Cover
Cover - shares | 3 Months Ended | |
Nov. 30, 2021 | Jan. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --08-31 | |
Entity File Number | 333-221548 | |
Entity Registrant Name | LEADER CAPITAL HOLDINGS CORP. | |
Entity Central Index Key | 0001715433 | |
Entity Tax Identification Number | 37-1853394 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Room 2708-09 | |
Entity Address, Address Line Two | Metropolis Tower | |
Entity Address, Address Line Three | 10 Metropolis Drive | |
Entity Address, City or Town | Hung Hom | |
Entity Address, Country | HK | |
City Area Code | 852 | |
Local Phone Number | 3487-6378 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 167,959,219 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 315,894 | $ 787,154 |
Accounts receivable | 1,282 | 1,567 |
Prepayments, deposits and other receivables | 241,347 | 231,715 |
Inventory | 13,424 | 1,128 |
Due from a shareholder | 6,000 | |
Total current assets | 577,947 | 1,021,564 |
Non-current assets | ||
Plant and equipment, net | 82,011 | 69,760 |
Intangible assets | 608,310 | 630,809 |
Goodwill | 1,747,945 | 1,747,945 |
Operating lease right-of-use assets, net | 389,285 | 352,354 |
Prepayments, deposits and other receivables | 78,486 | 102,339 |
Total non-current assets | 2,906,037 | 2,903,207 |
TOTAL ASSETS | 3,483,984 | 3,924,771 |
Current liabilities | ||
Accrued expenses and other payables | 498,259 | 374,269 |
Contract liabilities | 3,441 | 16,225 |
Operating lease liability, current | 277,408 | 292,024 |
Bonds payable | 600,000 | 600,000 |
Convertible notes payable to related parties | 938,000 | 108,000 |
Due to shareholders | 146,836 | 53,791 |
Due to a director | 987,922 | 1,098,374 |
Total current liabilities | 3,451,866 | 2,542,683 |
Non-current liabilities | ||
Operating lease liability, non-current | 111,878 | 60,331 |
Deferred tax liabilities | 121,020 | 125,502 |
Convertible notes payable to related parties | 128,000 | 882,000 |
Total non-current liabilities | 360,898 | 1,067,833 |
TOTAL LIABILITIES | 3,812,764 | 3,610,516 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common stock, $0.0001 par value; 600,000,000 shares authorized; 162,109,219 and 157,949,219 shares issued and outstanding as of November 30, 2021 and August 31, 2021, respectively | 16,211 | 15,795 |
Additional paid-in capital | 24,970,454 | 23,470,641 |
Accumulated other comprehensive income | (195,491) | (171,114) |
Accumulated deficits | (25,119,954) | (23,001,067) |
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY | (328,780) | 314,255 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 3,483,984 | $ 3,924,771 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2021 | Aug. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 162,109,219 | 157,949,219 |
Common stock, shares outstanding | 162,109,219 | 157,949,219 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | ||
Income Statement [Abstract] | |||
REVENUE | $ 14,805 | $ 22,863 | |
OPERATING EXPENSES | |||
Research and development expenses | (146,283) | (146,971) | |
Sales and marketing expenses | (213,772) | (109,702) | |
General and administrative expenses | (1,670,490) | (2,953,167) | |
LOSS FROM OPERATIONS | (2,015,740) | (3,186,977) | |
Interest expense | (28,500) | (15,446) | |
Loss on change in fair value of convertible notes | (104,500) | (481,043) | |
OTHER INCOME | |||
Exchange difference, net | 24,920 | ||
Other income – from related parties | 1,823 | ||
Other income – from non-related parties | 451 | 19,469 | |
Non-operating income (expense) | 25,371 | 21,292 | |
LOSS BEFORE INCOME TAX | (2,123,369) | (3,662,174) | |
Income tax benefit | 4,482 | 5,114 | |
NET LOSS | (2,118,887) | (3,657,060) | |
OTHER COMPREHENSIVE LOSS | |||
Foreign currency translation adjustment | (24,377) | (207) | |
TOTAL COMPREHENSIVE LOSS | $ (2,143,264) | $ (3,657,267) | |
Net loss per share - Basic and diluted | $ (0.01) | $ (0.03) | |
Weighted average number of shares of common stock outstanding - Basic and diluted | [1] | 160,879,360 | 136,921,376 |
[1] | Including 3,571,157 11,243,986 870,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2020 | $ 13,548 | $ 13,272,673 | $ (11,307,575) | $ 1,978,646 | |
Beginning balance, shares at Aug. 31, 2020 | 135,474,219 | ||||
Shares to be issued in private placement | 198,000 | 198,000 | |||
Shares to be issued in private placement, shares | |||||
Cancellation of restricted shares | $ (550) | 550 | |||
Cancellation of restricted shares issued, shares | (5,500,000) | ||||
Share compensation | 2,159,260 | 2,159,260 | |||
Foreign currency translation adjustment | (207) | (207) | |||
Net loss | (3,657,060) | (3,657,060) | |||
Ending balance, value at Nov. 30, 2020 | $ 12,998 | 15,630,483 | (207) | (14,964,635) | 678,639 |
Ending balance, shares at Nov. 30, 2020 | 129,974,219 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 15,795 | 23,470,641 | (171,114) | (23,001,067) | 314,255 |
Beginning balance, shares at Aug. 31, 2021 | 157,949,219 | ||||
Shares to be issued in private placement | $ 416 | 664,584 | 665,000 | ||
Shares to be issued in private placement, shares | 4,160,000 | ||||
Share compensation | 835,229 | 835,229 | |||
Foreign currency translation adjustment | (24,377) | (24,377) | |||
Net loss | (2,118,887) | (2,118,887) | |||
Ending balance, value at Nov. 30, 2021 | $ 16,211 | $ 24,970,454 | $ (195,491) | $ (25,119,954) | $ (328,780) |
Ending balance, shares at Nov. 30, 2021 | 162,109,219 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,118,887) | $ (3,657,060) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on change in fair value of convertible notes | 104,500 | 481,043 |
Share based compensation | 835,229 | 2,159,261 |
Amortization of operating lease right-of-use assets | 81,470 | 69,867 |
Depreciation and amortization | 32,354 | 35,822 |
Exchange difference, net | (24,920) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 282 | |
Prepayments, deposits and other receivables | 13,059 | 56,568 |
Inventory | (12,240) | (12,291) |
Amount due from a director | 189,474 | |
Deferred tax liabilities | (4,482) | (5,114) |
Operating lease liabilities | (81,470) | (71,575) |
Accrued expenses and other payables | 82,935 | (12,838) |
Net cash used in operating activities | (1,092,170) | (766,843) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of plant and equipment | (22,005) | (58,609) |
Acquisition of intangible assets | (1,023) | |
Net cash used in investing activities | (22,005) | (59,632) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from shares issued in private placement | 665,000 | 198,000 |
Proceeds from convertible notes issuance | 700,000 | |
Advance to a shareholder | (6,000) | |
Advance / Repayment from shareholders | 92,740 | 4,160 |
Repayment to a director | (110,000) | |
Advance from a director | 30,401 | |
Net cash provided by financing activities | 641,740 | 932,561 |
Effects of exchange rate changes on cash and cash equivalents | 1,175 | 12,332 |
Net (decrease) increase in cash and cash equivalents | (471,260) | 118,418 |
Cash and cash equivalents, beginning of period | 787,154 | 432,087 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 315,894 | 550,505 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Cash paid for income taxes | ||
Cash paid for interest | $ 42,000 | $ 36,666 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND Leader Capital Holdings Corp. (“LCHD” or the “Company”) was incorporated on March 22, 2017 under the laws of the State of Nevada. The Company, through its subsidiaries, mainly operates and services a mobile application investment platform. SCHEDULE OF SUBSIDIARIES OF COMPANY Company Name Place/Date of Incorporation Principal Activities 1. Leader Financial Group Limited Seychelles / March 6, 2017 Investment Holding 2. JFB Internet Service Limited Hong Kong / July 6, 2017 Provides an Investment Platform On August 17, 2020, LCHD, through JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of Nice Products Inc. (“NPI”), pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein. As a result of the Acquisition, the Company now owns indirectly 100 The aggregate purchase price for the Acquisition was $ 4,850,000 3,506,042 8,415,111 After the completion of the acquisition, NPI became an indirect wholly owned subsidiary of the Company. NPI was incorporated in the British Virgin Islands on December 17, 2018. NPI, through its subsidiaries, mainly engages in the development of ecological-systems applications, integration of big data and promotion of OTT applications. Company Name Place/Date of Incorporation Principal Activities 1. LOC Weibo Co., Ltd. (“LOC”) Republic of China/September 29, 2017 Development of ecological-systems applications, integration of big data and promotion of OTT applications 2. Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”) People’s Republic of China /April 16, 2013 Development of ecological-systems applications, integration of big data and promotion of OTT applications LCHD and its subsidiaries (including NPI and its subsidiaries) are hereinafter referred to as the “Company”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) and disclosures necessary for a fair presentation of these unaudited condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. However, they do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with U.S. GAAP. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation. The Company has adopted August 31 as its fiscal year end. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s annual report on amended Form 10-K for the year ended August 31, 2021. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of November 30, 2021, the Company has suffered recurring losses from operations, and records an accumulated deficit and a working capital deficit of $ 25,119,954 2,873,919 The Company expects to finance its operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that the Company requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including the Company’s businesses. This outbreak could decrease spending, adversely affect demand for the Company’s services and harm its business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time. These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification of liabilities that might be necessary should the Company be unable to continue as going concern. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its unaudited condensed consolidated financial statements. Business combination The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income. When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. Goodwill and impairment of goodwill Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed and is not amortized. The total amount of goodwill is deductible for tax purposes. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its fair value. The Company estimates fair value of the applicable reporting unit or units using a discounted cash flow methodology. This methodology represents a level 3 fair value measurement as defined under ASC 820, Fair Value Measurements and Disclosures, since the inputs are not readily observable in the marketplace. The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, including projected sales, gross margins, selling, general and administrative expenses, and capital expenditures, and the selection of an appropriate discount rate, all of which are subject to inherent uncertainties and subjectivity. When the Company performs goodwill impairment testing, its assumptions are based on annual business plans and other forecasted results, which it believes represent those of a market participant. The Company selects a discount rate, which is used to reflect market-based estimates of the risks associated with the projected cash flows based on the best information available as of the date of the impairment assessment. Based on the annual impairment analysis, there is no impairment on the goodwill recorded in the Company’s financial statements. Given the current macro-economic environment and the uncertainties regarding its potential impact on the Company’s business, there can be no assurance that its estimates and assumptions used in its impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions regarding forecasted cash flows are not achieved, it is possible that an impairment review may be triggered and goodwill may be impaired. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Software Development Costs The Company expenses software development costs, including costs to develop software products or the software component of products to be marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. No development costs were expensed as general and administrative expenses for the three months ended November 30, 2021 and 2020. Revenue Recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company recognizes revenue following the five-step model prescribed under ASU 2014-09: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Provision of investment platform services The Company signed an agreement with a third party whereby the Company authorized the third party to use the Company’s JFB platform and related applications for a period until December 31, 2020. Income from provision of investment platform services with the use of the Company’s mobile applications is recognized when the service is performed. From September, 2020, the Company generated additional revenue from a new, more comprehensive mobile application, which refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. Income from providing investment platform services with the use of a mobile application is recognized when the service is performed. The Company offers a self-managed points program, which can be used in the FinMaster App to redeem merchandise or services. The Company determines the value of each point based on estimated incremental cost. Customers and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: The Company concludes the bonus points offered linked to the purchase transaction of the points is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the point sales. The Company also estimates the probability of points redemption when performing the allocation. The amount allocated to the bonus points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Company will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. Since historical information is limited for the Company to determine any potential points forfeitures and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero. Provision of software development service