UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2018
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number 333-206804
| SavMobi Technology Inc. | ||
| (Exact name of registrant as specified in its charter) |
| Nevada | 47-3240707 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Travessa do Cais, No. 3A, Edg. Kai Lei, Macau, 999078
(Address of principal executive offices) (Zip Code)
+853 65230932
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant 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 registrant has submitted electronically every Interactive Data File required to be submitted 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 registrant was required to submit such files). ☐ Yes ☒ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ | |
| Non-accelerated filer ☐ | 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☒ Yes ☐ No
As of January 12, 2017, there were 61,900,000 shares of common stock issued and outstanding.
FORM 10-Q
| 2 |
SAVMOBI TECHNOLOGY INC.
| November, | May 31, | |||||||
| 2018 | 2018 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | – | $ | – | ||||
| Total current assets | – | – | ||||||
| TOTAL ASSETS | $ | – | $ | – | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | – | $ | – | ||||
| Due to related party | – | – | ||||||
| Total current liabilities | – | – | ||||||
| Stockholders’ deficit | ||||||||
| Common stock ($.001 par value, 75,000,000 shares authorized, 61,900,000 shares issued and outstanding as of November 30, 2018 and May 31, 2018, respectively) | 61,900 | 61,900 | ||||||
| Additional paid in capital | 114,197 | 114,197 | ||||||
| Accumulated deficit | (176,097 | ) | (176,097 | ) | ||||
| Total stockholders’ deficit | – | – | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | – | $ | – | ||||
The accompanying notes are an integral part of these unaudited financial statements.
| 3 |
SAVMOBI TECHNOLOGY INC.
(Unaudited)
Three months ended November 30, 2018 | Three months ended November 30, 2017 | Six months ended November 30, 2018 | Six months ended November 30, 2017 | |||||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative expenses | $ | – | $ | 149,267 | $ | – | $ | 163,062 | ||||||||
| Professional expenses | – | 9,640 | – | 37,932 | ||||||||||||
| Total operating expenses | – | 158,907 | – | 200,994 | ||||||||||||
| Other income | ||||||||||||||||
| Exchange gain (loss) | – | – | – | – | ||||||||||||
| Total other income (expense) | – | – | – | – | ||||||||||||
| Net loss | $ | – | $ | (158,907 | ) | $ | – | $ | (200,994 | ) | ||||||
| Net loss per common share – Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
| Weighted average number of shares outstanding | 61,900,000 | 47,980,000 | 61,900,000 | 47,737,363 | ||||||||||||
The accompanying notes are an integral part of these unaudited financial statements.
| 4 |
SAVMOBI TECHNOLOGY INC.
(Unaudited)
Six months ended November 30, 2018 | Six months ended November 30, 2017 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | – | $ | (200,994 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | – | 132,912 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts payables and accrued liabilities | – | 67,711 | ||||||
| Net cash used in operating activities | – | (371 | ) | |||||
| Cash flows from financing activity: | ||||||||
| Proceeds from related parties | – | – | ||||||
| Net cash provided by financing activity | – | – | ||||||
| Net decrease in cash and cash equivalents | – | (371 | ) | |||||
| Cash and cash equivalents, beginning of period | – | 371 | ||||||
| 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 | $ | – | $ | 65,517 | ||||
| Accounts payable paid off by related party | $ | – | $ | 129 | ||||
The accompanying notes are an integral part of these unaudited financial statements.
| 5 |
SAVMOBI TECHNOLOGY INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION
On March 6, 2015, SavMobi Technology Inc. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company’s previous principal offices are located in 73B Bank Avenue, Amritsar, Punjab, 143001, India.
On May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company. After the change of ownership, the Company’s current principal offices are located in Travessa do Cais, No 3A, Edg. Kai Lei, Macau.
On March 19, 2018 New Reap Global transferred 250,000 restricted shares to Eng Wah Kung
On May 10th and 30th 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.
The Company has not yet implemented its initial and new business model and to date has generated no revenues.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2017 included in the Company’s Form 10-K/A filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K/A. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the twelve months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending May 31, 2018. Notes to the financial statements which would duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K/A for the fiscal year ended May 31, 2017, have been omitted.
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates.
Fair Value of Financial Instruments
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.
| 6 |
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”. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.
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.
| 7 |
NOTE 3 – GOING CONCERN
The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. The Company has suffered recurring losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $176,097 as of November 30, 2018, and has generated negative cash flows from operating activities for the twelve months ended May 31, 2018. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.
NOTE 4 – RELATED PARTY TRANSACTIONS
As of May 31, 2017, there was $0 due to related party.
