| Related-Parties Transactions |
| 19. |
RELATED-PARTIES TRANSACTIONS | The Group had the following significant balances and transactions with major related parties:
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(a) |
Amount due from/to related parties: |
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Amounts due from
related parties, current
As of May 31, |
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Amounts due to
related parties, current
As of May 31, |
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Notes |
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Relationship |
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2025 |
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2026 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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US$ |
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| Metropolis Holding China Limited (“Metropolis”) |
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(1) |
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Company controlled by the Founder |
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3,273 |
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1,756 |
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403 |
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— |
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| Beijing Edutainment World Education Technology Co., Ltd (“Edutainment World”) |
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(2) |
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Long-term investee |
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3,070 |
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2,476 |
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— |
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— |
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| Others |
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224 |
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3,510 |
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2 |
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88 |
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| Total |
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6,567 |
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7,742 |
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|
405 |
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88 |
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Amounts due from
related parties,
non-current
As of May 31, |
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Notes |
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Relationship |
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2025 |
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2026 |
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US$ |
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US$ |
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| Metropolis |
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(1) |
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Company controlled by the Founder |
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1,908 |
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2,891 |
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| Thaiwoo Management |
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(3) |
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Equity method investee |
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6,390 |
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8,276 |
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| Others |
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4,166 |
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1,478 |
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| Total |
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12,464 |
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12,645 |
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Rental expenses
For the years ended May 31, |
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Notes |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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|
(1) |
|
Company controlled by the Founder |
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10,896 |
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13,160 |
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14,026 |
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Revenues
For the years ended May 31, |
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Notes |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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(2) |
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Long-term investee |
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251 |
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— |
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— |
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(1) |
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|
Company controlled by the Founder |
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— |
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185 |
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|
480 |
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— |
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— |
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1 |
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251 |
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|
185 |
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|
481 |
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Loans provided to related parties
For the years ended May 31, |
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Notes |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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|
US$ |
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(3) |
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Equity method investee |
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— |
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6,371 |
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1,405 |
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1,388 |
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— |
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— |
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1,388 |
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6,371 |
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1,405 |
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Cost
For the years ended May 31, |
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Notes |
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2024 |
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2025 |
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2026 |
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US$ |
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US$ |
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US$ |
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(2) |
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Long-term investee |
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48 |
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5 |
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— |
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— |
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35 |
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10 |
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48 |
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40 |
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10 |
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| (1) |
Those represented prepaid rent related to a short-term lease and deposit for the building. As of May 31, 2025 and 2026, the assets related to the leases rented from Metropolis were US$17,350 and US$15,694, respectively, and the relevant lease liabilities were US$17,193 and US$15,269, respectively. |
| (2) |
Although the Group can exercise significant influence over Edutainment World, the preferred shares with substantive liquidation rights are not deemed in substance common shares. Accordingly, the Group’s investment in preferred shares was accounted for as investment without readily determinable fair values in accordance with ASC 321. For the years ended May 31, 2025 and 2026, the Group provided services to Edutainment World, from which the unpaid balance was US$3,070 and US$2,476 as of May 31, 2025 and 2026, respectively. Edutainment World also provided services to the Group, and such related amounts are not material. |
| (3) |
For the year ended May 31, 2026, the Group provided the loans in aggregate of US$1,405 to Thaiwoo Management, an equity method investee of the Group. |
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