and maintenance service The Company entered into several agreements with third party customers to assist the customers in the development of their mobile communications software and mobile e-commerce software. Income from provision of software development service and maintenance service are recognized when the service is performed. Revenue by major product line SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE For the three months ended November 30, 2021 November 30, 2020 Provision of investment platform services $ 3,242 $ 3,620 Provision of software development service and maintenance service 11,563 19,243 $ 14,805 $ 22,863 Revenue by Recognition Over Time vs Point in Time SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME For the three months ended November 30, 2021 November 30, 2020 Revenue by recognition over time $ 14,805 $ 22,863 Revenue by recognition at a point in time - - $ 14,805 $ 22,863 Remaining performance obligations represent contracted revenues that had not yet been recognized, and include deferred revenues; invoices that have been issued to customers but were uncollected and have not been recognized as revenues; and amounts that will be invoiced and recognized as revenues in future periods. As of November 30, 2021, the Company’s remaining performance obligations were $ 3,441 The Company had not occurred any costs to obtain contracts. The Company does not have amounts of contract assets since revenue is recognized as control of goods or services is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the consolidated balance sheet. Contract balances The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2021 and 2020: SCHEDULE OF CONTRACT LIABILITIES Receipt in advance 2021 2020 Balance as of September 1 $ 16,225 $ 2,896 Advances received from customers related to unsatisfied performance obligations 1,348 10,937 Revenue recognized from beginning contract liability balance (14,055 ) (2,951 ) Exchange difference (77 ) 160 Balance as of November 30 $ 3,441 $ 11,042 Practical Expedients and Exemption The Company has not incurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Research and development expenses Research and development (“R&D”) expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries and benefits for those employees engaged in research, design and development activities; costs related to design tools; and allocated costs. For the three months ended November 30, 2021 and 2020, the total R&D expenses were $ 146,283 146,971 Sales and marketing expenses Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the three months ended November 30, 2021 and 2020, advertising costs totaled $ 210,603 and $ 97,361 , respectively. From September 2019, customers or users of the FinMaster App can obtain points through any other ways such as account registration referral to the FinMaster App, frequent sign-ins to the application and sharing articles from the application to users’ own social media, etc. The Company believes these points are to encourage user engagement and generate market awareness. As a result, the Company accounts for such points as sales and marketing expenses with a corresponding liability recorded under other current liabilities of its unaudited condensed consolidated balance sheets upon the points offering. The Company estimates liabilities under the customer loyalty program based on cost of the merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Company records a reduction of inventory and other current liabilities. Since historical information is limited for the Company to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero. For the three months ended November 30, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $ 3,169 12,341 As of November 30, 2021 and August 31, 2021, liabilities recorded related to unredeemed points were $ 78,750 75,648 General and administrative expenses General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses. Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory as of November 30, 2021 and August 31, 2021 represents merchandise inventory which can be redeemed by deducting membership rewards points of customer loyalty program. Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components as a single lease component for operating leases associated with the Company’s office space lease, and to keep leases with an initial term of 12 The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the Company’s consolidated balance sheets. Plant and Equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES Expected useful life Furniture and fixture 3 Office equipment 3 Leasehold improvement 3 Intangible assets The Company recorded intangible assets with definite lives, including investment platform and technical know-hows. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets is computed using the straight-line method over their estimated useful lives. The estimated useful lives of the Company’s intangible assets are listed below: SCHEDULE OF USEFUL LIVES OF COMPANY'S INTANGIBLE ASSETS Investment platform 5 Technical know-hows 8 Trademarks 10 Impairment of Long-Lived Assets (including amortizable intangible assets) The Company reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No Income taxes Income taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts no The Company conducts business in the PRC, Taiwan and Hong Kong and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the respective tax authorities. Net Loss Per Share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE For the three months ended November 30, 2021 November 30, 2020 Net loss $ (2,118,887 ) $ (3,657,060 ) Weighted average number of shares of common stock outstanding - Basic and diluted* 160,879,360 136,921,376 Net loss per share - Basic and diluted $ (0.01 ) $ (0.03 ) * Including 3,571,157 11,243,986 870,000 As of November 30, 2021 and August 31, 2021, the Company’s convertible notes payable were excluded from the diluted loss per share calculation as they were anti-dilutive. Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Additionally, ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur. On September 1, 2019, the Company adopted ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. Before the adoption of this guidance, the equity-classified share-based awards held by non-employees were subject to re-measurement through each vesting date. Upon the adoption of this guidance, the Company no longer re-measures equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting date and the accounting for these share-based awards to consultants or non-employees and employees was substantially aligned. Cancellation of a share-based payment by the entity results in accelerated recognition of any unrecognised cost. Cancellation by the counterparty does not change recognition of the compensation cost. The termination of an employee that resulted in the forfeiture of share-based awards is not considered to be a cancellation of the awards. Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record in United States Dollars (“US$”), Renminbi (“RMB”), New Taiwanese Dollars (“NT$”) and Hong Kong Dollars (“HK$”) respectively, which are the primary currencies of the economic environment in which the entities operate (the functional currencies). In general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of As of Period-end HK$ : US$ 1 exchange rate 7.80 7.80 Period-end NT$ : US$ 1 exchange rate 27.69 27.66 Period-end RMB : US$ 1 exchange rate 6.36 6.46 For the three months ended, November 30, 2021 November 30, 2020 Period average HK$ : US$ 1 exchange rate 7.80 7.80 Period average NT$ : US$ 1 exchange rate 27.82 28.82 Period average RMB : US$ 1 exchange rate 6.42 6.72 Related Parties Parties, which can be a corporation or an individual, are considered to be related if the Company has the ability to, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Convertible instruments The Company accounts for hybrid contracts that feature conversion options in accordance with U.S. GAAP. ASC 815 “Derivatives and Hedging Activities,” (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. The Company accounts for convertible instruments, when the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20 “Debt with Conversion and Other Options” (“ASC 470-20”). Under ASC 470-20 the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company accounts for convertible instruments (when the Company has determined that the embedded conversion options should be bifurcated from their host instruments) in accordance with ASC 815. Under ASC 815, a portion of the proceeds received upon the issuance of the hybrid contract are allocated to the fair value of the derivative. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations. Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, deposits, accounts payable and accrued liabilities, balances due with directors and shareholders, convertible notes payable and bonds pay |
ACQUISITION OF SUBSIDIARIES
ACQUISITION OF SUBSIDIARIES | 3 Months Ended |
Nov. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION OF SUBSIDIARIES | 3. ACQUISITION OF SUBSIDIARIES On August 17, 2020, the Company, through its wholly-owned subsidiary JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of NPI, pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein. The aggregate purchase price for the Acquisition was $ 4,850,000 3,506,042 8,415,111 After the completion of the Acquisition, NPI became an indirect wholly owned subsidiary of the Company. The Company completed the valuations necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, resulting from which the amount of goodwill was determined and recognized as of the respective acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, August 31, 2020. SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash and cash equivalents $ 185,117 Prepayments, deposits and other receivables 145,228 Due from a shareholder 34,048 Right-of-use operating lease assets 113,590 Plant and equipment, net 30,365 Intangible assets- Technical know-hows 818,200 Goodwill 2,974,364 Other payables and accrued liabilities (383,087 ) Contract liabilities (2,896 ) Due to shareholders (99,730 ) Operating lease liability (113,646 ) Tax payable (31,871 ) Deferred tax liabilities (163,640 ) Net purchase price $ 3,506,042 Less: Outstanding NPI debt owed to the Company Accounts receivable 989,854 Notes payable (3,066,617 ) Aggregate fair values of the assets acquired and liabilities assumed $ 1,429,279 The transaction resulted in a purchase price allocation of $ 2,974,364 The movement of the goodwill for the three months ended November 30, 2021 and 2020 are as follows SCHEDULE OF MOVEMENT OF GOODWILL 2021 2020 Balance as of September 1 and November 30 $ 1,747,945 $ 2,974,364 The Company performed goodwill impairment test at the reporting unit level on an annual basis and between annual tests when an event occurs or circumstances change indicating the asset might be impaired. No |
PLANT AND EQUIPMENT, NET
PLANT AND EQUIPMENT, NET | 3 Months Ended |
Nov. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT, NET | 4. PLANT AND EQUIPMENT, NET Plant and equipment as of November 30, 2021 and August 31, 2021 are summarized below: SCHEDULE OF PLANT AND EQUIPMENT, NET As of As of Furniture and fixtures $ 66,929 $ 64,791 Office equipment 32,020 32,038 Leasehold improvement 87,884 83,883 Total 186,833 180,712 Less: Accumulated depreciation (104,822 ) (110,952 ) Plant and Equipment, net $ 82,011 $ 69,760 Depreciation expenses, classified as operating expenses, were $ 9,855 10,227 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 3 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 5. INTANGIBLE ASSETS, NET Intangible assets costs as of November 30, 2021 and August 31, 2021 are summarized below: SCHEDULE OF INTANGIBLE ASSETS As of As of Investment platform $ 30,000 $ 30,000 Technical know-hows 818,200 818,200 Trademarks 3,483 3,483 Total 851,683 851,683 Less: Accumulated amortization (131,458 ) (108,959 ) Impairment (111,915 ) (111,915 ) Intangible assets, net $ 608,310 $ 630,809 Amortization expense for intangible assets was $ 22,499 25,595 During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s intangible assets. The impairment charge, if any, represented the excess of carrying amounts of the Company’s intangible assets over their fair value, using the expected future discounted cash flows. No As of November 30, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows: SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS 12 months ending November 30, 2022 $ 89,993 2023 89,993 2024 89,993 2025 89,993 2026 and thereafter 248,338 Total $ 608,310 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS SCHEDULE OF RELATED PARTY TRANSACTIONS For the three months ended November 30, 2021 November 30, 2020 Other Income: Miscellaneous income from Greenpro LF Limited (a) $ - $ 1,823 (a) Mr. Lin is a director of Greenpro LF Limited. |
PREPAYMENTS, DEPOSITS AND OTHER
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES | 3 Months Ended |
Nov. 30, 2021 | |
Prepayments Deposits And Other Receivables | |
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES | 7. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES As of November 30, 2021 As of August 31, 2021 Rental and management fee deposits $ 128,159 120,831 Other prepaid expenses 163,214 194,040 Other taxes recoverable 28,460 19,183 Prepayments, deposits and other receivables $ 319,833 334,054 Less: non-current portion Rental and management fee deposits 54,419 54,204 Other prepaid expenses 24,067 48,135 Prepayments, deposits and other receivables, non-current 78,486 102,339 Prepayments, deposits and other receivables, current $ 241,347 231,715 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 3 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | 8. ACCRUED EXPENSES AND OTHER PAYABLES SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES As of November 30, 2021 As of August 31, 2021 Accrued interests (Note 10) $ 17,935 2,935 Accrued payroll 248,745 207,863 Other accrued expenses 152,829 87,822 Other payables 78,750 75,648 Accrued expenses and other payables $ 498,259 374,269 |
DUE FROM (TO) SHAREHOLDERS AND
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS | 3 Months Ended |
Nov. 30, 2021 | |
Due From To Shareholders And Directors | |
