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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
The Quarterly Period Ended November 30, 2022
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ____________ to ____________
Commission
File Number 333-221548
LEADER
CAPITAL HOLDINGS CORP.
(Exact
name of registrant issuer as specified in its charter)
Nevada |
|
37-1853394 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
Rm. 301, 3F., No. 131, Sec. 3, Minsheng E. Rd.,
Songshan Dist., Taipei City 105405 , Taiwan (R.O.C.) |
|
|
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
phone number, including area code: +886-2-2547-5643
Securities
registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of
the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common stock, $0.0001 par value |
|
LCHD |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES
☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
YES
☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). Yes ☒
No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated
Filer ☐ |
Accelerated
Filer ☐ |
Non-accelerated Filer ☒ |
Smaller reporting company
☐ |
|
Emerging growth company
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding
at June 27, 2023 |
Common Stock, $0.0001 par
value |
|
206,470,825 |
LEADER
CAPITAL HOLDINGS CORP.
FORM
10-Q FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2022
TABLE
OF CONTENTS
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
CONTAINED
IN THIS REPORT
This
quarterly report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements give our current expectations or forecasts of future events. You can identify
these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these
statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,”
“anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,”
“should,” “could,” “may” or other similar expressions in this Form 10-Q. In particular, these include
statements relating to future actions, future performance, anticipated expenses, or projected financial results. These forward-looking
statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience
and our present expectations or projections. These risks and uncertainties include the following:
|
● |
the availability and adequacy
of our cash flow to meet our requirements; |
|
|
|
|
● |
economic, competitive,
demographic, business and other conditions in our local and regional markets; |
|
|
|
|
● |
general economic conditions
and events and the impact they may have on us and our clients, including but not limited to the impact of COVID-19; |
|
|
|
|
● |
changes or developments
in laws, regulations or taxes in our industry; |
|
|
|
|
● |
there are uncertainties
regarding the interpretation and enforcement of the People’s Republic of China (“PRC”) laws, rules, and regulations; |
|
|
|
|
● |
competition in our industry; |
|
|
|
|
● |
the loss of or failure
to obtain any license or permit necessary or desirable in the operation of our business; |
|
|
|
|
● |
proceedings brought by
the SEC against China-based accounting firms could result in our inability to file future financial statements in compliance with
the requirements of the Exchange Act.; |
|
|
|
|
● |
changes in our business
strategy, capital improvements or development plans; |
|
|
|
|
● |
the availability of additional
capital to support capital improvements and development; and |
|
|
|
|
● |
other risks identified
in our other filings with the Securities and Exchange Commission (the “SEC”). |
We
may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place
undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future
acquisitions, mergers, or joint ventures we may make or collaborations or strategic partnerships we may enter into.
You
should read this Form 10-Q and the documents that we have filed as exhibits to this Form 10-Q completely and with the understanding that
our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
Unless
otherwise stated or the context otherwise requires, the terms “Leader Capital Holdings Corp.,” “we,” “us,”
“our” and the “Company” refer collectively to Leader Capital Holdings Corp. and, where appropriate, its subsidiaries.
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements.
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
INDEX
TO UNAUDITED FINANCIAL STATEMENTS
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
U.S. dollars except for share data)
| |
November 30, 2022 | | |
August 31, 2022 | |
| |
As of | |
| |
November 30, 2022 | | |
August 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 74,816 | | |
$ | 213,270 | |
Accounts receivable | |
| 8,382 | | |
| 4,413 | |
Prepayments, deposits and other receivables | |
| 156,449 | | |
| 176,201 | |
Inventory | |
| 5,162 | | |
| 8,074 | |
Due from a shareholder | |
| 2,072 | | |
| - | |
Total current assets | |
| 246,881 | | |
| 401,958 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Non-marketable equity securities | |
| 1,500 | | |
| 1,500 | |
Plant and equipment, net | |
| 60,087 | | |
| 71,004 | |
Intangible assets | |
| 4,181 | | |
| 4,304 | |
Operating lease right-of-use assets, net | |
| 268,957 | | |
| 227,230 | |
Prepayments, deposits and other receivables | |
| 12,538 | | |
| 12,822 | |
Total non-current assets | |
| 347,263 | | |
| 316,860 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 594,144 | | |
$ | 718,818 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accrued expenses and other payables | |
$ | 509,086 | | |
$ | 450,555 | |
Contract liabilities | |
| 68,928 | | |
| 169,951 | |
Operating lease liability, current | |
| 188,973 | | |
| 150,381 | |
Bonds payable | |
| 600,000 | | |
| 600,000 | |
Other loans from shareholders, current | |
| 223,675 | | |
| 260,709 | |
Other loans from a non-related party, current | |
| 971 | | |
| - | |
Due to shareholders | |
| 43,500 | | |
| 45,343 | |
Due to a director | |
| 1,003,860 | | |
| 973,564 | |
Total current liabilities | |
| 2,638,993 | | |
| 2,650,503 | |
| |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Operating lease liability, non-current | |
| 68,625 | | |
| 68,422 | |
Other loans from shareholders, non-current | |
| 200,000 | | |
| 200,000 | |
Total non-current liabilities | |
| 268,625 | | |
| 268,422 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
$ | 2,907,618 | | |
$ | 2,918,925 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES (Note 16) | |
| - | | |
| - | |
| |
| | | |
| | |
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; 200,470,825 and 191,770,825 shares issued and outstanding as of November 30, 2022 and August 31, 2022, respectively | |
| 20,047 | | |
| 19,177 | |
Additional paid-in capital | |
| 32,811,645 | | |
| 32,339,182 | |
Accumulated other comprehensive income | |
| 495,071 | | |
| 362,698 | |
Accumulated deficits | |
| (35,640,237 | ) | |
| (34,921,164 | ) |
| |
| | | |
| | |
TOTAL STOCKHOLDERS’ DEFICIT | |
$ | (2,313,474 | ) | |
$ | (2,200,107 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 594,144 | | |
$ | 718,818 | |
See
accompanying notes to the condensed consolidated financial statements.
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In
U.S. dollars except for share data)
| |
|
| |
| |
|
| |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
REVENUE | |
$ | 254,540 | | |
$ | 14,805 | |
| |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | |
Research and development expenses | |
| (106,278 | ) | |
| (146,283 | ) |
Sales and marketing expenses | |
| (13,783 | ) | |
| (213,772 | ) |
General and administrative expenses | |
| (698,619 | ) | |
| (1,670,490 | ) |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (564,140 | ) | |
| (2,015,740 | ) |
| |
| | | |
| | |
Interest expense | |
| (30,664 | ) | |
| (28,500 | ) |
| |
| | | |
| | |
Loss on change in fair value of convertible notes | |
| - | | |
| (104,500 | ) |
| |
| | | |
| | |
OTHER (EXPENSE) INCOME | |
| | | |
| | |
Exchange difference, net | |
| (125,209 | ) | |
| 24,920 | |
Other income – from non-related parties | |
| 940 | | |
| 451 | |
Total other (Expense) income | |
| (124,269 | ) | |
| 25,371 | |
| |
| | | |
| | |
| |
| | | |
| | |
Income tax benefit | |
| - | | |
| 4,482 | |
| |
| | | |
| | |
NET LOSS | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
| |
| | | |
| | |
OTHER COMPREHENSIVE LOSS | |
| | | |
| | |
Foreign currency translation adjustment | |
| 132,373 | | |
| (24,377 | ) |
| |
| | | |
| | |
TOTAL COMPREHENSIVE LOSS | |
$ | (586,700 | ) | |
$ | (2,143,264 | ) |
| |
| | | |
| | |
Net loss per share - Basic and diluted | |
$ | (0.00 | )* | |
$ | (0.01 | ) |
| |
| | | |
| | |
Weighted average number of shares of common stock outstanding – Basic and diluted | |
| 199,878,517 | | |
| 160,879,360 | |
See
accompanying notes to the condensed consolidated financial statements.
