Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2019 | Apr. 11, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | AB INTERNATIONAL GROUP CORP. | |
Entity Central Index Key | 0001605331 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 150,100,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 202,041 | $ 210,202 |
Accounts receivable | 36,707 | 9,600 |
Prepaid expenses | 678,353 | 333,867 |
Total Current Assets | 917,102 | 553,669 |
Intangible assets, net | 383,800 | 641,000 |
Other assets | 3,533 | |
TOTAL ASSETS | 1,304,434 | 1,194,669 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 83,734 | 88,577 |
Due to shareholder | 2,037 | 2,037 |
Tax payable | 55,347 | 55,347 |
Total Current Liabilities | 141,118 | 145,961 |
Stockholders’ Equity | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 146,800,000 and 147,325,000 shares issued and outstanding, as of February 28, 2019 and August 31, 2018, respectively | 146,800 | 147,325 |
Common stock subscribed - related party; 10,000,000 common shares, $.001 par value | ||
Subscription receivable - related party | ||
Additional paid-in capital | 3,849,043 | 2,866,868 |
Retained earnings (deficit) | (1,426,110) | (1,047,386) |
Unearned shareholders' compensation | 1,406,416 | 918,100 |
Total Stockholders’ Equity | 1,163,317 | 1,048,707 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,304,434 | $ 1,194,669 |
Condensed Balance Sheets (Pare
Condensed Balance Sheets (Parenthetical) - $ / shares | Feb. 28, 2019 | Aug. 31, 2018 | Jun. 06, 2018 |
Consolidated Balance Sheets Parenthetical | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 146,800,000 | 147,325,000 | |
Common stock, shares outstanding | 146,800,000 | 147,325,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 78,207 | $ 65,280 | $ 152,447 | $ 106,112 |
Cost of revenue | 40,360 | 38,056 | 80,208 | 71,222 |
Gross Profit | 37,847 | 27,224 | 65,039 | 34,890 |
OPERATING EXPENSES | ||||
General and administrative expenses | 126,458 | 177,839 | 216,928 | 209,297 |
Related party salary and wages | 61,560 | 10,400 | 114,036 | 16,700 |
Total Operating Expenses | 188,018 | 188,239 | 330,964 | 225,997 |
OTHER INCOME (EXPENSES) | ||||
Gain/(loss) on sale of intangible assets | (120,000) | |||
Total other income (expenses) | (120,000) | |||
Income Tax Provision | ||||
Net loss from continuing operations | (150,171) | (161,015) | (385,925) | (191,107) |
Discontinued operations, net of tax benefits | ||||
Net income from discontinued operations | 27,011 | 38,008 | ||
Gain on sale of intangible assets | 57,200 | |||
INCOME FROM DISCONTINUED OPERATIONS | 95,208 | |||
NET INCOME (LOSS) | $ (150,171) | $ (134,004) | $ (150,171) | $ (95,899) |
NET INCOME (LOSS) FROM CONTINUED OPERATIONS PER SHARE: BASIC AND DILUTED | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS PER SHARE: BASIC AND DILUTED | 0 | 0 | ||
NET INCOME PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 127,264,167 | 30,550,000 | 116,937,845 | 30,097,514 |
Condensed Shareholders Equity (
Condensed Shareholders Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Unearned Stockholders' Compensation | Total |
Beginning Balance, Shares at Aug. 31, 2018 | 147,325,000 | ||||
Beginning Balance, Amount at Aug. 31, 2018 | $ 147,325 | $ 2,866,868 | $ (1,047,386) | $ (918,000) | $ 1,048,707 |
Common shares returned for cancelled acquisition of iCrowdU Inc., shares | (40,600,000) | ||||
Common shares returned for cancelled acquisition of iCrowdU Inc., amount | $ (40,600) | 30,600 | (10,000) | ||
Common shares issued to officers for services, Shares | |||||
Common shares issued to officers for services, Amount | |||||
Common shares issued to consultants for services, Amount | 37,500 | 37,500 | |||
Net loss | (228,554) | (228,554) | |||
Ending Balance, Shares at Nov. 30, 2018 | 106,725,000 | ||||
Ending Balance, Amount at Nov. 30, 2018 | $ 106,725 | 2,866,868 | (1,275,939) | (850,000) | 847,654 |
Beginning Balance, Shares at Aug. 31, 2018 | 147,325,000 | ||||
Beginning Balance, Amount at Aug. 31, 2018 | $ 147,325 | 2,866,868 | (1,047,386) | (918,000) | 1,048,707 |
Net loss | (150,171) | ||||
Ending Balance, Shares at Feb. 28, 2019 | 146,800,000 | ||||
Ending Balance, Amount at Feb. 28, 2019 | $ 146,800 | 3,849,043 | (1,426,110) | (1,406,416) | 1,163,317 |
Beginning Balance, Shares at Nov. 30, 2018 | 106,725,000 | ||||
Beginning Balance, Amount at Nov. 30, 2018 | $ 106,725 | 2,866,868 | (1,275,939) | (850,000) | 847,654 |
Common shares issued for cash, shares | 18,000,000 | ||||
Common shares issued for cash, amount | $ 18,000 | 342,000 | 360,000 | ||
Common shares issued to officers for services, Shares | 20,100,000 | ||||
Common shares issued to officers for services, Amount | $ 20,100 | 582,900 | (556,416) | 46,584 | |
Common shares issued to counsultants for services, Shares | 1,975,000 | ||||
Common shares issued to consultants for services, Amount | $ 1,975 | 57,275 | 59,250 | ||
Net loss | (150,171) | (150,171) | |||
Ending Balance, Shares at Feb. 28, 2019 | 146,800,000 | ||||
Ending Balance, Amount at Feb. 28, 2019 | $ 146,800 | $ 3,849,043 | $ (1,426,110) | $ (1,406,416) | $ 1,163,317 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss from continuing operations | $ (378,725) | $ (95,899) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Executive salaries and consulting fees paid in stock | 143,334 | 20,000 |
Amortization of intangible asset | 57,200 | 61,912 |
Loss/(gain) on sales of intangible assets | 120,000 | (57,200) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (27,107) | 38,400 |
Prepaid expenses | (354,486) | (70,000) |
