SVMB Jingbo Technology Inc (PK)

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

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

 

OR

 

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

 

For the fiscal year ended May 31, 2023

 

Commission file number: 000-56570

 

Savmobi Technology, Inc.

(Exact name of Company as specified in its charter)

 

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

 

Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China

(Address of principal executive offices)

 

+86 57187197085

(Company’s telephone number, including area code)

 

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

None

 

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

None

 

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

 

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

 

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the Company has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes ☐ No ☒

 

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

 

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

 

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

 

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

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

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

 

The aggregate market value of voting stock held by non-affiliates of the Company as of the last business day of the Company’s most recently complete second fiscal quarter was $3,150,000 (computed by reference to the closing price of a share of the Company’s common stock of $0.175 on that date as reported).

 

As of October 2, 2023, 1,061,900,000 shares of the issuer’s common stock were issued and outstanding.

 

Documents Incorporated By Reference: None

 

 

 

TABLE OF CONTENTS

 

		Page
PART I
Item 1	Business	3
Item 1A	Risk Factors	11
Item IB	Unresolved Staff Comments	11
Item 2	Properties	11
Item 3	Legal Proceedings	11
Item 4	Mine Safety Disclosures	11
PART II
Item 5	Market for Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	12
Item 6	Selected Financial Data	12
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	46
Item 8	Financial Statements	46
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	46
Item 9A	Controls and Procedures	46
Item 9B	Other Information	47
PART III
Item 10	Directors, Executive Officers and Corporate Governance	48
Item 11	Executive Compensation	49
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	50
Item 13	Certain Relationships and Related Transactions, and Director Independence	50
Item 14	Principal Accounting Fees and Services	53
PART IV
Item 15	Exhibits and Financial Statement Schedules	54
SIGNATURES		55

 

 

PART I

 

Item 1. Business.

 

As used in this Annual Report on Form 10-K (this “Report”), references to the “Company,” the “Company,” “we,” “our” or “us” refer to SavMobi Technology, Inc., unless the context otherwise indicates.

 

Forward-Looking Statements

 

Certain statements contained in this report, including statements regarding our business, financial condition, our intent, belief or current expectations, primarily with respect to the future operating performance of the Company and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “will,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “continue” or the negative of these similar terms. Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.

 

All forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made, except as required by federal securities and any other applicable law.

 

On March 6, 2015, the Company was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company’s previous principal offices are located in 73B Bank Avenue, Amritsar, Punjab, 143001, India.

 

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

 

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

 

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

 

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

 

On June 26, 2018, New Reap Global Limited transferred 3,000,000 restricted shares to Fortress Advisors, LLC and 3,000,000 to Baywall Inc.

 

 

On November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen ( 19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the “Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company. After the change of ownership, the Company’s current principal offices is located in Room 502, Unit 1, Building 108, Red Star Sea Phase 3, Dalian Development Zone, Dalian, Liaoning, China.

 

After the change in control of management, the Company is currently operating in provision of commercial mobile technical support services in China. The Company entered into two technical support service agreements in the beginning of 2021, which is to provide support services to clients’ dedicated data platform, 7x24 hours per week. The response time should be within 4 hours upon receiving the service request.

 

On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”), which closed on January 5, 2023. Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.

 

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

 

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

 

Corporate History

 

The Company was incorporated by Mr. Lakwinder Singh Sidhu, the former president and sole director, in the State of Nevada on March 6, 2015, and established a May 31 fiscal year end. On May 18, 2018, Mr. Lakwinder Singh Sidhu resigned from his official positions as CEO and CFO and on the same day the shareholders of the Corporation voted Mr. Poh Kee Liew as Director and CEO, and Mr. Gim Hooi Ooi as Director and CFO.

 

On November 10, 2020, Mr. Poh Kee Liew and Mr. Gim Hooi Ooi, submitted their resignations from all executive officer positions with the Company, including Chief Executive Officer and Chief Financial Officer, respectively, effective immediately. In addition, Mr. Poh Kee Liew and Mr. Gim Hooi Ooi, the sole member of the Company’s board of directors, appointed Ma Hongyu as Director and Chairman of the Board, and following such appointment, Messrs. Liew and Ooi submitted their resignations as members of the Board, which resignations were effective immediately. On November 10, 2020, Ma Hongyu was also appointed as Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer, effective immediately.

 

Recent Developments

 

Capital Stock

 

The Company’s capitalization is 75,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. Total shares issued and outstanding as of October 2, 2023 is 1,061,900,000.

 

On May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Limited, by which New Reap Global Limited acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company. New Reap Global Limited paid $300,000 in cash.

 

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

 

 

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

 

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

 

On June 26, 2018, New Reap Global Limited transferred 3,000,000 restricted shares to Fortress Advisors, LLC and 3,000,000 restricted shares to Baywall Inc.

 

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

 

These transactions were internal transfers and had no effect on the total shares distributed.

 

On December 15, 2022, Savmobi Technology, Inc. (“SVMB,” or the “Company”) entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”), which closed on January 5, 2023. Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.

 

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

 

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

 

Intellegence completed the development of Any-e APP, the first online test parking lot was in Fuyang Traffic Police Brigade, Any-e Park APP completed online. The first smart parking projects built by Intellegence include road parking in Yinhu Science and Technology Park in Fuyang District, Hangzhou, parking in Chunqiu North Road, Fuyang District, and parking in Fuchun Street, Fuyang District. In August 2018, Any-e Park cloud platform was launched in Zengcheng District, Guangzhou for the first time. In 2019, Any-e Park, urban smart parking project signings continued. In 2020, Any-e Park, urban smart parking project landed in more than ten cities. Urban smart parking project landed in more than twenty cities; contracted more than fifty cities with more than 5000 parking lots and more than 4 million users.

 

 

Corporate Structure

 

Business Overview

 

Intellegence is a multinational technology company, with a smart parking application software and platform business ecosytem as its main business venture. The group company, Hangzhou Zhuyi Technology Co., Ltd. a PRC holding company, was formed on November 3, 2017 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei. The registered capital was 60 million yuan. The company is located in Building B8, China Zhigu, Fuchun Park, Hangzhou.

 

It specializes in smart parking projects, smart parking mobile applications and cloud platform construction innovation. Zhuyi Technology takes the smart parking scene as the entry point, integrates various parking lot resources, builds static traffic data and smart city services.

 

A deeply integrated digital ecological platform for city planners, parking lot operators, car owners and cooperative businesses to provide comprehensive solutions for smart parking. It also focuses on the construction of its digital platform which operates the creations and control of businesses, assists the construction of smart cities, and creates a bright future for smart living.

 

Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People’s Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. We also currently have eight urban parking projects.

 

Our Any-e Life platform covers Any-e stop smart city cloud platform, Any-e stop App., parking management system, ecosphere merchant system, information forums, Any-e purchase cloud mall, Any-e Shop VIP member hall, etc., Covering parking services, parking management, urban parking information, smart cloud e-commerce, automotive after-market merchant O2O store, car owner membership services, etc.

 

 

Any-e Shop adopts sub-chain technology and shared inclusive economy model, through WeChat’s public platform + live stream + mini programs + cloud e-commerce + advertising distribution, integrated to create a shared intelligent cloud e-commerce platform, through the conversion of public domain traffic into private domain traffic, in order to promote merchant information sharing, traffic interaction, thus forming a cloud ecological chain of resource sharing, benefit sharing and data sharing.

 

Intellegence believes that its Any-e Life platform provides an app that solves the difficulty of parking for drivers and car owners. You can check and reserve parking spaces, enter and exit the parking lot without delay, pay seamlessly, fees are deducted automatically. Our cloud platform includes: Parking management system, platform management system, merchant system, comprehensive city management cloud platform and other multiple management systems, fully meet the needs of each different users. We have accumulated a vast amount of user data, and can provide tailored services for each user such as online shopping; creates for e-commerce, which brings new revenue channels and sources for the platform. Intellegence has a combination of online and offline car services, covering auto repair and maintenance, auto supplies, auto body shop, modifications, car wash, and commercial business around the automotive industry. Auto finance: used cars, new car sales, auto loans, auto insurance, life insurance, etc.

 

Our facilities have integrated license plate recognition that includes (i) a 3-million-pixel HD license plate recognition camera, which captures clearer photos, higher license plate recognition rate; (ii) support for blue plate, yellow plate, green plate, double-layer license plate, public security, military vehicles and other license plate recognition; (iii) integrated chassis structure design, easy installation, better dustproof and waterproof effect; (iv) four by four LED display, taking into account the function and cost performance; (v) embedded license plate recognition special fill light, with its own light-sensor, automatically turns on at night, off during the day; and (vi) support for QR code cloud calls.

 

They also have DC brushless road gates that (i) are DC brush-less 24V motor, heat resistant, silent operation, power gate operating life span exceeds 5 million times; (ii) include digital control box, adjustable power gate speed between 1.5 - 6 seconds depends on pole length; (iii) retract upon collision, prevents tailgating, delayed automatic power-down function; (iv) self raise during malfunctions, external power supply automatically disconnects, to ensure normal passage of the lot; and (v) have red and green status lights, green light indicates open, red light indicates gate is currently closed.

 

Intellegence’s parking cloud platform is a one-stop-shop unified management platform for on-street parking, off-street parking, three-dimensional garage, with high- and low-level monitoring, geomagnetic, charging station and other equipment. We use an SAAS architecture cloud platform, which can achieve an all-in-one hosting platform from project creation, deployment, operation and maintenance of the whole package. Applied in the parking industry, it is most suitable for unattended parking management.

 

No database needed on site; the cloud platform supports a high data processing capacity up to billions. All data can be permanently stored in the cloud platform, and the platform supports one-key hot upgrade when new updates and features are released, or customized functions are upgraded. It supports cameras access to almost all current license plate recognition manufacturers on the market, does not require any technical cooperation from equipment manufacturers. There is seamless access to the parking cloud platform without replacing any hardware equipment on site. All gate control and vehicle billing are controlled by the cloud platform, the site does not need a management booth or computer, reports and real-time monitoring can be viewed in real time through the cloud. One Smart Cloud Box can access up to 48 channels of cameras, in most cases requires only one configuring box for each project. After the front-end license plate is captured, the box carries out secondary comparison by analyzing the captured photo, and once there is a camera recognition error, it can be corrected within 200ms, truly achieving 99.9% license plate recognition rate.

 

Intellegence expects to derive revenue from (i) both contract and partnership parking operations, and there are both city-level parking lots and single-unit projects that make profits from parking lot operations; (ii) business model design and the accumulation of platform users, we establish a platform ecosystem, realize the fundamental value of users, provide longer service span for users. Shared resources and business models for the platform merchants, provide system support for merchants to build digital operations, and help merchants to build their own digital assets; (iii) selling our parking hardware and developing software; (iv) the platform’s hardware and software systems, where we connect docking lots, and its users then assist with cash flow, even though we do not participate in the operations; and (v) the preliminary project construction and equipment installation of parking lots.

 

Through the development of a series of reward and incentive policies (including cash), we will carry out comprehensive marketing and resource integration with different parties such as internal branches, regional agents, various different parking lots, as well as partner merchants and VIP users. The internal marketing department is responsible for marketing support and training, and is divided into several large regions for management and layout according to national regions. Intellegence will provide regional market development by local agents in local markets, regional marketing guidelines provided by Intellegence, and our headquarters to provide support.

 

 

Parking lots are the main entrance to get users, so we should focus on the expansion of parking lot users and add a new incentive mechanism to promote parking lot users. We want to make parking lot users into assets. We intend to develop an incentive structure for the promotion of users in the ecosystem, to increase the enthusiasm of cooperating merchants to promote users, so that each cooperating merchant plays an important role in user promotion.

 

The Company’s bottom line subsidiaries include Zhuyi Technology (Anping) Co., a PRC company formed on May 12, 2022, which is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; Haikou Zhuyi Technology Co., a PRC company which was formed on May 9, 2022 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; Liangshan Tongfu Technology Co., a PRC company which was formed on November 13, 2018 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhu Zhibin; Zhejiang Linglingyi Network Technology Co., a PRC company which was formed on November 7, 2018 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; Yibin Huibo Technology Co., a PRC company which was formed on July 5, 2019 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; Xide Zhuyi Technology Co., a PRC company which was formed on October 14, 2021 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; Hubei Tongpo Parking Management Co., a PRC company which was formed on November 4, 2020 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei; and Zhuyi Technology (Taining) Co., a PRC company which was formed on May 18, 2021 and is engaged in the business of smart parking application software and technology development. Its legal representative is Zhang Guowei.

 

Our Goals

 

1. Building smart digital parking cloud platform.

2. Forming a harmonious digital ecosystem around smart parking.

 

3. Constructing intelligent cities across the globe.

 

4. Creating a brighter future for smart living.

 

Our core goal is to integrate resources, build a platform ecosystem, users focused, achieve multi-scenario satisfaction of user needs and transactions, and become an ecological operator of smart parking digital platform.

 

1. Operating a parking lot: Contracting to operate a parking lot as the main business of the parking lot operators, whose main profit is parking fees. (For example, contract contractors to operate parking lots for a variety of different operations).

 

2. Payment: Paid smart parking as the system’s main goal. (such as ETC payment).

 

3. Building a platform, encourage derived businesses, integrating resources, building business circle, making rules and business model: Only by treating users as a fundamental part of the business, doing mobile application software + cloud platform + ecosystem would become our real challenge. Ultimately to establish multiple inner ecosystems and provide values to users. Establish self-sustained digital operations and open up more opportunities through our business model.

 

4. Equipment Sales: Mainly focus on the production and sales of equipment, simultaneously develop platform operations, the digital platform is mainly for the purpose of equipment sales, software is limited to parking management.

 

With the development of global economy, going abroad has become an essential step in the development process of every enterprise. In the process of globalization layout, the first phase will promote the brand in a more diversified form, focusing on the global business perspective, extending to Asian and European markets in the next three years, and then opening a global market service system.

 

Franchising Policies

 

The franchising policy mainly includes four aspects:

 

1. Regional Partner Policy; where regional agents need to have industry network resources, marketing team, and be able to interlock parking lots and ecosystem businesses, with a deposit of 100,000 yuan. There will be parking lot interlock incentives, merchant interlock incentives, user promotion incentives and regional market incentives.

 

 

2. Joint Parking Lot Policy; where (a) with single-operating parking lot cooperation, Intellegence invests in hardware equipment and software system, service charges are charged according to the number of channels, and parking charges are deposited into the parking lot owner’s account within 7 days, (b) contracted parking lot is paid monthly or quarterly according to the annual contract amount, and the parking lot operated by joint cooperation is paid monthly according to the contracted share ratio, (c) there are non-operating parking lot policy: Policy documents need to be issued by local government departments, and (d) urban-level parking lots are tendered or set up joint ventures according to each project, with various cooperation models such as PPP, BOT, EPC+O, etc.

 

3. Platform Merchant Franchising Policy; where there must a legal business license and physical store, willing to join the platform ecosystem, pre-joined merchants are free to join. The platform collects a certain percentage of service fee based on the transaction volume. Merchants who refer users can get a 5% reward for each users’ total amount spent in any of the platform’s businesses. VIP users can get a 10% reward for pre-paying their account, merchants who refer can get a 1% reward of merchants’ transaction flow in the platform.

 

4. VIP User Policy; where users retain VIP status once account pre-pay amount reaches 1,000 yuan, pre-paid amount can be used for parking payment, direct payment to platform merchants, and any spending in the platform online store. Users who refer VIP users can get 10% of their pre-paid amount and 5% of their referred users’ spending in the platform ecosystem, referring merchants can get 1% of their platform sales.

 

Market Analysis

 

Under the traditional parking management system, China’s parking industry has two significant problems: the shortage of parking spaces and low utilization rate. At present, the average utilization rate of parking spaces in China is about 40%, the larger the scale of the parking lot, the lower the utilization rate, such as the largest commercial complex parking lot, but the average daily utilization rate is only 37%, which is lower than the average level of other types of parking lots. Over 90% of cities in China have an overall parking utilization rate of less than 50%, and the parking utilization rate in major cities such as Beijing, Shanghai and Guangzhou is in the range of 40-50%, which is a waste of parking resources.

 

Under the traditional parking space management system, the degree of specialization in parking management is low, the industry is highly fragmented, and there is a lack of large specialized parking management companies. There are many types of market participants with different standards, the uneven level of control prevents the centralized management of traditional parking spaces, which further hinders the effective use of parking spaces and is not conducive to the improvement of parking space utilization.

 

In Beijing, there are 6,581 registered parking lots, but more than 3,000 property management companies and parking lot management companies are involved in management. The market share of parking spaces of the top four management companies only accounts for 8.5%; the market share of the top-ranked parking management company is 4.4%, and the market share of parking spaces is only 1.9%. At the same time, China’s traditional parking management system has a low level of intelligence and management method.

 

According to Sullivan’s data, the coverage rate of intelligent parking lots in major cities such as Beijing, Shanghai, Guangzhou and Shenzhen is less than 10%, and most domestic parking lots still adopt the traditional “card and ticket” entrance/exit management method, with manual charging as the main method. The backward management method leads to the problems of slow access, difficulty in finding parking space and difficulty in finding a car. The length of time and difficulty for car owners to find cars increases with the scale of the car park.

 

For example, the parking lot of commercial complex is generally large in scale and complex in structure, and the user’s search time is often 4-6 times of the average search time of other types of parking lots (residential, commercial office buildings, transportation hubs, etc.). The backward management method greatly lengthens the time of occupied parking spaces, hinders the improvement of parking space turnover rate, and even directly causes poor user parking experience.

 

With the problem of “difficult parking” becoming more and more prominent, the commercial and social value of the smart parking industry has also become more and more prominent. Smart parking management mode can effectively improve the utilization of parking resources, thus alleviating the problem of urban parking difficulties. It is sought after by all social forces (capital, policy, technology, users, etc.) and can promote the further development of the industry.

 

 

China’s smart parking industry has not yet issued a national unified construction standard, the construction of parking information systems in local cities across the country lacks a unified normative basis, and the smart parking systems built by various office buildings, hotels, shopping malls, and communities lack integrated planning and architecture specifications, especially for applications in commercial areas and communities, with significant differences in architecture between systems, leading to difficulties in information exchange and system integration. There are a large number of smart parking enterprises and derivatives on the market, each smart parking products and service providers is on their own, the products and systems launched are not compatible with each other. In the smart parking application field, the market is not yet standardized nationwide via a single parking app, all parking apps information is not incorporated or shared, forming many singled out information islands, which is against the original intention of revitalizing the market of smart parking. These apps also have different user experiences, which brings a lot of inconvenience to consumers, and eventually abandoned by many of them, which is not beneficial to the expansion and popularity of smart parking network.

 

In addition, the development of the industry is not standardized, there are some providers who do not have the resources to research, develop and provide post-sale services, who end up reducing prices to sell low-quality products. No real competing power, disrupting the market order, causing quality manufacturers a certain amount of competitive pressure, intensifying a degree of competition in the industry, which is not favorable to a healthy development of the industry.

 

In the past three years, internet companies have entered the smart parking industry in a big way with capital. in February 2018, Ant Group under Alibaba took a 200-million-yuan stake in J-Parking. In August of the same year, Tencent made a strategic investment in Xiamen Ketuo Co.

 

Internet companies have combined their advantages in artificial intelligence, mobile payment and other technologies with smart parking platforms for strategic cooperation. This strategic cooperation between internet companies and smart parking platforms has made unattended and sensor less payment the trend of industry development. The mainstream smart parking operation platform has access to Alipay, WeChat payment and other mobile payment technologies. In May 2018, Baidu and ETCP reached a strategic cooperation, through the “parking payment” page of Baidu Map or the “ETCP Parking” APP, car owners can check parking information in real time, navigate to the parking lot, and enjoy smart parking services such as electronic payment for entering and exiting the parking lot without parking, achieving a harmonious system of shared data and integrated platform.

 

Baidu, Ali, Tencent and other Internet giants have entered the game one after another, not only to provide a solid financial basis for the transformation of parking services, also the integration of on-line operations and smart parking, which boosts rapid and steady development of the industry, driving the industry into a new stage of development. As the head enterprises in the smart parking industry accelerate their capital operation, the industry will accelerate the pace of high-quality parking resources, and will also surge a wave of mergers and acquisitions, resulting industry integration to be further accelerated.

 

According to some developed countries, the ratio of car to parking spaces is 1:1.3, while the average in China is less than 1:0.5, which is a serious imbalance between supply and demand, car owners and drivers usually cannot find a parking space after driving out to the destination, due to the difficulty of finding parking spaces leading to unlawful parking, road congestion, traffic accidents and other problems, bringing concerns to the government’s urban traffic.

 

Analysis from the perspective of the needs of car owners and drivers: This part of the user demand we call C-end user demand, its demand for parking is extremely urgent and rigid, they hope to be able to check the availability of parking spaces near the destination in advance before leaving home, you can reserve a parking space in advance. At the same time, as car owners and drivers, they hope that the platform can provide them with more user-friendly, more detailed and comprehensive services and better experience.

 

Analysis from the perspective of different parking space owners and operators: They want to realize unattended and automated payments; they want to reduce operating costs and improve operational efficiency; they want to realize intelligent and digital management and turn their resources into their digital assets.

 

Analysis from the perspective of city planners: They want to have a software, a system and a platform to integrate the parking spaces of different property rights in the whole city, to achieve data integration and sharing, and to realize real-time data update, query, regulation and scheduling.

 

Analysis from the perspective of the state, to promote the industry and industrial development: The smart parking industry covers a wide range, long industry chain, the state hopes to have a comprehensive digital, industry-wide platform for industry resource integration and information sharing, in order to promote the development of the whole industry.

 

 

Competitive Advantages

 

We believe that Intellegence has significant advantages in terms of development strategy, technology, team, business model and capital operation. After years of cultivation and accumulation, Intellegence has its own intellectual property rights of smart parking mobile application software, parking management system, merchant system and smart parking cloud platform. We have a professional and well-structured technical team, management team, operation team, and marketing team.

 

Business Model

 

Intellegence intends to carry out software and hardware system conversion for existing parking lots, to achieve a smart, digital, platform operation, from constructing to profiting. We shall integrate resources and processing transactions by undergoing software development and using our own merchant marketing management software. The Company will operate the lots by contracting them out and profiting from the parking fees. We hope to gain revenue through the sales of various smart parking hardware, including smart car stopper, smart parking machine, smart cloud box, geomagnetic, etc. We also have E-commerce, membership, sales profit and sales commission on Any-e platform and want to utilize the platform’s database, build an O2O business model for the automotive aftermarket, which brings more opportunities, more stable and sufficient cash flow and ultimately revenue to the platform. We believe there are advantages to our partnership operation model, capital operation model, digital, ecological, and platform operation business model. Intellegence has a strong resource integration capability, from parking, car owners, online and offline merchants, industry support to O2O platform, etc. Multi-platform resource integration to open up each service channel, to achieve shared user resources in the ecosystem, to better assist each and every user.

 

Employees

 

As of May 31, 2023:

 

Company name		Part-time/Full-time		Number of employees
SavMobi Technology, Inc.		Full-time		4
Intellegence Parking Group Limited and its subsidiaries		Full-time		0
Zhejiang Jingbo Ecological Technology Co. and its subsidiaries		Full-time		137

 

We anticipate hiring additional employees in the next twelve months. We anticipate hiring necessary personnel based on an as needed basis only on a per contract basis to be compensated directly from revenues.

 

Item 1A. Risk Factors

 

Smaller reporting companies are not required to provide the information required by this Item 1A.