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
(In
U.S. dollars except for share data)
| |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| |
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2022 |
| |
COMMON STOCK | | |
ADDITIONAL | | |
ACCUMULATED OTHER | | |
| | |
TOTAL | |
| |
Number of shares | | |
Amount | | |
PAID IN CAPITAL | | |
COMPREHENSIVE INCOME | | |
ACCUMULATED DEFICITS | | |
STOCKHOLDERS’ DEFICIT | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of September 1, 2022 | |
| 191,770,825 | | |
$ | 19,177 | | |
$ | 32,339,182 | | |
$ | 362,698 | | |
$ | (34,921,164 | ) | |
$ | (2,200,107 | ) |
Shares issued in private placement | |
| 2,000,000 | | |
| 200 | | |
| 299,800 | | |
| - | | |
| - | | |
| 300,000 | |
Shares issued to employees and consultants for stock award | |
| 6,700,000 | | |
| 670 | | |
| (670 | ) | |
| - | | |
| - | | |
| - | |
Share based compensation | |
| - | | |
| - | | |
| 173,333 | | |
| - | | |
| - | | |
| 173,333 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| 132,373 | | |
| - | | |
| 132,373 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (719,073 | ) | |
| (719,073 | ) |
Balance as of November 30, 2022 | |
| 200,470,825 | | |
$ | 20,047 | | |
$ | 32,811,645 | | |
$ | 495,071 | | |
$ | (35,640,237 | ) | |
$ | (2,313,474 | ) |
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 |
| |
COMMON STOCK | | |
ADDITIONAL | | |
ACCUMULATED OTHER | | |
| | |
TOTAL | |
| |
Number of shares | | |
Amount | | |
PAID IN CAPITAL | | |
COMPREHENSIVE LOSS | | |
ACCUMULATED DEFICITS | | |
STOCKHOLDERS’ EQUITY (DEFICIT) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of September 1, 2021 | |
| 157,949,219 | | |
$ | 15,795 | | |
$ | 23,470,641 | | |
$ | (171,114 | ) | |
$ | (23,001,067 | ) | |
$ | 314,255 | |
Beginning balance, value | |
| 157,949,219 | | |
$ | 15,795 | | |
$ | 23,470,641 | | |
$ | (171,114 | ) | |
$ | (23,001,067 | ) | |
$ | 314,255 | |
Shares issued in private placement | |
| 4,160,000 | | |
| 416 | | |
| 664,584 | | |
| - | | |
| - | | |
| 665,000 | |
Share compensation | |
| - | | |
| - | | |
| 835,229 | | |
| - | | |
| - | | |
| 835,229 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| (24,377 | ) | |
| - | | |
| (24,377 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,118,887 | ) | |
| (2,118,887 | ) |
Balance as of November 30, 2021 | |
| 162,109,219 | | |
$ | 16,211 | | |
$ | 24,970,454 | | |
$ | (195,491 | ) | |
$ | (25,119,954 | ) | |
$ | (328,780 | ) |
Ending balance, value | |
| 162,109,219 | | |
$ | 16,211 | | |
$ | 24,970,454 | | |
$ | (195,491 | ) | |
$ | (25,119,954 | ) | |
$ | (328,780 | ) |
See
accompanying notes to the condensed consolidated financial statements.
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In
U.S. dollars)
| |
|
November 30, 2022 | | |
|
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Loss on change in fair value of convertible notes | |
| - | | |
| 104,500 | |
Share based compensation | |
| 173,333 | | |
| 835,229 | |
Amortization of operating lease right-of-use assets | |
| 64,988 | | |
| 81,470 | |
Depreciation and amortization | |
| 11,199 | | |
| 32,354 | |
Exchange difference, net | |
| 125,209 | | |
| (24,920 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (4,062 | ) | |
| 282 | |
Prepayments, deposits and other receivables | |
| 17,149 | | |
| 13,059 | |
Inventory | |
| 2,720 | | |
| (12,240 | ) |
Amount due to a director | |
| 29,143 | | |
| - | |
Deferred tax liabilities | |
| - | | |
| (4,482 | ) |
Operating lease liabilities | |
| (68,090 | ) | |
| (81,470 | ) |
Contract liabilities | |
| (100,679 | ) | |
| (12,707 | ) |
Accrued expenses and other payables | |
| 66,699 | | |
| 95,642 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (401,464 | ) | |
| (1,092,170 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of plant and equipment | |
| (1,078 | ) | |
| (22,005 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (1,078 | ) | |
| (22,005 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from shares issued in private placement | |
| 300,000 | | |
| 665,000 | |
Loan from shareholders | |
| 62,000 | | |
| - | |
Repayment to shareholders | |
| (93,696 | ) | |
| - | |
Loan from a non-related party | |
| 951 | | |
| - | |
Advance from shareholders | |
| - | | |
| 92,740 | |
Advance to shareholders | |
| (2,029 | ) | |
| (6,000 | ) |
Repayment to a director | |
| - | | |
| (110,000 | ) |
Advance from a director | |
| 65 | | |
| - | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 267,291 | | |
| 641,740 | |
| |
| | | |
| | |
Effects of exchange rate changes on cash and cash equivalents | |
| (3,203 | ) | |
| 1,175 | |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (138,454 | ) | |
| (471,260 | ) |
Cash and cash equivalents, beginning of period | |
| 213,270 | | |
| 787,154 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | |
$ | 74,816 | | |
$ | 315,894 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOWS INFORMATION | |
| | | |
| | |
Cash paid for income taxes | |
$ | - | | |
$ | - | |
Cash paid for interest | |
$ | 38,464 | | |
$ | 42,000 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |
| | | |
| | |
Lease liabilities arising from obtaining right-of-use assets | |
$ | 103,701 | | |
$ | - | |
See
accompanying notes to the condensed consolidated financial statements.
LEADER
CAPITAL HOLDINGS CORP. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
For
the three months ended November 30, 2022 and 2021
(In
U.S. dollars except for share data)
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 (“LFGL”) |
|
Seychelles / March 6, 2017 |
|
Investment Holding |
|
|
|
|
|
2. JFB Internet Service Limited (“JFB”) |
|
Hong
Kong / July 6, 2017 |
|
Provides an Investment Platform |
On
August 17, 2020, LCHD, through 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% of NPI, LOC Weibo Co., Ltd. and Beijing DataComm Cloud Media Technology Co., Ltd.
The
aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt
owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s
common stock to the Sellers in accordance with their respective pro rata percentage.
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 Over-the-Top (“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 |
On
March 15, 2023, the board of directors decided to dissolve LOC. LOC then entered into a de-registration process and its business was
taken over by LCHD. Taichung City Government approved the dissolution on April 25, 2023.
LCHD
and its subsidiaries (including NPI and its subsidiaries) are hereinafter referred to as the “Company”.
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, 2022.
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, 2022, the Company has suffered recurring losses from operations, and records an accumulated deficit, a working capital
deficit and a shareholders’ deficit of $35,640,237, $2,392,112 and $2,313,474, respectively. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon
the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they become due.
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.
Affected
by the COVID-19, the Company had to re-organize to improve its market competitiveness and to warrant the survival and future development.
The Company also had downsized the operations to safeguard the financial position by reduction of labor costs, reduction of office
space, and simplified operational procedures.
The
Company’s reduction of labor costs were done through resignation and layoffs, whereas all layoffs were processed according to local
governing labor laws.
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 severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a
number of factors, including, but not limited to, the duration and severity of the pandemic, the new variants of COVID-19, the efficacy
and distribution of COVID-19 vaccines and the extent and severity of the impact on the global supply chain and the Company’s customers,
service providers and suppliers, all of which are uncertain and cannot be reasonably predicted at this time. As of the date of issuance
of the Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s
financial condition, liquidity or results of operations is uncertain. The Company is monitoring and assessing the evolving situation closely
and evaluating its potential exposure. 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 (“Goodwill”). 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 impairment of $1,747,945 and $1,226,419 on the goodwill recorded in the Company’s financial statements
for the years ended August 31, 2022 and 2021, respectively.
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. During the year ended August 31, 2022, the Company expects the reporting unit of FinTech App
development not to generate profits in the near future. As a result, the goodwill was fully impaired as of August 31, 2022.
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, 2022 and 2021.
