Quarterly Report (10-q)

Date : 03/15/2019 @ 7:30PM
Source : Edgar (US Regulatory)

Quarterly Report (10-q)


       

   

   

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

   

Form 10-Q

   

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended January 31, 2019

   

[   ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

   

Commission file number 333-218733

   

Yijia Group Corp

   

(Exact name of registrant as specified in its charter)

   

   



Nevada

5130

(State or Other Jurisdiction of

                          Primary Standard Industrial

Incorporation or Organization)

                        Classification Code Number

35-2583762

IRS Employer

Identification Number

  

Unit 304-307A, 3/F Houston Center,

No. 63 Mody Road, Kowloon, Hong Kong

Tel. 852 25565499

   

(Address and telephone number of principal executive offices)

   

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 (X)       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 and post such files). Yes x No o


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer , accelerated filer , non-accelerated filer , emerging growth company and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

   






Large accelerated filer o

Accelerated filer o  

Non-accelerated filer o

Emerging growth company x

Smaller reporting company x

   

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) of the Exchange Act. o


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

   

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:   5,871,250 common shares issued and outstanding as of March 14, 2019.

   







       

Yijia Group Corp

   

QUARTERLY REPORT ON FORM 10-Q

   

TABLE OF CONTENTS

   




  

  

Page

PART I

 FINANCIAL INFORMATION:

   

   

   

   

Item 1.

Financial Statements (Unaudited)

3

   

   

   

   

Condensed Balance Sheets as of January 31, 2019 (Unaudited) and April 30, 2018

   

Condensed Statements of Operations for the Three and Nine Months ended January 31, 2019 and 2018 (Unaudited)

4

   

5

   

   

   

   

Condensed Statements of Cash Flows for the Nine Months ended January 31, 2019 and 2018 (Unaudited)

6

   

   

   

   

Notes to the Condensed Financial Statements

7

   

   

   

Item 2.

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

10

   

  

   

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

14

   

   

   

Item 4.

Controls and Procedures

15

   

   

   

PART II

OTHER INFORMATION:

   

   

   

   

Item 1.

Legal Proceedings

15

   

   

   

Item 1A

Risk Factors

15

   

   

   

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

15

   

   

   

Item 3.

Defaults Upon Senior Securities

15

   

   

   

Item 4.

Submission of Matters to a Vote of Securities Holders

15

   

   

   

Item 5.

Other Information

15

   

   

   

Item 6.

Exhibits

16

   

   

   

   

  Signatures

   

   

   

   

 

   







2





PART 1 FINANCIAL INFORMATION

   

Item 1.  FINANCIAL STATEMENTS

   

The accompanying interim condensed financial statements of Yijia Group Corp. (formerly, Soldino Group Corp.) ( the Company , we , us or our ), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted principles have been condensed or omitted pursuant to such rules and regulations.

   

The interim financial statements are condensed and should be read in conjunction with the company s latest annual financial statements.

   

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.





 



 



3

 


YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

CONDENSED BALANCE SHEETS

JANUARY 31, 2019 AND APRIL 30, 2018

   









ASSETS

   

   

 

 

 

   

 

Current Assets

   

January 31, 2019 (Unaudited)

 

 

 

April 30, 2018

(Audited)

 

Cash and cash equivalents

$

50

 

 

$

4,421

 

Total Current Assets

   

50

 

 

 

4,421

 

   


   

 

 

 

   

 

Assets of Discontinued Operations


-




43,334










Total Assets

$

50

 

 

$

47,755

 

   

   

   

 

 

 

   

 

LIABILITIES AND STOCKHOLDERS DEFICIT

   

   

 

 

 

   

 

Liabilities

   

   

 

 

 

   

 

Amount due to a related party

$  

36,696



$

-


Liabilities of Discontinued Operations


-

 

 

 

5,600

 

   

   

   

 

 

 

   

 

Total Liabilities

   

36,696

 

 

 

5,600

 

Commitments and Contingencies

   

-

 

 

 

-

 

Stockholders Deficit

   

   

 

 

 

   

 

Common stock, par value $0.001; 75,000,000 shares authorized, 5,871,250 and 5,871,250 shares issued and outstanding respectively

   

 

5,871

 

 

 

 

5,871

 

 Additional paid in capital

   

58,824

 

 

 

45,054

 

 Accumulated deficit

   

(101,341

)

 

 

(8,770

)

Total Stockholders Deficit

   

(36,646

 

 

42,155

 

   

   

   

 

 

 

   

 

