10-Q - SVMB - Equibles

U.S.

SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

10-Q

☒

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

For the quarterly period ended

August 31, 2023

☐

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: 333-206804

SavmobiTechnology, Inc.

(Exact name of Company as specified in its charter)

Nevada	47-3240707
(State<br> of incorporation)	(I.R.S.<br> Employer Identification No.)

BuildingB8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China

(Address of principal executive offices)

+86

57187197085

(Company’s telephone number, including area code)

Securities

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

None

Securities

registered pursuant to Section 12(g) of the Act:

Title<br> of Each Class	Name<br> of Each Exchange On Which Registered
Common<br> Stock, $0.001 par value per share	N/A

Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Company is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Company 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 Company has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 Company was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of Company’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

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

Large<br> accelerated filer	☐	Accelerated<br> filer	☐
Non-accelerated<br> filer	☐	Smaller<br> reporting company	☒
(Do<br> not check if a smaller reporting company)		Emerging<br> growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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

As

of October 4, 2023, 1,061,900,000 shares of the issuer’s common stock were issued and outstanding.

Documents Incorporated By Reference: None

FORM

10-Q

TABLE

OF CONTENTS

		Page<br><br> <br>No.
PART I. - FINANCIAL INFORMATION
Item<br> 1.	Financial<br> Statements
	Condensed Consolidated Balance Sheets as of August 31, 2023 (Unaudited) and May 31, 2023 (Audited)	3
	Condensed Consolidated Statements of Operations for the Three Months Ended August 31, 2023 and 2022	4
	Condensed Consolidated Statements of Stockholders’ Equity/(Deficit)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended August 31, 2023 and 2022	6
	Notes to Financial Statements (Unaudited)	7
Item<br> 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item<br> 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item<br> 4.	Controls and Procedures	31
PART II - OTHER INFORMATION
Item<br> 1.	Legal Proceedings	32
Item<br> 1A	Risk Factors	32
Item<br> 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item<br> 3.	Defaults Upon Senior Securities	32
Item<br> 4.	Mine Safety Disclosures	32
Item<br> 5.	Other Information	32
Item<br> 6.	Exhibits	32
SIGNATURES		33

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SAVMOBI

TECHNOLIGY, INC. AND SUBSIDIARIES

CONDENSED

CONSOLIDATED BALANCE SHEETS



Assets
Current<br> assets
Cash<br> and cash equivalents	269,959	483,705
Restricted<br> cash	12,171	10,273
Accounts<br> receivable	457,057	409,380
Inventories	208,397	177,034
Amount<br> due from related parties	16,000	16,000
Prepaid<br> expenses and other current assets	2,385,051	2,021,604
Total<br> current assets	3,348,635	3,117,996
Non-current<br> assets
Plant<br> and equipment, net	6,195,788	6,581,823
Intangible<br> assets, net	14,734	15,543
Right-of-use<br> assets	240,442	277,184
Other<br> non-current assets	2,713,917	2,884,090
Total<br> non-current assets	9,164,881	9,758,640
Total<br> Assets	12,513,516	12,876,636
Liabilities<br> and Stockholders’ (Deficit) Equity
Current<br> liabilities
Accounts<br> payables	777,506	775,293
Advances<br> from customers	3,157,940	622,069
Other<br> current payables	1,501,849	1,301,624
Taxes<br> payable	34,638	18,737
Amounts<br> due to related parties	1,530,744	1,057,721
Operating<br> lease liabilities, current	128,548	126,659
Total<br> current liabilities	7,131,225	3,902,103
Non-current<br> liabilities
Long-term<br> loan	30,215,181	32,740,623
Operating<br> lease liabilities	100,827	121,555
Total<br> non-current liabilities	30,316,008	32,862,178
Total<br> Liabilities	37,447,233	36,764,281
Stockholders’<br> (Deficit) Equity
Common<br> stock (0.001 par<br> value, 10,000,000,000 shares<br> authorized, 1,061,900,000 share issued<br> and outstanding as of August 31, 2023 and May 31, 2023, respectively)	1,061,900	1,061,900
Additional<br> paid-in capital	8,474,336	8,474,336
Accumulated<br> deficit	(34,244,374	(32,751,349
Accumulated<br> other comprehensive income	831,793	344,031
Non-controlling<br> interest	(1,057,372	(1,016,563
Total<br> (Deficit) Equity	(24,933,717	(23,887,645
Total<br> Liabilities and (Deficit) Equity	12,513,516	12,876,636

All values are in US Dollars.

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SAVMOBI

TECHNOLIGY, INC. AND SUBSIDIARIES

CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

for

the three months ended August 31, 2023 and 2022



Net revenues	401,904	796,377
Cost of revenues	(623,408	(1,196,709
Gross loss	(221,504	(400,332
Operating expenses:
Tax and surcharges	(2,303	(162
Selling and marketing expenses	(98,485	(183,449
General and administrative expenses	(1,076,097	(1,603,136
Research and development expenses	(97,906	(6,521
Impairment losses	(36,109	-
Total operating expenses	(1,310,900	(1,793,268
Operating loss	(1,532,404	(2,193,600
Other income (expenses):
Interest income	158	104
Other income/(expense)	191	(63,645
Total other income and (expenses)	349	(63,541
Loss before taxes from operations	(1,532,055	(2,257,141
Provision for income taxes	-	-
Net loss	(1,532,055	(2,257,141
Other comprehensive income:
Foreign currency translation income	485,983	663,592
Total comprehensive loss	(1,046,072	(1,593,549
Net loss attributable to :
Owners of the Company	(1,493,025	(2,240,061
Non-controlling interest	(39,030	(17,080
Net Loss	(1,532,055	(2,257,141
Total comprehensive loss attributable to :
Owners of the Company	(1,005,263	(1,584,594
Non-controlling interest	(40,809	(8,955
Total Comprehensive Loss	(1,046,072	(1,593,549
Loss per common share:
Basic and diluted	(0.00	(0.04
Weighted Average Number of Common Share Outstanding:
Basic and Diluted	1,061,900,000	61,900,000

All values are in US Dollars.

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SAVMOBI

TECHNOLIGY, INC. AND SUBSIDIARIES

CONDENSE

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

For

the three months ended August 31, 2023 and 2022

	Common Stock				Additional<br><br> <br>Paid In		Retained			Other<br><br> <br>Comprehensive			Total<br><br> <br>Shareholders’			Non-<br><br> <br>controlling			Total
	Shares		Amount		Capital		Earnings			Income/(loss)			Equity			Interest			Equity
Balance at, May 31, 2022 (Unaudited)		61,900,000		61,900		9,474,336		(26,355,961	)		(987,312	)		(17,807,037	)		(626,651	)		(18,433,688	)
Net loss		-		-		-		(2,240,061	)		-			(2,240,061	)		(17,080	)		(2,257,141	)
Foreign currency translation adjustments		-		-		-		-			655,467			655,467			8,125			663,592
Balance at, August 31, 2022 (Unaudited)		61,900,000		61,900		9,474,336		(28,596,022	)		(331,845	)		(19,391,631	)		(635,606	)		(20,027,237	)
Balance at, May 31,2023 (Audited)		1,061,900.000		1,061,900		8,474,336		(32,751,349	)		344,031			(22,871,082	)		(1,016,563	)		(23,887,645	)
Balance		1,061,900.000		1,061,900		8,474,336		(32,751,349	)		344,031			(22,871,082	)		(1,016,563	)		(23,887,645	)
Net loss		-		-		-		(1,493,025	)		-			(1,493,025	)		(39,030	)		(1,532,055	)
Foreign currency translation adjustments		-		-		-		-			487,762			487,762			(1,779	)		485,983
Balance at, August 31, 2023 (Unaudited)		1,061,900.000		1,061,900		8,474,336		(34,244,374	)		831,793			(23,876,345	)		(1,057,372	)		(24,933,717	)
Balance		1,061,900.000		1,061,900		8,474,336		(34,244,374	)		831,793			(23,876,345	)		(1,057,372	)		(24,933,717	)