 

Item 1B. Unresolved Staff Comments

 

None

 

Item 2. Properties

 

The Company entered into 16 contracts renting offices, warehouses and parking lots. Contracted terms ranged between two and eight years with the earliest start date being January 8, 2019.

 

The Company purchased an office building in July,2020. Address of the building is Building B8, China Zhigu Fuchun, Yinhu Village, Shoujiang town, Fuyang District, China

 

Item 3. Legal Proceedings

 

There is no pending legal proceeding to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

 

PART II

 

Item 5. Market for Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Market Information

 

On April 13, 2022, a bid and an ask was initially posted.

 

The high and low bid prices of our common stock following such date is as follows:

 

Quarter Ended		High				Low
June 30, 2022		$	1.00			$	0.028
September 30, 2022		$	0.15			$	0.10
December 31, 2022		$	1.95			$	0.175
March 31, 2023		$	2.30			$	1.00
June 30, 2023		$	3.08			$	0.0251

 

The last reported sales price of our common stock on the OTCMarkets on September 8, 2023, was $1.50

 

Dividend Policy

 

We have not declared or paid dividends on our common stock since our formation, and we do not anticipate paying dividends in the foreseeable future. Declaration or payment of dividends, if any, in the future, will be at the discretion of our Board of Directors and will depend on our then current financial condition, results of operations, capital requirements and other factors deemed relevant by the Board of Directors. There are no contractual restrictions on our ability to declare or pay dividends.

 

Holders

 

As of October 2, 2023, there were 1,061,900,000 shares of common stock issued and outstanding, which were held by 15,032 stockholders of record.

 

Equity Compensation Plans

 

We do not have any equity compensation plans.

 

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

 

None

 

Purchases of Equity Securities by the Small Business Issuer and Affiliated Purchasers

 

None.

 

Item 6. Selected Financial Data.

 

Smaller reporting companies are not required to provide the information required by this Item 6.

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following management’s discussion and analysis should be read in conjunction with our financial statements and the notes thereto and the other financial information appearing elsewhere in this report. Our financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP.

 

 

Special Note Regarding Forward Looking Statements

 

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

 

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

 

Overview

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Liangshan Tongfu Technology Co. (“Liangshan”) was incorporated on November 13, 2018. On October 2, 2022, Hangzhou Zhuyi entered in a share agreement with Hangzhou Kaai Technology Co. to purchase 26% of Liangshan’s shares. As a result, Hangzhou Zhuyi holds 67% of Liangshan. Liangshan is into smart parking projects and smart parking mobile applications businesses.

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

Corporate Structure

 

 

For the Year Ended May 31, 2023 Compared to the Year Ended May 31 2022

 

Revenue

 

The Company generated $3,723,088 in revenues during the financial year ended May 31, 2023 compared to $3,563,527 during the year ended May 31, 2022. Revenue mainly comprised of parking fee. Revenue generated over the last two years was very similar. The Company operated in normal circumstances.

 

Cost of Revenues

 

During the year ended May 31, 2023, the Company incurred $4,132,481 in cost of revenues compared to $4,571,107 for the year ended May 31, 2022. Cost of revenue mainly consisted of depreciation, salary and maintenance expenses. The decrease in cost of revenues was contributed by the decrease in maintenance expenses for parking lots.

 

Gross loss

 

Gross loss was $409,393 for the year ended May 31, 2023 compared to $1,007,580 for the year ended May 31, 2022. The decrease was mainly contributed by the decrease in cost of revenue.

 

Selling and marketing expenses

 

During the year ended May 31, 2023, we incurred selling and marketing expenses of $456,023 compared to $864,011 for the year ended May 31, 2022. Selling and marketing expenses for the year ended May 31, 2023 and 2022 mainly included salary expenses, travelling expenses and advertisement expenses. The decrease in selling and marketing expenses was primarily due to an decrease in travelling and salary expenses. We reduced the number of staff doing promotion of our Company.

 

General and Administrative Expenses

 

During the year ended May 31, 2023, we incurred general and administrative expenses of $4,481,871 compared to $3,537,855 incurred during the year ended May 31, 2022. General and administrative expenses incurred during the year ended May 31, 2023 mainly consisted of business hospitality expenses, salary expenses and office expenses. The increase in general and administrative expenses was mainly due to the increase in business hospitality fees.

 

Research and development expenses

 

During the year ended May 31, 2023, we incurred research and development expenses of $396,849 compared to $723,668 for the year ended May 31, 2022. R&D expenses mainly included salary expenses and depreciation expenses. The decrease in R&D expenses was contributed to a decrease in depreciation expenses.

 

Net loss

 

As the result of foregoing, the net loss for the years ended May 31, 2023 and 2022 was $6,783,522 and $6,894,883, respectively.

 

Liquidity and Capital Resources

 

As of May 31, 2023, the Company had total assets of $12,876,636 comprising current assets of $3,117,996 and non-current assets of $9,758,640 compared to total assets of $18,357,783 consisting of current assets of $6,889,070 and non-current assets of $11,468,713 as of May 31, 2022. The Company’s total liabilities as of May 31, 2023 were $36,764,281, which was comprised of current liabilities of $3,902,103 and non-current liabilities of $32,862,178. This compares with total liabilities of $36,791,471 as of May 31, 2022, which was comprised of current liabilities of $3,279,881 and non-current liabilities of $33,511,590.

 

The following is a summary of the Company’s cash flows provided by (used in) operating, investing, and financing activities for the years ended May 31, 2023 and 2022.

 

		Year Ended May 31,
		2023				2022
Net cash provided by/(used in) operating activities			102,130				(17,094,189	)
Net cash (used in)/provided by investing activities			(1,614,513	)			167,610
Net cash provided by financing activities			1,913,012				16,904,719
Effect of exchange rate changes on cash and cash equivalents			(15,438	)			(5,256	)
Net increase/(decrease) in cash and cash equivalents			385,191				(27,116	)
Cash and cash equivalents at the beginning of period			108,787				135,903
Cash and cash equivalents at the end of period			493,978				108,787

 

 

Cash Flows from Operating Activities

 

For the year ended May 31, 2023, net cash provided by operating activities was $102,130, mainly comprised of a net loss of $6,783,522, an increase in accounts receivable of $972,009, a decrease in prepaid expenses and other current assets of $3,992,099 and depreciation and amortization expenses of $1,559,215. For the year ended May 31, 2022, net cash flows used in operating activities were $17,094,189, consisting primarily of a net loss of $6,894,883, an increase in prepaid expenses and other current assets of $5,213,847 and a decrease in accounts payable and other current liabilities of $7,551,154.

 

Cash Flows from Investing Activities

 

Net cash flows used in investing activities were $1,614,513, mainly comprising a purchase of property and equipment of $3,801,885 and proceeds from sale of property and equipment of $2,848,949 for the year ended May 31, 2023 compared to net cash flows provided by investing activities of $167,610 for the year ended May 31, 2022 mainly comprised of an increase in loan receivable of $2,067,575, proceeds from sale of property and equipment of $938,482 and a purchase of property and equipment of $2,554,572.

 

Cash Flows from Financing Activities

 

We have financed our operations primarily from either capital contributions or financial instruments. For the year ended May 31, 2023, net cash provided by financing activities was $1,913,012 consisting mainly of proceeds from long-term borrowings of $1,814,559 and repayments of long-term borrowings of $598,748. For the year ended May 31, 2022, net cash provided by financing activities was $16,904,719 consisting primarily of proceeds from paid in capital of $7,019,564 and long-term loan of $10,166,910.

 

Going Concern Consideration

 

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

 

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

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Contractual Obligations

 

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

 

 

Critical Accounting Policies and Estimates

 

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

 

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

 

Impact of Inflation

 

In accordance with the National Bureau of Statistics of China, the year-over-year percentage changes in the consumer price index for March 2019, 2020, 2021 and 2022 were 2.3%, 4.3%, 4.4% and 2%, respectively. Inflation in China has not materially affected our profitability and operating results. However, we can provide no assurance that we will be unaffected by higher inflation rates in China in the future.

 

Foreign Currency Exchange Rates

 

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

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To:	The Board of Directors and Stockholders of
	SavMobi Technology Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying balance sheets of SavMobi Technology Inc. (the Company) as of May 31, 2023 and 2022, and the related consolidated statement of operations and comprehensive income (loss), changes in equity, and cash flow for year ended May 31, 2023 and 2022, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2023 and 2022, and the result of its operations and its cash flow for the year then ended May 31, 2023 and 2022, in conformity with accounting principles generally accepted in the United States.

 

Explanatory Paragraph Regarding Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company had incurred substantial losses during the year, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. Management’s plan in regards to these matters are described in Note 3. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matter

 

1.

The Company conducted transactions with its related parties and affiliates during the normal course of its business in 2023. The Company has entered into a number of transactions with these related parties, including director remuneration which represented as costs and expenses to the Company. We identified the evaluation of the identification of related parties and related party transactions as a critical audit matter. Auditor judgment was involved in assessing the sufficiency of the procedures performed to identify related parties and related party transactions of the Company.

 

 

How the Critical Audit Matter Was Addressed in the Audit

 

We performed the following procedures to evaluate the identification of related parties and related party transactions by the Company:

 

	●	Conducted background checks, and reviewed other public research sources for information related to transactions between the Company and its related parties
	●	Performed confirmations for account balances with related parties
	●	Reviewed transaction details in the accounts payable system for transactions with related parties
	●	Examined the Company’s reconciliation of its related parties’ transactions and balances
	●	Tested expenses transactions between the Company and its related parties

 

2.

As described in Note 3, for the fiscal years ended May 31, 2023 and 2022, the Company reported accumulated deficit of $23,887,645 and $18,433,688 and a working capital deficiency/(equity) of $784,107 and ($3,609,189), respectively. The Company’s operations are mainly funded with debt financing, which is dependent upon many external factors and may be difficult to raise when required. The Company may not have sufficient cash to fund its operations, and therefore, will require additional funding, which if not raised, may result in the delay, postponement or curtailment of some or all of its activities. Management has prepared future cash flow forecasts, which involves judgement and estimation of key variables, such as planned expenditures, future financings and market conditions.

 

We identified the Company’s ability to continue as a going concern as a critical audit matter because auditing the Company’s going concern assessment is complex and involves a high degree of auditor judgment to assess the reasonableness of the cash flow forecasts, planned refinancing actions and other assumptions used in the Company’s going concern analysis. The Company’s ability to execute the planned refinancing actions are especially judgmental given that the global financial markets.

 

This matter is also described in the “Explanatory Paragraph Regarding Going Concern” section of our report.

 

How the Critical Audit Matter Was Addressed in the Audit

 

We responded to this matter by performing procedures over management’s assessment of the Company’s ability to continue as a going concern. Our audit work in relation to this included, but was not restricted to, the following:

 

	●	We inquired with management whether there is substantial doubt regarding the Company’s ability to continue as a going concern;
	●	We have received the confirmation of financial support from the long term loan creditor and company director, indicating their willingness to continue supporting the company on the next twelve months.
	●	We reviewed the related financial statement disclosure in the notes to the financial statements to ensure they are adequate.

 

Pan-China Singapore PAC (6255)

Chartered Accountants

Singapore

October 2, 2023

 

We have served as the Company’s auditor since 2023

 

 

Savmobi Technology, Inc.

Consolidated Balance Sheets

As of the years ended May 31, 2023 and 2022

 

		May 31, 2023				May 31, 2022
		$				$
Assets
Current assets
Cash and cash equivalents			483,705				106,542
Restricted cash			10,273				2,245
Accounts receivable			409,380				355,598
Inventories			177,034				78,995
Amount due from related parties			16,000				16,000
Prepaid expenses and other current assets			2,021,604				6,329,690
Total current assets			3,117,996				6,889,070
Non-current assets
Plant and equipment, net			6,581,823				6,956,399
Intangible assets, net			15,543				13,282
Right-of-use assets			277,184				946,296
Other non-current assets			2,884,090				3,552,736
Total non-current assets			9,758,640				11,468,713
Total Assets			12,876,636				18,357,783
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payables			775,293				585,134
Advances from customers			622,069				20,400
Other current payables			1,301,624				1,627,733
Taxes payable			18,737				19,427
Amounts due to related parties			1,057,721				390,077
Operating lease liabilities, current			126,659				637,110
Total current liabilities			3,902,103				3,279,881
Non-current liabilities
Long-term loan			32,740,623				33,211,152
Operating lease liabilities			121,555				300,438
Total non-current liabilities			32,862,178				33,511,590
Total Liabilities			36,764,281				36,791,471
Stockholders’ (Deficit) Equity
Common stock ($0.001 par value, 10,000,000,000 and 75,000,000 shares authorized, 1,061,900,000 and 61,900,000 share issued and outstanding as of May 31, 2023 and 2022, respectively)			1,061,900				61,900
Additional paid-in capital			8,474,336				9,474,336
Accumulated deficit			(32,751,349	)			(26,355,961	)
Accumulated other comprehensive income			344,031				(987,312	)
Non-controlling interest			(1,016,563	)			(626,651	)
Total (Deficit) Equity			(23,887,645	)			(18,433,688	)
Total Liabilities and (Deficit) Equity			12,876,636				18,357,783

 

 

Savmobi Technology, Inc.

Consolidated Statements of Operations and Comprehensive Loss

for the years ended May 31, 2023 and 2022

 

		2023				2022
		$				$
Net revenues			3,723,088				3,563,527
Cost of revenues			(4,132,481	)			(4,571,107	)
Gross loss			(409,393	)			(1,007,580	)
Operating expenses:
Tax and surcharges			(24,201	)			(11,623	)
Selling and marketing expenses			(456,023	)			(864,011	)
General and administrative expenses			(4,481,871	)			(3,537,855	)
Research and development expenses			(396,849	)			(723,668	)
Impairment losses			(922,434	)			(802,773	)
Total operating expenses			(6,281,378	)			(5,939,930	)
Operating income/(loss)			(6,690,771	)			(6,947,510	)
Other income (expenses):
Interest income			440				2,641
Other income/(expense)			(92,968	)			49,986
Total other income and (expenses)			(92,528	)			52,627
Loss before taxes from operations			(6,783,299	)			(6,894,883	)
Provision for income taxes			(223	)			-
Net loss			(6,783,522	)			(6,894,883	)
Other comprehensive income:
Foreign currency translation income			1,329,565				903,470
Total comprehensive loss			(5,453,957	)			(5,991,413	)
Net loss attributable to :
Owners of the Company			(6,395,388	)			(6,627,894	)
Non-controlling interest			(388,134	)			(266,989	)
Net Loss			(6,783,522	)			(6,894,883	)
Total comprehensive loss attributable to:
Owners of the Company			(5,064,045	)			(5,736,843	)
Non-controlling interest			(389,912	)			(254,570	)
Total comprehensive loss			(5,453,957	)			(5,991,413	)
Loss per common share:
Basic and diluted			(0.01	)			(0.11	)
Weighted Average Number of Common Share Outstanding:
Basic and Diluted			467,379,452				61,900,000

 

 

Savmobi Technology, Inc.

Consolidated Statements of Stockholders’ Equity (Deficit)

For the years ended May 31, 2023 and 2022

 

														Additional								Other				Total
		Common Stock								Contributed				Paid In				Retained				Comprehensive				Shareholders’				Non-controlling				Total
		Shares				Amount				Capital				Capital				Earnings				Income/(loss)				Equity				Interest				Equity
Balance at, May 31, 2021			61,900,000				61,900				2,409,659				114,197				(19,728,067	)			(1,878,363	)			(19,020,674	)			(372,081	)			(19,392,755	)
Net income			-				-				-				-				(6,627,894	)			-				(6,627,894	)			(266,989	)			(6,894,883	)
Additional paid-in capital			-				-				(2,409,659	)			-				-				-				(2,409,659	)			-				(2,409,659	)
Foreign currency translation adjustments			-				-				-				-				-				891,051				891,051				12,419				903,470
Capital contribution			-				-				-				9,360,139				-				-				9,360,139				-				9,360,139
Balance at, May 31, 2022			61,900,000				61,900				-				9,474,336				(26,355,961	)			(987,312	)			(17,807,037	)			(626,651	)			(18,433,688	)
Balance at, May 31,2022			61,900,000				61,900				-				9,474,336				(26,355,961	)			(987,312	)			(17,807,037	)			(626,651	)			(18,433,688	)
Net income			-				-				-				-				(6,395,388	)			-				(6,395,388	)			(388,134	)			(6,783,522	)
Reverse merge			1,000,000,000				1,000,000				-				(1,000,000	)			-				-				-				-				-
Foreign currency translation adjustments			-				-				-				-				-				1,331,343				1,331,343				(1,778	)			1,329,565
Balance at, May 31, 2023			1,061,900.000				1,061,900				-				8,474,336				(32,751,349	)			344,031				(22,871,082	)			(1,016,563	)			(23,887,645	)

 

 

Savmobi Technology, Inc.

Consolidated Statements of Cash Flows

For the years ended May 31, 2023 and 2022

 

		2023				2022
		$				$
Net loss			(6,783,522	)			(6,894,883	)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			932,799				1,492,926
Depreciation of right-of-use assets			626,416				688,470
Bad debt expense			922,434				-
Changes in operating assets and liabilities
Accounts receivable			(972,009	)			(233,293	)
Inventories			(110,368	)			(21,616	)
Prepaid expenses and other current assets			3,992,099				(5,213,847	)
Other non-current assets			423,013				480,485
accounts payable and other current liabilities			1,071,268				(7,392,431	)
Net cash provided by/(used in) operating activities			102,130				(17,094,189	)
Cash flows from investing activities
Loan receivable			-				2,067,575
Prepaid for right-of-use assets			(647,763	)			(285,067	)
Proceeds from sale of property and equipment			2,848,949				938,482
Purchase of property and equipment			(3,801,885	)			(2,554,572	)
Purchase of long-term investment			-				(20,000	)
Purchase of intangible assets			(13,814	)			-
Proceed from sale of intangible assets			-				21,192
Net cash (used in)/provided by investing activities			(1,614,513	)			167,610
Cash flows from financing activities
Amount due to related party			697,201				(95,159	)
Repayments of short-term borrowings			-				(186,596	)
Proceeds from long-term loan			1,814,559				10,166,910
Repayments of long-term borrowings			(598,748	)			-
Proceeds from paid in capital			-				7,019,564
Net cash provided by financing activities			1,913,012				16,904,719
Effect of exchange rate changes on cash and cash equivalents			(15,438	)			(5,256	)
Net increase/(decrease) of cash and cash equivalents			385,191				(27,116	)
Cash and cash equivalents–beginning of year			108,787				135,903
Cash and cash equivalents–end of year			493,978				108,787
Supplementary cash flow information:
Interest received			440				2,641

 

 

1. Organization and Principal Activities

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 Schedule of Share Acquired by Purchases

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

 

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

 

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

 

25

 

 

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

 

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

 

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

 

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

 

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

 

The Company consolidated its financial statements due to common control.

 

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

 

 Schedule of Economic Benefits Ownership Percentage

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

 

2. Variable Interest Entities

 

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

 

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

 

26

 

 

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

 

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

 

Liangshan Tongfu Technology Co. (“Liangshan”) was incorporated on November 13, 2018. On October 2, 2022, Hangzhou Zhuyi entered in a share agreement with Hangzhou Kaai Technology Co. to purchase 26% of Liangshan’s shares. As a result, Hangzhou Zhuyi holds 67% of Liangshan. Liangshan is into smart parking projects and smart parking mobile applications businesses.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

a. Contractual agreements with VIEs

 

Power of Attorney

 

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

 

Exclusive Option Agreements

 

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

 

27

 

 

Exclusive Business Corporation Agreement

 

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

 

Equity Pledge Agreement

 

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

 

Spousal Consent Letter

 

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

 

b. Risks in relation to the VIE structure

 

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

 

28

 

 

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

 

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

 

● impose fines;

 

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

 

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

 

● place restrictions on the right to collect revenues;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The consolidated financial statements of the Group’s VIEs have been audited by filing the Form 8-K for the year ended May 31, 2022.

 

29

 

 Schedule of Variable Interest Entities Financial Statements

		May 31, 2023				May 31, 2022 (Audited)
		$				$
Cash and cash equivalents			401,984				106,542
Restricted cash			10,273				2,245
Accounts receivable			409,380				355,598
Inventories			177,034				78,995
Prepaid expenses and other current assets			2,045,736				6,353,787
Plant and equipment, net			6,581,823				6,956,399
Intangible assets, net			15,543				13,282
Right-of-use assets			277,184				946,296
Other non-current assets			2,884,090				3,552,736
Total Assets			12,803,047				18,365,880
Accounts payables			749,226				565,067
Advances from customers			622,069				20,400
Other current payables			1,300,969				1,627,732
Taxes payable			18,737				19,427
Amounts due to related parties			540,897				394,077
Operating lease liabilities, current			126,659				637,110
Long-term loan			32,740,623				33,211,152
Operating lease liabilities			121,555				300,438
Total Liabilities			36,220,735				36,775,403
Total (Deficit) Equity of VIEs			(23,417,688	)			(18,409,523	)
Total Liabilities and (Deficit) Equity of VIEs			12,803,047				18,365,880

 

		May 31, 2023				May 31, 2022 (Audited)
		$				$
Net revenues			3,723,088				3,563,527
Cost of revenues			(4,132,481	)			(4,571,107	)
Gross loss			(409,393	)			(1,007,580	)
Total costs and expenses			(5,835,586	)			(5,860,705	)
Operating income/(loss)			(6,244,979	)			(6,868,285	)
Total other income and (expenses)			(92,528	)			52,627
Loss before taxes from operations			(6,337,507	)			(6,815,658	)
Provision for income taxes			(223	)			-
Net loss			(6,337,730	)			(6,815,658	)
Net loss attributable to VIEs			(5,949,596	)			(6,548,669	)

 

		2023				2022 (Audited)
		Year Ended May 31,
		2023				2022 (Audited)
Net cash provided by/(used in) operating activities			541,233				(17,047,129	)
Net cash (used in)/provided by investing activities			(1,614,513	)			187,610
Net cash provided by financing activities			1,392,188				16,838,474
Effect of exchange rate changes on cash and cash equivalents			(15,438	)			(5,256	)
Net increase in cash and cash equivalents			303,470				(26,301	)
Cash and cash equivalents at the beginning of period			108,787				135,088
Cash and cash equivalents at the end of period			412,257				108,787

 

30

 

 

3. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying financial statements include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”).

 

The accompanying financial statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company incurred net loss of $6,783,522 during the year ended May 31, 2023. As of May 31, 2023, the Company had total deficit of $23,887,645 and had net cash provided by operating activities of $102,130. The Company incurred net loss of $6,894,883 during the year ended May 31, 2022. As of May 31, 2022, the Company had total deficit of $18,433,688 and had net cash used in operating activities of $17,094,189.

 

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

 

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

 

Method of accounting

 

Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States of America. The Company maintains its general ledger and journals with the accrual method accounting.

 

Use of estimates

 

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates.

 

Business Combination and Non-controlling Interests

 

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

 

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

 

31

 

 

SVMB and Intellegence consolidated the financial statements through common control. As a result, the Company measured the recognized assets and liabilities combined at their historical cost at the acquisition date. The difference between consideration paid and assets and liabilities received are presented as a component of equity and additional paid-in-capital.

 

Zhejiang Jingbo Ecological Technology and Hangzhou Zhuyi, Linglingyi, Lingshan, Anping, Haikou, Yibin, Xide Tongpo and Taining consolidated the financial statements through acquisition.