Total Liabilities and Stockholders Deficit

$

50

 

 

$

47,755

 

   

   

   

   


   

   

   

See accompanying notes, which are an integral part of these condensed financial statements

   

 

 4 

   







       

YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

CONDENSSED STATEMENTS OF OPERATIONS

THREE AND NINE MONTHS ENDED JANUARY 31, 2019 AND 2018

   


















   

Three months ended January 31, 2019

(Unaudited)



Three months ended January 31, 2018

(Unaudited)



Nine months ended January 31, 2019

(Unaudited)




Nine months ended January 31, 2018

(Unaudited)




















Revenues

$

-


 

$

-

 


$

-



$

-



Cost of goods

   

-


 

 


-

 




-





-




GROSS PROFIT

   

-


 

 

-

 



-




-



   

   



 

 


 










OPERATING EXPENSES

   



 

 


 










General and Administrative Expenses


36,696


 


14,866

 



58,215





33,328



TOTAL OPERATING EXPENSES


(36,696

)

 


(14,866

)



(58,215

)




(33,328


)


   




 



 










LOSS FROM OPERATIONS


(36,696

)

 


(14,866


 ) 



(58,215

)




(33,328


)


   

   



 



 










Net loss from continuing operations



(36,696

)

 


(14,866




(58,215


)




(33,328


)



















Income (loss) from discontinued operations


-




2,116




(34,356

)




35,928




















NET INCOME (LOSS)

$

(36,696

)

 

$

(12,750


$

(92,571

)


$

2,600



   

   

   

 

 

 

   

 










NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED



















Continuing operations


$

(0.01

)

 

$

(0.00

)


   

$

(0.01

)


$

(0.01

 )

 

Discontinued operations


$

0.00


 

$

0.00

 


   

$

(0.01

)


$

0.01



   

   

   

 

 

 

   

 










WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

   

5,871,250

 

 

 

5,871,250

 



5,871,250

 






4,502,586



   

   

   

 

 

 

   

 










   

   

   

   

   

   

See accompanying notes, which are an integral part of these condensed financial statements

   

   

 

 5 

          





YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

CONDENSED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED JANUARY 31, 2019 AND 2018

 

 









   

 

   

 

 

 

   

 



CASH FLOWS FROM OPERATING ACTIVITIES

 

Nine months ended

January 31, 2019

(Unaudited)

 

 

 

Nine months ended

January 31, 2018

(Unaudited)

 

Net (loss) income for the period

$

(92,571

)

 

$

2,600

 

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

 

   

 

 

 

   

 

Depreciation

 

-

 

 

 

2,848

 



-






Changes in operating assets and liabilities


-






Decrease (increase) in prepaid expenses

 

-


 

 

(7,210

)

Decrease (increase) in inventories

 

-


 

 

(5,467

Increase (decrease) in customer deposits

 

-


 

 

(6,000


Net cash used in operating activities continuing operations

 

(92,571

)

 

 


-



Net cash provided by/(used in) operating activities discontinued operations


57,104





(13,229


 )









CASH FLOWS USED IN OPERATING ACTIVITIES


(35,467

)



(13,229

)









CASH FLOWS FROM INVESTING ACTIVITIES








Net cash provided by investing activities continuing operations


-




-


Net cash used in investing activities discontinued operations


-




(33,914

)

CASH FLOWS USED IN INVESTING ACTIVITIES


-




(33,914

)









CASH FLOWS FROM FINANCING ACTIVITIES

 

   

 

 

 

   

 

Advances from a related party


31,096




-


Proceeds from sale of common stock

 

-

 

 

 

47,425

 

Net cash provided by financing activities continuing operations


31,096




47,425


Net cash provided by financing activities discontinued operations


-




-



CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

31,096


 

 



47,425

 

   

 

   

 

 

 

   

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

(4,371

)

 

 

282

 

   

 

   

 

 

 

   

 

Cash and cash equivalents, beginning of period

 

4,421

 

 

 

205

 

   

 

   

 

 

 

   

 

Cash and cash equivalents, end of period

$

50

 

 

$

487

 

   

 

   

 

 

 

   

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

   

 

 

 

   

 

Interest paid

$

-

 

 

$

-

 

Income taxes paid

$

-

 

 

$

-

 









NON-CASH INVESTING AND FINANCING ACTIVITIES








Forgiveness of related party loan


13,770




-


   

                  

See accompanying notes, which are an integral part of these condensed financial statements

 

 6 

          





YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NINE MONTHS ENDED JANUARY 31, 2019

 (UNAUDITED)

Note 1 BASIC OF PRESENTATION


The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States ( GAAP ), and the instructions to Form Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.


