SavMobi Technology Inc. (now Jingbo Technology, Inc.) reported its financial results for the six months ending August 31, 2024, revealing a mixed performance compared to the same period in the previous year. The company generated net revenues of $704,776, a decline from $804,672 in the prior year. For the three months ended August 31, 2024, revenues increased to $396,242 from $344,507 in 2023, primarily driven by parking fees.
Operating expenses for the six months totaled $2,341,379, slightly down from $2,361,384 in the previous year. However, the company reported an operating loss of $2,846,475 for the six months, an improvement from a loss of $2,988,437 in the same period last year. The net loss for the six months was $5,477,514, compared to $3,297,541 in 2023, largely attributed to losses from the disposal of subsidiaries.
The company’s total assets increased to $13,186,095 as of August 31, 2024, up from $12,866,660 as of February 29, 2024. Current assets also rose significantly to $5,430,278 from $4,255,988, with cash and cash equivalents surging to $1,279,035 from $142,434. However, total liabilities increased to $34,693,520 from $31,568,840, leading to a total equity deficit of $(21,507,425), worsening from $(18,702,180) in the previous period.
Strategically, the company underwent significant restructuring, including the disposal of subsidiaries, which resulted in an increase in total equity by $2,681,639. Additionally, Hangzhou Zhuyi, a subsidiary, liquidated Linglingyi due to its lack of operations, and transferred equity interests in several other subsidiaries for no consideration, reflecting a strategic shift in focus.
Cash flow from operating activities showed improvement, with a net cash provided of $642,133 for the six months ended August 31, 2024, compared to a net cash used of $(1,518,254) in the prior year. The net increase in cash and cash equivalents was $1,137,651, a significant turnaround from a decrease of $(48,945) in 2023.
The company continues to face challenges, including a substantial debt to related parties totaling $24,326,108 as of August 31, 2024, and ongoing concerns regarding its ability to meet financial obligations. Management acknowledged weaknesses in internal controls, which may impact financial reporting and operational effectiveness.
About SavMobi Technology Inc.
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