 

Jingbo accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by Jingbo and equity instruments issued by Jingbo. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss.

 

In a business combination achieved in stages, Jingbo re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.

 

The consolidated financial statements include the financial statements of Jingbo its subsidiaries, the VIEs and VIE’s subsidiaries for which the Company is considered the ultimate primary beneficiary for accounting purposes.

 

A subsidiary is an entity in which the Company directly or indirectly controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of notes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

 

A VIE is an entity in which the Company’s subsidiary, through contractual agreements, has the power to direct activities of the VIEs that most significantly impact their economic performance, and has the right to receive economic benefits from the VIEs that could potentially be significant to them, and therefore the Company is considered the ultimate primary beneficiary of the entity for accounting purposes.

 

All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate.

 

Segment Reporting

 

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Company’s management team, including the chief executive officer (“CEO”).

 

The Company has organized operations into three different areas: (1) parking fee, (2) sales of parking lot equipment, and (3) other services. As the parking fee and sales of parking lot equipment are of the same nature, CODM accesses that there is only one operating segment which is car parking income.

 

32

 

 

Cash and cash equivalents

 

The Company considers all highly liquid investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents.

 

Accounts receivables

 

Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An expected credit loss is made when collection of the full amount is no longer probable. Bad debts are written off against expected credit loss allowances.

 

Inventories

 

Inventories solely consist of consumable parts for sales are stated at the lower of cost or market value. Consumable parts for sales costs include: materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.

 

Plant and Equipment

 

An item of plant and equipment is stated at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any).

 

The cost of an item of plant and equipment comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade discounts and rebates) and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These can include the initial estimate of costs of dismantling and removing the item, and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period.

 

The cost of replacing part of plant and equipment is included in the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the statement of income during the financial period in which they are incurred.

 

Depreciation is provided over their estimated useful lives, using the straight-line method. The estimated useful lives of the plant and equipment are as follows:

 Schedule of Estimated Useful Live

Furniture, fixtures and office equipment			3-5 years
Building			20 years
Vehicles			4-5 years
Project facilities			2-5 years

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized.

 

Impairment of long-lived assets

 

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment; such as evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of plant and equipment in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize impairment loss based on the fair value of the assets. The Company did not record any impairment losses on long-lived assets during the years ended May 31, 2023 and 2022.

 

33

 

 

Statutory reserves

 

Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.

 

Leases

 

Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date.

 

All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the 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. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

 

The Company reviews its lease for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of lease; such as an evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of lease in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the lease to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets

 

Value added tax (“VAT”)

 

The Company is subject to value-added tax (“VAT”) for providing services and sales of products. Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other payables. The Company reports revenue net of PRC’s VAT for all the periods presented in the Consolidated Statements of Operations and Comprehensive Loss.

 

Foreign currency translation

 

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

 Schedule of Foreign Currency Translation

			05312023				05312022
Year end RMB: US$ exchange rate			7.1100				6.6624
Annual average RMB: US$ exchange rate			6.9185				6.4310

 

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

 

34

 

 

Income recognition

 

Recognition of Revenue

 

Revenue is reported net of business taxes and VAT. The Company’s main income is from parking fee.

 

Revenue is recognized when services are rendered. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount:

 

(i) identification of the services in the contract;

 

(ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract;

 

(iii) measurement of the transaction price, including the constraint on variable consideration;

 

(iv) allocation of the transaction price to the performance obligations; and

 

(v) recognition of revenue when (or as) the Company satisfies each performance obligation.

 

The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.

 

For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules.

 

Other Income and other expenses

 

Other income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements.

 

Advertising

 

All advertising costs are expensed as incurred.

 

Research and development

 

All research and development costs are expensed as incurred.

 

Retirement benefits

 

Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory as part of overhead.

 

35

 

 

Income taxes

 

Income tax expense comprises current and deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive income or equity, in which case it is recognized directly in other comprehensive income or equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable with respect to previous periods.

 

The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

 

The Company accounts for uncertain tax positions by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position will be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expenses.

 

Comprehensive income

 

The Company uses FASB ASC Topic 220, “Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

 

Earnings per share

 

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

 

Financial instruments

 

The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

 

	●	Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.
	●	Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	●	Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.

 

36

 

 

Commitments and contingencies

 

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

 

Recent accounting pronouncements

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The adoption does not have a significant impact on the Company’s financial statements.

 

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.

 

In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

 

In October 2016, the FASB issued guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

 

In August 2016, the FASB issued guidance, which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

 

In January 2016, the FASB issued guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities. The updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

 

4. Trade Receivables

 

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

 

5. Prepaid Expenses and Other Current Assets

 Schedule of Prepaid Expenses and Other Current Assets

		May 31, 2023				May 31, 2022
Prepayment			591,277				2,382,151
Prepayment for rental (a)			438,256				492,620
Deposit			366,478				653,538
Loan receivable (b)			342,882				2,067,575
Advances to employees			125,508				421,501
Other			157,164				212,062
VAT			39				100,243
TOTAL			2,021,604				6,329,690

 

	(a)	Prepayment for rental included a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of May 31, 2023.
	(b)	Loan receivables are loans borrow to third parties. All loans are interest free and will be repaid on demand.

  

37

 

 

6. Property and Equipment

 Schedule of Property and Equipment

		Furniture, fixtures and office equipment				Building				Vehicles				Project Facilities				Construction in progress				Total
Cost
At May 31,2022			1,039,335				4,502,229				98,523				3,310,905				363,367				9,314,359
Beginning balance, cost			1,039,335				4,502,229				98,523				3,310,905				363,367				9,314,359
Additions during the year			52,184				224,289				31,747				423,639				3,070,025				3,801,884
Disposals during the year			(64,146	)			-				-				(488,218	)			(2,420,288	)			(2,972,652	)
Effects of currency translation			(65,102	)			(289,453	)			(7,058	)			(206,680	)			(40,374	)			(608,667	)
At May 31,2023			962,271				4,437,065				123,212				3,039,646				972,730				9,534,924
Ending balance, cost			962,271				4,437,065				123,212				3,039,646				972,730				9,534,924
Accumulated depreciation
At May 31,2022			826,668				384,736				74,237				1,072,319				-				2,357,960
Beginning balance, Accumulated depreciation			826,668				384,736				74,237				1,072,319				-				2,357,960
Depreciation during the year			170,668				225,509				38,397				453,284				-				887,858
Disposals during the year			(38,773	)			-				-				(84,931	)			-				(123,704	)
Effects of currency translation			(55,589	)			(30,293	)			(5,707	)			(77,424	)			-				(169,013	)
At May 31,2023			902,974				579,952				106,927				1,363,248				-				2,953,101
Ending balance, Accumulated depreciation			902,974				579,952				106,927				1,363,248				-				2,953,101
Net book value
At May 31,2022			212,667				4,117,493				24,286				2,238,586				363,367				6,956,399
Beginning balance, Net book value			212,667				4,117,493				24,286				2,238,586				363,367				6,956,399
At May 31,2023			59,297				3,857,113				16,285				1,676,398				972,730				6,581,823
Ending balance, Net book value			59,297				3,857,113				16,285				1,676,398				972,730				6,581,823

 

(a) Address of the building is Building B8, China Zhigu Fuchun, Yinhu Village, Shoujiang town, Fuyang District, China

 

7. Intangible Assets

 Schedule of Intangible Assets

Cost
At May 31,2022			16,100
Beginning balance, cost			16,100
Additions during the year			13,443
Disposals during the year			-
Effects of currency translation			(1,014	)
At May 31,2023			28,529
Ending balance, cost			28,529
Accumulated depreciation
At May 31,2022			2,818
Beginning balance, Accumulated depreciation			2,818
Depreciation during the year			10,245
Disposals during the year			-
Effects of currency translation			(77	)
At May 31,2023			12,986
Ending balance, Accumulated depreciation			12,986
Net book value
At May 31,2022			13,282
At May 31,2023			15,543

 

 

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8. Right-of-use Assets

 Schedule of Right of Use Assets

		$
Cost
At May 31, 2022			2,218,295
Additions during the year			39,995
Write-off during the year			-
Effects of currency translation			(99,645	)
At May 31, 2023			2,118,650
Accumulated depreciation
At May 31,2022			1,271,999
Depreciation during the year			649,538
Write-off during the year			-
Effects of currency translation			(80,071	)
At May 31, 2023			1,841,466
Net book value
At May 31, 2022			946,296
At May 31, 2023			277,184

 

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

 

9. Other non-current assets

 

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

 

10. Other payables and Accruals

 Schedule of Other Payable and Accruals

		May 31, 2023				May 31, 2022
		$				$
Accrued payroll and welfare payables			338,657				283,082
Deposit			27,194				9,891
Loans payable			344,585				507,388
Advanced to employees			70,305				75,048
Other (a)			520,883				752,323
Total			1,301,624				1,627,732

 

(a)

Other mainly included collection of parking fees on behalf of a third party.

 

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11. Related Party Transactions

 

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

 

At May 31, 2023 and May 31, 2022, the Company owned funds from the following related parties:

Schedule of Related Party Transactions 

		May 31.2023				May 31.2022				Relationship
Intellegence Triumph Holdings Limited			5,000				5,000			Former shareholder
Virtue Victory Holdings Limited			5,200				5,200			Former shareholder
Strength Union Holdings Limited			5,800				5,800			Former shareholder
Due from related party

 

At May 31, 2023 and May 31, 2022, the Company owed funds to the following related parties:

 

		May 31, 2023				May 31.2022				Relationship
Guowei Zhang			1,056,221				394,077			President of the Company
Xinxin Chen			1,500				-			Former shareholder
Shaoxing Keqiao Zhuyi Technology Co., Ltd			32,740,623				-			An entity controlled by a shareholder
Beijing Zhibo Innovation Technology Co., Ltd.			-				33,211,152			An entity which Guowei Zhang is a major shareholder
Due to related party

 

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

 

During the year ended May 31, 2023, the Company borrowed from related parties of $713,753 and made repayments to related parties of $16,552. During the year ended May 31, 2022, the Company borrowed from related parties of $11,814,399 and made repayments to related parties of $1,373,587.

 

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

 

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

 

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

 

40

 

 Schedule of Related Party Amount Transferred to Creditor

Transferee		Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				5,327,769
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				6,118,143
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				1,329,162
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				281,294
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				717,300
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				562,588
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				64,482
Total			234,289,035.38				32,952,046

 

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

 

41

 

 

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

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

Transferor		Balance as at January 15, 2023 (RMB)				Offset (RMB)				Increase (RMB)				Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				-				-				30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				-				-				10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				-				-				41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				-				-				10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				-				8,652,951.79				46,533,386.81				6,544,780
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				-				6,427,428.49				8,427,428.49				1,185,292
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				(2,309,273.07	)			4,734,492.66				45,925,219.59				6,459,243
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				(9,450,338.82	)			-				-				-
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				(5,100,000.00	)			-				-				-
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				(4,000,000.00	)			-				-				-
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				(458,469.12	)			-				-				-
Total			234,289,035.38				(21,318,081.01	)			19,814,872.94				232,785,827.31				32,740,623

 

12. Income Taxes

 

PRC

 

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

 

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

 

Income tax expense (benefits)

 

Schedule of Income Tax Expenses (Benefits)

		May 31, 2023				May 31, 2022
			$				$
Loss before tax			(6,783,299	)			(6,894,883	)
Tax credit calculated at statutory tax rate			(1,695,825	)			(1,723,721	)
Effect of different tax rates			17,832				1,721
Deferred tax asset not recognized during the year			1,678,216				1,722,000
Income tax expenses			223				-

 

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

 

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

 

13. Long-term Borrowings

 

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

 

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

 

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

Schedule of Long-Term Borrowings Amount Transferred to Creditor 

Transferee		Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				5,327,769
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				6,118,143
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				1,329,162
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				281,294
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				717,300
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				562,588
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				64,482
Total			234,289,035.38				32,952,046

 

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

 

42

 

 

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

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

Transferor		Balance as at January 15, 2023 (RMB)				Offset (RMB)				Increase (RMB)				Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				-				-				30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				-				-				10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				-				-				41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				-				-				10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				-				8,652,951.79				46,533,386.81				6,544,780
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				-				6,427,428.49				8,427,428.49				1,185,292
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				(2,309,273.07	)			4,734,492.66				45,925,219.59				6,459,243
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				(9,450,338.82	)			-				-				-
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				(5,100,000.00	)			-				-				-
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				(4,000,000.00	)			-				-				-
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				(458,469.12	)			-				-				-
Total			234,289,035.38				(21,318,081.01	)			19,814,872.94				232,785,827.31				32,740,623

 

14. Leases

 

Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company entered into 16 agreements for renting offices, warehouses and parking lots. As of May 31, 2023, the Company has $277,184 of right-of-use assets, $126,659 in current operating lease liabilities and $121,555 in non-current operating lease liabilities.

 

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

 

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

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

		As of May 31, 2023				As of May 31, 2022
			$				$
Within 1 year			136,710				658,774
After 1 year but within 5 years			127,793				321,294
Total lease payments			264,503				980,068
Less: imputed interest			(16,289	)			(42,520	)
Total lease obligations			248,214				937,548
Less: current obligations			(126,659	)			(637,110	)
Long-term lease obligations			121,555				300,438

 

15. Non-controlling interests (NCI)

 

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

 

The following table represent the non-controlling ownership interests and non-controlling interest balances reported in stockholder’s equity as of May 31, 2023 and 2022 respectively.

 

43

 

 Schedule of Non Controlling Ownership Interest

		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
		Liangshan								Yibin								Xide								Taining								Anping								Total
		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
NCI ownership interest			33	%			33	%			20	%			20	%			33	%			33	%			28	%			28	%			10	%			10	%
NCI balances			(864,174	)			(572,223	)			(19,951	)			(16,157	)			(64,157	)			(12,186	)			(66,755	)			(25,911	)			(1,526	)			(174	)			(1,016,563	)			(626,651	)

 

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

 

Summarized statement of financial position as at

 Schedule of Statement of Financial Positions

		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
		Liangshan								Yibin								Xide								Taining								Anping								Total
		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
Non-current assets			391,073				708,532				-				-				49,521				68,075				153,693				230,103				-				89,143				594,287				1,095,853
Current assets			102,279				578,305				1,617				2,231				9,276				11,287				23,567				23,313				1				103,544				136,740				718,680
Current liabilities			(748,450	)			(563,582	)			(86,863	)			(78,897	)			(238,248	)			(113,808	)			(91,047	)			(37,110	)			-				(117,146	)			(1,164,608	)			(910,543	)
Non-current liabilities			(60,039	)			(127,000	)			-				-				-				-				(6,551	)			(20,787	)			-				(11,022	)			(66,590	)			(158,809	)
Net assets			(315,137	)			596,255				(85,246	)			(76,666	)			(179,451	)			(34,446	)			79,662				195,519				1				64,519				(500,171	)			745,181

 

		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
		Liangshan								Yibin								Xide								Taining								Anping								Total
		053123				053122				053123				053122				053123				053122				053123				053122				053123				053122				053123				053122
Net Assets			(315,137	)			596,255				(85,246	)			(76,666	)			(179,451	)			(34,446	)			79,662				195,519				1				64,519				(500,171	)			745,181
Less: Zhuyi capital and additional paid-in capital			(2,101,930	)			(2,101,930	)			-				-				-				-				(310,895	)			(303,483	)			(16,551	)			(65,935	)			(2,429,376	)			(2,471,348	)
Less: OCI			(100,820	)			(114,166	)			(7,255	)			(2,060	)			(7,482	)			(1,240	)			(3,589	)			7,713				646				(162	)			(118,500	)			(109,915	)
Accumulated Deficits			(2,517,887	)			(1,619,841	)			(92,501	)			(78,726	)			(186,933	)			(35,686	)			(234,822	)			(100,251	)			(15,904	)			(1,578	)			(3,048,047	)			(1,836,082	)
Accumulated Deficits attributable to NCI			(830,903	)			(534,548	)			(18,500	)			(15,745	)			(61,688	)			(11,777	)			(65,750	)			(28,071	)			(1,590	)			(158	)			(978,431	)			(590,299	)
Plus: OCI attributable to NCI			(33,271	)			(37,675	)			(1,451	)			(412	)			(2,469	)			(409	)			(1,005	)			2,160				64				(16	)			(38,132	)			(36,352	)
NCI balances			(864,174	)			(572,223	)			(19,951	)			(16,157	)			(64,157	)			(12,186	)			(66,755	)			(25,911	)			(1,526	)			(174	)			(1,016,563	)			(626,651	)

 

44

 

 

16. Reserves

 

Statutory reserve

 

Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the other reserve appropriations are at the Company’s discretion. These reserves can only be used for specific purposes of enterprise expansion and are not distributable as cash dividends. During the year ended May 31, 2023 and 2022 the Company did not accrue any statutory reserve.

 

Foreign currency translation reserve

 

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

 

17. Quantitative and Qualitative Disclosure about Market Risks

 

	A.	Credit risk
		The Company’s deposits are with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss if the banks become insolvent.
		Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The credit risk with respect to account receivables is mitigated by credit control policies we carry out with respect to our customers and our ongoing monitoring process of outstanding balances.
	B.	Economic and political risks
		The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.
		The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.
	C.	Interest risk
		The Company is subject to interest rate risk when long term loans become due and require refinancing.
	D.	Sensitivity analysis
		The long-term loans are free of interest for the first 32 months however if interest were to charge at an annual rate of 4%, interest expense would be $1.3 million per year. The Company adopts 4% as an annual interest rate based on the China LPR announced on May 22, 2023 with an adjustment to loan terms. If interest rate increases or decreases by 10%, it could lead to an increase or decrease in interest expense of $32,371 per year.

 

18. Significant Events

 

By the end of May 31, 2023, the Company has entered into four contracts with four agents allowing them to use our software application to parking lots in the cities that are specified in the contracts for collecting parking fees. Royalty fees will be charged to these agents. The manual of the application was delivered to these agents in June, 2023. The Company expects to receive royalty fee from the third quarter.

 

19. Subsequent Events

 

The Company has performed an evaluation of subsequent events through October 2, 2023, which was the date of the issuance of the consolidated financial statements, and determined that no events would have required adjustment or disclosure in the consolidated financial statements other than that discussed above.

 

20. Comparative figure

 

SVMB consolidated financial statements for the year ended May 31, 2022 are not audited. Figures consolidated up to Zhejiang Jingbo Ecological Technology Co. have been audited which have been marked as audited in the Summary of financial information of the Group’s VIEs (inclusive of VIE’s subsidiaries) under the Variable Interest Entities section. There is no significant difference between Zhejiang Jingbo Ecological Technology Co.’s audited figures and SVMB’s pro-forma figures.

 

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable to a “smaller reporting company” as defined in Rule 12b-2 of the Exchange Act.

 

Item 8. Financial Statements and Supplementary Data.

 

See above.

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

There have been no changes in or disagreements with accountants regarding our accounting, financial disclosures or any other matter.

 

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as required by Sarbanes- Oxley (SOX) Section 404 A. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

 

Management assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in SEC guidance on conducting such assessments as of the end of the period covered by this report. Management conducted the assessment based on certain criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that our internal controls over financial reporting were not effective as of May 31,2023.

 

The matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: ( 1) lack of a functioning audit committee and lack of a majority of outside directors on the Company’s board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company’s Chief Financial Officer in connection with the review of our financial statements as of May 31, 2023 and communicated the matters to our management.

 

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on the Company’s financial results. However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on the Company’s board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures can result in the Company’s determination to its financial statements for the future years.

 

We are committed to improving our financial organization. As part of this commitment, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company: i) Appointing one or more outside directors to our board of directors who shall be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and ii) Preparing and implementing sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.

 

 

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company’s Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the company may encounter in the future.

 

We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

 

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

 

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a- 15 or 15d- 15 under the Exchange Act that occurred during the small business issuer’s last fiscal year that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

 

Changes in Internal Control over Financial Reporting

 

There were no changes that have affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a- 15(f) or 15d- 15(f) under the Exchange Act) during the fiscal year ended May 31, 2023.

 

Item 9B. Other Information.

 

None.

 

 

PART III

 

Item 10. Directors and Executive Officers, Promoters and Control Persons

 

Zhang Guowei was appointed Chairman of the Board and the sole officer and director of SVMB on June 8, 2022. Guowei Zhang is the current Chief Executive Officer of Intellegence.

 

Name		Age		Position(s)
Guowei Zhang#		42		CEO, CFO and Director
Hongwei Li#		36		Director
Xiujuan Chen#		49		Director
Chuchu Zhang#		26		Director

 

# Appointed on January 5, 2023

 

Guowei Zhang, age 42, Chief Executive Officer, Chief Financial Officer, and Director, has been an officer at Hangzhou Zhuyi Technology Co. since May 2017. Zhang Guowei has been the Chairman of Zhejiang Jingbo Ecological Technology Co. since December 2019. Zhejiang Jingbo Ecological Technology Co. is a PRC company which was formed on December 18, 2019 and is engaged in the business of smart parking application software and platform operations business. Zhang Guowei attended Zhejiang Open University.

 

In 2017, Mr Zhang founded Hangzhou Zhuyi Technology Co. He invested to develop smart parking APP – Any-e Park and organized numerous parking lots based on the need of the APP’s scenarios together with shareholders and partners. In order to meet the requirements of parking lots, he developed an intelligent management system, an unattended system, and a charging system for parking lots. Since Any e-Park needs more information and data of urban public parking lots, he also led the development of the urban smart parking cloud platform to meet the data needs of city managers for urban public parking lots. In the process of upgrading the intelligent parking lots and expanding the operation business, a series of intelligent parking software and hardware products have been developed successively, and various profit models have been formulated for the development of the company. Later, Zhang founded Jingbo Ecological Technology Co.

 

Hongwei Li, age 36, Director, has been the supply chain manager of Zhejiang Renlv World Technology Development Co. since 2017 and is familiar with the supply chain process and e-commerce procurement. He has the strong capabilities of supply chain management, team management, and business development.

 

Xiujuan Chen, age 49, Director, has been the Operating President of Hangzhou Jizhong Ecological Technology Co., Ltd. since 2018.

 

Chuchu Zhang, age 26, Director, graduated from the University of Sheffield with a master’s degree in management. After graduation, she started served as the general manager of Zhonggu Zongguan Business Development (Hangzhou) Co., Ltd. in September 2020. She is responsible for project planning, on-site coordination, and tracking of delivery issues.

 

Director Independence

 

None of our directors qualified as an “independent director” under the rules of NASDAQ, Marketplace Rule 4200(a).

 

Nominating Committee

 

We do not presently have a nominating committee. Our Board of Directors currently acts as our nominating committee.

 

Audit Committee

 

We do not presently have an audit committee. Our Board of Directors currently acts as our nominating committee.

 

Involvement in Legal Proceedings

 

To our knowledge, there have been no material legal proceedings during the last ten years that would require disclosure under the federal securities laws that are material to an evaluation of the ability or integrity of any of our directors or executive officers.

 

 

Potential Conflicts of Interest

 

We are not aware of any current or potential conflicts of interest with Mr. Ma, other business interests and his involvement with SavMobi Technology Inc.

 

Item 11. Executive Compensation.

 

Summary Compensation Table

 

SavMobi Technology Inc. has made no provisions for paying cash or non-cash compensation to its sole officer and director. No salaries are being paid at the present time, and none will be paid unless and until our operations generate sufficient cash flows.