Rent security deposit | (3,533) | |
Accounts payable and accrued liabilities | 15,124 | (136,398) |
Accrued payroll | (19,968) | (2,500) |
Net cash used in operating activities | (448,161) | (241,685) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Sales of intangible asset | 80,000 | 253,000 |
Net cash provided by investing activities | 80,000 | 253,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from common stock issuances | 360,000 | |
Due to shareholder | 74 | |
Net cash provided by financing activities | 360,000 | 74 |
Net increase (decrease) in cash and cash equivalents | (8,161) | 74 |
Cash and cash equivalents - beginning of the quarter | 210,202 | 147,164 |
Cash and cash equivalents - end of the quarter | 202,041 | 147,238 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activity: | ||
Common shares returned for cancelled acquisition of iCrowdU | (10,000) | |
Prepaid expense reversed for cancelled acquisition of iCrowdU | $ 10,000 | |
Issuance of common stock for services | $ 143,334 | $ 180,000 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
ORGANIZATION AND BUSINESS OPERATIONS | AB International Group Corp. (the "Company", "we" or "us") was incorporated under the laws of the State of Nevada on July 29, 2013 and originally intended to purchase used cars in the United States and sell them in Krygyzstan. The Company's fiscal year end is August 31. On January 22, 2016, our former sole officer, who owned 83% of our outstanding common shares, sold all of his common shares to unrelated investor Jianli Deng. After the stock sale, we modified our business to focus on the creation of a mobile app marketing engine. The app was designed for movie trailer promotions and we planned to generate a subscriber base of smartphone users primarily through pre-installed app smartphone makers, online app stores, WeChat official accounts, Weibo and other social network media outlets and sell prepaid cards or coins to movie distributors or other video advertisers in China. We created the app “Amoney” for the Android smartphone platform to develop a WeChat micro-shop that was designed to display and deliver a variety of information and links for download or online watch prices in the China market. On June 1, 2017, we entered into a Patent License Agreement (the “Agreement”) pursuant to which Guangzhou Shengshituhua Film and Television Company Limited, a company incorporated in China (“Licensor”), granted to us a worldwide license to a video synthesis and release system for mobile communications equipment (the “Technology”). The Technology is the subject of a utility model patent in the People’s Republic of China. Under the Agreement, we are able to utilize, improve upon, and sub-license the technology for an initial period of 5 years, subject to a right to renew for an additional 5 year term. We were obligated to pay the Licensor $500,000 within 30 days of the date of the Agreement and a royalty fee in the amount of 20% of any proceeds resulting from our utilization of the Technology, whether in the form of sub-licensing fees or sales of licensed products. Our Chief Executive Officer, Chiyuan Deng and former Chief Executive Officer, Jianli Deng, jointly own and control Licensor. On October 10, 2017, we completed the payment of all amounts due under the Agreement. Our License to the Technology generates revenue through sub-license monthly fees from a smartphone app on Android devices. This app was already existing and licensed at the time we acquired the Technology. We are in the process of using the underlying Technology to create a smartphone video mix app and social video sharing platform. We are developing this new apps for use with iOS and Android smartphones and we expect to launch the app in 2019. We expect that this new app will transform the way users create and share art talent and fun. The app is expected to take advantage of the core design philosophy of “My film anyone, anywhere, anytime be together.” Similar and competitive innovative video and community apps have been activated on over 2 million unique devices in China as of December 31, 2017 and precipitated the duet video synthesis phenomenon in China. Today, TikTok is a short video sharing platform. Our Videomix app, yet to be released, is expected to be used as a verb for “enhancing videos synthesis production,” but also as a brand that represents talent, trendiness, youthfulness and funniness. To better meet our users’ demands for higher quality selfies, we are also planning to launch the Patent (Mobile communication equipment video synthesis production and distribution system) License Program. The program markets our Technology to big brand smartphones makers to highlight our patent apps integrate proprietary video synthesis production and distribution system processing algorithms and specialized video processors, which generate high-quality selfies duet video synthesis. We have been in discussion with these smartphone makers about our initiatives and selling points in an effort to increase sales. Revenue from this program are expected to be generated by license fees for each smartphone with this video synthesis production and distribution system function. Fundamentally, we view ourselves as a mobile Internet company with our core asset being our massive, active and fast-growing user base through registered patent--Mobile communication equipment video synthesis production and distribution system. We believe that the VideoMix app will become an important part of users’ social lives online. We believe the