UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023

 

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

 

Commission File No. 333-206764

 

Yong Bai Chao New Retail Corporation

(Exact name of registrant as specified in its charter)

 

Nevada

 

20-3626387

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

No. 3205-3209, South Building, No. 3,

Intelligence Industrial Park, No.39 Hulan West Road, Baoshan District, Shanghai, China

(Address of principal executive offices)

(Zip Code)

 

+86-135-8568-1065

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

N/A

 

N/A

 

N/A

 

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) or the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☐

 

As of June 30, 2023, there were 189,495,068 shares of Common Stock issued, of which 189,120,068 shares were outstanding.

 

 

 

 

Yong Bai Chao New Retail Corporation

(Formerly known as Environmental Control Corp.)

 

FORM 10-Q

 

June 30, 2023

 

TABLE OF CONTENTS

 

 

 

Page No.

PART I - FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

12

Item 3

Quantitative and Qualitative Disclosures About Market Risk

17

Item 4

Controls and Procedures

17

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

 

18

Item 1A.

Risk Factors

 

18

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

18

Item 3.

Defaults upon Senior Securities

 

18

Item 4.

Mine Safety Disclosures

 

18

Item 5.

Other Information

 

18

Item 6.

Exhibits

19

 

 
2

Table of Contents

  

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

YONG BAI CHAO NEW RETAIL CORPORATION 

CONDENSED BALANCE SHEETS  

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$5,942

 

 

$1,968

 

Due to related party

 

 

82,497

 

 

 

42,674

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT LIABILITIES

 

 

88,439

 

 

 

44,642

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

 88,439

 

 

 

 44,642

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT:

 

 

 

 

 

 

 

 

Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at June 30, 2023 and December 31, 2022)

 

 

-

 

 

 

-

 

Common stock ($0.001 par value; 190,000,000 shares authorized; 189,495,068 shares issued and 189,120,068 shares outstanding at June 30, 2023 and December 31, 2022)

 

 

195,496

 

 

 

195,496

 

Common stock to be issued

 

 

2,282

 

 

 

2,282

 

Treasury Stock

 

 

-

 

 

 

-

 

Additional paid-in capital

 

 

3,371,271

 

 

 

3,371,271

 

Accumulated deficit

 

 

(3,657,488)

 

 

(3,613,691)

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS’ DEFICIT

 

 

(88,439)

 

 

(44,642)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

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

 

 
3

Table of Contents

  

YONG BAI CHAO NEW RETAIL CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

 

18,797

 

 

 

11,635

 

 

 

43,797

 

 

 

31,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

 

 

18,797

 

 

 

11,635

 

 

 

43,797

 

 

 

31,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

 

(18,797)

 

 

(11,635)

 

 

(43,797)

 

 

(31,840)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

-

 

 

 

(6,250)

 

 

-

 

 

 

(12,500)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Income (Expense)

 

 

 

-

 

 

 

(6,250)

 

 

-

 

 

 

(12,500)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Before Income Taxes

 

 

 

(18,797)

 

 

(17,885)

 

 

(43,797)

 

 

(44,340)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

$(18,797)

 

$(17,885)

 

$(43,797)

 

$(44,340)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

 

189,120,068

 

 

 

170,288,299

 

 

 

189,120,068

 

 

 

153,024,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 
4

Table of Contents

 

YONG BAI CHAO NEW RETAIL CORPORATION 

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT 

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Common

 

 

Treasury Stock

 

 

Additional

 

 

 

 

Total

 

 

 

Number of

 

 

 

 

Stock to

 

 

Number of

 

 

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Be Issued

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

189,120,068

 

 

$195,496

 

 

$2,282

 

 

 

375,000

 

 

$-

 

 

$3,371,271

 

 

$(3,613,691)

 

$(44,642)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(25,000)

 

 

(25,000)

Balance at March 31, 2023

 

 

189,120,068

 

 

 

195,496

 

 

2,282

 

 

 

375,000

 

 

 

-

 

 

 

3,371,271

 

 

 

(3,638,691)

 

 

(69,642)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(18,797)

 

 

(18,797)

Balance at June 30, 2023

 

 

189,120,068

 

 

$195,496

 

 

$2,282

 

 

 

375,000

 

 

$-

 

 

$3,371,271

 

 

$(3,657,488)

 

$(88,439)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

135,569,068

 

 

$141,945

 

 

$2,282

 

 

 

375,000

 

 

$375

 

 

$2,854,388

 

 

$(3,517,478)

 

$(518,488)

Correction of an error

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(375)

 

 

375

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26,455)

 

 

(26,455)

Balance at March 31, 2022

 

 

135,569,068

 

 

 

141,945

 

 

 

2,282

 

 

 

375,000

 

 

 

-

 

 

 

2,854,763

 

 

 

(3,543,933)

 

 

(544,943)

Common stock sold for cash

 

 

53,550,000

 

 

 

53,550

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,550

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,885)

 

 

(17,885)

Balance at June 30, 2022

 

 

189,119,068

 

 

$195,495

 

 

$2,282

 

 

 

375,000

 

 

$-

 

 

$2,854,763

 

 

$(3,561,818)

 

$(509,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5

Table of Contents 

 

YONG BAI CHAO NEW RETAIL CORPORATION 

CONDENSED STATEMENTS OF CASH FLOWS 

(UNAUDITED) 

 

 

 

For the Six Months Ended

June 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$(43,797)

 

$(44,340)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Due from related party

 

 

-

 

 

 

(9,440)

Accounts payable and accrued liabilities

 

 

3,974

 

 

 

1,446

 

Accounts payable and accrued liabilities - related parties

 

 

-

 

 

 

12,500

 

Due to related party

 

 

39,823

 

 

 

(13,716)

 

 

 

 

 

 

 

 

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

-

 

 

 

(53,550)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from sale of common stock

 

 

 

 

 

 

53,550

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITES

 

 

-

 

 

 

53,550

 

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash, beginning of period

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash, end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$-

 

 

$-

 

Cash paid for income tax

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

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

 

 
6

Table of Contents

  

YONG BAI CHAO NEW RETAIL CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Description of Business

 

Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year end is December 31st.