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SAVMOBI

TECHNOLIGY, INC. AND SUBSIDIARIES

CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

For

the three months ended August 31, 2023 and 2022



Net loss	(1,532,055	(2,257,141
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	200,156	327,944
Depreciation of right-of-use assets	31,331	175,257
Bad debt expense	36,109	-
Changes in operating assets and liabilities
Accounts receivable	(56,485	(37,753
Inventories	(35,258	(14,160
Prepaid expenses and other current assets	(444,574	218,849
Other non-current assets	112,177	224,958
Accounts payable and other current liabilities	2,831,776	114,597
Net cash provided by/(used in) operating activities	1,143,177	(1,247,449
Cash flows from investing activities
Repaid for right-of-use assets	(13,881	(23,181
Proceeds from sale of property and equipment	154,491	56,416
Purchase of property and equipment	(100,489	(716,112
Net cash (used in)/provided by investing activities	40,121	(682,877
Cash flows from financing activities
Amount due to related party	483,961	55,938
Proceeds from long-term borrowings	-	1,846,095
Repayments of long-term borrowings	(1,871,812	-
Net cash (used in)/provided by financing activities	(1,387,851	1,902,033
Effect of exchange rate changes on cash and cash equivalents	(7,295	(1,109
Net increase/(decrease) of cash and cash equivalents	(211,848	(29,402
Cash and cash equivalents–beginning of year	493,978	108,787
Cash and cash equivalents–end of year	282,130	79,385
Supplementary cash flow information:
Interest received	158	104

All values are in US Dollars.

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1. Organization and Principal Activities

On March 6, 2015, SavMobi Technology Inc. (“the Company”), was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience.

On

May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company.

On

March 19, 2018 New Reap Global transferred 250,000 restricted shares to Eng Wah Kung.

On

May 10, 2018 and May 30, 2018, 16,959,684 were transferred to Arden Wealth and Trust. 2,000,000 shares are free trading from HongLing Shang, 559,684 restricted shares from New Reap Global, LTD and 2,400,000 each from Xuedong Zhang, Jingmei Jiang, Qianxian, Yulan Qi, Baoxin Song, Jianlong Wu. On June 15, 2018 New Reap Global transferred 690,316 restricted shares to EMRD Global Holdings.

On

June 26, 2018 New Reap Global transferred 3,000,000 restricted shares to FORTRESS ADVISORS, LLC and 3,000,000 to Baywall Inc.

On

November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the “Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company .

On

June 8, 2022, three (3) shareholders of the Company, including Ma Hongyu, Ye Caiyun, and Li Wenzhe entered into stock purchase agreements with an aggregate of five (5) non-U.S. accredited investors (the “Purchase Agreements”) to sell an aggregate of 25,095,788 shares of common stock of the Company, which represents approximately 40.54% of the issued and outstanding shares of common stock of the Company, for consideration of $250,958.

The

Purchase Agreements were fully executed and delivered on June 8, 2022. Zhang Yiping and Chen Xinxin acquired approximately 24.54% and 6.46% of the issued and outstanding shares of the Company, respectively, and the remaining purchasers each acquired less than 4.99% of the issued and outstanding shares.After the change of ownership, the Company’s current principal offices is located in Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China.

Schedule of Share Acquired by Purchases

Purchasers
Zhang Yiping	15,189,500	24.54	%
Chen Xinxin	4,000,000	6.46	%
Wang Yanfang	2,000,000	3.23	%
Liu Chen	2,000,000	3.23	%
Liu Ying	1,906,288	3.08	%

On

December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”). Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.

Immediately

after completion of such share exchange, SVMB will hold a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking Group Limited.

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Consequently, SVMB has ceased to fall under the definition of shell company as define in Rule 12b-2 under the Exchange Act of 1934, as amended (the “Exchange Act”) and Intellegence is now a wholly owned subsidiary.

Intellegence Parking Group Limited (“Intellegence Parking”) was incorporated on June 29, 2022 under the laws of Cayman Islands. It is controlled by Guowei Zhang, Xiujuan Chen, Hongwei Li and Chuchu Zhang. Intellegence Parking is an investment holding company.

Intellegence Parking (Hong Kong) Limited (“Intellegence HK”) was incorporated on July 20, 2022 under the laws of Hong Kong SAR. Intelligence HK is a wholly subsidiary of Intellegence Parking since incorporation and it is an investment holding company.

Huixin Zhiying (Hangzhou) Technology Co. (“Huixin”) was incorporated on October 24, 2022 under the laws of PRC. It is a wholly owned subsidiary of Intellegence HK since incorporation and it is an investment holding company.

Pursuant to the Business Operation Agreement entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co. between November 15 and 11, 2022, the Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.

The Company consolidated its financial statements due to common control.

The Company’s major subsidiaries, VIEs and VIE’s subsidiaries are described as follows:

Schedule of Economic Benefits Ownership Percentage

Companies	Country/Place and date of incorporation/establishment	Percentage of direct or indirect <br> economic benefits ownership <br> August 31,
		2023			2022
Major Subsidiaries
Intellegence Parking Group Limited	Cayman June 29, 2022		100	%		100	%
Intellegence Parking (Hong Kong) Limited	Hong Kong July 20, 2022		100	%		100	%
Huixin Zhiying (Hangzhou) Technology Co.	PRC October 24, 2022		100	%		100	%
Major VIEs (Including VIE’s Subsidiaries)
Zhejiang Jingbo Ecological Technology Co.	PRC December 18, 2019		100	%		100	%
Hangzhou Zhuyi Technology Co.	PRC November 13, 2017		100	%		100	%

2. Variable Interest Entities

Pursuant to the Business Operation Agreement entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co., the Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.

Zhejiang Jingbo Ecological Technology Co. is a PRC company which was formed on December 18, 2019 and is engaged in the business of smart parking application software and platform operations business. Zhang Guowei has been the Chairman of Zhejiang Jingbo Ecological Technology Co. since December 2019.

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Hangzhou

Zhuyi Technology Co. (“Hangzhou Zhuyi”) was incorporated under the laws of the PRC on November 13, 2017 with a capital of RMB 60,000,000. The majority shareholder at the time of establishment was Guowei Zhang. On April 1, 2020, Zhejiang Jingbo Ecological Technology became the sole shareholder of Hangzhou Zhuyi. Hangzhou Zhuyi is specialized in smart parking projects, smart parking mobile applications and cloud platform construction innovation.

Zhejiang

Linglingyi Network Technology Co. (“Linglingyi”) was incorporated on November 17, 2018. Its sole director is Guowei Zhang. Hangzhou Zhuyi acquired 100% of Linglingyi on April 29. 2022. Its main businesses are smart parking projects and smart parking mobile applications.

Liangshan Tongfu Technology Co. (“Liangshan”) was incorporated on November 13, 2018. On September 29, 2022, Hangzhou Zhuyi entered in a share agreement with Hangzhou Kaai Technology Co. to purchase 26% of Liangshan’s shares. As a result, Hangzhou Zhuyi holds 67% of Liangshan. Liangshan is into smart parking projects and smart parking mobile applications businesses.

