Quarterly Report for Quarter Ending May 31, 2024 (Form 10-Q)

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended May 31, 2024

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: 000-56570

Jingbo Technology, Inc.

(Exact name of Company as specified in its charter)

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

Floor 1 to 6, No. 1 to 10, Chuangyi Road

Yinhu Village, Shoujiang Town

Fuyang District, China.

(Address of principal executive offices)

+8657187197085

(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 Act:

Title of Each Class		Name of Each Exchange On Which Registered
Common Stock, $0.001 par value per share		N/A

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 ☐

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

As of July 19, 2024, 5,315,412shares of the issuer's common stock were issued and outstanding.

Documents Incorporated By Reference: None

FORM 10-Q

TABLE OF CONTENTS

		Page No.
PART I. - FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of May 31, 2024 (Unaudited) and February 29, 2024 (Audited)	3
	Condensed Consolidated Statements of Operations for the Three Months Ended May 31, 2024 and 2023	4
	Condensed Consolidated Statements of Stockholders' Equity/(Deficit)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended May 31, 2024 and 2023	6
	Notes to Financial Statements (Unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	30
SIGNATURES	31

PART I. - FINANCIAL INFORMATION

Item 1. Financial Statements.

Jingbo Technology, Inc.

Condensed Consolidated Balance Sheets

		May 31, 2024 (Unaudited)			February 29, 2024 (Audited)
		$			$
Assets
Current assets
Cash and cash equivalents			609,346				142,434
Restricted cash			5,250				6,071
Accounts receivable			502,832				500,564
Inventories			155,897				203,752
Amount due from related parties			18,462				110,173
Prepaid expenses and other current assets			2,835,398				3,292,994
Total current assets			4,127,185				4,255,988
Non-current assets
Plant and equipment, net			6,033,974				6,000,826
Intangible assets, net			13,291				13,867
Right-of-use assets			66,425				85,541
Other non-current assets			2,388,026				2,510,438
Total non-current assets			8,501,716				8,610,672
Total Assets			12,628,901				12,866,660
Liabilities and Stockholders' (Deficit) Equity
Current liabilities
Short-term Loan			1,381,025				1,389,333
Accounts payables			908,986				643,192
Advances from customers			533,189				38,168
Other current payables			3,545,002				2,464,304
Taxes payable			37,621				60,639
Amounts due to related parties			23,992,696				23,959,944
Operating lease liabilities, current			59,867				80,165
Total current liabilities			30,458,386				28,635,745
Non-current liabilities
Operating lease liabilities			15,404				15,496
Long term payable			1,933,435				2,917,599
Total non-current liabilities			1,948,839				2,933,095
Total Liabilities			32,407,225				31,568,840
Stockholders' (Deficit) Equity
Common stock ($0.001par value, 10,000,000,000shares authorized, 5,315,412shares issued and outstanding as of May 31, 2024 and February 29, 2024, respectively)			5,315				5,315
Additional paid-in capital			9,530,921				9,530,921
Accumulated deficit			(30,478,905	)			(29,311,229	)
Accumulated other comprehensive income			2,239,099				2,109,066
Non-controlling interest			(1,074,754	)			(1,036,253	)
Total (Deficit) Equity			(19,778,324	)			(18,702,180	)
Total Liabilities and (Deficit) Equity			12,628,901				12,866,660

