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Jingbo Technology, Inc. reported for the three months ended May 31, 2026 net revenues of $281,962, down from $461,630 a year earlier, almost entirely from parking-fee services. Gross profit was $89,520, and operating expenses of $687,207 led to an operating loss of $597,687 and a net loss of $617,240. Total comprehensive loss, including foreign currency translation, was $1,014,995.
As of May 31, 2026, total assets were $7,721,824 against total liabilities of $40,018,375, resulting in a stockholders’ deficit of $32,296,551. The company reported an accumulated deficit of $42,601,318 and a working capital deficit of $10,124,170. Management stated there is substantial doubt about the company’s ability to continue as a going concern. Operations used $305,680 of cash in the quarter, funded mainly by $390,595 of new borrowings.
The capital structure includes a $26,181,530 long-term payable and a restructured bank loan secured by PRC real estate, with stepped interest and potential default penalties. Operations are conducted largely through PRC variable interest entities under contractual control; management highlights legal and regulatory risks under the Foreign Investment Law of the PRC that could affect control of and economic benefits from these entities.
Jingbo Technology, Inc. (SVMB), a Nevada holding company, reports 2026 results for its China-based smart parking business, which operates through wholly owned WFOEs and contractual variable interest entities rather than direct equity ownership. This VIE structure concentrates operations and assets in mainland China and depends on contracts that have not been tested in Chinese courts.
For the year ended February 28, 2026, combined net revenues were $1,542,867 with a net loss of $6,706,122, following a $6,016,408 loss in 2025. Total assets were $7,776,342 against liabilities of $39,057,898, producing a stockholders’ deficit of $31,281,556. As of July 20, 2026, 555,315,412 common shares were outstanding, and non-affiliate equity was valued at $1,033,970,872 based on a $374 share price.
The company highlights extensive legal and regulatory risks from operating in mainland China, including cybersecurity, data security, and CSRC overseas-listing rules, as well as potential trading prohibitions under the Holding Foreign Companies Accountable Act if PCAOB access is again restricted. Cash movements between the U.S. parent, PRC subsidiaries, and VIEs are subject to PRC foreign-exchange, profit-distribution and capital-control rules, and no dividends have ever been paid; earnings are expected to be retained.
Jingbo Technology, Inc. notified the SEC it cannot timely file its Annual Report on Form 10-K for the year ended February 28, 2026 and expects to use the fifteen‑day extension under Rule 12b-25 to complete the report. The notification cites inability to compile certain information required to prepare a timely and accurate report. The notice is signed by Ben Liu on May 29, 2026.
Jingbo Technology, Inc. completed a share exchange in which it issued 550,000,000 shares of common stock to Hangdu Technology Limited in return for all shares of Xinghe Technology Limited. Hangdu later transferred 505,702,137 shares in a private transaction to nine persons and another 15,000,000 shares to one person.
After these transfers, Hangdu reports beneficial ownership of 29,297,863 shares of Jingbo common stock, representing 5.28% of outstanding shares based on 555,315,412 shares outstanding. Hangdu has sole voting and dispositive power over all shares it beneficially owns and reports no special contracts or arrangements regarding these securities.
Jingbo Technology, Inc. insider Ben Liu, the Chief Executive Officer, filed an initial statement of beneficial ownership. The filing reports direct ownership of 2,171,372 shares of common stock as of the reported date, with no specific buy or sell transaction indicated.
Jingbo Technology, Inc. reported continued losses and significant balance sheet pressure for the nine months ended November 30, 2025. Net revenues were $1.20 million, down from $1.49 million a year earlier, while the net loss narrowed to $2.01 million from $6.20 million. The business generated a modest operating cash outflow of $96,099.
The Company remains highly leveraged and in a deficit position. Total liabilities were $37.91 million against total assets of $12.24 million, resulting in a shareholders’ deficit of $25.67 million. Current liabilities exceeded current assets, creating a working capital deficit of $7.07 million as of November 30, 2025.
Management explicitly concludes there is substantial doubt about Jingbo’s ability to continue as a going concern and is relying on potential equity and debt financing and related-party support. The filing also details extensive use of variable interest entity structures in China, with contractual arrangements needed to control operating entities, and notes that regulatory changes or enforcement in the PRC could materially disrupt operations and consolidation of those VIEs.
Jingbo Technology, Inc. announced leadership changes effective November 10, 2025. Mr. Guowei Zhang resigned as Chief Executive Officer and Chief Financial Officer, effective immediately, and will continue to serve as a director and as chairman of the Board.
The Board appointed Ben Liu as Chief Executive Officer and Qiang Chen as Chief Financial Officer, effective the same date. Under their employment agreements, Mr. Liu will receive an annual cash fee of $25,360 as CEO, and Mr. Chen will receive $16,907 as CFO, each paid in monthly installments. The agreements are filed as Exhibits 10.1 and 10.2.