Zhuyi Technology (Anping) Co. (“Anping”) was incorporated on May 12, 2022, which is 90% owned by Hangzhou Zhuyi and it mainly focuses on smart parking projects and smart parking mobile applications.

Haikou Zhuyi Technology Co. (“Haikou”) was incorporated on May 9, 2022 which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Yibin Huibo Technology Co. (“Yibin”) was incorporated on July 4, 2019, which is 80% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Xide Zhuyi Technology Co. (“Xide”) was incorporated on October 14, 2021, which is 67% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Hubei Tongpo Parking Management Co. (“Tongpo”) was incorporated on November 4, 2020, which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Zhuyi Technology (Taining) Co. (“Taining”) was incorporated on May 18, 2021, which is 72% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Intellengence Parking Group Limited provides smart parking projects, smart parking mobile applications and cloud platform construction innovation through its consolidated subsidiaries, variable interest entities (“VIE”s) and VIE’s subsidiaries (Collectively, the “Group”).

a.Contractual agreements with VIEs

Powerof Attorney

Pursuant to the power of attorney agreements among the Wholly Foreign Owned Enterprises (“WFOE”s), the VIEs and their respective Nominee Shareholders, each Nominee Shareholder of the VIEs irrevocably undertakes to appoint the WFOE, as the attorney-in-fact to exercise all of the rights as a shareholder of the VIEs, including, but not limited to, the right to convene and attend shareholders’ meeting, vote on any resolution that requires a shareholder vote, such as appoint or remove directors and other senior management, and other voting rights pursuant to the articles of association (subject to the amendments) of the VIEs. Each power of attorney agreement is irrevocable and remains in effect as long as the Nominee Shareholder continues to be a shareholder of the VIEs. Unless otherwise required by PRC Laws, none of the VIEs or its shareholders can unilaterally terminate this agreement.

ExclusiveOption Agreements

Pursuant to the exclusive option agreements among WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders granted WFOEs exclusive right to purchase, when and to the extent permitted under PRC law, all or part of the equity interests from shareholders of VIEs. The exercise price for the options to purchase all or part of the equity interests shall be the minimum amount of consideration permissible under then applicable PRC law. The agreement shall be valid until WFOEs or its designated party purchases all the shares from shareholders of VIEs. The terms of the exclusive option agreement are 10 years and can be automatically extended until such time WFOEs delivers a confirmation letter specifying the renewal term of this agreement. Unless otherwise required by PRC Laws, the VIEs or its shareholders shall not unilaterally terminate this agreement.

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ExclusiveBusiness Corporation Agreement

Pursuant to the exclusive business cooperation agreements among the WFOEs and the VIEs, respectively, the WFOEs have the exclusive right to provide the VIEs with services related to, among other things, comprehensive technical support, professional training, consulting services, trademark and copyright of system,. Without prior written consent of the WFOEs, the VIEs agree not to directly or indirectly accept the same or any similar services provided by any others regarding the matters ascribed by the exclusive business cooperation agreements. The VIEs agree to pay the WFOEs services fees, which shall be determined by the WFOEs. The WFOEs have the exclusive ownership of intellectual property rights created as a result of the performance of the agreements. The agreements shall remain effective except that the WFOEs are entitled to terminate the agreements in writing. Unless otherwise required by PRC Laws, the VIEs shall not unilaterally terminate this agreement.

EquityPledge Agreement

Pursuant to the equity pledge agreements among the WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders of the VIEs pledged all of their respective equity interests in the VIEs to the WFOEs as collaterals for performance of the obligations of the VIEs and their Nominee Shareholders under the exclusive business cooperation agreements, the power of attorney agreements, and the exclusive option agreements. The Nominee Shareholders of the VIEs also undertake that, during the term of the equity pledge agreements, unless otherwise approved by the WFOEs in writing, they will not transfer the pledged equity interests or create or allow any new pledge or other encumbrance on the pledged equity interests. These equity pledge agreements remain in force until VIEs and their respective Nominee Shareholders discharge all their obligations under the contractual agreements.

SpousalConsent Letter

Pursuant to the spousal consent letters, the spouses of some of the individual Nominee Shareholders of the VIEs unconditionally and irrevocably agree that the equity interest in the VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant exclusive business cooperation agreements, equity pledge agreements, the exclusive option agreements and the power of attorney agreements, without his or her consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses. In addition, in the event that any of them obtains any equity interest in the VIEs held by their respective spouses for any reason, such spouses agree to be bound by similar obligations and agreed to enter into similar contractual arrangements.

b. Risks in relation to the VIE structure

On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited.

If the PRC government otherwise finds that the Group in violation of any existing or future PRC laws or regulations or lacks the necessary permits or licenses to operate the business, the Group’s relevant PRC regulatory authorities could:

● revoke the business licenses and/or operating licenses of the Group’s PRC entities;

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● impose fines;

● confiscate any income that they deem to be obtained through illegal operations, or impose other requirements with which the Group may not be able to comply;

● discontinue or place restrictions or onerous conditions on the Group’s operations;

● place restrictions on the right to collect revenues;

● require the Group to restructure ownership structure or operations, including terminating the contractual agreements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate the financial results of and derive economic interests from the VIEs and their subsidiaries;

● restrict or prohibit the use of the proceeds from financing activities to finance the business and operations of the VIEs and their subsidiaries; or

● take other regulatory or enforcement actions that could be harmful to the Group’s business.

The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIEs. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the Nominee Shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend on Nominee Shareholders enforcing the contracts. There is a risk that Nominee shareholders of VIEs, who in some cases are also shareholders of the Company may have conflict of interests with the Company in the future or fail to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIEs to honor their contractual agreements with the Group. The Company’s ability to direct activities of the VIEs that most significantly impact their economic performance and the Company’s right to receive the economic benefits that could potentially be significant to the VIEs depend on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

c.Summary of financial information of the Group’s VIEs (inclusive of VIE’s subsidiaries)

The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the condensed financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group.

The consolidated financial statements of the Group’s VIEs have been audited by filing the Form 10-K for the year ended May 31, 2023.

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Schedule of Variable Interest Entities Financial Statements



Cash and cash equivalents	251,540	401,984
Restricted cash	12,171	10,273
Accounts receivable	457,057	409,380
Inventories	208,397	177,034
Prepaid expenses and other current assets	2,409,183	2,045,736
Plant and equipment, net	6,195,788	6,581,823
Intangible assets, net	14,734	15,543
Right-of-use assets	240,442	277,184
Other non-current assets	2,713,917	2,884,090
Total Assets	12,503,229	12,803,047
Accounts payables	765,439	749,226
Advances from customers	3,157,940	622,069
Other current payables	1,501,194	1,300,969
Taxes payable	34,638	18,737
Amounts due to related parties	516,657	540,897
Operating lease liabilities, current	128,548	126,659
Long-term loan	30,215,181	32,740,623
Operating lease liabilities, non-current	100,827	121,555
Total Liabilities	36,420,424	36,220,735
Total (Deficit) Equity of VIEs	(23,917,195	(23,417,688
Total Liabilities and (Deficit) Equity of VIEs	12,503,229	12,803,047

All values are in US Dollars.