In the opinion of management, the consolidated balance sheet as of April 30, 2018 which has been derived from audited financial statements and these unaudited condensed financial statements reflect all normal and considered necessary to state fairly the results for the periods presented. The results for the period ended January 31, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year ending April 30, 2019 or for anu future period.


These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended April 30, 2018.



Note 2 ORGANIZATION AND NATURE OF BUSINESS

   

Yijia Group Corp. (formerly, Soldino Group Corp.)  ( the Company , we , us or our ) was incorporated on January 25, 2017 under the laws of the State of Nevada, United States of America.  The Company has ceased its operations in October 2018.  As such, the Company accounted for all of its assets, liabilities and results of operations up to October 31, 2018 as discontinued operations. From November 1, 2018, the Company is considered as a shell company.


On October 31, 2018, Aurora Fiorin resigned as the President, Treasurer, Secretary and Director of the Company. Ms. Fiorin s resignation as President, Treasurer and Secretary was effective immediately. Ms Fiorin s resignation as a Director was effective ten (10) days following the filing by the Company of the Information Statement on Schedule 14f-1 with the United States Securities and Exchange Commission. Prior to Ms. Fiorin s, resignation, she appointed Ms. Shaoyin Wu as the new President and Chief Executive Officer of the Company and Mr. Kim Lee Poh as the Company s new Chief Financial Officer and Secretary. Messrs. Wu and Poh were appointed as the new board members of the Company together with Mr. Jian Yang.


On November 15, 2018, the Company filed a Certificate of Amendment to the Articles of Incorporation with Nevada s Secretary of State to change its name to Yijia Group Corp.



Note 3 GOING CONCERN  

   

The accompanying unaudited condensed financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  The Company has incurred recurring net losses and an accumulated deficit of $101,341 as at January 31, 2019.  Therefore, there is substantial doubt about the Company s ability to continue as a going concern without future profitability. Management anticipates that the Company will be dependent, in the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

 

7

   

Note 4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   

Basis of presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company s yearend is April 30.

   

Use of Estimates

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

    


Cash and Cash Equivalents

The  Company  considers  all  highly  liquid  investments  with  the  original  maturities  of  three  months  or  less  to be cash equivalents. The Company had $50 of cash as of January 31, 2019 and $4,421 of cash as of April 30, 2018.

   

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the first-in, first out (FIFO) method. There were no raw material inventory from discontinued operations as of January 31, 2019 and April 30, 2018.

   

   

   

 

 8

   

 



       

   

YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NINE MONTHS ENDED JANUARY 31, 2019

 (UNAUDITED)

   

Depreciation, Amortization, and Capitalization

The Company records depreciation and amortization when appropriate using straight-line method over the estimated useful life of the assets. We estimate that the useful life of equipment is 5 years and the useful life of leasehold improvements is 3 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income.  The Company had $0 and $1,230 of depreciation expense for the three months ended January 31, 2019 and 2018.  The Company had $4,734 and $2,848 of depreciation expense for the nine months ended January 31, 2019 and 2018.  During the nine months ended January 31, 2019, all of the Company s fixed assets were fully written off in the discontinued operations.

   

Fair Value of Financial Instruments

ASC topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

   

These tiers include:

   



Level 1:

defined as observable inputs such as quoted prices in active markets;

Level 2:

defined as inputs other than quoted prices in active markets that are either directly or indirectly observable;

Level 3:

defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

   

The carrying value of cash and cash equivalents and the Company s loan from shareholders approximates its fair value due to their short-term maturity.

   

Income Taxes

Income taxes are computed using the asset and liability method in accordance with the provisions of ASC740, Income Taxes .  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

   

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition ("ASC-605"). As an Emerging Growth Company, the Company has elected to defer implementing ASC 606 for one year. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. For the nine months ended January 31, 2019 and 2018, the Company has generated $11,210 and $72,480 revenue from the discontinued operations.  No revenue was generated in the three months ended January 31, 2019 from the continuing operation.

   

Net Income (Loss) Per Share

The Company computes net income (loss) per share in accordance with FASB ASC 260 Earnings per Share . Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of January 31, 2019 there were no potentially dilutive debt or equity instruments issued or outstanding.

   

   

 

 9

   

 


       

YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NINE MONTHS ENDED JANUARY 31, 2019

 (UNAUDITED)

   

   

Currencies

The Company s reporting and functional currencies are both the U.S. dollar.  Foreign currency transaction gains and losses are included in other income (expense) but are negligible.

