Bonanza Goldfields Corp. (Form: 10-Q, Received: 10/28/2022 14:21:03)

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

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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.

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ YES ☒ NO

As of October 25, 2022, the Company had outstanding 1,942,681,876 shares of common stock.

We are not a Hong Kong operating company but a Nevada holding company with operations conducted through our wholly owned subsidiaries based in Hong Kong and Singapore. Our investors hold shares of common stock in Bonanza Goldfields Corp., the Nevada holding company. This structure presents unique risks as our investors may never directly hold equity interests in our Hong Kong subsidiary and will be dependent upon contributions from our subsidiaries to finance our cash flow needs. Our ability to obtain contributions from our subsidiaries are significantly affected by regulations promulgated by Hong Kong and Singaporean authorities. Any change in the interpretation of existing rules and regulations or the promulgation of new rules and regulations may materially affect our operations and or the value of our securities, including causing the value of our securities to significantly decline or become worthless. For a detailed description of the risks facing the Company associated with our structure, please refer to “Risk Factors – Risks Relating to Doing Business in Hong Kong.” set forth in the Company’s Amendment No. 7 to the Registration Statement on Form 10 filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 9, 2022 (the “Form 10”).

Bonanza Goldfields Corp. and our Hong Kong subsidiaries are not required to obtain permission or approval from the China Securities Regulatory Commission, or CSRC, the Cybersecurity Administration Committee, or CAC, or any other Chinese authorities to operate our business or to issue securities to foreign investors. However, in light of the recent statements and regulatory actions by the People’s Republic of China (“the PRC”) government, such as those related to Hong Kong’s national security, the promulgation of regulations prohibiting foreign ownership of Chinese companies operating in certain industries, which are constantly evolving, and anti-monopoly concerns, we may be subject to the risks of uncertainty of any future actions of the PRC government in this regard including the risk that we inadvertently conclude that such approvals are not required, that applicable laws, regulations or interpretations change such that we are required to obtain approvals in the future, or that the PRC government could disallow our holding company structure, which would likely result in a material change in our operations, including our ability to continue our existing holding company structure, carry on our current business, accept foreign investments, and offer or continue to offer securities to our investors. These adverse actions could cause the value of our common stock to significantly decline or become worthless. We may also be subject to penalties and sanctions imposed by the PRC regulatory agencies, including the CSRC, if we fail to comply with such rules and regulations, which would likely adversely affect the ability of the Company’s securities to continue to trade on the Over-the-Counter Bulletin Board, which would likely cause the value of our securities to significantly decline or become worthless.

There are prominent legal and operational risks associated with our operations being in Hong Kong. For example, as a U.S.-listed Hong Kong public company, we may face heightened scrutiny, criticism and negative publicity, which could result in a material change in our operations and the value of our common stock. It could also significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. We are subject to risks arising from the legal system in China where there are risks and uncertainties regarding the enforcement of laws including where the Chinese government can change the rules and regulations in China and Hong Kong, including the enforcement and interpretation thereof, at any time with little to no advance notice and can intervene at any time with little to no advance notice. Changes in Chinese internal regulatory mandates, such as the M&A rules, Anti-Monopoly Law, and Data Security Law, may target the Company's corporate structure and impact our ability to conduct business in Hong Kong, accept foreign investments, or list on an U.S. or other foreign exchange. By way of example, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In April 2020, the Cyberspace Administration of China and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security. On July 10, 2021, the Cyberspace Administration of China issued a revised draft of the Measures for Cybersecurity Review for public comments (“Draft Measures”), which required that, in addition to “operator of critical information infrastructure,” any “data processor” carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be “affected, controlled, and maliciously exploited by foreign governments,” The cybersecurity review will also investigate the potential national security risks from overseas IPOs. On January 4, 2022, the CAC, in conjunction with 12 other government departments, issued the New Measures for Cybersecurity Review (the “New Measures”). The New Measures amends the Draft Measures released on July 10, 2021 and became effective on February 15, 2022.