During the twelve months ended May 31, 2018, the Company’s director, Poh Kee Liew, paid $65,517 operating expenses on behalf of the Company, and paid off $129 accounts payable for the Company. As of November 30, 2018, the total amount due to Poh Kee Liew was $0.
The Company's executive office is located at Travessado Cais, No.3A, Edg. Kai Lei, Macau. This office is furnished to the Company by a friend of the CEO at no charge.
NOTE 5 – COMMON STOCK
In November 2017, the Company issued a total of 14,400,000 restricted shares of common stocks to six marketers at price of $0.00923 per share as payment for market promotion service fees.
NOTE 6 – SUBSEQUENT EVENTS
On December 20, 2017, the Company acquired 100% equity interest in Xinda Human Resources Sdn. Bhd. (“Xinda HR”), a company incorporated in Malaysia with a consideration of MYR2.00. The Company and Xinda HR are under common control of the same group of shareholders. Xinda HR had no source of income nor any operations since its establishment on March 7, 2017. The consideration has been paid as of the filing date. As a result of the shares acquisition, Xinda HR has become the Company’s wholly-owned subsidiary.
| 8 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward looking statement notice
This section of this Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.
Results of Operations
We had no revenue for the six months periods ended November 30, 2018 and 2017. We incurred no operating expenses in the periods ended November 30, 2018. Our operating expenses include general and administrative expenses and professional services expenses.
General and administrative expenses was mainly consisted of stock-based compensation expenses and director remuneration expenses. We incurred no general and administrative expenses for the six month periods ended November 30, 2018.
Professional expenses comprised primarily of accounting and auditing service expenses, corporate lawyer fees and transfer agent fees. We incurred no professional fees or the six month periods ended November 30, 2018 and $37,932 professional fees for the twelve months periods ended May 31, 2018.
As a result, we generated net loss in the amount of $200,994 for the twelve months period ended May 31, 2018 and no income or expense in six months ending November 30, 2018.
Capital Resources and Liquidity
Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt if we can continue as an on-going business for the next twelve months unless we obtain additional capital. No substantial revenues are anticipated until we have implemented our plan of operations.
As of May 31, 2018, we had $0 in cash compared to $371 in cash as of May 31, 2017. New management has taken over the Company since May 18, 2017, and during the twelve months period ended May 31, 2018, the $371 cash had been used to pay off outstanding payables. The Company has not yet opened any corporate bank account.
We anticipate that we will begin the new business within the next 90 days. We had took over a company in Malaysia on December 20, 2017, named Xinda Human Resources Sdn. Bhd., a company providing a wide variety of human resource consulting services by facilitating identified, necessary change within an organization in order to enhance the success of the clients.
| 9 |
Off-balance sheet arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. In designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on their evaluation as of the end of the period covered by this report, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, to allow timely decisions regarding required disclosure as a result of continuing weaknesses in our internal control over financial reporting.
As disclosed in our Annual Report on Form 10-K for the year ended May 31, 2017, based on management’s assessment of the effectiveness of our internal controls over financial reporting, management concluded that our internal controls over financial reporting were not effective as of May 31, 2017, due to: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company’s board of director; (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; (4) ineffective controls over period end financial disclosure and reporting processes; and (5) lack of control procedures to ensure all the related parties transactions are approved following the Company’s approval policy. Management believes the above weakness constitute material weaknesses in our internal control over financial reporting. Until such time, if ever, that we remediate the material weakness in our internal control over financial reporting we expect that the material weaknesses in our disclosure controls and procedures will continue.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the period covered by this report, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
| 10 |
Currently we are not involved in any pending litigation or legal proceeding.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
Item 2. Unregistered Sales of Securities and Use of Proceeds.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Disclosures.