 

Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the six months ended June 30, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of legal service fee, accounting fee, and filing fee etc. related to maintaining a public company.

 

On September 14, 2021, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50,000,000 shares of its common stock. The closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement.

 

Basis of Presentation

 

These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).

 

Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on April 21, 2023.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of June 30, 2023 and December 31, 2022.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

 

 
7

Table of Contents

 

Income Taxes

 

Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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 be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Per Share Data

 

ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

 

Fair Value of Financial Instruments and Fair Value Measurements

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature.

 

Concentration of Credit Risk

 

There are no financial instruments that potentially subject the Company to concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks.

 

Going Concern Risk

 

As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,657,488 and working capital deficit of $88,439 on June 30, 2023. The Company has incurred recurring net loss of $43,797 for the six months ended June 30, 2023. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities.

 

NOTE 2 – RELATED PARTY TRANSACTIONS

 

Convertible Debentures Issued to Related Parties and Accrued Interest

 

On July 15, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $7,143 as additional paid-in capital and reduced the carrying value of the convertible debenture to $42,857. The carrying value had been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

 
8

Table of Contents

 

On November 30, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $21,429 as additional paid-in capital and reduced the carrying value of the convertible debenture to $28,571. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

On April 21, 2011, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. The loan is secured by a patent held by the Company. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.035 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $28,571 as additional paid-in capital and reduced the carrying value of the convertible debenture to $21,429. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

On August 29, 2011, the Company entered into a convertible debenture agreement with a company controlled by a former Vice President of the Company. The Company received $100,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.025 per share. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

For the three months ended June 30, 2023 and 2022, the interest expense related to above borrowings amounted to $0 and $6,250, respectively, and has been reflected as interest expense on the accompanying statements of operations.

 

For the six months ended June 30, 2023 and 2022, the interest expense related to above borrowings amounted to $0 and $12,500, respectively, and has been reflected as interest expense on the accompanying statements of operations.

 

 Write-off of Convertible Debentures Issued to Related Parties and Related Accrued Interest

 

The Company received two legal opinion letters from its counsel in the third quarter of 2022, stating that subject to the assumptions, qualifications and exceptions set forth therein, as of August 11, 2022 and September 2, 2022, the collection of convertible loans with principal of $150,000 and $100,000, respectively, including related accrued and unpaid interest, is time-barred under Nevada law NRS 11.010(2) due to the debenture holders’ failure to demand repayments of these convertible loans in a timely manner.

 

Therefore, in the third quarter of 2022, the Company determined to write off the related party loans and related accrued and unpaid interest totaling $516,508. The write-off was treated as a capital transaction and the amount was recorded in additional paid-in capital.

 

 
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Due to Related Party

 

The Company’s CEO, Fei Wang, paid certain expenses on behalf of the Company. During the year ended December 31, 2022, the Company sold 53,551,000 shares of common stock for $53,551. As the Company does not have a bank account, the fund was deposited directly to Mr. Wang’s personal bank account and was accounted for as a decrease in due to related party.

 

As of June 30, 2023 and December 31, 2022, the Company had a payable amount owed to him of $82,497 and $42,674, respectively.

 

NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS

 

Management does not believe there would have been a material effect on the accompanying unaudited condensed financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period.

 

NOTE 4 – COMMITMENTS AND CONTINCENGIES

 

On July 1, 2009, the Company entered into an investor relations agreement. Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week. On February 8, 2010, the Company issued 75,000 shares of common stock, which was included in common stock to be issued at December 31, 2009 at a value of $2,282. On January 1, 2010, the agreement was extended for twelve months, and the Company should issue additional 75,000 shares. On January 1, 2011, the agreement with the investor relation firm was extended for twelve months for no additional consideration and can be cancelled by either party by giving one month written notice. As of June 30, 2023 and December 31, 2022, the additional shares have not been issued and have been included in common stock to be issued at a value of $2,282.

 

NOTE 5 - STOCKHOLDERS’ DEFICIT

 

On May 11, 2023, the Company’s board of directors approved the amendment to and adoption of the amended and restated articles of incorporation (the “Amended and Restated Articles of Incorporation”), to effect a 1-for-20 reverse stock split of the Company’s outstanding common stock (the “Reverse Stock Split”). On May 17, 2023, the majority stockholders by written consent adopted and ratified the Amended and Restated Articles of Incorporation.

 

As a result of the Reverse Stock Split, each 20 shares of common stock will become and be consolidated into one share of common stock, The Reverse Stock Split will become effective upon the filing of the Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada. To date when the financial statements are available to be issued, the Amended and Restated Articles of Incorporation have not been filed with the Secretary of the State of Neveda. 

 

As of June 30, 2023 and December 31, 2022, there were 189,120,068 (pre reverse split) shares of common stock outstanding.