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS | 9. DUE FROM (TO) SHAREHOLDERS AND DIRECTORS SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY As of As of August 31, 2021 Due from a shareholder: Hsu Kuo-Hsun $ 6,000 $ - Due to a director: Lin Yi-Hsiu $ (987,922 ) $ (1,098,374 ) Due to shareholders: Tu Yu-Cheng $ (53,351 ) $ (50,591 ) Cheng Hung-Pin (800 ) (800 ) Huang Mei-Ying (91,085 ) (800 ) Lo Shih-Chu (800 ) (800 ) Chen Jun-Yuan (800 ) (800 ) $ (146,836 ) $ (53,791 ) Amounts due from a shareholder are unsecured, interest-free and repayable within one year. The Loan was fully repaid on January 14, 2022. Amounts due to shareholders and a director are unsecured, interest-free with no fixed payment term. |
BONDS PAYABLE
BONDS PAYABLE | 3 Months Ended |
Nov. 30, 2021 | |
Debt Disclosure [Abstract] | |
BONDS PAYABLE | 10. BONDS PAYABLE The Company entered into a Bond Purchase Agreement with an individual third party on August 14, 2019, pursuant to which the Company issued and sold to the purchaser a bond at an aggregate purchase price of $ 600,000 three years August 14, 2019 10 The Company may exercise its right to repay this bond at any time on or before two years from the maturity date by wiring 100% of all outstanding principal and interest to the purchaser. 17,935 2,935 |
CONVERTIBLE NOTES PAYABLE TO RE
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES | 3 Months Ended |
Nov. 30, 2021 | |
Convertible Notes Payable To Related Parties | |
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES | 11. CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES The Company entered into a series of Convertible Promissory Note Purchase Agreements (the “Agreements”) with certain investors between February 2020 and January, 2021. Pursuant to the Agreements, the Company issued certain Convertible Promissory Notes (the “Notes”) to the investors in a total principal amount of $ 1,030,000 SCHEDULE OF CONVERTIBLE NOTES PAYABLE Principal amount Issue date Maturity date Interest rate Teh-Ling Chen $ 110,000 February 24, 2020 February 24, 2022 6 % Li-Ching Yang 20,000 February 27, 2020 February 27, 2022 6 % Jui-Chin Chen 100,000 March 18, 2020 March 18, 2022 6 % Teh-Ling Chen 100,000 November 2, 2020 November 2, 2022 6 % Chin-Ping Wang 200,000 November 25, 2020 November 25, 2022 6 % Chin-Nan Wang 200,000 November 25, 2020 November 25, 2022 6 % Chin-Chiang Wang 200,000 November 25, 2020 November 25, 2022 6 % Teh-Ling Chen 100,000 January 15, 2021 January 15, 2023 6 % $ 1,030,000 On February 24, 2020, the Company issued a convertible promissory note in the principal amount of $ 110,000 6 February 24, 2022 On February 27, 2020, the Company issued a convertible promissory note in the principal amount of $ 20,000 6 February 27, 2022 On March 18, 2020, the Company issued a convertible promissory note in the principal amount of $ 100,000 6 March 18, 2022 On August 17, 2020, the Company entered into amendments to the Notes and the convertible promissory note purchase agreements with each of the Noteholders, wherein, at the sole option of the applicable Noteholder, all or part of the unpaid outstanding principal of such Noteholder’s Note would be convertible into shares of restricted common stock of the Company at a conversion price equal to $ 0.40 325,000 On November 2, 2020, the Company issued a convertible promissory note in the principal amount of $ 100,000 6 November 2, 2022 On November 25, 2020, the Company further issued convertible promissory notes in the total principal amount of $ 600,000 6 November 25, 2022 On January 15, 2021, the Company issued a convertible promissory note in the principal amount of $ 100,000 6 January 15, 2023 For each of the convertible promissory notes, the Company is entitled to a one-year extension. The outstanding principal amounts of the notes are convertible at any time at the option of the holders into common stock at a conversion price of $0.4 per share. Each of the lenders may convert part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. The conversion feature is dual indexed to the Company’s stock, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815. ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election. The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Fair value of the convertible promissory notes of $ 1,066,000 During the three months ended November 30, 2021 and 2020, interest of $ 13,500 and $ 1,957 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES For the period ended SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Tax jurisdictions from: - Local $ (925,603 ) $ (1,519,520 ) - Foreign, representing Seychelles - - British Virgin Islands (1,557 ) (83,142 ) Taiwan (683,911 ) (493,890 ) PRC (119,437 ) (142,962 ) Hong Kong (392,861 ) (1,422,660 ) Loss before income tax $ (2,123,369 ) $ (3,662,174 ) The components of the benefit for income taxes expenses are: SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Current $ - $ - Deferred (4,482 ) (5,114 ) Total income tax benefit $ (4,482 ) $ (5,114 ) The benefit for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Loss before income taxes $ (2,123,369 ) $ (3,662,174 ) Statutory income tax rate 21 % 21 % Income tax credit computed at statutory income rate (445,908 ) (769,057 ) Reconciling items: Non-deductible expenses 54,386 23,025 Share-based payments 175,398 453,445 Tax effect of tax exempt entity 327 17,460 Rate differential in different tax jurisdictions 8,578 63,240 Valuation allowance on deferred tax assets 202,737 206,773 Income tax benefit $ (4,482 ) $ (5,114 ) United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of November 30, 2021, the operations in the United States of America incurred $ 2,432,618 The NOL carryforwards begin to expire in 2037 510,850 Seychelles Under the current laws of the Seychelles, LFG is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles. British Virgin Islands NPI is tax exempted in the British Virgin Islands where it was incorporated. Taiwan LOC is subject to corporate income tax (“CIT”) in Taiwan. With effect from January 1, 2018, the CIT rate in Taiwan is 20 %. However, for profit-seeking entities with less than NT$ 500,000 (approximately $ 17,643 ) in taxable income, the CIT rate is 18 % in 2018, 19 % in 2019, and 20 % in 2020 if taxable income exceeds NT$ 120,000 (approximately $ 4,234 ). As of November 30, 2021, LOC had net operating loss carry-forwards in Taiwan of $ 3,648,112 , which will expire in various years through 2025 . The Company has provided for a full valuation allowance of $ 729,622 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. PRC BJDC is subject to corporate income tax (“CIT”) at 25 1,950,645 expire in various years through 2027 487,661 Hong Kong JFB is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5 3,021,454 498,540 SCHEDULE OF DEFERRED TAX ASSETS November 30, 2021 August 31, 2021 Deferred tax assets: Net operating loss carryforwards – United States of America $ (510,850 ) $ (469,843 ) – Taiwan (729,622 ) (618,141 ) – PRC (487,661 ) (457,802 ) – Hong Kong (498,540 ) (469,186 ) Less: valuation allowance 2,226,673 2,014,972 $ - $ - Deferred tax liabilities: Intangible assets – Technical know-hows $ 121,020 $ 125,502 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Nov. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK | 13. COMMON STOCK On September 1, 2019, the Company entered into an employment agreement with Yi-Hsiu Lin to serve as the Chief Executive Officer of the Company for a two -year term. Pursuant to the agreement, Mr. Lin will be compensated at an annual rate of $ 50,000 per year (the “Base Compensation”), prorated for any partial year in cash or 2,500,000 shares of restricted common stock, which vested on September 16, 2019 and September 1, 2020. In addition, Mr. Lin may be entitled to bonus compensation of up to three (3) times Base Compensation based on his achievement of appropriate performance criteria to be determined by the board of directors or a committee thereof. The fair value of the shares of restricted common stock was $ 1,250,000 and $ 1,000,000 , respectively, which was calculated based on a price per share of $ 0.50 and $ 0.40 , respectively and amortized over the service term. On September 1, 2021, the Company renewed the employment agreement with Yi-Hsiu Lin for additional two years. Pursuant to the agreement, Mr. Lin will be compensated at an annual rate of $ 120,000 per year (the “Base Compensation”), prorated for any partial year, payable in cash or with 2,500,000 shares of restricted common stock, which would vest as of March 1, 2022 and March 1, 2023. In addition, Mr. Lin may be entitled to bonus compensation of up to three times the Base Compensation based on his achievement of appropriate performance criteria to be determined by the board of directors or a committee thereof. The fair value of the shares of restricted common stock for the first year ending August 31, 2022 was $ 250,000 , which was calculated based on a price per share of $ 0.10 and amortized over the service term. During the three months ended November 30, 2021 and 2020, the Company amortized $ 62,500 and $ 250,000 , respectively, as remuneration. On September 1, 2019, the Company issued a director offer letter to Shui Fung Cheng, pursuant to which Mr. Cheng agreed to serve as a director of the Company for a one 30,000 1,500,000 750,000 0.50 1,500,000 0.40 one 80,000 1,500,000 150,000 0.10 37,500 150,000 On June 30, 2020, the Company entered into a stock forfeiture letter (the “Stock Forfeiture Letter”) with First Leader Capital Ltd., a significant stockholder of the Company and an entity solely owned and controlled by Yi-Hsiu Lin, the Company’s Chief Executive Officer and a member of the Company’s board of directors. Pursuant to the Stock Forfeiture Letter, on June 30, 2020, First Leader Capital Ltd. forfeited and surrendered 5,500,000 0.0001 5,500,000 On March 1, 2020, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for a one -year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $ 60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2020, prorated for any partial year. On June 30, 2020, the Company’s board of directors approved additional 500,000 shares to the consultant in exchange for services rendered. On March 1, 2021, the Company renewed the consulting agreement for a one -year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $ 60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2021, prorated for any partial year. The fair value of the shares of restricted common stock was $ 750,000 and $ 100,000 , respectively which was calculated based on a price per share of $ 0.50 and $ 0.10 respectively and amortized over the service term. During the three months ended November 30, 2021 and 2020, the Company amortized $ 25,000 and $ 187,500 respectively as consulting expenses under this agreement. The shares were granted on July 7, 2020 and December 16, 2021, respectively. On June 30, 2020, the Company’s board of directors agreed to grant a new employee of JFB, (i) 5,000,000 5,000,000 5,000,000 6,000,000 0.40 5,000,000 6,046,157 209,397 1,246,761 10,000,000 The Company issued 8,415,111 On July 27, 2020, the Company issued an offer letter to a staff, pursuant to which the staff agreed to serve as an executive assistant of the Company. For the service as an executive assistant, the staff received a monthly compensation in the form of NT$ 77,000 2,717 92,500 3,264 50,000 50,000 50,000 1.00 nil 16,667 On August 1, 2020, the Company entered into an agreement with a company for provision of consulting services by its employee to the Company for a one 66,000 1,000,000 1,000,000 400,000 0.40 16,666 83,333 On August 3, 2020, the Company issued an offer letter to a staff, pursuant to which the staff agreed to serve as an executive assistant of the Company. For the service as an executive assistant, the staff received a monthly compensation in the form of NT$ 77,000 ($ 2,717 ) in cash. In addition, the staff would have been granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she met the criteria established by the Company. The fair value of the shares of restricted common stock was $ 50,000 , which was calculated based on a price per share of $ 1.00 and amortized over the service term. The Company cancelled the offer on May 1, 2021. During the three months ended November 30, 2021 and 2020, the Company recognized $ nil and $ 16,667 respectively as compensation under this arrangement. On November 1, 2020, the Company entered into consulting agreements with two consultants to assist in monitoring and improving FinMaster APP for a one 2,500,000 2,500,000 1.00 416,666 208,333 On February 8, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 5,000,000 0.0001 On May 17, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 13,132,500 0.0001 On September 1, 2021, the Company issued an offer letter to Hsu Kuo-Hsun, pursuant to which Mr. Hsu agreed to serve as chairman of LOC for two 60,000 2,157 2,400,000 120,000 0.10 30,000 nil On September 1, 2021, the Company issued a Senior Vice President (“SVP”) offer letter to Chiao Chien, pursuant to which Mr. Chiao agreed to serve as SVP of user experience of the Company for two years. For his service provided, Mr. Chiao will receive a monthly remuneration of RMB 17,000 (equivalent to $ 2,648 ) in cash and 3,000,000 shares of restricted common stock, which shall be granted in two equal tranches and vested on March 1, 2022 and March 1, 2023. The fair value of the shares of restricted common stock for the first year ending August 31, 2022 was $ 150,000 , which was calculated based on a price per share of $ 0.10 and amortized over the service term. During the three months ended November 30, 2021 and 2020, the Company amortized $ 37,500 and $ nil , respectively, as consulting expenses under this agreement. From May 2020 to August 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 37,157,535 shares of the Company’s common stock at an average price of $ 0.140 5,206,994 . Pursuant to the terms of the securities purchase agreements, the investors have piggyback registration rights with respect to the shares. The shares were fully issued by August 30, 2021. During September and October 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 4,160,000 0.16 665,000 As of November 30, 2021, unrecognized share-based compensation expense was $ 2,109,037 As of November 30, 2021, 3,571,157 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES During the period ended November 30, 2021, the Company entered into agreements with independent third parties to lease office and staff quarter premises in Taiwan, Shenzhen, Beijing and Hong Kong on a monthly basis for the operations of the Company. The rental expense for the three months ended