Yong Bai Chao New Retail Corp: Q1 2024 Assets & Liabilities

TL;DR

YBCN Q1 assets $189.5M, liabilities $189.1M. SIC code changed to auto parts.

AI Summary

Yong Bai Chao New Retail Corp filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $189.5 million and total liabilities of $189.1 million for the first quarter of 2024. The filing also indicates a change in its SIC code to Motor Vehicle Parts & Accessories.

Why It Matters

This filing provides a snapshot of Yong Bai Chao New Retail Corp's financial health at the end of Q1 2024, showing a near balance between assets and liabilities, and signals a shift in its industry focus.

Risk Assessment

Risk Level: medium — The company's financial position shows a very tight margin between assets and liabilities, indicating potential financial strain.

Key Numbers

• $189.5B — Total Assets (As of March 31, 2024)
• $189.1B — Total Liabilities (As of March 31, 2024)
• 0.001 — Net Income (For Q1 2024)

Key Players & Entities

• Yong Bai Chao New Retail Corp (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• $189.5 million (dollar_amount) — Total assets for Q1 2024
• $189.1 million (dollar_amount) — Total liabilities for Q1 2024
• MOTOR VEHICLE PARTS & ACCESSORIES (industry) — New SIC code

FAQ

Key Financial Figures

• $1,000 — ent, the Company agreed to pay a fee of $1,000 per month for a period of six months be
• $60,000 — to Mr. Glass for an aggregate price of $60,000, which sum was paid by the performance
• $6,685 — n the Company's behalf in the amount of $6,685. The expenses incurred by Mr. Glass inc
• $5,160 — expenses incurred by Mr. Glass included $5,160 to the state of Nevada for fees in conn
• $1,250 — e requirements of Nevada corporate law; $1,250 to the transfer agent for outstanding f
• $275 — ransfer agent for outstanding fees; and $275 to the state of Nevada as a filing fee
• $90,000 — ommon stock, to Lili Xin for the sum of $90,000. Ms. Chang became acquainted with Mr. G
• $350,000 — f Three Hundred Fifty Thousand Dollars ($350,000). The seller relied on the exemption fr
• $17,833 — 4, total operating expenses amounted to $17,833 as compared to $25,000 for the three mo
• $25,000 — nses amounted to $17,833 as compared to $25,000 for the three months ended March 31, 20
• $7,167 — ch 31, 2023, representing a decrease of $7,167 or 28.7%. The decrease was mainly due t
• $11,000 — inly due to a decrease in audit fees of $11,000, offset by increases in legal fees of $
• $2,000 — 0, offset by increases in legal fees of $2,000, accounting fees of $1,000, and Edgar f
• $833 — ees of $1,000, and Edgar filing fees of $833. Net Loss. As a result of the factors
• $124,492 — any cash, while, we had liabilities of $124,492, and had a working capital deficit of $

Filing Documents

• ybcn_10q.htm (10-Q) — 280KB
• ybcn_ex311.htm (EX-31.1) — 11KB
• ybcn_ex312.htm (EX-31.2) — 10KB
• ybcn_ex321.htm (EX-32.1) — 3KB
• ybcn_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-003166.txt ( ) — 1373KB
• ybcn-20240331.xsd (EX-101.SCH) — 16KB
• ybcn-20240331_lab.xml (EX-101.LAB) — 94KB
• ybcn-20240331_cal.xml (EX-101.CAL) — 19KB
• ybcn-20240331_pre.xml (EX-101.PRE) — 68KB
• ybcn-20240331_def.xml (EX-101.DEF) — 16KB
• ybcn_10q_htm.xml (XML) — 89KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4

Controls and Procedures

Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 14 Item 1A.

Risk Factors

Risk Factors 14 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 3. Defaults upon Senior Securities 14 Item 4. Mine Safety Disclosures 14 Item 5. Other Information 14 Item 6. Exhibits 15 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. YONG BAI CHAO NEW RETAIL CORPORATION CONDENSED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash $ - $ - TOTAL CURRENT ASSETS - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 24,405 $ 7,322 Due to related party 100,087 99,337 TOTAL CURRENT LIABILITIES 124,492 106,659 TOTAL LIABILITIES 124,492 106,659 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT: Preferred stock ($ 0.001 par value; 10,000,000 shares authorized; 0 share issued and outstanding at March 31, 2024 and December 31, 2023) - - Common stock ($ 0.001 par value; 190,000,000 shares authorized; 189,495,068 shares issued and 189,120,068 shares outstanding at March 31, 2024 and December 31, 2023) 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 ( 3,693,541 ) ( 3,675,708 ) TOTAL STOCKHOLDERS' DEFICIT ( 124,492 ) ( 106,659 ) 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 March 31, 2024 2023 Revenue $ - $ - Operating expenses: Professional fees 17,833 25,000 Total operating expenses 17,833 25,000 Loss from operations ( 17,833 ) ( 25,000 ) Other income (expense): Interest expense - - Total other income (expense) - - Loss before income taxes ( 17,833 ) ( 25,000 ) Income taxes - - Net loss $ ( 17,833 ) $ ( 25,000 ) Net loss per common share: Basic and diluted $ ( 0.00 ) $ ( 0.00 ) Weighted average number of common shares outstanding: Basic and diluted 189,120,068 189,120,068 The acc

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 months ended March 31, 2024 and 2023 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 2

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View this 10-Q filing on SEC EDGAR