Jingbo Technology, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

for the three months ended May 31, 2024 and 2023

		2024			2023
		$			$
Net revenues			308,534				460,165
Cost of revenues			(512,305	)			(824,298	)
Gross loss			(203,771	)			(364,133	)
Operating expenses:
Selling and marketing expenses			(97,177	)			(106,900	)
General and administrative expenses			(792,244	)			(1,239,604	)
Research and development expenses			(81,473	)			(103,903	)
Impairment losses			-				(4,680	)
Total operating expenses			(970,894	)			(1,455,087	)
Operating income/(loss)			(1,174,665	)			(1,819,220	)
Other income (expenses):
Interest income			62				163
Interest expense			(27,956	)			-
Other income/(expense)			(2,051	)			(3,677	)
Total other income and (expenses)			(29,945	)			(3,514	)
Loss before taxes from operations			(1,204,610	)			(1,822,734	)
Provision for income taxes			(14	)			-
Net loss			(1,204,624	)			(1,822,734	)
Other comprehensive income:
Foreign currency translation income			128,480				398,980
Total comprehensive loss			(1,076,144	)			(1,423,754	)
Net loss attributable to :
Owners of the Company			(1,167,676	)			(1,653,607	)
Non-controlling interest			(36,948	)			(169,127	)
		(1,204,624	)			(1,822,734	)
Total comprehensive loss attributable to:
Owners of the Company			(1,037,643	)			(1,249,210	)
Non-controlling interest			(38,501	)			(174,544	)
		(1,076,144	)			(1,423,754	)
Loss per common share:
Basic and diluted			(0.23	)			(0.00	)
Weighted Average Number of Common Share Outstanding:
Basic and Diluted			5,315,412				1,061,900,000

Jingbo Technology, Inc.

Condensed Consolidated Statements of Stockholders' Equity (Deficit)

For the three months ended May 31, 2024 and 2023

								Additional						Other			Total			Non-
		Common Stock			Paid In			Retained			Comprehensive			Shareholders'			controlling			Total
		Shares			Amount			Capital			Earnings			Income/(loss)			Equity			Interest			Equity
Balance at, February 28, 2023			1,061,900,000				1,061,900				8,474,336				(24,015,106	)			1,365,197				(13,113,673	)			(842,707	)			(13,956,380	)
Net income			-				-				-				(1,653,607	)			-				(1,653,607	)			(169,127	)			(1,822,734	)
Foreign currency translation adjustments			-				-				-				-				404,397				404,397				(5,417	)			398,980
Balance at, May 31, 2023			1,061,900,000				1,061,900				8,474,336				(25,668,713	)			1,769,594				(14,362,883	)			(1,017,251	)			(15,380,134	)
Balance at, February 29, 2024			5,315,412				5,315				9,530,921				(29,311,229	)			2,109,066				(17,665,927	)			(1,036,253	)			(18,702,180	)
Net income			-				-				-				(1,167,676	)							(1,167,676	)			(36,948	)			(1,204,624	)
Foreign currency translation adjustments			-				-				-				-				130,033				130,033				(1,553	)			128,480
Balance at, May 31, 2024			5,315,412				5,315				9,530,921				(30,478,905	)			2,239,099				(18,703,570	)			(1,074,754	)			(19,778,324	)

Jingbo Technology, Inc.

Condensed Consolidated Statements of Cash Flows

For the three months ended May 31, 2024 and 2023

		2024			2023
		$			$
Net loss			(1,204,624	)			(1,822,734	)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			194,187				227,077
Depreciation of right-of-use assets			18,934				71,644
Bad debt expense			-				4,680
Loss on disposal of fixed assets			-				9,511
Changes in operating assets and liabilities
Accounts receivable			(5,355	)			15,191
Inventories			47,465				(80,815	)
Prepaid expenses and other current assets			445,810				1,529,517
Other non-current assets			109,306				102,636
Accounts payable and other current liabilities			866,188				(114,961	)
Net cash provided by/(used in) operating activities			471,911				(58,254	)
Cash flows from investing activities
Proceeds from sale of property and equipment			-				-
Purchase of property and equipment			(263,943	)			(314,134	)
Interest-free loan lent to related parties			(1,406	)			-
Interest-free loan repaid by related parties			94,170				-
Net cash (used in)/provided by investing activities			(171,179	)			(314,134	)
Cash flows from financing activities
Proceeds of short-term loans			-				-
Proceeds from interest-free loan from related parties			171,636				513,729
Net cash provided by financing activities			171,636				513,729
Effect of exchange rate changes on cash and cash equivalents			(6,277	)			(12,713	)
Net increase/(decrease) of cash and cash equivalents			466,091				128,628
Cash and cash equivalents-beginning of year			148,505				331,073
Cash and cash equivalents-end of year			614,596				459,701
Supplementary cash flow information:
Income taxes			14				185
Interest expense			27,956				-

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 32,500,000shares of common stock, representing 68.4% ownership of the Company.