The business of our subsidiaries are not subject to cybersecurity review with the Cyberspace Administration of China, given that: (i) we do not have one million individual online users of our products and services in Hong Kong; (ii) we do not possess a large amount of personal information in our business operations. In addition, we are not subject to merger control review by China’s anti-monopoly enforcement agency due to the level of our revenues which provided from us and audited by our auditor and the fact that we currently do not expect to propose or implement any acquisition of control of, or decisive influence over, any company with revenues within China of more than Renminbi (“RMB”) 400 million. Currently, these statements and regulatory actions have had no impact on our daily business operations, the ability to accept foreign investments and list our securities on an U.S. or other foreign exchange. However, since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list our securities on an U.S. or other foreign exchange. For a detailed description of the risks the Company is facing and the offering associated with our operations in Hong Kong, please refer to “Risk Factors – Risks Relating to Doing Business in Hong Kong.” set forth in the Form 10.

The recent joint statement by the SEC and Public Company Accounting Oversight Board (“PCAOB”), and the Holding Foreign Companies Accountable Act (“HFCAA”) all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. Trading in our securities may be prohibited under the HFCAA if the PCAOB determines that it cannot inspect or investigate completely our auditor, and that as a result, an exchange may determine to delist our securities. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act which would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two thus reducing the time before our securities may be prohibited from trading or being delisted. On December 2, 2021, the U.S. Securities and Exchange Commission adopted rules to implement the HFCAA. Pursuant to the HFCAA, the PCAOB issued its report notifying the Commission that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong due to positions taken by authorities in mainland China and Hong Kong. Our auditor is based in Kuala Lumpur, Malaysia and is subject to PCAOB’s inspection. It is not subject to the determinations announced by the PCAOB on December 16, 2021. However, in the event the Malaysian authorities subsequently take a position disallowing the PCAOB to inspect our auditor, then we would need to change our auditor to avoid having our securities delisted. Furthermore, due to the recent developments in connection with the implementation of the HFCAA, we cannot assure you whether the SEC or other regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor’s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. The requirement in the HFCAA that the PCAOB be permitted to inspect the issuer’s public accounting firm within two or three years, may result in the delisting of our securities from applicable trading markets in the U.S, in the future if the PCAOB is unable to inspect our accounting firm at such future time. Please see “Risk Factors- The Holding Foreign Companies Accountable Act requires the Public Company Accounting Oversight Board (PCAOB) to be permitted to inspect the issuer's public accounting firm within three years. This three-year period will be shortened to two years if the Accelerating Holding Foreign Companies Accountable Act is enacted. There are uncertainties under the PRC Securities Law relating to the procedures and requisite timing for the U.S. securities regulatory agencies to conduct investigations and collect evidence within the territory of the PRC. If the U.S. securities regulatory agencies are unable to conduct such investigations, they may suspend or de-register our registration with the SEC and delist our securities from applicable trading market within the US.” set forth in the Form 10.

In addition to the foregoing risks, we face various legal and operational risks and uncertainties arising from doing business in Hong Kong as summarized below and in “Risk Factors — Risks Relating to Doing Business in Hong Kong.” set forth in the Form 10.

References in this report to the “Company,” “BONZ,” “we,” “us” and “our” refer to Bonanza Goldfields Corp., a Nevada company and all of its subsidiaries on a consolidated basis. Where reference to a specific entity is required, the name of such specific entity will be referenced.

Bonanza Goldfields Corp. is a Nevada holding company with no operations of its own. We conduct our operations in Hong Kong primarily through our subsidiaries in Hong Kong and Singapore. We may rely on dividends or other transfers of cash or assets to be made by our Hong Kong and Singapore subsidiaries to fund our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders, to service any debt we may incur and to pay our operating expenses. If our Hong Kong and Singapore subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us. To date, our subsidiaries have not made any transfers, dividends or distributions of cash flows or other assets to Bonanza Goldfields Corp. and Bonanza Goldfields Corp. has not made any transfers, dividends or distributions of cash flows or other assets to our subsidiaries.

Bonanza Goldfields Corp. is permitted under the Nevada laws to provide funding to and receive funding from our subsidiaries in Hong Kong and Singapore through loans or capital contributions without restrictions on the amount of the funds, subject to satisfaction of applicable government registration, approval and filing requirements. Our Hong Kong subsidiaries, Marvion (Hong Kong) Limited, Typerwise Limited (“Typerwise”) and Marvel Multi-dimensions Limited (“MMDL”), and our Singapore subsidiary Marvion Private Limited, are also permitted under the laws of Hong Kong and Singapore to provide and receive funding to and from Bonanza Goldfields Corp. through dividend distribution without restrictions on the amount of the funds. As of the date of this report, there has been no dividends or distributions among the holding company or the subsidiaries nor do we expect such dividends or distributions to occur in the foreseeable future among the holding company and its subsidiaries.

