Cover
Cover - shares | 6 Months Ended | |
Nov. 30, 2021 | Jan. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --05-31 | |
Entity File Number | 333-248779 | |
Entity Registrant Name | CXJ GROUP CO., Limited | |
Entity Central Index Key | 0001823635 | |
Entity Tax Identification Number | 85-2041913 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | C290, DoBe E-Manor | |
Entity Address, Address Line Two | Dongning Road No. 553 | |
Entity Address, Address Line Three | Jianggan District | |
Entity Address, City or Town | Hangzhou City | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 310026 | |
City Area Code | (86) | |
Local Phone Number | 18668175727 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 101,487,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Nov. 30, 2021 | May 31, 2021 |
CURRENT ASSETS | ||
Account receivables | $ 8,477 | |
Prepayments, deposits and other receivables | 166,975 | 216,683 |
Inventories | 167,063 | 62,815 |
Due from a related party | 43,500 | |
Cash and cash equivalents | 101,498 | 340,109 |
Total Current Assets | 435,536 | 671,584 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 1,253 | |
Operating lease right-of-use assets | 48,324 | 79,173 |
Intangible assets | 77,811 | 32,974 |
Total Non-current Assets | 127,388 | 112,147 |
TOTAL ASSETS | 562,924 | 783,731 |
CURRENT LIABILITIES | ||
Account payables | 86,637 | 233,516 |
Advanced received, accrued expenses and other payables | 2,691,289 | 3,030,788 |
Amount due to a director | 151,385 | 114,935 |
Operating lease liabilities, net of current portion | 48,371 | 55,628 |
Total Current Liabilities | 2,977,682 | 3,434,867 |
NON-CURRENT LIABILITIES | ||
Operating lease liabilities, non-current portion | 24,523 | |
TOTAL LIABILITIES | 2,977,682 | 3,459,390 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value, 490,000,000 and 490,000,000 shares authorized, 101,487,017 and 101,487,017 shares issued and outstanding as of November 30, 2021 and May 31, 2021 respectively | 101,487 | 101,487 |
Additional paid-in capital | ||
Accumulated other comprehensive income (expense) | (153,668) | (152,739) |
Accumulated deficit | (2,354,377) | (2,624,407) |
Total CXJ Group Stockholders’ (deficit) Equity | (2,406,558) | (2,675,659) |
Non-controlling interest | (8,200) | |
TOTAL STOCKHOLDERS’ EQUITY | (2,414,758) | (2,675,659) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 562,924 | $ 783,731 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2021 | May 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 101,487,017 | 101,487,017 |
Common stock, shares outstanding | 101,487,017 | 101,487,017 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income / (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | |
REVENUE | ||||
- Non-related party | $ 828,272 | $ 224,751 | $ 1,322,081 | $ 488,902 |
COST OF REVENUE | (217,440) | (68,944) | (437,677) | (196,322) |
GROSS PROFIT | 610,832 | 155,807 | 884,404 | 292,580 |
OTHER INCOME | 16 | 30,185 | 1 | |
SELLING AND DISTRIBUTION EXPENSES | (240,465) | (82,470) | (466,279) | (239,655) |
GENERAL AND ADMINISTRATIVE EXPENSES | (22,518) | (97,785) | (184,566) | (184,766) |
PROFIT/(LOSS) FROM OPERATIONS | 347,865 | (24,448) | 263,744 | (131,840) |
INTEREST INCOME | 170 | 312 | ||
PROFIT/(LOSS) BEFORE INCOME TAX | 348,035 | (24,448) | 264,056 | (131,840) |
INCOME TAXES EXPENSE | 8,435 | (2,481) | 8,435 | (7,621) |
PROFIT/(LOSS) AFTER TAXATION | 356,470 | (26,929) | 272,491 | (139,461) |
Less: Non-controlling Interest | 3,157 | 2,461 | ||
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS | 353,313 | (26,929) | 270,030 | (139,461) |
Other comprehensive income/(loss): | ||||
- Foreign exchange adjustment profit/(loss) | (37,043) | (36,544) | (929) | (62,093) |
COMPREHENSIVE PROFIT/(LOSS) | $ 316,270 | $ (63,473) | $ 269,101 | $ (201,554) |
Net profit/(loss) per share - Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding – Basic and diluted | 101,487,017 | 101,487,017 | 101,487,017 | 101,487,017 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficits (Unaudited) - USD ($) | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at May. 31, 2020 | $ 101,487 | $ 7,215 | $ (738,165) | $ (629,463) | |
Balance, shares at May. 31, 2020 | 101,487,017 | ||||
Net Profit/(Loss) | (139,461) | (139,461) | |||
Accumulated other Comprehensive Income | (62,093) | (62,093) | |||
Non-controlling Interest | |||||
Ending balance, value at Nov. 30, 2020 | $ 101,487 | (54,878) | (877,626) | (831,017) | |
Balance, shares at Nov. 30, 2020 | 101,487,017 | ||||
Beginning balance, value at Aug. 31, 2020 | $ 101,487 | (18,334) | (850,697) | (767,544) | |
Balance, shares at Aug. 31, 2020 | 101,487,017 | ||||
Net Profit/(Loss) | (26,929) | (26,929) | |||
Accumulated other Comprehensive Income | (36,544) | (36,544) | |||
Non-controlling Interest | |||||
Ending balance, value at Nov. 30, 2020 | $ 101,487 | (54,878) | (877,626) | (831,017) | |
Balance, shares at Nov. 30, 2020 | 101,487,017 | ||||
Beginning balance, value at May. 31, 2021 | $ 101,487 | (152,739) | (2,624,407) | (2,675,659) | |
Balance, shares at May. 31, 2021 | 101,487,017 | ||||
Net Profit/(Loss) | 270,030 | 2,461 | 272,491 | ||
Accumulated other Comprehensive Income | (929) | (929) | |||
Non-controlling Interest | (10,661) | (10,661) | |||
Ending balance, value at Nov. 30, 2021 | $ 101,487 | (153,668) | (2,354,377) | (8,200) | (2,414,758) |
Balance, shares at Nov. 30, 2021 | 101,487,017 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 101,487 | (116,625) | (2,707,690) | (11,357) | (2,734,185) |
Balance, shares at Aug. 31, 2021 | 101,487,017 | ||||
Net Profit/(Loss) | 353,313 | 3,157 | 356,470 | ||
Accumulated other Comprehensive Income | (37,043) | (37,043) | |||
Non-controlling Interest | |||||
Ending balance, value at Nov. 30, 2021 | $ 101,487 | $ (153,668) | $ (2,354,377) | $ (8,200) | $ (2,414,758) |
Balance, shares at Nov. 30, 2021 | 101,487,017 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Profit/(Loss) | $ 272,491 | $ (139,461) |
Adjustments To Reconcile Net Loss To Net Cash Used In Operating Activities | ||
Write off impair goodwill | 11,096 | |
Operating lease expenses | 13,236 | 22,543 |
Bad debts recovery | (155,246) | |
Amortization of intangible assets | 5,976 | |
Depreciation | 191 | |
Total Adjustment | 147,744 | (116,918) |
Changes In Operating Assets And Liabilities: | ||
Accounts receivables | 8,477 | (270,675) |
Prepayments, deposits and other receivables | 127,488 | 1,419,626 |
Inventories | (104,248) | 40,382 |
Due from a director | 115,868 | |
Due from a related party | 1,462 | 1,458 |
Accounts payable | (35,190) | 97,040 |
Operating lease liabilities | 13,618 | 25,455 |
Other payables and accrued liabilities | (368,344) | (1,186,857) |
Net Changes In Operating Assets And Liabilities | (356,737) | 242,297 |
Net Cash (Used In)/Provided By Operating Activities | (208,993) | 125,379 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (1,444) | |
Purchase of intangible assets | (50,540) | (51,159) |
Net Cash Used In Investing Activities | (51,984) | (51,159) |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Repayment of advances from related party | 43,500 | |
Advances from a director | 34,988 | 28,368 |
Net Cash Provided By Financing Activity | 78,488 | 28,368 |
Effect of exchange rate changes | (56,122) | (113,003) |
Net Change In Cash And Cash Equivalents | (238,611) | (10,415) |
Cash and cash equivalents, beginning of year | 340,109 | 15,588 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 101,498 | $ 5,173 |
Company Overview
Company Overview | 6 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Overview | Note 1. Company Overview CXJ Group Co., Limited (“we”, “us”, the “Company” or “ECXJ”) was originally incorporated in State of Nevada on August 20, 1998 under the name Global II, Inc and underwent several name changes prior to its current name. Until August 2019, the Company was known as Global Entertainment Corp., which was a dormant company. On March 04, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for the Company, proper notice having been given to the officers and directors of Global Entertainment Corporation. There was no opposition. On June 18, 2019, control of the Company was transferred by the entity controlled by Custodian Ventures, LLC to Xinrui Wang, our director, by selling him 10,000,000 17,700,000 175,000 On June 21, 2019, Lixin Cai was appointed act as the new President, CEO, Secretary and Chairman of the Board of Directors of the Company. On June 21, 2019, Cuiyao Luo was appointed act as the new CFO, Treasurer and Member of the Board of Directors of the Company. On September 30, 2019, the Company appointed three more members to the Board of Directors of the Company, and they are Xinrui Wang, Wenbin Mao and Baiwan Niu. Effective July 9, 2019 we changed our name from Global Entertainment Corp to CXJ Group Co., Limited. On July 12, 2019, the Company effectuated a 1 for 200 reverse stock split 500,000,000 On October 4, 2019, Xinrui Wang (the “Seller”), entered into a Stock Purchase Agreement to pursuant to which the Seller agreed to sell to Wenbin Mao and Baiwan Niu (the “Purchasers”), totaling 1,500,000 1,500 On October 8, 2019, Xinrui Wang, Wenbin Mao and Baiwan Niu effectuated a 1 for 10 conversion to convert all their preferred stock totaling 10,000,000 100,000,000 On May 28, 2020, we consummated the transactions contemplated by the Share Exchange Agreement among the Company, CXJ Investment Group Company Limited, a British Virgin Islands Corporation (“CXJ”) and the shareholder of CXJ, pursuant to which we acquired all the ordinary shares of CXJ in exchange for the issuance to the shareholder of CXJ of an aggregate of 1,364,800 ECXJ, through its wholly owned subsidiary, CXJ and its subsidiaries and the VIE own and operate an active automobiles products trading and services business in the People’s Republic of China. Our business is supporting our alliance with products and technical services enable them to service consumers in China. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies (a) Basis of presentation and liquidation The condensed consolidated balance Sheets as of November 30, 2021 and May 31, 2021 and the condensed consolidated statements of operations and comprehensive income (loss), shareholders’ equity, and cash flow for the six months ended November 30, 2021 and 2020 have been prepared by the Company is in conformity with generally accepted accounting principles in the United States (“US GAAP”). The Company incurred net profit of $ 356,470 26,929 2,354,377 2,624,407 208,993 As of November 30, 2021 and May 31, 2021, the Company had cash and cash equivalents of $ 101,498 340,109 2,977,682 3,434,867 The company currently is seeking to restructure the terms of our liabilities by raising funds to pay off liabilities. Our ability to continue as a going concern is depend upon obtaining the necessary financing or negotiating the terms of the existing borrowing to meet our current and future liquidity need. (b) Going Concern Uncertainties The accompanies financial statements have been prepared assuming that the Company will continue as a going concern. The Company having accumulated deficit of $ 2,354,377 and $ 2,624,407 as of November 30, 2021 and May 31, 2021 respectively. During the period six months ended November 30, 2021 and 2020, the Company occurred a net profit of $ 272,491 and net loss of $ 139,461 respectively. Furthermore, the Company recorded a net cash flows of ($ 238,611 ) and ($ 10,415 ) as of November 30, 2021 and 2020 respectively. The Company’s cash position is significant to support the Company’s daily operation. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurance to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its major shareholder. These and other factors raise substantial doubts about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classification of liabilities that may result in the Company not being able to continue as a going concern. (c) Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE. All significant inter-company transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. To comply with PRC laws and regulations, the Company provides substantially trading of exhaust cleaner and brand name management service in China via its VIE, which hold critical operating licenses that enable the Company to do business in China. Substantially all of the Company’s revenues, costs and net income (loss) in China are directly or indirectly generated through these VIE. The Company has signed various agreements with its VIE and legal shareholders of the VIE to allow the transfer of economic benefits from the VIE to the Company and to direct the activities of the VIE. The Company believes that the contractual arrangements among its subsidiaries, the VIE and its shareholders are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIE and its subsidiary in the consolidated financial statements. The Company’s ability to control its VIE also depends on the authorization by the shareholders of the VIE to exercise voting rights on all matters requiring shareholders’ approval in the VIE. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with its VIE were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or other actions. The Company believes the possibility that it will no longer be able to control and consolidate its VIE as a result of the aforementioned risks and uncertainties is remote. The following table sets forth its subsidiaries and the VIE, including their country of incorporation or residence and our ownership interest in such subsidiaries. Please see “Note 4 VIE Structure and Arrangements”. Schedule of Ownership of Outstanding Shares of its Subsidiaries Subsidiaries: Date of incorporation Interest % Place of incorporation CXJ Investment Group Company Ltd 2020/2/19 100 % BVI CXJ (HK) Technology Group Company Ltd 2020/3/11 100 % Hong Kong CXJ (Shenzhen) Technology Co., Ltd 2020/5/26 100 % PRC VIE: CXJ Technology (Hangzhou) Co., Ltd 2019/3/28 100 % PRC Shenzhen Lanbei Ecological Technology Co., Ltd. 2020/10/28 51 % PRC (d) Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but not limited to economic lives and impairment of long-lived assets, valuation allowance for deferred tax assets, and uncertain tax position. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (e) Foreign Currency The functional currency of the Company, CXJ Group Co., Ltd, CXJ Investment Group Company Ltd and CXJ (HK) Technology Group Company Ltd is US Dollar. The VIE determined their functional currency to be Chinese Remibi, or RMB based on the criteria of ASC 830, Foreign Currency Matters. The Company uses USD as its reporting currency. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. The Company also uses the historical exchange rate at the initial transaction date to translate the capital and various reserve items. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ deficits. Translation of amounts from CNY into US$ 1 Schedule of Exchange Rates November 30, November 30, As of and for the nine months ended November 30, November 30, Period-end CNY: US$1 exchange rate 6.36 6.58 Period-average CNY: US$1 exchange rate 6.42 6.72 (f) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits placed with banks or other financial institutions and have original maturities of less than three months. (g) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. (h) Inventories, Net Inventories, consisting of finished goods, work in process, and raw materials. Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. (i) Prepayments Prepayments are mainly consisted of prepaid income tax, rental, prepayments for consulting fee and advances to supplies. (j) Intangible Assets, Net The Company’s intangible assets with definite useful lives primarily consist of software, non-patent technology, land use right and goodwill. The Company typically amortizes its software and non-patent technology with definite useful lives on a straight-line basis over the shorter of the contractual terms or the estimated useful lives. The goodwill $ 11,096 51 According to the law of PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the Chinese government for a specified period of time. The Company amortizes its land use rights using the straight-line method over the periods the rights are granted. The estimated useful lives are as follow: Schedule of Intangible Assets Estimated Useful Lives Software 3 (k) Impairment of Long-lived Assets Other Than Goodwill The Company evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Company evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. Goodwill on acquisition of Shenzhen Lanbei Ecological Technology Co., Ltd $ 11,096 (l) Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, amount due from/to related parties, merchant deposits, payables to merchants. The carrying values of these financial instruments approximate their fair values due to their short-term maturities. The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (m) Revenue Recognition Effective March 20, 2017, the Company early adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). Under Topic 606, revenues are recognized when the promised products have been confirmed of delivery or services have been transferred to the consumers in amounts that reflect the consideration the customer expects to be entitled to in exchange for those services. The Company presents value added taxes (“VAT”) as reductions of revenues. The Company recognizes revenues net of value added taxes (“VAT”) and relevant charges. Product Revenue We generate revenue primarily from the sales of automobile exhaust cleaners and auto parts directly to members. We recognize product revenue at a point in time when the control of the products has been transferred to customers. The transfer of control is considered complete when products have been picked up by or shipped to our customers. Our sales arrangements for automobile exhaust cleaners and auto parts usually require a full prepayment before the delivery of products. We also generate revenue from the sales of auto parts directly to the members, such as a business or individual engaged in auto parts businesses. We recognize revenue at a point in time when products are delivered and customer acceptance is made. For the sales arrangements of auto parts products, we generally require payment upon issuance of invoices. Service Revenue We also generate revenue from brand name authorization fee and brand name management service under separate contracts. Revenue from brand name authorization and management services include service fees for provision of brand name “teenage hero car” to our members, and provision of management service. Revenue from the maintenance service to the members is recognized at a point in time when services are provided. Revenue from the management service to the customer is recognized as the performance obligation is satisfied over time over the contracting period. (n) Sales and Distribution Expense Selling and distribution expenses amounted to $ 240,465 82,470 88,896 82,277 42,369 26,524 (o) General and Administrative Expenses General and administrative expenses amounted to $ 22,518 97,785 76,998 13,524 87,346 11,096 155,246 (p) Operating Leases Prior to the adoption of ASC 842 on January 1, 2019: Leases, mainly leases of factory buildings, offices and employee dormitories, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Company had no finance leases for any of the periods stated herein. Upon and hereafter the adoption of ASC 842 on January 1, 2019: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. (q) Value-added Taxes Revenue is recognized net of value-added taxes (“VAT”). The VAT is based on gross sales price and VAT rates applicable to the Company is 17% for the period from the beginning of 2018 till the end of April 2018, then changed to 16% from May 2018 to the end of March 2019, and changed to 13% from April 2019. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverables if input VAT is larger than output VAT. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities. (r) Income Taxes The Company followed the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes, or ASC 740. 