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

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

On June 26, 2018 New Reap Global transferred 3,000,000restricted shares to FORTRESS ADVISORS, LLC and 3,000,000to 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 25,095,788shares 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, 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 1,000,000,000shares of common stock of the Company 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 200,000,000issued 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 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:

		Country/Place and date of		Percentage of direct or indirect economic benefits ownership
Companies		incorporation/establishment		May 31, 2024			February 29, 2024
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	%

On March 8, 2023, the Company changed its name from Savmobi Technology, Inc. to Jingbo Technology, Inc. by filing a certificate of amendment with the Nevada Secretary of State. On February 8, 2024, Financial Industry Regulatory Authority ("FINRA") announced the Company's name change.

On February 28, 2024, the Company changed its fiscal year from May 31 to the last day of February

On March 14, 2024, Leshan Zhuyi Qifeng Intelligent Technology Development Co. was incorporated under the laws of PRC which is 65% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects.

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 September 29, 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 shareholders 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.

		May 31, 2024			February 29, 2024
		$			$
Cash and cash equivalents			592,656				140,766
Restricted cash			5,250				6,071
Accounts receivable			502,832				500,564
Inventories			155,897				203,752
Prepaid expenses and other current assets			2,827,802				3,292,994
Amounts due from related parties			54,058				118,771
Plant and equipment, net			6,033,974				6,000,826
Intangible assets, net			13,291				13,867
Right-of-use assets			66,425				85,541
Other non-current assets			2,388,026				2,510,438
Total Assets			12,640,211				12,873,590
Short-term Loan			1,381,025				1,389,333
Accounts payables			908,986				643,192
Advances from customers			533,189				38,168
Other current payables			3,537,289				2,456,551
Taxes payable			37,621				60,639
Amounts due to related parties			22,814,880				22,812,085
Operating lease liabilities, current			59,867				80,165
Long term payable			1,933,435				2,917,599
Operating lease liabilities, non-current			15,404				15,496
Total Liabilities			31,221,696				30,413,228
Total (Deficit) Equity of VIEs			(18,581,485	)			(17,539,638	)
Total Liabilities and (Deficit) Equity of VIEs			12,640,211				12,873,590

		Three Months Ended May 31, 2024			Three Months Ended May 31, 2023
		$			$
Net revenues			308,534				460,165
Cost of revenues			(512,305	)			(824,298	)
Gross loss			(203,771	)			(364,133	)
Total costs and expenses			(933,348	)			(1,113,370	)
Operating loss			(1,137,119	)			(1,477,503	)
Total other expenses			(29,945	)			(2,609	)
Loss before taxes from operations			(1,167,064	)			(1,480,112	)
Provision for income taxes			(14	)			-
Net loss			(1,167,078	)			(1,480,112	)
Net loss attributable to VIEs			(1,130,130	)			(1,310,985	)

		Three Months Ended May 31, 2024			Three Months Ended May 31, 2023
		$			$
Net cash provided by/(used in) operating activities			517,094				315,458
Net cash (used in)/provided by investing activities			(198,805	)			(314,134	)
Net cash provided by financing activities			141,678				175,076
Effect of exchange rate changes on cash and cash equivalents			(8,898	)			(13,495	)
Net increase in cash and cash equivalents			451,069				162,905
Cash and cash equivalents at the beginning of period			146,837				249,352
Cash and cash equivalents at the end of period			597,906				412,257

3. Summary of Significant Accounting Policies

The Company's significant accounting policies have not changed from the year ended February 29, 2024.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United Statements of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 29, 2024, as filed with the SEC on July 5, 2024. Operating results for the three months ended May 31, 2024 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending February 28, 2025.

