Document and Entity Information
Document and Entity Information | 6 Months Ended |
Nov. 30, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | SavMobi Technology Inc. |
Entity Central Index Key | 0001647822 |
Document Type | 10-Q |
Document Period End Date | Nov. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --05-31 |
Entity's Reporting Status Current | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | true |
Entity ex-transition | false |
Entity Shell Company | true |
Entity Common Stock, Shares Outstanding | 61,900,000 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Current assets | ||
Cash and cash equivalents | ||
Total current assets | ||
TOTAL ASSETS | 0 | 0 |
Current liabilities | ||
Accounts payable and accrued liabilities | 7,959 | |
Due to related party | ||
Total current liabilities | 7,959 | |
Stockholders' deficit | ||
Common stock ($.001 par value, 75,000,000 shares authorized, 61,900,000 shares issued and outstanding as of November 30, 2020 and May 31, 2020, respectively) | 61,900 | 61,900 |
Additional paid in capital | 114,197 | 114,197 |
Accumulated deficit | (184,056) | (176,097) |
Total stockholders' deficit | (7,959) | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2020 | May 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 61,900,000 | 61,900,000 |
Common stock, shares outstanding | 61,900,000 | 61,900,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Operating expenses | ||||
General and administrative expenses | $ (7,959) | $ (7,959) | ||
Total operating expenses | (7,959) | (7,959) | ||
Net loss | $ (7,959) | $ (7,959) | ||
Net loss per common share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 61,900,000 | 61,900,000 | 61,900,000 | 61,900,000 |
Statements of Shareholders Equi
Statements of Shareholders Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Subscription Receivable [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at May. 31, 2019 | $ 61,900 | $ 114,197 | $ (176,097) | ||
Beginning balance, shares at May. 31, 2019 | 61,900,000 | ||||
Net income loss | |||||
Ending balance at Aug. 31, 2019 | $ 61,900 | 114,197 | (176,097) | ||
Ending balance, shares at Aug. 31, 2019 | 61,900,000 | ||||
Beginning balance at May. 31, 2019 | $ 61,900 | 114,197 | (176,097) | ||
Beginning balance, shares at May. 31, 2019 | 61,900,000 | ||||
Net income loss | |||||
Ending balance at Nov. 30, 2019 | $ 61,900 | 114,197 | (176,097) | ||
Ending balance, shares at Nov. 30, 2019 | 61,900,000 | ||||
Beginning balance at Aug. 31, 2019 | $ 61,900 | 114,197 | (176,097) | ||
Beginning balance, shares at Aug. 31, 2019 | 61,900,000 | ||||
Net income loss | |||||
Ending balance at Nov. 30, 2019 | $ 61,900 | 114,197 | (176,097) | ||
Ending balance, shares at Nov. 30, 2019 | 61,900,000 | ||||
Beginning balance at May. 31, 2020 | $ 61,900 | 114,197 | (176,097) | ||
Beginning balance, shares at May. 31, 2020 | 61,900,000 | ||||
Net income loss | |||||
Ending balance at Aug. 31, 2020 | $ 61,900 | 114,197 | (176,097) | ||
Ending balance, shares at Aug. 31, 2020 | 61,900,000 | ||||
Beginning balance at May. 31, 2020 | $ 61,900 | 114,197 | (176,097) | ||
Beginning balance, shares at May. 31, 2020 | 61,900,000 | ||||
Net income loss | (7,959) | ||||
Ending balance at Nov. 30, 2020 | $ 61,900 | 114,197 | (184,056) | (7,959) | |
Ending balance, shares at Nov. 30, 2020 | 61,900,000 | ||||
Beginning balance at Aug. 31, 2020 | $ 61,900 | 114,197 | (176,097) | ||
Beginning balance, shares at Aug. 31, 2020 | 61,900,000 | ||||
Net income loss | (7,959) | (7,959) | |||
Ending balance at Nov. 30, 2020 | $ 61,900 | $ 114,197 | $ (184,056) | $ (7,959) | |
Ending balance, shares at Nov. 30, 2020 | 61,900,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (7,959) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | ||
Changes in operating assets and liabilities: | ||
Accounts payables and accrued liabilities | 7,959 | |
Net cash used in operating activities | ||
Cash flows from financing activity: | ||
Proceeds from related parties | ||
Net cash provided by financing activity | ||
Net decrease in cash and cash equivalents | ||
Cash and cash equivalents, beginning of period | ||
Cash and cash equivalents, end of period | ||
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Interest paid | ||
Income taxes paid | ||
NON-CASH TRANSACTIONS: | ||
Operating expense paid by related party | ||