provision of relevant products, content and services will help us monetize our user base and enable us to create value for our users at the same time. We intend to continue to drive our near-term revenue growth through patent--Mobile communication equipment video synthesis production and distribution system license fees from smartphone makers, since China’s large smartphone market continues to present significant opportunities. Our goal is that at least 10% of smartphones in China will eventually contain this integrated patent function. If we meet this goal, which would equate to around 40 million smartphones, which in turn result in about 200 million RMB in revenue generated from patent license fees. As we have not yet commercialized the app for sale, we do not expect to achieve any revenues until we launch the app and make it available under our program, and we can provide no assurances that we will be able to achieve commercialization or our revenue goals for the app. According to preliminary data of the IDC Quarterly Mobile Phone Tracker, the Chinese smartphone market shipped 105 million units during the second quarter of 2018. Following our successful monetization through smartphones, we have also identified three other major opportunities for monetization, including content use fees, advertising fees, KOL agency fees. On March 10, 2018, we acquired intellectual property from Aura Blocks Ltd. for $200,000. On March 19, 2018, we entered into consulting agreements (the “Consulting Agreements”) with four consultants (the “Consultants”). The Consulting Agreements have terms or either two or three years. Under the Consulting Agreements the Consultants will provide services to us in Hong Kong and China related to blockchain technology and krypto kiosks. In consideration for the services provided by the Consultants, we have issued the Consultants a total of 1,100,000 shares of our common stock. On November 10, 2018, the Company sold this intellectual property from Aura Blocks Limited to China IPTV Industry Park Holdings Ltd. for $80,000. On March 21, 2018, we acquired the intellectual assets of KryptoKiosk Limited, a crypto currencies kiosk company which has licenses and patent in Australia, which enable the operation of cryptocurrency ATMs that allow buying and selling of Bitcoin, Litecoin, and Ethererum all in one terminal. The Company plans to generate revenue through sub-licensing fees for the operation of cryptocurrency ATMs. Through the foregoing the Company proposes to bring a physical aspect to something that is otherwise very abstract to people. We also issued to JPC Fintech Limited 2,400,000 common shares with a market value of $72,000 exchange of KryptoKiosk Limited’s assets consist mostly of intellectual property, including, but not limited to, certain domain names, copyrights, trademarks, and patents pending, but also include contract rights and personal property. We planned to generate revenue through sub-licensing fees for the operation of cryptocurrency ATMs. Through the foregoing, we proposed to bring a physical aspect to something that is otherwise very abstract to people. We planned to invest in machines and sell sub-licenses in the Asia Pacific region with future world-wide expansion. We had promoted and marketed the ATM business for 6 months or until around August 2018, because the BTC and cryptocurrencies price went down. The IP, however, was never transferred to us. We have repeatedly requested from Messrs. Grounds, Vickery and Shakespare access to the domains and websites and other information concerning the IP assets. As of the date of this annual report, no such information has been provided. In addition, the IP including domain names were transferred to others while Messrs. Vickery and Shakespare were officers of our company. As a result, we ceased promotions and marketing on the ATM business and relations cryptocurrencies business in September 2018. On November 21, 2018, we had sent the final notice that JPC Fintech has materially breached the agreement. We requested that JPC Fintech Ltd. return its stock certificate received in the transaction to our transfer agent for immediate cancellation. We have not yet received the certificate for termination. On May 9, 2018, we entered into an investor agreement with iCrowdU Inc. We agreed to purchase 228,013 shares of iCrowdU Inc. at a share price of $1.228 for total consideration of $280,000. iCrowdU Inc. offers an online platform and mobile app for crowd funding services targeting the global crowd funding market. Furthermore, it was agreed to exchange 2,000,000 shares of our common stock for 2,000,000 shares of common stock in iCrowdU Inc. This share exchange was made as collateral in advance of an investment of $1,935,000 by us into iCrowdU Inc., which never occurred. On or about May 9, 2018, we entered into consultancy agreements with Alexander Holtermann, Ian Wright and Luis Hadic. Each of Messrs. Holtermann, Wright and Hadic received 200,000 shares of our common stock under the consultancy agreements. On or about July 26, 2018, we entered into an investment agreement with iCrowdU Inc. for the purchase of 40% of iCrowdU in exchange for 8,000,000 shares of our common stock that would be split between Messrs. Holtermann and Wright at 70% and 30%, respectively, and an investment of $10,000,000. The 8,000,000 shares were cut but not delivered to Messrs. Holtermann and Wright and no part of the $10,000,000 was invested by us into iCrowdU Inc. On or about July 31, 2018, we entered into employment agreements with Messrs. Holtermann