Going Concern

The Company incurred net loss of $1,204,624during the three months ended May 31, 2024. As of May 31, 2024, the Company had total deficit of $19,778,324and had net cash provided by operating activities of $471,911. The Company incurred net loss of $5,482,077during the year ended February 29, 2024. As of February 29, 2024, the Company had total deficit of $18,702,180and had net cash used by operating activities of $1,833,699.

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.

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.

			05312024				02292024				05312023
Period/Year end RMB: US$ exchange rate			7.2410				7.1977				7.1100
Annual average RMB: US$ exchange rate			7.1148				6.8392				6.8170

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

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.

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

		May 31, 2024			February 29, 2024
Prepayment to vendors			625,915				421,055
Prepayment for rental (a)			426,845				429,923
Deposit			342,905				344,997
Loan receivable (b)			986,396				1,299,420
Advances to employees			144,502				541,590
Other			447,710				397,190
VAT			6,740				5,310
Total			2,981,013				3,439,485
Allowance for doubtful debt			(145,615	)			(146,491	)
		2,835,398				3,292,994

(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, 2024.

(b)

Loan receivables are loans borrow to third parties. All loans are interest free and will be repaid on demand.

6. Property and Equipment

		Furniture, fixtures and office equipment			Building			Vehicles			Project Facilities			Construction in progress			Total
Cost
At February 29, 2024			929,598				4,383,002				136,454				2,558,909				988,118				8,996,081
Additions during the year			1,271				-				787				-				281,487				283,545
Disposals during the year			-				-				-				-				(19,601	)			(19,601	)
Effects of currency translation			(5,581	)			(26,210	)			(830	)			(15,303	)			(10,474	)			(58,398	)
At May 31, 2024			925,288				4,356,792				136,411				2,543,606				1,239,530				9,201,627
Accumulated depreciation
At February 29, 2024			834,821				716,643				115,119				1,328,672				-				2,995,255
Depreciation during the year			9,588				52,655				3,210				128,233				-				193,686
Disposals during the year			-				-				-				-				-				-
Effects of currency translation			(5,159	)			(5,205	)			(744	)			(10,180	)			-				(21,288	)
At May 31, 2024			839,250				764,093				117,585				1,446,725				-				3,167,653
Net book value
At February 29, 2024			94,777				3,666,359				21,335				1,230,237				988,118				6,000,826
At May 31, 2024			86,038				3,592,699				18,826				1,096,881				1,239,530				6,033,974

(a) Address of the building is Floor 1 to 6, No. 1 to 10, Chuangyi Road, Yinhu Village, Shoujiang Town, Fuyang District, China.

7. Intangible Assets

Cost
At February 29,2024			28,181
Additions during the year			-
Disposals during the year			-
Effects of currency translation			(168	)
At May 31,2024			28,013
Accumulated depreciation
At February 29,2024			14,314
Depreciation during the year			501
Disposals during the year			-
Effects of currency translation			(93	)
At May 31, 2024			14,722
Net book value
At February 29,2024			13,867
At May 31, 2024			13,291

8. Right-of-use Assets

		$
Cost
At February 29,2024			295,874
Additions during the year			-
Write-off during the year			(3,282	)
Effects of currency translation			(1,712	)
At May 31,2024			290,880
Accumulated depreciation
At February 29,2024			210,333
Depreciation during the year			18,934
Write-off during the year			(3,282	)
Effects of currency translation			(1,530	)
At May 31,2024			224,455
Net book value
At February 29,2024			85,541
At May 31,2024			66,425

Right of use assets consisted of 5 contracts renting offices, warehouses and parking lots. Contracted terms ranged from one and a half to five years with the earliest start date being January 1, 2020.