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

Subject to the Nevada Revised Statutes and our bylaws, our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following the dividend the value of our assets will exceed our liabilities and we will be able to pay our debts as they become due. There is no further Nevada statutory restriction on the amount of funds which may be distributed by us by dividend.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The laws and regulations of the PRC do not currently have any material impact on transfer of cash from Bonanza Goldfields Corp. to our Hong Kong subsidiaries or from our Hong Kong subsidiaries to Bonanza Goldfields Corp. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of Hong Kong dollar (“HKD”) into foreign currencies and the remittance of currencies out of Hong Kong or across borders and to U.S. investors.

There is a possibility that the PRC could prevent our cash maintained in Hong Kong from leaving or the PRC could restrict the deployment of the cash into our business or for the payment of dividends. Any such controls or restrictions may adversely affect our ability to finance our cash requirements, service debt or make dividend or other distributions to our shareholders. Please see “Risk Factors - Our Hong Kong subsidiary may be subject to restrictions on paying dividends or making other payments to us, which may restrict its ability to satisfy liquidity requirements, conduct business and pay dividends to holders of our common stock.”; “Risk Factors - PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds we receive from offshore financing activities to make loans to or make additional capital contributions to our Hong Kong subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand business.”; “Risk Factors - Because our holding company structure creates restrictions on the payment of dividends or other cash payments, our ability to pay dividends or make other payments is limited.”

Current PRC regulations permit PRC subsidiaries to pay dividends to Hong Kong subsidiaries only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. As of the date of this report, we do not have any PRC subsidiaries.

The PRC government imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency to finance our cash requirements, service debt or make dividend or other distributions to our shareholders. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations, we may be unable to pay dividends on our common stock.

Cash dividends, if any, on our common stock will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.

In order for us to pay dividends to our shareholders, we will rely on payments made from our Hong Kong and Singapore subsidiaries to Bonanza Goldfields Corp. If in the future we have PRC subsidiaries, certain payments from such PRC subsidiaries to Hong Kong subsidiaries will be subject to PRC taxes, including business taxes and VAT. As of the date of this report, we do not have any PRC subsidiaries and our Hong Kong and Singapore subsidiaries have not made any transfers, dividends or distributions nor do we expect to make such transfers, dividends or distributions in the foreseeable future.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC entity. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including, without limitation, that (a) the Hong Kong entity must be the beneficial owner of the relevant dividends; and (b) the Hong Kong entity must directly hold no less than 25% share ownership in the PRC entity during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong entity must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by a PRC subsidiary to its immediate holding company. As of the date of this report, we do not have a PRC subsidiary. In the event that we acquire or form a PRC subsidiary in the future and such PRC subsidiary desires to declare and pay dividends to our Hong Kong subsidiary, our Hong Kong subsidiary will be required to apply for the tax resident certificate from the relevant Hong Kong tax authority. In such event, we plan to inform the investors through SEC filings, such as a current report on Form 8-K, prior to such actions. See “Risk Factors – Risks Relating to Doing Business in Hong Kong.” set forth in the Form 10.

This Quarterly Report on Form 10-Q includes "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 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical facts, included in this Form 10-Q including, without limitation, statements in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s market projections, financial position, business strategy and the plans and objectives of management for future operations, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); expansion and growth of the Company's business and operations; and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. However, whether actual results or developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties, including general economic, market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company.

These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "plans," "may," "will," or similar terms. These statements appear in a number of places in this filing and include statements regarding the intent, belief or current expectations of the Company, and its directors or its officers with respect to, among other things: (i) trends affecting the Company's financial condition or results of operations for its limited history; (ii) the Company's business and growth strategies; and (iii) the Company's financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such factors that could adversely affect actual results and performance include, but are not limited to, the Company's limited operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Amendment No. 7 to the Registration Statement on Form 10 filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 9, 2022.

Consequently, all of the forward-looking statements made in this Form 10-Q are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.