 

NOTE 6 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2023 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

 

 
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Cautionary Note Regarding Forward-Looking Statements

 

This report may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (including any statements regarding the Company’s outlook for fiscal 2023 and beyond). Any forward-looking statements are subject to a number of risks and uncertainties. These include, among other risks and uncertainties, without limitation, the lack of any current business operation, the possible failure to identify a suitable acquisition candidate, and specific risks which may be associated with any new business or acquisition that we may acquire.

 

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as otherwise required by law, we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this report to reflect any change in our expectations or any change in events, conditions or circumstances on which any of our forward-looking statements are based. We qualify all of our forward-looking statements by these cautionary statements.

 

Unless otherwise indicated, references to “we,” “us,” “our,” or “Company” mean Yong Bai Chao New Retail Corporation and references to “fiscal” mean the Company’s fiscal year December 31.

 

 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of financial condition and results of operations relates to the operations and financial condition reported in the unaudited condensed financial statements of the Company for the three and six months ended June 30, 2023 and 2022 should be read in conjunction with such financial statements and related notes included in this report. Except for the historical information contained herein, the following discussion, as well as other information in this report, contain “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, and are subject to the “safe harbor” created by those sections. Actual results and the timing of the events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the “Forward-Looking Statements” set forth elsewhere in this Quarterly Report on Form 10-Q.

 

Overview

 

Yong Bai Chao New Retail Corporation f/k/a Environmental Control Corp. (“we,” “us,” the “Company” or like terms) was incorporated in the State of Nevada on February 17, 2004 under the name Boss Minerals, Inc. to pursue the exploration and development of mining claims located in British Columbia, Canada.

 

During the quarter ended June 30, 2004, the Company filed a registration statement on Form SB-2 with the Securities and Exchange Commission (“SEC”) to register shares of common stock for public resale by certain stockholders identified in the registration statement. Upon the effective date of the registration statement, the Company became subject to the reporting requirements of Section 12(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and commenced filing reports under the Exchange Act through the quarter ended June 30, 2012.

 

In March 2006, the Company acquired the assets of Environmental Control Corporation, which developed vehicle emission control devices and filed a certificate of amendment to its articles of incorporation in April 2013 to change its name to Environmental Control Corp. The Company filed reports under the Exchange Act through the quarter ended June 30, 2012.

 

 
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On May 2, 2016, the Eight Judicial District Court of Nevada entered an order appointing Bryan Glass as custodian of the Company, authorizing and directing him to, among other things, take any action reasonable, prudent and for the benefit of the Company, including reinstating the Company under Nevada law, appointing officers and convening an annual meeting of stockholders (the “Order”). Mr. Glass was a shareholder of the Company on the date that he applied to serve as a custodian of the Company. From time to time, Mr. Glass submits applications to the courts of the state of Nevada to be appointed as the custodian of corporations in which he already is a shareholder that have forfeited their right to exist as a corporation for reasons such as failure to file annual reports or to pay required fees, and such applications may or may not be successful. If the court approves the application, Mr. Glass is appointed to serve as the custodian of such corporations. In the past, he either has contributed assets or sold them to third parties. Thereafter, the board of directors and Mr. Glass, in his role as custodian, appointed himself to serve as the President of the Company.

 

On May 5, 2016, the Company filed a Certificate of Reinstatement with the state of Nevada to reestablish the Company’s existence.

 

On May 9, 2016, the board of directors and Bryan Glass, in the exercise of his power as the court-appointed custodian of the Company, appointed Bryan Glass as our President, Secretary and Treasurer and authorized the issuance of 60,000,000 shares of stock to Mr. Glass for an aggregate price of $60,000, which sum was paid by the performance of services to the Company and the reimbursement of expenses incurred by Mr. Glass on the Company’s behalf in the amount of $6,685. The expenses incurred by Mr. Glass included $5,160 to the state of Nevada for fees in connection with reinstating the Company and other filings to bring the Company current under the requirements of Nevada corporate law; $1,250 to the transfer agent for outstanding fees; and $275 to the state of Nevada as a filing fee in connection with the amendment to the articles of incorporation.

 

On June 15, 2016, the Company held a stockholders’ meeting at which the stockholders adopted Amended and Restated Articles of Incorporation of the Company under which the Company increased the total number of shares it is authorized to issue to 190 million shares consisting of 180 million shares of common stock and 10 million shares of blank check preferred stock.

 

In December 2018, Mr. Glass sold 60 million shares of common stock, representing all of the shares he owned in the Company, and equal to 56.83% of the total number of outstanding shares of the Company’s common stock, to Lili Xin for the sum of $90,000. Ms. Chang became acquainted with Mr. Glass through a mutual associate and they subsequently negotiated a deal for his control block of shares in the Company. Concurrent with the sale of his shares, the board of directors appointed Ms. Chang as the President and as a director of the Company and Mr. Glass resigned from all positions he held with the Company.

 

On May 22, 2019, the Company filed a Form 15 with the SEC terminating the registration of its class of common stock under Section 12(g) of the Exchange Act and its duty to file periodic and other reports with the SEC.

 

In December 12, 2019, the Company filed a registration statement on Form 10 to register its class of common stock under the Exchange Act, and the registration statement automatically became effective in February 2020.