	Three Months Ended<br><br> <br>August 31, 2023	Three Months Ended<br><br> <br>August 31, 2022
	$	$
Net<br> revenues	401,904	796,377
Cost<br> of revenues	(623,408)	(1,196,709)
Gross<br> loss	(221,504)	(400,332)
Total<br> costs and expenses	(764,335)	(1,779,342)
Operating<br> loss	(985,839)	(2,179,674)
Total<br> other income and (expenses)	349	(63,541)
Loss<br> before taxes from operations	(985,490)	(2,243,215)
Provision<br> for income taxes	-	-
Net<br> loss	(985,490)	(2,243,215)
Net<br> loss attributable to VIEs	(946,460)	(2,226,135)
	2023			2022
---	---	---	---	---	---	---
	Three Months Ended August 31,
	2023			2022
Net cash provided by/(used in) operating activities		1,703,742			(1,229,376	)
Net cash provided by/(used in) investing activities		40,121			(680,934	)
Net cash (used in)/provided by financing activities		(1,885,114	)		1,883,960
Effect of exchange rate changes on cash and cash equivalents		(7,295	)		(3,052	)
Net decrease in cash and cash equivalents		(148,546	)		(29,402	)
Cash and cash equivalents at the beginning of period		412,257			108,787
Cash and cash equivalents at the end of period		263,711			79,385

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3. Summary of Significant Accounting Policies

The Company’s significant accounting policies have not changed from the year ended May 31, 2023.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United Statements of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2023, as filed with the SEC on October 2, 2023. Operating results for the three months ended August 31, 2023 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending May 31, 2024.

GoingConcern

The

Company incurred net loss of $1,532,055 during the three months ended August 31, 2023. As of August 31, 2023, the Company had total deficit of $24,933,717 and net cash provided by operating activities of $1,143,177. The Company incurred net loss of $6,783,522 during the year ended May 31, 2023. As of May 31, 2023, the Company had total deficit of $23,887,645 and had net cash provided by operating activities of $102,130.

The ability to continue as a going concern is dependent upon long-term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on long term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Foreigncurrency translation

The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

Schedule of Foreign Currency Translation

	08312023	05312023	08312022
Period/Year end RMB: US$ exchange rate	7.2582	7.1100	6.8924
Annual average RMB: US$ exchange rate	7.2005	6.9185	6.7410

The RMB is not freely convertible into foreign currencies and all foreign exchange transactions must be conducted through authorized financial institutions.

Earningsper share

The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

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4. Trade Receivables

The Company does not provide any credit terms to its customers for smart parking. Cash will be collected by the exit of parking lots. The Company provides one to three months credits term for customers purchasing parking equipment.

5. Prepaid Expenses and Other Current Assets

**** Schedule of Prepaid Expenses and Other Current Assets

	August 31, 2023
Prepayment		844,949	591,277
Prepayment for rental (a)		427,103	438,256
Deposit		375,976	366,478
Loan receivable (b)		331,747	342,882
Advances to employees		68,822	125,508
Other		152,870	157,164
VAT		183,584	39
Total		2,385,051	2,021,604
(a)	Prepayment for<br>rental included a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on<br>December 31, 2030. The Company has paid full rent as of August 31, 2023.
---	---
(b)	Loan receivables<br>are loans borrow to third parties. All loans are interest free and will be repaid on demand.
---	---

6. Property and Equipment

Schedule of Property and Equipment


Cost
At May 31,2023	962,271		4,437,065		123,212		3,039,646		972,730		9,534,924
Beginning balance, cost	962,271		4,437,065		123,212		3,039,646		972,730		9,534,924
Additions during the year	10,379		-		1,944		40,359		47,807		100,489
Disposals during the year	(16,002	)	-		-		(10,613	)	(149,384	)	(175,999	)
Effects of currency translation	(19,603	)	(90,597	)	(2,531	)	(62,301	)	(19,055	)	(194,087	)
At August 31,2023	937,045		4,346,468		122,625		3,007,091		852,098		9,265,327
Ending balance, cost	937,045		4,346,468		122,625		3,007,091		852,098		9,265,327
Accumulated depreciation
At May 31,2023	902,974		579,952		106,927		1,363,248		-		2,953,101
Beginning balance, Accumulated depreciation	902,974		579,952		106,927		1,363,248		-		2,953,101
Depreciation during the year	39,554		52,028		3,084		104,995		-		199,661
Disposals during the year	(15,202	)	-		-		(6,306	)	-		(21,508	)
Effects of currency translation	(18,631	)	(24,541	)	(2,208	)	(16,335	)	-		(61,715	)
At August 31,2023	908,695		607,439		107,803		1,445,602		-		3,069,539
Ending balance, Accumulated depreciation	908,695		607,439		107,803		1,445,602		-		3,069,539
Net book value
At May 31,2023	59,297		3,857,113		16,285		1,676,398		972,730		6,581,823
Beginning balance, Net book value	59,297		3,857,113		16,285		1,676,398		972,730		6,581,823
At August 31,2023	28,350		3,739,029		14,822		1,561,489		852098		6,195,788
Ending balance, Net book value	28,350		3,739,029		14,822		1,561,489		852098		6,195,788

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(a)	Address of the<br>building is Building B8, China Zhigu Fuchun, Yinhu Village, Shoujiang town, Fuyang District, China
(b)	The Company has<br>6 constructions in progress in total. 5 constructions, related to parking lots, are expected to be completed in one year. Upon completion,<br>these constructions will be transferred to project facilities. The remaining one construction does not yet have an estimate time of completion.
---	---

7. Intangible Assets

**** Schedule of Intangible Assets

Cost
At May 31,2023	28,529
Beginning balance, cost	28,529
Additions during the period	-
Disposals during the period	-
Effects of currency translation	(583	)
At August 31,2023	27,946
Ending balance, cost	27,946
Accumulated depreciation
At May 31,2023	12,986
Beginning balance, Accumulated depreciation	12,986
Depreciation during the period	495
Disposals during the period	-
Effects of currency translation	(269	)
At August 31,2023	13,212
Ending balance, Accumulated depreciation	13,212
Net book value
At May 31,2023	15,543
At August 31,2023	14,734

8. Right-of-use Assets

Schedule of Right of Use Assets


Cost
At<br> May 31, 2023
Additions<br> during the period
Write-off<br> during the period
Effects<br> of currency translation
At August 31, 2023
Accumulated depreciation
At<br> May 31,2023
Depreciation<br> during the period
Write-off<br> during the period
Effects<br> of currency translation
At August 31, 2023
Net book value
At May 31, 2023
At August 31, 2023

All values are in US Dollars.

Right of use assets consisted of 16 contracts renting offices, warehouses and parking lots. Contracted terms ranged between two and eight years with the earliest start date being January 8, 2019.

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9. Other non-current assets

Other non-current assets mainly consisted of a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of August 31, 2023.

10. Other payables and Accruals

Schedule of Other Payable and Accruals


		$
Accrued payroll and welfare payables	462,164	338,657
Deposit	26,904	27,194
Loans payable	337,550	344,585
Other (a)	675,231	591,188
Total	1,501,849	1,301,624

All values are in US Dollars.

(a)	Other mainly included<br>collection of parking fees on behalf of a third party.