   

Comprehensive Income

Comprehensive income is defined as all changes in stockholders equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. For the three and nine months ended January 31, 2019 and 2018, there were no differences between our comprehensive loss and net income (loss).

   

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  The amendments in Update expand the scope of Topic 718 to include share based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. To date, the Company has not adopted a stock option plan and has not granted any stock options.


Related parties

Parties, which can be a corporation or individual, are considered to be if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.


Reclassification

Certain reclassifications have been made to the financial statements for the prior year periods to present that information on a basis consistent with the current period. 

   

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

  

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements.

   

The new guidance must be adopted using the modified retrospective approach and will be effective for the public entities for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures.

   

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. The amendment is effective for public entities for fiscal years beginning after December 15, 2017. The Company is currently evaluating this standard and has not yet selected a transition method or the effective date on which it plans to adopt the standard, nor has it determined the effect of the standard on its financial statements and related disclosures.   As an Emerging Growth Company, the Company has elected to defer implementing ASC 606 for one year.

   

     

 

 10

 

 


YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NINE MONTHS ENDED JANUARY 31, 2019

 (UNAUDITED)   


In June 2018 was issued the Accounting Standards Update of Compensation Stock Compensation (Topic 718).   The amendments in Update expand the scope of Topic 718 to include share based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers.  The amendments in Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity s adoption date of Topic 606. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption.


Note 5 DISCONTINUED OPERATION


In October 2018, the Company ceased and discontinued the operations in the distribution and sewing of work wear.  The Company s operations through October 31, 2018 became discontinued operations.  From November 1, 2018, the Company became a shell company. As such, the Company accounted for all of its assets, liabilities and results of operations up to October 31, 2018 as discontinued operations.


The following table presents the assets and liabilities of the discontinued business, as Assets classified from discontinued operations and Liabilities classified from discontinued operations in the Balance Sheets:

ASSETS

   

   

 

 

 

   

 

Current Assets

   

January 31, 2019 (Unaudited)

 

 

 

April 30, 2018

(Audited)

 









Prepaid expenses

 $

-

 

 

5,440


Inventory

   

-

 

 

 

6,833

 


   


 

 

 


 

Total Current Assets   


-

 

 

 

12,273

 


   


 

 

 


 

Fixed Assets plant and equipment

   


 

 

 


 

Total Fixed Assets

   

-

 

 

 

31,061

 

Assets of Discontinued Operation

$

-

 

 

$

43,334

 


   

   

 

 

 

   

 

The following table presents the Discontinued Operations in the Statement of Operations:

   

Three months ended January 31, 2019

(Unaudited)



Three months ended January 31, 2018

(Unaudited)



Nine months ended January 31, 2019

(Unaudited)




Nine months ended January 31, 2018

(Unaudited)




















Revenues

$

-

 

 

$

5,750

 


$

11,210



$

72,480



Cost of goods

   

-

 

 

 

(2,404

 ) 




(320


)




(33,704


)


GROSS PROFIT

   

-

 

 

 

3,346

 



10,890




38,776



   

   



 

 


 










OPERATING EXPENSES

   



 

 


 










General and Administrative Expenses


-

 

 


1,230

 




45,246





2,848



TOTAL OPERATING EXPENSES


-


 


1,230





 

(45,246


 

)




      

             2,848




   

















LOSS FROM OPERATIONS


-




2,116




(34,356

)




35,928



   

   

















11

 

 

 


The following table presents the discontinued business in the Statement of Cash Flows: 




 

Nine months ended

January 31, 2019

(Unaudited)

 

 

 

Nine months ended

January 31, 2018

(Unaudited)

 









Net income for the period

$

-



$

2,600


Adjustments to reconcile net income to net cash provided by (used in) operating activities:








Depreciation


-

 

 

 

2,848

 

Forgiveness of related party loan


13,770




-


Write-off of fixed assets


31,061




-


Write-off of inventories


6,833




-


Changes in operating assets and liabilities










Decrease (increase) in prepaid expenses


5,440

 

 

 

(7,210

)

Decrease (increase) in inventories


-

 

 

 

(5,467

Increase (decrease) in customer deposits


-

 

 

 

(6,000









Net cash provided by (used in) operating activities discontinued operations

$

57,104



$


(13,229


 )










Note 6 RELATED-PARTY TRANSACTIONS

   

In October 2018, the former officer and director of the Company opted to forgive these related party loans and waive its right for repayment.  The total amount forgiven was $13,770. 