 

On June 29, 2021, Lili Xin, our former Chief Executive Officer, Chief Financial Officer, director and principal stockholder of the Company (“Ms. Xin”), and Fei Wang (“Mr. Wang”), entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which Ms. Xin agreed to sell to Mr. Wang 80,000,000 shares of Common Stock registered in her name (the “Shares”), representing 59% of the outstanding shares of common stock in the Company, at a purchase price of Three Hundred Fifty Thousand Dollars ($350,000). The seller relied on the exemption from registration pursuant to Section 4(2) of, and Regulation D and/or Regulation S promulgated under the Act in selling the Company’s securities to Mr. Wang. The funds came from the personal funds of Mr. Wang, and was not the result of a loan. The closing occurred August 10, 2021.

 

 
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In connection with such sale, Lili Xin, the then CEO, President and CFO resigned from all of her positions associated with the Company. Concurrently therewith, Mr. Wang was appointed to serve as the sole executive officer and director of the Company.

 

On September 14, 2021, the Company entered into a Company Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50 million shares of our common stock. After the consummation of the acquisition, the Company is obligated to change its name to Yong Bai Chao New Retail Corp. Fei Wang, our sole executive officer and director, also serves as the Chief Executive Officer and Director of YBC. This transaction has not yet consummated, and the closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement. In effectuating the transaction contemplated in the Acquisition Agreement, the Company intends to rely on the exemption from registration pursuant to Section 4(2) of, and Regulation D and/or Regulation S promulgated under the Securities Act of 1933, as amended.

 

Effective October 28, 2021, the Company’s name changed to Yong Bai Chao New Retail Corporation.

 

Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the three and six months ended June 30, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to primarily consist of accounting fee, legal service fee, and filing fee related to maintaining itself as a public company.

 

On May 11, 2023, the Company’s board of directors approved the amendment to and adopting of the amended and restated articles of incorporation (the “Amended and Restated Articles of Incorporation”), to effect a 1-for-20 reverse stock split of the Company’s outstanding common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, each 20 shares of common stock (the “Old Shares”) will become and be consolidated into one share of common stock (the “New Shares”), with stockholders who would receive a fractional share to receive a whole number of one share. Accordingly, the number of shares of common stock issued and outstanding will decrease from 189,120,068 to approximately 9,456,004. Since additional fractional shares may be issued in order to round up fractional shares, we currently do not know the exact number of New Shares that will be outstanding after the Reverse Stock Split. The Reverse Stock Split will become effective upon the filing of the Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada. The Amended and Restated Articles of Incorporation have not been filed with the Secretary of the State of Neveda as of the date when the financial statements are available to be issued.  

 

Critical Accounting Policies and Significant Judgments and Estimates

 

The Securities and Exchange Commission (“SEC”) issued disclosure guidance for “critical accounting policies.” The SEC defines “critical accounting policies” as those that require the application of management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.

 

Our significant accounting policies are described in the Notes to these unaudited condensed financial statements. Currently, based on the Company’s limited activity, we do not believe that there are any accounting policies that require the application of difficult, subjective or complex judgments.

 

Results of Operations

 

Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022

 

Revenue 

 

We did not generate any revenue during the three months ended June 30, 2023 and 2022.

 

 
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Operating Expenses

 

Our operating expenses primarily consisted of fees and expenses related to complying with our ongoing SEC reporting requirements, which mainly consisted of accounting fee, legal service fee, and filing fee.

 

For the three months ended June 30, 2023, total operating expenses amounted to $18,797 as compared to $11,635 for the three months ended June 30, 2022, an increase of $7,162 or 61.56%. The increase was primarily due to increases in legal fees of $12,000 and Edgar filing fees of $812, offset by decreases in accounting fees of $1,150, audit fees of $3,500, and stock transfer agent fees of $1,000.

 

Other Expense

 

The Company’s other expense consists of interest expense.

 

For the three months ended June 30, 2023, interest expense amounted to $0, as compared to $6,250 for the three months ended June 30, 2022, a decrease of $6,250 or 100.0%. The decrease was driven by the write-off the debt.

 

Net Loss 

 

As a result of the factors described above, we had a net loss of $18,797 for the three months ended June 30, 2023 as compared to $17,885 for the three months ended June 30, 2022, an increase of $912 or 5.1%.

 

Six Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022

 

Revenue

 

We did not generate any revenue during the six months ended June 30, 2023 and 2022.

 

Operating Expenses

 

Our operating expenses primarily consisted of fees and expenses related to complying with our ongoing SEC reporting requirements, which mainly consisted of accounting fee, legal service fee, and filing fee.

 

For the six months ended June 30, 2023, total operating expenses amounted to $43,797 as compared to $31,840 for the six months ended June 30, 2022, an increase of $11,957 or 37.55%. The increase was primarily due to increases in legal fees of $12,000, accounting fees of $1,725, and Edgar filing fees of $232, offset by decreases in stock transfer agent fees of $1,600 and audit fees of $400.

 

Other Expense

 

The Company’s other expense consists of interest expense.

 

For the six months ended June 30, 2023, interest expense amounted to $0, as compared to $12,500 for the six months ended June 30, 2022, a decrease of $12,500 or 100.0%. The decrease was driven by the write-off the debt.

 

Net Loss 

 

As a result of the factors described above, we had a net loss of $43,797 for the six months ended June 30, 2023, as compared to $44,340 for the six months ended June 30, 2022, a decrease of $543 or 1.22%.

 

Liquidity and Capital Resources

 

On June 30, 2023, we did not have any cash, while, we had liabilities of $88,439 and had a working capital deficit of $88,439. We expect to incur continued losses during the remainder of 2023, possibly even longer.