November 30, 2021 and 2020 were $ 88,719 83,012 The following table lists the future minimal payments to be paid by the Company under a non-cancellable operating lease for office space in Taiwan with an initial term of one-year as of November 30, 2021: SCHEDULE OF OPERATING LEASE MINIMUM RENT PAYMENTS Year ending November 30, 2022 $ 6,356 2023 - 2024 - 2025 - The components of lease costs, lease term and discount rate with respect of leases with an initial term of at least 12 months are as follows: SCHEDULE OF COMPONENTS OF LEASE COSTS, LEASE TERM AND DISCOUNT RATE For the three months ended November 30, 2021 November 30, 2020 Operating lease cost – classified as general and administrative expenses $ 81,470 $ 69,867 Weighted Average Remaining Lease Term – Operating leases 1.59 1.48 Weighted Average Discounting Rate – Operating leases 5.31 % 5.68 % The following is a schedule, by years, of maturities of lease liabilities as of November 30, 2021: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases 2022 $ 301,585 2023 144,160 2024 - 2025 - 2026 - Thereafter - Total undiscounted cash flows 445,745 Less: imputed interest (56,459 ) Present value of lease liabilities $ 389,286 Contingencies The Labor Contract Law of the People’s Republic of China requires employers to assure the liability of the severance payments if employees are terminated due to restructuring, termination as a result of a mutual agreement or termination as a result of the expiration of a fixed-term labor contract. The Company has estimated its possible severance payments of approximately $ 142,000 129,000 In Taiwan, an employer can terminate an employment contract with notice (or with pay in lieu of notice) and with severance pay only due to stoppage of business or a transfer of ownership, business losses or curtailment of business operations, suspension of operations due to a force majeure event, or alteration of the business nature, forcing a reduction in the number of employees, and those employees cannot be reassigned to other suitable positions, or the employee is incapable of performing the tasks assigned. The Company has estimated its possible severance payments of approximately $ 75,000 69,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On December 9, 2021, the Company received the third tranches gross proceeds of $ 250,000 6,000,000 0.10 1,000,000 2,500,000 2,500,000 On December 28 and 30, 2021, the Company received the second tranches gross proceeds of $ 235,000 4,000,000 0.10 1,650,000 2,350,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) and disclosures necessary for a fair presentation of these unaudited condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. However, they do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with U.S. GAAP. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation. The Company has adopted August 31 as its fiscal year end. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s annual report on amended Form 10-K for the year ended August 31, 2021. |
Going Concern | Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of November 30, 2021, the Company has suffered recurring losses from operations, and records an accumulated deficit and a working capital deficit of $ 25,119,954 2,873,919 The Company expects to finance its operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that the Company requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including the Company’s businesses. This outbreak could decrease spending, adversely affect demand for the Company’s services and harm its business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time. These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification of liabilities that might be necessary should the Company be unable to continue as going concern. |
Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its unaudited condensed consolidated financial statements. |
Business combination | Business combination The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income. When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. |
Goodwill and impairment of goodwill | Goodwill and impairment of goodwill Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed and is not amortized. The total amount of goodwill is deductible for tax purposes. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its fair value. The Company estimates fair value of the applicable reporting unit or units using a discounted cash flow methodology. This methodology represents a level 3 fair value measurement as defined under ASC 820, Fair Value Measurements and Disclosures, since the inputs are not readily observable in the marketplace. The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, including projected sales, gross margins, selling, general and administrative expenses, and capital expenditures, and the selection of an appropriate discount rate, all of which are subject to inherent uncertainties and subjectivity. When the Company performs goodwill impairment testing, its assumptions are based on annual business plans and other forecasted results, which it believes represent those of a market participant. The Company selects a discount rate, which is used to reflect market-based estimates of the risks associated with the projected cash flows based on the best information available as of the date of the impairment assessment. Based on the annual impairment analysis, there is no impairment on the goodwill recorded in the Company’s financial statements. Given the current macro-economic environment and the uncertainties regarding its potential impact on the Company’s business, there can be no assurance that its estimates and assumptions used in its impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions regarding forecasted cash flows are not achieved, it is possible that an impairment review may be triggered and goodwill may be impaired. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Software Development Costs | Software Development Costs The Company expenses software development costs, including costs to develop software products or the software component of products to be marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and, as a result, development costs that meet the criteria for capitalization were not material for the periods presented. The Company capitalizes development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. No development costs were expensed as general and administrative expenses for the three months ended November 30, 2021 and 2020. |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company recognizes revenue following the five-step model prescribed under ASU 2014-09: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. |
Provision of investment platform services | Provision of investment platform services The Company signed an agreement with a third party whereby the Company authorized the third party to use the Company’s JFB platform and related applications for a period until December 31, 2020. Income from provision of investment platform services with the use of the Company’s mobile applications is recognized when the service is performed. From September, 2020, the Company generated additional revenue from a new, more comprehensive mobile application, which refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. Income from providing investment platform services with the use of a mobile application is recognized when the service is performed. The Company offers a self-managed points program, which can be used in the FinMaster App to redeem merchandise or services. The Company determines the value of each point based on estimated incremental cost. Customers and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows: The Company concludes the bonus points offered linked to the purchase transaction of the points is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the point sales. The Company also estimates the probability of points redemption when performing the allocation. The amount allocated to the bonus points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Company will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period. Since historical information is limited for the Company to determine any potential points forfeitures and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero. |
Provision of software development service and maintenance service | Provision of software development service and maintenance service The Company entered into several agreements with third party customers to assist the customers in the development of their mobile communications software and mobile e-commerce software. Income from provision of software development service and maintenance service are recognized when the service is performed. |
Revenue by major product line | Revenue by major product line SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE For the three months ended November 30, 2021 November 30, 2020 Provision of investment platform services $ 3,242 $ 3,620 Provision of software development service and maintenance service 11,563 19,243 $ 14,805 $ 22,863 |
Revenue by Recognition Over Time vs Point in Time | Revenue by Recognition Over Time vs Point in Time SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME For the three months ended November 30, 2021 November 30, 2020 Revenue by recognition over time $ 14,805 $ 22,863 Revenue by recognition at a point in time - - $ 14,805 $ 22,863 Remaining performance obligations represent contracted revenues that had not yet been recognized, and include deferred revenues; invoices that have been issued to customers but were uncollected and have not been recognized as revenues; and amounts that will be invoiced and recognized as revenues in future periods. As of November 30, 2021, the Company’s remaining performance obligations were $ 3,441 The Company had not occurred any costs to obtain contracts. The Company does not have amounts of contract assets since revenue is recognized as control of goods or services is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the consolidated balance sheet. |
Contract balances | Contract balances The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2021 and 2020: SCHEDULE OF CONTRACT LIABILITIES Receipt in advance 2021 2020 Balance as of September 1 $ 16,225 $ 2,896 Advances received from customers related to unsatisfied performance obligations 1,348 10,937 Revenue recognized from beginning contract liability balance (14,055 ) (2,951 ) Exchange difference (77 ) 160 Balance as of November 30 $ 3,441 $ 11,042 |
Practical Expedients and Exemption | Practical Expedients and Exemption The Company has not incurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Research and development expenses | Research and development expenses Research and development (“R&D”) expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries and benefits for those employees engaged in research, design and development activities; costs related to design tools; and allocated costs. For the three months ended November 30, 2021 and 2020, the total R&D expenses were $ 146,283 146,971 |
Sales and marketing expenses | Sales and marketing expenses Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the three months ended November 30, 2021 and 2020, advertising costs totaled $ 210,603 and $ 97,361 , respectively. From September 2019, customers or users of the FinMaster App can obtain points through any other ways such as account registration referral to the FinMaster App, frequent sign-ins to the application and sharing articles from the application to users’ own social media, etc. The Company believes these points are to encourage user engagement and generate market awareness. As a result, the Company accounts for such points as sales and marketing expenses with a corresponding liability recorded under other current liabilities of its unaudited condensed consolidated balance sheets upon the points offering. The Company estimates liabilities under the customer loyalty program based on cost of the merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Company records a reduction of inventory and other current liabilities. Since historical information is limited for the Company to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero. For the three months ended November 30, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $ 3,169 12,341 As of November 30, 2021 and August 31, 2021, liabilities recorded related to unredeemed points were $ 78,750 75,648 |
General and administrative expenses | General and administrative expenses General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses. |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory as of November 30, 2021 and August 31, 2021 represents merchandise inventory which can be redeemed by deducting membership rewards points of customer loyalty program. |
Leases | Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components as a single lease component for operating leases associated with the Company’s office space lease, and to keep leases with an initial term of 12 The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the Company’s consolidated balance sheets. |
Plant and Equipment | Plant and Equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES Expected useful life Furniture and fixture 3 Office equipment 3 Leasehold improvement 3 |
Intangible assets | Intangible assets The Company recorded intangible assets with definite lives, including investment platform and technical know-hows. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets is computed using the straight-line method over their estimated useful lives. The estimated useful lives of the Company’s intangible assets are listed below: SCHEDULE OF USEFUL LIVES OF COMPANY'S INTANGIBLE ASSETS Investment platform 5 Technical know-hows 8 Trademarks 10 |
Impairment of Long-Lived Assets (including amortizable intangible assets) | Impairment of Long-Lived Assets (including amortizable intangible assets) The Company reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts no The Company conducts business in the PRC, Taiwan and Hong Kong and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the respective tax authorities. |
Net Loss Per Share | Net Loss Per Share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE For the three months ended November 30, 2021 November 30, 2020 Net loss $ (2,118,887 ) $ (3,657,060 ) Weighted average number of shares of common stock outstanding - Basic and diluted* 160,879,360 136,921,376 Net loss per share - Basic and diluted $ (0.01 ) $ (0.03 ) * Including 3,571,157 11,243,986 870,000 As of November 30, 2021 and August 31, 2021, the Company’s convertible notes payable were excluded from the diluted loss per share calculation as they were anti-dilutive. |
