,103 and $119,740 for the same period of 2020, respectively.

 

Going Concern

 

The future of our company is dependent upon our ability to obtain financing to implement our new business plans and initiatives and our ability to generate positive net profits from implementation of our business plans. Management has plans to seek additional capital funding through either equity financings or debt financings from its principal stockholders to support its operations for the next twelve months. However, there is no assurance that such funds will be available or available on acceptable terms. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

 

Liquidity and Capital Resources

 

As of March 31, 2021, the Company had no assets, had liabilities of $2,957 and had an accumulated deficit of $189,235.

 

8

 

 

Cash Flows from Operating Activities

 

For the nine months ended March 31, 2021, net cash used in operating activities was $36,250, which is due to: 1) net loss for the period of $39,207; and 2) adjustment for increase in accounts payable of $2,957.

 

For the nine months ended March 31, 2020, net cash used in operating activities was $72,510, which is the result of: (1) net loss for the period of $119,740; (2) adjustment for write-off of fixed assets and intangible assets of $76,790; and 3) adjustment for depreciation of $23,590; and (4) adjustment for decrease in accounts payable of $53,150.

 

Cash Flows from Financing Activities

 

For the nine months ended March 31, 2021, net cash generated by financing activities was $36,250, which represented capital contribution from the Company’s current principal stockholder to support the operations of the Company. For the nine months ended March 31, 2020, net cash generated by financing activities was $72,098, which represented loans advanced from former shareholders of $50,688 and equity contribution from former shareholders of $21,410 to support the Company’s operations.

 

Material commitments

 

We had no material commitments as of March 31, 2021.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Policies and Estimates

 

Our discussion and analysis of our financial condition and results of operations is based on our financial statements. In preparing our financial statements in conformity with U.S. GAAP, we must make a variety of estimates that affect the reported amounts and related disclosures. See Note 3 of our interim financial statements.

 

In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

9

 

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.CONTROLS AND PROCEDURES

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our principal executive officer and principal financial officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2021. Based upon their evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective due to the material weakness identified below due to our limited resources:

 

 Lack of proper segregation of duties; and

 

 Lack of a formal control process that provides for multiple levels of supervision and review.

  

Changes in Internal Control over Financial Reporting

 

There have not been any changes in our internal controls over financial reporting that occurred during our fiscal quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

10

 

 

PART II - OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS.

 

None.

  

ITEM 1A.RISK FACTORS.

 

Not applicable

  

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

None.

  

ITEM 3.DEFAULTS UPON SENIOR SECURITIES.

 

None.

  

ITEM 4.MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5.OTHER INFORMATION.

 

None.

  

ITEM 6.EXHIBITS.

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.

 

No. Description of Exhibit
3.1 Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the registrant’s Registration Statement on Form S-1, filed with the Commission on September 14, 2018.
3.2 Certificate of Amendment to the Articles of Incorporation, incorporated herein by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K, filed with the Commission on June 8, 2020.
3.3 Bylaws, incorporated herein by reference to Exhibit 3.2 to the registrant’s Registration Statement on Form S-1, filed with the Commission on September 14, 2018.
31.1* Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1** Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL Taxonomy Extension Labels Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document

  

 *Filed herewith

 

 **Furnished herewith

 

11

 

 

SIGNATURES

 

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

 

 BANGFU TECHNOLOGY GROUP CO., LTD.
   
Date: May 17, 2021/s/ Fuming Yang
 Name:Fuming Yang
 Title:President. Treasurer and Secretary
  (Principal Executive Officer and Principal Financial and Accounting Officer)

 

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