Cover
Cover - shares | 3 Months Ended | |
Aug. 31, 2022 | Oct. 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Aug. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --05-31 | |
Entity File Number | 333-206804 | |
Entity Registrant Name | Savmobi Technology, Inc. | |
Entity Central Index Key | 0001647822 | |
Entity Tax Identification Number | 47-3240707 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Building B8 | |
Entity Address, Address Line Two | China Zhigu | |
Entity Address, Address Line Three | Yinhu Street, Fuyang District | |
Entity Address, City or Town | Hangzhou, Zhejiang | |
Entity Address, Country | CN | |
City Area Code | 86 | |
Local Phone Number | 57187197085 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 61,900,000 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Current assets | ||
Cash and cash equivalents | ||
Prepaid expenses | 10 | 35 |
Total current assets | 10 | 35 |
Total assets | 10 | 35 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,829 | 8,000 |
Due to related party | 18,073 | |
Other current liabilities | 1 | |
Total current liabilities | 21,902 | 8,001 |
Commitment and Contingencies | ||
Stockholders’ deficit | ||
Common stock ($0.001 par value, 75,000,000 shares authorized, 61,900,000 share issued and outstanding as of August 31, 2022 and May 31, 2022, respectively) | 61,900 | 61,900 |
Additional paid in capital | 190,734 | 190,734 |
Accumulated deficit | (274,526) | (260,600) |
Total stockholders’ deficit | (21,892) | (7,966) |
TOTAL LIABILITIES AND STOCKHOLDERS’EQUITY | $ 10 | $ 35 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2022 | May 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 61,900,000 | 61,900,000 |
Common stock, shares outstanding | 61,900,000 | 61,900,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | ||
Cost of revenues | ||
Gross profit | ||
Operating expense | ||
General and administrative expenses | 13,926 | 19,938 |
Total operating expenses | 13,926 | 19,938 |
Net loss | $ (13,926) | $ (19,938) |
Net loss per common share – Basic and Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding – Basic and Diluted | 61,900,000 | 61,900,000 |
Statements of Stockholders Equi
Statements of Stockholders Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at May. 31, 2021 | $ 61,900 | $ 114,197 | $ (217,574) | $ (41,477) | |
Beginning balance, shares at May. 31, 2021 | 61,900,000 | ||||
Net loss | (19,938) | (19,938) | |||
Ending balance, value at Aug. 31, 2021 | $ 61,900 | 114,197 | (237,512) | (61,415) | |
Ending balance, shares at Aug. 31, 2021 | 61,900,000 | ||||
Beginning balance, value at May. 31, 2022 | $ 61,900 | 190,734 | (260,600) | (7,966) | |
Beginning balance, shares at May. 31, 2022 | 61,900,000 | ||||
Net loss | (13,926) | (13,926) | |||
Ending balance, value at Aug. 31, 2022 | $ 61,900 | $ 190,734 | $ (274,526) | $ (21,892) | |
Ending balance, shares at Aug. 31, 2022 | 61,900,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (13,926) | $ (19,938) |
Changes in operating assets and liabilities | ||
Prepaid expenses | 25 | |
Accounts payable and accrued liabilities | (4,171) | 6,884 |
Other current liabilities | (1) | |
Net cash used in operating activities | (18,073) | (13,054) |
Cash flows from financing activities: | ||
Proceeds from related parties | 18,073 | 12,850 |
Net cash provided by financing activities | 18,073 | 12,850 |
Net increase in cash and cash equivalents | (204) | |
Cash and cash equivalents, beginning of period | 815 | |
cash and cash equivalents, end of period | 611 | |
Supplemental Cash Flow Disclosures: | ||
Interest paid | ||
Income taxes paid |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION On March 6, 2015, SavMobi Technology Inc. (“the Company”, “we”, “us” or “our”) 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 68.4% On March 19, 2018 New Reap Global transferred 250,000 On May 10, 2018 and May 30, 2018, 16,959,684 2,000,000 559,684 2,400,000 690,316 On June 26, 2018 New Reap Global transferred 3,000,000 3,000,000 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 68.6% On June 8, 2022, three (3) shareholders of SavMobi Technology, Inc. (the “Company”), including Chen Xinxin, 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 40.54% 250,958 The Purchase Agreements were fully executed and delivered on June 8, 2022. Zhang Yiping and Chen Xinxin acquired approximately 24.54% 6.46% 4.99% SCHEDULE OF SHARES ACQUIRED BY PURCHASERS Purchasers Shares acquired % 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 % |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Interim Financial Information The unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended May 31, 2022, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim condensed financial statements follow the same accounting policies and methods of computations as the audited financial statements for the year ended May 31, 2022. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Our cash is deposited with East West Bank. Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the period ended August 31, 2022. Revenue Recognition Revenue is generated through provision of commercial mobile technical support services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. Cost of revenues Cost of revenues consist of the outsourced services, including platform storage, maintenance and development, provided by a service provider on monthly basis. Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level - 1: defined as observable inputs such as quoted prices in active markets; Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity. It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID- 19” emerged in late 2019 and has spread globally. The COVID- 19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labeled the COVID- 19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities during the past few months. The negative impacts of the COVID- 19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. We are unable to accurately predict the upcoming impact that the COVID- 19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid- 19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $ 21,892 18,073 The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
PREPAID EXPENSES
PREPAID EXPENSES | 3 Months Ended |
Aug. 31, 2022 | |
Prepaid Expenses | |
PREPAID EXPENSES | NOTE 4– PREPAID EXPENSES As of August 31, 2022, the prepaid expenses was $ 10 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 3 Months Ended |
Aug. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 5– ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of August 31, 2022, the accounts payable and accrued liabilities was $ 3,829 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS As of August 31, 2022, there was $ 18,073 The Company’s executive office is located at Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China. This office is furnished to the Company by our CEO at no charge. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Aug. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 7 – COMMON STOCK The Company is authorized to issue 75,000,000 0.001 As of August 31, 2022, there were 61,900,000 |
INCOME TAX
INCOME TAX | 3 Months Ended |
Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 8 – INCOME TAX United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement of the federal portion of our deferred tax assets from the 35% to 21% tax rate 142,032 expire in 2042 29,827 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 of $ 29,827 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of August 31, 2022 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. |
Interim Financial Information | Interim Financial Information The unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended May 31, 2022, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim condensed financial statements follow the same accounting policies and methods of computations as the audited financial statements for the year ended May 31, 2022. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Our cash is deposited with East West Bank. |
Accounts Receivable | Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the period ended August 31, 2022. |
Revenue Recognition | Revenue Recognition Revenue is generated through provision of commercial mobile technical support services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. |
Cost of revenues | Cost of revenues Cost of revenues consist of the outsourced services, including platform storage, maintenance and development, provided by a service provider on monthly basis. |
Earnings Per Share | Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level - 1: defined as observable inputs such as quoted prices in active markets; Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity. It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. |
Related Party Transactions | Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
COVID-19 Uncertainty | COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID- 19” emerged in late 2019 and has spread globally. The COVID- 19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labeled the COVID- 19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities during the past few months. The negative impacts of the COVID- 19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. We are unable to accurately predict the upcoming impact that the COVID- 19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid- 19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SHARES ACQUIRED BY PURCHASERS | SCHEDULE OF SHARES ACQUIRED BY PURCHASERS Purchasers Shares acquired % 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 % |
SCHEDULE OF SHARES ACQUIRED BY
SCHEDULE OF SHARES ACQUIRED BY PURCHASERS (Details) | Jun. 08, 2022 shares |
Zhang Yiping [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares acquired | 15,189,500 |
Percentage of shares acquired | 24.54% |
Chen Xinxin [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares acquired | 4,000,000 |
Percentage of shares acquired | 6.46% |
Wang Yanfang [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares acquired | 2,000,000 |
Percentage of shares acquired | 3.23% |
Liu Chen [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares acquired | 2,000,000 |
Percentage of shares acquired | 3.23% |
Liu Ying [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Shares acquired | 1,906,288 |
Percentage of shares acquired | 3.08% |
NATURE OF OPERATIONS AND BASI_3
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Jun. 08, 2022 | Nov. 10, 2020 | Jun. 26, 2018 | Jun. 15, 2018 | May 30, 2018 | May 10, 2018 | Mar. 19, 2018 | May 18, 2017 | Aug. 31, 2022 | May 31, 2022 |
Property, Plant and Equipment [Line Items] | ||||||||||
Common stock value | $ 61,900 | $ 61,900 | ||||||||
Stock Purchase Agreements [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Stock purchase agreements description | 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 | |||||||||
Purchase of common stock | 42,440,316 | |||||||||
Common stock issued and outstanding, percentage | 68.60% | |||||||||
Purchase Agreements [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Common stock issued and outstanding, percentage | 40.54% | |||||||||
Sale of common stock shares | 25,095,788 | |||||||||
Common stock value | $ 250,958 | |||||||||
Purchase Agreements [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acquired issued and outstanding, percentage | 4.99% | |||||||||
Arden Wealth and Trust [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 16,959,684 | 16,959,684 | ||||||||
HongLing Shang [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,000,000 | 2,000,000 | ||||||||
Xuedong Zhang [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Jingmei Jiang [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Qianxian [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Yulan Qi [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Baoxin Song [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Jianlong Wu [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | ||||||||
Zhang Yiping [Member] | Purchase Agreements [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acquired issued and outstanding, percentage | 24.54% | |||||||||
Chen Xinxin [Member] | Purchase Agreements [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acquired issued and outstanding, percentage | 6.46% | |||||||||
New Reap Global, Ltd. [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 559,684 | 559,684 | ||||||||
New Reap Global, Ltd. [Member] | Eng Wah Kung [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 250,000 | |||||||||
New Reap Global, Ltd. [Member] | EMRD Global Holdings [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 690,316 | |||||||||
New Reap Global, Ltd. [Member] | FORTRESS ADVISORS, LLC [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 3,000,000 | |||||||||
New Reap Global, Ltd. [Member] | Baywall Inc. [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted shares transferred | 3,000,000 | |||||||||
Director and CEO [Member] | New Reap Global, Ltd. [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Acquisition of shares | 32,500,000 | |||||||||
Ownership interest rate | 68.40% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 21,892 | |
Cash flow used in operating activities | $ 18,073 | $ 13,054 |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) | Aug. 31, 2022 USD ($) |
Prepaid Expenses | |
Prepaid expenses | $ 10 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details Narrative) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | $ 3,829 | $ 8,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Related Party Transaction [Line Items] | ||
Due to related party | $ 18,073 | |
Mrs. Chen Xinxin [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party | $ 18,073 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Aug. 31, 2022 | May 31, 2022 |
Equity [Abstract] | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 61,900,000 | 61,900,000 |
Common stock, shares outstanding | 61,900,000 | 61,900,000 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) | 3 Months Ended |
Aug. 31, 2022 USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax examination description | The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement of the federal portion of our deferred tax assets from the 35% to 21% tax rate |
Cumulative net operating loss | $ 142,032 |
Operating loss carryforwards expiration description | expire in 2042 |
Valuation allowance | $ 29,827 |