None
None
| 31.1 | Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer |
| 31.2 | Rule 13(a)-14(a)/15(d)-14(a) Certification of 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. |
| 11 |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SavMobi Technology Inc. | |||
| (Registrant) | |||
| Date: October 27, 2020 | By: | /s/ Poh Kee Liew | |
| Poh Kee Liew | |||
| Chief Executive Officer | |||
| By: | /s/ Gim Hooi Ooi | ||
| Gim Hooi Ooi | |||
| Chief Financial Officer | |||
| 12 |
EXHIBIT 31.1
CERTIFICATIONS
I, Poh Kee Liew, certify that:
| 1. | I have reviewed this amendment to quarterly report of SavMobi Technology Inc.; |
| 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 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 the Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such 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 controls and procedures, or caused such disclosure controls and procedures 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter 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 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 equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal controls 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. |
| Date: October 27, 2020 | By: | /s/ Poh Kee Liew | |
| Poh Kee Liew | |||
| Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATIONS
I, Gim Hooi Ooi, certify that:
| 1. | I have reviewed this amendment to quarterly report of SavMobi Technology Inc.; |
| 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 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 the Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such 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 controls and procedures, or caused such disclosure controls and procedures 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter 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 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 equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal controls 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. |
| Date: October 27, 2020 | By: | /s/ Gim Hooi Ooi | |
| Gim Hooi Ooi | |||
| Chief Financial 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 Quarterly Report on Form 10-Q/A for the period ended November 30, 2018 of SavMobi Technology Inc., a Nevada corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Transition Report"), I, Poh Kee Liew, Chief Executive Officer of the Company 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 Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and
2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
| Date: October 27, 2020 | By: | /s/ Poh Kee Liew | |
| Poh Kee Liew | |||
| Chief 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 Quarterly Report on Form 10-Q/A for the period ended November 30, 2018 of SavMobi Technology Inc., a Nevada corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Transition Report"), I, Gim Hooi Ooi, Chief Financial Officer of the Company 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 Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and
2. The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
| Date: October 27, 2020 | By: | /s/ Gim Hooi Ooi | |
| Gim Hooi Ooi | |||
| Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
|---|---|---|
Nov. 30, 2018 |
Sep. 22, 2020 |
|
| Document And Entity Information | ||
| Entity Registrant Name | SavMobi Technology Inc. | |
| Entity Central Index Key | 0001647822 | |
| Document Type | 10-Q/A | |
| Document Period End Date | Nov. 30, 2018 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --05-31 | |
| Is Entity's Reporting Status Current? | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 61,900,000 | |
| Document Fiscal Period Focus | Q2 | |
| Document Fiscal Year Focus | 2019 | |
| Entity Emerging Growth | true | |
| Entity ex-transition | false | |
| Entity Small Business | true | |
| Entity Interactive Data | Yes | |
| Entity Incorporation State | NV | |
| Entity Shell Company | true | |
| Entity File Number | 333-206804 |
BALANCE SHEETS (Unaudited) - USD ($) |
Nov. 30, 2018 |
May 31, 2018 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 0 | $ 0 |
| Total current assets | 0 | 0 |
| TOTAL ASSETS | 0 | 0 |
| Current liabilities | ||
| Accounts payable and accrued liabilities | 0 | 0 |
| Due to related party | 0 | 0 |
| Total current liabilities | 0 | 0 |
| Stockholders' deficit | ||
| Common stock | 61,900 | 61,900 |
| Additional paid in capital | 114,197 | 114,197 |
| Accumulated deficit | (176,097) | (176,097) |
| Total stockholders' deficit | 0 | 0 |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Nov. 30, 2018 |
May 31, 2018 |
|---|---|---|
| Stockholders' deficit | ||
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, authorized | 75,000,000 | 75,000,000 |
| Common stock, issued | 61,900,000 | 61,900,000 |
| Common stock, outstanding | 61,900,000 | 61,900,000 |
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 30, 2018 |
Nov. 30, 2017 |
Nov. 30, 2018 |
Nov. 30, 2017 |
|
| Operating expenses | ||||
| General and administrative expenses | $ 0 | $ 149,267 | $ 0 | $ 163,062 |
| Professional expenses | 0 | 9,640 | 0 | 37,932 |
| Total operating expenses | 0 | 158,907 | 0 | 200,994 |
| Other income | ||||
| Exchange gain (loss) | 0 | 0 | 0 | 0 |
| Total other income (expense) | 0 | 0 | 0 | 0 |
| Net loss | $ 0 | $ (158,907) | $ 0 | $ (200,994) |
| Net loss per common share - Basic and Diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
| Weighted average number of shares outstanding | 47,737,363 | 47,980,000 | 47,737,363 | 47,737,363 |
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) |
6 Months Ended | |
|---|---|---|
Nov. 30, 2018 |
Nov. 30, 2017 |
|
| Cash flows from operating activities: | ||
| Net loss | $ 0 | $ (200,994) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 0 | 132,912 |
| Changes in operating assets and liabilities: | ||
| Accounts payables and accrued liabilities | 0 | 67,711 |
| Net cash used in operating activities | 0 | (371) |
| Cash flows from financing activity: | ||
| Net cash provided by financing activity | 0 | 0 |
| Net decrease in cash and cash equivalents | 0 | (371) |
| Cash and cash equivalents, beginning of period | 0 | 371 |
| Cash and cash equivalents, end of period | 0 | 0 |
| SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
| Interest paid | 0 | 0 |
| Income taxes paid | 0 | 0 |
| NON-CASH TRANSACTIONS: | ||
| Operating expense paid by related party | 0 | 65,517 |
| Accounts payable paid off by related party | $ 0 | $ 129 |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION
On March 6, 2015, SavMobi Technology Inc. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada and established a fiscal year end of May 31. Initially the business platform was in providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company’s previous principal offices are located in 73B Bank Avenue, Amritsar, Punjab, 143001, India.