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
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Provision of investment platform services | |
$ | 9,148 | | |
$ | 3,242 | |
Provision of software development service and maintenance service | |
| 245,392 | | |
| 11,563 | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue
by Recognition Over Time vs Point in Time
SCHEDULE
OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Revenue by recognition over time | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue by recognition at a point in time | |
| - | | |
| - | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
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, 2022, the Company’s remaining performance obligations were $68,928, which it
expects to recognize as revenues over the next twelve months and the remainder thereafter.
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. The Company subsequently withdrew from the investment platform service in February 2023 and the advance payment from
FinMaster App would be refunded to customers upon requests received. Below is the summary
presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2022 and 2021:
SCHEDULE
OF CONTRACT LIABILITIES
Receipt in advance | |
2022 | | |
2021 | |
| |
| | |
| |
Balance as of September 1 | |
$ | 169,951 | | |
$ | 16,225 | |
Advances received from customers | |
| 133,926 | | |
| 2,650 | |
Revenue recognized | |
| (234,605 | ) | |
| (15,357 | ) |
Exchange difference | |
| (344 | ) | |
| (77 | ) |
Balance as of November 30 | |
$ | 68,928 | | |
$ | 3,441 | |
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, 2022 and 2021, the total R&D expenses were $106,278 and $146,283, respectively.
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, 2022 and 2021, advertising costs totaled $13,810 and $210,603, 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.The loyalty program was subsequently ended on April 30, 2023 after the Company withdrew from the investment platform
service.
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, 2022 and 2021, redeemable point liability (credited) charged as sales and marketing expenses were
($27) and $3,169, respectively.
As
of November 30, 2022 and August 31, 2022, liabilities recorded related to unredeemed points were $81,246 and $82,638, respectively, which
were included in other payables (note 9).
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 an 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, 2022 and August 31, 2022 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 months or less off the balance sheet and recognize the associated lease payments in the consolidated
statements of income on a straight-line basis over the lease term.
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 years | |
Technical know-hows | |
| 8 years | |
Trademarks | |
| 10 years | |
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 impairment has been recorded by the Company for the three months ended November 30, 2022 and 2021.
Employee
benefits
The
Taiwan subsidiary also operates a Defined Contribution Pension Plan under the Labor Pension Act (the Act) for employees in Taiwan. The
Act stipulated that the contribution rate by the employer per month shall not be less than 6% of the employees’ monthly salary,
and the Table of Monthly Contribution Salary Classification shall be prescribed by Central Competent Authority. The highest bracket of
Monthly Contribution Salary issued by Central Competent Authority is $4,754 (NTD150,000). Total amounts of such employee benefit expenses,
which were expensed as incurred, were approximately $5,277 and $10,909 for the three months ended November 30, 2022 and 2021, respectively.
Full
time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension
benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require
that the PRC subsidiary of the Company make contributions to the government for these benefits based on certain percentages of the employees’
salaries, up to a maximum amount specified by the local government. The Company has no legal obligation for the benefits beyond the contributions
made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $27,905 and $31,212 for the
three months ended November 30, 2022 and 2021, respectively.
The
Hong Kong subsidiary operates a Mandatory Provident Fund (“MPF”) scheme for all qualifying employees in Hong Kong. The MPF
is a defined contribution scheme and the assets of the scheme are managed by a trustee independent of the Group. The MPF is available
to all employees aged 10 to 64 with a least 60 days of service under the employment of the Group in Hong Kong. Contributions are made
by the Group to a cap of HK$1,500 (equivalent to $192 per month). Total amounts of such employee benefit expenses, which were expensed
as incurred, were approximately $1,591 and $1,041 for the three months ended November 30, 2022 and 2021, respectively.
Income
taxes
Income
taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income
Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the
periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities
of a change in tax rates is recognized in income in the period that includes the enactment date.
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. As of November
30, 2022, the Company has no accrued interest or penalties related to uncertain tax positions.
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.” Basic income/(loss)
per share is computed by dividing the net income/(loss) by the weighted-average number of shares of common stock outstanding during the
period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include
the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued
and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss
per share:
SCHEDULE
OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Weighted average number of shares of common stock outstanding - Basic and diluted** | |
| 199,878,517 | | |
| 160,879,360 | |
Net loss per share - Basic and diluted | |
$ | (0.00 | )* | |
$ | (0.01 | ) |
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$”) and United States Dollars (“US$”) 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$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the
exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains
and losses resulting from the translation of the financial statements of foreign subsidiaries are recorded as a separate component of
accumulated other comprehensive income within the statement of retained earnings.
Translation
of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY TRANSLATION
| |
As
of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Period-end NT$ : US$ 1 exchange rate | |
| 30.89 | | |
| 30.38 | |
Period-end RMB : US$ 1 exchange rate | |
| 7.08 | | |
| 6.89 | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended, | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Period average NT$ : US$ 1 exchange rate | |
| 31.55 | | |
| 27.82 | |
Period average RMB : US$ 1 exchange rate | |
| 7.13 | | |
| 6.42 | |
Foreign translation currency | |
| 7.13 | | |
| 6.42 | |
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 re-measured 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.
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 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
Recently
Adopted Accounting Standards
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 Company adopted ASU 2021-04 effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact
on the Company’s condensed consolidated financial statement presentation or disclosures.
In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government
Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying
a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021,
and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in
financial statements at the date of initial application and new transactions that are entered into after the date of initial
application or retrospectively to those transactions. The Company adopted ASU 2021-10
effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact on the Company’s condensed
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. In March 2023, the FASB issued ASU 2023-02, Topic 326. The ASU eliminates the
accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for
modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs
of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -
Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating
the impact that the adoption of ASU 2016-13 and ASU 2023-02 will have on its condensed 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 does not expect the impact of this guidance to
have a material impact on the Company’s condensed consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which requires the recognition and measurement of contract assets and contract liabilities acquired in
a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This creates an exception to the general recognition
and measurement principles in ASC 805. As a smaller reporting company, ASU 2021-08 will be effective for the Company for interim and
annual reporting periods beginning after December 15, 2023, with early adoption permitted. The amendments in this ASU should be applied
prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not anticipate that
the adoption of this guidance will have a material impact on the condensed consolidated financial statements.
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for
leasehold improvements associated with leases between entities under common control (hereinafter referred to as common control
lease). ASU 2023-01 requires entities to amortize leasehold improvements associated with common control lease over the useful life
to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a
lease, and to account for any remaining leasehold improvements as a transfer between entities under common control through an
adjustment to equity when the lessee no longer controls the underlying asset. This ASU will be effective for fiscal years beginning
after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and
annual financial statements that have not yet been made available for issuance. An entity may apply ASU 2023-01 either prospectively
or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2023-01 will have on our condensed
consolidated financial statement presentations and 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.
3.
ACQUISITION OF SUBSIDIARIES
On
August 17, 2020, the Company, through its wholly-owned subsidiary 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, less certain discounts, expenses and reductions for outstanding NPI debt
owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s
common stock to the Sellers in accordance with their respective pro rata percentage.
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 to Goodwill, representing the financial, strategic and operational
value of the transaction to the Company. Goodwill is attributed to the premium that the Company paid to obtain the value of the business
of NPI and the synergies expected from the combined operations of NPI and the Company, the assembled workforce and their knowledge and
experience in provision of products and projects utilizing NPI’s technical know-hows. The total amount of the Goodwill acquired
is not deductible for tax purposes.
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. Goodwill was fully impaired as of August 31, 2022. No impairment loss
of Goodwill of the reporting unit of the Fintech App development was recognized for the three months ended November 30, 2022 and 2021.
4.
PLANT AND EQUIPMENT, NET
Plant
and equipment as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF PLANT AND EQUIPMENT, NET
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Furniture and fixtures | |
$ | 30,234 | | |
$ | 30,494 | |
Office equipment | |
| 82,778 | | |
| 89,858 | |
Leasehold improvement | |
| 89,052 | | |
| 82,969 | |
Total | |
| 202,064 | | |
| 203,321 | |
Less: Accumulated depreciation | |
| (141,977 | ) | |
| (132,317 | ) |
Plant and Equipment, net | |
$ | 60,087 | | |
$ | 71,004 | |
Depreciation
expenses, classified as operating expenses, were $11,076 and $9,855 for the three months ended November 30, 2022 and 2021, respectively.
5.