11. Related Party Transactions

(a) The Company had the following balances due to and due from related parties:

At August 31, 2023 and May 31, 2023, the Company owned funds from the following related parties:

Schedule of Related Party Transactions

			Relationship
Intellegence Triumph Holdings Limited	5,000	5,000	Former shareholder
Virtue Victory Holdings Limited	5,200	5,200	Former shareholder
Strength Union Holdings Limited	5,800	5,800	Former shareholder
Due from related party

At August 31, 2023 and May 31, 2023, the Company owed funds to the following related parties:

			Relationship
Guowei Zhang	1,529,244	1,056,221	President of the Company
Xinxin Chen	1,500	1,500	Former shareholder
Shaoxing Keqiao Zhuyi Technology Co., Ltd	30,215,181	32,740,623	An entity controlled by a shareholder

Advances from Guowei Zhang were unsecured, non-interest bearing and due on demand.

During

the three months ended August 31, 2023, the Company borrowed from related parties of $498,266 and made repayments to related parties of $14,305. During the year ended May 31, 2023, the Company borrowed from related parties of $713,753 and made repayments to related parties of $16,552.

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As of May 31, 2022, the outstanding balance of long-term loans was RMB 221,267,008.77 (USD$33,211,152). It consisted of two loans related to Beijing Zhibo Innovation Technology Co., Ltd (“Zhibo”). The Company entered into a three year loan on September 20, 2019. The agreement commenced on October 1, 2019. The maximum borrowing is RMB 300,000,000 (USD $45,028,818) with an interest rate of 3.6%. 25% of the outstanding balance should be repaid each quarter. Supplementary contracted were signed between the two parties agreeing there would be no repayment of principle for the next 12 months and interest expense was waived. The other contract was a two-year interest-free agreement signed on September 1st, 2020 at which date the contracted commenced. Principle was RMB 22,000,000 (USD$3,302,098). As of May 31, 2022, outstanding balances of the first and second loans were RMB 201,909,728.77 (USD$30,305,855) and RMB 19,357,280 (USD$2,905,297), respectively.

Zhibo extended the above contracts to September 30, 2025 when they expired in 2022. Repayments and interest expenses are not required until September 30, 2024. Interest expenses calculated on an annual rate of 3% will be paid monthly from 1 October, 2024. Principle will be fully repaid upon maturity.

Due to business restructure, Zhibo was deregistered at the beginning of 2023. Before deregistration, on January 15, 2023, Zhibo transferred the debts to a number of companies/partnerships with the clauses unchanged. The table below set forth the amount transferred to each Zhibo’s creditor as of January 15, 2023.

Schedule of Related Party Amount Transferred to Creditor

Transferee	Transferred amounts (RMB)		Transferred amounts ()
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)		30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)		10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)		41,802,605.93
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)		10,000,000.00
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)		37,880,435.02
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)		43,500,000.00
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)		20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)		20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd.		9,450,338.82
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.		2,000,000.00
Hangzhou Renyigou E-Commerce Co., Ltd.		5,100,000.00
Hangzhou Yixin Supply Chain Management Co., Ltd.		4,000,000.00
Hangzhou Zhizhu Parking Co., Ltd.		458,469.12
Total		234,289,035.38

All values are in US Dollars.

For helping the Company consolidate debts and providing financial support to the Company, Shaoxin Keqiao Zhuyi Technology Co., Ltd., whose sole shareholder is Xiujuan Chen, took over the debts from the businesses mentioned in the table. Loan transfer agreements were executed on March 16 and 17, 2023 with the original clauses unchanged. Xiujuan Chen is also one of the shareholders of the Company. After the loans transferred to Shaoxin Keqiao Zhuyi Technology Co., Ltd., outstanding balances were offset in part or in full if the transferees were our current debtors.

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The below table shows the movements of loans before the transfers and the final amounts being transferred.

Schedule of Related Party Amount Before Transfers and Final Amounts Being Transferred

Transferor
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)	30,000,000.00	-		-	30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)	10,097,186.49	-		-	10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)	41,802,605.93	-		-	41,802,605.93
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)	10,000,000.00	-		-	10,000,000.00
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)	37,880,435.02	-		8,652,951.79	46,533,386.81
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.	2,000,000.00	-		6,427,428.49	8,427,428.49
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)	43,500,000.00	(2,309,273.07	)	4,734,492.66	45,925,219.59
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)	20,000,000.00	-		-	20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)	20,000,000.00	-		-	20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd.	9,450,338.82	(9,450,338.82	)	-	-
Hangzhou Renyigou E-Commerce Co., Ltd.	5,100,000.00	(5,100,000.00	)	-	-
Hangzhou Yixin Supply Chain Management Co., Ltd.	4,000,000.00	(4,000,000.00	)	-	-
Hangzhou Zhizhu Parking Co., Ltd.	458,469.12	(458,469.12	)	-	-
Total	234,289,035.38	(21,318,081.01	)	19,814,872.94	232,785,827.31

All values are in US Dollars.

During

the three months ended August 31, 2023, the Company did not borrow extra funds from and made repayments of RMB 13,478,000 ($1,871,812) to Shaoxin Keqiao Zhuyi Technology Co., Ltd..

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12. Income Taxes

PRC

The Company’s subsidiaries incorporated in the PRC are subject to a profits tax rate of 25% for income generated and operation in the country.

The full realization of the tax benefit associated with the carry forward losses depends predominantly upon the Company’s ability to generate taxable income during the carry forward period.

Income tax expense (benefits)

Schedule of Income Tax Expenses (Benefits)



Loss<br> before tax	)	)
Tax<br> credit calculated at statutory tax rate	)	)
Effect<br> of different tax rates
Deferred<br> tax asset not recognized during the period/year
Income<br> tax expenses

All values are in US Dollars.

The Company accounts for income taxes using the asset/liability method prescribed by ASC 740 Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits will be available against which the Company can utilise the benefits.

Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets.

13. Long-term Borrowings

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Schedule of Long-Term Borrowings Amount Transferred to Creditor

Transferee	Transferred<br> amounts (RMB)		Transferred<br> amounts ()
Hangzhou<br> Chiyi Enterprise Management Partnership (Limited Partnership)		30,000,000.00
Hangzhou<br> Chuangzhu Enterprise Management Partnership (Limited Partnership)		10,097,186.49
Hangzhou<br> HongKuo Enterprise Management Partnership (Limited partnership)		41,802,605.93
Hangzhou<br> Hongying Enterprise Management Partnership (Limited Partnership)		10,000,000.00
Hangzhou<br> Liujin Enterprise Management Partnership (Limited Partnership)		37,880,435.02
Hangzhou<br> Ruiqi Enterprise Management Partnership (Limited Partnership)		43,500,000.00
Hangzhou<br> Zhusheng Enterprise Management Partnership (Limited Partnership)		20,000,000.00
Hangzhou<br> Zhuyuan Enterprise Management Partnership (Limited Partnership)		20,000,000.00
Hangzhou<br> Jizhong Ecological Technology Co., Ltd.		9,450,338.82
Hangzhou<br> Liujin Enterprise Management Partnership Co., Ltd.		2,000,000.00
Hangzhou<br> Renyigou E-Commerce Co., Ltd.		5,100,000.00
Hangzhou<br> Yixin Supply Chain Management Co., Ltd.		4,000,000.00
Hangzhou<br> Zhizhu Parking Co., Ltd.		458,469.12
Total		234,289,035.38

All values are in US Dollars.

The below table shows the movements of loans before the transfers and the final amounts being transferred.