On May 18, 2017, Lakwinder Singh Sidhu, the Company’s former Director and CEO, completed a transaction with New Reap Global Ltd., by which New Reap Global Ltd. acquired 32,500,000 shares of common stock, representing 68.4% ownership of the Company. After the change of ownership, the Company’s current principal offices are located in Travessa do Cais, No 3A, Edg. Kai Lei, Macau.
The Company has not yet implemented its initial and new business model and to date has generated no revenues. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2017 included in the Company’s Form 10-K/A filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K/A. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the twelve months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending May 31, 2018. Notes to the financial statements which would duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K/A for the fiscal year ended May 31, 2017, have been omitted.
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates.
Fair Value of Financial Instruments
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.
Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:
Level - 1: defined as observable inputs such as quoted prices in active markets;
Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity.
It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.
Related Party Transactions
A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.
Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
Stock-based Compensation
The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.
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 |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| GOING CONCERN |
NOTE 3 – GOING CONCERN
The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. The Company has suffered recurring losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $176,097 as of November 30, 2018, and has generated negative cash flows from operating activities for the twelve months ended May 31, 2018. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 4 – RELATED PARTY TRANSACTIONS
As of May 31, 2017, there was $0 due to related party.
During the twelve months ended May 31, 2018, the Company’s director, Poh Kee Liew, paid $65,517 operating expenses on behalf of the Company, and paid off $129 accounts payable for the Company. As of November 30, 2018, the total amount due to Poh Kee Liew was $0.
The Company's executive office is located at Travessado Cais, No.3A, Edg. Kai Lei, Macau. This office is furnished to the Company by a friend of the CEO at no charge. |
COMMON STOCK |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Stockholders' Equity Note [Abstract] | |
| COMMON STOCK | NOTE 5 – COMMON STOCK
In November 2017, the Company issued a total of 14,400,000 restricted shares of common stocks to six marketers at price of $0.00923 per share as payment for market promotion service fees. |
SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
NOTE 6 – SUBSEQUENT EVENTS
On December 20, 2017, the Company acquired 100% equity interest in Xinda Human Resources Sdn. Bhd. (“Xinda HR”), a company incorporated in Malaysia with a consideration of MYR2.00. The Company and Xinda HR are under common control of the same group of shareholders. Xinda HR had no source of income nor any operations since its establishment on March 7, 2017. The consideration has been paid as of the filing date. As a result of the shares acquisition, Xinda HR has become the Company’s wholly-owned subsidiary.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
|---|---|
Nov. 30, 2018 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation |
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2017 included in the Company’s Form 10-K/A filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K/A. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the twelve months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending May 31, 2018. Notes to the financial statements which would duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K/A for the fiscal year ended May 31, 2017, have been omitted. |
| Use of Estimates |
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared, however, actual results could differ from those estimates. |
| Fair Value of Financial Instruments |
Fair Value of Financial Instruments
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.
Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use or unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:
Level - 1: defined as observable inputs such as quoted prices in active markets;
Level - 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level - 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying amounts of accounts payables and accrued liabilities approximate its fair value due to its relatively short-term maturity.
It is not, however, practical to determine the fair value of amounts due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. |
| Related Party Transactions |
Related Party Transactions
A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business.
Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
| Stock-based Compensation |
Stock-based Compensation
The Company accounts for stock-based compensation issued to non-employees in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees”. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. |
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN (Details Narrative) |
Nov. 30, 2018
USD ($)
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Working capital | $ (176,097) |
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
Nov. 30, 2018 |
Nov. 30, 2017 |
May 31, 2018 |
|
| Operating expense paid by related party | $ 0 | $ 65,517 | |
| Accounts payable paid off by related party | 0 | $ 129 | |
| Due to related party | 0 | $ 0 | |
| Amounts due to related party written off | $ 65,646 | ||
| Director, Poh Kee Liew [Member] | |||
| Operating expense paid by related party | 65,517 | ||
| Accounts payable paid off by related party | $ 129 | ||
COMMON STOCK (Details Narrative) - Six Marketers [Member] |
1 Months Ended |
|---|---|
|
Nov. 30, 2017
USD ($)
$ / shares
shares
| |
| Stock issued for services, shares | shares | 14,400,000 |
| Shares issued, price per share | $ / shares | $ .00923 |
| Stock issued for services, value | $ | $ 132,912 |