Nevada		26-2723015
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

		Page
	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	11

	Unaudited Condensed Consolidated Balance Sheets	11

	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	12

	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit	13

	Unaudited Condensed Consolidated Statements of Cash Flows	15

	Notes to Unaudited Condensed Consolidated Financial Statements	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52

Item 4.	Controls and Procedures	52


	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	53

Item 1A.	Risk Factors	53

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53

Item 3.	Defaults Upon Senior Securities	53

Item 4.	Mine Safety Disclosures	53

Item 5.	Other Information	53

Item 6.	Exhibits	54

	SIGNATURES	55


	As of September 30, 2022			As of December 31, 2021
					(Audited)
Assets
Current assets:
Cash and cash equivalents	$	25,711		$	28,124
Digital assets, net		13,802			98,862
Inventories		5,215,500			–
Amount due from related parties		20,012			–
Prepaid expenses and other current assets		100,709			16,746
Total current assets		5,375,734			143,732
Intangible assets, net		100,243			141,377
Total assets	$	5,475,977		$	285,109

Liabilities and stockholders’ deficit
Current liabilities:
Accrued liabilities and other payable	$	103,326		$	46,629
Accrued consulting and service fee		4,052,178			2,072,418
Amounts due to related parties		3,076,813			283,636
Income tax payable		1,263			5,109
Total current liabilities		7,233,580			2,407,792
Total liabilities		7,233,580			2,407,792

Commitments and contingencies (See Note 15)		–			–

Stockholders’ deficit:
Preferred stock, $0.0001 par value, 30,000,000 shares authorized, 18,999,999 shares undesignated as of September 30, 2022 and December 31, 2021		–			–
Preferred Stock, Series A, $0.0001 par value, 10,000,000 share authorized, 10,000,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021		1,000			1,000
Preferred Stock, Series B, $0.0001 par value, 1,000,000 share authorized, 366,345 shares issued and outstanding as of September 30, 2022 and December 31, 2021		37			37
Preferred Stock, Series C, $0.001 par value, 1 share authorized, 1 share issued and outstanding as of September 30, 2022 and December 31, 2021		1			1
Common stock, $0.0001 par value, 1,970,000,000 shares authorized, 1,867,681,876 shares issued and outstanding as of September 30, 2022 and December 31, 2021		186,768			186,768
Common stock, $0.0001 par value, 140,794,298,026 and 138,468,716,631 shares to be issued as of September 30, 2022 and December 31, 2021, respectively		14,079,430			13,846,871
Additional paid-in capital		9,767,441			–
Accumulated other comprehensive income		313			7
Accumulated deficit		(25,792,593	)		(16,157,367	)
Total stockholders’ deficit		(1,757,603	)		(2,122,683	)
Total liabilities and stockholders’ deficit	$	5,475,977		$	285,109


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2022			2021			2022			2021

Revenues	$	5,421,280		$	13,677		$	6,515,287		$	177,017
Cost of revenues		(3,993,787	)		(3,628	)		(4,854,954	)		(60,967	)
Gross profit		1,427,493			10,049			1,660,333			116,050

Operating expenses:
Technology and development expenses		(8,120,612	)		–			(8,727,704	)		–
Sales and marketing expenses		(169,478	)		–			(358,854	)		–
Corporate development expenses		(71,923	)		–			(204,793	)		–
General and administrative expenses		(726,748	)		(84,974	)		(1,985,409	)		(183,611	)
Impairment loss of digital assets		(14	)		–			(4,063	)		–
Total operating expenses		(9,088,775	)		(84,974	)		(11,280,823	)		(183,611	)
Loss from operations		(7,661,282	)		(74,925	)		(9,620,490	)		(67,561	)

Other income (expense):
Gain (loss) on sale, use or exchange of digital assets		10			–			(18,556	)		–
Other income		–			–			–			–
Total other income (expense)		10			–			(18,556	)		–
Loss before income taxes		(7,661,272	)		(74,925	)		(9,639,046	)		(67,561	)
Income tax credit		–			–			3,820			–
Net loss		(7,661,272	)		(74,925	)		(9,635,226	)		(67,561	)

Other comprehensive (loss) income:
Foreign currency translation adjustment		(1,914	)		120			306			120
Comprehensive loss	$	(7,663,186	)	$	(74,805	)	$	(9,634,920	)	$	(67,441	)

Net loss per share:
Basic and diluted ⁽¹⁾	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.00	)

Weighted average common shares outstanding:
Basic and diluted		1,867,681,876			1,217,764,822			1,867,681,876			1,217,764,822