 

 

16

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Net cash flow provided by operating activities was $0 for the six months ended June 30, 2023. These included our net loss of $43,797, offset by the changes in operating assets and liabilities totaling $43,797.

 

Net cash flow used in operating activities was $53,550 for the six months ended June 30, 2022. These included our net loss of $44,340, and changes in operating assets and liabilities totaling $9,210.

  

Net cash flow provided by financing activities was $0 for the six months ended June 30, 2023.

 

Net cash flow provided by financing activities was $53,550 for the six months ended June 30, 2022. During the six months ended June 30, 2022, we received proceeds from sale of common stock of $53,550.

 

We expect to require working capital of approximately $75,000 over the next 12 months to meet our financial obligations.

 

We are a shell company with no revenue generating activities. We anticipate that our operating activities will generate negative net cash flow during the remaining year of 2023. The success of our business plan is dependent upon the availability of additional capital resources on terms satisfactory to management as we are not generating sufficient revenues from our business operations. Our sources of capital in the past have included the sale of equity securities, which include common stock sold in private transactions and stockholder advances. There can be no assurance that we can raise such additional capital resources on satisfactory terms. We believe that our current cash and other sources of liquidity discussed above are adequate to support operations for at least the next 12 months. We anticipate continuing to rely on equity sales of our common shares and shareholder advances in order to continue to fund our business operations. Issuance of additional shares will result in dilution to our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our plan of operations.

 

Off-Balance Sheet Arrangements

 

As of June 30, 2023, we did not have any transactions, agreements or other contractual arrangements that constitute off-balance sheet arrangements.

 

 
16

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

This Item is not applicable because we are a “smaller reporting company,” as defined by applicable SEC regulation.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Management’s Report on Disclosure Controls and Procedures.

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and we necessarily were required to apply our judgment in evaluating the cost-benefit relationship of possible changes or additions to our controls and procedures.

 

As of June 30, 2023, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our management concluded that (i) there are material weaknesses in the Company’s internal controls over financial reporting, that the weaknesses constitute a “deficiency” which could result in misstatements of the foregoing accounts and disclosures that could result in a material misstatement to the financial statements for the period covered by this report that would not be detected, and (ii) accordingly, our disclosure controls and procedures were not effective as of June 30, 2023.

 

Changes in Internal Control Over Financial Reporting.

 

Subject to the foregoing disclosure, there were no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 
17

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PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. We are currently not a party to any lawsuit or proceeding which, in the opinion of management, is likely to have a material adverse effect on us or our business.

 

ITEM 1A. RISK FACTORS

 

This Item is not applicable because we are a “smaller reporting company,” as defined by applicable SEC regulations.

 

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

 

None in the quarter ended June 30, 2023.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
18

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ITEM 6. EXHIBITS

 

The following exhibits are filed as part of this quarterly report, pursuant to Item 601 of Regulation S-K. All exhibits are attached hereto unless otherwise noted.

 

31.1*

 

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act

31.2*

 

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act

32.1**

 

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act

32.2**

 

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act

101.INS

 

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

 

Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

 

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

 

*

Filed herewith.

**

The certification attached as Exhibits 32.1 and 32.2 accompanying this quarterly report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

 
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SIGNATURES

 

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

 

 

Yong Bai Chao New Retail Corporation

 

 

(Registrant)

 

 

 

 

 

 

Date: August 21, 2023

By:

/s/ Fei Wang

 

 

 

Fei Wang

 

 

 

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 

 

Date: August 21, 2023

By:

/s/ Min Zhang

 

 

 

Min Zhang

 

 

 

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 
20

 

