The following discussion of our results of operations and cash flows for the years ended March 31, 2022 and 2021, and financial conditions as of March 31, 2022, and 2021 should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Form 10-K.





Overview

Landbay Inc is a New York corporation formed on January 28, 2016. Our current principle executive office is located at 36-25 Main Street, Flushing, New York, 11354. Tel: 917-232-5799.

On July 24, 2019, Larison Inc, the principal stockholder and 100% controlled by the prior President of the Company ("Seller"), entered into a Stock Purchase Agreement (the "Agreement") with Northern Ifurniture Inc (the "Buyer"). Pursuant to the Agreement, Seller agreed to sell to the Buyer and the Buyer agreed to purchase from Seller a total of 9,222,350 shares of common stock of the Company Purchased Shares, which represented approximately 96% of the Company's issued and outstanding shares of common stock. As a result, the transaction led to a change of the control and the management team of the Company.

Prior to the change of the management team, the Company was engaging in holding or trading securities in the US market, as well as to trade and hold whisky in the UK market. The Company has changed its focus to operate furniture retail business and furniture design business in the New York area.

The Company also continues to look for other opportunities which could potentially increase the profits of the Company in the year of 2022.

Results of Operation for the years ended March 31, 2022 and 2021

During the year ended March 31, 2022, the Company generated sales revenue in the amount of $9,572. During the year ended March 31, 2021, the Company generated revenue in the amount of $3,868 for sales of furniture. During the years ended March 31, 2022 and 2021, the Company had loss from commodity trading in the amount of $nil and $1,090, respectively. The increase in revenue was mainly due to the increased furniture sales for the year ended March 31, 2022 as compared with the year ended March 31, 2021. As of March 31, 2022 and 2021, the Company wrote down inventory in the amount of $nil and $138,429, respectively, based on the Company's best estimate resulted from the impact of COIVD-19 pandemic. During the years ended March 31, 2022 and 2021, the Company operating expenses were at $49,501 and $74,121, respectively. The decrease of operating expenses was due to the decrease in professional fees and depreciation expenses. For the years ended March 31, 2022 and 2021, our net loss was $44,596 and $206,877, respectively. The decrease in net loss was mainly contributed by the decreased operating expenses for the year ended March 31, 2022 with no one-time inventory written down which was incurred during the year ended March 31, 2021.





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Equity and Capital Resources

As of March 31, 2022 and 2021, we had an accumulated deficit of $402,247 and $357,651, respectively. As of March 31, 2022, we had cash of $26,140 and working capital deficiency of $46,588. As of March 31, 2021, we had cash of $6,631 and a working capital deficiency of $2,976. The increase in the working capital deficiency was primarily due to the cash paid for operating expense for the year ended March 31, 2022.





Going Concern Assessment

The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

Management's plan to alleviate the substantial doubt about the Company's ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and the President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company's ongoing capital expenditures and other requirements.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Off-Balance Sheet Arrangements

We have no 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 stockholders.





Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions included in Note 2 of our financial statements is critical to an understanding of our financial statements.

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