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐


	Preferred stock				Common stock				Common stock to be issued				Additional		Accumulated other						Total
	No. of shares		Amount		No. of shares		Amount		No. of shares		Amount		paid-in capital		comprehensive income			Accumulated deficit			stockholders deficit

For the Three Months Ended September 30, 2022
Balance as of June 30, 2022		10,366,346	$	1,038		1,867,681,876	$	186,768		140,794,298,026	$	14,079,430	$	9,767,441	$	2,227		$	(18,131,321	)	$	5,905,583
Foreign currency translation adjustment		–		–		–		–		–		–		–		(1,914	)		–			(1,914	)
Net loss for the period		–		–		–		–		–		–		–		–			(7,661,272	)		(7,661,272	)
Balance as of September 30, 2022		10,366,346	$	1,038		1,867,681,876	$	186,768		140,794,298,026	$	14,079,430	$	9,767,441	$	313		$	(25,792,593	)	$	(1,757,603	)


For the Three Months Ended September 30, 2021
Balance as of June 30, 2021		10,366,346	$	1,038		1,867,681,876	$	186,768		138,468,716,631	$	13,846,871	$	–	$	(16	)	$	(14,028,929	)	$	5,732
Foreign currency translation adjustment		–		–		–		–		–		–		–		120			–			120
Net loss for the period		–		–		–		–		–		–		–		–			(74,925	)		(74,925	)
Balance as of September 30, 2021		10,366,346	$	1,038		1,867,681,876	$	186,768		138,468,716,631	$	13,846,871	$	–	$	104		$	(14,103,854	)	$	(69,073	)

Description of Subsidiaries
Name	Place of incorporation and kind of legal entity	Principal activities and place of operation	Particulars of registered/paid up share capital	Effective interest held

Marvion Holdings Limited	British Virgin Islands	Investment holding	50,000 ordinary shares at par value of US$1 each	100%

Marvion Private Limited	Singapore	Corporate management and IT development in Singapore	1,000 ordinary shares for S$1,000	100%

Marvion Group Limited	British Virgin Islands	Procurement of media and entertainment in Singapore	50,000 ordinary shares at par value of US$1 each	100%

Marvion (Hong Kong) Limited	Hong Kong	Corporate management in Hong Kong	1,000 ordinary shares for HK$1,000	100%

Typerwise Limited	Hong Kong	Provision of financing, business development solutions & related professional services	10,000 ordinary shares for HK$10,000	100%

Marvel Multi-dimensions Limited ⁽¹⁾	Hong Kong	Provision of treasury management services	10,000 ordinary shares for HK$10,000	100%

·	identify the contract with a customer;
·	identify the performance obligations in the contract;
·	determine the transaction price;
·	allocate the transaction price to performance obligations in the contract; and
·	recognize revenue as the performance obligation is satisfied.

Schedule of non-cash transactions
	For the Nine Months Ended September 30,
	2022			2021
Revenue earned and received by digital assets	$	6,490,552		$	–
Cost of revenue paid by digital assets	$	(371	)	$	–
Expense paid by digital assets	$	(6,552,624	)	$	–
Digital assets purchased / exchanged	$	2		$	–

Schedule of translation rates
	September 30, 2022		September 30, 2021
Period-end HKD:US$ exchange rate		0.1274		0.1284
Period average HKD:US$ exchange rate		0.1277		0.1288
Period-end SGD:US$ exchange rate		0.6973		0.7355
Period average SGD:US$ exchange rate		0.7271		0.7469

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

	(i)	Media & Entertainment Segment, which mainly operates an online platform to sell and distribute the licensed IP right and media products to end-users; and
	(ii)	Business Consulting Segment, which mainly provides financing, business development solutions and related professional services to the customers.


	Media & Entertainment Segment			Business Consulting Segment			Total
For the Three Months Ended September 30, 2022
Revenue from external customers:
Media and entertainment income	$	5,421,280		$	–		$	5,421,280
Consulting service income		–			–			–
Total revenues		5,421,280			–			5,421,280
Cost of revenues:
Media and entertainment income		(3,993,787	)		–			(3,993,787	)
Consulting service income		–			–			–
Total cost of revenues		(3,993,787	)		–			(3,993,787	)
Gross profit		1,427,493			–			1,427,493
Operating expenses:
Technology and development expenses		(8,120,612	)		–			(8,120,612	)
Sales and marketing expenses		(160,731	)		(8,747	)		(169,478	)
Corporate development expenses		(71,923	)		–			(71,923	)
General and administrative expenses		(726,628	)		(120	)		(726,748	)
Impairment loss of digital assets		(14	)		–			(14	)
Total operating expenses		(9,079,908	)		(8,867	)		(9,088,775	)
Segment loss	$	(7,652,415	)	$	(8,867	)	$	(7,661,282	)