and Wright for the consideration provided for under the agreements. On October 25, 2018, the above parties entered into an Agreement for Termination and Release that terminated all outstanding agreements among the parties and released each party from the other. We agreed to settle outstanding expenses and costs incurred by iCrowdU Inc., in the sum of $6,444.90. In addition, all parties agreed to return any shares received from the above agreements, save we shall be permitted to retain the 228,013 shares purchased in iCrowdU Inc. Finally, we agreed to amend our Current Report on Form 8-K concerning certain disclosures made therein. We amended the report as per the agreement. On September 5, 2018, the Company entered into an agreement with Aura Blocks Limited to acquire a movie copy right for $768,000 and paid $153,600 of the total balance. In December of 2018, another payment of $153,662 was made. The remaining balance to Aura Blocks Limited is $460,738. The Company has obtained the exclusive permanent broadcasting right outside the mainland China and is expected to generate revenues from showing the movie online, in theaters, and on TV outside the mainland China once this movie is completed in 2019. This movie will also be included in the video library for the Company’s VideoMix app. In December of 2018, we started developing a performance matching platform (Fan Dou He Pai) and a WeChat official account to advertise the platform. The matching platform is to arrange performance events for celebrities and performers. Performers can set their schedules and quotes on the platform. The platform will maximize their profits from performance events by optimizing their schedules based upon quotes and event locations and save time from commuting among different events. “Fan Dou He Pai” utilizes the artificial intelligence (AI) matching technology to instantly and accurately match performers and advertisers or merchants. The company charges agency service fees for each successful event matched through the platform. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is August 31. The financial statements have been prepared on a condensed basis, with their fully owned subsidiary App Board Limited. No intercompany balances or transactions exist during the period ended February 28, 2019. Basis of Consolidation The financial statements have been prepared on a condensed basis, with the Company’s fully owned subsidiary App Board Limited registered and located in Hong Kong. No intercompany balances or transactions exist during the six months period ended February 28, 2019. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Foreign Currency Transactions The Company’s planned operations are outside of the United States, which results in exposure to market risks from changes in foreign currency rates. The financial risk arise from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Non-monetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. Accounts Receivable Accounts receivable consist of amounts due from promotional services provided. Amounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. No amount for bad debt expense has been recorded by the Company during the six months ended February 28, 2019 and 2018, and no write-off for bad debt were recorded for the six months ended February 28, 2019, and 2018. Prepaid Expenses Prepaid expenses primarily consist of consulting fees that have been paid in advance, installments to acquire a movie copy right, payments to software development companies to develop the VideoMix mobile app and the Performance Matching Platform (Fan Dou He Pai) and its related WeChat official account. The prepaid balances are amortized when the related expense is incurred. Intangible Assets Intangible assets are stated at cost and depreciated as follows: · Mobile application product: straight-line method over the estimated life of the asset, which has been determined by management to be 3 years · Movie copyrights: income forecast method for a period not to exceed 10 years · Patent: straight-line method over the term of 5 years based on the patent license agreement Amortized costs of the intangible asset are recorded as cost of sales, as the intangible asset is directly related to generation of revenues in the Company. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740 “ Income Taxes ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. Under ASC 740, the impact of an uncertain tax position on the income tax return may only be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. At February 28, 2019, there was unrecognized tax benefits. Please see Notes 8 for details. Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company has recognized the revenues associated with mobile app sales once the criteria has been met, the product has been delivered, and the Company has received payment from the vendor. Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding as of February 28, 2019 and August 31, 2018. |
GOING CONCERN UNCERTANTIES
GOING CONCERN UNCERTANTIES | 6 Months Ended |
Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTANTIES | The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company had an accumulated deficit of $1,426,110 as of February 28, 2019 and net loss of $150,171and net cash used in operations of $448,161 for the six months ended February 28, 2019. Losses have principally occurred as a result of the substantial resources required for general and administrative expenses associated with our operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Company’s obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. |