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. The Company recorded a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Company accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expense. British Virgin Island Under the current tax laws of British Virgin Island, the Company and its subsidiaries are not subject to tax on their income or capital gains. In addition, upon of dividends by the Company to its shareholders, no British Virgin Island withholding tax will be imposed. United States Under the current tax laws of United States, the Company and its subsidiaries are not subject to tax on their income or capital gains. In addition, upon of dividends by the Company to its shareholders, no United States withholding tax will be imposed. P.R.C China The China Corporate Income Tax Law (“CIT Law”) became effective on January 1, 2008. Under the CIT Law, China’s dual tax system for domestic enterprises and foreign investment enterprises (“FIEs”) was effectively replaced by a unified system. The new law establishes a tax rate of 25 The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended November 30, 2021 and November 30, 2020, respectively: Schedule of Reconciliation PRC Statutory Rates For the three months ended November 30, 2021 For the three months ended November 30, 2020 PRC statutory rate 25 % 25 % Net operating losses for which no deferred tax assets was recognized (25 )% (25 )% The Company’s expense is out of limit than that of PRC statutory tax policy allowed 16.5 % 16.5 % Effective income tax rate 16.5 % 16.5 % Income tax expense for the three months and six month ended November 30, 2021 and November 30, 2020, respectively are as follows: Schedule of Income Tax Expense November 30, 2021 November 30, 2020 For the three months ended November 30, 2021 November 30, 2020 Current (8,435 ) 2,481 Deferred Income tax expense/(income) (8,435 ) 2,481 November 30, 2021 November 30, 2020 For the six months ended November 30, 2021 November 30, 2020 Current (8,435 ) 7,621 Deferred Income tax expense/(income) (8,435 ) 7,621 There was a tax refund of $ 8,435 (s) Employee Benefit Expenses As stipulated by the regulations of the PRC, full-time employees of the Company are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Company is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. (t) Comprehensive Income (Loss) Comprehensive income (loss) is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive income (loss) includes net loss and foreign currency translation adjustment and is presented in the consolidated statements of operations and comprehensive income (loss). (u) Loss Per Share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is allocated between ordinary shares and other participating securities based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. (v) Segment Reporting The Company follows ASC 280, Segment Reporting. The Company’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. The Company operates and manages its business as a single segment. As the Company’s long-lived assets are substantially all located in the PRC and substantially all the Company revenues are derived from within the PRC, no geographical segments are presented. (w) Recently Issued Accounting Standards Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Acquisition
Acquisition | 6 Months Ended |
Nov. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Note 3. Acquisition On March 28, 2019, Mr. Cai, Lixin (Mr. Cai), the Company’s Chairman of the Board and Chief Executive Officer and Chief Financial Officer, incorporated CXJ Technology (Hangzhou) Co., Ltd (“CXJHZ”) in Hangzhou, China. Mr. Cai in turn incorporated CXJ Investment Group Company Ltd (“CXJ”), CXJ (HK) Technology Group Company Ltd (“CXJHK”), and CXJ (Shenzhen) Technology Co., Ltd (“CXJSZ”) and reorganized these entities with CXJ being a holding entity with the solely shareholder. As a result of the reorganization, CXJ owns 100 100 100 On June 18, 2019, the Company underwent a change of control as a result of the transfer of 10,000,000 17,700,000 On May 28, 2020, we consummated the transactions contemplated by the Share Exchange Agreement among the Company, CXJ Investment Group Company Limited (“CXJ”), a British Virgin Islands Corporation and the shareholder of CXJ, pursuant to which we acquired all the ordinary shares of CXJ in exchange for the issuance to the shareholder of CXJ of an aggregate of 1,364,800 The Company accounted for above transaction as a reverse acquisition under ASC Subtopic 805-40, based on the fact that the CXJ is an accounting acquirer and the Company is the accounting acquiree. Meanwhile, the CXJ retrospectively consolidates the Company and as if it had been owned by CXJ since May 28, 2020, the date the Company was acquired by Mr. Lixin Cai, in accordance with ASC Subtopic 805-50. On August 19, 2021, CXJ Technology (Hangzhou) Co., Ltd acquired 51 |
VIE Structure and Arrangements
VIE Structure and Arrangements | 6 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VIE Structure and Arrangements | Note 4. VIE Structure and Arrangements The Company consolidates VIE in which it holds a variable interest and is the primary beneficiary through contractual agreements. The Company is the primary beneficiary because it has the power to direct activities that most significantly affect their economic performance and have the obligation to absorb the majority of their losses or benefits. The results of operations and financial position of the VIE are included in the Company’s consolidated financial statements. In order to operate its business in PRC and to comply with PRC laws and regulations that prohibit or restrict foreign ownership of companies that provides value-added services, the Company entered into a series of contractual agreements with the VIE: CXJ Technology (Shenzhen) Co., Ltd. (“CXJSZ”). These contractual agreements may not be terminated by the VIE, except with the consent of, or a material breach by us. Currently, the Company is still evaluating the overall operating strategy for business and does not have plan to provide any funding to the VIE. The key terms of the VIE Agreements are summarized as follows: (a) Exclusive Consulting and Services Agreement The WFOE has the exclusive right to provide technical service, marketing and management consulting service, financial support service and human resource support services to the VIE, and the VIE is required to take all commercially reasonable efforts to permit and facilitate the provision of the services by WFOE. As compensation for providing the services, WFOE is entitled to receive service fees from the VIE equivalent to the WFOE’s cost plus certain percentage of such costs as calculated on accounting policies generally accepted in the PRC. The WFOE and the VIE agree to periodically review the service fee and make adjustments as deemed appropriate. The term of the Technical Services Agreement is perpetual, and may only be terminated upon written consent of both parties. (b) Equity Pledge Agreement The VIE’s shareholders pledged all of their equity interests in VIE (the “Collateral”) to WFOE, our wholly owned subsidiary in PRC, as security for the performance of the obligations to make all the required technical service fee payments pursuant to the Technical Services Agreement and for performance of the VIEs’ Shareholders’ obligation under the Call Option Agreement. The terms of the Equity Pledge Agreement expire upon satisfaction of all obligations under the Technical Services Agreement and Call Option Agreement. (c) Exclusive Option Agreement The VIEs’ Shareholders granted an exclusive option to WFOE, or its designee, to purchase, at any time and from time to time, to the extent permitted under PRC law, all or any portion of the VIE’s shareholders’ equity in the VIE. The exercise price of the option shall be determined by WFOE at its sole discretion, subject to any restrictions imposed by PRC law. The term of the agreement is until all of the equity interest in the VIE held by the VIEs’. Shareholders are transferred to WFOE, or its designee and may not be terminated by any part to the agreement without consent of the other parties. (d) Power of Attorney The VIE’s shareholders granted WFOE the irrevocable right, for the maximum period permitted by law, all of its voting rights as shareholders of the VIE. The VIE’s shareholders may not transfer any of its equity interest in the VIE to any party other than WFOE. The Power of Attorney agreements may not be terminated except until all of the equity in VIEs has been transferred to WFOE or its designee. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Nov. 30, 2021 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 5. Shareholders’ Equity The Company has 490,000,000 0.001 Effective July 9, 2019 we changed our name from Global Entertainment Corp to CXJ Group Co., Limited. On July 12, 2019, the Company effectuated a 1 for 200 reverse stock split 500,000,000 On October 4, 2019, Xinrui Wang (the “Seller”), entered into a Stock Purchase Agreement to pursuant to which the Seller agreed to sell to Wenbin Mao and Baiwan Niu (the “Purchasers”), totaling 1,500,000 1,500 On October 8, 2019, Xinrui Wang, Wenbin Mao and Baiwan Niu effectuated a 1 for 10 conversion to convert all their preferred stock totaling 10,000,000 100,000,000 On May 28, 2020, we consummated the transactions contemplated by the Share Exchange Agreement among the Company, CXJ Investment Group Company Limited, a British Virgin Islands Corporation (“CXJ”) and the shareholder of CXJ, pursuant to which we acquired all the ordinary shares of CXJ in exchange for the issuance to the shareholder of CXJ of an aggregate of 1,364,800 |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Nov. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 6. Concentration of Risk (a) Major Customers For the three months ended November 30, 2021 and 2020, there was no customers who accounted for 10% or more of the Company’s revenue nor with significant outstanding receivables (b) Major Suppliers For the three months and six months ended November 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s cost of revenue are presented as follows Schedule of Major Suppliers For the three months ended For the three months ended 2021 2020 2021 2020 $ $ % % Linyi Niubang International Trading Co., Ltd 48,281 28,325 22.2 % 41 % Wuxi Anruichi Technology Co., Ltd 13,082 - 6 % - Guangzhou Kashide Car Accessories Co., Ltd 10,240 2,483 5 % 4 % Revenues 71,603 30,808 33 % 45 % For the six months ended For the six months ended 2021 2020 2021 2020 $ $ % % Linyi Niubang International Trading Co., Ltd 201,065 50,250 45.9 % 25.6 % Wuxi Anruichi Technology Co., Ltd 51,782 - 11.8 % - Guangzhou Kashide Car Accessories Co., Ltd 34,041 4,999 7.8 % 2.5 % Revenues 286,888 55,249 65.5 % 28.1 % No accounts payable for major suppliers, where the major suppliers requested to make full payment before delivery of goods. |
