RELATED PARTY TRANSACTIONS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS
Effective May 19, 2025, the Company has accepted the resignation of Mr. Jiang Libin from his position as President, CEO, CFO, the Chairman of the Board of Directors, Treasurer, Secretary and as a Director of the Company.
Also effective May 19, 2025, the Company announced the appointment of Mr. Zhang Hong as the President, CEO, CFO, the Chairman of the Board of Directors, Treasurer, Secretary. Since December 12, 2015, he has served as the director of the Company.
The Company leased part of its office to Shenzhen Yinfu Guohui Sports Development Co., Ltd, a former related party of the Company from October 1, 2023 to September 30, 2025. The Company received $68,539 (RMB491,000) in total, of which $8,297 (RMB 60,000) was recognized as other income in the Income Statement for three months ended June 30, 2025, and the remaining balance was $9,911 as of June 30, 2025.
Mr. Jiang Libin, our former President and Director, owned 27% share of Shenzhen Yinfu Guohui Sports Development Co., Ltd.and served as the Legal Representative.
During three months ended June 30, 2025, Mr. Zhang Hong, the President and a director of the Company, had advanced the Company $17,723 for operating expenses, and received $0 from the Company as repayment. These advances have been formalized by non-interest-bearing demand notes.
During three months ended June 30,2024, the Company has no transaction with Mr. Zhang Hong.
During three months ended June 30, 2025, Mr. Huang Jing had advanced the Company $338 for operating expenses, and received $0 from the Company as repayment. These advances have been formalized by non-interest-bearing demand notes. Mr. Huang Jing was a related party of the Company and a legal representative of the Company’s subsidiary Yinfu International Holdings Limited Huizhou Branch.
During three months ended June 30,2024, the Company has no transaction with Mr. Huang Jing.
As of June 30, 2025, the accrued salary payable to Mr. Zhang Hong and Mr. Huang Jing were $10,000 and $11,899 respectively.
As of March 31, 2025, the accrued salary payable to Mr. Zhang Hong and Mr. Huang Jing were $0 and $11,740 respectively.
As of June 30, 2025 and March 31, 2025 the Company owed $17,723 and $0 to Mr. Zhang Hong respectively.
As of June 30, 2025 and March 31, 2025 the Company owed $338 and $0 to Mr. Huang Jing respectively.
The amounts due to related parties are no fixed terms of payment, non-interest bearing, and unsecured.
Due to related parties was summarized as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||