PREPAID EXPENSES
PREPAID EXPENSES | 6 Months Ended |
Feb. 28, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES | On June 1, 2018, the Company entered into an agreement with an outside phone apps designer. A smartphone apps was designed and its ownership belongs to the Company. Its main use is smartphone video synthesis and sharing. The first payment paid to designer was $307,200. As of February 28, 2019, the app was under development and expected to launch later in 2019. On September 5, 2018, the Company acquired a movie copy right from Aura Blocks Limited. The total of the first two payments was $307,262, which was two fifths of the total purchase price of $768,000. In December of 2018, the Company started developing a Performance Matching Platform and its related WeChat Official account. The first payment paid to the developer was $50,944. Prepaid expense as of February 28, 2019 includes $307,200 payment to the designer to develop the VideoMix phone app, $50.944 payment to design the performance matching platform and its related WeChat Official Account, $307,206 payment to acquire the movie copy right, $11,667 prepaid consulting fees net of amortization, and $1,280 prepayment to Anyone Picture for obtaining performer users on the Performance Matching Platform. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Feb. 28, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | On November 16, 2017, the Company sold the copyright and all other rights in a film named “Gong Fu Nv Pai” copyright and the mobile application (Amoney) assets to an unrelated party for $253,000 cash. The sales of intangible assets qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of the operations from its Condensed Statements of Operations to present this revenue and expenses from these intangible assets in discontinued operations. The following table shows the results of operations of mobile application and copyright for six months ended February 28, 2019and 2017 which are included in the gain from discontinued operations: Six months ended February 28, 2019 2018 Revenue $ — $ 49,920 Cost of revenue — 11,912 Income Tax Provision — Gain from discontinued operations $ — $ 38,008 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
INTANGIBLE ASSETS | As of February 28, 2019, and August 31, 2018, the balance of intangible assets are as follows; February 28, 2019 August 31, 2018 Patent $ 500,000 $ 500,000 Intellectual property: Aura — 200,000 Intellectual property: Kryptokiosk 72,000 72,000 Total cost 572,000 772,000 Accumulated amortization (188,200 ) (131,000) Intangible asset, net $ 383,800 $ 641,000 Amortization expenses for six months ended February 28, 2019 and 2018, was $57,200 and $61,912, respectively. On November 10, 2018, the Company sold the $200,000 intellectual property from Aura Blocks Limited for $80,000 with a realized loss of $120,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. During the six months ended February 28, 2018, a shareholder paid an invoice of $74 on behalf of the Company. During the six months ended February 28, 2019, there are no such related party transactions. The Company has entered into a patent license agreement with a related party Guangzhou Shengshituhua Film and Television Company Limited (“Licensor”). The agreement is for a term of 5 years commencing on the effective date on June 1, 2017. The Company has already paid the licensor a non-refundable, up-from payment of $500,000 and shall pay a royalty of 20% of the gross revenue realized from the sale of licensed products and sub-licensing of this patent every year. The royalty expenses during the six month ended February 28, 2019 and 2018 are $30,208 and $21,222, respectively. In December, 2018, the Company appointed Brandy Gao as Chief Financial Officer and issued 100,000 shares as compensation. In February 2019, the Company appointed Linqing Ye as Chief Operational Officer and Lijun Yu as Chief Marketing Officer, and issued 10.000,000 shares to each of them as compensation. $114,036 was paid to five related parties and $16,700 was paid to two related parties as salaries and wages during the six months ended February 28, 2019 and 2018, respectively. Among the $114,036, $29,952 was paid to an executive for cash salaries, and $84,084 was paid to five executives in the form of stock compensation. |
EQUITY
EQUITY | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
EQUITY | Effective as of June 6, 2018, AB International Group Corporation amended its Articles of Incorporation to increase its authorized common stock to One Billion (1,000,000,000) shares, par value $0.001 per share. During the six months ended February 28, 2019, the following 40,600,000 common shares were returned to the Company due to the termination of the Investor Agreement to acquire 51% ownership of iCrowdU Inc: · 2,000,000 shares for acquisition of shares of iCrowdU as collateral and 8,000,000 shares as consideration. · 20,200,000 issued to Alexander Holtermann for employment as Chief Executive Officer, 10,200,000 to Ian Wright for employment as Chief Operational Officer, and 200,000 to Eichbaum Financial Reporting Services Inc. for consulting fees. The Company issued the following common shares during six months ended February 28, 2019: · 1,975,000 shares for consulting services of $59,250 to two third-party consultants. · 18,000,000 common shares, for proceeds of $360,000 to five unrelated parties. · 20,100,000 shares for services of officers: 10,000,000 issued to Linqing Ye for employment as Chief Operational Officer, 10,000,000 issued to Lijun Yu for employment as Chief Marketing Officer, 100,000 to Brandy Gao for employment as Chief Financial Officer, As of February 28, 2019 and August 31, 2018, 146,800,000 and 147,325,000 issued and outstanding shares of common stock were held by approximately 504 and 32 shareholders of record, respectively. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