INTANGIBLE ASSETS, NET
Intangible
assets costs as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF INTANGIBLE ASSETS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Investment platform | |
$ | 30,000 | | |
$ | 30,000 | |
Technical know-hows | |
| 818,200 | | |
| 818,200 | |
Trademarks | |
| 4,920 | | |
| 4,920 | |
Total | |
| 853,120 | | |
| 853,120 | |
Less: Accumulated amortization | |
| (199,158 | ) | |
| (199,035 | ) |
Impairment | |
| (649,781 | ) | |
| (649,781 | ) |
Intangible assets, net | |
$ | 4,181 | | |
$ | 4,304 | |
Amortization
expense for intangible assets was $123 and $22,499 for the three months ended November 30, 2022 and 2021, respectively.
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 impairment loss of intangible asset was
recognized for the three months ended November 30, 2022 and 2021.
As
of November 30, 2022, amortization expenses related to intangible assets for future periods are estimated to be as follows:
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS
| |
| | |
2023 (remaining period) | |
$ | 369 | |
2024 | |
| 492 | |
2025 | |
| 492 | |
2026 | |
| 492 | |
2027 | |
| 492 | |
2028 and thereafter | |
| 1,844 | |
Total | |
$ | 4,181 | |
6.
NON-MARKETABLE EQUITY SECURITIES
On
August 5, 2022, the Company obtained an aggregate of 15,000,000 shares of common stock, par value $0.0001 per share of DFP Holdings Limited
(“DFP”), a Nevada corporation, as return of software development service rendered (note 7), pursuant to the Software Development
Agreement and Supplementary Agreement dated January 27, 2022 and June 28, 2022, respectively among DFP and LCHD.
DFP
engages in online higher education services. It is committed to promoting Asian talent education services, and cooperating with practical
entrepreneurs on both sides of the strait to offer courses related to business management and business marketing, assisting Taiwan’s
small and medium-sized corporations, entrepreneurs, and middle and high-level managers open up new ideas and improve their business vision.
As of November 30, 2022 and August 31, 2022, the Company held 7.01% and 7.06%, respectively of DFP’s outstanding common stock.
7.
RELATED PARTY TRANSACTIONS AND BALANCES
SCHEDULE
OF RELATED PARTY RELATIONSHIP
Name
of Entity or Individual |
|
Relationship
with the Company |
DFP
Holdings Limited (“DFP”) |
|
Note
a |
Reblood
Biotech Corp. |
|
Note
b |
Reblood
Biotech Limited |
|
Note
b |
Asia
Pacific Integrating System Limited |
|
Note
c |
Yi-Hsiu
Lin |
|
Shareholder
and director of the Company |
Jui-Chin
Chen |
|
Shareholder
of the Company |
Teh-Ling
Chen |
|
Shareholder
of the Company |
CPN
Investment Limited |
|
Shareholder
of the Company |
Kuo-Hsun
Hsu |
|
Shareholder
of the Company |
Chun-Shuo
Huang |
|
Shareholder
of the Company |
Yu-Cheng
Tu |
|
Shareholder
of the Company |
Chin-Chiang
Wang |
|
Shareholder
of the Company |
Ching-Nan
Wang |
|
Shareholder
of the Company |
Chin-Ping
Wang |
|
Shareholder
of the Company |
Shih-Chu
Lo |
|
Shareholder
of the Company |
Related
party transactions:
The
Company entered into the following significant related party transactions:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Provision of software development service to DFP (a) | |
$ | 230,000 | | |
$ | - | |
Provision of software maintenance service to DFP (a) | |
| 15,392 | | |
| - | |
| |
| | | |
| | |
Rental expense to Yu-Cheng Tu (b) | |
| - | | |
| 3,235 | |
Rental expense to Reblood Biotech Limited (d) | |
| 8,757 | | |
| 8,856 | |
| |
| | | |
| | |
Interest expense to: | |
| | | |
| | |
Teh-Ling Chen (Note 13) | |
| - | | |
| 3,000 | |
CPN Investment Limited (c) | |
| - | | |
| - | |
Chun-Shuo Huang (Note 10(a)) | |
| 8,417 | | |
| - | |
Ching-Nan Wang (Note 12) | |
| 18,000 | | |
| 15,000 | |
Jui-Chin Chen (Note 10(b) and 13) | |
| 1,200 | | |
| 1,500 | |
Chin-Chiang Wang (Note 10(c) and 13) | |
| 3,000 | | |
| 3,000 | |
Chin-Ping Wang (Note 13) | |
| - | | |
| 3,000 | |
Ching-Nan Wang (Note 13) | |
| - | | |
| 3,000 | |
(a) |
|
|
|
(b) |
|
|
|
(c) |
|
|
|
(d) |
|
|
|
(e) |
NTD64,000
($2,072) was paid for Hsu Kuo-Hsun’s quarter on November 3, 2022. |
Related
party balances:
Apart
from the above, the Company recorded the following significant related party balances as of November 30, 2022 and August 31, 2022:
SCHEDULE
OF RELATED PARTY BALANCES
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accounts receivable from related parties | |
| | | |
| | |
| |
| | | |
| | |
Receivables from DFP | |
$ | 7,687 | | |
$ | 2,732 | |
Up
to the date of this report, DFP had repaid $7,687 to the Company.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Contract liabilities due to related parties | |
| | | |
| | |
| |
| | | |
| | |
due to DFP | |
$ | - | | |
$ | 150,000 | |
due to Asia Pacific Integrating System Limited | |
$ | 50,000 | | |
$ | - | |
Due to related parties | |
$ | 50,000 | | |
$ | - | |
Up
to the date of this report, $nil of the above contract liabilities had been utilized.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests payable to related parties | |
| | | |
| | |
| |
| | | |
| | |
Ching-Nan Wang (note 12) | |
$ | 2,935 | | |
$ | 2,935 | |
Chun-Shuo Huang (note 10 (a)) | |
| 2,851 | | |
| 2,851 | |
Jui-Chin Chen (note 10(b)) | |
| 4,429 | | |
| 3,229 | |
Chin-Chiang Wang (note 10(c)) | |
| 165 | | |
| 9,165 | |
Total | |
$ | 10,380 | | |
$ | 18,180 | |
8.
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
SCHEDULE
OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
| |
| | |
| |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Rental and management fee deposits | |
$ | 82,541 | | |
$ | 100,498 | |
Other prepaid expenses | |
| 63,547 | | |
| 52,723 | |
Other taxes recoverable | |
| 22,899 | | |
| 35,802 | |
Prepayments, deposits and other receivables | |
| 168,987 | | |
| 189,023 | |
Less: non-current portion | |
| | | |
| | |
Rental and management fee deposits | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, non-current | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, current | |
$ | 156,449 | | |
$ | 176,201 | |
9.
ACCRUED EXPENSES AND OTHER PAYABLES
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests (Note 7, 10 and 12) | |
$ | 10,380 | | |
| 18,180 | |
Accrued payroll | |
| 143,052 | | |
| 150,932 | |
Other accrued expenses | |
| 272,534 | | |
| 197,428 | |
Other taxes payable | |
| 1,874 | | |
| 1,377 | |
Point liabilities | |
| 81,246 | | |
| 82,638 | |
Accrued expenses and
other payables | |
$ | 509,086 | | |
| 450,555 | |
10.