Stock-based compensation | Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Additionally, ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur. On September 1, 2019, the Company adopted ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. Before the adoption of this guidance, the equity-classified share-based awards held by non-employees were subject to re-measurement through each vesting date. Upon the adoption of this guidance, the Company no longer re-measures equity-classified share-based awards granted to consultants or non-employees at each reporting date through the vesting date and the accounting for these share-based awards to consultants or non-employees and employees was substantially aligned. Cancellation of a share-based payment by the entity results in accelerated recognition of any unrecognised cost. Cancellation by the counterparty does not change recognition of the compensation cost. The termination of an employee that resulted in the forfeiture of share-based awards is not considered to be a cancellation of the awards. |
Foreign Currencies Translation | Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record in United States Dollars (“US$”), Renminbi (“RMB”), New Taiwanese Dollars (“NT$”) and Hong Kong Dollars (“HK$”) respectively, which are the primary currencies of the economic environment in which the entities operate (the functional currencies). In general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of As of Period-end HK$ : US$ 1 exchange rate 7.80 7.80 Period-end NT$ : US$ 1 exchange rate 27.69 27.66 Period-end RMB : US$ 1 exchange rate 6.36 6.46 For the three months ended, November 30, 2021 November 30, 2020 Period average HK$ : US$ 1 exchange rate 7.80 7.80 Period average NT$ : US$ 1 exchange rate 27.82 28.82 Period average RMB : US$ 1 exchange rate 6.42 6.72 |
Related Parties | Related Parties Parties, which can be a corporation or an individual, are considered to be related if the Company has the ability to, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Convertible instruments | Convertible instruments The Company accounts for hybrid contracts that feature conversion options in accordance with U.S. GAAP. ASC 815 “Derivatives and Hedging Activities,” (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. The Company accounts for convertible instruments, when the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20 “Debt with Conversion and Other Options” (“ASC 470-20”). Under ASC 470-20 the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company accounts for convertible instruments (when the Company has determined that the embedded conversion options should be bifurcated from their host instruments) in accordance with ASC 815. Under ASC 815, a portion of the proceeds received upon the issuance of the hybrid contract are allocated to the fair value of the derivative. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations. |
Fair Value of Financial Instruments: | Fair Value of Financial Instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, deposits, accounts payable and accrued liabilities, balances due with directors and shareholders, convertible notes payable and bonds payable, approximate at their fair values because of the short-term nature of these financial instruments or the rate of interest of these instruments approximate the market rate of interest. The Company also follows the guidance of the ASC Topic 820, “ Fair Value Measurements and Disclosures Level 1 Level 2 Level 3: The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis: SCHEDULE OF FAIR VALUE HIERARCHY AND FINANCIAL ASSETS LIABILITIES Carrying August 31, 2021 Fair Value Measurement at August 31, 2021 Level 1 Level 2 Level 3 Convertible notes measured at fair value $ 990,000 $ - $ - $ 990,000 Carrying November 30, 2021 Fair Value Measurement at November 30, 2021 Level 1 Level 2 Level 3 Convertible notes measured at fair value $ 1,066,000 $ - $ - $ 1,066,000 A summary of changes in financial liabilities for the three months ended November 30, 2021 and 2020 was as follows: SCHEDULE OF CHANGE IN FINANCIAL LIABILITY 2021 2020 Balance at September 1 $ 990,000 $ 104,000 Issuance of convertible notes - 700,000 Fair value loss on issuance of convertible notes - 383,962 Interest paid (42,000 ) - Interest expenses on convertible notes 13,500 1,957 Change in fair value of convertible notes 104,500 97,081 Balance at November 30 $ 1,066,000 $ 1,287,000 Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates: SCHEDULE OF FAIR VALUE ASSUMPTION OF CONVERTIBLE NOTES Convertible notes holders Jui-Chin Chen Teh-Ling Chen Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang Teh-Ling Chen Appraisal Date (Inception Date) March 18, 2020 November 2, 2020 November 25, 2020 January 15, 2021 Risk-free Rate 0.54 % 0.16 % 0.16 % 0.1 % Applicable Closing Stock Price $ 1.20 $ 0.12 $ 3.00 $ 2.00 Conversion Price $ 1.00 (i) $ 0.40 $ 0.40 $ 0.40 $ 1.50 (ii) Volatility 34.20 % 41.51 % 42.00 % 43.50 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 6.88 % 7.52 % 6.93 % 6.76 % Liquidity Risk Premium 51.08 % 77.62 % 78.14 % 75.73 % Appraisal Date August 31, 2021 August 31, 2021 August 31, 2021 August 31, 2021 Risk-free Rate 0.05 % 0.09 % 0.10 % 0.12 % Applicable Closing Stock Price $ 2.01 $ 2.01 $ 2.01 $ 2.01 Conversion Price $ 0.40 $ 0.40 $ 0.40 $ 0.40 Volatility 45.20 % 49.90 % 49.76 % 48.45 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 3.63 % 3.63 % 3.63 % 3.63 % Liquidity Risk Premium 84.04 % 86.98 % 86.63 % 85.12 % Appraisal Date November 30, 2021 November 30, 2021 November 30, 2021 November 30, 2021 Risk-free Rate 0.06 % 0.21 % 0.22 % 0.27 % Applicable Closing Stock Price $ 2.00 $ 2.00 $ 2.00 $ 2.00 Conversion Price $ 0.40 $ 0.40 $ 0.40 $ 0.40 Volatility 40.85 % 45.24 % 44.93 % 44.80 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 3.63 % 3.63 % 3.63 % 3.63 % Liquidity Risk Premium 77.29 % 78.58 % 79.72 % 77.03 % (i) USD 1.00 (ii) USD 1.50 |
Segment reporting | Segment reporting ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. Management determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: the provision of investment platform services through mobile application. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. The Company adopted ASU 2019-12 on September 1, 2021. The adoption of ASU 2019-12 did not have any impact on the Company’s consolidated financial statement presentation or disclosures. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature that is not clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification will reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. For contracts in an entity’s own equity, the type of contracts primarily affected by ASU 2020-06 are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company adopted ASU 2020-06 effective September 1, 2021. The adoption of ASU 2020-06 did not have any impact on the Company’s consolidated financial statement presentation or disclosures. Recently issued accounting pronouncements not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016-13 is to be adopted on a modified retrospective basis. As a smaller reporting company, ASU 2016-13 will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its consolidated financial statement presentations and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). Adoption of the ASUs is on a modified retrospective basis. As a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact that the adoption of ASU 2017-04 will have on its consolidated financial statement presentation or disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains classified after modification or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications or exchanges occurring on or after the effective date. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt ASU 2021-04 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The adoption of ASU 2021-04 is not expected to have any impact on the Company’s consolidated financial statement presentation or disclosures. The Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SUBSIDIARIES OF COMPANY | The Company, through its subsidiaries, mainly operates and services a mobile application investment platform. SCHEDULE OF SUBSIDIARIES OF COMPANY Company Name Place/Date of Incorporation Principal Activities 1. Leader Financial Group Limited Seychelles / March 6, 2017 Investment Holding 2. JFB Internet Service Limited Hong Kong / July 6, 2017 Provides an Investment Platform Company Name Place/Date of Incorporation Principal Activities 1. LOC Weibo Co., Ltd. (“LOC”) Republic of China/September 29, 2017 Development of ecological-systems applications, integration of big data and promotion of OTT applications 2. Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”) People’s Republic of China /April 16, 2013 Development of ecological-systems applications, integration of big data and promotion of OTT applications |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE | SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE For the three months ended November 30, 2021 November 30, 2020 Provision of investment platform services $ 3,242 $ 3,620 Provision of software development service and maintenance service 11,563 19,243 $ 14,805 $ 22,863 |
SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME | SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME For the three months ended November 30, 2021 November 30, 2020 Revenue by recognition over time $ 14,805 $ 22,863 Revenue by recognition at a point in time - - $ 14,805 $ 22,863 |
SCHEDULE OF CONTRACT LIABILITIES | The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2021 and 2020: SCHEDULE OF CONTRACT LIABILITIES Receipt in advance 2021 2020 Balance as of September 1 $ 16,225 $ 2,896 Advances received from customers related to unsatisfied performance obligations 1,348 10,937 Revenue recognized from beginning contract liability balance (14,055 ) (2,951 ) Exchange difference (77 ) 160 Balance as of November 30 $ 3,441 $ 11,042 |
SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES | SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES Expected useful life Furniture and fixture 3 Office equipment 3 Leasehold improvement 3 |
SCHEDULE OF USEFUL LIVES OF COMPANY'S INTANGIBLE ASSETS | The estimated useful lives of the Company’s intangible assets are listed below: SCHEDULE OF USEFUL LIVES OF COMPANY'S INTANGIBLE ASSETS Investment platform 5 Technical know-hows 8 Trademarks 10 |
SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE | SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE For the three months ended November 30, 2021 November 30, 2020 Net loss $ (2,118,887 ) $ (3,657,060 ) Weighted average number of shares of common stock outstanding - Basic and diluted* 160,879,360 136,921,376 Net loss per share - Basic and diluted $ (0.01 ) $ (0.03 ) * Including 3,571,157 11,243,986 870,000 |
SCHEDULE OF FOREIGN CURRENCY TRANSLATION | Translation of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of As of Period-end HK$ : US$ 1 exchange rate 7.80 7.80 Period-end NT$ : US$ 1 exchange rate 27.69 27.66 Period-end RMB : US$ 1 exchange rate 6.36 6.46 For the three months ended, November 30, 2021 November 30, 2020 Period average HK$ : US$ 1 exchange rate 7.80 7.80 Period average NT$ : US$ 1 exchange rate 27.82 28.82 Period average RMB : US$ 1 exchange rate 6.42 6.72 |
SCHEDULE OF FAIR VALUE HIERARCHY AND FINANCIAL ASSETS LIABILITIES | The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis: SCHEDULE OF FAIR VALUE HIERARCHY AND FINANCIAL ASSETS LIABILITIES Carrying August 31, 2021 Fair Value Measurement at August 31, 2021 Level 1 Level 2 Level 3 Convertible notes measured at fair value $ 990,000 $ - $ - $ 990,000 Carrying November 30, 2021 Fair Value Measurement at November 30, 2021 Level 1 Level 2 Level 3 Convertible notes measured at fair value $ 1,066,000 $ - $ - $ 1,066,000 |
SCHEDULE OF CHANGE IN FINANCIAL LIABILITY | A summary of changes in financial liabilities for the three months ended November 30, 2021 and 2020 was as follows: SCHEDULE OF CHANGE IN FINANCIAL LIABILITY 2021 2020 Balance at September 1 $ 990,000 $ 104,000 Issuance of convertible notes - 700,000 Fair value loss on issuance of convertible notes - 383,962 Interest paid (42,000 ) - Interest expenses on convertible notes 13,500 1,957 Change in fair value of convertible notes 104,500 97,081 Balance at November 30 $ 1,066,000 $ 1,287,000 |
SCHEDULE OF FAIR VALUE ASSUMPTION OF CONVERTIBLE NOTES | Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates: SCHEDULE OF FAIR VALUE ASSUMPTION OF CONVERTIBLE NOTES Convertible notes holders Jui-Chin Chen Teh-Ling Chen Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang Teh-Ling Chen Appraisal Date (Inception Date) March 18, 2020 November 2, 2020 November 25, 2020 January 15, 2021 Risk-free Rate 0.54 % 0.16 % 0.16 % 0.1 % Applicable Closing Stock Price $ 1.20 $ 0.12 $ 3.00 $ 2.00 Conversion Price $ 1.00 (i) $ 0.40 $ 0.40 $ 0.40 $ 1.50 (ii) Volatility 34.20 % 41.51 % 42.00 % 43.50 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 6.88 % 7.52 % 6.93 % 6.76 % Liquidity Risk Premium 51.08 % 77.62 % 78.14 % 75.73 % Appraisal Date August 31, 2021 August 31, 2021 August 31, 2021 August 31, 2021 Risk-free Rate 0.05 % 0.09 % 0.10 % 0.12 % Applicable Closing Stock Price $ 2.01 $ 2.01 $ 2.01 $ 2.01 Conversion Price $ 0.40 $ 0.40 $ 0.40 $ 0.40 Volatility 45.20 % 49.90 % 49.76 % 48.45 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 3.63 % 3.63 % 3.63 % 3.63 % Liquidity Risk Premium 84.04 % 86.98 % 86.63 % 85.12 % Appraisal Date November 30, 2021 November 30, 2021 November 30, 2021 November 30, 2021 Risk-free Rate 0.06 % 0.21 % 0.22 % 0.27 % Applicable Closing Stock Price $ 2.00 $ 2.00 $ 2.00 $ 2.00 Conversion Price $ 0.40 $ 0.40 $ 0.40 $ 0.40 Volatility 40.85 % 45.24 % 44.93 % 44.80 % Dividend Yield 0.00 % 0.00 % 0.00 % 0.00 % Credit Spread 3.63 % 3.63 % 3.63 % 3.63 % Liquidity Risk Premium 77.29 % 78.58 % 79.72 % 77.03 % (i) USD 1.00 (ii) USD 1.50 |
ACQUISITION OF SUBSIDIARIES (Ta