For the Three Months Ended September 30, 2021
Revenue from external customers:
Media and entertainment income	$	–		$	–		$	–
Consulting service income		–			13,677			13,677
Total revenues		–			13,677			13,677
Cost of revenues:
Sale of licensed media products		–			–			–
Consulting service income		–			(3,628	)		(3,628	)
Total cost of revenues		–			(3,628	)		(3,628	)
Gross profit		–			10,049			10,049
Operating expenses:
General and administrative expenses		(48,141	)		(36,833	)		(84,974	)
Total operating expenses		(48,141	)		(36,833	)		(84,974	)
Segment loss	$	(48,141	)	$	(26,784	)	$	(74,925	)

Segment balance sheet items
	Media & Entertainment Segment		Business Consulting Segment		Total
As of September 30, 2022
Intangible assets	$	146,857	$	–	$	146,857
Identifiable assets	$	5,374,072	$	1,662	$	5,375,734

As of December 31, 2021
Intangible assets	$	153,656	$	–	$	153,656
Identifiable assets	$	115,608	$	28,124	$	143,732

Schedule of digital assets
	For the Nine Months Ended September 30,
	2022			2021
Digital assets at beginning of the period, net	$	98,862		$	–
Received as revenue		6,490,552			–
Paid as expense		(6,552,995	)		–
Digital assets purchased / exchanged		2			–
Impairment loss of digital assets		(4,063	)		–
Loss on sale, use or exchange of digital assets		(18,556	)		–
Digital assets at end of the period, net	$	13,802		$	–


	As of September 30, 2022		As of December 31, 2021
Binance USD (“BUSD”)	$	5,060	$	–
Tether (“USDT”)		960		340
Binance Coin (“BNB”)		6,657		94,848
Ethereum (“ETH”)		1,063		3,669
Polygon (“MATIC”)		60		–
OEC Token (“OKT”)		1		4
OEB Token (“OKB”)		1		1
Total digital assets, net	$	13,802	$	98,862

Schedule of intangible assets
	Estimated Useful Life	As of September 30, 2022			As of December 31, 2021
At cost:
Licensed media content ⁽¹⁾	3 years	$	137,377		$	146,010
Trademarks and trade name	10 years		9,480			7,646
Intangible assets, at cost			146,857			153,656
Less: accumulated amortization			(46,614	)		(12,279	)
Intangible assets, net		$	100,243		$	141,377


Year ending December 31,
2022 (excluding the nine months ended September 30, 2022)	$	11,685
2023		46,740
2024		35,293
2025		948
2026		948
Thereafter		4,629
Total	$	100,243

Schedule of provision for income taxes
	For the Nine Months Ended September 30,
	2022		2021
Current:
- Local	$	–	$	–
- Foreign		3,820		–

Deferred:
- Local		–		–
- Foreign		–		–
Income tax credit	$	3,820	$	–

Schedule of income tax expense
	For the Nine Months Ended September 30,
	2022			2021
Loss before income taxes	$	(9,293,825	)	$	(6,052	)
Statutory income tax rate		17%			17%
Income tax benefit at statutory rate		(1,579,950	)		(1,029	)
Tax effect of disallowable items		6,297			18
Net operating loss		1,573,653			1,011
Income tax expense	$	–		$	–

Schedule of deferred tax assets
	As of September 30, 2022			As of December 31, 2021
Deferred tax assets:
NOL – US tax regime	$	175,115		$	116,807
NOL – British Virgin Islands regime		–			–
NOL – Hong Kong tax regime		6,389			–
NOL – Singapore tax regime		1,842,350			270,131
		2,023,854			386,938
Less: Valuation allowance		(2,023,854	)		(386,938	)
Deferred tax assets, net	$	–		$	–

Schedules of concentrations
	For the Three Months Ended September 30, 2021				For the Nine Months Ended September 30, 2021				As of September 30, 2021
Customer	Revenues		Percentage of revenues		Revenues		Percentage of revenues		Accounts receivable
Customer A	$	13,256		97%	$	101,026		57%	$	–
Customer B		–		–		75,315		43%		–
	$	13,256		97%	$	176,341		100%	$	–

	·	Visual Intelligence Engine with the goal of transforming 2D pictures into 3D model to be used in the Metaverse;
	·	Speech Recognition Engine, Text Analytics Engine, and AI Agent Creation Engine with the goal for bots in the Metaverse to be able to interact with real-life players;
	·	Emotion and Motion Recognition Engines with the goal of enabling real-life players to mimic their emotions and motions to their avatars in our Metaverse.