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Other loans from shareholders: | |
| | | |
| | |
Jui-Chin Chen (b) | |
$ | (80,000 | ) | |
$ | (80,000 | ) |
Chun-Shuo Huang (a) | |
| (141,085 | ) | |
| (145,159 | ) |
Mei-Ying Huang (d) | |
| (2,590 | ) | |
| (35,550 | ) |
Chin-Chiang Wang (c) | |
| (200,000 | ) | |
| (200,000 | ) |
Total (Note 11) | |
| (423,675 | ) | |
| (460,709 | ) |
Less: Other loans from shareholders, non-current | |
| 200,000 | | |
| 200,000 | |
| |
$ | (223,675 | ) | |
$ | (260,709 | ) |
| |
| | | |
| | |
Due to a director - current: | |
| | | |
| | |
Yi-Hsiu Lin (e) | |
$ | (1,003,860 | ) | |
$ | (973,564 | ) |
| |
| | | |
| | |
Due to shareholders - current: | |
| | | |
| | |
Yu-Cheng Tu (e) | |
$ | (40,624 | ) | |
$ | (42,472 | ) |
Hung-Pin Cheng (e) | |
| (476 | ) | |
| (471 | ) |
Mei-Ying Huang (e) | |
| (800 | ) | |
| (800 | ) |
Shih-Chu Lo (e) | |
| (800 | ) | |
| (800 | ) |
Jun-Yuan Chen (e) | |
| (800 | ) | |
| (800 | ) |
Total | |
$ | (43,500 | ) | |
$ | (45,343 | ) |
| |
| | | |
| | |
Due from a shareholder - current: | |
| | | |
| | |
Kuo-Hsun Hsu (f) | |
$ | 2,072 | | |
$ | - | |
(a) |
|
|
|
(b) |
|
|
|
(c) |
|
|
|
(d) |
|
|
|
(e) |
|
|
|
(f) |
|
|
|
(g) |
The
Company borrowed a principal amount of $62,000 on September 27, 2022 from a shareholder – CPN Investment Limited. The loan
was 6% interest bearing payable on maturity and would be matured in one year. The loan was fully repaid on November 1, 2022. No interest
was accrued as of November 30, 2022. |
11.
OTHER LOANS
SCHEDULE OF OTHER LOANS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Other loans: | |
| | | |
| | |
- from shareholders (note 10) | |
$ | 423,675 | | |
$ | 460,709 | |
- from a non-related party | |
| 971 | | |
| - | |
| |
| 424,646 | | |
| 460,709 | |
Less: Other loan, non-current: | |
| (200,000 | ) | |
| (200,000 | ) |
| |
$ | 224,646 | | |
$ | 260,709 | |
On
September 15, 2022, the Company borrowed non-interest bearing loan of NTD30,000 ($971) from a non-related company which was owned by
an employee of the Company. The loan would be repayable on September 15, 2023.
12.
BONDS PAYABLE
The
Company entered into a Bond Purchase Agreement with Ching-Nan Wang (who became the Company’s shareholder in May 2021) 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. The bond
will mature three years from August 14, 2019. Interest on the bond accrues at rate of 10% per annum and is payable on semi-yearly basis.
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. On August 10, 2022, the bond was further extended to August 14, 2023 and 12% p.a.
interest was payable quarterly. The bond was collateralized by 2,000,000 shares of DFP Holdings Limited and 1,000,000 shares of Reblood
Biotech Corp. held by Yi-Hsiu Lin. Interest of $18,000 and $15,000 was incurred in three months ended November 30, 2022 and 2021, respectively.
Interest of $2,935 was accrued as of November 30, 2022 and August 31, 2022.
13.
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES
The
Company entered into a series of Convertible Promissory Note Purchase Agreements (the “Agreements”) with certain investors
between March 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 $900,000. A summary of the major terms of the Agreements are presented as follows:
SCHEDULE OF CONVERTIBLE NOTES PAYABLE
| |
Principal amount | | |
Issue date | | |
Maturity date | | |
Interest rate | |
Jui-Chin Chen (a) | |
| 100,000 | | |
| March 18, 2020 | | |
| March 18, 2022 | | |
| 6 | % |
Teh-Ling Chen (b) | |
| 100,000 | | |
| November 2, 2020 | | |
| November 2, 2022 | | |
| 6 | % |
Chin-Ping Wang (c) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Nan Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Chiang Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Teh-Ling Chen (e) | |
| 100,000 | | |
| January 15, 2021 | | |
| January 15, 2023 | | |
| 6 | % |
| |
$ | 900,000 | | |
| | | |
| | | |
| | |
For
each of the 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 $0.40 per share. Each of the noteholders may convert
part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. Accrued interest, if any, will be forfeited
on any principal amount being converted.
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.
During
the three months ended November 30, 2022 and 2021, interest of $nil and $13,500 were incurred on the Notes, respectively.
14.
INCOME TAXES
For
the period ended November 30, 2022 and 2021, the local (United States) and foreign components
of loss before income tax were comprised of the following:
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Tax jurisdictions from: | |
| | | |
| | |
- Local | |
$ | (108,149 | ) | |
$ | (1,134,999 | ) |
- Foreign, representing | |
| | | |
| | |
Seychelles | |
| - | | |
| - | |
British Virgin Islands | |
| (1,144 | ) | |
| (1,557 | ) |
Taiwan | |
| (302,977 | ) | |
| (683,911 | ) |
PRC | |
| (205,929 | ) | |
| (119,437 | ) |
Hong Kong | |
| (100,874 | ) | |
| (183,465 | ) |
Tax jurisdictions from foreign | |
| (100,874 | ) | |
| (183,465 | ) |
The
components of the benefit for income taxes expenses are:
SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| - | | |
| (4,482 | ) |
Total income tax benefit | |
$ | - | | |
$ | (4,482 | ) |
The
benefit for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
| |
2022 | | |
2021 | |
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
|
November 30, 2021 |
|
Statutory income tax rate |
|
|
21 |
% |
|
|
21 |
% |
Income tax credit computed at statutory income rate |
|
|
(151,005 |
) |
|
|
(445,908 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
Non-deductible expenses |
|
|
47,903 |
|
|
|
146,009 |
|
Share-based payments |
|
|
36,400 |
|
|
|
175,398 |
|
Tax effect of tax exempt entity |
|
|
240 |
|
|
|
327 |
|
Rate differential in different tax jurisdictions |
|
|
(3,328 |
) |
|
|
(2,012 |
) |
Valuation allowance on deferred tax assets |
|
|
69,790 |
|
|
|
121,704 |
|
Income tax benefit |
|
$ |
- |
|
|
$ |
(4,482 |
) |
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, 2022,
the operations in the United States of America incurred $2,318,456 of cumulative net operating losses (NOL’s) which can be carried
forward to offset future taxable income. The NOL carryforwards begin to expire in 2037, if unutilized. As of November 30, 2022, the Company
has provided for a full valuation allowance of $486,876 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.
Seychelles
Under
the current laws of the Seychelles, LFGL is registered as an international business company, as such, LFGL is governed by the International
Business Companies Act of Seychelles and not subject to income taxes 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. Since January 1, 2018, the CIT rate in Taiwan is 20%. As of November
30, 2022, LOC had net operating loss carry-forwards in Taiwan of $3,726,266, which will expire in various years through 2027. The Company
has provided for a full valuation allowance of $745,253 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% in accordance with the relevant tax laws and regulations of the PRC. As
of November 30, 2022, BJDC had net operating loss carry-forwards in the PRC of $2,572,705, which will expire in various years through
2029. The Company has provided for a full valuation allowance of $643,176 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.
Hong
Kong
JFB
is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. No provision for
Hong Kong profits tax has been made in the financial statements as JFB has no assessable profits for the period. As of November 30, 2022,
the operations in Hong Kong incurred $nil of cumulative net operating losses (NOL’s) which can be carried forward indefinitely
to offset future taxable income. As of November 30, 2022, the Company has provided for a full valuation allowance of approximately $nil
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.
SCHEDULE
OF DEFERRED TAX ASSETS
| |
November 30, 2022 | | |
August 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
| | | |
| | |
– United States of America | |
$ | (486,876 | ) | |
$ | (500,564 | ) |
– Taiwan | |
| (745,253 | ) | |
| (699,772 | ) |
– PRC | |
| (643,176 | ) | |
| (600,648 | ) |
– Hong Kong | |
| - | | |
| - | |
Deferred tax assets: net operating loss carryforwards | |
| - | | |
| - | |
| |
| | | |
| | |
Less: valuation allowance | |
| 1,875,305 | | |
| 1,800,984 | |
Deferred tax assets,
net of valuation allowance | |
$ | - | | |
$ | - | |
15.
COMMON STOCK
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 bonus compensation offer was cancelled on March 1, 2022.
The fair value of the shares of restricted common stock for each of the years ending August 31, 2023 and 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, 2022 and
2021, the Company amortized $62,500 as remuneration.