ACQUISITION OF SUBSIDIARIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED | SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash and cash equivalents $ 185,117 Prepayments, deposits and other receivables 145,228 Due from a shareholder 34,048 Right-of-use operating lease assets 113,590 Plant and equipment, net 30,365 Intangible assets- Technical know-hows 818,200 Goodwill 2,974,364 Other payables and accrued liabilities (383,087 ) Contract liabilities (2,896 ) Due to shareholders (99,730 ) Operating lease liability (113,646 ) Tax payable (31,871 ) Deferred tax liabilities (163,640 ) Net purchase price $ 3,506,042 Less: Outstanding NPI debt owed to the Company Accounts receivable 989,854 Notes payable (3,066,617 ) Aggregate fair values of the assets acquired and liabilities assumed $ 1,429,279 |
SCHEDULE OF MOVEMENT OF GOODWILL | The movement of the goodwill for the three months ended November 30, 2021 and 2020 are as follows SCHEDULE OF MOVEMENT OF GOODWILL 2021 2020 Balance as of September 1 and November 30 $ 1,747,945 $ 2,974,364 |
PLANT AND EQUIPMENT, NET (Table
PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT, NET | Plant and equipment as of November 30, 2021 and August 31, 2021 are summarized below: SCHEDULE OF PLANT AND EQUIPMENT, NET As of As of Furniture and fixtures $ 66,929 $ 64,791 Office equipment 32,020 32,038 Leasehold improvement 87,884 83,883 Total 186,833 180,712 Less: Accumulated depreciation (104,822 ) (110,952 ) Plant and Equipment, net $ 82,011 $ 69,760 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets costs as of November 30, 2021 and August 31, 2021 are summarized below: SCHEDULE OF INTANGIBLE ASSETS As of As of Investment platform $ 30,000 $ 30,000 Technical know-hows 818,200 818,200 Trademarks 3,483 3,483 Total 851,683 851,683 Less: Accumulated amortization (131,458 ) (108,959 ) Impairment (111,915 ) (111,915 ) Intangible assets, net $ 608,310 $ 630,809 |
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS | As of November 30, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows: SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS 12 months ending November 30, 2022 $ 89,993 2023 89,993 2024 89,993 2025 89,993 2026 and thereafter 248,338 Total $ 608,310 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS For the three months ended November 30, 2021 November 30, 2020 Other Income: Miscellaneous income from Greenpro LF Limited (a) $ - $ 1,823 (a) Mr. Lin is a director of Greenpro LF Limited. |
PREPAYMENTS, DEPOSITS AND OTH_2
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Prepayments Deposits And Other Receivables | |
SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES | SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES As of November 30, 2021 As of August 31, 2021 Rental and management fee deposits $ 128,159 120,831 Other prepaid expenses 163,214 194,040 Other taxes recoverable 28,460 19,183 Prepayments, deposits and other receivables $ 319,833 334,054 Less: non-current portion Rental and management fee deposits 54,419 54,204 Other prepaid expenses 24,067 48,135 Prepayments, deposits and other receivables, non-current 78,486 102,339 Prepayments, deposits and other receivables, current $ 241,347 231,715 |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES | SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES As of November 30, 2021 As of August 31, 2021 Accrued interests (Note 10) $ 17,935 2,935 Accrued payroll 248,745 207,863 Other accrued expenses 152,829 87,822 Other payables 78,750 75,648 Accrued expenses and other payables $ 498,259 374,269 |
DUE FROM (TO) SHAREHOLDERS AN_2
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Due From To Shareholders And Directors | |
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY | SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY As of As of August 31, 2021 Due from a shareholder: Hsu Kuo-Hsun $ 6,000 $ - Due to a director: Lin Yi-Hsiu $ (987,922 ) $ (1,098,374 ) Due to shareholders: Tu Yu-Cheng $ (53,351 ) $ (50,591 ) Cheng Hung-Pin (800 ) (800 ) Huang Mei-Ying (91,085 ) (800 ) Lo Shih-Chu (800 ) (800 ) Chen Jun-Yuan (800 ) (800 ) $ (146,836 ) $ (53,791 ) |
CONVERTIBLE NOTES PAYABLE TO _2
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Convertible Notes Payable To Related Parties | |
SCHEDULE OF CONVERTIBLE NOTES PAYABLE | SCHEDULE OF CONVERTIBLE NOTES PAYABLE Principal amount Issue date Maturity date Interest rate Teh-Ling Chen $ 110,000 February 24, 2020 February 24, 2022 6 % Li-Ching Yang 20,000 February 27, 2020 February 27, 2022 6 % Jui-Chin Chen 100,000 March 18, 2020 March 18, 2022 6 % Teh-Ling Chen 100,000 November 2, 2020 November 2, 2022 6 % Chin-Ping Wang 200,000 November 25, 2020 November 25, 2022 6 % Chin-Nan Wang 200,000 November 25, 2020 November 25, 2022 6 % Chin-Chiang Wang 200,000 November 25, 2020 November 25, 2022 6 % Teh-Ling Chen 100,000 January 15, 2021 January 15, 2023 6 % $ 1,030,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES | For the period ended SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Tax jurisdictions from: - Local $ (925,603 ) $ (1,519,520 ) - Foreign, representing Seychelles - - British Virgin Islands (1,557 ) (83,142 ) Taiwan (683,911 ) (493,890 ) PRC (119,437 ) (142,962 ) Hong Kong (392,861 ) (1,422,660 ) Loss before income tax $ (2,123,369 ) $ (3,662,174 ) |
SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES | The components of the benefit for income taxes expenses are: SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Current $ - $ - Deferred (4,482 ) (5,114 ) Total income tax benefit $ (4,482 ) $ (5,114 ) |
SCHEDULE OF PROVISION FOR INCOME TAXES | The benefit for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES Three months ended November 30, 2021 November 30, 2020 Loss before income taxes $ (2,123,369 ) $ (3,662,174 ) Statutory income tax rate 21 % 21 % Income tax credit computed at statutory income rate (445,908 ) (769,057 ) Reconciling items: Non-deductible expenses 54,386 23,025 Share-based payments 175,398 453,445 Tax effect of tax exempt entity 327 17,460 Rate differential in different tax jurisdictions 8,578 63,240 Valuation allowance on deferred tax assets 202,737 206,773 Income tax benefit $ (4,482 ) $ (5,114 ) |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS November 30, 2021 August 31, 2021 Deferred tax assets: Net operating loss carryforwards – United States of America $ (510,850 ) $ (469,843 ) – Taiwan (729,622 ) (618,141 ) – PRC (487,661 ) (457,802 ) – Hong Kong (498,540 ) (469,186 ) Less: valuation allowance 2,226,673 2,014,972 $ - $ - Deferred tax liabilities: Intangible assets – Technical know-hows $ 121,020 $ 125,502 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF OPERATING LEASE MINIMUM RENT PAYMENTS | The following table lists the future minimal payments to be paid by the Company under a non-cancellable operating lease for office space in Taiwan with an initial term of one-year as of November 30, 2021: SCHEDULE OF OPERATING LEASE MINIMUM RENT PAYMENTS Year ending November 30, 2022 $ 6,356 2023 - 2024 - 2025 - |
SCHEDULE OF COMPONENTS OF LEASE COSTS, LEASE TERM AND DISCOUNT RATE | The components of lease costs, lease term and discount rate with respect of leases with an initial term of at least 12 months are as follows: SCHEDULE OF COMPONENTS OF LEASE COSTS, LEASE TERM AND DISCOUNT RATE For the three months ended November 30, 2021 November 30, 2020 Operating lease cost – classified as general and administrative expenses $ 81,470 $ 69,867 Weighted Average Remaining Lease Term – Operating leases 1.59 1.48 Weighted Average Discounting Rate – Operating leases 5.31 % 5.68 % |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | The following is a schedule, by years, of maturities of lease liabilities as of November 30, 2021: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating leases 2022 $ 301,585 2023 144,160 2024 - 2025 - 2026 - Thereafter - Total undiscounted cash flows 445,745 Less: imputed interest (56,459 ) Present value of lease liabilities $ 389,286 |
SCHEDULE OF SUBSIDIARIES OF COM
SCHEDULE OF SUBSIDIARIES OF COMPANY (Details) | 3 Months Ended |
Nov. 30, 2021 | |
LOC Weibo Co., Ltd [Member] | |
Parent Entity Legal Name | LOC Weibo Co., Ltd. (“LOC”) |
Place/Date of Incorporation | Republic of China/September 29, 2017 |
Equity Method Investment, Description of Principal Activities | Development of ecological-systems applications, integration of big data and promotion of OTT applications |
Beijing DataComm Cloud Media Technology Co., Ltd. [Member] | |
Parent Entity Legal Name | Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”) |
Place/Date of Incorporation | People’s Republic of China /April 16, 2013 |
Equity Method Investment, Description of Principal Activities | Development of ecological-systems applications, integration of big data and promotion of OTT applications |
Leader Financial Group Limited [Member] | |
Parent Entity Legal Name | Leader Financial Group Limited |
Place/Date of Incorporation | Seychelles / March 6, 2017 |
Equity Method Investment, Description of Principal Activities | Investment Holding |
JFB Internet Service Limited [Member] | |
Parent Entity Legal Name | JFB Internet Service Limited |
Place/Date of Incorporation | Hong Kong / July 6, 2017 |
Equity Method Investment, Description of Principal Activities | Provides an Investment Platform |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - NPI [Member] - USD ($) | Aug. 17, 2020 | Aug. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Equity Method Investment, Ownership Percentage | 100.00% | |
Business Combination, Consideration Transferred | $ 4,850,000 | |
Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Net Effect on Income | $ 3,506,042 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 8,415,111 | 8,415,111 |
SCHEDULE OF REVENUE BY MAJOR PR
SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 14,805 | $ 22,863 |
Investment PlatForm Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,242 | 3,620 |
Software Development Service And Maintenance Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 11,563 | $ 19,243 |
SCHEDULE OF REVENUE BY RECOGNIT
SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 14,805 | $ 22,863 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,805 | 22,863 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax |
SCHEDULE OF CONTRACT LIABILITIE
SCHEDULE OF CONTRACT LIABILITIES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Accounting Policies [Abstract] | ||
Balance as of September 1 | $ 16,225 | $ 2,896 |
Advances received from customers related to unsatisfied performance obligations | 1,348 | 10,937 |
Revenue recognized from beginning contract liability balance | (14,055) | (2,951) |
Exchange difference | (77) | 160 |
Balance as of August 31 | $ 3,441 | $ 11,042 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES (Details) | 3 Months Ended |
Nov. 30, 2021 | |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
SCHEDULE OF USEFUL LIVES OF COM
SCHEDULE OF USEFUL LIVES OF COMPANY'S INTANGIBLE ASSETS (Details) | 3 Months Ended |
Nov. 30, 2021 | |
Investment Platform [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Technical Know-Hows [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
SCHEDULE OF RECONCILIATION OF B
SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | ||
Accounting Policies [Abstract] | |||
Net loss | $ (2,118,887) | $ (3,657,060) | |
Weighted average number of shares of common stock outstanding - Basic and diluted (Note) | [1] | 160,879,360 | 136,921,376 |
Net loss per share - Basic and diluted | $ (0.01) | $ (0.03) | |
[1] | Including 3,571,157 11,243,986 870,000 |
SCHEDULE OF RECONCILIATION OF_2
SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE (Details) (Parenthetical) - shares | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Shares granted and vested but not yet issued | 3,571,157 | |
Investors [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Shares granted and vested but not yet issued | 11,243,986 | |
Stock Issued During Period, Shares, New Issues | 870,000 |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Nov. 30, 2021 | Nov. 30, 2020 |
Period End HK [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 7.80 | 7.80 |
Period End NT [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 27.69 | 27.66 |
Period End RMB [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 6.36 | 6.46 |
Period Average HK [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 7.80 | 7.80 |
Period End Average N T [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 27.82 | 28.82 |
Period End Average R M B [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign Currency Exchange Rate, Translation | 6.42 | 6.72 |
SCHEDULE OF FAIR VALUE HIERARCH
SCHEDULE OF FAIR VALUE HIERARCHY AND FINANCIAL ASSETS LIABILITIES (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Convertible Debt, Fair Value Disclosures | $ 1,066,000 | $ 990,000 | $ 1,287,000 | $ 104,000 |
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Convertible Debt, Fair Value Disclosures | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Convertible Debt, Fair Value Disclosures | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Convertible Debt, Fair Value Disclosures | $ 1,066,000 | $ 990,000 |
SCHEDULE OF CHANGE IN FINANCIAL
SCHEDULE OF CHANGE IN FINANCIAL LIABILITY (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Accounting Policies [Abstract] | ||
Convertible Debt, Fair Value Disclosures | $ 990,000 | $ 104,000 |
Proceeds from Convertible Debt | 700,000 | |
Fair value loss on issuance of convertible notes | 383,962 | |
Interest paid | (42,000) | |
Interest expenses on convertible notes | 13,500 | 1,957 |
Change In Fair Value Of Convertible Notes | 104,500 | 97,081 |
Convertible Debt, Fair Value Disclosures | $ 1,066,000 | $ 1,287,000 |
SCHEDULE OF FAIR VALUE ASSUMPTI
SCHEDULE OF FAIR VALUE ASSUMPTION OF CONVERTIBLE NOTES (Details) | Nov. 30, 2021$ / shares | Aug. 31, 2021$ / shares | Jan. 15, 2021$ / shares | Nov. 25, 2020$ / shares | Nov. 02, 2020$ / shares | Aug. 18, 2020$ / shares | Mar. 18, 2020$ / shares | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | ||||||||
Jui-Chin Chen [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Maturity Date | Nov. 30, 2021 | Aug. 31, 2021 | Mar. 18, 2020 | ||||||
Applicable closing stock price | $ 2 | $ 2.01 | $ 1.20 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | $ 0.40 | 1 | [1] | |||||
Conversion price | [2] | $ 1.50 | |||||||
Jui-Chin Chen [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.05 | 0.54 | ||||||
Jui-Chin Chen [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 40.85 | 45.20 | 34.20 | ||||||
Jui-Chin Chen [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | 0 | ||||||
Jui-Chin Chen [Member] | Credit Spread [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 3.63 | 3.63 | 6.88 | ||||||