nullnullnullnullv3.23.2
Cover
6 Months Ended
Jun. 30, 2023
shares
Cover [Abstract]  
Entity Registrant Name Yong Bai Chao New Retail Corporation
Entity Central Index Key 0001284454
Document Type 10-Q
Amendment Flag false
Current Fiscal Year End Date --12-31
Entity Small Business true
Entity Shell Company true
Entity Emerging Growth Company false
Entity Current Reporting Status Yes
Document Period End Date Jun. 30, 2023
Entity Filer Category Non-accelerated Filer
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2023
Entity Common Stock Shares Outstanding 189,120,068
Entity File Number 333-206764
Entity Incorporation State Country Code NV
Entity Tax Identification Number 20-3626387
Entity Interactive Data Current Yes
Entity Address Address Line 1 No. 3205-3209, South Building, No. 3
Entity Address Address Line 2 Intelligence Industrial Park
Entity Address Address Line 3 No.39 Hulan West Road, Baoshan District
Entity Address City Or Town Shanghai
City Area Code 86
Local Phone Number 135-8568-1065
Entity Address Country CN
Document Quarterly Report true
Document Transition Report false
v3.23.2
CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash $ 0 $ 0
TOTAL CURRENT ASSETS 0 0
TOTAL ASSETS 0 0
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 5,942 1,968
Due to related party 82,497 42,674
TOTAL CURRENT LIABILITIES 88,439 44,642
TOTAL LIABILITIES 88,439 44,642
STOCKHOLDERS' DEFICIT:    
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at June 30, 2023 and December 31, 2022) 0 0
Common stock ($0.001 par value; 190,000,000 shares authorized; 189,495,068 shares issued and 189,120,068 shares outstanding at June 30, 2023 and December 31, 2022) 195,496 195,496
Common stock to be issued 2,282 2,282
Treasury Stock 0 0
Additional paid-in capital 3,371,271 3,371,271
Accumulated deficit (3,657,488) (3,613,691)
TOTAL STOCKHOLDERS' DEFICIT (88,439) (44,642)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 0 $ 0
v3.23.2
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
CONDENSED BALANCE SHEETS    
Common Stock, Shares Par Value $ 0.001 $ 0.001
Common Stock Shares Authorized 190,000,000 190,000,000
Common Stock Shares Issued 189,495,068 189,495,068
Common Stock Shares Outstanding 189,120,068 189,120,068
Preferred Stock, Shares Par Value $ 0.001 $ 0.001
Preferred Stock Shares Authorized 10,000,000 10,000,000
Preferred Stock Shares Issued 0 0
Preferred Stock Shares Outstanding 0 0
v3.23.2
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)        
Revenue $ 0 $ 0 $ 0 $ 0
Operating Expenses:        
Professional fees 18,797 11,635 43,797 31,840
Total Operating Expenses 18,797 11,635 43,797 31,840
Loss from Operations (18,797) (11,635) (43,797) (31,840)
Other Income (Expense):        
Interest expense 0 (6,250) 0 (12,500)
Total Other Income (Expense) 0 (6,250) 0 (12,500)
Loss Before Income Taxes (18,797) (17,885) (43,797) (44,340)
Income Taxes 0 0 0 0
Net Loss $ (18,797) $ (17,885) $ (43,797) $ (44,340)
Net loss per common share:        
Basic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of common shares outstanding:        
Basic and diluted 189,120,068 170,288,299 189,120,068 153,024,593
v3.23.2
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
Total
Common Stock
Common Stock To Be Issued
Additional Paid-In Capital
Accumulated Deficit
Treasury Stock
Balance, shares at Dec. 31, 2021   135,569,068       375,000
Balance, amount at Dec. 31, 2021 $ (518,488) $ 141,945 $ 2,282 $ 2,854,388 $ (3,517,478) $ 375
Correction of an error 0 0 0 375 0 (375)
Net loss (26,455) $ 0 0 0 (26,455) $ 0
Balance, shares at Mar. 31, 2022   135,569,068       375,000
Balance, amount at Mar. 31, 2022 (544,943) $ 141,945 2,282 2,854,763 (3,543,933) $ 0
Balance, shares at Dec. 31, 2021   135,569,068       375,000
Balance, amount at Dec. 31, 2021 (518,488) $ 141,945 2,282 2,854,388 (3,517,478) $ 375
Net loss (44,340)          
Balance, shares at Jun. 30, 2022   189,119,068       375,000
Balance, amount at Jun. 30, 2022 (509,278) $ 195,495 2,282 2,854,763 (3,561,818) $ 0
Balance, shares at Mar. 31, 2022   135,569,068       375,000
Balance, amount at Mar. 31, 2022 (544,943) $ 141,945 2,282 2,854,763 (3,543,933) $ 0
Net loss (17,885) $ 0 0 0 (17,885) 0
Common stock sold for cash, shares   53,550,000        
Common stock sold for cash, amount 53,550 $ 53,550 0 0 0 $ 0
Balance, shares at Jun. 30, 2022   189,119,068       375,000
Balance, amount at Jun. 30, 2022 (509,278) $ 195,495 2,282 2,854,763 (3,561,818) $ 0
Balance, shares at Dec. 31, 2022   189,120,068       375,000
Balance, amount at Dec. 31, 2022 (44,642) $ 195,496 2,282 3,371,271 (3,613,691) $ 0
Net loss (25,000) $ 0 0 0 (25,000) $ 0
Balance, shares at Mar. 31, 2023   189,120,068       375,000
Balance, amount at Mar. 31, 2023 (69,642) $ 195,496 2,282 3,371,271 (3,638,691) $ 0
Balance, shares at Dec. 31, 2022   189,120,068       375,000
Balance, amount at Dec. 31, 2022 (44,642) $ 195,496 2,282 3,371,271 (3,613,691) $ 0
Net loss (43,797)          
Balance, shares at Jun. 30, 2023   189,120,068       375,000
Balance, amount at Jun. 30, 2023 (88,439) $ 195,496 2,282 3,371,271 (3,657,488) $ 0
Balance, shares at Mar. 31, 2023   189,120,068       375,000
Balance, amount at Mar. 31, 2023 (69,642) $ 195,496 2,282 3,371,271 (3,638,691) $ 0
Net loss (18,797) $ 0 0 0 (18,797) $ 0
Balance, shares at Jun. 30, 2023   189,120,068       375,000
Balance, amount at Jun. 30, 2023 $ (88,439) $ 195,496 $ 2,282 $ 3,371,271 $ (3,657,488) $ 0
v3.23.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (43,797) $ (44,340)
Changes in operating assets and liabilities:    
Due from related party 0 (9,440)
Accounts payable and accrued liabilities 3,974 1,446
Accounts payable and accrued liabilities - related parties 0 12,500
Due to related party 39,823 (13,716)
NET CASH USED IN OPERATING ACTIVITIES 0 (53,550)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock   53,550
NET CASH PROVIDED BY FINANCING ACTIVITES 0 53,550
NET INCREASE IN CASH 0 0
Cash, beginning of period 0 0
Cash, end of period 0 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 0 0
Cash paid for income tax $ 0 $ 0
v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jun. 30, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Description of Business

 

Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year end is December 31st.

 

Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the six months ended June 30, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of legal service fee, accounting fee, and filing fee etc. related to maintaining a public company.

 

On September 14, 2021, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50,000,000 shares of its common stock. The closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement.