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Schedule of Long-Term Borrowings Amount Before Transfers and Final Amounts Being Transferred

Transferor
Hangzhou<br> Chiyi Enterprise Management Partnership (Limited Partnership)	30,000,000.00	-		-	30,000,000.00
Hangzhou<br> Chuangzhu Enterprise Management Partnership (Limited Partnership)	10,097,186.49	-		-	10,097,186.49
Hangzhou<br> HongKuo Enterprise Management Partnership (Limited partnership)	41,802,605.93	-		-	41,802,605.93
Hangzhou<br> Hongying Enterprise Management Partnership (Limited Partnership)	10,000,000.00	-		-	10,000,000.00
Hangzhou<br> Liujin Enterprise Management Partnership (Limited Partnership)	37,880,435.02	-		8,652,951.79	46,533,386.81
Hangzhou<br> Liujin Enterprise Management Partnership Co., Ltd.	2,000,000.00	-		6,427,428.49	8,427,428.49
Hangzhou<br> Ruiqi Enterprise Management Partnership (Limited Partnership)	43,500,000.00	(2,309,273.07	)	4,734,492.66	45,925,219.59
Hangzhou<br> Zhusheng Enterprise Management Partnership (Limited Partnership)	20,000,000.00	-		-	20,000,000.00
Hangzhou<br> Zhuyuan Enterprise Management Partnership (Limited Partnership)	20,000,000.00	-		-	20,000,000.00
Hangzhou<br> Jizhong Ecological Technology Co., Ltd.	9,450,338.82	(9,450,338.82	)	-	-
Hangzhou<br> Renyigou E-Commerce Co., Ltd.	5,100,000.00	(5,100,000.00	)	-	-
Hangzhou<br> Yixin Supply Chain Management Co., Ltd.	4,000,000.00	(4,000,000.00	)	-	-
Hangzhou<br> Zhizhu Parking Co., Ltd.	458,469.12	(458,469.12	)	-	-
Total	234,289,035.38	(21,318,081.01	)	19,814,872.94	232,785,827.31

All values are in US Dollars.

During

the three months ended August 31, 2023, the Company did not borrow extra funds from and made repayments of RMB 13,478,000 ($1,871,812) to Shaoxin Keqiao Zhuyi Technology Co., Ltd..

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14. Leases

Right-of-use

(“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company entered into 16 agreements for renting offices, warehouses and parking lots. As of August 31, 2023, the Company has $240,442 of right-of-use assets, $128,548 in current operating lease liabilities and $100,827 in non-current operating lease liabilities.

Significant assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to the Company over terms similar to the lease terms.

The Company’s future minimum payments under long-term non-cancellable operating leases are as follows:

Schedule of Future Minimum Payments Under Long Term Non-Cancellable Operating Lease



Within<br> 1 year	136,659	136,710
After<br> 1 year but within 5 years	105,791	127,793
Total<br> lease payments	242,450	264,503
Less:<br> imputed interest	(13,075	(16,289
Total<br> lease obligations	229,375	248,214
Less:<br> current obligations	(128,548	(126,659
Long-term<br> lease obligations	100,827	121,555

All values are in US Dollars.

15. Non-controlling interests (NCI)

Non-controlling interests (“NCI”) represent the portion of net assets in consolidated entities that are not owned by the Company.

The following table represent the non-controlling ownership interests and non-controlling interest balances reported in stockholder’s equity as of August 31, 2023 and May 31, 2023 respectively.

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Schedule of Non Controlling Ownership Interest

		083123		053123			083123		053123			083123		053123			083123		053123			083123		053123			083123		053123
	Liangshan					Yibin					Xide					Taining					Anping					Total
		083123		053123			083123		053123			083123		053123			083123		053123			083123		053123			083123		053123
NCI<br> ownership interest		33	%	33	%		20	%	20	%		33	%	33	%		28	%	28	%		10	%	10	%
NCI<br> balances		(897,301	)	(864,174	)		(14,598	)	(19,951	)		(71,846	)	(64,157	)		(72,101	)	(66,755	)		(1,526	)	(1,526	)		(1,057,372	)	(1,016,563	)

The summarized financial information for subsidiary that has non-controlling interest which are material to the Company is provided below. This information is based on amounts before inter-company elimination.

Summarized statement of financial position as at

Schedule of Statement of Financial Positions

		083123		053123			083123		053123			083123		053123			083123		053123			083123	053123		083123		053123
	Liangshan					Yibin					Xide					Taining					Anping			Total
		083123		053123			083123		053123			083123		053123			083123		053123			083123	053123		083123		053123
Non-current<br> assets		350,376		391,073			-		-			44,911		49,521			138,062		153,693			-	-		533,349		594,287
Current<br> assets		99,175		102,279			1,579		1,617			9,082		9,276			22,809		23,567			1	1		132,646		136,740
Current<br> liabilities		(796,425	)	(748,450	)		(57,025	)	(86,863	)		(249,109	)	(238,248	)		(103,226	)	(91,047	)		-	-		(1,205,785	)	(1,164,608	)
Non-current<br> liabilities		(59,536	)	(60,039	)		-		-			-		-			-		(6,551	)		-	-		(59,536	)	(66,590	)
Net<br> assets		(406,410	)	(315,137	)		(55,446	)	(85,246	)		(195,116	)	(179,451	)		57,645		79,662			1	1		(599,326	)	(500,171	)
		083123		053123			083123		053123			083123		053123			083123		053123			083123		053123			083123		053123
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Liangshan					Yibin					Xide					Taining					Anping					Total
		083123		053123			083123		053123			083123		053123			083123		053123			083123		053123			083123		053123
Net<br> Assets		(406,410	)	(315,137	)		(55,446	)	(85,246	)		(195,116	)	(179,451	)		57,645		79,662			1		1			(599,326	)	(500,171	)
Less:<br> Zhuyi capital and additional paid-in capital		(2,101,929	)	(2,101,930	)		-		-			-		-			(310,895	)	(310,895	)		(16,551	)	(16,551	)		(2,429,375	)	(2,429,376	)
Less:<br> OCI		(108,039	)	(100,820	)		(8,771	)	(7,255	)		(11,300	)	(7,482	)		(2,126	)	(3,589	)		646		646			(129,590	)	(118,500	)
Accumulated<br> Deficits		(2,616,378	)	(2,517,887	)		(64,217	)	(92,501	)		(206,416	)	(186,933	)		(255,376	)	(234,822	)		(15,904	)	(15,904	)		(3,158,291	)	(3,048,047	)
Accumulated<br> Deficits attributable to NCI		(863,405	)	(830,903	)		(12,843	)	(18,500	)		(68,117	)	(61,688	)		(71,505	)	(65,750	)		(1,590	)	(1,590	)		(1,017,460	)	(978,431	)
Plus:<br> OCI attributable to NCI		(33,896	)	(33,271	)		(1,755	)	(1,451	)		(3,729	)	(2,469	)		(596	)	(1,005	)		64		64			(39,912	)	(38,132	)
NCI<br> balances		(897,301	)	(864,174	)		(14,598	)	(19,951	)		(71,846	)	(64,157	)		(72,101	)	(66,755	)		(1,526	)	(1,526	)		(1,057,372	)	(1,016,563	)

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16. Reserves

Statutory reserve

Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the other reserve appropriations are at the Company’s discretion. These reserves can only be used for specific purposes of enterprise expansion and are not distributable as cash dividends. During the three months ended August 31, 2023 and the year ended May 31, 2023, the Company did not accrue any statutory reserve.

Foreign<br> currency translation reserve

The foreign currency translation reserve represents translation differences arising from translation of foreign currency financial statements into the Company’s reporting currency.