Account Receivables, Net
Account Receivables, Net | 6 Months Ended |
Nov. 30, 2021 | |
Receivables [Abstract] | |
Account Receivables, Net | Note 7. Account Receivables, Net As of November 30, 2021 and May 31, 2021. our account receivables are nil 8,477 |
Prepayment, Deposits and Other
Prepayment, Deposits and Other Receivables | 6 Months Ended |
Nov. 30, 2021 | |
Prepayment Deposits And Other Receivables | |
Prepayment, Deposits and Other Receivables | Note 8. Prepayment, Deposits and Other Receivables Prepaid expenses and other receivables consisted of the following at November 30, 2021 and May 31, 2020: Schedule of Prepaid Expenses and Other Receivables As of November 30,2021 May 31,2021 (unaudited) (audited) $ $ Prepayment 110,710 168,470 Deposit 20,285 15,754 Other receivables 35,980 32,459 Total 166,975 216,683 Other Receivables Schedule of Other Receivables Description Amount(USD) Remark Staff Advances 33,842 For business conference and functions Social Insurance 2,138 Total 35,980 As of November 30, 2021, the prepayment balance $ 110,710 20,285 35,980 33,842 2,138 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Nov. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 9. Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over estimated useful lives of three years. Schedule of Property, Plant and Equipment As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Property, Plant and Equipment 1,444 Less: Accumulated Depreciation (191 ) - Total 1,253 - |
Intangible Assets
Intangible Assets | 6 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 10. Intangible Assets Intangible assets and related accumulated amortization were as follows: Schedule of Intangible Assets As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Software 45,057 45,057 Add: Development cost occurred 50,540 - Less: Accumulated amortization (17,498 ) (11,522 ) Less: Foreign translation difference (288 ) (561 ) Total 77,811 32,974 During the period ended November 30, 2021, the Company is still increased the development expenses for the enterprise resource planning system (ERP) for the partners or clients, the system can be used on both PC/APP, the Company reassessed the whole program and expected to be completed in the year of 2022. The function can be classified into vehicles management, membership management, inventory management and financial management. The app for clients or partners is also available on WeChat mini program to manage consumers’ request and reservation. Additional development cost $ 50,540 5,976 Acquisition goodwill $ 11,096 51% 1 11,096 |
Account Payable
Account Payable | 6 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
Account Payable | Note 11. Account Payable Accounts payable consists of the following: Schedule of Account Payables As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Account Payable 86,637 233,516 The account payable balance of $ 86,637 |
Advanced Received, Accrued Expe
Advanced Received, Accrued Expenses and Other Payable | 6 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
Advanced Received, Accrued Expenses and Other Payable | Note 12. Advanced Received, Accrued Expenses and Other Payable Schedule of Advanced Received, Accrued Expenses and Other Payables As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Deposit Received 82,547 63,241 Accrued Expenses 102,009 148,615 Advanced Received 2,373,417 2,723,405 Other Payable 133,316 95,527 Total 2,691,289 3,030,788 Deposit Received $ 82,547 64,465 18,082 102,009 66,792 18,868 7,441 6,040 133,316 36,164 94,340 Advanced Received Schedule of Advance Received Description Amount Remark Prepayment of goods from customers 217,834 Brand name management fees from customers 2,100,141 Will amortized according to the contract Inbound marketing 55,442 Total 2,373,417 Advanced received $ 2,373,417 217,834 2,100,141 55,442 |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 13. Related Party Transaction (a) Related party list Names of related parties Relationship with the Company New Charles Technology Group Limited Company controlled by the director Lixin Cai Director Cuiyao Luo Director The Company had the following related party balances and transactions as of and for the six months ended November 30, 2021 and the year ended May 31, 2021. All related parties are controlled by either the founder or the directors of the Company and are providing professional services for the Company to facilitate its operation of the Company. These advanced balances are short-term in nature, bearing no interest, and due on demand. Schedule of Related Party Transaction Amounts due from related parties As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ New Charles Technology Group Limited - 43,500 Amounts due to related parties As of November 30, 2021 May 31,2021 (unaudited) (audited) $ $ Cuiyao Luo 151,385 114,935 As of November 30, 2021 and May 31, 2020, Cuiyao Luo advanced $ 151,385 114,935 |
Lease Right-Of-Use Asset and Le
Lease Right-Of-Use Asset and Lease Liabilities | 6 Months Ended |
Nov. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
Lease Right-Of-Use Asset and Lease Liabilities | Note 14. Lease Right-Of-Use Asset and Lease Liabilities The Company officially adopted ASC 842 for the period on and after June 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of June 1, 2019, the Company recognized approximately US$ 247,369 3.25% 4.75% 4.35% A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The initial recognition of operating lease right and lease liability as follow: Schedule of Operating Lease Right and Lease Liability USD Gross lease payable 259,257 Less: imputed interest (11,888 ) Initial recognition as of June 1, 2019 247,369 As of November 30, 2021, operating lease right of use asset as follow: Initial recognition as of June 1, 2019 247,369 Amortization for the year ended May 31, 2020 (54,628 ) Balance as of May 31, 2020 192,741 Add: New office lease on November 30, 2020 - Office 77,546 Add: New office lease on June 30, 2021 -Warehouse 15,362 Amortization for the year ended May 31, 2021 (69,827 ) Amortization for the period ended June 1 to August 31, 2021 (14,136 ) Amortization for the period ended September 1 to November 30, 2021 (13,236 ) Adjustment for discontinuation of tenancy - Office (Nov 2020) (138,844 ) Adjustment for discontinuation of tenancy - Warehouse (17,998 ) Foreign exchange translation 16,716 Balance as of November 30, 2021 48,324 As of November 30, 2021, Operating lease liability as follow: USD Initial recognition as of June 1, 2019 247,369 Less: gross repayment for the year ended May 31, 2020 (56,390 ) Add: imputed interest for the year ended May 31, 2020 4,824 Balance as of May 31, 2020 195,803 Add: New office lease on November 30, 2020 77,546 Add: imputed interest for the year ended May 31, 2021 4,421 Less: gross repayment for the year ended May 31, 2021 (73,003 ) Add: New warehouse lease on June 2021 15,362 Add: Imputed interest of new warehouse lease - June 2021 323 Less: Gross repayment for the period June 1 to August 31, 2021 (14,988 ) Less: Gross repayment for the period Sept 1 to November 30, 2021 (13,893 ) Adjustment for discontinuation of tenancy - Office (Nov 2020) (142,519 ) Adjustment for discontinuation of tenancy - Warehouse (Jun 2021) (18,864 ) Foreign exchange translation 18,183 Balance as of November 30, 2021 48,371 Less:lease liability current portion (48,371 ) Lease liability non-current portion - For the three month ended November 30, 2021 and November 30, 2020, the amortization of the operating lease right of use assets are $ 13,236 22,543 Maturities of operating lease obligation as follow: Schedule of Maturities of Operating Lease Liabilities Year Ending Operating May 31, 2022 48,371 May 31, 2023 - Total 48,371 Other information: Schedule of Other Information For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease 13,618 Right-of-use assets obtained in exchange for operating lease liabilities 48,371 Remaining lease term for operating lease (years) 1.07 Weighted average discount rate for operating lease 4.55 % |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Note 15: Contingent Liabilities A provision of $ 94,340 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Nov. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 16: Subsequent Event In accordance with ASC 855-10, the Company has analyzed its operations subsequent to the November 30, 2021 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Significant event
Significant event | 6 Months Ended |
Nov. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Significant event | Note 17: Significant event The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the period ended November 30, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and liquidation | (a) Basis of presentation and liquidation The condensed consolidated balance Sheets as of November 30, 2021 and May 31, 2021 and the condensed consolidated statements of operations and comprehensive income (loss), shareholders’ equity, and cash flow for the six months ended November 30, 2021 and 2020 have been prepared by the Company is in conformity with generally accepted accounting principles in the United States (“US GAAP”). The Company incurred net profit of $ 356,470 26,929 2,354,377 2,624,407 208,993 As of November 30, 2021 and May 31, 2021, the Company had cash and cash equivalents of $ 101,498 340,109 2,977,682 3,434,867 The company currently is seeking to restructure the terms of our liabilities by raising funds to pay off liabilities. Our ability to continue as a going concern is depend upon obtaining the necessary financing or negotiating the terms of the existing borrowing to meet our current and future liquidity need. |