 

Basis of Presentation

 

These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).

 

Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on April 21, 2023.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of June 30, 2023 and December 31, 2022.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

 

Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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 be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Per Share Data

 

ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

 

Fair Value of Financial Instruments and Fair Value Measurements

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature.

 

Concentration of Credit Risk

 

There are no financial instruments that potentially subject the Company to concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks.

 

Going Concern Risk

 

As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,657,488 and working capital deficit of $88,439 on June 30, 2023. The Company has incurred recurring net loss of $43,797 for the six months ended June 30, 2023. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities.

v3.23.2
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2023
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 2 – RELATED PARTY TRANSACTIONS

 

Convertible Debentures Issued to Related Parties and Accrued Interest

 

On July 15, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $7,143 as additional paid-in capital and reduced the carrying value of the convertible debenture to $42,857. The carrying value had been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

On November 30, 2010, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.35 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $21,429 as additional paid-in capital and reduced the carrying value of the convertible debenture to $28,571. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

On April 21, 2011, the Company entered into a convertible debenture agreement with a company controlled by the former President of the Company. The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. The loan is secured by a patent held by the Company. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.035 per share. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $28,571 as additional paid-in capital and reduced the carrying value of the convertible debenture to $21,429. The carrying value has been accreted over the term of the convertible debenture up to its face value of $50,000. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

On August 29, 2011, the Company entered into a convertible debenture agreement with a company controlled by a former Vice President of the Company. The Company received $100,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum. The accrued interest is payable annually on the anniversaries of the advancement date, commencing on the second anniversary. Any portion of the loan and unpaid interest are convertible at any time at the option of the lender into shares of common stock of the Company at a conversion price of $0.025 per share. The Company can repay any portion of the loan and accrued interest at any time without penalty.

 

For the three months ended June 30, 2023 and 2022, the interest expense related to above borrowings amounted to $0 and $6,250, respectively, and has been reflected as interest expense on the accompanying statements of operations.

 

For the six months ended June 30, 2023 and 2022, the interest expense related to above borrowings amounted to $0 and $12,500, respectively, and has been reflected as interest expense on the accompanying statements of operations.

 

 Write-off of Convertible Debentures Issued to Related Parties and Related Accrued Interest

 

The Company received two legal opinion letters from its counsel in the third quarter of 2022, stating that subject to the assumptions, qualifications and exceptions set forth therein, as of August 11, 2022 and September 2, 2022, the collection of convertible loans with principal of $150,000 and $100,000, respectively, including related accrued and unpaid interest, is time-barred under Nevada law NRS 11.010(2) due to the debenture holders’ failure to demand repayments of these convertible loans in a timely manner.

 

Therefore, in the third quarter of 2022, the Company determined to write off the related party loans and related accrued and unpaid interest totaling $516,508. The write-off was treated as a capital transaction and the amount was recorded in additional paid-in capital.

Due to Related Party

 

The Company’s CEO, Fei Wang, paid certain expenses on behalf of the Company. During the year ended December 31, 2022, the Company sold 53,551,000 shares of common stock for $53,551. As the Company does not have a bank account, the fund was deposited directly to Mr. Wang’s personal bank account and was accounted for as a decrease in due to related party.

 

As of June 30, 2023 and December 31, 2022, the Company had a payable amount owed to him of $82,497 and $42,674, respectively.

v3.23.2
RECENT ACCOUNTING PRONOUNCEMENTS
6 Months Ended
Jun. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS

 

Management does not believe there would have been a material effect on the accompanying unaudited condensed financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period.

v3.23.2
COMMITMENTS AND CONTINCENGIES
6 Months Ended
Jun. 30, 2023
COMMITMENTS AND CONTINCENGIES  
COMMITMENTS AND CONTINCENGIES

NOTE 4 – COMMITMENTS AND CONTINCENGIES

 

On July 1, 2009, the Company entered into an investor relations agreement. Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week. On February 8, 2010, the Company issued 75,000 shares of common stock, which was included in common stock to be issued at December 31, 2009 at a value of $2,282. On January 1, 2010, the agreement was extended for twelve months, and the Company should issue additional 75,000 shares. On January 1, 2011, the agreement with the investor relation firm was extended for twelve months for no additional consideration and can be cancelled by either party by giving one month written notice. As of June 30, 2023 and December 31, 2022, the additional shares have not been issued and have been included in common stock to be issued at a value of $2,282.

v3.23.2
STOCKHOLDERS DEFICIT
6 Months Ended
Jun. 30, 2023
STOCKHOLDERS DEFICIT  
STOCKHOLDERS' DEFICIT

NOTE 5 - STOCKHOLDERS’ DEFICIT

 

On May 11, 2023, the Company’s board of directors approved the amendment to and adoption of the amended and restated articles of incorporation (the “Amended and Restated Articles of Incorporation”), to effect a 1-for-20 reverse stock split of the Company’s outstanding common stock (the “Reverse Stock Split”). On May 17, 2023, the majority stockholders by written consent adopted and ratified the Amended and Restated Articles of Incorporation.

 

As a result of the Reverse Stock Split, each 20 shares of common stock will become and be consolidated into one share of common stock, The Reverse Stock Split will become effective upon the filing of the Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada. To date when the financial statements are available to be issued, the Amended and Restated Articles of Incorporation have not been filed with the Secretary of the State of Neveda. 