17. Quantitative and Qualitative Disclosure about Market Risks

A.	Credit<br> risk
	The<br> Company’s deposits are with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss<br> if the banks become insolvent.
	Accounts<br> receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The credit risk with respect to<br> account receivables is mitigated by credit control policies we carry out with respect to our customers and our ongoing monitoring<br> process of outstanding balances.
B.	Economic<br> and political risks
	The<br> Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results<br> of operations may be influenced by changes in the political, economic, and legal environments in the PRC.
	The<br> Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies<br> in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment<br> and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions<br> in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion,<br> remittances abroad, and rates and methods of taxation, among other things.
C.	Interest<br> risk
	The<br> Company is subject to interest rate risk when long term loans become due and require refinancing.
D.	Sensitivity<br> analysis
	The<br> long-term loans are free of interest for the first 32 months however if interest were to charge at an annual rate of 3.64%, interest<br> expense would be $1.1 million per year. The Company adopts 3.64% as an annual interest rate based on the China LPR announced on October<br> 20, 2023 with an adjustment to loan terms. If interest rate increases or decreases by 10%, it could lead to an increase or decrease<br> in interest expense of $109,983 per year.

18. Subsequent Events

The Company has performed an evaluation of subsequent events through November 3, 2023, which was the date of the issuance of the consolidated financial statements, and determined that no events would have required adjustment or disclosure in the consolidated financial statements other than that discussed above.

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Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forwardlooking statement notice

This section of this Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

SpecialNote Regarding Forward Looking Statements

In addition to historical information, this report contains forward-looking statements. We use words such as “believe,” “expect,” “anticipate,” “project,” “target,” “plan,” “optimistic,” “intend,” “aim,” “will” or similar expressions which are intended to identify forward-looking statements. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Readers are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events.

Overview

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On May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company.

On March 19, 2018 New Reap Global transferred 250,000 restricted shares to Eng Wah Kung.

On May 10, 2018 and May 30, 2018, 16,959,684 were transferred to Arden Wealth and Trust. 2,000,000 shares are free trading from HongLing Shang, 559,684 restricted shares from New Reap Global, LTD and 2,400,000 each from Xuedong Zhang, Jingmei Jiang, Qianxian, Yulan Qi, Baoxin Song, Jianlong Wu.

On June 15, 2018 New Reap Global transferred 690,316 restricted shares to EMRD Global Holdings.

On June 26, 2018 New Reap Global transferred 3,000,000 restricted shares to FORTRESS ADVISORS, LLC and 3,000,000 to Baywall Inc.

On November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the “Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company.

On June 8, 2022, three (3) shareholders of the Company, including Ma Hongyu, Ye Caiyun, and Li Wenzhe entered into stock purchase agreements with an aggregate of five (5) non-U.S. accredited investors (the “Purchase Agreements”) to sell an aggregate of 25,095,788 shares of common stock of the Company, which represents approximately 40.54% of the issued and outstanding shares of common stock of the Company, for consideration of $250,958.

The Purchase Agreements were fully executed and delivered on June 8, 2022. Zhang Yiping and Chen Xinxin acquired approximately 24.54% and 6.46% of the issued and outstanding shares of the Company, respectively, and the remaining purchasers each acquired less than 4.99% of the issued and outstanding shares. After the change of ownership, the Company’s current principal offices is located in Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China.

Purchasers
Zhang<br> Yiping	15,189,500	24.54	%
Chen<br> Xinxin	4,000,000	6.46	%
Wang<br> Yanfang	2,000,000	3.23	%
Liu<br> Chen	2,000,000	3.23	%
Liu<br> Ying	1,906,288	3.08	%

On December 15, 2022, Savmobi Technology, Inc. (“SVMB,”) entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”). Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.

Immediately after completion of such share exchange, SVMB will hold a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking Group Limited.

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Pursuant to the Business Operation Agreement entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co. The Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.

Hangzhou Zhuyi Technology Co. (“Hangzhou Zhuyi”) was incorporated under the laws of the PRC on November 13, 2017 with a capital of RMB 60,000,000. The majority shareholder at the time of establishment was Guowei Zhang. On April 1, 2020, Zhejiang Jingbo Ecological Technology became the sole shareholder of Hangzhou Zhuyi. Hangzhou Zhuyi is specialized in smart parking projects, smart parking mobile applications and cloud platform construction innovation.

Zhejiang Linglingyi Network Technology Co. (“Linglingyi”) was incorporated on November 17, 2018. Its sole director is Guowei Zhang. Hangzhou Zhuyi acquired 100% of Linglingyi on April 29. 2022. Its main businesses are smart parking projects and smart parking mobile applications.

Yibin Huibo Technology Co. (“Yibin”) was incorporated on July 4, 2019, which is 80% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

Xide Zhuyi Technology Co. (“Xide”) was incorporated on October 14, 2021, which is 67% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.

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CorporateStructure

Resultof Operations

Forthe three months ended August 31, 2023 and 2022

Revenue

The Company generated $401,904 for the three months ended August 31, 2023 compared to $796,377 for the three months ended August 31, 2022. Revenue mainly comprised of parking fee and sales of parking equipment. The decrease in revenue for the three months ended August 31, 2023 was mainly due to a decline in parking fee revenue as we were unable to renew some of our contracts with landlords.

Costof Revenues

During the three months ended August 31, 2023, the Company incurred $623,408 in cost of revenue compared to $1,196,709 during the three months ended August 31, 2022. Cost of revenues mainly consisted of rent, depreciation and salary expenses. The decrease in costs of revenues was primarily contributed by a decrease in depreciation and salary expenses.

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Grossloss

Gross loss was $221,504 for the three months ended August 31, 2023 compared to $400,332 for the three months ended August 31, 2022. The decrease in gross loss for the three months ended August 31, 2023 was due to the significant decrease in cost of revenues.

Sellingand marketing expenses

During the three months ended August 31, 2023, we incurred selling and marketing expenses of $98,485 compared to $183,449 during the three months ended August 31, 2022. Selling and marketing expenses mainly included salary expenses, business hospitality expenses and advertisement expenses. The decrease in selling and marketing expenses was primarily caused by a decrease in salary expenses and travelling expenses.

Generaland administrative expenses

During the three months ended August 31, 2023, we incurred general and administrative expenses of $1,076,097 compared to $1,603,136 during the three months ended August 31, 2022. General and administrative expenses mainly consisted of salary expenses, business hospitality expenses and professional fees. The decrease in general and administrative expenses was mainly contributed by a decrease in the main expenses mentioned previously.

Researchand development expenses

During the three months ended August 31, 2023, we incurred research and development expenses of $97,906 compared to $6,521 for the three months ended August 31, 2022. R&D expenses mainly comprised of salary expenses. The increase in R&D expenses was primarily due to an increase in salary expenses.

Netloss

As a result of foregoing, the net loss for the three months ended August 31, 2023 and 2022 was $1,532,055 and $2,257,141, respectively.

CapitalResources and Liquidity

Working<br> capital	August<br> 31, 2023			May<br> 31, 2023
Total<br> current assets	$	3,348,635		$	3,117,996
Total<br> current liabilities		7,131,225			3,902,103
Working<br> capital deficit	$	(3,782,590	)	$	(784,107	)

Total deficit for the three months ended August 31, 2023 was $3,782,590 compared to $784,107 for the year ended May 31, 2023. To date, we have financed our operations primarily from long-term loans.