	For the Nine Months Ended September 30, 2021					As of September 30, 2021
Customer	Revenue		Percentage of revenue			Accounts receivable
Axiom Global HK Limited	$	101,026		57%		$	–
Video Commerce Group Limited		75,315		43%			–
Total:	$	176,341		100%	Total:	$


	For the Six Months Ended September 30,
	2022			2021
Net cash provided by (used in) operating activities	$	510		$	(45,129	)
Net cash used in investing activity		(1,886	)		(3,493	)
Net cash provided by financing activity		–			49,789

Contractual Obligations	Total		Less than 1 year		1-3 Years		3-5 Years		More than 5 Years
Amounts due to related parties	$	3,076,813	$	3,076,813	$	–	$	–	$	–
Tax obligation		1,263		1,263		–		–		–
Accrued consulting and service fee		4,052,178		4,052,178		–		–		–
Other contractual liabilities⁽¹⁾		103,326		103,326		–		–		–
Total obligations	$	7,233,580	$	7,233,580	$	–	$	–	$	–

Exhibit No.		Description

3.1		Restated Articles of Incorporation (1)
3.2		Amended and Restated Certificate of Designation, Preferences and Rights of Series B Preferred Stock (5)
3.3		Bylaws (1)
4.1		Specimen certificate evidencing shares of Common Stock (1)
4.2		Description of Securities (2)
10.1		Share Exchange Agreement Version 2021001 posted and available for public on 18 October, 2021 on http://www.marvion.media/ (1)
10.2		Confirmation dated October 18, 2021 by and among Lee Ying Chiu Herbert, So Han Meng Julian and Bonanza Goldfields Corp. (1)
10.3		Equity Purchase Agreement, dated April 1, 2022, by and between Bonanza Goldfields Corp. and Williamsburg Venture Holdings, LLC, a Nevada limited liability company (3)
10.4		Registration Rights Agreement, dated April 1, 2022, by and between Bonanza Goldfields Corp. and Williamsburg Venture Holdings, LLC, a Nevada limited liability company (3)
10.5		Intellectual Property Sale and Purchase Agreement, dated April 14, 2022, by and between Marvion Private Limited, a Singapore limited liability company, and Euro Amazing Limited, a Hong Kong limited liability company (4)
10.6		Services Agreement, dated April 1, 2022, by and between Marvion Group Limited and Marvel Digital Group Limited (6)
10.7		Technical Knowhow License and Servicing Agreement, by and between Marvion Group Limited and Total Chase Limited *
10.8		Share Swap Agreement, dated October 25, 2022, by and between Bonanza Goldfields Corp. and China Information Technology Development Limited. (7)
21		Subsidiaries as of 30 September, 2022 *
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
32.2		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document *
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.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document *
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document *
101.SCH		Inline XBRL Taxonomy Extension Schema Document *
104		Cover Page Interactive Data File (formatted in inline XBRL, and included in exhibit 101).

(1)	Incorporated by reference to the Exhibits to the Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 26, 2021.
(2)	Incorporated by reference to Item 11 of Amendment No. 7 to the Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 9, 2022.
(3)	Incorporated by reference to the Exhibits to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 6, 2022.
(4)	Incorporated by reference to the Exhibits to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 11, 2022.
(5)	Incorporated by reference to the Exhibits to the Registration Statement on Form 10 filed with the Securities and Exchange Commission on December 14, 2021.
(6)	Incorporated by reference to the Exhibits to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2022.
(7)	Incorporated by reference to the Exhibits to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 25, 2022.

	BONANZA GOLDFIELDS CORP.


Date: October 28, 2022	By:	/s/ Tee Soo TAN
		Name: Tee Soo TAN
		Title: Chief Executive Officer

Date: October 28, 2022	By:	/s/ Man Chung CHAN
		Name: Man Chung CHAN
		Title: Chief Financial Officer