 

The table below summarizes all compensation awarded to, earned by, or paid to our named executive officer for all services rendered in all capacities to us for the period from inception (March 6, 2015) through May 31, 2023.

 

Executive Compensation

 

The table below sets forth the positions and compensations for the sole officer and director of SVMB for the year ended May 31, 2023, and for the officers and directors of Intellegence from inception through May 31, 2023. All those active directors listed below were appointed on January 5, 2022.

 

Position		Name of Directors		Year				Salary before tax				Bonus				All other compensation				Total
Chief Executive Officer and Chairman		Guowei Zhang			2023			$	12,977			$	0			$	0			$	0
					2022			$	15,691			$	0			$	0			$	0
Director		Hongwei Li			2023			$	0			$	0			$	0			$	0
					2022			$	0			$	0			$	0			$	0
Director		Chuchu Zhang			2023			$	0			$	0			$	0			$	0
					2022			$	0			$	0			$	0			$	0
Director		Xiujuan Chen			2023			$	0			$	0			$	0			$	0
					2022			$	0			$	0			$	0			$	0
Former Sole Officer and		Ma Hongyu			2023			$	0			$	0			$	0			$	0
Director					2022			$	0			$	0			$	0			$	0

 

Outstanding Equity Awards at Fiscal Year End

 

None of our executive officers received any equity awards, including, options, restricted awards stock, performance or other equity incentives during the fiscal year ended May 31, 2023 and May 31, 2022.

 

Employment Contracts

 

The Company has not entered into any employment agreements with its officer and director.

 

Stock Awards Plan

 

The Company has not adopted a Stock Awards Plan but may do so in the future. The terms of any such plan have not been determined.

 

 

Director Compensation

 

The Board of Directors of the Company has not adopted a stock option plan. The Company has no plans to adopt it but may choose to do so in the future. If such a plan is adopted, this may be administered by the board or a committee appointed by the board (the “Committee”). The committee would have the power to modify, extend or renew outstanding options and to authorize the grant of new options in substitution therefore, provided that any such action may not impair any rights under any option previously granted. SavMobi Technology Inc. may develop an incentive-based stock option plan for its officers and directors and may reserve up to 10% of its outstanding shares of common stock for that purpose.

 

No fees have been paid to directors of the Company to date.

 

Board Committees

 

We have not formed an Audit Committee, Compensation Committee or Nominating and Corporate Governance Committee as of the filing of this Annual Report. Our Board of Directors performs the principal functions of an Audit Committee. We currently do not have an audit committee financial expert on our Board of Directors. We believe that an audit committee financial expert is not required because the cost of hiring an audit committee financial expert to act as one of our directors and to be a member of an Audit Committee outweighs the benefits of having an audit committee financial expert at this time.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

The following table sets forth certain information with respect to the beneficial ownership of our voting securities following the completion of the Reverse Merger described in Items 1.01 of this report by (i) any person or group owning more than 5% of any class of voting securities, (ii) each director, (iii) our chief executive officer and (iv) all executive officers and directors as a group as of May 31, 2023.

 

Name		Number of Shares of Common Stock				Percentage				Address
Guowei Zhang			200,000,000				18.83	%		Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China
Hongwei Li			290,000,000				27.31	%		Building C1, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China
Chuchu Zhang			260,000,000				24.48	%		Room 1704, Unit 2, Building C-14, Zhonghai Huanyutianxia, Qianmo Road, Xixing Street, Binjiang District, Hangzhou City, Zhejiang Province
Xiujuan Chen			250,000,000				23.54	%		No. 1129, Yunji Road, Keqiao, Shaoxing, Zhejiang
(All officers and directors as a group (4 people))			1,000,000,000				94.17	%

 

There are no other officer or director 5 % shareholders.

 

Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, each of the stockholders named in this table has sole or shared voting and investment power with respect to the shares indicated as beneficially owned. Except as set forth above, applicable percentages are based upon 1,061,900,000 shares of common stock to be outstanding.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

Except as set forth below, we had not entered into any transactions with our officers or directors, or persons nominated for these positions, beneficial owners of 5% or more of our common stock, or family members of these persons wherein the amount involved in the transaction or a series of similar transactions exceeded the lesser of $120,000 or 1% of the average of our total assets for the last three fiscal years.

 

 

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

 

At May 31, 2023 and May 31, 2022, the Company owned funds from the following related parties:

 

		May 31.2023				May 31.2022				Relationship
Intellegence Triumph Holdings Limited			5,000				5,000			Former shareholder
Virtue Victory Holdings Limited			5,200				5,200			Former shareholder
Strength Union Holdings Limited			5,800				5,800			Former shareholder

 

At May 31, 2023 and May 31, 2022, the Company owed funds to the following related parties:

 

		May 31, 2023				May 31.2022				Relationship
Guowei Zhang			1,056,221				394,077			President of the Company
Xinxin Chen			1,500				-			Former shareholder
Shaoxing Keqiao Zhuyi Technology Co., Ltd			32,740,623				-			An entity controlled by a shareholder
Beijing Zhibo Innovation Technology Co., Ltd.			-				33,211,152			An entity which Guowei Zhang is a major shareholder

 

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

 

During the year ended May 31, 2023, the Company borrowed from related parties of $713,753 and made repayments to related parties of $16,552. During the year ended May 31, 2022, the Company borrowed from related parties of $11,814,399 and made repayments to related parties of $1,373,587.

 

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

 

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

 

 

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

 

Transferee		Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				5,327,769
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				6,118,143
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				1,329,162
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				281,294
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				717,300
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				562,588
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				64,482
Total			234,289,035.38				32,952,046

 

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

 

 

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

 

Transferor		Balance as at January 15, 2023 (RMB)				Offset (RMB)				Increase (RMB)				Transferred amounts (RMB)				Transferred amounts (USD)
Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)			30,000,000.00				-				-				30,000,000.00				4,219,409
Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)			10,097,186.49				-				-				10,097,186.49				1,420,139
Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)			41,802,605.93				-				-				41,802,605.93				5,879,410
Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)			10,000,000.00				-				-				10,000,000.00				1,406,470
Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)			37,880,435.02				-				8,652,951.79				46,533,386.81				6,544,780
Hangzhou Liujin Enterprise Management Partnership Co., Ltd.			2,000,000.00				-				6,427,428.49				8,427,428.49				1,185,292
Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)			43,500,000.00				(2,309,273.07	)			4,734,492.66				45,925,219.59				6,459,243
Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)			20,000,000.00				-				-				20,000,000.00				2,812,940
Hangzhou Jizhong Ecological Technology Co., Ltd.			9,450,338.82				(9,450,338.82	)			-				-				-
Hangzhou Renyigou E-Commerce Co., Ltd.			5,100,000.00				(5,100,000.00	)			-				-				-
Hangzhou Yixin Supply Chain Management Co., Ltd.			4,000,000.00				(4,000,000.00	)			-				-				-
Hangzhou Zhizhu Parking Co., Ltd.			458,469.12				(458,469.12	)			-				-				-
Total			234,289,035.38				(21,318,081.01	)			19,814,872.94				232,785,827.31				32,740,623

 

Item 14. Principal Accountant Fees and Services.

 

Fees paid to Auditors

 

Audit Fees

 

During fiscal years ended May 31, 2023 and 2022, we incurred approximately $120,000 and $14,000, respectively, in fees to our principal independent accountants for professional services rendered in connection with the audit of our May 31, 2023 and 2022 financial statements and for the reviews of our financial statements for the quarters ended during such periods.

 

The SEC requires that before our independent registered public accounting firm is engaged by us to render any auditing or permitted non-audit related service, the engagement be either: (i) approved by our Audit Committee or (ii) entered into pursuant to pre-approval policies and procedures established by the Audit Committee, provided that the policies and procedures are detailed as to the particular service, the Audit Committee is informed of each service, and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management.

 

We do not have an Audit Committee. Our Board pre-approves all services provided by our independent registered public accounting firm.

 

 

PART IV

 

Item 15. Exhibit and Financial Statement Schedules.

 

Please see the “Exhibit Index,” which is incorporated herein by reference, following the signature page for a list of our exhibits.

 

EXHIBIT INDEX

 

31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32.1	Section 1350 Certification of Chief Executive Officer
32.2	Section 1350 Certification of Chief Financial Officer
101	Interactive data files pursuant to Rule 405 of Regulation S-T.

 

Item 16. Form 10–K Summary.

 

As permitted, the registrant has elected not to supply a summary of information required by Form 10-K.

 

 

SIGNATURES

 

Purusant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	SAVMOBI TECHNOLOGY, INC.
Dated: October 2, 2023	By:	/s/ Zhang Guowei
	Name:	Zhang Guowei
	Title:	President, Chief Executive Officer, Chief Financial Officer and Secretary and Director (Principal Executive, Financial and Accounting Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

 

Dated: October 2, 2023	By:	/s/ Zhang Guowei
	Name:	Zhang Guowei
	Title:	President, Chief Executive Officer, Chief Financial Officer and Secretary and as a director (Principal Executive, Financial and Accounting Officer)

 

 

EXHIBIT 31.1

 

CERTIFICATION OF

PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL ACCOUNTING OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

I, Zhang Guowei, certify that:

 

1.	I have reviewed this Annual Report on Form 10-K of Savmobi Technology, Inc. (the “Registrant”):
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.	The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a13a-15(f) and 15d-15(f)) for the Registrant and have:

 

	a)	Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures; and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.	The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Dated: October 2, 2023	By:	/s/ Zhang Guowei
		Zhang Guowei
		Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Accounting Officer)

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U. S. C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Savmobi Technology, Inc. (the “Company”) on Form 10-K for the year ended May 31, 2023 (the “Report”), I, Zhang Guowei, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.	The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: October 2, 2023	By:	/s/ Zhang Guowei
		Zhang Guowei
		Chief Executive Officer (Principal Executive Officer)

 

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U. S. C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Savmobi Technology, Inc. (the “Company”) on Form 10-K for the year ended May 31, 2023 (the “Report”), I, Zhang Guowei, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.	The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: October 2, 2023	By:	/s/ Zhang Guowei
		Zhang Guowei
		Chief Financial Officer (Principal Accounting Officer)

 

 

v3.23.3

Cover - USD ($)	12 Months Ended
	May 31, 2023	Oct. 02, 2023	Nov. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	May 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--05-31
Entity File Number	000-56570
Entity Registrant Name	Savmobi Technology, Inc.
Entity Central Index Key	0001647822
Entity Tax Identification Number	47-3240707
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Building B8
Entity Address, Address Line Two	China Zhigu
Entity Address, Address Line Three	Yinhu Street, Fuyang District
Entity Address, City or Town	Hangzhou, Zhejiang
Entity Address, Country	CN
City Area Code	+86
Local Phone Number	57187197085
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 3,150,000
Entity Common Stock, Shares Outstanding		1,061,900,000
Documents Incorporated by Reference [Text Block]	None
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Pan-China Singapore PAC
Auditor Firm ID	6255
Auditor Location	Singapore

v3.23.3

Consolidated Balance Sheets	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Current assets
Cash and cash equivalents	$ 483,705	$ 106,542
Restricted cash	10,273	2,245
Accounts receivable	409,380	355,598
Inventories	177,034	78,995
Amount due from related parties	16,000	16,000
Prepaid expenses and other current assets	2,021,604	6,329,690
Total current assets	3,117,996	6,889,070
Non-current assets
Plant and equipment, net	6,581,823	6,956,399
Intangible assets, net	15,543	13,282
Right-of-use assets	277,184	946,296
Other non-current assets	2,884,090	3,552,736
Total non-current assets	9,758,640	11,468,713
Total Assets	12,876,636	18,357,783
Current liabilities
Accounts payables	775,293	585,134
Advances from customers	622,069	20,400
Other current payables	1,301,624	1,627,733
Taxes payable	18,737	19,427
Amounts due to related parties	1,057,721	390,077
Operating lease liabilities, current	126,659	637,110
Total current liabilities	3,902,103	3,279,881
Non-current liabilities
Long-term loan	32,740,623	33,211,152
Operating lease liabilities	121,555	300,438
Total non-current liabilities	32,862,178	33,511,590
Total Liabilities	36,764,281	36,791,471
Stockholders’ (Deficit) Equity
Common stock ($0.001 par value, 10,000,000,000 and 75,000,000 shares authorized, 1,061,900,000 and 61,900,000 share issued and outstanding as of May 31, 2023 and 2022, respectively)	1,061,900	61,900
Additional paid-in capital	8,474,336	9,474,336
Accumulated deficit	(32,751,349)	(26,355,961)
Accumulated other comprehensive income	344,031	(987,312)
Non-controlling interest	(1,016,563)	(626,651)
Total (Deficit) Equity	(23,887,645)	(18,433,688)
Total Liabilities and (Deficit) Equity	$ 12,876,636	$ 18,357,783

v3.23.3

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2023	May 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	10,000,000,000	75,000,000
Common stock, shares issued	1,061,900,000	61,900,000
Common stock, shares outstanding	1,061,900,000	61,900,000

v3.23.3

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Income Statement [Abstract]
Net revenues	$ 3,723,088	$ 3,563,527
Cost of revenues	(4,132,481)	(4,571,107)
Gross loss	(409,393)	(1,007,580)
Operating expenses:
Tax and surcharges	(24,201)	(11,623)
Selling and marketing expenses	(456,023)	(864,011)
General and administrative expenses	(4,481,871)	(3,537,855)
Research and development expenses	(396,849)	(723,668)
Impairment losses	(922,434)	(802,773)
Total operating expenses	(6,281,378)	(5,939,930)
Operating income/(loss)	(6,690,771)	(6,947,510)
Other income (expenses):
Interest income	440	2,641
Other income/(expense)	(92,968)	49,986
Total other income and (expenses)	(92,528)	52,627
Loss before taxes from operations	(6,783,299)	(6,894,883)
Provision for income taxes	(223)
Net Loss	(6,783,522)	(6,894,883)
Other comprehensive income:
Foreign currency translation income	1,329,565	903,470
Total comprehensive loss	(5,453,957)	(5,991,413)
Net loss attributable to :
Owners of the Company	(6,395,388)	(6,627,894)
Non-controlling interest	(388,134)	(266,989)
Total comprehensive loss attributable to:
Owners of the Company	(5,064,045)	(5,736,843)
Non-controlling interest	$ (389,912)	$ (254,570)
Loss per common share:
Earnings per share, basic	$ 0.01	$ 0.11
Earnings per share, diluted	$ 0.01	$ 0.11
Weighted Average Number of Common Share Outstanding:
Weighted average number of shares outstanding, basic	467,379,452	61,900,000
Weighted average number of shares outstanding, diluted	467,379,452	61,900,000

v3.23.3

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Contributed Capital [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Comprehensive Income [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at, May 31,2022 at May. 31, 2021	$ 61,900	$ 2,409,659	$ 114,197	$ (19,728,067)	$ (1,878,363)	$ (19,020,674)	$ (372,081)	$ (19,392,755)
Balance, shares at May. 31, 2021	61,900,000
Net income				(6,627,894)		(6,627,894)	(266,989)	(6,894,883)
Additional paid-in capital		(2,409,659)				(2,409,659)		(2,409,659)
Foreign currency translation adjustments					891,051	891,051	12,419	903,470
Capital contribution			9,360,139			9,360,139		9,360,139
Balance at, May 31, 2023 at May. 31, 2022	$ 61,900		9,474,336	(26,355,961)	(987,312)	(17,807,037)	(626,651)	(18,433,688)
Balance, shares at May. 31, 2022	61,900,000
Net income				(6,395,388)		(6,395,388)	(388,134)	(6,783,522)
Foreign currency translation adjustments					1,331,343	1,331,343	(1,778)	1,329,565
Reverse merge	$ 1,000,000		(1,000,000)
Stock repurchased during period, shares	1,000,000,000
Balance at, May 31, 2023 at May. 31, 2023	$ 1,061,900		$ 8,474,336	$ (32,751,349)	$ 344,031	$ (22,871,082)	$ (1,016,563)	$ (23,887,645)
Balance, shares at May. 31, 2023	1,061,900.000

v3.23.3

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Statement of Cash Flows [Abstract]
Net loss	$ (6,783,522)	$ (6,894,883)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	932,799	1,492,926
Depreciation of right-of-use assets	626,416	688,470
Bad debt expense	922,434
Changes in operating assets and liabilities
Accounts receivable	(972,009)	(233,293)
Inventories	(110,368)	(21,616)
Prepaid expenses and other current assets	3,992,099	(5,213,847)
Other non-current assets	423,013	480,485
accounts payable and other current liabilities	1,071,268	(7,392,431)
Net cash provided by/(used in) operating activities	102,130	(17,094,189)
Cash flows from investing activities
Loan receivable		2,067,575
Prepaid for right-of-use assets	(647,763)	(285,067)
Proceeds from sale of property and equipment	2,848,949	938,482
Purchase of property and equipment	(3,801,885)	(2,554,572)
Purchase of long-term investment		(20,000)
Purchase of intangible assets	(13,814)
Proceed from sale of intangible assets		21,192
Net cash (used in)/provided by investing activities	(1,614,513)	167,610
Cash flows from financing activities
Amount due to related party	697,201	(95,159)
Repayments of short-term borrowings		(186,596)
Proceeds from long-term loan	1,814,559	10,166,910
Repayments of long-term borrowings	(598,748)
Proceeds from paid in capital		7,019,564
Net cash provided by financing activities	1,913,012	16,904,719
Effect of exchange rate changes on cash and cash equivalents	(15,438)	(5,256)
Net increase/(decrease) of cash and cash equivalents	385,191	(27,116)
Cash and cash equivalents–beginning of year	108,787	135,903
Cash and cash equivalents–end of year	493,978	108,787
Supplementary cash flow information:
Interest received	$ 440	$ 2,641

v3.23.3

Organization and Principal Activities	12 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	1. Organization and Principal Activities   On March 6, 2015, SavMobi Technology Inc. (“the Company”), was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience.   On May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company.   On March 19, 2018 New Reap Global transferred 250,000 restricted shares to Eng Wah Kung.   On May 10, 2018 and May 30, 2018, 16,959,684 were transferred to Arden Wealth and Trust. 2,000,000 shares are free trading from HongLing Shang, 559,684 restricted shares from New Reap Global, LTD and 2,400,000 each from Xuedong Zhang, Jingmei Jiang, Qianxian, Yulan Qi, Baoxin Song, Jianlong Wu. On June 15, 2018 New Reap Global transferred 690,316 restricted shares to EMRD Global Holdings.   On June 26, 2018 New Reap Global transferred 3,000,000 restricted shares to FORTRESS ADVISORS, LLC and 3,000,000 to Baywall Inc.   On November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the “Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company.   On June 8, 2022, three (3) shareholders of the Company, including Ma Hongyu, Ye Caiyun, and Li Wenzhe entered into stock purchase agreements with an aggregate of five (5) non-U.S. accredited investors (the “Purchase Agreements”) to sell an aggregate of 25,095,788 shares of common stock of the Company, which represents approximately 40.54% of the issued and outstanding shares of common stock of the Company, for consideration of $250,958.   The Purchase Agreements were fully executed and delivered on June 8, 2022. Zhang Yiping and Chen Xinxin acquired approximately 24.54% and 6.46% of the issued and outstanding shares of the Company, respectively, and the remaining purchasers each acquired less than 4.99% of the issued and outstanding shares.After the change of ownership, the Company’s current principal offices is located in Building B8, China Zhigu, Yinhu Street, Fuyang District, Hangzhou, Zhejiang, China.    Schedule of Share Acquired by Purchases Purchasers   Shares acquired     %   Zhang Yiping     15,189,500       24.54 % Chen Xinxin     4,000,000       6.46 % Wang Yanfang     2,000,000       3.23 % Liu Chen     2,000,000       3.23 % Liu Ying     1,906,288       3.08 %   On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”). Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.   Immediately after completion of such share exchange, SVMB will hold a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking Group Limited.     Consequently, SVMB has ceased to fall under the definition of shell company as define in Rule 12b-2 under the Exchange Act of 1934, as amended (the “Exchange Act”) and Intellegence is now a wholly owned subsidiary.   Intellegence Parking Group Limited (“Intellegence Parking”) was incorporated on June 29, 2022 under the laws of Cayman Islands. It is controlled by Guowei Zhang, Xiujuan Chen, Hongwei Li and Chuchu Zhang. Intellegence Parking is an investment holding company.   Intellegence Parking (Hong Kong) Limited (“Intellegence HK”) was incorporated on July 20, 2022 under the laws of Hong Kong SAR. Intelligence HK is a wholly subsidiary of Intellegence Parking since incorporation and it is an investment holding company.   Huixin Zhiying (Hangzhou) Technology Co. (“Huixin”) was incorporated on October 24, 2022 under the laws of PRC. It is a wholly owned subsidiary of Intellegence HK since incorporation and it is an investment holding company.   Pursuant to the Business Operation Agreement entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co. between November 15 and 11, 2022, the Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.   The Company consolidated its financial statements due to common control.   The Company’s major subsidiaries, VIEs and VIE’s subsidiaries are described as follows:    Schedule of Economic Benefits Ownership Percentage Companies   Country/Place and date of incorporation/establishment   Percentage of direct or indirect economic benefits ownership           May 31,           2023     2022   Major Subsidiaries                     Intellegence Parking Group Limited   Cayman June 29, 2022     100 %     100 % Intellegence Parking (Hong Kong) Limited   Hong Kong July 20, 2022     100 %     100 % Huixin Zhiying (Hangzhou) Technology Co.   PRC October 24, 2022     100 %     100 %                       Major VIEs (Including VIE’s Subsidiaries)                     Zhejiang Jingbo Ecological Technology Co.   PRC December 18, 2019     100 %     100 % Hangzhou Zhuyi Technology Co.   PRC November 13, 2017     100 %     100 %