INCOME TAXES | As of February 28, 2019, the Company had no net operating loss carry forwards. Due to the change in control during the year, the Company determined there are no loss carry forward amounts. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has completed the accounting for the effects of the Act. The Company’s financial statements for the six months ended February 28, 2019 reflect certain effects of the Act which includes a reduction in the corporate tax rate from 35% to 21% as well as other changes. Components of net deferred tax assets, including a valuation allowance, are as follows as of February 28, 2019 and August 31, 2018: February 28, 2019 August 31, 2018 Deferred tax asset attributable to: Net operating loss carry over $ 217,468 $ 149,948 Less: valuation allowance (217,468 ) (149,948) Net deferred tax asset $ — $ — The valuation allowance for deferred tax assets was $217,468 as of February 28, 2019 and $149,948 as of August 31, 2018. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of February 28, 2019 and August 31, 2018. Reconciliation between the statutory rate and the effective tax rate is as follows at February 28, 2019 and August 31, 2018: 2019 2018 Federal statutory tax rate 21 % 21% Change in valuation allowance (21 %) (21%) Effective tax rate 0 % 0% |
CONCENTRATION RISK
CONCENTRATION RISK | 6 Months Ended |
Feb. 28, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION RISK | 99% and 68% of revenue was generated from one customer during the six months ended February 28, 2019 and 2018, respectively. 96% and 100% of account receivables was due from one customer as of February 28, 2019 and August 31, 2018, respectively |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
SUBSEQUENT EVENTS | n accordance with ASC 855-10, the Company has analyzed its operations subsequent to February 28, 2019 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Feb. 28, 2019 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is August 31. The financial statements have been prepared on a condensed basis, with their fully owned subsidiary App Board Limited. No intercompany balances or transactions exist during the period ended February 28, 2019. |
Basis of Consolidation | The financial statements have been prepared on a condensed basis, with the Company’s fully owned subsidiary App Board Limited registered and located in Hong Kong. No intercompany balances or transactions exist during the six months period ended February 28, 2019. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. |
Foreign Currency Translations | The Company’s planned operations are outside of the United States, which results in exposure to market risks from changes in foreign currency rates. The financial risk arise from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Non-monetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. |
Accounts receivable | Accounts receivable consist of amounts due from promotional services provided. Amounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. No amount for bad debt expense has been recorded by the Company during the six months ended February 28, 2019 and 2018, and no write-off for bad debt were recorded for the six months ended February 28, 2019, and 2018. |
Prepaid Expenses | Prepaid expenses primarily consist of consulting fees that have been paid in advance, installments to acquire a movie copy right, payments to software development companies to develop the VideoMix mobile app and the Performance Matching Platform (Fan Dou He Pai) and its related WeChat official account. The prepaid balances are amortized when the related expense is incurred. |
Income Taxes | The Company accounts for income taxes pursuant to FASB ASC 740 “ Income Taxes ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. Under ASC 740, the impact of an uncertain tax position on the income tax return may only be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. At February 28, 2019, there was unrecognized tax benefits. Please see Notes 8 for details. |
Revenue Recognition | Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company has recognized the revenues associated with mobile app sales once the criteria has been met, the product has been delivered, and the Company has received payment from the vendor. |
Basic and Diluted Income (Loss) Per Share | The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding as of February 28, 2019 and August 31, 2018. |
Intangible Assets | Intangible assets are stated at cost and depreciated as follows: · Mobile application product: straight-line method over the estimated life of the asset, which has been determined by management to be 3 years · Movie copyrights: income forecast method for a period not to exceed 10 years · Patent: straight-line method over the term of 5 years based on the patent license agreement Amortized costs of the intangible asset are recorded as cost of sales, as the intangible asset is directly related to generation of revenues in the Company. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | Six months ended February 28, 2019 2018 Revenue $ — $ 49,920 Cost of revenue — 11,912 Income Tax Provision — Gain from discontinued operations $ — $ 38,008 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Intangible Assets Tables | |