Jui-Chin Chen [Member] | Liquidity Risk Premium [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 77.29 | 84.04 | 51.08 | ||||||
Teh Ling Chen [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Maturity Date | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 2, 2020 | ||||||
Applicable closing stock price | $ 2 | $ 2.01 | $ 0.12 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | $ 0.40 | $ 0.40 | ||||||
Teh Ling Chen [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 45.24 | 49.90 | 41.51 | ||||||
Teh Ling Chen [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | 0 | ||||||
Teh Ling Chen [Member] | Liquidity Risk Premium [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 78.58 | 86.98 | 77.62 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Maturity Date | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 25, 2020 | ||||||
Applicable closing stock price | $ 2 | $ 2.01 | $ 3 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | $ 0.40 | $ 0.40 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0.22 | 0.10 | 0.16 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 44.93 | 49.76 | 42 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | 0 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | Credit Spread [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 3.63 | 3.63 | 6.93 | ||||||
Chin Ping Wang Chin Nan Wang Chin Chiang Wang [Member] | Liquidity Risk Premium [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 79.72 | 86.63 | 78.14 | ||||||
Teh Ling Chen [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Maturity Date | Nov. 30, 2021 | Aug. 31, 2021 | Jan. 15, 2021 | ||||||
Applicable closing stock price | $ 2 | $ 2.01 | $ 2 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | $ 0.40 | $ 0.40 | ||||||
Teh Ling Chen [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0.27 | 0.12 | 0.1 | ||||||
Teh Ling Chen [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 44.80 | 48.45 | 43.50 | ||||||
Teh Ling Chen [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | 0 | ||||||
Teh Ling Chen [Member] | Credit Spread [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 3.63 | 3.63 | 6.76 | ||||||
Teh Ling Chen [Member] | Liquidity Risk Premium [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 77.03 | 85.12 | 75.73 | ||||||
Teh-Ling Chen [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 0.21 | 0.09 | 0.16 | ||||||
Teh-Ling Chen [Member] | Credit Spread [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Debt Securities, Available-for-sale, Measurement Input | 3.63 | 3.63 | 7.52 | ||||||
[1] | USD 1.00 | ||||||||
[2] | USD 1.50 |
SCHEDULE OF FAIR VALUE ASSUMP_2
SCHEDULE OF FAIR VALUE ASSUMPTION OF CONVERTIBLE NOTES (Details) (Parenthetical) - $ / shares | Nov. 30, 2021 | Aug. 31, 2021 | Aug. 18, 2020 | Mar. 18, 2020 | [1] |
Debt Instrument, Convertible, Conversion Price | $ 0.40 | ||||
Jui-Chin Chen [Member] | |||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | $ 0.40 | $ 1 | ||
Before One-year Anniversary [Member] | Jui-Chin Chen [Member] | |||||
Debt Instrument, Convertible, Conversion Price | 1 | ||||
After One-year Anniversary [Member] | Jui-Chin Chen [Member] | |||||
Debt Instrument, Convertible, Conversion Price | $ 1.50 | ||||
[1] | USD 1.00 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | |
Retained Earnings (Accumulated Deficit) | $ 25,119,954 | $ 23,001,067 | |
[custom:WorkingCapitalDeficit-0] | 2,873,919 | ||
Revenue, Remaining Performance Obligation, Amount | 3,441 | ||
Research and Development Expense | 146,283 | $ 146,971 | |
Advertising Expense | 210,603 | 97,361 | |
Liabilities unredeemed | $ 78,750 | 75,648 | |
Lessor, Operating Lease, Term of Contract | 12 months | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | 0 | |
Percentage of likelihood, description | Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | 0 | |
Selling and Marketing Expense [Member] | |||
Redeemable liabilities | $ 3,169 | $ 12,341 |
SUMMARY OF FAIR VALUES OF ASSET
SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 30, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,747,945 | $ 1,747,945 | $ 2,974,364 |
NPI [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 185,117 | ||
Prepayments, deposits and other receivables | 145,228 | ||
Due from a shareholder | 34,048 | ||
Right-of-use operating lease assets | 113,590 | ||
Plant and equipment, net | 30,365 | ||
Intangible assets- Technical know-hows | 818,200 | ||
Goodwill | 2,974,364 | ||
Other payables and accrued liabilities | (383,087) | ||
Contract liabilities | (2,896) | ||
Due to shareholders | (99,730) | ||
Operating lease liability | (113,646) | ||
Tax payable | (31,871) | ||
Deferred tax liabilities | (163,640) | ||
Net purchase price | 3,506,042 | ||
Accounts receivable | 989,854 | ||
Notes payable | (3,066,617) | ||
Aggregate fair values of the assets acquired and liabilities assumed | $ 1,429,279 |
SCHEDULE OF MOVEMENT OF GOODWIL
SCHEDULE OF MOVEMENT OF GOODWILL (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 30, 2020 |
Business Combination and Asset Acquisition [Abstract] | |||
Goodwill | $ 1,747,945 | $ 1,747,945 | $ 2,974,364 |
ACQUISITION OF SUBSIDIARIES (De
ACQUISITION OF SUBSIDIARIES (Details Narrative) - USD ($) | Aug. 17, 2020 | Aug. 31, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,747,945 | $ 2,974,364 | $ 1,747,945 | ||
Goodwill and Intangible Asset Impairment | 0 | $ 0 | |||
NPI [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 4,850,000 | ||||
Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Net Effect on Income | $ 3,506,042 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 8,415,111 | 8,415,111 | |||
Goodwill | $ 2,974,364 |
SCHEDULE OF PLANT AND EQUIPME_2
SCHEDULE OF PLANT AND EQUIPMENT, NET (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 186,833 | $ 180,712 |
Less: Accumulated depreciation | (104,822) | (110,952) |
Plant and Equipment, net | 82,011 | 69,760 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 66,929 | 64,791 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 32,020 | 32,038 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 87,884 | $ 83,883 |
PLANT AND EQUIPMENT, NET (Detai
PLANT AND EQUIPMENT, NET (Details Narrative) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 9,855 | $ 10,227 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 851,683 | $ 851,683 |
Less: Accumulated amortization | (131,458) | (108,959) |
Impairment | (111,915) | (111,915) |
Intangible assets, net | 608,310 | 630,809 |
Investment Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 30,000 | 30,000 |
Technical Know-Hows [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 818,200 | 818,200 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 3,483 | $ 3,483 |
SCHEDULE OF AMORTIZATION EXPENS
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS (Details) | Nov. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 89,993 |
2023 | 89,993 |
2024 | 89,993 |
2025 | 89,993 |
2026 and thereafter | 248,338 |
Total | $ 608,310 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 22,499 | $ 25,595 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | ||
Greenpro LF Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Other income: Miscellaneous income | [1] | $ 1,823 | |
[1] | Mr. Lin is a director of Greenpro LF Limited. |
SCHEDULE OF PREPAYMENTS, DEPOSI
SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Prepayments Deposits And Other Receivables | ||
Rental and management fee deposits | $ 128,159 | $ 120,831 |
Other prepaid expenses | 163,214 | 194,040 |
Other taxes recoverable | 28,460 | 19,183 |
Prepayments, deposits and other receivables | 319,833 | 334,054 |
Rental and management fee deposits | 54,419 | 54,204 |
Other prepaid expenses | 24,067 | 48,135 |
Prepayments, deposits and other receivables, non-current | 78,486 | 102,339 |
Prepayments, deposits and other receivables, current | $ 241,347 | $ 231,715 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued interests (Note 10) | $ 17,935 | $ 2,935 |
Accrued payroll | 248,745 | 207,863 |
Other accrued expenses | 152,829 | 87,822 |
Other payables | 78,750 | 75,648 |
Accrued expenses and other payables | $ 498,259 | $ 374,269 |
SCHEDULE OF DUE FROM (TO) SHARE
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Loan from Hsu Kuo-Hsun (a shareholder) | $ 6,000 | |
Due to Lin Yi-Hsiu | (987,922) | (1,098,374) |
Due to shareholders | (146,836) | (53,791) |
Tu Yu-Cheng [Member] | ||
Due to shareholders | (53,351) | (50,591) |
Cheng Hung-Pin [Member] | ||
Due to shareholders | (800) | (800) |
Huang Mei-Ying [Member] | ||
Due to shareholders | (91,085) | (800) |
Lo Shih-Chu [Member] | ||
Due to shareholders | (800) | (800) |
Chen Jun-Yuan [Member] | ||
Due to shareholders | $ (800) | $ (800) |
BONDS PAYABLE (Details Narrativ
BONDS PAYABLE (Details Narrative) - USD ($) | Aug. 14, 2019 | Nov. 30, 2021 | Aug. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Interest Payable | $ 17,935 | $ 2,935 | |
Bond Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000 | ||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Maturity Date | Aug. 14, 2019 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
Debt Instrument, Description | The Company may exercise its right to repay this bond at any time on or before two years from the maturity date by wiring 100% of all outstanding principal and interest to the purchaser. | ||
Interest Payable | $ 17,935 | $ 2,935 |
SCHEDULE OF CONVERTIBLE NOTES P
SCHEDULE OF CONVERTIBLE NOTES PAYABLE (Details) - USD ($) | Jan. 15, 2021 | Nov. 02, 2020 | Mar. 18, 2020 | Feb. 27, 2020 | Feb. 24, 2020 | Nov. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 1,030,000 | |||||
Teh-Ling Chen [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 110,000 | |||||
Debt Instrument, Issuance Date | Feb. 24, 2020 | |||||
Debt Instrument, Maturity Date | Jan. 15, 2023 | Nov. 2, 2022 | Feb. 24, 2022 | Feb. 24, 2022 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | ||
Li Ching Yang [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 20,000 | |||||
Debt Instrument, Issuance Date | Feb. 27, 2020 | |||||
Debt Instrument, Maturity Date | Feb. 27, 2022 | Feb. 27, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
Jui-Chin Chen [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 100,000 | |||||
Debt Instrument, Issuance Date | Mar. 18, 2020 | |||||
Debt Instrument, Maturity Date | Mar. 18, 2022 | Mar. 18, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
Teh Ling Chen [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 100,000 | |||||
Debt Instrument, Issuance Date | Nov. 2, 2020 | |||||
Debt Instrument, Maturity Date | Nov. 2, 2022 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Chin-Ping Wang [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 200,000 | |||||
Debt Instrument, Issuance Date | Nov. 25, 2020 | |||||
Debt Instrument, Maturity Date | Nov. 25, 2022 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Chin-Nan Wang [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 200,000 | |||||
Debt Instrument, Issuance Date | Nov. 25, 2020 | |||||
Debt Instrument, Maturity Date | Nov. 25, 2022 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Chin-Chiang Wang [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 200,000 | |||||
Debt Instrument, Issuance Date | Nov. 25, 2020 | |||||
Debt Instrument, Maturity Date | Nov. 25, 2022 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Teh Ling Chen [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Convertible Notes Payable | $ 100,000 | |||||
Debt Instrument, Issuance Date | Jan. 15, 2021 | |||||
Debt Instrument, Maturity Date | Jan. 15, 2023 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
CONVERTIBLE NOTES PAYABLE TO _3
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES (Details Narrative) - USD ($) | Jan. 15, 2021 | Nov. 25, 2020 | Nov. 02, 2020 | Aug. 18, 2020 | Mar. 18, 2020 | Feb. 27, 2020 | Feb. 24, 2020 | Nov. 30, 2021 | Aug. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Debt, Fair Value Disclosures | $ 1,066,000 | $ 990,000 | $ 1,287,000 | $ 104,000 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.40 | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 325,000 | |||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | For each of the convertible promissory notes, the Company is entitled to a one-year extension. The outstanding principal amounts of the notes are convertible at any time at the option of the holders into common stock at a conversion price of $0.4 per share. Each of the lenders may convert part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. | |||||||||||
Convertible Debt | $ 13,500 | $ 1,957 | ||||||||||
Binomial Model [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Debt, Fair Value Disclosures | $ 1,066,000 | |||||||||||
Teh-Ling Chen [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Notes Payable, Noncurrent | $ 100,000 | $ 100,000 | $ 110,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||
Debt Instrument, Maturity Date | Jan. 15, 2023 | Nov. 2, 2022 | Feb. 24, 2022 | Feb. 24, 2022 | ||||||||
Li Ching Yang [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Notes Payable, Noncurrent | $ 20,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||
Debt Instrument, Maturity Date | Feb. 27, 2022 | Feb. 27, 2022 | ||||||||||
Jui-Chin Chen [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Notes Payable, Noncurrent | $ 100,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||
Debt Instrument, Maturity Date | Mar. 18, 2022 | Mar. 18, 2022 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ 1 | [1] | $ 0.40 | $ 0.40 | ||||||||
Chin-Ping Wang, Chin-Nan Wang and Chin-Chiang Wang [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Notes Payable, Noncurrent | $ 600,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Debt Instrument, Maturity Date | Nov. 25, 2022 | |||||||||||
Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Convertible Debt, Fair Value Disclosures | $ 1,030,000 | |||||||||||
[1] | USD 1.00 |
SCHEDULE OF INCOME_(LOSS) BEFOR
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | $ (2,123,369) | $ (3,662,174) |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
State and Local Income Tax Expense (Benefit), Continuing Operations | (925,603) | (1,519,520) |
SEYCHELLES | ||
Operating Loss Carryforwards [Line Items] | ||
Tax jurisdictions from: Foreign, representing | ||
VIRGIN ISLANDS, BRITISH | ||
Operating Loss Carryforwards [Line Items] | ||
Tax jurisdictions from: Foreign, representing | (1,557) | (83,142) |
TAIWAN, PROVINCE OF CHINA | ||
Operating Loss Carryforwards [Line Items] | ||