v3.23.3

Variable Interest Entities	12 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	2. Variable Interest Entities   Pursuant to the Business Operation Agreement entered into among Huixin WFOE and Zhejiang Jingbo Ecological Technology Co., the Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements include power of attorney, exclusive option agreement, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company maintains the ability to control these PRC domestic companies, is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb all expected losses of these PRC domestic companies.   Zhejiang Jingbo Ecological Technology Co. is a PRC company which was formed on December 18, 2019 and is engaged in the business of smart parking application software and platform operations business. Zhang Guowei has been the Chairman of Zhejiang Jingbo Ecological Technology Co. since December 2019.     Hangzhou Zhuyi Technology Co. (“Hangzhou Zhuyi”) was incorporated under the laws of the PRC on November 13, 2017 with a capital of RMB 60,000,000. The majority shareholder at the time of establishment was Guowei Zhang. On April 1, 2020, Zhejiang Jingbo Ecological Technology became the sole shareholder of Hangzhou Zhuyi. Hangzhou Zhuyi is specialized in smart parking projects, smart parking mobile applications and cloud platform construction innovation.   Zhejiang Linglingyi Network Technology Co. (“Linglingyi”) was incorporated on November 17, 2018. Its sole director is Guowei Zhang. Hangzhou Zhuyi acquired 100% of Linglingyi on April 29. 2022. Its main businesses are smart parking projects and smart parking mobile applications.   Liangshan Tongfu Technology Co. (“Liangshan”) was incorporated on November 13, 2018. On October 2, 2022, Hangzhou Zhuyi entered in a share agreement with Hangzhou Kaai Technology Co. to purchase 26% of Liangshan’s shares. As a result, Hangzhou Zhuyi holds 67% of Liangshan. Liangshan is into smart parking projects and smart parking mobile applications businesses.   Zhuyi Technology (Anping) Co. (“Anping”) was incorporated on May 12, 2022, which is 90% owned by Hangzhou Zhuyi and it mainly focuses on smart parking projects and smart parking mobile applications.   Haikou Zhuyi Technology Co. (“Haikou”) was incorporated on May 9, 2022 which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.   Yibin Huibo Technology Co. (“Yibin”) was incorporated on July 4, 2019, which is 80% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.   Xide Zhuyi Technology Co. (“Xide”) was incorporated on October 14, 2021, which is 67% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.   Hubei Tongpo Parking Management Co. (“Tongpo”) was incorporated on November 4, 2020, which is a wholly subsidiary of Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.   Zhuyi Technology (Taining) Co. (“Taining”) was incorporated on May 18, 2021, which is 72% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects and smart parking mobile applications.   Intellengence Parking Group Limited provides smart parking projects, smart parking mobile applications and cloud platform construction innovation through its consolidated subsidiaries, variable interest entities (“VIE”s) and VIE’s subsidiaries (Collectively, the “Group”).   a. Contractual agreements with VIEs   Power of Attorney   Pursuant to the power of attorney agreements among the Wholly Foreign Owned Enterprises (“WFOE”s), the VIEs and their respective Nominee Shareholders, each Nominee Shareholder of the VIEs irrevocably undertakes to appoint the WFOE, as the attorney-in-fact to exercise all of the rights as a shareholder of the VIEs, including, but not limited to, the right to convene and attend shareholders’ meeting, vote on any resolution that requires a shareholder vote, such as appoint or remove directors and other senior management, and other voting rights pursuant to the articles of association (subject to the amendments) of the VIEs. Each power of attorney agreement is irrevocable and remains in effect as long as the Nominee Shareholder continues to be a shareholder of the VIEs. Unless otherwise required by PRC Laws, none of the VIEs or its shareholders can unilaterally terminate this agreement.   Exclusive Option Agreements   Pursuant to the exclusive option agreements among WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders granted WFOEs exclusive right to purchase, when and to the extent permitted under PRC law, all or part of the equity interests from shareholders of VIEs. The exercise price for the options to purchase all or part of the equity interests shall be the minimum amount of consideration permissible under then applicable PRC law. The agreement shall be valid until WFOEs or its designated party purchases all the shares from shareholders of VIEs. The terms of the exclusive option agreement are 10 years and can be automatically extended until such time WFOEs delivers a confirmation letter specifying the renewal term of this agreement. Unless otherwise required by PRC Laws, the VIEs or its shareholders shall not unilaterally terminate this agreement.     Exclusive Business Corporation Agreement   Pursuant to the exclusive business cooperation agreements among the WFOEs and the VIEs, respectively, the WFOEs have the exclusive right to provide the VIEs with services related to, among other things, comprehensive technical support, professional training, consulting services, trademark and copyright of system,. Without prior written consent of the WFOEs, the VIEs agree not to directly or indirectly accept the same or any similar services provided by any others regarding the matters ascribed by the exclusive business cooperation agreements. The VIEs agree to pay the WFOEs services fees, which shall be determined by the WFOEs. The WFOEs have the exclusive ownership of intellectual property rights created as a result of the performance of the agreements. The agreements shall remain effective except that the WFOEs are entitled to terminate the agreements in writing. Unless otherwise required by PRC Laws, the VIEs shall not unilaterally terminate this agreement.   Equity Pledge Agreement   Pursuant to the equity pledge agreements among the WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders of the VIEs pledged all of their respective equity interests in the VIEs to the WFOEs as collaterals for performance of the obligations of the VIEs and their Nominee Shareholders under the exclusive business cooperation agreements, the power of attorney agreements, and the exclusive option agreements. The Nominee Shareholders of the VIEs also undertake that, during the term of the equity pledge agreements, unless otherwise approved by the WFOEs in writing, they will not transfer the pledged equity interests or create or allow any new pledge or other encumbrance on the pledged equity interests. These equity pledge agreements remain in force until VIEs and their respective Nominee Shareholders discharge all their obligations under the contractual agreements.   Spousal Consent Letter   Pursuant to the spousal consent letters, the spouses of some of the individual Nominee Shareholders of the VIEs unconditionally and irrevocably agree that the equity interest in the VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant exclusive business cooperation agreements, equity pledge agreements, the exclusive option agreements and the power of attorney agreements, without his or her consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses. In addition, in the event that any of them obtains any equity interest in the VIEs held by their respective spouses for any reason, such spouses agree to be bound by similar obligations and agreed to enter into similar contractual arrangements.   b. Risks in relation to the VIE structure   On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited.     If the PRC government otherwise finds that the Group in violation of any existing or future PRC laws or regulations or lacks the necessary permits or licenses to operate the business, the Group’s relevant PRC regulatory authorities could:   ● revoke the business licenses and/or operating licenses of the Group’s PRC entities;   ● impose fines;   ● confiscate any income that they deem to be obtained through illegal operations, or impose other requirements with which the Group may not be able to comply;   ● discontinue or place restrictions or onerous conditions on the Group’s operations;   ● place restrictions on the right to collect revenues;   ● require the Group to restructure ownership structure or operations, including terminating the contractual agreements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate the financial results of and derive economic interests from the VIEs and their subsidiaries;   ● restrict or prohibit the use of the proceeds from financing activities to finance the business and operations of the VIEs and their subsidiaries; or   ● take other regulatory or enforcement actions that could be harmful to the Group’s business.   The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIEs. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the Nominee Shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend on Nominee Shareholders enforcing the contracts. There is a risk that Nominee shareholders of VIEs, who in some cases are also shareholders of the Company may have conflict of interests with the Company in the future or fail to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.   The Group’s operations depend on the VIEs to honor their contractual agreements with the Group. The Company’s ability to direct activities of the VIEs that most significantly impact their economic performance and the Company’s right to receive the economic benefits that could potentially be significant to the VIEs depend on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.   c. Summary of financial information of the Group’s VIEs (inclusive of VIE’s subsidiaries)   The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the condensed consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group.   The consolidated financial statements of the Group’s VIEs have been audited by filing the Form 8-K for the year ended May 31, 2022.    Schedule of Variable Interest Entities Financial Statements     May 31, 2023     May 31, 2022 (Audited)       $     $   Cash and cash equivalents     401,984       106,542   Restricted cash     10,273       2,245   Accounts receivable     409,380       355,598   Inventories     177,034       78,995   Prepaid expenses and other current assets     2,045,736       6,353,787   Plant and equipment, net     6,581,823       6,956,399   Intangible assets, net     15,543       13,282   Right-of-use assets     277,184       946,296   Other non-current assets     2,884,090       3,552,736   Total Assets     12,803,047       18,365,880   Accounts payables     749,226       565,067   Advances from customers     622,069       20,400   Other current payables     1,300,969       1,627,732   Taxes payable     18,737       19,427   Amounts due to related parties     540,897       394,077   Operating lease liabilities, current     126,659       637,110   Long-term loan     32,740,623       33,211,152   Operating lease liabilities     121,555       300,438   Total Liabilities     36,220,735       36,775,403   Total (Deficit) Equity of VIEs     (23,417,688 )     (18,409,523 ) Total Liabilities and (Deficit) Equity of VIEs     12,803,047       18,365,880         May 31, 2023     May 31, 2022 (Audited)       $     $   Net revenues     3,723,088       3,563,527   Cost of revenues     (4,132,481 )     (4,571,107 ) Gross loss     (409,393 )     (1,007,580 ) Total costs and expenses     (5,835,586 )     (5,860,705 ) Operating income/(loss)     (6,244,979 )     (6,868,285 ) Total other income and (expenses)     (92,528 )     52,627   Loss before taxes from operations     (6,337,507 )     (6,815,658 ) Provision for income taxes     (223 )     -   Net loss     (6,337,730 )     (6,815,658 ) Net loss attributable to VIEs     (5,949,596 )     (6,548,669 )       2023     2022 (Audited)       Year Ended May 31,       2023     2022 (Audited)   Net cash provided by/(used in) operating activities     541,233       (17,047,129 ) Net cash (used in)/provided by investing activities     (1,614,513 )     187,610   Net cash provided by financing activities     1,392,188       16,838,474   Effect of exchange rate changes on cash and cash equivalents     (15,438 )     (5,256 ) Net increase in cash and cash equivalents     303,470       (26,301 ) Cash and cash equivalents at the beginning of period     108,787       135,088   Cash and cash equivalents at the end of period     412,257       108,787

v3.23.3

Summary of Significant Accounting Policies	12 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies   Basis of Presentation   The accompanying financial statements include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”).   The accompanying financial statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.   The Company incurred net loss of $6,783,522 during the year ended May 31, 2023. As of May 31, 2023, the Company had total deficit of $23,887,645 and had net cash provided by operating activities of $102,130. The Company incurred net loss of $6,894,883 during the year ended May 31, 2022. As of May 31, 2022, the Company had total deficit of $18,433,688 and had net cash used in operating activities of $17,094,189.   The ability to continue as a going concern is dependent upon long-term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.   These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on long term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.   Method of accounting   Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States of America. The Company maintains its general ledger and journals with the accrual method accounting.   Use of estimates   The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates.   Business Combination and Non-controlling Interests   On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”). Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.   Immediately after completion of such share exchange, SVMB will hold a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking Group Limited.     SVMB and Intellegence consolidated the financial statements through common control. As a result, the Company measured the recognized assets and liabilities combined at their historical cost at the acquisition date. The difference between consideration paid and assets and liabilities received are presented as a component of equity and additional paid-in-capital.   Zhejiang Jingbo Ecological Technology and Hangzhou Zhuyi, Linglingyi, Lingshan, Anping, Haikou, Yibin, Xide Tongpo and Taining consolidated the financial statements through acquisition.   Jingbo accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by Jingbo and equity instruments issued by Jingbo. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss.   In a business combination achieved in stages, Jingbo re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.   The consolidated financial statements include the financial statements of Jingbo its subsidiaries, the VIEs and VIE’s subsidiaries for which the Company is considered the ultimate primary beneficiary for accounting purposes.   A subsidiary is an entity in which the Company directly or indirectly controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of notes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.   A VIE is an entity in which the Company’s subsidiary, through contractual agreements, has the power to direct activities of the VIEs that most significantly impact their economic performance, and has the right to receive economic benefits from the VIEs that could potentially be significant to them, and therefore the Company is considered the ultimate primary beneficiary of the entity for accounting purposes.   All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate.   Segment Reporting   Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Company’s management team, including the chief executive officer (“CEO”).   The Company has organized operations into three different areas: (1) parking fee, (2) sales of parking lot equipment, and (3) other services. As the parking fee and sales of parking lot equipment are of the same nature, CODM accesses that there is only one operating segment which is car parking income.     Cash and cash equivalents   The Company considers all highly liquid investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents.   Accounts receivables   Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An expected credit loss is made when collection of the full amount is no longer probable. Bad debts are written off against expected credit loss allowances.   Inventories   Inventories solely consist of consumable parts for sales are stated at the lower of cost or market value. Consumable parts for sales costs include: materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.   Plant and Equipment   An item of plant and equipment is stated at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any).   The cost of an item of plant and equipment comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade discounts and rebates) and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These can include the initial estimate of costs of dismantling and removing the item, and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period.   The cost of replacing part of plant and equipment is included in the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the statement of income during the financial period in which they are incurred.   Depreciation is provided over their estimated useful lives, using the straight-line method. The estimated useful lives of the plant and equipment are as follows:  Schedule of Estimated Useful Live Furniture, fixtures and office equipment     3-5 years   Building     20 years   Vehicles     4-5 years   Project facilities     2-5 years     The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized.   Impairment of long-lived assets   The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment; such as evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of plant and equipment in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize impairment loss based on the fair value of the assets. The Company did not record any impairment losses on long-lived assets during the years ended May 31, 2023 and 2022.     Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.   Leases   Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date.   All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the 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. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.   The Company reviews its lease for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of lease; such as an evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of lease in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the lease to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets   Value added tax (“VAT”)   The Company is subject to value-added tax (“VAT”) for providing services and sales of products. Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other payables. The Company reports revenue net of PRC’s VAT for all the periods presented in the Consolidated Statements of Operations and Comprehensive Loss.   Foreign currency translation   The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.  Schedule of Foreign Currency Translation       05312023       05312022   Year end RMB: US$ exchange rate     7.1100       6.6624   Annual average RMB: US$ exchange rate     6.9185       6.4310     The RMB is not freely convertible into foreign currencies and all foreign exchange transactions must be conducted through authorized financial institutions.     Income recognition   Recognition of Revenue   Revenue is reported net of business taxes and VAT. The Company’s main income is from parking fee.   Revenue is recognized when services are rendered. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount:   (i) identification of the services in the contract;   (ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract;   (iii) measurement of the transaction price, including the constraint on variable consideration;   (iv) allocation of the transaction price to the performance obligations; and   (v) recognition of revenue when (or as) the Company satisfies each performance obligation.   The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.   For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules.   Other Income and other expenses   Other income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements.   Advertising   All advertising costs are expensed as incurred.   Research and development   All research and development costs are expensed as incurred.   Retirement benefits   Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory as part of overhead.     Income taxes   Income tax expense comprises current and deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive income or equity, in which case it is recognized directly in other comprehensive income or equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable with respect to previous periods.   The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.   The Company accounts for uncertain tax positions by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position will be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expenses.   Comprehensive income   The Company uses FASB ASC Topic 220, “Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.   Earnings per share   The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.   Financial instruments   The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:     ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.   ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.   ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.   The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.     Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.   Recent accounting pronouncements   In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The adoption does not have a significant impact on the Company’s financial statements.   The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.   In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In October 2016, the FASB issued guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In August 2016, the FASB issued guidance, which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In January 2016, the FASB issued guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities. The updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

v3.23.3

Trade Receivables	12 Months Ended
	May 31, 2023
Receivables [Abstract]
Trade Receivables	4. Trade Receivables   The Company does not provide any credit terms to its customers for smart parking. Cash will be collected by the exit of parking lots. The Company provides one to three months credits term for customers purchasing parking equipment.

v3.23.3

Prepaid Expenses and Other Current Assets	12 Months Ended
	May 31, 2023
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets  Schedule of Prepaid Expenses and Other Current Assets     May 31, 2023     May 31, 2022   Prepayment     591,277       2,382,151   Prepayment for rental (a)     438,256       492,620   Deposit     366,478       653,538   Loan receivable (b)     342,882       2,067,575   Advances to employees     125,508       421,501   Other     157,164       212,062   VAT     39       100,243   TOTAL     2,021,604       6,329,690       (a) Prepayment for rental included a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of May 31, 2023.         (b) Loan receivables are loans borrow to third parties. All loans are interest free and will be repaid on demand.

v3.23.3

Property and Equipment	12 Months Ended
	May 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	6. Property and Equipment  Schedule of Property and Equipment     Furniture, fixtures and office equipment     Building     Vehicles     Project Facilities     Construction in progress     Total   Cost                                     At May 31,2022     1,039,335       4,502,229       98,523       3,310,905       363,367       9,314,359   Beginning balance, cost     1,039,335       4,502,229       98,523       3,310,905       363,367       9,314,359   Additions during the year     52,184       224,289       31,747       423,639       3,070,025       3,801,884   Disposals during the year     (64,146 )     -       -       (488,218 )     (2,420,288 )     (2,972,652 ) Effects of currency translation     (65,102 )     (289,453 )     (7,058 )     (206,680 )     (40,374 )     (608,667 ) At May 31,2023     962,271       4,437,065       123,212       3,039,646       972,730       9,534,924   Ending balance, cost     962,271       4,437,065       123,212       3,039,646       972,730       9,534,924                                                     Accumulated depreciation                                                 At May 31,2022     826,668       384,736       74,237       1,072,319       -       2,357,960   Beginning balance, Accumulated depreciation     826,668       384,736       74,237       1,072,319       -       2,357,960   Depreciation during the year     170,668       225,509       38,397       453,284       -       887,858   Disposals during the year     (38,773 )     -       -       (84,931 )     -       (123,704 ) Effects of currency translation     (55,589 )     (30,293 )     (5,707 )     (77,424 )     -       (169,013 ) At May 31,2023     902,974       579,952       106,927       1,363,248       -       2,953,101   Ending balance, Accumulated depreciation     902,974       579,952       106,927       1,363,248       -       2,953,101                                                     Net book value                                                 At May 31,2022     212,667       4,117,493       24,286       2,238,586       363,367       6,956,399   Beginning balance, Net book value     212,667       4,117,493       24,286       2,238,586       363,367       6,956,399   At May 31,2023     59,297       3,857,113       16,285       1,676,398       972,730       6,581,823   Ending balance, Net book value     59,297       3,857,113       16,285       1,676,398       972,730       6,581,823     (a) Address of the building is Building B8, China Zhigu Fuchun, Yinhu Village, Shoujiang town, Fuyang District, China

v3.23.3

Intangible Assets	12 Months Ended
	May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	7. Intangible Assets  Schedule of Intangible Assets Cost       At May 31,2022     16,100   Beginning balance, cost     16,100   Additions during the year     13,443   Disposals during the year     -   Effects of currency translation     (1,014 ) At May 31,2023     28,529   Ending balance, cost     28,529   Accumulated depreciation         At May 31,2022     2,818   Beginning balance, Accumulated depreciation     2,818   Depreciation during the year     10,245   Disposals during the year     -   Effects of currency translation     (77 ) At May 31,2023     12,986   Ending balance, Accumulated depreciation     12,986   Net book value         At May 31,2022     13,282   At May 31,2023     15,543

v3.23.3

Right-of-use Assets	12 Months Ended
	May 31, 2023
Right-of-use Assets
Right-of-use Assets	8. Right-of-use Assets  Schedule of Right of Use Assets     $   Cost         At May 31, 2022     2,218,295   Additions during the year     39,995   Write-off during the year     -   Effects of currency translation     (99,645 ) At May 31, 2023     2,118,650             Accumulated depreciation         At May 31,2022     1,271,999   Depreciation during the year     649,538   Write-off during the year     -   Effects of currency translation     (80,071 ) At May 31, 2023     1,841,466             Net book value         At May 31, 2022     946,296   At May 31, 2023     277,184     Right of use assets consisted of 16 contracts renting offices, warehouses and parking lots. Contracted terms ranged between two and eight years with the earliest start date being January 8, 2019.

v3.23.3

Other non-current assets	12 Months Ended
	May 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other non-current assets	9. Other non-current assets   Other non-current assets mainly consisted of a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of May 31, 2023.

v3.23.3

Other payables and Accruals	12 Months Ended
	May 31, 2023
Payables and Accruals [Abstract]
Other payables and Accruals	10. Other payables and Accruals  Schedule of Other Payable and Accruals     May 31, 2023     May 31, 2022       $     $   Accrued payroll and welfare payables     338,657       283,082   Deposit     27,194       9,891   Loans payable     344,585       507,388   Advanced to employees     70,305       75,048   Other (a)     520,883       752,323   Total     1,301,624       1,627,732       (a) Other mainly included collection of parking fees on behalf of a third party.

v3.23.3

Related Party Transactions	12 Months Ended
	May 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions   (a) The Company had the following balances due to and due from related parties:   At May 31, 2023 and May 31, 2022, the Company owned funds from the following related parties: Schedule of Related Party Transactions      May 31.2023     May 31.2022     Relationship                   Intellegence Triumph Holdings Limited     5,000       5,000     Former shareholder Virtue Victory Holdings Limited     5,200       5,200     Former shareholder Strength Union Holdings Limited     5,800       5,800     Former shareholder Due from related party                       At May 31, 2023 and May 31, 2022, the Company owed funds to the following related parties:       May 31, 2023     May 31.2022     Relationship                   Guowei Zhang     1,056,221       394,077     President of the Company Xinxin Chen     1,500       -     Former shareholder Shaoxing Keqiao Zhuyi Technology Co., Ltd     32,740,623       -     An entity controlled by a shareholder Beijing Zhibo Innovation Technology Co., Ltd.     -       33,211,152     An entity which Guowei Zhang is a major shareholder Due to related party                       Advances from Guowei Zhang were unsecured, non-interest bearing and due on demand.   During the year ended May 31, 2023, the Company borrowed from related parties of $713,753 and made repayments to related parties of $16,552. During the year ended May 31, 2022, the Company borrowed from related parties of $11,814,399 and made repayments to related parties of $1,373,587.   As of May 31, 2022, the outstanding balance of long-term loans was RMB 221,267,008.77 (USD$33,211,152). It consisted of two loans related to Beijing Zhibo Innovation Technology Co., Ltd (“Zhibo”). The Company entered into a three year loan on September 20, 2019. The agreement commenced on October 1, 2019. The maximum borrowing is RMB 300,000,000 (USD $45,028,818) with an interest rate of 3.6%. 25% of the outstanding balance should be repaid each quarter. Supplementary contracted were signed between the two parties agreeing there would be no repayment of principle for the next 12 months and interest expense was waived. The other contract was a two-year interest-free agreement signed on September 1st, 2020 at which date the contracted commenced. Principle was RMB 22,000,000 (USD$3,302,098). As of May 31, 2022, outstanding balances of the first and second loans were RMB 201,909,728.77 (USD$30,305,855) and RMB 19,357,280 (USD$2,905,297), respectively.   Zhibo extended the above contracts to September 30, 2025 when they expired in 2022. Repayments and interest expenses are not required until September 30, 2024. Interest expenses calculated on an annual rate of 3% will be paid monthly from 1 October, 2024. Principle will be fully repaid upon maturity.   Due to business restructure, Zhibo was deregistered at the beginning of 2023. Before deregistration, on January 15, 2023, Zhibo transferred the debts to a number of companies/partnerships with the clauses unchanged. The table below set forth the amount transferred to each Zhibo’s creditor as of January 15, 2023.    Schedule of Related Party Amount Transferred to Creditor Transferee   Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       5,327,769   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       6,118,143   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       1,329,162   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       281,294   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       717,300   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       562,588   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       64,482   Total     234,289,035.38       32,952,046     For helping the Company consolidate debts and providing financial support to the Company, Shaoxin Keqiao Zhuyi Technology Co., Ltd., whose sole shareholder is Xiujuan Chen, took over the debts from the businesses mentioned in the table. Loan transfer agreements were executed on March 16 and 17, 2023 with the original clauses unchanged. Xiujuan Chen is also one of the shareholders of the Company. After the loans transferred to Shaoxin Keqiao Zhuyi Technology Co., Ltd., outstanding balances were offset in part or in full if the transferees were our current debtors.     The below table shows the movements of loans before the transfers and the final amounts being transferred. Schedule of Related Party Amount Before Transfers and Final Amounts Being Transferred  Transferor   Balance as at January 15, 2023 (RMB)     Offset (RMB)     Increase (RMB)     Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       -       -       30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       -       -       10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       -       -       41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       -       -       10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       -       8,652,951.79       46,533,386.81       6,544,780   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       -       6,427,428.49       8,427,428.49       1,185,292   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       (2,309,273.07 )     4,734,492.66       45,925,219.59       6,459,243   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       (9,450,338.82 )     -       -       -   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       (5,100,000.00 )     -       -       -   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       (4,000,000.00 )     -       -       -   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       (458,469.12 )     -       -       -   Total     234,289,035.38       (21,318,081.01 )     19,814,872.94       232,785,827.31       32,740,623

v3.23.3

Income Taxes	12 Months Ended
	May 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes   PRC   The Company’s subsidiaries incorporated in the PRC are subject to a profits tax rate of 25% for income generated and operation in the country.   The full realization of the tax benefit associated with the carry forward losses depends predominantly upon the Company’s ability to generate taxable income during the carry forward period.   Income tax expense (benefits)   Schedule of Income Tax Expenses (Benefits)     May 31, 2023     May 31, 2022         $       $   Loss before tax     (6,783,299 )     (6,894,883 ) Tax credit calculated at statutory tax rate     (1,695,825 )     (1,723,721 ) Effect of different tax rates     17,832       1,721   Deferred tax asset not recognized during the year     1,678,216       1,722,000   Income tax expenses     223       -     The Company accounts for income taxes using the asset/liability method prescribed by ASC 740 Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits will be available against which the Company can utilise the benefits.   Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets.

