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 Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

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 Yinfu Gold Corporation.

Our unaudited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.





Overview

Yinfu Gold Corporation (the "Company") is a Wyoming corporation incorporated on September 1, 2005, under the name Ace Lock & Security, Inc. Our name was changed to Yinfu Gold Corporation as of November 18, 2010. We are working to establish and build a peer-to-peer ("P2P") online lending service platform.

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 for Additional 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 $42,132 in expenses through the three months ended June 30, 2020.

The following table provides selected financial data about our company as of June 30, 2020 and March 31, 2020.





                                   June 30,        March 31,
                                     2020             2020
Cash                             $      5,088     $        775
Total Assets                     $    139,459     $    118,940
Total Liabilities                $  1,785,775     $  1,721,723

Stockholders' Equity (Deficit) $ (1,646,316 ) $ (1,602,783 )

As of June 30, 2020, the Company's cash balance was $5,088 compared to $775 as of March 31, 2020, and our total assets as of June 30, 2020, were $139,459 compared with $118,940 as of March 31, 2020. The increase in cash and increase in total assets were immaterial.






         19

  Table of Contents

As of June 30, 2020, the Company had total liabilities of $1,785,775 compared with total liabilities of $1,721,723 as of March 31, 2020. The increase in total liabilities was primarily attributed to the increase of advance from the President for operating expenses.





                              Three Months       Three Months
                                 Ended              Ended
                                June 30,           June 30,
                                  2020               2019
Revenue                      $            -     $            -
Operating Expenses:
General and administrative           39,132             43,518
Professional fees                     3,000             18,449
Total Operating Expenses             42,132             61,967
Loss from Operations         $       42,132     $       61,967




Revenues

The Company has generated no revenues during the three months ended June 30, 2020 and 2019.





Operating expenses

For the three months ended June 30, 2020, total operating expenses were $42,132, which consisted general and administrative fees and professional fees. For the three months ended June 30, 2019, total operating expenses were $61,967, which consisted general and administrative fees and professional fees. The decrease in operating expense was mainly due to the decrease in professional fees.






         20

  Table of Contents

Liquidity and Capital Resources





Working Capital



                                          As of                        As of
                                         June 30,                    March 31,
                                           2020                         2020
Current Assets                       $         16,641             $          1,721
Current Liabilities                  $      1,734,238             $      1,675,918
Working Capital Deficiency           $     (1,717,597 )           $     (1,674,197 )

As of June 30, 2020, the Company had a working capital deficiency of $1,717,597 compared with working capital deficiency of $1,674,197 as of March 31, 2020. 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
                                       Three Months                 Three Months
                                          Ended                        Ended
                                         June 30,                     June 30,
                                           2020                         2019
Cash Flows Used in Operating
Activities                           $        (42,379 )           $        (65,889 )
Cash Flows Provided by
Investing Activities                 $              -             $              -
Cash Flows Provided by
Financing Activities                 $         46,793             $         49,661
Effects on change in foreign
exchange rate                        $           (101 )           $         16,225
Net Decrease in Cash During
Period                               $          4,313             $             (3 )

Cash Flows Used in Operating Activities

During the three months ended June 30, 2020, the Company had $42,379 in cash used in operating activities, which was attributed from loss from operations of $42,132 and increase in accounts payable and accrued liabilities of $10,358 and increase in other receivables of $10,605.

During the three months ended June 30, 2019, the Company had $65,889 in cash used in operating activities, which was attributed from loss from operations of $61,967, decrease of other receivables of $3,088 and decrease in accounts payable and accrued liabilities of $7,010.

Cash Flows Provided by Investing Activities

During the three months ended June 30, 2020 and 2019, the Company used no cash in investing activities.

Cash Flows Provided by Financing Activities

During the three months ended June 30, 2020, the President has advanced the Company $46,793 for operating expenses.

During the three months ended June 30, 2019, the President has advanced the Company $51,868 for operating expenses.

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.






         21

  Table of Contents

© Edgar Online, source Glimpses