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 February 29, 2024.

10. Short-term borrowings

On September 25, 2023, the Company's subsidiary, Hangzhou Zhuyi entered into a loan agreement of $ 1,381,025(RMB10,000,000) with Zhejiang Chouzhou Commercial Bank with an annual interest rate of 4.5% and maturity date of September 18, 2024. The Company pays interest monthly, and the principal balance at maturity. The borrowing is secured by Floor 1 to 6, No. 1 to 10, Chuangyi Road, Yinhu Village, Shoujiang Town, Fuyang District, China and guaranteed by Jianqiang Liu, the vice present.

11. Other payables and Accruals

		May 31, 2024			February 29, 2024
		$			$
Accrued payroll and welfare payables			338,818				310,753
Deposit			8,825				10,319
Loans payable			671,178				697,446
Advanced to employees			84,288				70,902
Refund (a)			1,933,435				972,533
Other (b)			508,458				402,351
		3,545,002				2,464,304

(a)

During the year ended February 29, 2024 and February 28, 2023, the Company entered into fourteen contracts with fourteen agents allowing them to use the Company's software application to parking lots in the cities that are specified in the contracts for collecting fee. These contracts were terminated by the end of February 29, 2024 by mutual agreements. The refund presents the amount will be repaid to these agents in the following 12 months.

(b)

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

12. Related Party Transactions

The following is a list of related parties which the Company had transactions with during the three months ended May 31, 2024 and the year ended February 29, 2024:

	Name		Relationship
(a)	Hongwei Li		Shareholder
(b)	Intellegence Triumph Holdings Limited		Former shareholder
(c)	Virtue Victory Holdings Limited		Former shareholder
(d)	Strength Union Holdings Limited		Former shareholder
(e)	Guowei Zhang		President of the Company
(f)	Xinxin Chen		Former shareholder
(g)	Chuchu Zhang		Shareholder
(i)	Shaoxing Keqiao Zhuyi Technology Co., Ltd		An entity controlled by a shareholder
(j)	Xiujuan Chen		Shareholder

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

At May 31, 2024 and February 29, 2024, the Company owned funds from the following related parties:

		February 29, 2024			Provided			Received Repayment			Exchange Rate Translation			May 31, 2024
Intellegence Triumph Holdings Limited		$	5,000			$	-			$	-			$	-			$	5,000
Virtue Victory Holdings Limited			5,200				-				-				-				5,200
Strength Union Holdings Limited			5,800				-				-				-				5,800
Hongwei Li			94,173				1,406				(94,170	)			1,053				2,462
Total amounts due from related parties		$	110,173			$	1,406			$	(94,170	)		$	1,053			$	18,462

At February 29, 2024 and May 31, 2024, the Company owed funds to the following related parties:

		February 29, 2024			Borrowed			Repaid			Exchange Rate Translation			May 31, 2024
Guowei Zhang		$	1,629,089			$	29,958			$	-			$	(2,878	)		$	1,656,169
Xiujuan Chen			347,333				141,678				-				(4,547	)			484,464
Chuchu Zhang			27,787				-				-				(167	)			27,620
Shaoxing Keqiao Zhuyi Technology Co., Ltd			21,955,735				-				-				(131,292	)			21,824,443
Total amounts due to related parties		$	23,959,944			$	171,636			$	-			$	(138,884	)		$	23,992,696

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

The Company entered into a three-year loan with Beijing Zhibo Innovation Technology Co., Ltd ("Zhibo") 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 Company entered into a two-year interest-free agreement with Zhibo on September 1st, 2020 at which date the contracted commenced. Principle was RMB 22,000,000(USD$3,302,098). As of February 28, 2023, the outstanding balance of the two loans combined was RMB 215,280,227.44(USD$31,053,765).

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

During the three months ended May 31, 2024, the Company did not borrow extra funds or make payments to Shaoxin Keqiao Zhuyi Technology Co., Ltd..