v3.23.3

Long-term Borrowings	12 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Long-term Borrowings	13. Long-term Borrowings   As of May 31, 2022, the outstanding balance of long-term loans was RMB 221,267,008.77 (USD$33,211,152). It consisted of two loans related to Beijing Zhibo Innovation Technology Co., Ltd (“Zhibo”). The Company entered into a three year loan on September 20, 2019. The agreement commenced on October 1, 2019. The maximum borrowing is RMB 300,000,000 (USD $45,028,818) with an interest rate of 3.6%. 25% of the outstanding balance should be repaid each quarter. Supplementary contracted were signed between the two parties agreeing there would be no repayment of principle for the next 12 months and interest expense was waived. The other contract was a two-year interest-free agreement signed on September 1st, 2020 at which date the contracted commenced. Principle was RMB 22,000,000 (USD$3,302,098). As of May 31, 2022, outstanding balances of the first and second loans were RMB 201,909,728.77 (USD$30,305,855) and RMB 19,357,280 (USD$2,905,297), respectively.   Zhibo extended the above contracts to September 30, 2025 when they expired in 2022. Repayments and interest expenses are not required until September 30, 2024. Interest expenses calculated on an annual rate of 3% will be paid monthly from 1 October, 2024. Principle will be fully repaid upon maturity.   Due to business restructure, Zhibo was deregistered at the beginning of 2023. Before deregistration, on January 15, 2023, Zhibo transferred the debts to a number of companies/partnerships with the clauses unchanged. The table below set forth the amount transferred to each Zhibo’s creditor as of January 15, 2023. Schedule of Long-Term Borrowings Amount Transferred to Creditor  Transferee   Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       5,327,769   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       6,118,143   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       1,329,162   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       281,294   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       717,300   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       562,588   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       64,482   Total     234,289,035.38       32,952,046     For helping the Company consolidate debts and providing financial support to the Company, Shaoxin Keqiao Zhuyi Technology Co., Ltd., whose sole shareholder is Xiujuan Chen, took over the debts from the businesses mentioned in the table. Loan transfer agreements were executed on March 16 and 17, 2023 with the original clauses unchanged. Xiujuan Chen is also one of the shareholders of the Company. After the loans transferred to Shaoxin Keqiao Zhuyi Technology Co., Ltd., outstanding balances were offset in part or in full if the transferees were our current debtors.     The below table shows the movements of loans before the transfers and the final amounts being transferred. Schedule of Long-Term Borrowings Amount Before Transfers and Final Amounts Being Transferred  Transferor   Balance as at January 15, 2023 (RMB)     Offset (RMB)     Increase (RMB)     Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       -       -       30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       -       -       10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       -       -       41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       -       -       10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       -       8,652,951.79       46,533,386.81       6,544,780   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       -       6,427,428.49       8,427,428.49       1,185,292   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       (2,309,273.07 )     4,734,492.66       45,925,219.59       6,459,243   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       (9,450,338.82 )     -       -       -   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       (5,100,000.00 )     -       -       -   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       (4,000,000.00 )     -       -       -   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       (458,469.12 )     -       -       -   Total     234,289,035.38       (21,318,081.01 )     19,814,872.94       232,785,827.31       32,740,623

v3.23.3

Leases	12 Months Ended
	May 31, 2023
Leases
Leases	14. Leases   Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company entered into 16 agreements for renting offices, warehouses and parking lots. As of May 31, 2023, the Company has $277,184 of right-of-use assets, $126,659 in current operating lease liabilities and $121,555 in non-current operating lease liabilities.   Significant assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to the Company over terms similar to the lease terms.   The Company’s future minimum payments under long-term non-cancellable operating leases are as follows: Schedule of Future Minimum Payments Under Long Term Non-Cancellable Operating Lease      As of May 31, 2023     As of May 31, 2022         $       $   Within 1 year     136,710       658,774   After 1 year but within 5 years     127,793       321,294   Total lease payments     264,503       980,068                     Less: imputed interest     (16,289 )     (42,520 ) Total lease obligations     248,214       937,548   Less: current obligations     (126,659 )     (637,110 ) Long-term lease obligations     121,555       300,438

v3.23.3

Non-controlling interests (NCI)	12 Months Ended
	May 31, 2023
Noncontrolling Interest [Abstract]
Non-controlling interests (NCI)	15. Non-controlling interests (NCI)   Non-controlling interests (“NCI”) represent the portion of net assets in consolidated entities that are not owned by the Company.   The following table represent the non-controlling ownership interests and non-controlling interest balances reported in stockholder’s equity as of May 31, 2023 and 2022 respectively.    Schedule of Non Controlling Ownership Interest     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   NCI ownership interest     33 %     33 %     20 %     20 %     33 %     33 %     28 %     28 %     10 %     10 %                 NCI balances     (864,174 )     (572,223 )     (19,951 )     (16,157 )     (64,157 )     (12,186 )     (66,755 )     (25,911 )     (1,526 )     (174 )     (1,016,563 )     (626,651 )   The summarized financial information for subsidiary that has non-controlling interest which are material to the Company is provided below. This information is based on amounts before inter-company elimination.   Summarized statement of financial position as at  Schedule of Statement of Financial Positions     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   Non-current assets     391,073       708,532       -       -       49,521       68,075       153,693       230,103       -       89,143       594,287       1,095,853   Current assets     102,279       578,305       1,617       2,231       9,276       11,287       23,567       23,313       1       103,544       136,740       718,680   Current liabilities     (748,450 )     (563,582 )     (86,863 )     (78,897 )     (238,248 )     (113,808 )     (91,047 )     (37,110 )     -       (117,146 )     (1,164,608 )     (910,543 ) Non-current liabilities     (60,039 )     (127,000 )     -       -       -       -       (6,551 )     (20,787 )     -       (11,022 )     (66,590 )     (158,809 ) Net assets     (315,137 )     596,255       (85,246 )     (76,666 )     (179,451 )     (34,446 )     79,662       195,519       1       64,519       (500,171 )     745,181         053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   Net Assets     (315,137 )     596,255       (85,246 )     (76,666 )     (179,451 )     (34,446 )     79,662       195,519       1       64,519       (500,171 )     745,181   Less: Zhuyi capital and additional paid-in capital     (2,101,930 )     (2,101,930 )     -       -       -       -       (310,895 )     (303,483 )     (16,551 )     (65,935 )     (2,429,376 )     (2,471,348 ) Less: OCI     (100,820 )     (114,166 )     (7,255 )     (2,060 )     (7,482 )     (1,240 )     (3,589 )     7,713       646       (162 )     (118,500 )     (109,915 ) Accumulated Deficits     (2,517,887 )     (1,619,841 )     (92,501 )     (78,726 )     (186,933 )     (35,686 )     (234,822 )     (100,251 )     (15,904 )     (1,578 )     (3,048,047 )     (1,836,082 ) Accumulated Deficits attributable to NCI     (830,903 )     (534,548 )     (18,500 )     (15,745 )     (61,688 )     (11,777 )     (65,750 )     (28,071 )     (1,590 )     (158 )     (978,431 )     (590,299 ) Plus: OCI attributable to NCI     (33,271 )     (37,675 )     (1,451 )     (412 )     (2,469 )     (409 )     (1,005 )     2,160       64       (16 )     (38,132 )     (36,352 ) NCI balances     (864,174 )     (572,223 )     (19,951 )     (16,157 )     (64,157 )     (12,186 )     (66,755 )     (25,911 )     (1,526 )     (174 )     (1,016,563 )     (626,651 )

v3.23.3

Reserves	12 Months Ended
	May 31, 2023
Reserves
Reserves	16. Reserves     Statutory reserve   Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the other reserve appropriations are at the Company’s discretion. These reserves can only be used for specific purposes of enterprise expansion and are not distributable as cash dividends. During the year ended May 31, 2023 and 2022 the Company did not accrue any statutory reserve.     Foreign currency translation reserve   The foreign currency translation reserve represents translation differences arising from translation of foreign currency financial statements into the Company’s reporting currency.

v3.23.3

Quantitative and Qualitative Disclosure about Market Risks	12 Months Ended
	May 31, 2023
Quantitative And Qualitative Disclosure About Market Risks
Quantitative and Qualitative Disclosure about Market Risks	17. Quantitative and Qualitative Disclosure about Market Risks     A. Credit risk           The Company’s deposits are with banks located in the PRC. They do not carry federal deposit insurance and may be subject to loss if the banks become insolvent.           Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The credit risk with respect to account receivables is mitigated by credit control policies we carry out with respect to our customers and our ongoing monitoring process of outstanding balances.         B. Economic and political risks           The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in the PRC.           The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.         C. Interest risk           The Company is subject to interest rate risk when long term loans become due and require refinancing.         D. Sensitivity analysis           The long-term loans are free of interest for the first 32 months however if interest were to charge at an annual rate of 4%, interest expense would be $1.3 million per year. The Company adopts 4% as an annual interest rate based on the China LPR announced on May 22, 2023 with an adjustment to loan terms. If interest rate increases or decreases by 10%, it could lead to an increase or decrease in interest expense of $32,371 per year.

v3.23.3

Significant Events	12 Months Ended
	May 31, 2023
Significant Events
Significant Events	18. Significant Events   By the end of May 31, 2023, the Company has entered into four contracts with four agents allowing them to use our software application to parking lots in the cities that are specified in the contracts for collecting parking fees. Royalty fees will be charged to these agents. The manual of the application was delivered to these agents in June, 2023. The Company expects to receive royalty fee from the third quarter.

v3.23.3

Subsequent Events	12 Months Ended
	May 31, 2023
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events   The Company has performed an evaluation of subsequent events through October 2, 2023, which was the date of the issuance of the consolidated financial statements, and determined that no events would have required adjustment or disclosure in the consolidated financial statements other than that discussed above.

v3.23.3

Comparative figure	12 Months Ended
	May 31, 2023
Comparative Figure
Comparative figure	20. Comparative figure   SVMB consolidated financial statements for the year ended May 31, 2022 are not audited. Figures consolidated up to Zhejiang Jingbo Ecological Technology Co. have been audited which have been marked as audited in the Summary of financial information of the Group’s VIEs (inclusive of VIE’s subsidiaries) under the Variable Interest Entities section. There is no significant difference between Zhejiang Jingbo Ecological Technology Co.’s audited figures and SVMB’s pro-forma figures.

v3.23.3

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation   The accompanying financial statements include the balances and results of operations of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”).   The accompanying financial statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.   The Company incurred net loss of $6,783,522 during the year ended May 31, 2023. As of May 31, 2023, the Company had total deficit of $23,887,645 and had net cash provided by operating activities of $102,130. The Company incurred net loss of $6,894,883 during the year ended May 31, 2022. As of May 31, 2022, the Company had total deficit of $18,433,688 and had net cash used in operating activities of $17,094,189.   The ability to continue as a going concern is dependent upon long-term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.   These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on long term loans related to Shaoxing Keqiao Zhuyi Technology Co. and the director (Guowei Zhang) to meet obligations as they become due and to obtain additional equity or alternative financing required to fund operations until sufficient sources of recurring revenues can be generated. There can be no assurance that the Company will be successful in its plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Method of accounting	Method of accounting   Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States of America. The Company maintains its general ledger and journals with the accrual method accounting.
Use of estimates	Use of estimates   The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates.
Business Combination and Non-controlling Interests	Business Combination and Non-controlling Interests   On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Intellegence Parking Group Limited (“Intellegence”), a Cayman Island company formed on June 29, 2022, Chen Xinxin (“Xinxin”), the officer and director, and control shareholder of Intelligence and the shareholders of Intelligence (the “Shareholders”). Under the Share Exchange Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence will acquire a majority of the issued and outstanding common stock as a result of the share exchange transaction. The transaction has been accounted for as a recapitalization of the Company, whereby Intellegence is the accounting acquirer.   Immediately after completion of such share exchange, SVMB will hold a total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei is the sole director of Intellegence Parking Group Limited.     SVMB and Intellegence consolidated the financial statements through common control. As a result, the Company measured the recognized assets and liabilities combined at their historical cost at the acquisition date. The difference between consideration paid and assets and liabilities received are presented as a component of equity and additional paid-in-capital.   Zhejiang Jingbo Ecological Technology and Hangzhou Zhuyi, Linglingyi, Lingshan, Anping, Haikou, Yibin, Xide Tongpo and Taining consolidated the financial statements through acquisition.   Jingbo accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by Jingbo and equity instruments issued by Jingbo. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss.   In a business combination achieved in stages, Jingbo re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.   The consolidated financial statements include the financial statements of Jingbo its subsidiaries, the VIEs and VIE’s subsidiaries for which the Company is considered the ultimate primary beneficiary for accounting purposes.   A subsidiary is an entity in which the Company directly or indirectly controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of notes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.   A VIE is an entity in which the Company’s subsidiary, through contractual agreements, has the power to direct activities of the VIEs that most significantly impact their economic performance, and has the right to receive economic benefits from the VIEs that could potentially be significant to them, and therefore the Company is considered the ultimate primary beneficiary of the entity for accounting purposes.   All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate.
Segment Reporting	Segment Reporting   Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Company’s management team, including the chief executive officer (“CEO”).   The Company has organized operations into three different areas: (1) parking fee, (2) sales of parking lot equipment, and (3) other services. As the parking fee and sales of parking lot equipment are of the same nature, CODM accesses that there is only one operating segment which is car parking income.
Cash and cash equivalents	Cash and cash equivalents   The Company considers all highly liquid investments purchased with original maturities of three months or less, and unencumbered bank deposits to be cash equivalents.
Accounts receivables	Accounts receivables   Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An expected credit loss is made when collection of the full amount is no longer probable. Bad debts are written off against expected credit loss allowances.
Inventories	Inventories   Inventories solely consist of consumable parts for sales are stated at the lower of cost or market value. Consumable parts for sales costs include: materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory.
Plant and Equipment	Plant and Equipment   An item of plant and equipment is stated at cost less any accumulated depreciation and any accumulated allowance for decrease in value (if any).   The cost of an item of plant and equipment comprises its purchase price, import duties and non-refundable purchase taxes (after deducting trade discounts and rebates) and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. These can include the initial estimate of costs of dismantling and removing the item, and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period.   The cost of replacing part of plant and equipment is included in the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and the carrying amount of those replaced parts is derecognized. Repairs and maintenance are charged to the statement of income during the financial period in which they are incurred.   Depreciation is provided over their estimated useful lives, using the straight-line method. The estimated useful lives of the plant and equipment are as follows:  Schedule of Estimated Useful Live Furniture, fixtures and office equipment     3-5 years   Building     20 years   Vehicles     4-5 years   Project facilities     2-5 years     The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized.
Impairment of long-lived assets	Impairment of long-lived assets   The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of leasehold improvement and equipment; such as evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of plant and equipment in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize impairment loss based on the fair value of the assets. The Company did not record any impairment losses on long-lived assets during the years ended May 31, 2023 and 2022.
Statutory reserves	Statutory reserves   Statutory reserves are referring to the amount appropriated from the net income in accordance with laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum that is equal to 50% of the enterprise’s PRC registered capital.
Leases	Leases   Leases are classified at the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date.   All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective leases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities (current), and operating lease liabilities (non-current) in the 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. The Company utilizes a market-based approach to estimate the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.   The Company reviews its lease for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of lease; such as an evidence of obsolescence or physical damage of an asset, significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of lease in the statement of income where the carrying amount of asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the lease to the estimated discounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected discounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets
Value added tax (“VAT”)	Value added tax (“VAT”)   The Company is subject to value-added tax (“VAT”) for providing services and sales of products. Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other payables. The Company reports revenue net of PRC’s VAT for all the periods presented in the Consolidated Statements of Operations and Comprehensive Loss.
Foreign currency translation	Foreign currency translation   The accompanying financial statements are presented in United States dollars. The functional currencies of the Company are in Renminbi (RMB). The Company’s assets and liabilities are translated into United States dollars from RMB at year-end exchange rates, and its revenues and expenses are translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.  Schedule of Foreign Currency Translation       05312023       05312022   Year end RMB: US$ exchange rate     7.1100       6.6624   Annual average RMB: US$ exchange rate     6.9185       6.4310     The RMB is not freely convertible into foreign currencies and all foreign exchange transactions must be conducted through authorized financial institutions.
Income recognition	Income recognition   Recognition of Revenue   Revenue is reported net of business taxes and VAT. The Company’s main income is from parking fee.   Revenue is recognized when services are rendered. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount:   (i) identification of the services in the contract;   (ii) determination of whether the services are performance obligations, including whether they are distinct in the context of the contract;   (iii) measurement of the transaction price, including the constraint on variable consideration;   (iv) allocation of the transaction price to the performance obligations; and   (v) recognition of revenue when (or as) the Company satisfies each performance obligation.   The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.   For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules.   Other Income and other expenses   Other income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements.
Advertising	Advertising   All advertising costs are expensed as incurred.
Research and development	Research and development   All research and development costs are expensed as incurred.
Retirement benefits	Retirement benefits   Retirement benefits in the form of mandatory government sponsored defined contribution plans are charged to the either expenses as incurred or allocated to inventory as part of overhead.
Income taxes	Income taxes   Income tax expense comprises current and deferred taxation and is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive income or equity, in which case it is recognized directly in other comprehensive income or equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable with respect to previous periods.   The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.   The Company accounts for uncertain tax positions by reporting a liability for uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Company believes that it is more likely than not that the tax position will be sustained on examination by the tax authorities based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expenses.
Comprehensive income	Comprehensive income   The Company uses FASB ASC Topic 220, “Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.
Earnings per share	Earnings per share   The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.
Financial instruments	Financial instruments   The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:     ● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.   ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.   ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.   The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815.
Commitments and contingencies	Commitments and contingencies   Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
Recent accounting pronouncements	Recent accounting pronouncements   In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The adoption does not have a significant impact on the Company’s financial statements.   The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements.   In November 2016, the FASB issued guidance, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In October 2016, the FASB issued guidance, which amends the existing accounting for Intra-Entity Transfers of Assets Other Than Inventory. The guidance requires an entity to recognize the income tax consequences of intra-entity transfers, other than inventory, when the transfer occurs. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In August 2016, the FASB issued guidance, which amends the existing accounting standards for the classification of certain cash receipts and cash payments on the statement of cash flows. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.   In January 2016, the FASB issued guidance, which amends the existing accounting standards for the recognition and measurement of financial assets and financial liabilities. The updated guidance primarily addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company is currently evaluating the timing and the impact of this guidance on the financial statements.

v3.23.3

Organization and Principal Activities (Tables)	12 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Share Acquired by Purchases	Schedule of Share Acquired by Purchases Purchasers   Shares acquired     %   Zhang Yiping     15,189,500       24.54 % Chen Xinxin     4,000,000       6.46 % Wang Yanfang     2,000,000       3.23 % Liu Chen     2,000,000       3.23 % Liu Ying     1,906,288       3.08 %
Schedule of Economic Benefits Ownership Percentage	Schedule of Economic Benefits Ownership Percentage Companies   Country/Place and date of incorporation/establishment   Percentage of direct or indirect economic benefits ownership           May 31,           2023     2022   Major Subsidiaries                     Intellegence Parking Group Limited   Cayman June 29, 2022     100 %     100 % Intellegence Parking (Hong Kong) Limited   Hong Kong July 20, 2022     100 %     100 % Huixin Zhiying (Hangzhou) Technology Co.   PRC October 24, 2022     100 %     100 %                       Major VIEs (Including VIE’s Subsidiaries)                     Zhejiang Jingbo Ecological Technology Co.   PRC December 18, 2019     100 %     100 % Hangzhou Zhuyi Technology Co.   PRC November 13, 2017     100 %     100 %

v3.23.3

Variable Interest Entities (Tables)	12 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities Financial Statements	The consolidated financial statements of the Group’s VIEs have been audited by filing the Form 8-K for the year ended May 31, 2022.    Schedule of Variable Interest Entities Financial Statements     May 31, 2023     May 31, 2022 (Audited)       $     $   Cash and cash equivalents     401,984       106,542   Restricted cash     10,273       2,245   Accounts receivable     409,380       355,598   Inventories     177,034       78,995   Prepaid expenses and other current assets     2,045,736       6,353,787   Plant and equipment, net     6,581,823       6,956,399   Intangible assets, net     15,543       13,282   Right-of-use assets     277,184       946,296   Other non-current assets     2,884,090       3,552,736   Total Assets     12,803,047       18,365,880   Accounts payables     749,226       565,067   Advances from customers     622,069       20,400   Other current payables     1,300,969       1,627,732   Taxes payable     18,737       19,427   Amounts due to related parties     540,897       394,077   Operating lease liabilities, current     126,659       637,110   Long-term loan     32,740,623       33,211,152   Operating lease liabilities     121,555       300,438   Total Liabilities     36,220,735       36,775,403   Total (Deficit) Equity of VIEs     (23,417,688 )     (18,409,523 ) Total Liabilities and (Deficit) Equity of VIEs     12,803,047       18,365,880         May 31, 2023     May 31, 2022 (Audited)       $     $   Net revenues     3,723,088       3,563,527   Cost of revenues     (4,132,481 )     (4,571,107 ) Gross loss     (409,393 )     (1,007,580 ) Total costs and expenses     (5,835,586 )     (5,860,705 ) Operating income/(loss)     (6,244,979 )     (6,868,285 ) Total other income and (expenses)     (92,528 )     52,627   Loss before taxes from operations     (6,337,507 )     (6,815,658 ) Provision for income taxes     (223 )     -   Net loss     (6,337,730 )     (6,815,658 ) Net loss attributable to VIEs     (5,949,596 )     (6,548,669 )       2023     2022 (Audited)       Year Ended May 31,       2023     2022 (Audited)   Net cash provided by/(used in) operating activities     541,233       (17,047,129 ) Net cash (used in)/provided by investing activities     (1,614,513 )     187,610   Net cash provided by financing activities     1,392,188       16,838,474   Effect of exchange rate changes on cash and cash equivalents     (15,438 )     (5,256 ) Net increase in cash and cash equivalents     303,470       (26,301 ) Cash and cash equivalents at the beginning of period     108,787       135,088   Cash and cash equivalents at the end of period     412,257       108,787

v3.23.3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	May 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Live	Depreciation is provided over their estimated useful lives, using the straight-line method. The estimated useful lives of the plant and equipment are as follows:  Schedule of Estimated Useful Live Furniture, fixtures and office equipment     3-5 years   Building     20 years   Vehicles     4-5 years   Project facilities     2-5 years
Schedule of Foreign Currency Translation	Schedule of Foreign Currency Translation       05312023       05312022   Year end RMB: US$ exchange rate     7.1100       6.6624   Annual average RMB: US$ exchange rate     6.9185       6.4310

v3.23.3

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	May 31, 2023
Prepaid Expenses And Other Current Assets
Schedule of Prepaid Expenses and Other Current Assets	Schedule of Prepaid Expenses and Other Current Assets     May 31, 2023     May 31, 2022   Prepayment     591,277       2,382,151   Prepayment for rental (a)     438,256       492,620   Deposit     366,478       653,538   Loan receivable (b)     342,882       2,067,575   Advances to employees     125,508       421,501   Other     157,164       212,062   VAT     39       100,243   TOTAL     2,021,604       6,329,690       (a) Prepayment for rental included a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of May 31, 2023.         (b) Loan receivables are loans borrow to third parties. All loans are interest free and will be repaid on demand.