Schedule of intangible assets | February 28, 2019 August 31, 2018 Patent $ 500,000 $ 500,000 Intellectual property: Aura — 200,000 Intellectual property: Kryptokiosk 72,000 72,000 Total cost 572,000 772,000 Accumulated amortization (188,200 ) (131,000) Intangible asset, net $ 383,800 $ 641,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Feb. 28, 2019 | |
Income Taxes Tables | |
Schedule of Deferred Tax Assets and Liabilities | February 28, 2019 August 31, 2018 Deferred tax asset attributable to: Net operating loss carry over $ 217,468 $ 149,948 Less: valuation allowance (217,468 ) (149,948) Net deferred tax asset $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | 2019 2018 Federal statutory tax rate 21 % 21% Change in valuation allowance (21 %) (21%) Effective tax rate 0 % 0% |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | May 09, 2018 | Oct. 25, 2018 | Jul. 26, 2018 | Jun. 01, 2017 | Feb. 28, 2019 | Dec. 15, 2018 | Nov. 10, 2018 | Oct. 18, 2018 | Sep. 05, 2018 | Mar. 21, 2018 | Mar. 19, 2018 | Mar. 10, 2018 | Jan. 18, 2018 | Jan. 22, 2016 |
Organization And Business Operations [Line Items] | ||||||||||||||
State country name | State of Nevada | |||||||||||||
Entity incorporation, date of incorporation | Jul. 29, 2013 | |||||||||||||
Ownership interest sold by former officer | 83.00% | |||||||||||||
Cash payment for intellectual property in Aura Blocks LTD | $ 20,000,000 | |||||||||||||
Shares issued to consultants | 1,100,000 | |||||||||||||
Common Shares issued to JPC Fintech Mimited | 2,400,000 | |||||||||||||
Market Value of Shares Issued to JPC Fintech Limited | $ 7,200,000 | |||||||||||||
Shares retuned and cancelled | 10,000,000 | |||||||||||||
ownership percentage acquired in iCrowdU | 1.14% | |||||||||||||
Retained shares in iCrowdU | 228,013 | |||||||||||||
Offering | $ 2,000,000,000 | |||||||||||||
Non-refundable consulting fee payable | $ 2,500,000 | |||||||||||||
Restricted shares payable | 100,000 | |||||||||||||
Intellectual property sold | $ 8,000,000 | |||||||||||||
Price of movie copyright | $ 768,000 | |||||||||||||
Paid toward movie copyright | $ 15,366,200 | 15,360,000 | ||||||||||||
Remaining balance due to Aura Blocks Limited for copyright | $ 46,073,800 | |||||||||||||
Investment Agreement Step 1 [Member] | iCrowdU [Member] | ||||||||||||||
Organization And Business Operations [Line Items] | ||||||||||||||
Shares of iCrowdU purchased | 228,013 | |||||||||||||
Price Per Share of iCrowdU purchased | $ 1.228 | |||||||||||||
Total Consideration to iCrowdU | $ 28,000,000 | |||||||||||||
Shares of Common Stock given in exchange with iCrowdU | 2,000,000 | |||||||||||||
Shares of Common Stock received in exchange with iCrowdU | 2,000,000 | |||||||||||||
iCrowdU Investment Total | $ 193,500,000 | |||||||||||||
Percent of iCrowdU Proposed to Purchase | 51.00% | |||||||||||||
Common Shares proposed to be issued in exchange | 8,000,000 | |||||||||||||
Value of proposed investment in iCrowdU | $ 1,000,000,000 | |||||||||||||
Shares cut not delivered | 8,000,000 | |||||||||||||
Consultancy Agreement [Member] | Holtermann Wright Hadic [Member] | ||||||||||||||
Organization And Business Operations [Line Items] | ||||||||||||||
Shares of Common Stock Issued to each consultant | 200,000 | |||||||||||||
Patent License Agreement [Member] | ||||||||||||||
Organization And Business Operations [Line Items] | ||||||||||||||
Term of Agreement | 5 years | |||||||||||||
Obligation to pay Licensor | $ 50,000,000 | |||||||||||||
Royaly Fee on proceeds | $ 0.20 | |||||||||||||
Payment due within days of agreement | 30 days | |||||||||||||
Termination and Release Agreementt [Member] | iCrowdU [Member] | ||||||||||||||
Organization And Business Operations [Line Items] | ||||||||||||||
Shares retained in settlement of iCrowdI | 228,013 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Narrative) | 6 Months Ended |
Feb. 28, 2019 | |
Mobile application product [Member] | |
Estimated useful life of intangible asset | 5 years |
Finite-lived intangible assets, amortization method | Straight-line method |
Patent [Member] | |
Estimated useful life of intangible asset | 5 years |
Finite-lived intangible assets, amortization method | Straight-line method |
Copyrights [Member] | |
Finite-lived intangible assets, amortization method | Income forecast method |
Copyrights [Member] | Maximum [Member] | |
Estimated useful life of intangible asset | 10 years |
GOING CONCERN UNCERTANTIES (Det
GOING CONCERN UNCERTANTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2019 | Nov. 30, 2018 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Aug. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Accumulated Deficit | $ (1,426,110) | $ (1,426,110) | $ (1,047,386) | |||
Net Loss | $ (150,171) | $ (228,554) | $ (134,004) | (150,171) | $ (95,899) | |
Net cash provided by (used in) operating activities | $ (448,161) | $ (241,685) |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) - USD ($) | Sep. 05, 2018 | Dec. 31, 2018 | Jun. 01, 2018 | Feb. 28, 2019 |
Total payments to designer included in prepaid expenses | $ 307,200 | |||
Price of movie copyright | $ 768,000 | |||
Prepaid consulting fees net of amortization included in prepaid expenses | 11,667 | |||
Payment for movie copyright acquired included in prepaid expenses | 153,600 | |||
Phone App Designer [Member] | ||||
Total Payments to Designer | $ 307,262 | |||
PMovie Copyright [Member] | ||||
Payment for movie copyright acquired | $ 307,206 | |||