13. 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)

		May 31, 2024			May 31, 2023
		$			$
Loss before tax			(1,204,610	)			(1,822,734	)
Tax credit calculated at statutory tax rate			(301,153	)			(455,684	)
Effect of different tax rates			1,193				13,674
Deferred tax asset not recognized during the year			299,974				442,010
		14				-

As of May 31, 2024 and February 29, 2024, the significant components of the deferred tax assets and deferred tax liabilities are summarized below:

		May 31, 2024			February 29, 2024
		$			$
Deferred tax assets:
Net operating loss carrying forward			3,272,258				3,107,917
Allowance on doubtful accounts			50,088				50,389
Deferred tax assets, gross			3,322,346				3,158,306
Less: valuation allowance			(3,322,346	)			(3,158,306	)
Deferred tax assets, net			-				-

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 recognized in respect of these items because it is not probable that future taxable profits will be available against which the Company can utilize 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.

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, 2024, the Company has $66,425of right-of-use assets, $59,867in current operating lease liabilities and $15,404in 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:

		As of May 31, 2024			As of February 29, 2024
		$			$
Within 1 year			64,665				82,723
After 1 year but within 5 years			13,029				16,384
Total lease payments			77,694				99,107
Less: imputed interest			(2,423	)			(3,446	)
Total lease obligations			75,271				95,661
Less: current obligations			(59,867	)			(80,165	)
Long-term lease obligations			15,404				15,496

15. Long term payable

		May 31, 2024			February 29, 2024
		$			$
Long term payable			1,933,435				2,917,599
		1,933,435				2,917,599

During the years ended February 29, 2024 and February 28, 2023, the Company entered into fourteen contracts with fourteen agents allowing them to use the Company's software application to parking lots in the cities that are specified in the contracts for collecting fee. These contracts were terminated by the end of February 29, 2024 by mutual agreements. The balance of long-term payable as of May 31, 2024 represents the refund being paid in 12 months.

16. 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, 2024 and February 29, 2024 respectively.

			Liangshan			Yibin			Xide				Taining				Leshan				Total
			053124				022924				053124				022924				053124				022924				053124				022924				053124				022924				053124				022924
NCI ownership interest			33	%			33	%			20	%			20	%			33	%			33	%			28	%			28	%			35	%			-
NCI balances			(870,065	)			(852,712	)			(14,499	)			(14,434	)			(96,474	)			(86,431	)			(88,512	)			(82,676	)			(5,204	)			-				(1,074,754	)			(1,036,253	)

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

		Liangshan			Yibin			Xide			Taining			Leshan			Total
			053124				022924				053124				022924				053124				022924				053124				022924				053124				022924				053124				022924
Non-current assets			199,725				220,813				-				-				37,630				41,406				101,121				114,451				274,131				-				612,607				376,670
Current assets			103,782				102,830				1,571				1,585				7,956				7,559				48,405				26,748				136,864				-				298,578				138,722
Current liabilities			(592,612	)			(564,794	)			(54,537	)			(54,866	)			(307,104	)			(283,857	)			(123,541	)			(94,538	)			(340,686	)			-				(1,418,480	)			(998,055	)
Non-current liabilities			-				-				-				-				-				-				-				-				-				-				-				-
Net assets			(289,105	)			(241,151	)			(52,966	)			(53,281	)			(261,518	)			(234,892	)			25,985				46,661				70,309				-				(507,295	)			(482,663	)

