Thu, Aug 15, 8:33 PM (152 days ago)
Jingbo Technology, Inc. (formerly SavMobi Technology, Inc.) reported a significant decline in financial performance for the fiscal year ending February 29, 2024, generating revenues of $1,584,000, down from $3,426,000 in the previous year. The company incurred a gross loss of $538,000, an improvement from $1,177,000 the prior year, largely due to reduced costs of revenues amounting to $2,122,000. However, net loss decreased to $5,482,000 from $7,108,000, indicating ongoing financial challenges. Operating expenses decreased to $4,570,000, primarily driven by cuts in selling, marketing, and administrative expenses. The total assets fell to $12,867,000 from $23,081,000, reflecting a decrease in current assets and an increase in liabilities to $31,569,000, highlighting liquidity concerns. The company has undergone structural changes, including a name change and a fiscal year-end adjustment. A reverse stock split was executed, reducing outstanding shares to 5,315,412. Future outlook remains uncertain due to reliance on loans for operational sustainability and potential market risks. The company reported no significant changes in risk factors or market positions but noted the need for improved internal controls and governance structures.