On
September 1, 2021, 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-year term. For his service as a director, Mr. Cheng would receive an annual compensation, prorated for any partial
year, in the form of $80,000 in cash or 1,500,000 shares of restricted common stock. The offer letter provided that compensation, either
in cash or shares of restricted common stock, would be paid or granted immediately on September 1, 2021. On September 1, 2022, the Company
re-issued a director offer letter to Shui Fung Cheng with the same compensation for further one year. The fair value of the shares of
restricted common stock granted on September 1, 2021 and 2022 was $150,000 each, 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, 2022 and 2021, the Company amortized $37,500 as remuneration.
On
March 1, 2021, the Company renewed the 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, 2021, prorated for any partial year. The fair value of the shares of restricted common
stock was $100,000 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, 2022 and 2021, the Company amortized $nil and $25,000 respectively as consulting expenses under this agreement. The
shares were granted on December 16, 2021.
On
June 30, 2020, 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. The fair value of the shares of restricted common stock to be issued to him was $6,000,000, which was calculated
based on a price per share of $0.40. As of August 31, 2022, apart from the 5,000,000 Inducement Shares, 5,000,000 shares were vested
to the employee upon achievement of the first milestone set forth in the employee’ offer letters, the Company amortized $139,560,
$1,622,940 and $237,500, respectively as salaries under this milestone for the years ended August 2022, 2021 and 2020. However, during
the year ended August 31, 2022, the company reassessed the likelihood that the employee will achieve for the second milestone and determined
that the employees will not achieve the targets of the second milestone, the Company recognized a reverse to salary $348,627 under this
milestone. During the three months ended November 30, 2022 and 2021, the Company amortized $nil and $209,397, respectively, as salaries.
As of November 30, 2022, 10,000,000 shares were issued.
The
Company issued 8,415,111 shares of common stock for the acquisition of NPI in August 2020 (Note 1).
On
August 1, 2020, the Company entered into a one-year consulting services agreement with a company. Pursuant to the agreement, the Company
agreed to pay the provider an annual compensation of $66,000, prorated for any partial year. In addition, for the services rendered by
the provider’s employees, the provider was granted 1,000,000 shares of restricted common stock, vested on September 15, 2020. The
fair value of 1,000,000 shares granted was $400,000, which was calculated based on the stock price of $0.40 per share and will be amortized
over the service term. During the three months ended November 30, 2022 and 2021, the Company recognized $nil and $16,666 respectively
as compensation under these arrangements. The shares were issued on January 6, 2021.
On
November 1, 2020, the Company entered into one-year consulting agreements with two consultants to assist in monitoring and improving
FinMaster APP. Pursuant to the agreement, the Company agreed to pay the consultants 2,500,000 shares of restricted common stock, which
vested on November 1, 2020, prorated for any partial year. The fair value of the shares of restricted common stock was $2,500,000, which
was calculated based on a price per share of $1.00 and amortized over the service term. During the three months ended November 30, 2022
and 2021, the Company amortized $nil and $416,666 respectively as consulting expenses under these agreements.
On
February 8, 2021, the Company and First Leader Capital Ltd. mutually agreed to further forfeit and surrender 5,000,000 shares (the “Surrendered
Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The Surrendered Shares
were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for
reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on
the Company’s current valuation.
On
May 17, 2021, the Company and First Leader Capital Ltd., again, mutually agreed to forfeit and surrender 13,132,500 shares (the “Surrendered
Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The Surrendered Shares
were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for
reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on
the Company’s current valuation.
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 years. Per the terms of the offer letter, Mr. Hsu will receive a monthly remuneration of NT$60,000 (equivalent to $1,902) in cash
and 2,400,000 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 each of years ending August 31, 2023 and 2022 was $120,000, 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, 2022
and 2021, the Company amortized $30,000 each as consulting expenses under this agreement.
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 services, Mr. Chiao will receive a monthly remuneration
of RMB 17,000 (equivalent to $2,385) 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 each of years ending August
31, 2023 and 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, 2022 and 2021, the Company amortized $37,500 each as consulting expenses under this agreement.
On
December 21, 2021, pursuant to the 2021 Equity Incentive Plan, the Company granted an aggregate of 9,550,850 non-restricted share units
of the Company’s common stock to certain employees and consultants of the Company. In accordance with the vesting schedule of the
grant, the restricted shares will vest immediately. The fair price of the non-restricted shares was $0.10 per share. The Company recognized
the share-based compensation expenses over the vesting period on a graded-vesting method. The Company recorded non-cash share-based compensation
of $nil for the three months ended November 30, 2022 and 2021, in respect of the non-restricted shares granted. The shares were issued
on March 2, 2022. As of November 30, 2022, neither unrecognized stock-based compensation was associated with the above share units nor
vested shares were to be issued.
On
January 26, 2022, the shareholders- Chin-Ping Wang and Ching-Nan Wang, submitted conversion notices to the Company converting all of
the outstanding balances of their Convertible Notes payable (Note 13) into an aggregate of 1,600,000 shares of the Company’s common
stock. The conversion was approved by the Company on January 31, 2022 and the shares were issued on March 15, 2022.
On
May 12, 2022, the shareholder- Teh-Ling Chen submitted conversion notice to the Company converting all of the outstanding balance of
his Convertible Notes payable (Note 13) into an aggregate of 2,000,000 shares of the Company’s common stock. The conversion was
approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022.
On
June 17, 2022, 500,576 shares of the Company were issued to shareholder- Teh-Ling Chen for the repayment of loan balance and accrued
interest.
On
October 1, 2022, the Company entered into consultant agreement with Shou-Hung Hsu for two years. Pursuant to the agreement, Mr. Hsu was
compensated at $25,000 per year, prorated for any partial year, payable in cash or with 700,000 shares of restricted common stock, which
would vest as of December 31, 2022 and September 30, 2023. The fair value of the shares of restricted common stock for the first year
was $35,000, 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, 2022 and 2021, the Company amortized $5,833 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 per share. The Company received
aggregate gross proceeds of $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.
From
September 2021 to August 2022, the Company entered into securities purchase agreements with several accredited investors whereby the
investors purchased a total of 19,170,000 shares of the Company’s common stock at an average price of $0.12 per share. The Company
received aggregate gross proceeds of $2,290,000. 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 September 2, 2022.
On
October 31, 2022, the Company entered into a securities purchase agreement with an individual accredited investor (the “Investor”),
to issue and sell to the Investor 1,000,000 shares (the “Shares”) of the Company’s restricted common stock, par value
$0.0001 per share, for a purchase price of $0.30 per share. Pursuant to the terms of the securities purchase agreement, the investor
will have piggyback registration rights with respect to the shares. The Company issued the Shares to the Investor on November 2, 2022,
resulting in $300,000 in aggregate proceeds for the Company.
As
of November 30, 2022, unrecognized share-based compensation expense was $531,667.
As
of November 30, 2022, 1,833,333 shares were granted to employees and vested but not yet issued.
16.
COMMITMENTS AND CONTINGENCIES
During
the period ended November 30, 2022, the Company entered into month-to-month lease agreements with independent third parties to rent office
and staff quarter premises in Taiwan, Shenzhen, Beijing and Hong Kong. The rental expense for the three months ended November 30, 2022
and 2021 were $65,682 and $88,719 respectively.
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, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Operating lease cost – classified as general and administrative expenses | |
$ | 64,988 | | |
$ | 81,470 | |
Weighted Average Remaining Lease Term – Operating leases | |
| 1.34 years | | |
| 1.59 years | |
Weighted Average Discounting Rate – Operating leases | |
| 5.14 | % | |
| 5.31 | % |
The
following is a schedule, by years, of maturities of lease liabilities as of November 30, 2022:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
| |
Operating leases | |
2023 (remaining period) | |
$ | 166,566 | |
2024 | |
| 92,218 | |
2025 | |
| 6,257 | |
2026 | |
| - | |
2027 | |
| - | |
Thereafter | |
| - | |
Total undiscounted cash flows | |
| 265,041 | |
Less: imputed interest | |
| (7,443 | ) |
Present value of lease liabilities | |
$ | 257,598 | |
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, mutual agreement or expiration of a fixed-term labor contract. The Company has estimated its possible
severance payments of approximately $166,000
and $146,000
as of November 30, 2022 and August 31, 2022,
respectively. The Company subsequently dismissed ten employees and severance payments of $127,965 (RMB907,000) would be incurred. The
compensation would be payable in the form of cash of $36,471 (RMB258,500) and 926,429 restricted shares of the Company. The fair value
of the shares of restricted common stock was $92,643, which was calculated based on a price per share of $0.10.The shares will be issued by August 31, 2023.
