Document and Entity Information
Document and Entity Information | 3 Months Ended |
Aug. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | SavMobi Technology Inc. |
Entity Central Index Key | 0001647822 |
Document Type | 10-Q/A |
Document Period End Date | Aug. 31, 2018 |
Amendment Flag | true |
Current Fiscal Year End Date | --05-31 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 61,900,000 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2019 |
Entity Emerging Growth | true |
Entity ex-transition | false |
Entity Small Business | true |
Entity Interactive Data | Yes |
Entity Incorporation State | NV |
Entity Shell Company | true |
Entity File Number | 333-206804 |
Amendment description | minor edits |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Aug. 31, 2018 | May 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Total current assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
Current liabilities | ||
Accounts payable and accrued liabilities | 0 | 0 |
Due to related party | 0 | 0 |
Total current liabilities | 0 | 0 |
Stockholders' deficit | ||
Common stock | 61,900 | 61,900 |
Additional paid in capital | 114,197 | 114,197 |
Accumulated deficit | (176,097) | (176,097) |
Total stockholders' deficit | 0 | 0 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2018 | May 31, 2018 |
Stockholders' deficit | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 61,900,000 | 61,900,000 |
Common stock, outstanding | 61,900,000 | 61,900,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Operating expenses | ||
General and administrative expenses | $ 0 | $ 13,795 |
Professional expenses | 0 | 28,292 |
Total operating expenses | 0 | 42,087 |
Other income | ||
Exchange gain (loss) | 0 | 0 |
Total other income (expense) | 0 | 0 |
Net loss | $ 0 | $ (42,087) |
Net loss per common share - Basic and Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding | 61,900,000 | 47,500,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ 0 | $ (42,087) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 0 | 0 |
Changes in operating assets and liabilities: | ||
Accounts payables and accrued liabilities | 0 | 41,716 |
Net cash used in operating activities | 0 | (371) |
Cash flows from financing activity: | ||
Net cash provided by financing activity | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | (371) |
Cash and cash equivalents, beginning of period | 0 | 371 |
Cash and cash equivalents, end of period | 0 | 0 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH TRANSACTIONS: | ||
Operating expense paid by related party | 0 | 28,504 |
Accounts payable paid off by related party | $ 0 | $ 129 |
Statement of Stockholders Equit
Statement of Stockholders Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at May. 31, 2017 | 61,900,000 | |||
Beginning balance, value at May. 31, 2017 | $ 61,900 | $ 114,197 | $ (176,097) | $ 0 |
Net income (loss) | 0 | 0 | ||
Ending balance, shares at Aug. 31, 2018 | 61,900,000 | |||
Ending balance, value at Aug. 31, 2018 | $ 61,900 | 114,197 | (176,097) | 0 |
Beginning balance, value at May. 31, 2018 | 0 | |||
Net income (loss) | 0 | |||
Ending balance, shares at Aug. 31, 2018 | 61,900,000 | |||
Ending balance, value at Aug. 31, 2018 | $ 61,900 | $ 114,197 | $ (176,097) | $ 0 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Aug. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [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. The Company’s previous principal offices are located in 73B Bank Avenue, Amritsar, Punjab, 143001, India. 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. After the change of ownership, the Company’s current principal offices are located in Travessa do Cais, No 3A, Edg. Kai Lei, Macau. The Company has not yet implemented its initial and new business model and to date has generated no revenues. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 2018 | |
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. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 21, 2018 included in the Company’s Form 10-K/A filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K/A. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended August 31, 2018 are not necessarily indicative of the results that may be expected for the year ending May, 31, 2019. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K/A for the fiscal year ended May 31, 2018, have been omitted. 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. 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. Stock-based Compensation The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. 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. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2018 | |
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. The Company has suffered recurring losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $0 as of August 31, 2018, and has generated no cash flows from operating activities for the three months ended August 31, 2018. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS As of August 31, 2018, there was $0 due to related party. During the twelve months ended May 31, 2018, the Company’s director, Poh Kee Liew, paid $65,517 operating expenses on behalf of the Company, and paid off $129 accounts payable for the Company. As of August 31, 2018, the total amount due to Poh Kee Liew was $0. The Company's executive office is located at Travessado Cais, No.3A, Edg. Kai Lei, Macau. This office is furnished to the Company by a friend of the CEO at no charge. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Aug. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 5 – COMMON STOCK No transactions for the three months ended August 31, 2018. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS None. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2018 | |
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. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 21, 2018 included in the Company’s Form 10-K/A filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K/A. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended August 31, 2018 are not necessarily indicative of the results that may be expected for the year ending May, 31, 2019. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K/A for the fiscal year ended May 31, 2018, have been omitted. |
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. |
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. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. |
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. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Aug. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital | $ (176,097) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | May 31, 2018 | |
Operating expense paid by related party | $ 0 | $ 28,504 | |
Accounts payable paid off by related party | 0 | $ 129 | |
Due to related party | 0 | $ 0 | |
Amounts due to related party written off | $ 65,646 | ||
Director, Poh Kee Liew [Member] | |||
Operating expense paid by related party | 65,517 | ||
Accounts payable paid off by related party | $ 129 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - Six Marketers [Member] | 1 Months Ended |
Nov. 30, 2017USD ($)$ / sharesshares | |
Stock issued for services, shares | shares | 14,400,000 |
Shares issued, price per share | $ / shares | $ .00923 |
Stock issued for services, value | $ | $ 132,912 |