Accounts payable paid off by related party |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Nov. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION On March 6, 2015, SavMobi Technology Inc. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. 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. 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. The Company has not yet implemented its initial and new business model and to date has generated no revenues. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the Six months ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates. Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level - 1: defined as observable inputs such as quoted prices in active markets; Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity. It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Stock-based Compensation The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Going Concern
Going Concern | 6 Months Ended |
Nov. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $0 as of November 30, 2020, and has generated no cash flows from operating activities for the six months ended November 30, 2020. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Nov. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 – RELATED PARTY TRANSACTIONS As of November 30, 2020, there was $0 due to related party. The Company’s executive office is located at Room 502, Unit 1, Building 108, Red Star Sea Phase 3, Dalian Development Zone, Dalian, Liaoning, China. This office is furnished to the Company by our CEO at no charge. |
Common Stock
Common Stock | 6 Months Ended |
Nov. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | NOTE 5 – COMMON STOCK The Company is authorized to issue 75,000,000 shares of common stock at a par value of $0.001. As of November 30, 2020, there were 61,900,000 shares outstanding. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Nov. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of November 30, 2020 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the Six months ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level - 1: defined as observable inputs such as quoted prices in active markets; Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity. It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. |
Related Party Transactions | Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details Narrative) - shares | Nov. 10, 2020 | Jun. 26, 2018 | Jun. 15, 2018 | May 30, 2018 | May 19, 2018 | May 10, 2018 | May 18, 2017 |
Stock Purchase Agreements [Member] | |||||||
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. 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. | ||||||
Purchase of common stock | 42,440,316 | ||||||
Common stock issued and outstanding percentage | 68.60% | ||||||
Arden Wealth and Trust [Member] | |||||||
Restricted shares transferred | 16,959,684 | 16,959,684 | |||||
HongLing Shang [Member] | |||||||
Restricted shares transferred | 2,000,000 | 2,000,000 | |||||
Xuedong Zhang [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
Jingmei Jiang [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
Qianxian [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
Yulan Qi [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
Baoxin Song [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
Jianlong Wu [Member] | |||||||
Restricted shares transferred | 2,400,000 | 2,400,000 | |||||
New Reap Global, LTD [Member] | |||||||
Restricted shares transferred | 559,684 | 559,684 | |||||
New Reap Global, LTD [Member] | Eng Wah Kung [Member] | |||||||
Restricted shares transferred | 250,000 | ||||||
New Reap Global, LTD [Member] | EMRD Global Holdings [Member] | |||||||
Restricted shares transferred | 690,316 | ||||||
New Reap Global, LTD [Member] | FORTRESS ADVISORS, LLC [Member] | |||||||
Restricted shares transferred | 3,000,000 | ||||||
New Reap Global, LTD [Member] | Baywall Inc [Member] | |||||||
Restricted shares transferred | 3,000,000 | ||||||
Director and CEO [Member] | New Reap Global, LTD [Member] | |||||||
Acquisition of shares | 32,500,000 | ||||||
Ownership interest rate | 68.40% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | Nov. 30, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Related Party Transactions [Abstract] | ||
Due to related party |
Common Stock (Details Narrative
Common Stock (Details Narrative) - $ / shares | Nov. 30, 2020 | May 31, 2020 |
Stockholders' Equity Note [Abstract] | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 61,900,000 | 61,900,000 |