 

As of June 30, 2023 and December 31, 2022, there were 189,120,068 (pre reverse split) shares of common stock outstanding.

v3.23.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2023 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jun. 30, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Organization And Description Of Business

Yong Bai Chao New Retail Corporation (“we”, “us”, or the “Company”) (formerly known as Boss Minerals, Inc. and Environmental Control Corp., respectively) was organized under the laws of the State of Nevada on February 17, 2004. The Company’s fiscal year end is December 31st.

 

Currently, the Company only possesses minimal liabilities with no substantial business operations. There were no revenue or positive cash flows from operating activities for the six months ended June 30, 2023. The Company’s management efforts are focused on seeking out a new and profitable operating business with strong growth potential. Unless and until the Company’s successful acquisition of an operating business, we expect our expenses to mainly consist of legal service fee, accounting fee, and filing fee etc. related to maintaining a public company.

 

On September 14, 2021, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. (“YBC”). Pursuant to the terms of the Acquisition Agreement, the Company agreed to acquire all of the issued and outstanding securities of YBC in exchange for 50,000,000 shares of its common stock. The closing of this transaction is subject to certain terms and conditions described in the Acquisition Agreement.

Basis Of Presentation

These interim financial statements of the Company are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed financial statements have been included. The results reported in the condensed financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).

 

Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on April 21, 2023.

Cash And Cash Equivalents

The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of June 30, 2023 and December 31, 2022.

Use Of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. 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 be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Per Share Data

ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

Fair Value of Financial Instruments and Fair Value Measurements

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed interim financial statements, primarily due to their short-term nature.

Concentration Of Credit Risk

There are no financial instruments that potentially subject the Company to concentration of credit risk. The Company has not experienced losses and management believes the Company is not exposed to significant credit risks.

Going Concern Risk

As reflected in the accompanying unaudited condensed financial statements, the Company had accumulated deficit of $3,657,488 and working capital deficit of $88,439 on June 30, 2023. The Company has incurred recurring net loss of $43,797 for the six months ended June 30, 2023. The Company has no current operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least next twelve months from the date the Company’s interim financial statements are released. Management intends to fund the ongoing operations of the Company while seeking potential business acquisition opportunities.

v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Sep. 14, 2021
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                
Share issued in exchange of acquisition 50,000,000              
Net loss   $ (18,797) $ (25,000) $ (17,885) $ (26,455) $ (43,797) $ (44,340)  
Accumulated deficit   (3,657,488)       (3,657,488)   $ (3,613,691)
Working Capital Deficit   $ 88,439       $ 88,439    
v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Sep. 30, 2022
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Sep. 02, 2022
Aug. 31, 2022
Interest Expense $ 0   $ 6,250 $ 0 $ 12,500      
Convertible loans             $ 100,000 $ 150,000
Write off the related party loans and related accrued and unpaid interest   $ 516,508            
CEO Fei Wang [Member]                
Amount payable 82,497     82,497   $ 42,674    
Issue of common stock           53,551,000    
Sale of common stock amount           $ 53,551    
July 15, 2010 [Member]                
Reduction in carrying value of convertible debenture $ 42,857     $ 42,857        
Conversion Price Per Share $ 0.35     $ 0.35        
Convertible Debenture Face Value $ 50,000     $ 50,000        
Convertible Debentures Descriptions       The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum        
Debt instrument, convertible, beneficial conversion feature       $ 7,143        
November 30, 2010 [Member]                
Conversion Price Per Share $ 0.35     $ 0.35        
Beneficial Conversion Feature Additional Paid In Capital       $ 21,429        
Carrying Value Of Convertible Debenture $ 28,571     28,571        
Convertible Debenture Face Value $ 50,000     $ 50,000        
Convertible Debentures Descriptions       The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum        
April 21, 2011 [Member]                
Conversion Price Per Share $ 0.035     $ 0.035        
Beneficial Conversion Feature Additional Paid In Capital       $ 28,571        
Carrying Value Of Convertible Debenture $ 21,429     21,429        
Convertible Debenture Face Value $ 50,000     $ 50,000        
Convertible Debentures Descriptions       The Company received $50,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum        
August 29, 2011 [Member]                
Conversion Price Per Share $ 0.025     $ 0.025        
Convertible Debentures Descriptions       The Company received $100,000 which is due five years from the advancement date. The loan is interest free for the first year, after which it bears interest at a rate of 10% per annum        
v3.23.2
COMMITMENTS AND CONTINCENGIES (Details Narrative) - USD ($)
Feb. 08, 2010
Jul. 01, 2009
Jun. 30, 2023
Dec. 31, 2022
Jan. 01, 2010
Dec. 31, 2009
COMMITMENTS AND CONTINCENGIES            
Investor relations agreement description   Pursuant to such agreement, the Company agreed to pay a fee of $1,000 per month for a period of six months beginning on August 1, 2009 and ending January 1, 2010. The Company should have issued 75,000 shares within 7 days of signing the agreement. Any payments over 45 days would be subject to a penalty fee of 10% per week        
Penalty fees per week   10.00%        
Common stock shares issued during the period, shares 75,000          
Common Stock to be Issued     $ 2,282 $ 2,282   $ 2,282
Additional shares issued         75,000  
v3.23.2
STOCKHOLDERS DEFICIT (Details Narrative) - shares
6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
STOCKHOLDERS DEFICIT    
Common stock share outstanding 189,120,068 189,120,068
Reverse stock split description Reverse Stock Split, each 20 shares of common stock will become and be consolidated into one share of common stock  

Yong Bai Chao New Retail (PK) (USOTC:YBCN)
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