Performance Matching Platformt [Member] | ||||
Total Payments to Designer | $ 50,944 | |||
First payment to developer | $ 50,944 | |||
Anyone Pictures [Member] | ||||
Payment for obtaining performer users | $ 1,280 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenue | $ 49,920 | |
Cost of revenue | 11,912 | |
Income Tax Provision | ||
Gain from discontinued operations | $ 38,008 |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details Narrative) | Nov. 16, 2017USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Sales of copyright for cash | $ 253,000 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total Cost | $ 572,000 | $ 772,000 |
Accumulated amortization | (188,200) | (131,000) |
Intangible asset, net | 383,800 | 641,000 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 500,000 | 500,000 |
Intellectual Property [Member] | Aura Blocks Ltd [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 200,000 | |
Intellectual Property [Member] | Kryptokiosk Limited [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 72,000 | $ 72,000 |
INTANGIBLE ASSETS (Detail Narra
INTANGIBLE ASSETS (Detail Narrative) - USD ($) | Nov. 10, 2018 | Feb. 28, 2019 | Feb. 28, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expenses | $ 57,200 | $ 61,912 | |
Intellectual Property [Member] | Aura Blocks Ltd [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Sale of intellectual property | $ 200,000 | ||
Realized loss on sale of intellectual property | 120,000 | ||
Gain on sales of assets | $ 80,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2019 | Dec. 31, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Related party salary and wages | $ 61,560 | $ 10,400 | $ 114,036 | $ 16,700 | ||
Shareholder payment for invoice | 74 | |||||
Five Related Parties [Member] | ||||||
Related party salary and wages | 114,036 | |||||
Stock compensation paid | 84,084 | |||||
Two Related Parties [Member] | ||||||
Related party salary and wages | 16,700 | |||||
Executives and Directors [Member] | ||||||
Related party salary and wages | 29,952 | |||||
Guangzhou Shengshituhua Film [Member] | ||||||
Patent license payment | $ 500,000 | |||||
Royalty percentage rate due | 20.00% | |||||
Royalty expenses | $ 30,208 | $ 21,222 | ||||
Chief Financial Officer [Member] | ||||||
Shares issued to officers as compensation | 100,000 | |||||
Chief Marketing Officer [Member] | ||||||
Shares issued to officers as compensation | 10,000,000 | |||||
Chief Operational Officer [Member] | ||||||
Shares issued to officers as compensation | 10,000,000 |
EQUITY (Detail Narrative)
EQUITY (Detail Narrative) - $ / shares | Feb. 28, 2019 | Aug. 31, 2018 | Jun. 06, 2018 |
Equity [Abstract] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
EQUITY (Detail Textuals)
EQUITY (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Nov. 30, 2018 | Feb. 28, 2019 | Aug. 31, 2018 | |
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services value | $ 59,250 | $ 37,500 | ||
Common stock, shares issued | 146,800,000 | 146,800,000 | 147,325,000 | |
Common stock, shares outstanding | 146,800,000 | 146,800,000 | 147,325,000 | |
Shareholders | 504 | 504 | 32 | |
Consultant [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares returned and cancelled | 200,000 | |||
Chief Executive Officer [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares returned and cancelled | 20,200,000 | |||
Chief Operational Officer [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares returned and cancelled | 10,200,000 | |||
Two Consultants [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 1,975,000 | |||
Common stock, shares issued for services value | $ 59,250 | |||
Five Unrelated Parties [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 18,000,000 | |||
Common stock, shares issued for services value | $ 360,000 | |||
Officers [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 20,100,000 | |||
Chief Operational Officer [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 10,000,000 | |||
Chief Marketing Officer [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 10,000,000 | |||
Chief Financial Officer [Member] | ||||
Stockholders Equity [Line Items] | ||||
Common stock, shares issued for services | 100,000 | |||
Icrowdu Inc [Member] | ||||
Stockholders Equity [Line Items] | ||||
Number of shares returned for acquisition | 2,000,000 | |||
Number of shares returned as consideration | 8,000,000 | |||
Number of shares returned and cancelled | 40,600,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Deferred tax asset attributable to: | ||
Net operating loss carry over | $ 217,468 | $ 149,948 |
Less: valuation allowance | (217,468) | (149,948) |
Net deferred tax asset |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 6 Months Ended | 12 Months Ended |
Feb. 28, 2019 | Aug. 31, 2018 | |
Income Taxes Details 1 | ||
Federal statutory tax rate | 21.00% | 21.00% |
Change in valuation allowance | (21.00%) | (21.00%) |
Effective tax rate | 0.00% | 0.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Feb. 28, 2019 | Aug. 31, 2018 | |
Income Taxes Details Narrative | ||
Valuation allowance for deferred tax assets | $ (217,468) | $ (149,948) |
Corporate tax rate prior to reduction | 35.00% | |
Corporate tax rate after reduction | 21.00% |
CONCENTRATION RISK (Details Nar
CONCENTRATION RISK (Details Narrative) | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Aug. 31, 2018 | |
Risks and Uncertainties [Abstract] | |||
Percent revenue from major customer | 99.00% | 68.00% | |
Percent receivable from major customer | 96.00% | 100.00% |