   

Also, in October 2018, the Company terminated the service agreement with Antonio Bini. No shares were issued for his services of Marketing Campaign Improvement and Empowerment for the Company.


As of January 31, 2019, the related party advance of $36,696 represents temporary advances by the director of the Company, which is unsecured, interest-free and has no fixed terms of repayment.


   

Note 7 INTEREST AND PENALTIES

   

The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of January 31, 2019 and April 30, 2018, the Company had no accrued interest or penalties related to uncertain tax positions.


   

Note 8 COMMON STOCK

   

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

   

On February 21, 2017, the Company issued 3,500,000 shares of common stock to a director for cash proceeds of $3,500 at $0.001 per share.


In September 2017, the Company issued 497,500 shares of common stock for cash proceeds of $9,950 at $0.02 per share.


In October 2017, the Company issued 1,873,750 shares of common stock for cash proceeds of $37,475 at $0.02 per share.


There were 5,871,250 shares of common stock issued and outstanding as of January 31, 2019.

   

   

 

 12

   

       



YIJIA GROUP CORP.

(Formerly Soldino Group Corp)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

NINE MONTHS ENDED JANUARY 31, 2019

 (UNAUDITED)   


 Note 9 COMMITMENTS AND CONTINGENCIES

   

The Company has entered into a two years rental agreement for a $290 monthly fee, starting on March 1, 2017. Minimum lease payments under this agreement are $1,450 for fiscal year 2019. On September 28, 2017 the Company entered into an additional five year rental agreement for a $590 monthly fee, starting on November 1, 2017.  In October 2018, the rental agreements were terminated.


As of January 31, 2019, there were no minimum lease payments under these agreements.



Note 10 SUBSEQUENT EVENTS

   

In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to January 31, 2019 to the date these financial statements were available to be issued on March 15, 2019, and has determined that it does not have any material subsequent events to disclose in these financial statements.


 

Item 2.

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

   

Forward looking statement notice

   

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

   

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

   

Corporate Overview

   

Yijia Group Corp. (formerly, Soldino Group Corp.) was incorporated in the State of Nevada on January 25, 2017 and established a fiscal year end of April 30. We are a development-stage company formed to commence operations in the distribution and sewing of work wear. We recently ceased and discontinued our operations.  As such, we accounted for all of its assets, liabilities and results of operations up to January 31, 2019 as discontinued operations.

   

We do not have any subsidiaries.

 

We never have declared bankruptcy, been in receivership, or involved in any kind of legal proceeding s .

 

Insurance

   

We do not maintain any insurance and do not intend to maintain insurance in the future. Because we do not have any insurance, if we are made a party to any action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.

   

Employees

   

We are a development stage company and currently have no employees.

   


13

Offices

   


Our office was previously located at 4 Via Busco, Spresiano 31027 Italy. We leased this office space for two years with monthly fees of $290. Our current office is located at Unit 304-307A, 3/F Houston Center, No. 63 Mody Road, Kowloon, Hong Kong. Our telephone number is +852.2556.5499.

   

   

Results of operations

   

We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

   

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

   

Results of operation for the three months ended January 31, 2019 and January 31, 2018:

   

Revenue

 

During the three months ended January 31, 2019, the Company ceased and discontinued its operations.


There was no revenue and cost of sales from continuing operations for the three months ended January 31, 2019 and 2018. Operating expenses from continuing operations for the three months ended January 31, 2019 and 2018 was $36,696 and $14,866. Our net (loss) income from discontinued operations for the three months ended January 31, 2019 and 2018 was loss $0 and income $2,116.

  


Net Loss

   

The net loss for the three months ended January 31, 2019 and 2018 was $36,696 and $12,750 accordingly.

   

Results of Operations for the nine months ended January 31, 2019 and January 31, 2018:

   

Revenue and cost of goods sold

   

During the nine months ended January 31, 2019, the Company ceased and discontinued its operations in October 2018.


There was no revenue and cost of sales from continuing operations for the nine months ended January 31, 2019 and 2018. Operating expenses from continuing operations for the nine months ended January 31, 2019 and 2018 was $58,215 and $33,328. Our net (loss) income from discontinued operations for the nine months ended January 31, 2019 and 2018 was loss $34,356 and income $35,928.


Net Loss


The net loss/income for the nine months ended January 31, 2019 and January 31, 2018 was loss $92,571 and income $2,600 accordingly.