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 $39,000
and $52,000
as of November 30, 2022 and August 31, 2022, respectively, which have not been reflected in its condensed consolidated financial
statements, because it is more likely than not that this will not be paid or incurred.
17.
SUBSEQUENT EVENTS
On March 15, 2023, the Company issued an offer letter to Kuo-Kang Chang, pursuant to which Mr. Chang agreed to serve as senior VP of
marketing and branding strategy for two years. For his services, Mr. Chang will receive an annual remuneration of $20,000 in cash or
1,000,000 shares of restricted common stock. In addition, Mr. Chang may be entitled to additional 1,000,000 restricted shares 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 was $10,000, which was calculated based on a price per share of $0.10 and
amortized over the service term. 1,000,000 shares were issued to Mr. Chang on April 10, 2023.
On
March 15, 2023, the board of directors decided to dissolve LOC. LOC then entered into a de-registration process and its business was
taken over by LCHD. Taichung City Government approved the dissolution on April 25, 2023.
From March to April 2023, the Company entered into
securities purchase agreements with two accredited investors whereby the investors purchased a total of 5,000,000 shares of the Company’s
common stock at a price of $0.10 per share. The Company received aggregate gross proceed of $500,000. Pursuant to the terms of the securities
purchase agreement, the investor will have piggyback registration rights with respect to the shares. The shares were issued to the investors
by April 10, 2023.
From May to June 2023, the Company received aggregate
gross proceeds of $201,540 from several accredited investors whereby the investors intended to purchase a total of 4,030,000 shares of
the Company’s common stock at a price of $0.05 per share. The shares are expected to be issued by end of July 2023.
On April 20, 2023, the Company entered into consultant
agreement with Yueh-Hung Chou for one year. Pursuant to the agreement, Mr. Chou will be compensated at NT$25,000 per month. In addition,
he would be remunerated by 300,000 restricted shares of the Company upon the achievement of certain performance as agreed.
The
Company borrowed a principal amount of $98,760 (RMB700,000) on April 26, 2023 from a shareholder – Chang-Ming Lu. The loan was
5% p.a. interest bearing payable on monthly basis and would be matured on December 31, 2023. The loan was fully received by May 8, 2023.
A further loan of $42,326 (RMB300,000) was borrowed on June 5, 2023. The loan was 5% p.a. interest bearing payable on monthly basis and
would be matured on July 5, 2023.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial
statements and related notes appearing elsewhere in this Form 10-Q and our audited financial statements and related notes for the year
ended August 31, 2022 included in our most recent annual report on Form 10-K. In addition to historical information, this discussion
and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially
from those anticipated in these forward-looking statements as a result of certain factors.
Company
Overview
Leader
Capital Holdings Corp. is an early stage technology company that conducts its operations through its wholly owned subsidiaries, Leader
Financial Group Limited, a Seychelles corporation incorporated on March 6, 2017 (“LFGL”), and JFB Internet Service Limited,
a Hong Kong corporation incorporated on July 6, 2017 (“JFB”).
Through
LFGL, we act as the service provider for a mobile application investment platform that is owned by JFB. The platform connects investors
with financial service providers in an effort to sharpen operational efficiency and seeks to address customer demands for more innovative
services. It is a ready-made application created to meet the needs of financial service providers, especially trust companies and insurance
companies. The platform is customizable and each financial institution can adjust the platform to better suit their client’s needs.
We
had an agreement with a third party whereby we authorized the third party to use our investment platform and related applications until
December 31, 2020 for a fee. The agreement terminated on December 31, 2020.
We
developed a new, comprehensive mobile application, the FinMaster App. The FinMaster App intends to offer one-stop solution for multi-facet
financial services. Key services include real-time Taiwan stock market quotes, financial industry information and news, social media
activities, on-line live broadcast, A.I. stock selection and other features. With more than 380,000 downloads of the FinMaster App, we
continue to collect data as well as user feedback to enhance current APP features and fine tune R&D plans to optimize customer experience.
On
August 17, 2020, the Company, through its wholly-owned subsidiary JFB, acquired all of the issued and outstanding capital stock (the
“Acquisition”) of Nice Products Inc., a company organized under the laws of the British Virgin Islands and the Company’s
software developer of the FinMaster APP (“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, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or
its affiliates. The net purchase price for the acquisition was $3,506,042, payable in 8,415,111 shares of the Company’s common
stock to the Sellers in accordance with their respective pro rata percentage.
As
a result of the acquisition, the Company now owns, indirectly through JFB, 100% of NPI. NPI, through its wholly-owned subsidiaries, LOC
Weibo Co., Ltd. (“LOC”) and Beijing DataComm Cloud Media Technology Co., Ltd.,(“BJDC”) companies organized under
the laws of the Republic of China and the laws of the People’s Republic of China, respectively, engages primarily in the development
of ecological-system applications, integration of big data and promotion of OTT applications. As a result of the acquisition, our FinMaster
App was launched to the market in a timely and efficient manner and clients on this open platform are served more effectively and satisfactorily.
Based on the successful development of our FinMaster App, LOC and BJDC jointly accumulated in-depth knowledge of FinTech App development,
including the marketing expertise built up and the perfect allocation of the Company’s resources. We believe LCHD, through LOC
and BJDC will further conclude more customized App contracts to help the clients to incubate the avant-garde Apps to expand their businesses
efficiently and effectively.
With
continued losses suffered since the acquisition, we decided to cease the operation of LOC to cut the loss. LOC entered into a de-registration
process and its business was taken over by LCHD. Taichung City Government approved the dissolution on April 25, 2023.
We
have incurred significant operating losses. As of November 30, 2022 and August 31, 2022, our accumulated deficits were $35,640,237 and
$34,921,164, respectively. We generated revenue of $254,540 and $14,805 for the three months ended November 30, 2022 and 2021, respectively.
Our net losses were principally attributed to general and administrative expenses.
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, 2022, we have suffered recurring losses from operations, and recorded an accumulated deficit, a working capital deficit
and a shareholders’ deficit of $35,640,237, $2,392,112 and $2,313,474, respectively. These conditions raise substantial doubt about
our ability to continue as a going concern. The ability to continue as a going concern is dependent upon our profit generating operations
in the future and/or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business
operations when they become due.
We
expect to finance our 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 we require additional funding to finance the growth of our 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 us. Even if we are 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.
Our
business continues to be impacted by the COVID-19 pandemic. Border controls and travel restrictions, such as those imposed in Taiwan,
Hong Kong, and mainland China, have had and may continue to have an adverse effect on our operations. The impact of the pandemic and
the measures taken by the relevant governments to contain the disease on the global economy, the economies of the markets in which we
operate, and the movement of people have adversely affected, and we expect will continue to adversely affect, the roll out of our business
plans and results of operations throughout the fiscal year of 2023. If any of our employees is
suspected of having infected COVID-19, we may under certain circumstances be required to quarantine such employees and the affected areas
of our premises, thus we have to temporarily suspend part of or all of our operations. Furthermore, government actions to contain the
outbreak may restrict the level of economic activities in affected regions, including Taiwan, and affect the willingness and ability
of our employees and customers to travel, which may also adversely affect our business and prospects. As a result, we cannot assure you
that any future outbreak of contagious diseases would not have a material adverse effect on our financial condition and results of operations.
Affected
by the COVID-19, the Company had to re-organize to improve its market competitiveness and to warrant the survival and future development.
The Company also had downsized the operations to safeguard the financial position by reduction of labor costs,reduction of office
space, and simplified operational procedures.
The Company’s
reduction of labor costs were done through resignation and layoffs, whereas all layoffs were processed according to local governing labor
laws.
These
unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be necessary should we be unable to continue as going concern.
