Mon, Jul 1, 8:06 PM (68 days ago)
Landbay Inc's annual report for the fiscal year ending March 31, 2024, highlights several key financial metrics and strategic changes. The company reported a significant decline in revenue from $18,188 in 2023 to $9,539 in 2024, mainly due to decreased furniture sales. Operating expenses also decreased slightly from $47,876 to $43,164, resulting in a net loss reduction from $37,667 to $13,137. The company's working capital deficiency increased from $84,255 to $97,392, raising concerns about its ability to continue as a going concern. Strategically, Landbay Inc underwent major changes including a change in control and management. On March 25, 2024, Northern Ifurniture Inc sold 97.9% of its shares to Chunyang Liu, who became the new President and CEO. The company is shifting its focus to explore new opportunities to increase profitability in 2024. Risk factors include the company's ongoing financial instability and the competitive nature of the furniture market. The company has no employees other than its former President and operates from a provided office space in China. The report also notes weaknesses in internal controls over financial reporting, which management plans to address.