Liquidity and capital resources

   

As at January 31, 2019, our total assets were $50 ($4,421 as of April 30, 2018) from continuing operations. Total assets were comprised of $50 in cash and cash equivalents ($4,421 as of April 30, 2018).

   

As at January 31, 2019, our current liabilities were $36,696 ($5,600 as of April 30, 2018) and stockholders deficit was $36,646 (stockholders equity of $42,155 as of April 30, 2018) from continuing operations.

   

As at January 31, 2019, the discontinued operations had $0 assets and $0 liabilities.


CASH FLOWS FROM OPERATING ACTIVITIES

   

We have not generated positive cash flows from operating activities. For the nine months ended January 31, 2019, net cash flows used in operating activities was $92,571 from continuing operation and net cash flows provided by operating activities was $57,104 from discontinued operation.

   


14



We have not generated positive cash flows from operating activities. For the nine months ended January 31, 2018, net cash flows used in operating activities was $13,229 from discontinued operation.

   

CASH FLOWS FROM INVESTING ACTIVITIES

   

For the nine months ended January 31, 2019, net cash flows provided by investing activities was $0 from continuing operations.

   

For the nine months ended January 31, 2018, net cash flows used in investing activities was $33,914 from discontinued operations.


CASH FLOWS FROM FINANCING ACTIVITIES

   

For the nine months ended January 31, 2019, net cash flows provided by financing activities was $31,096 from related party advances from continuing operation.


For the nine months ended January 31, 2018, net cash flows provided by in financing activities was $47,425 proceeds from the sale of common stocks from discontinued operations.

   

Management s discussion and analysis

   

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should review the Risk Factors section of this prospectus for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

   

We qualify as an emerging growth company under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to: have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; provide an auditor attestation with respect to management s report on the effectiveness of our internal controls over financial reporting; comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor s report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis); submit certain executive compensation matters to shareholders advisory votes, such as say-on-pay and say-on-frequency; and disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO s compensation to median employee compensation. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

   

We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. We will remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion, (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our ordinary shares that is held by non- affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period. Even if we no longer qualify for the exemptions for an emerging growth company, we may still be, in certain circumstances, subject to scaled disclosure requirements as a smaller reporting company. For example, smaller reporting companies, like emerging growth companies, are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation S-K or auditor attestation of internal controls over financial reporting.

 

 

15

   

 

   

Our cash balance is $50 as of January 31, 2019. We believe our cash balance is insufficient to fund our operations for any period of time. Management anticipates that the Company will be dependent, in the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management s efforts, there are no assurances that the Company will be successful.

   

   

OFF-BALANCE SHEET ARRANGEMENTS

   

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

   

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

   

None

   

ITEM 4. CONTROLS AND PROCEDURES

   

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

   

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2019. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.


The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; and (3) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by our Chief Executive Officer and Chief Financial Officer in connection with the review of our financial statements as of January 31, 2019.


Management believes that the material weaknesses set forth in items (2) and (3) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our Board of Directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.


Changes in Internal Controls over Financial Reporting

   

During the fiscal quarter covered by this report, there has been no change in the Company s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company s internal control over financial reporting.



   

PART II.  OTHER INFORMATION

   



ITEM 1.

LEGAL PROCEEDINGS

   

We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions.

   



ITEM 1A.

RISK FACTORS

   

None

   

 

16

 

 



ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

   

None

   



ITEM 3.

DEFAULTS UPON SENIOR SECURITES

   

None

   



ITEM 4.

SUBMISSION OF MATTERS TO A VOITE OF SECURITIES HOLDERS

   

None

   



ITEM 5.

OTHER INFORMATION

   

None

   



ITEM 6.

EXHIBITS


The following exhibits are included as part of this report by reference:

   




   

   

   

31.1 

   

Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

  

   

   

31.2


Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).




32.1 

   

Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.




32.2


Certification pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

   




17





       

SIGNATURES

   

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized on March 15, 2019.

   

 

 

 

 

 

 

   

Yijia Group Corp

   

   

   

   

By:

/s/

Shaoyin Wu

   

   

   

Name:

Shaoyin Wu

   

   

   

Title:

Chairman of the Board, Chief Executive Officer and President

   

   

   

(Principal Executive Officer)

   

By:

/s/

Kim Lee Poh

   

   

   

Name:

Kim Lee Poh

   

   

   

Title:

Director, Chief Financial Officer and Secretary

   

   

   

(Principal Financial and Accounting Officer)

 

 

 

 

 

 

18






 

 

 

 

 

   

   

   

   

 


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