Three months ended August 31, 2023 and 2022

	Three<br> Months Ended August 31,
	2023			2022
Net<br> cash provided by/(used in) operating activities	$	1,143,177		$	(1,247,449	)
Net<br> cash provided by/(used in) investing activities		40,121			(682,877	)
Net<br> cash (used in)provided by financing activities		(1,387,851	)		1,902,033
Effect<br> of exchange rate changes on cash and cash equivalents		(7,295	)		(1,109	)
Net<br> decrease in cash and cash equivalents		(211,848	)		(29,402	)
Cash<br> and cash equivalents at the beginning of period		493,978			108,787
Cash<br> and cash equivalents at the end of period	$	282,130		$	79,385

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CashProvided by/(Used in) Operating Activities

For the three months ended August 31, 2023, net cash provided by operating activities was $1,143,177, primarily consisting of a net loss of $1,532,055, an increase in prepaid expenses and other current assets of $444,574 and an increase in accounts payable of $2,831,776, compared to net cash used in operating activities of $1,247,449 for the three months ended August 31, 2022, mainly comprised of a net loss of $2,257,141 and depreciation and amortization expense of $503,201 and a decrease in prepaid expenses and other current assets of $218,849.

CashProvided by/(Used in) Investing Activities

For the three month periods ended August 31, 2023, net cash provided by investing activities was $40,121 mainly including proceeds from sale of property and equipment of $154,491 and a purchase of property and equipment of $100,489, compared to net cash used in investing activities was $682,877 for the three months ended August 31, 2022, mainly consisted of a purchase of property and equipment of $716,112.

Cash(Used in)/Provided by Financing Activities

For the three months ended August 31, 2023, net cash used in financing activities was $1,387,851 mainly comprising repayments of long-term loans. Net cash provided by financing activities was $1,902,033 for the three months ended August 31, 2022, consisting of advanced from related parties and long term loans.

GoingConcern Consideration

Off-balancesheet arrangements

We do not have any 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 that is material to investors.

ContractualObligations

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

CriticalAccounting Policies and Estimates

We prepare our financial statements in conformity with U.S. GAAP, which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared. On a regular basis, we review our accounting policies and how they are applied and disclosed in our condensed financial statements.

While we believe that the historical experience, current trends and other factors considered support the preparation of our financial statements in conformity with U.S. GAAP actual results could differ from our estimates and such differences could be material

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ForeignCurrency Exchange Rates

We are not materially affected by foreign currency exchange rates. However, it is difficult to predict how market forces, or PRC or U.S. government policy, might affect our operations. There remains significant international pressure on the PRC government to adopt a substantial liberalization of its currency policy, which could result in a further and more significant change in the value of the RMB against the U.S. dollar. Limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. So far, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we potentially may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedging transactions may be limited, and we may not be able to successfully hedge our exposure at all. Furthermore, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert RMB into foreign currency.

Item3. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item4. Controls and Procedures.

Evaluationof Disclosure Controls and Procedures

We are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a- 15(e) under the Securities Exchange Act of 1934. In designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on their evaluation as of the end of the period covered by this report, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, to allow timely decisions regarding required disclosure as a result of continuing weaknesses in our internal control over financial reporting.

As disclosed in our Annual Report on Form 10-K for the year ended May 31, 2023, based on management’s assessment of the effectiveness of our internal controls over financial reporting, management concluded that our internal controls over financial reporting were not effective as of August 31, 2023, due to: ( 1) lack of a functioning audit committee and lack of a majority of outside directors on the Company’s board of director; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. Management believes the above weakness constitute material weaknesses in our internal control over financial reporting. Until such time, if ever, that we remediate the material weakness in our internal control over financial reporting we expect that the material weaknesses in our disclosure controls and procedures will continue.

Changesin Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a- 15(f) or 15d- 15(f)) during the period covered by this report, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART

II—OTHER INFORMATION

Item1. Legal Proceedings.

Currently we are not involved in any pending litigation or legal proceeding.

Item1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item2. Unregistered Sales of Securities and Use of Proceeds.

None

Item3. Defaults Upon Senior Securities.

None

Item4. Mine Safety Disclosures.

None

Item5. Other Information.

None

Item6. Exhibits.

31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.1	Section 1350 Certification of Chief Executive Officer
32.2	Section 1350 Certification of Chief Financial Officer
101	Interactive<br> data files pursuant to Rule 405 of Regulation S-T.
101.INS	Inline<br> XBRL Instance Document
101.SCH	Inline<br> XBRL Taxonomy Extension Schema Document
101.CAL	Inline<br> XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline<br> XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline<br> XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline<br> XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

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

	SavMobi Technology Inc.
	(Registrant)
Date:<br> November 3, 2023	By:	/s/ Zhang Guowei
		Zhang<br> Guowei
		Chief<br> Executive Officer
		Chief<br> Financial Officer

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EXHIBIT31.1

CERTIFICATIONS

I, Zhang Guowei, certify that:

1.	I<br> have reviewed this quarterly report of SavMobi Technology Inc.;
2.	Based<br> on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to<br> the period covered by this report;
3.	Based<br> on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material<br> respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in<br> this report;
4.	The<br> registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange<br> Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have:
a)	Designed<br> such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that<br> material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those<br> entities, particularly during the period in which this report is being prepared;
---	---
b)	Designed<br> such internal controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to<br> provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external<br> purposes in accordance with generally accepted accounting principles;
c)	Evaluated<br> the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness<br> of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed<br> in this report any change in the registrants internal control over financial reporting that occurred during the registrants most<br> recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br> control over financial reporting; and
5.	The<br> registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial<br> reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing<br> equivalent functions):
---	---
a)	All<br> significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and,
---	---
b)	Any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
Date:<br> November 3, 2023	By:	/s/ Zhang Guowei
---	---	---
		Zhang<br> Guowei
		Chief<br> Executive Officer

EXHIBIT31.2

CERTIFICATIONS

I, Zhang Guowei, certify that:

1.	I have reviewed<br> this quarterly report of SavMobi Technology Inc.;
2.	Based on<br> my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to<br> make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the<br> period covered by this report;
3.	Based on<br> my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects<br> the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s<br> other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in<br> Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f)<br> and 15d – 15(f)) for the registrant and have:
a)	Designed<br> such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that<br> material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those<br> entities, particularly during the period in which this report is being prepared;
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b)	Designed<br> such internal controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to<br> provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external<br> purposes in accordance with generally accepted accounting principles;
c)	Evaluated<br> the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness<br> of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed<br> in this report any change in the registrants internal control over financial reporting that occurred during the registrants most<br> recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br> control over financial reporting; and
5.	The registrant’s<br> other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,<br> to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent<br> functions):
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a)	All significant<br> deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably<br> likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and,
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b)	Any fraud,<br> whether or not material, that involves management or other employees who have a significant role in the registrant’s internal<br> control over financial reporting.
Date: November 3,<br> 2023	By:	/s/ Zhang Guowei
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		Zhang Guowei
		Chief Financial Officer

EXHIBIT32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended August 31, 2023 of SavMobi Technology Inc., a Nevada corporation (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Transition Report”), I, Zhang Guowei, Chief Executive Officer of the Company certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and

2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: November 3,<br> 2023	By:	/s/ Zhang Guowei
		Zhang Guowei
		Chief Executive Officer

EXHIBIT32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended August 31, 2023 of SavMobi Technology Inc., a Nevada corporation (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Transition Report”), I, Zhang Guowei, Chief Financial Officer of the Company certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and

2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: November 3,<br> 2023	By:	/s/ Zhang Guowei
		Zhang Guowei
		Chief Financial Officer