		Liangshan			Yibin			Xide			Taining			Leshan			Total
			053124				022924				053124				022924				053124				022924				053124				022924				053124				022924				053124				022924
Net Assets			(289,105	)			(241,151	)			(52,966	)			(53,281	)			(261,518	)			(234,892	)			25,985				46,661				70,309				-				(507,295	)			(482,663	)
Less: Zhuyi capital and additional paid-in capital			(2,377,782	)			(2,377,782	)			-				-				-				-				(298,228	)			(298,228	)			(84,753	)			-				(2,760,763	)			(2,676,010	)
Less: OCI			37,638				39,956				(10,434	)			(10,115	)			(15,761	)			(13,857	)			(23,458	)			(23,375	)			(212	)			-				(12,227	)			(7,391	)
Accumulated Deficits			(2,629,249	)			(2,578,977	)			(63,400	)			(63,396	)			(277,279	)			(248,749	)			(295,701	)			(274,942	)			(14,656	)			-				(3,280,285	)			(3,166,064	)
Accumulated Deficits attributable to NCI			(867,652	)			(851,063	)			(12,680	)			(12,679	)			(91,503	)			(82,088	)			(82,796	)			(76,983	)			(5,130	)			-				(1,059,761	)			(1,022,813	)
Plus: OCI attributable to NCI			(2,413	)			(1,649	)			(1,819	)			(1,755	)			(4,971	)			(4,343	)			(5,716	)			(5,693	)			(74	)			-				(14,993	)			(13,440	)
NCI balances			(870,065	)			(852,712	)			(14,499	)			(14,434	)			(96,474	)			(86,431	)			(88,512	)			(82,676	)			(5,204	)			-				(1,074,754	)			(1,036,253	)

17. 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 three months ended May 31, 2024 and the year ended February 29, 2024, 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.

18. 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 3.45%, interest expense would be $752,943per year. The Company adopts 3.45% as an annual interest rate based on the China LPR announced on June 20, 2024 for one-year loans. If interest rate increases or decreases by 10%, it could lead to an increase or decrease in interest expense of $75,294per year.

19. Significant Event

By the end of May 31, 2024, the Company has decided to entered in travel and wine industries. The Company expects to recognize income from these sources from the second quarter.

20. Subsequent Events

The Company has performed an evaluation of subsequent events through July 19, 2024, 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.

Item 2. 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, 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 the Company issued to the Shareholders, in accordance with the Share Exchange Agreement. The former stockholders of Intellegence acquired 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.

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 RMB60,000,000. 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 September 29, 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. Anping was deregistered on 27 June, 2023.

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.

Zhongxiang Huji Town Zhuyi Technology Co. ("Huji") was incorporated on August 14, 2023, which is a wholly subsidiary of 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.

On March 8, 2023, the Company changed its name from Savmobi Technology, Inc. to Jingbo Technology, Inc. by filing a certificate of amendment with the Nevada Secretary of State. On February 8, 2024, Financial Industry Regulatory Authority ("FINRA") announced the Company's name change.

On February 28, 2024, the Company changed its fiscal year end from May 31 to the last day of February.

On March 14, 2024, Leshan Zhuyi Qifeng Intelligent Technology Development Co. was incorporated under the laws of PRC which is 65% owned by Hangzhou Zhuyi. It mainly focuses on smart parking projects.

Corporate Structure

For the Three Months Ended May 31, 2024 Compared to the Three Months Ended May 31, 2023

Revenue

The Company generated $308,534 in revenue during the three months ended May 31, 2024 compared to $460,165 during the three months ended May 31, 2023. Revenue mainly comprised of parking fee. The decrease in revenue was mainly caused by a decrease in sales of parking equipment.

Cost of Revenues

During the three months ended May 31, 2024, the Company incurred $512,305 in cost of revenues compared to $824,298 for the three months ended May 31, 2023. Cost of revenue mainly consisted of depreciation, salary and rental expenses. The decrease in cost of revenues was contributed by the decrease in salary and rental expenses.

Gross loss

Gross loss was $203,771 for the three months ended May 31, 2024 compared to $364,133 for the three months ended May 31, 2023. The decrease was mainly contributed by the decrease in cost of revenue.

