$DAZSF

ZKGC New Energy Ltd

CIK:0001896511|SEC Filings

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	May 31, 2023	May 31, 2022
Revenues:
Product sales	$ 945,493	$ 1,657,599
Charging service revenue – company-owned charging stations	578,108	252,828
Charging service revenue – third-party-owned charging stations	2,266,109	1,015,469
Total Revenues	3,789,710	2,925,896
Cost of Revenues:
Cost of product sales	737,188	1,419,917
Cost of charging services – company-owned charging stations	623,937	276,342
Cost of charging services – third-party-owned charging stations	2,068,391	984,820
Total Cost of Revenues	3,429,516	2,681,079
Gross Profit	360,194	244,817
Operating expenses:
Selling and marketing	15,452	21,147
General and administrative	354,342	245,880
Research and Development	43,123
Total operating expenses	412,917	267,027
Income (Loss) From Operations	(52,723)	(22,210)
Other income (expense):
Interest (expense)	(17,085)	(7,314)
Gain on assets disposal	98,924	70,063
Other non-operating income	94,979	21,291
Total other income (expense), net	176,818	84,040
Income before provision for income taxes	124,095	61,830
Provision (benefit) for income taxes	51,712	23,019
Net income	72,383	38,811
Add: loss attributable to noncontrolling interests	827	302
Net income attributable to ZKGC New Energy Limited	73,210	39,113
Statement of Comprehensive Income (Loss):
Net income	72,383	38,811
Other comprehensive income (loss):
Foreign currency translation adjustment	(13,899)	(13,838)
Comprehensive income (loss)	58,484	24,973
Add: comprehensive loss attributable to noncontrolling interests	827	302
Comprehensive income attributable to ZKGC New Energy Limited	$ 59,311	$ 25,275
Weighted average number of ordinary shares
Basic (in Shares)	13,000,000	11,619,178
Earnings per share
Basic (in Dollars per share)	$ 0.01	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	May 31, 2023	May 31, 2022
Cash flows from operating activities:
Net income	$ 72,383	$ 38,811
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	129,754	91,056
Gain on assets disposal	(98,924)	(70,063)
Changes in operating assets and liabilities:
Accounts receivable	(436,424)	(15,638)
Construction costs relating to uncompleted contracts	(197,049)	281,406
Prepayments and other current assets	(170,230)	(34,906)
Accounts payable	389,416	217,503
Contract liability	132,931	(331,299)
Taxes payable	73,690	54,773
Advances from customers	32,978	24,207
Accrued liabilities and other payables	27,860	13,746
Net cash (used in) provided by operating activities	(43,615)	269,596
Cash flows from investing activities:
Purchases of property and equipment	(440,878)	(454,592)
Purchases of intangible assets		(13,336)
Proceeds on assets disposal	352,946	324,373
Net cash used in investing activities	(87,932)	(143,555)
Cash flows from financing activities:
Proceeds from sales of ordinary shares		61,313
Advances from related party	57,784	79,181
Repayment of advances from related party		(192,043)
Repayment of third party loan		(46,650)
Net cash (used in) provided by financing activities	57,784	(98,199)
Effect of exchange rate changes on cash	385	(5,503)
Net (decrease) increase in cash	(73,378)	22,339
Cash, beginning of period	115,270	92,931
Cash, end of period	41,892	115,270
Cash paid during the period for:
Interest
Income taxes
Non-cash investing and financing activities
Property and equipment paid by related party		77,832
Property and equipment for accounts payable		164,123
Property and equipment transfer from construction costs relating to uncompleted contracts	$ 172,098

Consolidated Balance Sheets - USD ($)	May 31, 2023	May 31, 2022
Current assets:
Cash	$ 41,892	$ 115,270
Accounts receivable, net of allowance for doubtful accounts of $0 and $0, respectively	685,410	275,421
Construction costs relating to uncompleted contracts	183,899	45,630
Prepayments and other current assets	210,623	47,156
Total current assets	1,121,824	543,438
Noncurrent assets:
Property and equipment, net	530,049	440,049
Intangible assets, net	52,807	75,827
Total non-current assets	582,856	515,876
TOTAL ASSETS	1,704,680	1,059,314
Current liabilities:
Accounts payable	916,187	580,676
Contract liability	183,642	57,191
Taxes payable	140,685	73,020
Advances from customers	54,196	23,366
Accrued liabilities and other payables	39,694	13,269
Total current liabilities	1,334,404	747,522
Total liabilities	1,334,404	747,522
Commitments and contingencies
Stockholders’ equity:
Ordinary shares (50,000,000 shares authorized, par value of $0.001 each; 13,000,000 and 13,000,000 shares issued and outstanding at May 31, 2023 and May 31, 2022)	13,000	13,000
Additional paid-in capital	230,668	230,668
Retained earnings	122,331	64,605
Statutory reserves	25,913	10,429
Accumulated other comprehensive income (loss)	(20,697)	(6,798)
Total stockholders’ equity attributable to ZKGC New Energy Limited	371,215	311,904
Noncontrolling interest	(939)	(112)
Total stockholders’ equity	370,276	311,792
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,704,680	1,059,314
Related Party
Current assets:
Due from related party		$ 59,961