Going Concern Uncertainties | (b) Going Concern Uncertainties The accompanies financial statements have been prepared assuming that the Company will continue as a going concern. The Company having accumulated deficit of $ 2,354,377 and $ 2,624,407 as of November 30, 2021 and May 31, 2021 respectively. During the period six months ended November 30, 2021 and 2020, the Company occurred a net profit of $ 272,491 and net loss of $ 139,461 respectively. Furthermore, the Company recorded a net cash flows of ($ 238,611 ) and ($ 10,415 ) as of November 30, 2021 and 2020 respectively. The Company’s cash position is significant to support the Company’s daily operation. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurance to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its major shareholder. These and other factors raise substantial doubts about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classification of liabilities that may result in the Company not being able to continue as a going concern. |
Principles of Consolidation | (c) Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE. All significant inter-company transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. To comply with PRC laws and regulations, the Company provides substantially trading of exhaust cleaner and brand name management service in China via its VIE, which hold critical operating licenses that enable the Company to do business in China. Substantially all of the Company’s revenues, costs and net income (loss) in China are directly or indirectly generated through these VIE. The Company has signed various agreements with its VIE and legal shareholders of the VIE to allow the transfer of economic benefits from the VIE to the Company and to direct the activities of the VIE. The Company believes that the contractual arrangements among its subsidiaries, the VIE and its shareholders are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIE and its subsidiary in the consolidated financial statements. The Company’s ability to control its VIE also depends on the authorization by the shareholders of the VIE to exercise voting rights on all matters requiring shareholders’ approval in the VIE. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with its VIE were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or other actions. The Company believes the possibility that it will no longer be able to control and consolidate its VIE as a result of the aforementioned risks and uncertainties is remote. The following table sets forth its subsidiaries and the VIE, including their country of incorporation or residence and our ownership interest in such subsidiaries. Please see “Note 4 VIE Structure and Arrangements”. Schedule of Ownership of Outstanding Shares of its Subsidiaries Subsidiaries: Date of incorporation Interest % Place of incorporation CXJ Investment Group Company Ltd 2020/2/19 100 % BVI CXJ (HK) Technology Group Company Ltd 2020/3/11 100 % Hong Kong CXJ (Shenzhen) Technology Co., Ltd 2020/5/26 100 % PRC VIE: CXJ Technology (Hangzhou) Co., Ltd 2019/3/28 100 % PRC Shenzhen Lanbei Ecological Technology Co., Ltd. 2020/10/28 51 % PRC |
Use of Estimates | (d) Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but not limited to economic lives and impairment of long-lived assets, valuation allowance for deferred tax assets, and uncertain tax position. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
Foreign Currency | (e) Foreign Currency The functional currency of the Company, CXJ Group Co., Ltd, CXJ Investment Group Company Ltd and CXJ (HK) Technology Group Company Ltd is US Dollar. The VIE determined their functional currency to be Chinese Remibi, or RMB based on the criteria of ASC 830, Foreign Currency Matters. The Company uses USD as its reporting currency. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. The Company also uses the historical exchange rate at the initial transaction date to translate the capital and various reserve items. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ deficits. Translation of amounts from CNY into US$ 1 Schedule of Exchange Rates November 30, November 30, As of and for the nine months ended November 30, November 30, Period-end CNY: US$1 exchange rate 6.36 6.58 Period-average CNY: US$1 exchange rate 6.42 6.72 |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits placed with banks or other financial institutions and have original maturities of less than three months. |
Accounts Receivable and Allowance for Doubtful Accounts | (g) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. |
Inventories, Net | (h) Inventories, Net Inventories, consisting of finished goods, work in process, and raw materials. Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. |
Prepayments | (i) Prepayments Prepayments are mainly consisted of prepaid income tax, rental, prepayments for consulting fee and advances to supplies. |
Intangible Assets, Net | (j) Intangible Assets, Net The Company’s intangible assets with definite useful lives primarily consist of software, non-patent technology, land use right and goodwill. The Company typically amortizes its software and non-patent technology with definite useful lives on a straight-line basis over the shorter of the contractual terms or the estimated useful lives. The goodwill $ 11,096 51 According to the law of PRC, the government owns all the land in the PRC. Companies or individuals are authorized to possess and use the land only through land use rights granted by the Chinese government for a specified period of time. The Company amortizes its land use rights using the straight-line method over the periods the rights are granted. The estimated useful lives are as follow: Schedule of Intangible Assets Estimated Useful Lives Software 3 |
Impairment of Long-lived Assets Other Than Goodwill | (k) Impairment of Long-lived Assets Other Than Goodwill The Company evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Company evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. Goodwill on acquisition of Shenzhen Lanbei Ecological Technology Co., Ltd $ 11,096 |
Fair Value of Financial Instruments | (l) Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, amount due from/to related parties, merchant deposits, payables to merchants. The carrying values of these financial instruments approximate their fair values due to their short-term maturities. The Company applies ASC 820, Fair Value Measurements and Disclosures, (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Revenue Recognition | (m) Revenue Recognition Effective March 20, 2017, the Company early adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). Under Topic 606, revenues are recognized when the promised products have been confirmed of delivery or services have been transferred to the consumers in amounts that reflect the consideration the customer expects to be entitled to in exchange for those services. The Company presents value added taxes (“VAT”) as reductions of revenues. The Company recognizes revenues net of value added taxes (“VAT”) and relevant charges. Product Revenue We generate revenue primarily from the sales of automobile exhaust cleaners and auto parts directly to members. We recognize product revenue at a point in time when the control of the products has been transferred to customers. The transfer of control is considered complete when products have been picked up by or shipped to our customers. Our sales arrangements for automobile exhaust cleaners and auto parts usually require a full prepayment before the delivery of products. We also generate revenue from the sales of auto parts directly to the members, such as a business or individual engaged in auto parts businesses. We recognize revenue at a point in time when products are delivered and customer acceptance is made. For the sales arrangements of auto parts products, we generally require payment upon issuance of invoices. Service Revenue We also generate revenue from brand name authorization fee and brand name management service under separate contracts. Revenue from brand name authorization and management services include service fees for provision of brand name “teenage hero car” to our members, and provision of management service. Revenue from the maintenance service to the members is recognized at a point in time when services are provided. Revenue from the management service to the customer is recognized as the performance obligation is satisfied over time over the contracting period. |
Sales and Distribution Expense | (n) Sales and Distribution Expense Selling and distribution expenses amounted to $ 240,465 82,470 88,896 82,277 42,369 26,524 |
General and Administrative Expenses | (o) General and Administrative Expenses General and administrative expenses amounted to $ 22,518 97,785 76,998 13,524 87,346 11,096 155,246 |
Operating Leases | (p) Operating Leases Prior to the adoption of ASC 842 on January 1, 2019: Leases, mainly leases of factory buildings, offices and employee dormitories, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Company had no finance leases for any of the periods stated herein. Upon and hereafter the adoption of ASC 842 on January 1, 2019: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. |
Value-added Taxes | (q) Value-added Taxes Revenue is recognized net of value-added taxes (“VAT”). The VAT is based on gross sales price and VAT rates applicable to the Company is 17% for the period from the beginning of 2018 till the end of April 2018, then changed to 16% from May 2018 to the end of March 2019, and changed to 13% from April 2019. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverables if input VAT is larger than output VAT. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities. |