Selling and marketing expenses

During the three months ended May 31, 2024, we incurred selling and marketing expenses of $97,177 compared to $106,900 for the three months ended May 31, 2023. Selling and marketing expenses for the three months ended May 31, 2024 and 2023 mainly included salary expenses, travelling expenses, hospitality expenses and professional fees. The decrease in selling and marketing expenses was primarily due to a decrease in salary and hospitality expenses.

General and Administrative Expenses

During the three months ended May 31, 2024, we incurred general and administrative expenses of $792,244 compared to $1,239,604 incurred during the three months ended May 31, 2023. General and administrative expenses incurred during the three months ended May 31, 2024 mainly consisted of salary expense and professional fees. The decrease in general and administrative expenses was mainly due to the decrease in professional fees.

Research and development expenses

During the three months ended May 31, 2024, we incurred research and development expenses of $81,473 compared to $103,903 for the three months ended May 31, 2023. R&D expenses mainly included salary expenses and depreciation expenses. The decrease in R&D expenses was contributed by a decrease in these main expenses.

Net loss

As the result of foregoing, the net loss for the three months ended May 31, 2024 and 2023 was $1,204,624 and $1,653,607 respectively.

Liquidity and Capital Resources

Working capital		May 31, 2024			February 29, 2024
Total current assets		$	4,127,185			$	4,255,988
Total current liabilities			30,458,386				28,635,745
Working capital deficit		$	(26,331,201	)		$	(24,379,757	)

Total deficit for the three months ended May 31, 2024 was $26,331,201 compared to $24,379,757 for the three months ended May 31, 2023. To date, we have financed our operations primarily from related party loans.

The following is a summary of the Company's cash flows provided by/(used in) operating, investing, and financing activities for the three months ended May 31, 2024 and 2023.

		Three Months Ended May 31, 2024			Three Months Ended May 31, 2023
Net cash provided by/(used in) operating activities			471,911				(58,254	)
Net cash used in investing activities			(171,179	)			(314,134	)
Net cash provided by financing activities			171,636				513,729
Effect of exchange rate changes on cash and cash equivalents			(6,277	)			(12,713	)
Net increase/(decrease) in cash and cash equivalents			466,091				128,628
Cash and cash equivalents at the beginning of period			148,505				331,073
Cash and cash equivalents at the end of period			614,596				459,701

Cash Flows from Operating Activities

For the three months ended May 31, 2024, net cash provided by operating activities was $471,911, mainly comprised of a net loss of $1,204,624 and offset by depreciation and amortization expenses of $194,187, a decrease in prepaid expenses and other current assets of $445,810 and an increase in accounts payable and other current liabilities of $866,188. For the three months ended May 31, 2023, net cash used in operating activities was $58,254, primarily consisted of a net loss of $1,822,734 and offset by a decrease in prepaid expenses and other current assets of $1,529,517 and depreciation and amortization of $227,077.

Cash Flows from Investing Activities

Net cash used in investing activities was $171,179 for the three months ended May 31, 2024, mainly comprising a purchase of property and equipment of $263,943 and offset by interest-free loan repaid by related parties of $94,170. For the three months ended May 31, 2023, net cash used in investing activities was $314,134, solely for a purchase of property and equipment.

Cash Flows from Financing Activities

For the three months ended May 31, 2024, net cash provided by financing activities was $171,636 compared $513,729 for the three months ended May 31, 2023, both of which came from proceeds from interest-free loan from related parties.

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.

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 February 29, 2024, 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, 2024, 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; and (4) ineffective controls over period end financial disclosure and reporting processes. 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.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

Currently we are not involved in any pending litigation or legal proceeding.

Item 1A. Risk Factors.

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.

Not applicable.

Item 5. Other Information.

None

Item 6. Exhibits.

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.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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.

	Jingbo Technology, Inc.
	(Registrant)
Date: July 19, 2024	By:	/s/ Zhang Guowei
		Zhang Guowei
		President, Chief Executive Officer, Chief Financial Officer and Secretary and Director

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