v3.23.3

Property and Equipment (Tables)	12 Months Ended
	May 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Schedule of Property and Equipment     Furniture, fixtures and office equipment     Building     Vehicles     Project Facilities     Construction in progress     Total   Cost                                     At May 31,2022     1,039,335       4,502,229       98,523       3,310,905       363,367       9,314,359   Beginning balance, cost     1,039,335       4,502,229       98,523       3,310,905       363,367       9,314,359   Additions during the year     52,184       224,289       31,747       423,639       3,070,025       3,801,884   Disposals during the year     (64,146 )     -       -       (488,218 )     (2,420,288 )     (2,972,652 ) Effects of currency translation     (65,102 )     (289,453 )     (7,058 )     (206,680 )     (40,374 )     (608,667 ) At May 31,2023     962,271       4,437,065       123,212       3,039,646       972,730       9,534,924   Ending balance, cost     962,271       4,437,065       123,212       3,039,646       972,730       9,534,924                                                     Accumulated depreciation                                                 At May 31,2022     826,668       384,736       74,237       1,072,319       -       2,357,960   Beginning balance, Accumulated depreciation     826,668       384,736       74,237       1,072,319       -       2,357,960   Depreciation during the year     170,668       225,509       38,397       453,284       -       887,858   Disposals during the year     (38,773 )     -       -       (84,931 )     -       (123,704 ) Effects of currency translation     (55,589 )     (30,293 )     (5,707 )     (77,424 )     -       (169,013 ) At May 31,2023     902,974       579,952       106,927       1,363,248       -       2,953,101   Ending balance, Accumulated depreciation     902,974       579,952       106,927       1,363,248       -       2,953,101                                                     Net book value                                                 At May 31,2022     212,667       4,117,493       24,286       2,238,586       363,367       6,956,399   Beginning balance, Net book value     212,667       4,117,493       24,286       2,238,586       363,367       6,956,399   At May 31,2023     59,297       3,857,113       16,285       1,676,398       972,730       6,581,823   Ending balance, Net book value     59,297       3,857,113       16,285       1,676,398       972,730       6,581,823

v3.23.3

Intangible Assets (Tables)	12 Months Ended
	May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Schedule of Intangible Assets Cost       At May 31,2022     16,100   Beginning balance, cost     16,100   Additions during the year     13,443   Disposals during the year     -   Effects of currency translation     (1,014 ) At May 31,2023     28,529   Ending balance, cost     28,529   Accumulated depreciation         At May 31,2022     2,818   Beginning balance, Accumulated depreciation     2,818   Depreciation during the year     10,245   Disposals during the year     -   Effects of currency translation     (77 ) At May 31,2023     12,986   Ending balance, Accumulated depreciation     12,986   Net book value         At May 31,2022     13,282   At May 31,2023     15,543

v3.23.3

Right-of-use Assets (Tables)	12 Months Ended
	May 31, 2023
Right-of-use Assets
Schedule of Right of Use Assets	Schedule of Right of Use Assets     $   Cost         At May 31, 2022     2,218,295   Additions during the year     39,995   Write-off during the year     -   Effects of currency translation     (99,645 ) At May 31, 2023     2,118,650             Accumulated depreciation         At May 31,2022     1,271,999   Depreciation during the year     649,538   Write-off during the year     -   Effects of currency translation     (80,071 ) At May 31, 2023     1,841,466             Net book value         At May 31, 2022     946,296   At May 31, 2023     277,184

v3.23.3

Other payables and Accruals (Tables)	12 Months Ended
	May 31, 2023
Payables and Accruals [Abstract]
Schedule of Other Payable and Accruals	Schedule of Other Payable and Accruals     May 31, 2023     May 31, 2022       $     $   Accrued payroll and welfare payables     338,657       283,082   Deposit     27,194       9,891   Loans payable     344,585       507,388   Advanced to employees     70,305       75,048   Other (a)     520,883       752,323   Total     1,301,624       1,627,732       (a) Other mainly included collection of parking fees on behalf of a third party.

v3.23.3

Related Party Transactions (Tables)	12 Months Ended
	May 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	At May 31, 2023 and May 31, 2022, the Company owned funds from the following related parties: Schedule of Related Party Transactions      May 31.2023     May 31.2022     Relationship                   Intellegence Triumph Holdings Limited     5,000       5,000     Former shareholder Virtue Victory Holdings Limited     5,200       5,200     Former shareholder Strength Union Holdings Limited     5,800       5,800     Former shareholder Due from related party                       At May 31, 2023 and May 31, 2022, the Company owed funds to the following related parties:       May 31, 2023     May 31.2022     Relationship                   Guowei Zhang     1,056,221       394,077     President of the Company Xinxin Chen     1,500       -     Former shareholder Shaoxing Keqiao Zhuyi Technology Co., Ltd     32,740,623       -     An entity controlled by a shareholder Beijing Zhibo Innovation Technology Co., Ltd.     -       33,211,152     An entity which Guowei Zhang is a major shareholder Due to related party
Schedule of Related Party Amount Transferred to Creditor	Schedule of Related Party Amount Transferred to Creditor Transferee   Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       5,327,769   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       6,118,143   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       1,329,162   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       281,294   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       717,300   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       562,588   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       64,482   Total     234,289,035.38       32,952,046
Schedule of Related Party Amount Before Transfers and Final Amounts Being Transferred	The below table shows the movements of loans before the transfers and the final amounts being transferred. Schedule of Related Party Amount Before Transfers and Final Amounts Being Transferred  Transferor   Balance as at January 15, 2023 (RMB)     Offset (RMB)     Increase (RMB)     Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       -       -       30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       -       -       10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       -       -       41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       -       -       10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       -       8,652,951.79       46,533,386.81       6,544,780   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       -       6,427,428.49       8,427,428.49       1,185,292   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       (2,309,273.07 )     4,734,492.66       45,925,219.59       6,459,243   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       (9,450,338.82 )     -       -       -   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       (5,100,000.00 )     -       -       -   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       (4,000,000.00 )     -       -       -   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       (458,469.12 )     -       -       -   Total     234,289,035.38       (21,318,081.01 )     19,814,872.94       232,785,827.31       32,740,623

v3.23.3

Income Taxes (Tables)	12 Months Ended
	May 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expenses (Benefits)	Income tax expense (benefits)   Schedule of Income Tax Expenses (Benefits)     May 31, 2023     May 31, 2022         $       $   Loss before tax     (6,783,299 )     (6,894,883 ) Tax credit calculated at statutory tax rate     (1,695,825 )     (1,723,721 ) Effect of different tax rates     17,832       1,721   Deferred tax asset not recognized during the year     1,678,216       1,722,000   Income tax expenses     223       -

v3.23.3

Long-term Borrowings (Tables)	12 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Borrowings Amount Transferred to Creditor	Schedule of Long-Term Borrowings Amount Transferred to Creditor  Transferee   Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       5,327,769   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       6,118,143   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       1,329,162   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       281,294   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       717,300   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       562,588   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       64,482   Total     234,289,035.38       32,952,046
Schedule of Long-Term Borrowings Amount Before Transfers and Final Amounts Being Transferred	The below table shows the movements of loans before the transfers and the final amounts being transferred. Schedule of Long-Term Borrowings Amount Before Transfers and Final Amounts Being Transferred  Transferor   Balance as at January 15, 2023 (RMB)     Offset (RMB)     Increase (RMB)     Transferred amounts (RMB)     Transferred amounts (USD)   Hangzhou Chiyi Enterprise Management Partnership (Limited Partnership)     30,000,000.00       -       -       30,000,000.00       4,219,409   Hangzhou Chuangzhu Enterprise Management Partnership (Limited Partnership)     10,097,186.49       -       -       10,097,186.49       1,420,139   Hangzhou HongKuo Enterprise Management Partnership (Limited partnership)     41,802,605.93       -       -       41,802,605.93       5,879,410   Hangzhou Hongying Enterprise Management Partnership (Limited Partnership)     10,000,000.00       -       -       10,000,000.00       1,406,470   Hangzhou Liujin Enterprise Management Partnership (Limited Partnership)     37,880,435.02       -       8,652,951.79       46,533,386.81       6,544,780   Hangzhou Liujin Enterprise Management Partnership Co., Ltd.     2,000,000.00       -       6,427,428.49       8,427,428.49       1,185,292   Hangzhou Ruiqi Enterprise Management Partnership (Limited Partnership)     43,500,000.00       (2,309,273.07 )     4,734,492.66       45,925,219.59       6,459,243   Hangzhou Zhusheng Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Zhuyuan Enterprise Management Partnership (Limited Partnership)     20,000,000.00       -       -       20,000,000.00       2,812,940   Hangzhou Jizhong Ecological Technology Co., Ltd.     9,450,338.82       (9,450,338.82 )     -       -       -   Hangzhou Renyigou E-Commerce Co., Ltd.     5,100,000.00       (5,100,000.00 )     -       -       -   Hangzhou Yixin Supply Chain Management Co., Ltd.     4,000,000.00       (4,000,000.00 )     -       -       -   Hangzhou Zhizhu Parking Co., Ltd.     458,469.12       (458,469.12 )     -       -       -   Total     234,289,035.38       (21,318,081.01 )     19,814,872.94       232,785,827.31       32,740,623

v3.23.3

Leases (Tables)	12 Months Ended
	May 31, 2023
Leases
Schedule of Future Minimum Payments Under Long Term Non-Cancellable Operating Lease	The Company’s future minimum payments under long-term non-cancellable operating leases are as follows: Schedule of Future Minimum Payments Under Long Term Non-Cancellable Operating Lease      As of May 31, 2023     As of May 31, 2022         $       $   Within 1 year     136,710       658,774   After 1 year but within 5 years     127,793       321,294   Total lease payments     264,503       980,068                     Less: imputed interest     (16,289 )     (42,520 ) Total lease obligations     248,214       937,548   Less: current obligations     (126,659 )     (637,110 ) Long-term lease obligations     121,555       300,438

v3.23.3

Non-controlling interests (NCI) (Tables)	12 Months Ended
	May 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Non Controlling Ownership Interest	The following table represent the non-controlling ownership interests and non-controlling interest balances reported in stockholder’s equity as of May 31, 2023 and 2022 respectively.    Schedule of Non Controlling Ownership Interest     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   NCI ownership interest     33 %     33 %     20 %     20 %     33 %     33 %     28 %     28 %     10 %     10 %                 NCI balances     (864,174 )     (572,223 )     (19,951 )     (16,157 )     (64,157 )     (12,186 )     (66,755 )     (25,911 )     (1,526 )     (174 )     (1,016,563 )     (626,651 )
Schedule of Statement of Financial Positions	Summarized statement of financial position as at  Schedule of Statement of Financial Positions     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   Non-current assets     391,073       708,532       -       -       49,521       68,075       153,693       230,103       -       89,143       594,287       1,095,853   Current assets     102,279       578,305       1,617       2,231       9,276       11,287       23,567       23,313       1       103,544       136,740       718,680   Current liabilities     (748,450 )     (563,582 )     (86,863 )     (78,897 )     (238,248 )     (113,808 )     (91,047 )     (37,110 )     -       (117,146 )     (1,164,608 )     (910,543 ) Non-current liabilities     (60,039 )     (127,000 )     -       -       -       -       (6,551 )     (20,787 )     -       (11,022 )     (66,590 )     (158,809 ) Net assets     (315,137 )     596,255       (85,246 )     (76,666 )     (179,451 )     (34,446 )     79,662       195,519       1       64,519       (500,171 )     745,181         053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122       Liangshan     Yibin     Xide     Taining     Anping     Total       053123     053122     053123     053122     053123     053122     053123     053122     053123     053122     053123     053122   Net Assets     (315,137 )     596,255       (85,246 )     (76,666 )     (179,451 )     (34,446 )     79,662       195,519       1       64,519       (500,171 )     745,181   Less: Zhuyi capital and additional paid-in capital     (2,101,930 )     (2,101,930 )     -       -       -       -       (310,895 )     (303,483 )     (16,551 )     (65,935 )     (2,429,376 )     (2,471,348 ) Less: OCI     (100,820 )     (114,166 )     (7,255 )     (2,060 )     (7,482 )     (1,240 )     (3,589 )     7,713       646       (162 )     (118,500 )     (109,915 ) Accumulated Deficits     (2,517,887 )     (1,619,841 )     (92,501 )     (78,726 )     (186,933 )     (35,686 )     (234,822 )     (100,251 )     (15,904 )     (1,578 )     (3,048,047 )     (1,836,082 ) Accumulated Deficits attributable to NCI     (830,903 )     (534,548 )     (18,500 )     (15,745 )     (61,688 )     (11,777 )     (65,750 )     (28,071 )     (1,590 )     (158 )     (978,431 )     (590,299 ) Plus: OCI attributable to NCI     (33,271 )     (37,675 )     (1,451 )     (412 )     (2,469 )     (409 )     (1,005 )     2,160       64       (16 )     (38,132 )     (36,352 ) NCI balances     (864,174 )     (572,223 )     (19,951 )     (16,157 )     (64,157 )     (12,186 )     (66,755 )     (25,911 )     (1,526 )     (174 )     (1,016,563 )     (626,651 )

v3.23.3

Schedule of Share Acquired by Purchases (Details)	Jun. 08, 2022 shares
Zhang Yiping [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Ownership percentage of shares acquired	24.54%
Chen Xinxin [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Ownership percentage of shares acquired	6.46%
Wang Yanfang [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Ownership percentage of shares acquired	3.23%
Liu Chen [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Ownership percentage of shares acquired	3.23%
Liu Ying [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Ownership percentage of shares acquired	3.08%
Zhang Yiping [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares acquired	15,189,500
Chen Xinxin [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares acquired	4,000,000
Wang Yanfang [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares acquired	2,000,000
Liu Chen [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares acquired	2,000,000
Liu Ying [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares acquired	1,906,288

v3.23.3

Schedule of Economic Benefits Ownership Percentage (Details)	12 Months Ended
	May 31, 2023	May 31, 2022
Intellegence Parking Group Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, ownership percentage, parent	100.00%	100.00%
Intellegence Parking Hong Kong Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, ownership percentage, parent	100.00%	100.00%
Huixin Zhiying Technology [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, ownership percentage, parent	100.00%	100.00%
Zhejiang Jingbo Ecological Technology VIE [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, ownership percentage, parent	100.00%	100.00%
Hangzhou Zhuyi Technology Co VIE [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, ownership percentage, parent	100.00%	100.00%
Intellegence Parking Group Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Entity incorporation, date of incorporation	Jun. 29, 2022
Intellegence Parking Hong Kong Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Entity incorporation, date of incorporation	Jul. 20, 2022
Huixin Zhiying Technology [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Entity incorporation, date of incorporation	Oct. 24, 2022
Zhejiang Jingbo Ecological Technology VIE [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Entity incorporation, date of incorporation	Dec. 18, 2019
Hangzhou Zhuyi Technology Co VIE [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Entity incorporation, date of incorporation	Nov. 13, 2017

v3.23.3

Organization and Principal Activities (Details Narrative) - USD ($)	Jun. 29, 2022	Jun. 08, 2022	Nov. 10, 2020	Jun. 26, 2018	Jun. 15, 2018	May 30, 2018	May 10, 2018	Mar. 19, 2018	May 18, 2017	May 31, 2023	Dec. 15, 2022	May 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock value										$ 1,061,900		$ 61,900
Common stock, shares, issued										1,061,900,000		61,900,000
Common stock, shares, outstanding										1,061,900,000		61,900,000
Stock Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock purchase agreements description			On November 10, 2020, ten (10) shareholders of the Company, including affiliates Arden Wealth & Trust (Switzerland) AG and New Reap Global Limited, entered into stock purchase agreements with an aggregate of nineteen (19) non-U.S. accredited investors to sell an aggregate of 42,440,316 shares of common stock of the “Company, which represents approximately 68.6% of the issued and outstanding shares of common stock of the Company
Purchase of common stock			42,440,316
Common stock issued and outstanding, percentage			68.60%
Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued and outstanding, percentage		40.54%
Sale of common stock shares		25,095,788
Common stock value		$ 250,958
Purchase Agreements [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired issued and outstanding, percentage		4.99%
Arden Wealth and Trust [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred						16,959,684	16,959,684
HongLing Shang [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred						2,000,000	2,000,000
Jianlong Wu [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred						2,400,000	2,400,000
Zhang Yiping [Member] | Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired issued and outstanding, percentage		24.54%
Chen Xinxin [Member] | Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired issued and outstanding, percentage		6.46%
New Reap Global, Ltd [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred						559,684	559,684
New Reap Global, Ltd [Member] | Eng Wah Kung [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred								250,000
New Reap Global, Ltd [Member] | EMRD Global Holdings [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred					690,316
New Reap Global, Ltd [Member] | Fortress Advisors, LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred				3,000,000
New Reap Global, Ltd [Member] | BaywallInc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted shares transferred				3,000,000
Director and CEO [Member] | New Reap Global, Ltd [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquisition of shares									32,500,000
Equity method investment, ownership percentage									68.40%
Savmob Technology Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, ownership percentage											100.00%
Number of shares issued	1,000,000,000
Zhang Guowe [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares, issued										200,000,000
Common stock, shares, outstanding										200,000,000

v3.23.3

Schedule of Variable Interest Entities Financial Statements (Details)	12 Months Ended
	May 31, 2023 USD ($)	May 31, 2022 USD ($)	Jan. 15, 2023 USD ($)	Jan. 15, 2023 CNY (¥)	May 31, 2022 CNY (¥)	May 31, 2021 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash and cash equivalents	$ 483,705	$ 106,542
Restricted cash	10,273	2,245
Accounts receivable	409,380	355,598
Inventories	177,034	78,995
Prepaid expenses and other current assets	2,021,604	6,329,690
Plant and equipment, net	6,581,823	6,956,399
Intangible assets, net	15,543	13,282
Right-of-use assets	277,184	946,296
Other non-current assets	2,884,090	3,552,736
Total Assets	12,876,636	18,357,783
Accounts payables	775,293	585,134
Advances from customers	622,069	20,400
Other current payables	1,301,624	1,627,732
Taxes payable	18,737	19,427
Operating lease liabilities, current	126,659	637,110
Long-term loan	32,740,623	33,211,152	$ 32,740,623	¥ 232,785,827.31	¥ 221,267,008.77
Operating lease liabilities	121,555	300,438
Total Liabilities	36,764,281	36,791,471
Total (Deficit) Equity	(23,887,645)	(18,433,688)				$ (19,392,755)
Total Liabilities and (Deficit) Equity	12,876,636	18,357,783
Net revenues	3,723,088	3,563,527
Cost of revenues	(4,132,481)	(4,571,107)
Gross loss	(409,393)	(1,007,580)
Operating income/(loss)	(6,690,771)	(6,947,510)
Total other income and (expenses)	(92,528)	52,627
Loss before taxes from operations	(6,783,299)	(6,894,883)
Provision for income taxes	(223)
Net loss	(6,395,388)	(6,627,894)
Net cash provided by/(used in) operating activities	102,130	(17,094,189)
Net cash (used in)/provided by investing activities	(1,614,513)	167,610
Net cash provided by financing activities	1,913,012	16,904,719
Effect of exchange rate changes on cash and cash equivalents	(15,438)	(5,256)
Net increase/(decrease) of cash and cash equivalents	385,191	(27,116)
Cash and cash equivalents–beginning of year	108,787	135,903
Cash and cash equivalents–end of year	493,978	108,787
Related Party [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Long-term loan			$ 32,740,623	¥ 232,785,827.31
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash and cash equivalents	401,984	106,542
Restricted cash	10,273	2,245
Accounts receivable	409,380	355,598
Inventories	177,034	78,995
Prepaid expenses and other current assets	2,045,736	6,353,787
Plant and equipment, net	6,581,823	6,956,399
Intangible assets, net	15,543	13,282
Right-of-use assets	277,184	946,296
Other non-current assets	2,884,090	3,552,736
Total Assets	12,803,047	18,365,880
Accounts payables	749,226	565,067
Advances from customers	622,069	20,400
Other current payables	1,300,969	1,627,732
Taxes payable	18,737	19,427
Operating lease liabilities, current	126,659	637,110
Long-term loan	32,740,623	33,211,152
Operating lease liabilities	121,555	300,438
Total Liabilities	36,220,735	36,775,403
Total (Deficit) Equity	(23,417,688)	(18,409,523)
Total Liabilities and (Deficit) Equity	12,803,047	18,365,880
Net revenues	3,723,088	3,563,527
Cost of revenues	(4,132,481)	(4,571,107)
Gross loss	(409,393)	(1,007,580)
Total costs and expenses	(5,835,586)	(5,860,705)
Operating income/(loss)	(6,244,979)	(6,868,285)
Total other income and (expenses)	(92,528)	52,627
Loss before taxes from operations	(6,337,507)	(6,815,658)
Provision for income taxes	(223)
Net loss	(6,337,730)	(6,815,658)
Net loss attributable to VIEs	(5,949,596)	(6,548,669)
Net cash provided by/(used in) operating activities	541,233	(17,047,129)
Net cash (used in)/provided by investing activities	(1,614,513)	187,610
Net cash provided by financing activities	1,392,188	16,838,474
Effect of exchange rate changes on cash and cash equivalents	(15,438)	(5,256)
Net increase/(decrease) of cash and cash equivalents	303,470	(26,301)
Cash and cash equivalents–beginning of year	108,787	135,088
Cash and cash equivalents–end of year	412,257	108,787
Variable Interest Entity, Primary Beneficiary [Member] | Related Party [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Amounts due to related parties	$ 540,897	$ 394,077

v3.23.3

Variable Interest Entities (Details Narrative) - CNY (¥)	Oct. 02, 2022	Jun. 29, 2022	May 12, 2022	Apr. 29, 2022	Oct. 14, 2021	May 18, 2021	Jul. 04, 2019
Hangzhou Zhuyi Technology Co [Member]
Number of shares issued		¥ 60,000,000
Ling lingyi [Member]
Share based compensation percentage				100.00%
Liangshan [Member]
Share based compensation percentage	26.00%
Hangzhou Zhuyi [Member]
Share based compensation percentage	67.00%		90.00%		67.00%	72.00%	80.00%

v3.23.3

Schedule of Estimated Useful Live (Details)	May 31, 2023
Furniture Fixtures and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture Fixtures and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Vehicles [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Vehicles [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Car Park Facilities [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Car Park Facilities [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

v3.23.3

Schedule of Foreign Currency Translation (Details) - China, Yuan Renminbi	May 31, 2023	May 31, 2022
Period and year end RMB: US$ exchange rate	7.1100	6.6624
Period and annual average RMB: US$ exchange rate	6.9185	6.4310

v3.23.3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)		12 Months Ended
	Jun. 29, 2022	May 31, 2023	May 31, 2022	Dec. 15, 2022	May 31, 2021
Net loss		$ 6,783,522	$ 6,894,883
Stockholders equity deficit		23,887,645	18,433,688		$ 19,392,755
Net cash provided by operating activities		102,130	(17,094,189)
Net cash provided by operating activities		$ (102,130)	$ 17,094,189
Common stock, shares, issued		1,061,900,000	61,900,000
Common stock, shares, outstanding		1,061,900,000	61,900,000
Finance lease, description		As the lessee, a lease is a finance lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the asset’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date.
Savmob Technology Inc [Member]
Equity method investment, ownership percentage				100.00%
Number of shares issued	1,000,000,000
Zhang Guowe [Member]
Common stock, shares, issued		200,000,000
Common stock, shares, outstanding		200,000,000

v3.23.3

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)		May 31, 2023	May 31, 2022
Prepaid Expenses And Other Current Assets
Prepayment		$ 591,277	$ 2,382,151
Prepayment for rental	[1]	438,256	492,620
Deposit		366,478	653,538
Loan receivable	[2]	342,882	2,067,575
Advances to employees		125,508	421,501
Other		157,164	212,062
VAT		39	100,243
TOTAL		$ 2,021,604	$ 6,329,690
[1] Prepayment for rental included a rental agreement of parking lot with a third party. The contract became effective on January 1, 2021 and will end on December 31, 2030. The Company has paid full rent as of May 31, 2023. [2] Loan receivables are loans borrow to third parties. All loans are interest free and will be repaid on demand.