Tax jurisdictions from: Foreign, representing | (683,911) | (493,890) |
CHINA | ||
Operating Loss Carryforwards [Line Items] | ||
Tax jurisdictions from: Foreign, representing | (119,437) | (142,962) |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Tax jurisdictions from: Foreign, representing | $ (392,861) | $ (1,422,660) |
SCHEDULE OF COMPONENTS OF PROVI
SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current | ||
Deferred | (4,482) | (5,114) |
Total income tax (benefit) expense | $ (4,482) | $ (5,114) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (2,123,369) | $ (3,662,174) |
Statutory income tax rate | 21.00% | 21.00% |
Income tax credit computed at statutory income rate | $ (445,908) | $ (769,057) |
Non-deductible expenses (non-chargeable income) | 54,386 | 23,025 |
Share-based payments | 175,398 | 453,445 |
Tax effect of tax exempt entity | 327 | 17,460 |
Rate differential in different tax jurisdictions | 8,578 | 63,240 |
Valuation allowance on deferred tax assets | 202,737 | 206,773 |
Income tax (benefit) expense | $ (4,482) | $ (5,114) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 2,226,673 | $ 2,014,972 |
Deferred Tax Liabilities, Net | ||
Deferred Income Tax Liabilities, Net | 121,020 | 125,502 |
UNITED STATES | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | (510,850) | (469,843) |
TAIWAN, PROVINCE OF CHINA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | (729,622) | (618,141) |
CHINA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | (487,661) | (457,802) |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | $ (498,540) | $ (469,186) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Jan. 02, 2018 | Nov. 30, 2021USD ($) | Nov. 30, 2021TWD ($) | Nov. 30, 2020USD ($) | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |||||||
Operating Income (Loss) | $ (2,015,740) | $ (3,186,977) | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||||
UNITED STATES | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Income (Loss) | $ 2,432,618 | ||||||
Net operating loss expiration date description | The NOL carryforwards begin to expire in 2037 | The NOL carryforwards begin to expire in 2037 | |||||
Deferred tax assets valuation allowance carryforwards | $ 510,850 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 510,850 | $ 469,843 | |||||
TAIWAN, PROVINCE OF CHINA | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Net operating loss expiration date description | expire in various years through 2025 | expire in various years through 2025 | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 20.00% | 20.00% | 20.00% | 19.00% | 18.00% | ||
Operating Loss Carryforwards | $ 3,648,112 | ||||||
[custom:DeferredTaxAssetsOperatingLossCarryforward-0] | 729,622 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | 729,622 | 618,141 | |||||
TAIWAN, PROVINCE OF CHINA | Maximum [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
[custom:TaxableIncome] | 17,643 | $ 500,000 | |||||
TAIWAN, PROVINCE OF CHINA | Minimum [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
[custom:TaxableIncome] | $ 4,234 | $ 120,000 | |||||
CHINA | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Net operating loss expiration date description | expire in various years through 2027 | expire in various years through 2027 | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 25.00% | 25.00% | |||||
Operating Loss Carryforwards | $ 1,950,645 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | 487,661 | 457,802 | |||||
HONG KONG | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Income (Loss) | 3,021,454 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 498,540 | $ 469,186 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 16.50% | 16.50% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | Aug. 31, 2022USD ($)$ / shares | Sep. 02, 2021USD ($)$ / sharesshares | Sep. 02, 2021CNY (¥)shares | May 17, 2021shares | Mar. 02, 2021USD ($)$ / sharesshares | Feb. 08, 2021shares | Nov. 02, 2020$ / shares | Nov. 01, 2020USD ($)shares | Sep. 02, 2020USD ($)$ / shares | Sep. 02, 2020USD ($)$ / shares | Aug. 31, 2020USD ($)$ / sharesshares | Aug. 17, 2020shares | Aug. 03, 2020USD ($)$ / sharesshares | Aug. 03, 2020TWD ($)shares | Aug. 02, 2020USD ($)$ / sharesshares | Jul. 27, 2020USD ($)$ / sharesshares | Jul. 27, 2020TWD ($)shares | Jun. 30, 2020$ / sharesshares | Jun. 30, 2020$ / sharesshares | Mar. 02, 2020USD ($)shares | Sep. 16, 2019USD ($)$ / shares | Sep. 02, 2019USD ($)$ / sharesshares | Aug. 31, 2020$ / sharesshares | Aug. 30, 2020USD ($) | Nov. 30, 2021USD ($)$ / sharesshares | Nov. 30, 2020USD ($) | Aug. 31, 2021USD ($)$ / sharesshares | Aug. 31, 2022USD ($)$ / shares | Aug. 31, 2021USD ($)$ / shares | Aug. 31, 2021TWD ($) | May 17, 2022$ / shares | Feb. 08, 2022$ / shares | Sep. 30, 2021USD ($)$ / shares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||||||||||
Number of additional restricted common stock shares issued | shares | 3,571,157 | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||
Equivalent | $ 2,157 | ||||||||||||||||||||||||||||||||
Unrecognized share based compensation expenses | $ 2,109,037 | ||||||||||||||||||||||||||||||||
NPI [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 8,415,111 | 8,415,111 | |||||||||||||||||||||||||||||||
JFB Internet Service Limited [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6,000,000 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.40 | $ 0.40 | |||||||||||||||||||||||||||||||
JFB Internet Service Limited [Member] | Milestones [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Number of common shares , vested | shares | 5,000,000 | ||||||||||||||||||||||||||||||||
JFB Internet Service Limited [Member] | Inducement Shares [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Amortization | $ 209,397 | $ 1,246,761 | |||||||||||||||||||||||||||||||
Common stock description | the Company’s board of directors agreed to grant a new employee of JFB, (i) 5,000,000 shares of Restricted Common Stock in connection with such employee’s employment (the “Inducement Shares”) and (ii) 5,000,000 shares of Restricted Common Stock upon the achievement of each of two milestones set forth in such employee’s offer letter relating to the FinMaster mobile application. | ||||||||||||||||||||||||||||||||
Number of common shares , vested | shares | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||
Service Provider [Member] | JFB Internet Service Limited [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Number of common shares vested | shares | 6,046,157 | ||||||||||||||||||||||||||||||||
Stock Forfeiture Letter [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Number of shares forfeited and surrendered | shares | 13,132,500 | 5,000,000 | 5,500,000 | 4,160,000 | |||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.140 | $ 0.140 | |||||||||||||||||||||||||||||||
Number of common shares , vested | shares | 37,157,535 | ||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 665,000 | $ 5,206,994 | |||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Accredited Investors [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Shares issued | shares | 10,000,000 | ||||||||||||||||||||||||||||||||
Loanout Agreement [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 1 year | ||||||||||||||||||||||||||||||||
Base compensation | $ 66,000 | $ 16,666 | 83,333 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 1,000,000 | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 400,000 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.40 | ||||||||||||||||||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | shares | 1,000,000 | ||||||||||||||||||||||||||||||||
Securities Purchase Agreements One [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.16 | ||||||||||||||||||||||||||||||||
Yi-Hsiu Lin [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 2 years | 2 years | 2 years | ||||||||||||||||||||||||||||||
Base compensation | $ 120,000 | $ 50,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,000,000 | $ 1,250,000 | |||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.10 | $ 0.40 | $ 0.40 | $ 0.50 | $ 0.10 | ||||||||||||||||||||||||||||
Amortization | 62,500 | 250,000 | |||||||||||||||||||||||||||||||
Yi-Hsiu Lin [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 250,000 | ||||||||||||||||||||||||||||||||
Mr. Cheng [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 1 year | 1 year | 1 year | ||||||||||||||||||||||||||||||
Base compensation | $ 80,000 | $ 30,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 150,000 | $ 1,500,000 | $ 750,000 | ||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.10 | $ 0.40 | $ 0.40 | $ 0.50 | |||||||||||||||||||||||||||||
Amortization | 37,500 | 150,000 | |||||||||||||||||||||||||||||||
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 1 year | 2 years | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 750,000 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||
Consultant fee | $ 60,000 | $ 60,000 | |||||||||||||||||||||||||||||||
Number of additional restricted common stock shares issued | shares | 500,000 | ||||||||||||||||||||||||||||||||
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services Two [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Amortization | 25,000 | 187,500 | |||||||||||||||||||||||||||||||
Consultant [Member] | Consulting Agreement [Member] | Business Development Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 2,400,000 | 2,400,000 | |||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||
Amortization | 30,000 | 0 | |||||||||||||||||||||||||||||||
Consultant fee | $ 60,000 | ¥ 17,000 | |||||||||||||||||||||||||||||||
Consultant [Member] | Renewal of Consulting Agreement [Member] | Business Advisory Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 100,000 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.50 | ||||||||||||||||||||||||||||||||
Consultant [Member] | Subsequent Event [Member] | Consulting Agreement [Member] | Business Development Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Amortization | $ 120,000 | ||||||||||||||||||||||||||||||||
Staff [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Base compensation | 16,667 | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 50,000 | $ 50,000 | |||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1 | $ 1 | |||||||||||||||||||||||||||||||
Number of additional restricted common stock shares issued | shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Expense | $ 77,000 | $ 2,717 | $ 77,000 | $ 2,717 | $ 3,264 | $ 92,500 | |||||||||||||||||||||||||||
Number of additional restricted common stock shares issued | shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||
Two Consultant [Member] | Consulting Agreement [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 1 year | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 2,500,000 | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,500,000 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1 | ||||||||||||||||||||||||||||||||
Amortization | 416,666 | $ 208,333 | |||||||||||||||||||||||||||||||
Mr.Chiao [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Equivalent | $ 2,648 | ||||||||||||||||||||||||||||||||
Mr.Chiao [Member] | Consulting Agreement [Member] | Business Advisory Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Employment agreement term | 2 years | ||||||||||||||||||||||||||||||||
Mr.Chiao [Member] | Consulting Agreement [Member] | Business Development Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||
Amortization | $ 37,500 | ||||||||||||||||||||||||||||||||
Mr.Chiao [Member] | Subsequent Event [Member] | Consulting Agreement [Member] | Business Development Services [Member] | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||
Amortization | $ 150,000 |
SCHEDULE OF OPERATING LEASE MIN
SCHEDULE OF OPERATING LEASE MINIMUM RENT PAYMENTS (Details) | Nov. 30, 2021USD ($) |
Product Liability Contingency [Line Items] | |
2022 | $ 301,585 |
2023 | 144,160 |
2024 | |
2025 | |
TAIWAN, PROVINCE OF CHINA | |
Product Liability Contingency [Line Items] | |
2022 | 6,356 |
2023 | |
2024 | |
2025 |
SCHEDULE OF COMPONENTS OF LEASE
SCHEDULE OF COMPONENTS OF LEASE COSTS, LEASE TERM AND DISCOUNT RATE (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost - classified as general and administrative expenses | $ 81,470 | $ 69,867 |
Weighted Average Remaining Lease Term - Operating leases | 1 year 7 months 2 days | 1 year 5 months 23 days |
Weighted Average Discounting Rate - Operating leases | 5.31% | 5.68% |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) | Nov. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 301,585 |
2023 | 144,160 |
2024 | |
2025 | |
2026 | |
Thereafter | |
Total undiscounted cash flows | 445,745 |
Less: imputed interest | (56,459) |
Present value of lease liabilities | $ 389,286 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | |
Product Liability Contingency [Line Items] | |||
Rental expense | $ 88,719 | $ 83,012 | |
CHINA | |||
Product Liability Contingency [Line Items] | |||
Severance costs | 142,000 | $ 129,000 | |
TAIWAN, PROVINCE OF CHINA | |||
Product Liability Contingency [Line Items] | |||
Severance costs | $ 75,000 | $ 69,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Securities Purchase Agreement [Member] - USD ($) | Dec. 31, 2021 | Dec. 28, 2021 | Dec. 09, 2021 | Nov. 30, 2021 | Aug. 31, 2021 |
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 665,000 | $ 5,206,994 | |||
Shares to be issued in private placement, shares | 37,157,535 | ||||
Shares issued, price per share | $ 0.140 | ||||
Individual Accredited Investors [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares to be issued in private placement, shares | 2,500,000 | ||||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 250,000 | ||||
Shares issued, price per share | $ 0.10 | ||||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares to be issued in private placement, shares | 6,000,000 | ||||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares to be issued in private placement, shares | 1,650,000 | 1,000,000 | |||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche One [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares to be issued in private placement, shares | 2,350,000 | 2,500,000 | |||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 235,000 | ||||
Shares issued, price per share | $ 0.10 | ||||
Individual Accredited Investors [Member] | Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares to be issued in private placement, shares | 4,000,000 |