Income Taxes | (r) Income Taxes The Company followed the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes, or ASC 740. 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. The Company recorded a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Company accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as income tax expense. British Virgin Island Under the current tax laws of British Virgin Island, the Company and its subsidiaries are not subject to tax on their income or capital gains. In addition, upon of dividends by the Company to its shareholders, no British Virgin Island withholding tax will be imposed. United States Under the current tax laws of United States, the Company and its subsidiaries are not subject to tax on their income or capital gains. In addition, upon of dividends by the Company to its shareholders, no United States withholding tax will be imposed. P.R.C China The China Corporate Income Tax Law (“CIT Law”) became effective on January 1, 2008. Under the CIT Law, China’s dual tax system for domestic enterprises and foreign investment enterprises (“FIEs”) was effectively replaced by a unified system. The new law establishes a tax rate of 25 The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended November 30, 2021 and November 30, 2020, respectively: Schedule of Reconciliation PRC Statutory Rates For the three months ended November 30, 2021 For the three months ended November 30, 2020 PRC statutory rate 25 % 25 % Net operating losses for which no deferred tax assets was recognized (25 )% (25 )% The Company’s expense is out of limit than that of PRC statutory tax policy allowed 16.5 % 16.5 % Effective income tax rate 16.5 % 16.5 % Income tax expense for the three months and six month ended November 30, 2021 and November 30, 2020, respectively are as follows: Schedule of Income Tax Expense November 30, 2021 November 30, 2020 For the three months ended November 30, 2021 November 30, 2020 Current (8,435 ) 2,481 Deferred Income tax expense/(income) (8,435 ) 2,481 November 30, 2021 November 30, 2020 For the six months ended November 30, 2021 November 30, 2020 Current (8,435 ) 7,621 Deferred Income tax expense/(income) (8,435 ) 7,621 There was a tax refund of $ 8,435 |
Employee Benefit Expenses | (s) Employee Benefit Expenses As stipulated by the regulations of the PRC, full-time employees of the Company are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Company is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. |
Comprehensive Income (Loss) | (t) Comprehensive Income (Loss) Comprehensive income (loss) is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive income (loss) includes net loss and foreign currency translation adjustment and is presented in the consolidated statements of operations and comprehensive income (loss). |
Loss Per Share | (u) Loss Per Share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is allocated between ordinary shares and other participating securities based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. |
Segment Reporting | (v) Segment Reporting The Company follows ASC 280, Segment Reporting. The Company’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. The Company operates and manages its business as a single segment. As the Company’s long-lived assets are substantially all located in the PRC and substantially all the Company revenues are derived from within the PRC, no geographical segments are presented. |
Recently Issued Accounting Standards | (w) Recently Issued Accounting Standards Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Ownership of Outstanding Shares of its Subsidiaries | The following table sets forth its subsidiaries and the VIE, including their country of incorporation or residence and our ownership interest in such subsidiaries. Please see “Note 4 VIE Structure and Arrangements”. Schedule of Ownership of Outstanding Shares of its Subsidiaries Subsidiaries: Date of incorporation Interest % Place of incorporation CXJ Investment Group Company Ltd 2020/2/19 100 % BVI CXJ (HK) Technology Group Company Ltd 2020/3/11 100 % Hong Kong CXJ (Shenzhen) Technology Co., Ltd 2020/5/26 100 % PRC VIE: CXJ Technology (Hangzhou) Co., Ltd 2019/3/28 100 % PRC Shenzhen Lanbei Ecological Technology Co., Ltd. 2020/10/28 51 % PRC |
Schedule of Exchange Rates | Translation of amounts from CNY into US$ 1 Schedule of Exchange Rates November 30, November 30, As of and for the nine months ended November 30, November 30, Period-end CNY: US$1 exchange rate 6.36 6.58 Period-average CNY: US$1 exchange rate 6.42 6.72 |
Schedule of Intangible Assets Estimated Useful Lives | The estimated useful lives are as follow: Schedule of Intangible Assets Estimated Useful Lives Software 3 |
Schedule of Reconciliation PRC Statutory Rates | The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended November 30, 2021 and November 30, 2020, respectively: Schedule of Reconciliation PRC Statutory Rates For the three months ended November 30, 2021 For the three months ended November 30, 2020 PRC statutory rate 25 % 25 % Net operating losses for which no deferred tax assets was recognized (25 )% (25 )% The Company’s expense is out of limit than that of PRC statutory tax policy allowed 16.5 % 16.5 % Effective income tax rate 16.5 % 16.5 % |
Schedule of Income Tax Expense | Income tax expense for the three months and six month ended November 30, 2021 and November 30, 2020, respectively are as follows: Schedule of Income Tax Expense November 30, 2021 November 30, 2020 For the three months ended November 30, 2021 November 30, 2020 Current (8,435 ) 2,481 Deferred Income tax expense/(income) (8,435 ) 2,481 November 30, 2021 November 30, 2020 For the six months ended November 30, 2021 November 30, 2020 Current (8,435 ) 7,621 Deferred Income tax expense/(income) (8,435 ) 7,621 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Major Suppliers | For the three months and six months ended November 30, 2021 and 2020, the vendors who accounted for 10% or more of the Company’s cost of revenue are presented as follows Schedule of Major Suppliers For the three months ended For the three months ended 2021 2020 2021 2020 $ $ % % Linyi Niubang International Trading Co., Ltd 48,281 28,325 22.2 % 41 % Wuxi Anruichi Technology Co., Ltd 13,082 - 6 % - Guangzhou Kashide Car Accessories Co., Ltd 10,240 2,483 5 % 4 % Revenues 71,603 30,808 33 % 45 % For the six months ended For the six months ended 2021 2020 2021 2020 $ $ % % Linyi Niubang International Trading Co., Ltd 201,065 50,250 45.9 % 25.6 % Wuxi Anruichi Technology Co., Ltd 51,782 - 11.8 % - Guangzhou Kashide Car Accessories Co., Ltd 34,041 4,999 7.8 % 2.5 % Revenues 286,888 55,249 65.5 % 28.1 % |
Prepayment, Deposits and Othe_2
Prepayment, Deposits and Other Receivables (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Prepayment Deposits And Other Receivables | |
Schedule of Prepaid Expenses and Other Receivables | Prepaid expenses and other receivables consisted of the following at November 30, 2021 and May 31, 2020: Schedule of Prepaid Expenses and Other Receivables As of November 30,2021 May 31,2021 (unaudited) (audited) $ $ Prepayment 110,710 168,470 Deposit 20,285 15,754 Other receivables 35,980 32,459 Total 166,975 216,683 |
Schedule of Other Receivables | Other Receivables Schedule of Other Receivables Description Amount(USD) Remark Staff Advances 33,842 For business conference and functions Social Insurance 2,138 Total 35,980 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over estimated useful lives of three years. Schedule of Property, Plant and Equipment As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Property, Plant and Equipment 1,444 Less: Accumulated Depreciation (191 ) - Total 1,253 - |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets and related accumulated amortization were as follows: Schedule of Intangible Assets As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Software 45,057 45,057 Add: Development cost occurred 50,540 - Less: Accumulated amortization (17,498 ) (11,522 ) Less: Foreign translation difference (288 ) (561 ) Total 77,811 32,974 |
Account Payable (Tables)
Account Payable (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Account Payables | Accounts payable consists of the following: Schedule of Account Payables As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Account Payable 86,637 233,516 |
Advanced Received, Accrued Ex_2
Advanced Received, Accrued Expenses and Other Payable (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Advanced Received, Accrued Expenses and Other Payables | Schedule of Advanced Received, Accrued Expenses and Other Payables As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ Deposit Received 82,547 63,241 Accrued Expenses 102,009 148,615 Advanced Received 2,373,417 2,723,405 Other Payable 133,316 95,527 Total 2,691,289 3,030,788 |
Schedule of Advance Received | Schedule of Advance Received Description Amount Remark Prepayment of goods from customers 217,834 Brand name management fees from customers 2,100,141 Will amortized according to the contract Inbound marketing 55,442 Total 2,373,417 |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transaction | The Company had the following related party balances and transactions as of and for the six months ended November 30, 2021 and the year ended May 31, 2021. All related parties are controlled by either the founder or the directors of the Company and are providing professional services for the Company to facilitate its operation of the Company. These advanced balances are short-term in nature, bearing no interest, and due on demand. Schedule of Related Party Transaction Amounts due from related parties As of November 30, 2021 May 31, 2021 (unaudited) (audited) $ $ New Charles Technology Group Limited - 43,500 Amounts due to related parties As of November 30, 2021 May 31,2021 (unaudited) (audited) $ $ Cuiyao Luo 151,385 114,935 |
Lease Right-Of-Use Asset and _2
Lease Right-Of-Use Asset and Lease Liabilities (Tables) | 6 Months Ended |
Nov. 30, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |
Schedule of Operating Lease Right and Lease Liability | The initial recognition of operating lease right and lease liability as follow: Schedule of Operating Lease Right and Lease Liability USD Gross lease payable 259,257 Less: imputed interest (11,888 ) Initial recognition as of June 1, 2019 247,369 As of November 30, 2021, operating lease right of use asset as follow: Initial recognition as of June 1, 2019 247,369 Amortization for the year ended May 31, 2020 (54,628 ) Balance as of May 31, 2020 192,741 Add: New office lease on November 30, 2020 - Office 77,546 Add: New office lease on June 30, 2021 -Warehouse 15,362 Amortization for the year ended May 31, 2021 (69,827 ) Amortization for the period ended June 1 to August 31, 2021 (14,136 ) Amortization for the period ended September 1 to November 30, 2021 (13,236 ) Adjustment for discontinuation of tenancy - Office (Nov 2020) (138,844 ) Adjustment for discontinuation of tenancy - Warehouse (17,998 ) Foreign exchange translation 16,716 Balance as of November 30, 2021 48,324 As of November 30, 2021, Operating lease liability as follow: USD Initial recognition as of June 1, 2019 247,369 Less: gross repayment for the year ended May 31, 2020 (56,390 ) Add: imputed interest for the year ended May 31, 2020 4,824 Balance as of May 31, 2020 195,803 Add: New office lease on November 30, 2020 77,546 Add: imputed interest for the year ended May 31, 2021 4,421 Less: gross repayment for the year ended May 31, 2021 (73,003 ) Add: New warehouse lease on June 2021 15,362 Add: Imputed interest of new warehouse lease - June 2021 323 Less: Gross repayment for the period June 1 to August 31, 2021 (14,988 ) Less: Gross repayment for the period Sept 1 to November 30, 2021 (13,893 ) Adjustment for discontinuation of tenancy - Office (Nov 2020) (142,519 ) Adjustment for discontinuation of tenancy - Warehouse (Jun 2021) (18,864 ) Foreign exchange translation 18,183 Balance as of November 30, 2021 48,371 Less:lease liability current portion (48,371 ) Lease liability non-current portion - |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease obligation as follow: Schedule of Maturities of Operating Lease Liabilities Year Ending Operating May 31, 2022 48,371 May 31, 2023 - Total 48,371 |
Schedule of Other Information | Other information: Schedule of Other Information For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease 13,618 Right-of-use assets obtained in exchange for operating lease liabilities 48,371 Remaining lease term for operating lease (years) 1.07 Weighted average discount rate for operating lease 4.55 % |
Company Overview (Details Narra
Company Overview (Details Narrative) - USD ($) | May 28, 2020 | Oct. 08, 2019 | Oct. 04, 2019 | Jul. 12, 2019 | Jun. 18, 2019 | Nov. 30, 2021 | May 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Reverse stock split | 1 for 200 reverse stock split | ||||||
Preferred stock, authorized shares | 500,000,000 | ||||||
Common Stock, Shares Authorized | 500,000,000 | 490,000,000 | 490,000,000 | ||||
Share Exchange Agreement [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Number of shares issued | 1,364,800 | ||||||
Xinrui Wang [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Number of shares issued | 17,700,000 | ||||||
Number of shares issued, value | $ 175,000 | ||||||
Wenbin Mao and Baiwan Niu [Member] | Stock Purchase Agreement [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Sale of stock | 1,500,000 | ||||||
Sale of stock, value | $ 1,500 | ||||||
Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | Preferred Stock [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Conversion of stock, shares converted | 10,000,000 | ||||||
Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | Common Stock [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Conversion of stock, shares converted | 100,000,000 | ||||||
Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | Stock Purchase Agreement [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Conversion description | On October 8, 2019, Xinrui Wang, Wenbin Mao and Baiwan Niu effectuated a 1 for 10 conversion to convert all their preferred stock totaling 10,000,000 to 100,000,000 common shares. As a result of the conversion, there was no preferred stock outstanding of the Company as of October 8, 2019. | ||||||
Series A Preferred Stock [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Number of shares issued | 10,000,000 | ||||||
Series A Preferred Stock [Member] | Xinrui Wang [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Sale of stock | 10,000,000 |
Schedule of Ownership of Outsta
Schedule of Ownership of Outstanding Shares of its Subsidiaries (Details) | 6 Months Ended | |
Nov. 30, 2021 | Mar. 28, 2019 | |
CXJ Investment Group Company Ltd [Member] | ||
Date of incorporation | Feb. 19, 2020 | |
Interest | 100.00% | |
Place of incorporation | BVI | |
CXJ (HK) Technology Group Company Ltd [Member] | ||
Date of incorporation | Mar. 11, 2020 | |
Interest | 100.00% | 100.00% |
Place of incorporation | Hong Kong | |
CXJ (Shenzhen) Technology Co., Ltd [Member] | ||
Date of incorporation | May 26, 2020 | |
Interest | 100.00% | 100.00% |
Place of incorporation | PRC | |
CXJ Technology (Hangzhou) Co., Ltd [Member] | ||
Date of incorporation | Mar. 28, 2019 | |
Interest | 100.00% | |
Place of incorporation | PRC | |
Shenzhen Lanbei Ecological Technology Co Ltd [Member] | ||
Date of incorporation | Oct. 28, 2020 | |
Interest | 51.00% | |
Place of incorporation | PRC |
Schedule of Exchange Rates (Det
Schedule of Exchange Rates (Details) | Nov. 30, 2021 | Nov. 30, 2020 |
Period End CNY [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period-average CNY: US$1 exchange rate | 6.36 | 6.58 |
Period Average CNY [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period-average CNY: US$1 exchange rate | 6.42 | 6.72 |
Schedule of Intangible Assets E
Schedule of Intangible Assets Estimated Useful Lives (Details) | 6 Months Ended |
Nov. 30, 2021 | |
Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset estimated useful lives | 3 years |
Schedule of Reconciliation PRC
Schedule of Reconciliation PRC Statutory Rates (Details) | 3 Months Ended | 6 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | |
Accounting Policies [Abstract] | |||
PRC statutory rate | 25.00% | 25.00% | 25.00% |
Net operating losses for which no deferred tax assets was recognized | (25.00%) | (25.00%) | |
The Company’s expense is out of limit than that of PRC statutory tax policy allowed | 16.50% | 16.50% | |
Effective income tax rate | 16.50% | 16.50% |
Schedule of Income Tax Expense
Schedule of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Current | $ (8,435) | $ 2,481 | $ (8,435) | $ 7,621 |
Income tax expense/(income) | $ (8,435) | $ 2,481 | $ (8,435) | $ 7,621 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | May 31, 2021 | |
Net profit (loss) | $ 356,470 | $ (26,929) | $ 272,491 | $ (139,461) | ||
Accumulated deficit | 2,354,377 | 2,354,377 | $ 2,624,407 | |||
Net cash inflow from operations | 208,993 | (125,379) | ||||
Cash and cash equivalents | 101,498 | 101,498 | 340,109 | |||
Current liability | 2,977,682 | 2,977,682 | $ 3,434,867 | |||
Cash | 238,611 | 10,415 | 238,611 | 10,415 | ||
Goodwill | 11,096 | 11,096 | ||||
Selling and distribution expenses | $ 240,465 | $ 82,470 | 466,279 | 239,655 | ||
Salary | 88,896 | |||||
Consultancy fee | 82,277 | |||||
Travelling expenses | 42,369 | |||||
Logistics expenses | 26,524 | |||||
Bad debts recovery | $ (155,246) | |||||
Value-added taxes description | The VAT is based on gross sales price and VAT rates applicable to the Company is 17% for the period from the beginning of 2018 till the end of April 2018, then changed to 16% from May 2018 to the end of March 2019, and changed to 13% from April 2019. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverables if input VAT is larger than output VAT. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities. | |||||
PRC statutory rate | 25.00% | 25.00% | 25.00% | |||
Income tax refund | $ 8,435 | $ (2,481) | $ 8,435 | $ (7,621) | ||
General and Administrative Expense [Member] | ||||||
Selling and distribution expenses | $ 22,518 | $ 97,785 | ||||
Salary | 76,998 | |||||
Rental expenses | 13,524 | |||||
Consultancy fee | 87,346 | |||||
Goodwill written-off | 11,096 | |||||
Bad debts recovery | $ 155,246 | |||||
Shenzhen Lanbei Ecological Technology Co Ltd [Member] | ||||||
Goodwill | $ 11,096 | |||||
Shenzhen Lanbei Ecological Technology Co Ltd [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | 51.00% |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - shares | May 28, 2020 | Jun. 18, 2019 | Nov. 30, 2021 | Aug. 19, 2021 | Mar. 28, 2019 |
CXJ Technology (Hangzhou) Co., Ltd [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity interest acquisition percentege | 51.00% | ||||
Share Exchange Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of stock issued | 1,364,800 | ||||
Xinrui Wang [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of stock issued | 17,700,000 | ||||
Series A Preferred Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of stock issued | 10,000,000 | ||||
CXJ Investment Group Company Ltd [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 100.00% | ||||
CXJ (HK) Technology Group Company Ltd [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 100.00% | 100.00% | |||
CXJ (Shenzhen) Technology Co., Ltd [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 100.00% | 100.00% |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) | May 28, 2020 | Oct. 08, 2019 | Oct. 04, 2019 | Jul. 12, 2019 | Nov. 30, 2021 | May 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, authorized | 500,000,000 | 490,000,000 | 490,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Reverse stock split | 1 for 200 reverse stock split | |||||
Common stock, authorized | 500,000,000 | |||||
Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Conversion of stock, shares converted | 10,000,000 | |||||
Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Conversion of stock, shares issued upon conversion | 100,000,000 | |||||
Stock Purchase Agreement [Member] | Wenbin Mao and Baiwan Niu [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Sale of stock transaction | 1,500,000 | |||||