v3.23.3

Schedule of Property and Equipment (Details)	12 Months Ended
	May 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Beginning balance, cost	$ 9,314,359
Additions during the year	3,801,884
Disposals during the year	(2,972,652)
Effects of currency translation	(608,667)
Ending balance, cost	9,534,924
Beginning balance, Accumulated depreciation	2,357,960
Depreciation during the year	887,858
Disposals during the year	(123,704)
Effects of currency translation	(169,013)
Ending balance, Accumulated depreciation	2,953,101
Beginning balance, Net book value	6,956,399
Ending balance, Net book value	6,581,823
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Beginning balance, cost	1,039,335
Additions during the year	52,184
Disposals during the year	(64,146)
Effects of currency translation	(65,102)
Ending balance, cost	962,271
Beginning balance, Accumulated depreciation	826,668
Depreciation during the year	170,668
Disposals during the year	(38,773)
Effects of currency translation	(55,589)
Ending balance, Accumulated depreciation	902,974
Beginning balance, Net book value	212,667
Ending balance, Net book value	59,297
Building [Member]
Property, Plant and Equipment [Line Items]
Beginning balance, cost	4,502,229
Additions during the year	224,289
Disposals during the year
Effects of currency translation	(289,453)
Ending balance, cost	4,437,065
Beginning balance, Accumulated depreciation	384,736
Depreciation during the year	225,509
Disposals during the year
Effects of currency translation	(30,293)
Ending balance, Accumulated depreciation	579,952
Beginning balance, Net book value	4,117,493
Ending balance, Net book value	3,857,113
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Beginning balance, cost	98,523
Additions during the year	31,747
Disposals during the year
Effects of currency translation	(7,058)
Ending balance, cost	123,212
Beginning balance, Accumulated depreciation	74,237
Depreciation during the year	38,397
Disposals during the year
Effects of currency translation	(5,707)
Ending balance, Accumulated depreciation	106,927
Beginning balance, Net book value	24,286
Ending balance, Net book value	16,285
Project Facilities [Member]
Property, Plant and Equipment [Line Items]
Beginning balance, cost	3,310,905
Additions during the year	423,639
Disposals during the year	(488,218)
Effects of currency translation	(206,680)
Ending balance, cost	3,039,646
Beginning balance, Accumulated depreciation	1,072,319
Depreciation during the year	453,284
Disposals during the year	(84,931)
Effects of currency translation	(77,424)
Ending balance, Accumulated depreciation	1,363,248
Beginning balance, Net book value	2,238,586
Ending balance, Net book value	1,676,398
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Beginning balance, cost	363,367
Additions during the year	3,070,025
Disposals during the year	(2,420,288)
Effects of currency translation	(40,374)
Ending balance, cost	972,730
Beginning balance, Accumulated depreciation
Depreciation during the year
Disposals during the year
Effects of currency translation
Ending balance, Accumulated depreciation
Beginning balance, Net book value	363,367
Ending balance, Net book value	$ 972,730

v3.23.3

Schedule of Intangible Assets (Details)	12 Months Ended
	May 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance, cost	$ 16,100
Additions during the year	13,443
Disposals during the year
Effects of currency translation	(1,014)
Ending balance, cost	28,529
Beginning balance, Accumulated depreciation	2,818
Depreciation during the year	10,245
Disposals during the year
Effects of currency translation	(77)
Ending balance, Accumulated depreciation	12,986
Beginning balance, Net book value	13,282
Ending balance, Net book value	$ 15,543

v3.23.3

Schedule of Right of Use Assets (Details) - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Right-of-use Assets
Cost, beginning balance	$ 2,218,295
Cost, Additions during the period	39,995
Write-off during the year
Cost, Effects of currency translation	(99,645)
Cost, ending balance	2,118,650
Accumulated depreciation, beginning balance	1,271,999
Accumulated depreciation, Depreciation during the period	649,538
Accumulated depreciation write-off during the period
Accumulated depreciation, Effects of currency translation	(80,071)
Accumulated depreciation, ending balance	1,841,466
Net book value	$ 277,184	$ 946,296

v3.23.3

Schedule of Other Payable and Accruals (Details) - USD ($)		May 31, 2023	May 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and welfare payables		$ 338,657	$ 283,082
Deposit		27,194	9,891
Loans payable		344,585	507,388
Advanced to employees		70,305	75,048
Other	[1]	520,883	752,323
Total		$ 1,301,624	$ 1,627,732
[1] Other mainly included collection of parking fees on behalf of a third party.

v3.23.3

Schedule of Related Party Transactions (Details) - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Intellegence Triumph Holdings Limited [Member]
Related Party Transaction [Line Items]
Due from related party	$ 5,000	$ 5,000
Related party relationship	Former shareholder
Virtue Victory Holdings Limited [Member]
Related Party Transaction [Line Items]
Due from related party	$ 5,200	5,200
Related party relationship	Former shareholder
Strength Union Holdings Limited [Member]
Related Party Transaction [Line Items]
Due from related party	$ 5,800	5,800
Related party relationship	Former shareholder
Guowei Zhang [Member]
Related Party Transaction [Line Items]
Related party relationship	President of the Company
Due to related party	$ 1,056,221	394,077
Xinxin Chen [Member]
Related Party Transaction [Line Items]
Related party relationship	Former shareholder
Due to related party	$ 1,500
Shaoxing Keqiao Zhuyi Technology Co., Ltd [Member]
Related Party Transaction [Line Items]
Related party relationship	An entity controlled by a shareholder
Due to related party	$ 32,740,623
Beijing Zhibo Innovation Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Related party relationship	An entity which Guowei Zhang is a major shareholder
Due to related party		$ 33,211,152

v3.23.3

Schedule of Related Party Amount Transferred to Creditor (Details) - Jan. 15, 2023	USD ($)	CNY (¥)
Related Party Transaction [Line Items]
Transferred amounts	$ 32,952,046	¥ 234,289,035.38
Hangzhou Chiyi Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	4,219,409	30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	1,420,139	10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	5,879,410	41,802,605.93
Hangzhou Hongying Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	1,406,470	10,000,000.00
Hangzhou Liujin Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	5,327,769	37,880,435.02
Hangzhou Ruiqi Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	6,118,143	43,500,000.00
Hangzhou Zhusheng Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	2,812,940	20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts	2,812,940	20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts	1,329,162	9,450,338.82
Hangzhou Liujin Enterprise Management Partnership Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts	281,294	2,000,000.00
Hangzhou Renyigou E-Commerce Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts	717,300	5,100,000.00
Hangzhou Yixin Supply Chain Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts	562,588	4,000,000.00
Hangzhou Zhizhu Parking Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts	64,482	458,469.12
Related Party [Member]
Related Party Transaction [Line Items]
Transferred amounts	$ 32,952,046	¥ 234,289,035.38

v3.23.3

Schedule of Related Party Amount Before Transfers and Final Amounts Being Transferred (Details)	May 31, 2023 USD ($)	Jan. 15, 2023 USD ($)	Jan. 15, 2023 CNY (¥)	May 31, 2022 USD ($)	May 31, 2022 CNY (¥)
Related Party Transaction [Line Items]
Transferred amounts, Gross		$ 32,952,046	¥ 234,289,035.38
Transferred amounts, Offset			(21,318,081.01)
Transferred amounts, Increase			19,814,872.94
Transferred amounts, Net	$ 32,740,623	32,740,623	232,785,827.31	$ 33,211,152	¥ 221,267,008.77
Hangzhou Chiyi Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		4,219,409	30,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		4,219,409	30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		1,420,139	10,097,186.49
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		1,420,139	10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		5,879,410	41,802,605.93
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		5,879,410	41,802,605.93
Hangzhou Hongying Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		1,406,470	10,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		1,406,470	10,000,000.00
Hangzhou Liujin Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		5,327,769	37,880,435.02
Transferred amounts, Offset
Transferred amounts, Increase			8,652,951.79
Transferred amounts, Net		6,544,780	46,533,386.81
Hangzhou Liujin Enterprise Management Partnership Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		281,294	2,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase			6,427,428.49
Transferred amounts, Net		1,185,292	8,427,428.49
Hangzhou Ruiqi Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		6,118,143	43,500,000.00
Transferred amounts, Offset			(2,309,273.07)
Transferred amounts, Increase			4,734,492.66
Transferred amounts, Net		6,459,243	45,925,219.59
Hangzhou Zhusheng Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		2,812,940	20,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		2,812,940	20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		2,812,940	20,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		2,812,940	20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		1,329,162	9,450,338.82
Transferred amounts, Offset			(9,450,338.82)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Renyigou E-Commerce Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		717,300	5,100,000.00
Transferred amounts, Offset			(5,100,000.00)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Yixin Supply Chain Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		562,588	4,000,000.00
Transferred amounts, Offset			(4,000,000.00)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Zhizhu Parking Co., Ltd. [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		64,482	458,469.12
Transferred amounts, Offset			(458,469.12)
Transferred amounts, Increase
Transferred amounts, Net
Related Party [Member]
Related Party Transaction [Line Items]
Transferred amounts, Gross		32,952,046	234,289,035.38
Transferred amounts, Offset			(21,318,081.01)
Transferred amounts, Increase			19,814,872.94
Transferred amounts, Net		$ 32,740,623	¥ 232,785,827.31

v3.23.3

Related Party Transactions (Details Narrative)		12 Months Ended
	Oct. 01, 2019 USD ($)	May 31, 2023 USD ($)	May 31, 2022 USD ($)	Jan. 15, 2023 USD ($)	Jan. 15, 2023 CNY (¥)	May 31, 2022 CNY (¥)	Sep. 01, 2020 USD ($)	Sep. 01, 2020 CNY (¥)	Oct. 01, 2019 CNY (¥)
Related Party Transaction [Line Items]
Due from related parties		$ 713,753	$ 11,814,399
Repayments of related party debt		16,552	1,373,587
Long term loans		$ 32,740,623	33,211,152	$ 32,740,623	¥ 232,785,827.31	¥ 221,267,008.77
Long term debt description		Zhibo extended the above contracts to September 30, 2025 when they expired in 2022. Repayments and interest expenses are not required until September 30, 2024. Interest expenses calculated on an annual rate of 3% will be paid monthly from 1 October, 2024. Principle will be fully repaid upon maturity
First Loan [Member]
Related Party Transaction [Line Items]
Long term loans			30,305,855			201,909,728.77
Second Loan [Member]
Related Party Transaction [Line Items]
Long term loans			$ 2,905,297			¥ 19,357,280
Loan Agreements [Member] | Beijing Zhibo [Member]
Related Party Transaction [Line Items]
Debt term	3 years
Maximum borrowing	$ 45,028,818								¥ 300,000,000
Maximum borrowing, rate	3.60%
Percentage of borrowings outstanding rate	25.00%
Debt face amount							$ 3,302,098	¥ 22,000,000

v3.23.3

Schedule of Income Tax Expenses (Benefits) (Details) - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Loss before tax	$ (6,783,299)	$ (6,894,883)
Tax credit calculated at statutory tax rate	(1,695,825)	(1,723,721)
Effect of different tax rates	17,832	1,721
Deferred tax asset not recognized during the year	1,678,216	1,722,000
Income tax expenses	$ 223

v3.23.3

Income Taxes (Details Narrative)	12 Months Ended
	May 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	25.00%

v3.23.3

Schedule of Long-Term Borrowings Amount Transferred to Creditor (Details) - Jan. 15, 2023	USD ($)	CNY (¥)
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	$ 32,952,046	¥ 234,289,035.38
Hangzhou Chiyi Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	4,219,409	30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	1,420,139	10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	5,879,410	41,802,605.93
Hangzhou Hongying Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	1,406,470	10,000,000.00
Hangzhou Liujin Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	5,327,769	37,880,435.02
Hangzhou Ruiqi Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	6,118,143	43,500,000.00
Hangzhou Zhusheng Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	2,812,940	20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	2,812,940	20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	1,329,162	9,450,338.82
Hangzhou Liujin Enterprise Management Partnership Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	281,294	2,000,000.00
Hangzhou Renyigou E-Commerce Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	717,300	5,100,000.00
Hangzhou Yixin Supply Chain Management Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	562,588	4,000,000.00
Hangzhou Zhizhu Parking Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts	$ 64,482	¥ 458,469.12

v3.23.3

Schedule of Long-Term Borrowings Amount Before Transfers and Final Amounts Being Transferred (Details)	May 31, 2023 USD ($)	Jan. 15, 2023 USD ($)	Jan. 15, 2023 CNY (¥)	May 31, 2022 USD ($)	May 31, 2022 CNY (¥)
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		$ 32,952,046	¥ 234,289,035.38
Transferred amounts, Offset			(21,318,081.01)
Transferred amounts, Increase			19,814,872.94
Transferred amounts, Net	$ 32,740,623	32,740,623	232,785,827.31	$ 33,211,152	¥ 221,267,008.77
Hangzhou Chiyi Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		4,219,409	30,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		4,219,409	30,000,000.00
Hangzhou Chuangzhu Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		1,420,139	10,097,186.49
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		1,420,139	10,097,186.49
Hangzhou HongKuo Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		5,879,410	41,802,605.93
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		5,879,410	41,802,605.93
Hangzhou Hongying Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		1,406,470	10,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		1,406,470	10,000,000.00
Hangzhou Liujin Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		5,327,769	37,880,435.02
Transferred amounts, Offset
Transferred amounts, Increase			8,652,951.79
Transferred amounts, Net		6,544,780	46,533,386.81
Hangzhou Liujin Enterprise Management Partnership Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		281,294	2,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase			6,427,428.49
Transferred amounts, Net		1,185,292	8,427,428.49
Hangzhou Ruiqi Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		6,118,143	43,500,000.00
Transferred amounts, Offset			(2,309,273.07)
Transferred amounts, Increase			4,734,492.66
Transferred amounts, Net		6,459,243	45,925,219.59
Hangzhou Zhusheng Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		2,812,940	20,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		2,812,940	20,000,000.00
Hangzhou Zhuyuan Enterprise Management Partnership [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		2,812,940	20,000,000.00
Transferred amounts, Offset
Transferred amounts, Increase
Transferred amounts, Net		2,812,940	20,000,000.00
Hangzhou Jizhong Ecological Technology Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		1,329,162	9,450,338.82
Transferred amounts, Offset			(9,450,338.82)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Renyigou E-Commerce Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		717,300	5,100,000.00
Transferred amounts, Offset			(5,100,000.00)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Yixin Supply Chain Management Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		562,588	4,000,000.00
Transferred amounts, Offset			(4,000,000.00)
Transferred amounts, Increase
Transferred amounts, Net
Hangzhou Zhizhu Parking Co., Ltd. [Member]
Defined Benefit Plan Disclosure [Line Items]
Transferred amounts, Gross		64,482	458,469.12
Transferred amounts, Offset			(458,469.12)
Transferred amounts, Increase
Transferred amounts, Net

v3.23.3

Long-term Borrowings (Details Narrative)		12 Months Ended
	Oct. 01, 2019 USD ($)	May 31, 2023 USD ($)	Jan. 15, 2023 USD ($)	Jan. 15, 2023 CNY (¥)	May 31, 2022 USD ($)	May 31, 2022 CNY (¥)	Sep. 01, 2020 USD ($)	Sep. 01, 2020 CNY (¥)	Oct. 01, 2019 CNY (¥)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long term loans		$ 32,740,623	$ 32,740,623	¥ 232,785,827.31	$ 33,211,152	¥ 221,267,008.77
Long term debt description		Zhibo extended the above contracts to September 30, 2025 when they expired in 2022. Repayments and interest expenses are not required until September 30, 2024. Interest expenses calculated on an annual rate of 3% will be paid monthly from 1 October, 2024. Principle will be fully repaid upon maturity
First Loan [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long term loans					30,305,855	201,909,728.77
Second Loan [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Long term loans					$ 2,905,297	¥ 19,357,280
Loan Agreements [Member] | Beijing Zhibo [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt term	3 years
Maximum borrowing	$ 45,028,818								¥ 300,000,000
Maximum borrowing, rate	3.60%
Percentage of borrowings outstanding rate	25.00%
Debt face amount							$ 3,302,098	¥ 22,000,000

v3.23.3

Schedule of Future Minimum Payments Under Long Term Non-Cancellable Operating Lease (Details) - USD ($)	May 31, 2023	May 31, 2022
Leases
Within 1 year	$ 136,710	$ 658,774
After 1 year but within 5 years	127,793	321,294
Total lease payments	264,503	980,068
Less: imputed interest	(16,289)	(42,520)
Total lease obligations	248,214	937,548
Less: current obligations	(126,659)	(637,110)
Long-term lease obligations	$ 121,555	$ 300,438

v3.23.3

Leases (Details Narrative) - USD ($)	May 31, 2023	May 31, 2022
Leases
Right of use of assets	$ 277,184	$ 946,296
Operating lease liabilities current	126,659	637,110
Operating lease liabilities non current	$ 121,555	$ 300,438

v3.23.3

Schedule of Non Controlling Ownership Interest (Details) - USD ($)	May 31, 2023	May 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI balances	$ (1,016,563)	$ (626,651)
Liangshan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI ownership interest	33.00%	33.00%
NCI balances	$ (864,174)	$ (572,223)
Yibin [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI ownership interest	20.00%	20.00%
NCI balances	$ (19,951)	$ (16,157)
Xide [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI ownership interest	33.00%	33.00%
NCI balances	$ (64,157)	$ (12,186)
Taining [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI ownership interest	28.00%	28.00%
NCI balances	$ (66,755)	$ (25,911)
Anping [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
NCI ownership interest	10.00%	10.00%
NCI balances	$ (1,526)	$ (174)

v3.23.3

Schedule of Statement of Financial Positions (Details) - USD ($)	May 31, 2023	May 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets	$ 9,758,640	$ 11,468,713
Current assets	3,117,996	6,889,070
Current liabilities	(3,902,103)	(3,279,881)
Non-current liabilities	(32,862,178)	(33,511,590)
Accumulated Deficits	(32,751,349)	(26,355,961)
NCI balances	(1,016,563)	(626,651)
Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets	594,287	1,095,853
Current assets	136,740	718,680
Current liabilities	(1,164,608)	(910,543)
Non-current liabilities	(66,590)	(158,809)
Net Assets	(500,171)	745,181
Less: Zhuyi capital and additional paid-in capital	(2,429,376)	(2,471,348)
Less: OCI	(118,500)	(109,915)
Accumulated Deficits	(3,048,047)	(1,836,082)
Accumulated Deficits attributable to NCI	(978,431)	(590,299)
Plus: OCI attributable to NCI	(38,132)	(36,352)
NCI balances	(1,016,563)	(626,651)
Liangshan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets	391,073	708,532
Current assets	102,279	578,305
Current liabilities	(748,450)	(563,582)
Non-current liabilities	(60,039)	(127,000)
Net Assets	(315,137)	596,255
Less: Zhuyi capital and additional paid-in capital	(2,101,930)	(2,101,930)
Less: OCI	(100,820)	(114,166)
Accumulated Deficits	(2,517,887)	(1,619,841)
Accumulated Deficits attributable to NCI	(830,903)	(534,548)
Plus: OCI attributable to NCI	(33,271)	(37,675)
NCI balances	(864,174)	(572,223)
Yibin [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets
Current assets	1,617	2,231
Current liabilities	(86,863)	(78,897)
Non-current liabilities
Net Assets	(85,246)	(76,666)
Less: Zhuyi capital and additional paid-in capital
Less: OCI	(7,255)	(2,060)
Accumulated Deficits	(92,501)	(78,726)
Accumulated Deficits attributable to NCI	(18,500)	(15,745)
Plus: OCI attributable to NCI	(1,451)	(412)
NCI balances	(19,951)	(16,157)
Xide [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets	49,521	68,075
Current assets	9,276	11,287
Current liabilities	(238,248)	(113,808)
Non-current liabilities
Net Assets	(179,451)	(34,446)
Less: Zhuyi capital and additional paid-in capital
Less: OCI	(7,482)	(1,240)
Accumulated Deficits	(186,933)	(35,686)
Accumulated Deficits attributable to NCI	(61,688)	(11,777)
Plus: OCI attributable to NCI	(2,469)	(409)
NCI balances	(64,157)	(12,186)
Taining [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets	153,693	230,103
Current assets	23,567	23,313
Current liabilities	(91,047)	(37,110)
Non-current liabilities	(6,551)	(20,787)
Net Assets	79,662	195,519
Less: Zhuyi capital and additional paid-in capital	(310,895)	(303,483)
Less: OCI	(3,589)	7,713
Accumulated Deficits	(234,822)	(100,251)
Accumulated Deficits attributable to NCI	(65,750)	(28,071)
Plus: OCI attributable to NCI	(1,005)	2,160
NCI balances	(66,755)	(25,911)
Anping [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non-current assets		89,143
Current assets	1	103,544
Current liabilities		(117,146)
Non-current liabilities		(11,022)
Net Assets	1	64,519
Less: Zhuyi capital and additional paid-in capital	(16,551)	(65,935)
Less: OCI	646	(162)
Accumulated Deficits	(15,904)	(1,578)
Accumulated Deficits attributable to NCI	(1,590)	(158)
Plus: OCI attributable to NCI	64	(16)
NCI balances	$ (1,526)	$ (174)

v3.23.3

Reserves (Details Narrative)	12 Months Ended
	May 31, 2023
Reserves
Statutory reserve description	Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises, the Company must make appropriations from after-tax profit to non-distributable reserve funds. Subject to certain cumulative limits, the general reserve requires annual appropriations of 10% of after-tax profits as determined under the PRC laws and regulations at each year-end until the balance reaches 50% of the PRC entity registered capital; the other reserve appropriations are at the Company’s discretion.

v3.23.3

Quantitative and Qualitative Disclosure about Market Risks (Details Narrative)	12 Months Ended
	May 31, 2023 USD ($)
Quantitative And Qualitative Disclosure About Market Risks
Annual interest rate	4.00%
Interest expense	$ 1,300,000
Interest rate increase decrease	10.00%
Increase decrease in interest expense	$ 32,371

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