Forward-Looking Statements
Except for historical information, this report contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve risks and uncertainties, including, among other things,
statements regarding our business strategy, future revenues and anticipated
costs and expenses. Such forward-looking statements include, among others, those
statements including the words "expects", "anticipates", "intends", "believes"
and similar language. Our actual results may differ significantly from those
projected in the forward-looking statements. Factors that might cause or
contribute to such differences include, but are not limited to, those discussed
in the sections "Business", "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations". You should carefully
review other documents we file from time to time with the
Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
All references in this Form 10-Q to the "Company", "Yinfu", "we", "us" or "our"
are to
Our unaudited financial statements are stated in
Overview
We have had limited operations and based upon our reliance on the sale of our common stock and the advances from our president, there are no assurances of any future source of funds for our operations.
Plan of Operation
We devote substantial efforts to establishing a P2P online lending service platform. However, our planned principal operations have not yet commenced.
In 2020, we plan to establish the Company as a known P2P online lending service provider. We provide an online lending platform that matches lenders directly with the borrowers and charge a commission fee. Through our P2P platform, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rate.
18 Table of Contents Need forAdditional Capital
The Company has not generated any revenues from operations, and may be unable to fund on-going activities. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in developing our own hardware and software, and the possibility of new regulations that will make our company difficult or impossible to operate.
If we are unable to meet our needs for cash from either our operations, or possible alternative sources, then we may be unable to continue, develop, or expand our operations.
If we are unable to complete any phase of our development program or fail to raise additional capital to maintain our operations in the future, we may be unable to carry out our full business plan or we may be forced to cease operations.
Results of Operations
We have generated no revenues and have incurred
The following table provides selected financial data about our company as of
September 30, March 31, 2020 2020 Cash $ 577$ 775 Total Assets$ 112,322 $ 118,940 Total Liabilities$ 1,864,984 $ 1,721,723
Stockholders' Equity (Deficit)
As of
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As of
Six Months Six Months Ended Ended September 30, September 30, 2020 2019 Revenue $ - $ - Operating Expenses: General and administrative 115,543 85,522 Professional fees 6,000 25,344 Total Operating Expenses 121,543 110,866 Loss from Operations$ (121,543 ) $ (110,866 ) Revenues
The Company has generated no revenues during the six months ended
Operating expenses
For the six months ended
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Liquidity and Capital Resources
Working Capital As of As of September 30, March 31, 2020 2020 Current Assets $ 1,317$ 1,721 Current Liabilities$ 1,829,025 $ 1,675,918 Working Capital Deficiency$ (1,827,708 ) $ (1,674,197 )
As of
Cash Flows Six Months Six Months Ended EndedSeptember 30 ,September 30, 2020 2019
Cash Flows Used in Operating Activities
- $ -
Cash Flows Provided by Financing Activities
26 $ 573 Net Decrease in Cash During Period $ (224 ) $ (238 )
Cash Flows Used in Operating Activities
During the six months ended
During the six months ended
Cash Flows Provided by Investing Activities
During the six months ended
Cash Flows Provided by Financing Activities
During the six months ended
During the six months ended
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 is material to investors.
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