Sale of stock, consideration received on transaction | $ 1,500 | |||||
Stock Purchase Agreement [Member] | Xinrui Wang, Wenbin Mao and Baiwan Niu [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Conversion description | On October 8, 2019, Xinrui Wang, Wenbin Mao and Baiwan Niu effectuated a 1 for 10 conversion to convert all their preferred stock totaling 10,000,000 to 100,000,000 common shares. As a result of the conversion, there was no preferred stock outstanding of the Company as of October 8, 2019. | |||||
Share Exchange Agreement [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of shares issued | 1,364,800 |
Schedule of Major Suppliers (De
Schedule of Major Suppliers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | |
Vendors [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 71,603 | $ 30,808 | $ 286,888 | $ 55,249 |
Concentration of credit risk, percentage | 33.00% | 45.00% | 65.50% | 28.10% |
Linyi Niubang International Trading Co Ltd [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 48,281 | $ 28,325 | $ 201,065 | $ 50,250 |
Concentration of credit risk, percentage | 22.20% | 41.00% | 45.90% | 25.60% |
Wuxi Anruichi Technology Co Ltd [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 13,082 | $ 51,782 | ||
Concentration of credit risk, percentage | 6.00% | 11.80% | ||
Guangzhou Kashide Car Accessories Co Ltd [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 10,240 | $ 2,483 | $ 34,041 | $ 4,999 |
Concentration of credit risk, percentage | 5.00% | 4.00% | 7.80% | 2.50% |
Concentration of Risk (Details
Concentration of Risk (Details Narrative) | 6 Months Ended |
Nov. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration risk major customer description | there was no customers who accounted for 10% or more of the Company’s revenue nor with significant outstanding receivables |
Account Receivables, Net (Detai
Account Receivables, Net (Details Narrative) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Receivables [Abstract] | ||
Account receivables | $ 8,477 |
Schedule of Prepaid Expenses an
Schedule of Prepaid Expenses and Other Receivables (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Prepayment Deposits And Other Receivables | ||
Prepayment | $ 110,710 | $ 168,470 |
Deposit | 20,285 | 15,754 |
Other receivables | 35,980 | 32,459 |
Total | $ 166,975 | $ 216,683 |
Schedule of Other Receivables (
Schedule of Other Receivables (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Total other receivables | $ 35,980 | $ 32,459 |
Staff Advances [Member] | ||
Total other receivables | 33,842 | |
Social Insurance [Member] | ||
Total other receivables | $ 2,138 |
Prepayment, Deposits and Othe_3
Prepayment, Deposits and Other Receivables (Details Narrative) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Prepayment Deposits And Other Receivables | ||
Prepayments | $ 110,710 | $ 168,470 |
Rental deposit | 20,285 | 15,754 |
Other receivables | 35,980 | $ 32,459 |
Staffs advance | 33,842 | |
Social insurance | $ 2,138 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment | $ 1,444 | |
Less: Accumulated Depreciation | (191) | |
Total | $ 1,253 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Software | $ 45,057 | $ 45,057 |
Add: Development cost occurred | 50,540 | |
Less: Accumulated amortization | (17,498) | (11,522) |
Less: Foreign translation difference | (288) | (561) |
Total | $ 77,811 | $ 32,974 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2021USD ($) | Nov. 30, 2021USD ($) | Nov. 30, 2021CNY (¥) | Nov. 30, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Cost occurred on intangiable assets | $ 50,540 | |||
Accumulated amortization of intangible assets | 5,976 | |||
Indefinite-lived Intangible Assets Acquired | $ 11,096 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 11,096 | |||
Shenzhen Lanbei Ecological Technology Co Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | 51.00% | ||
Shenzhen Baiwen Enterprise Management Consulting Co., Ltd [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business Combination, Consideration Transferred | ¥ | ¥ 1 |
Schedule of Account Payables (D
Schedule of Account Payables (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Payables and Accruals [Abstract] | ||
Account Payable | $ 86,637 | $ 233,516 |
Schedule of Advanced Received,
Schedule of Advanced Received, Accrued Expenses and Other Payables (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Payables and Accruals [Abstract] | ||
Deposit Received | $ 82,547 | $ 63,241 |
Accrued Expenses | 102,009 | 148,615 |
Advanced Received | 2,373,417 | 2,723,405 |
Other Payable | 133,316 | 95,527 |
Total | $ 2,691,289 | $ 3,030,788 |
Account Payable (Details Narrat
Account Payable (Details Narrative) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Payables and Accruals [Abstract] | ||
Account payables to vendors | $ 86,637 | $ 233,516 |
Schedule of Advance Received (D
Schedule of Advance Received (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Total | $ 2,373,417 | $ 2,723,405 |
Prepayment of Goods Customer [Member] | ||
Total | 217,834 | |
Brand Name Management Fees From Customers [Member] | ||
Total | 2,100,141 | |
Inbound Marketing [Member] | ||
Total | $ 55,442 |
Advanced Received, Accrued Ex_3
Advanced Received, Accrued Expenses and Other Payable (Details Narrative) - USD ($) | 6 Months Ended | |
Nov. 30, 2021 | May 31, 2021 | |
Deposit received | $ 82,547 | $ 63,241 |
Accrued expenses | 102,009 | 148,615 |
Salary | 66,792 | |
Welfare expenses | 18,868 | |
Tax payable | 7,441 | |
Tax consultant fee | 6,040 | |
Other payable | 133,316 | |
Provision for business dispute | 94,340 | |
Advanced received from customers | 2,373,417 | $ 2,723,405 |
Shenzhen Lanbeis [Member] | ||
Other payable | 36,164 | |
Brand Name Management Fees From Customers [Member] | ||
Deposit received | 64,465 | |
Advanced received from customers | 2,100,141 | |
Deposit of Intention [Member] | ||
Deposit received | 18,082 | |
Prepayment of Goods Customer [Member] | ||
Advanced received from customers | 217,834 | |
Inbound Marketing [Member] | ||
Advanced received from customers | $ 55,442 |
Schedule of Related Party Trans
Schedule of Related Party Transaction (Details) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Cuiyao Luo [Member] | ||
Amounts due to related parties | $ 151,385 | $ 114,935 |
New Charles Technology Group Limited [Member] | ||
Amounts due from related parties | $ 43,500 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - USD ($) | Nov. 30, 2021 | May 31, 2021 |
Cuiyao Luo [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to related parties | $ 151,385 | $ 114,935 |
Schedule of Operating Lease Rig
Schedule of Operating Lease Right and Lease Liability (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | May 31, 2020 | May 31, 2021 | Jun. 02, 2019 | |
Lease Right-of-use Asset And Lease Liabilities | ||||||
Gross lease payable | $ 48,371 | $ 48,371 | $ 259,257 | |||
Less: imputed interest | (11,888) | |||||
Initial recognition as of June 1, 2019 | 48,371 | 48,371 | $ 195,803 | $ 247,369 | ||
Operating lease right of use asset Initial recognition as of June 1, 2019 | 79,173 | 247,369 | ||||
Amortization | (13,236) | $ (22,543) | (69,827) | (54,628) | ||
Operating lease right of use asset, Ending balance | 48,324 | 48,324 | 192,741 | |||
Add: New office lease on November 30, 2020 - Office | 77,546 | |||||
Add: New office lease on June 30, 2021 -Warehouse | 15,362 | |||||
Amortization for the peirod ended June 1 to August 31, 2021 | (14,136) | |||||
Amortization for the period ended September 1 to November 30, 2021 | (13,236) | |||||
Adjustment for discontinuation of tenancy - Office (Nov 2020) | (138,844) | |||||
Adjustment for discontinuation of tenancy - Warehouse | (17,998) | |||||
Foreign exchange translation | 16,716 | |||||
Operating lease liability Initial recognition as of June 1, 2019 | 247,369 | |||||
Less: gross repayment | (73,003) | (56,390) | ||||
Add: imputed interest | 4,421 | 4,824 | ||||
Operating lease liability, Ending balance | 48,371 | 48,371 | $ 195,803 | |||
Add: New office lease on November 30, 2020 | 77,546 | |||||
Add: New warehouse lease on June 2021 | 15,362 | |||||
Add: Imputed interest of new warehouse lease - June 2021 | 323 | |||||
Less: Gross repayment for the period June 1 to August 31, 2021 | (14,988) | |||||
Less: Gross repayment for the period June 1 to August 31, 2021 | (13,893) | |||||
Adjustment for discontinuation of tenancy - Office (Nov 2020) | (142,519) | |||||
Adjustment for discontinuation of tenancy - Warehouse (Jun 2021) | (18,864) | |||||
Foreign exchange translation | 18,183 | |||||
Less: lease liability current portion | (48,371) | (48,371) | $ (55,628) | |||
Lease liability non-current portion | $ 24,523 |
Schedule of Maturities of Opera
Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) | Nov. 30, 2021 | Jun. 02, 2019 |
Lease Right-of-use Asset And Lease Liabilities | ||
May 31, 2022 | $ 48,371 | |
May 31, 2023 | ||
Total | $ 48,371 | $ 259,257 |
Schedule of Other Information (
Schedule of Other Information (Details) | 6 Months Ended |
Nov. 30, 2021USD ($) | |
Lease Right-of-use Asset And Lease Liabilities | |
Operating cash flow from operating lease | $ 13,618 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 48,371 |
Remaining lease term for operating lease (years) | 1 year 25 days |
Weighted average discount rate for operating lease | 4.55% |
Lease Right-Of-Use Asset and _3
Lease Right-Of-Use Asset and Lease Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | May 31, 2020 | Jun. 30, 2021 | Jun. 02, 2019 | May 31, 2019 | |
Lease Right-of-use Asset And Lease Liabilities | |||||||
Operating lease liability | $ 48,371 | $ 48,371 | $ 195,803 | $ 247,369 | $ 247,369 | ||
Operating lease discount rate | 4.75% | 4.35% | 3.25% | ||||
Amortization of operating lease right of use assets | $ 13,236 | $ 22,543 | $ 69,827 | $ 54,628 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | 6 Months Ended |
Nov. 30, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Provision for business dispute | $ 94,340 |