Liquidity
and Capital Resources
The
following table sets forth a summary of our cash flows for the periods indicated:
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Net cash used in operating activities | |
$ | (401,464 | ) | |
$ | (1,092,170 | ) |
Net cash used in investing activities | |
| (1,078 | ) | |
| (22,005 | ) |
Net cash provided by financing activities | |
| 267,291 | | |
| 641,740 | |
Cash and cash equivalents, beginning of period | |
| 213,270 | | |
| 787,154 | |
Effects of exchange rate changes on cash and cash equivalents | |
| (3,203 | ) | |
| 1,175 | |
Cash and cash equivalents, end of period | |
$ | 74,816 | | |
$ | 315,894 | |
Cash
Used in Operating Activities
Net
cash used in operating activities for the three months ended November 30, 2022 and 2021 was $401,464 and $1,092,170, respectively. The
cash used in operating activities was mainly for payment of general and administrative expenses.
Cash
Used in Investing Activities
Net
cash used in investing activities for the three months ended November 30, 2022 and 2021 was $1,078 and $22,005, respectively. The net
cash used in investing activities was related to the acquisition of plant and equipment.
Cash
Provided by Financing Activities
Net
cash provided by financing activities for the three months ended November 30, 2022 and 2021 was $267,291 and $641,740, respectively.
The cash provided by financing activities were related to the issuance of shares in private placement, and advances from shareholders
and a director and partially offset by the repayment to shareholders and directors.
Results
of Operations
Comparison
for the three months ended November 30, 2022 and 2021
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
Research and development expenses | |
| (106,278 | ) | |
| (146,283 | ) |
Sales and marketing expenses | |
| (13,783 | ) | |
| (213,772 | ) |
General and administrative expenses | |
| (698,619 | ) | |
| (1,670,490 | ) |
Loss from operations | |
| (564,140 | ) | |
| (2,015,740 | ) |
Interest expenses | |
| (30,664 | ) | |
| (28,500 | ) |
Loss on change in fair value of convertible notes | |
| - | | |
| (104,500 | ) |
Other (expense) income | |
| (124,269 | ) | |
| 25,371 | |
Loss before income tax | |
| (719,073 | ) | |
| (2,123,369 | ) |
Income tax benefit | |
| - | | |
| 4,482 | |
| |
| | | |
| | |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Revenue
From
September 2020, we generated revenue from a new, more comprehensive mobile application, which we refer to as the FinMaster App. We also
provided software development and maintenance services.
We
generated revenue of $254,540 and $14,805 for the three months ended November 30, 2022 and 2021, respectively. The increment of revenue
was arisen from the new custom-made app project commenced in the quarter of current fiscal year.
Research
and Development Expenses
Research
and development expenses for the three months ended November 30, 2022 and 2021 amounted to $106,278 and $146,283, respectively which
primarily represented the charges for R&D and consulting work performed by third parties and salaries and benefits for those employees
engaged in research, design and development activities after our acquisition of NPI in August 2020. The reduction of expenses was mainly
due to termination of consultancy agreement with a third party provider on December 31, 2021.
Sales
and Marketing Expenses
Sales
and marketing expenses were $13,783 and $213,772 for the three months ended November 30, 2022 and 2021, respectively. It consists of
the advertising costs and the redeemable point liability charges after our acquisition of NPI in August 2020. The Company found the media
advertising less effective than prior period, thus maintained cost control over the advertising expense during the three months ended
November 30, 2022, and the sales and marketing expenses decreased.
General
and Administrative Expenses
General
and administrative expenses were $698,619 and $1,670,490 for the three months ended November 30, 2022 and 2021, respectively. The decrease
was mainly resulted from a decrease in share-based compensation and payroll from $835,229 and $329,318, respectively for the three months
ended November 30, 2021 to $173,333 and $167,895, respectively for the three months ended November 30, 2022.
Loss
on change in fair value of convertible notes
We
incurred a fair value loss of $nil and $104,500 on our convertible promissory notes for the three months ended November 30, 2022 and
2021, respectively. We elected to measure the convertible promissory notes in their entirety at fair value with changes in fair value
recognized as non-operating income or loss at each balance sheet date.
Other
(Expense) Income
Other
(expense) income for the three months ended November 30, 2022 amounted to $(124,269) as compared to $25,371 in the same quarter of prior
year. Other (expense) income mainly consists of the exchange difference, net which was exchange differences arose from the depreciation/appreciation
of NTD and RMB against USD for inter-group remittance.
Net
Loss
Our
net loss was $719,073 and $2,118,887 for the three months ended November 30, 2022 and 2021, respectively. The net loss was mainly derived
from our general and administrative expenses.
Off-Balance
Sheet Arrangements
As
of November 30, 2022, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to our stockholders.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
required by Rule 13a-15 under the Exchange Act, our management has carried out an evaluation, with the participation and under the supervision
of our principal executive officer and principal financial and accounting officer, of the effectiveness of the design and operation of
our disclosure controls and procedures as of November 30, 2022. Disclosure controls and procedures refer to controls and other procedures
designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated
and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely
decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that
any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired
control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.
Management
conducted its evaluation of disclosure controls and procedures under the supervision of our principal executive officer and principal
financial and accounting officer. Based upon, and as of the date of this evaluation, our principal executive officer and principal financial
and accounting officer have concluded that our disclosure controls and procedures were not effective as of November 30, 2022 due to the
following material weaknesses in our internal control over financial reporting.
1. |
We
do not have an audit committee – While we are not obligated to have an audit committee, it is management’s view that
such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial
reporting. Currently, our Chief Executive Officer and directors act in the capacity of the audit committee, and do not include a
member that is considered to be independent of management to provide the necessary oversight over management’s activities. |
|
|
2. |
We
do not have adequate written policies and procedures – Due to lack of adequate written policies and procedures for accounting
and financial reporting, we did not establish a formal process to close our books monthly and account for all transactions in a timely
manner. |
|
|
3. |
We
did not implement appropriate information technology controls – As at August 31, 2022, we retained copies of all financial
data and material agreements; however, there is no formal procedure or evidence of normal backup of our data or off-site storage
of the data in the event of theft, misplacement, or loss due to unmitigated factors and we do not have sufficient control policies
that prevent inappropriate and unauthorized use of the system across all layers of systems. |
|
|
4. |
We
do not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience
in the application of accounting principles generally accepted in the United States commensurate with our financial reporting requirements. |
Our
management does not believe that these material weaknesses had a material effect on our financial condition or results of operations
or caused our unaudited condensed consolidated financial statements as of and for the period ended November 30, 2022 to contain a material
misstatement.
Management’s
Remediation Initiatives
In
an effort to remediate the identified material weaknesses and enhance our internal controls, we have initiated, or plan to initiate,
the following series of measures:
1. |
Create
a position to segregate duties consistent with control objectives and increase our personnel resources and technical accounting expertise
within the accounting function when funds are available to us. |
|
|
2. |
Prepare
written policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on
an accrual basis and account for all transactions, including equity and debt transactions, in a timely manner. |
|
|
3. |
Add
staff members to our management team to make sure that information required to be disclosed in our reports filed and submitted under
the Exchange Act is recorded, processed, summarized and reported as and when required and the staff members will have segregated
responsibilities with regard to these responsibilities. |
|
|
4. |
Plan
to hire professional consultant to review and assist the company to design and implement proper information technology controls and
policies on the company’s operations. |
We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2023.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting during the quarter ending November 30, 2022, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings.
There
are no material pending legal proceedings as defined by Item 103 of Regulation S-K, to which we are a party or of which any of our property
is the subject, other than ordinary routine litigation incidental to the Company’s business.
There
are no proceedings in which any of the directors, officers or affiliates of the Company, or any registered or beneficial holder of more
than 5% of the Company’s voting securities, is an adverse party or has a material interest adverse to that of the Company.
Item
1A. Risk Factors.
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information
required by this Item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Other
than set forth below, there were no sales of unregistered securities during the quarter ended November 30, 2022 that were not previously
reported on a Current Report on Form 8-K.
From September 2022 to April 2023, the Company entered
into securities purchase agreements with several accredited investors whereby the investors purchased a total of 6,000,000 shares of the
Company’s common stock at an average price of $0.13 per share. The Company received aggregate gross proceeds of $800,000. Pursuant
to the terms of the securities purchase agreements, the investors have piggyback registration rights with respect to the shares. From
May to June 2023, the Company received aggregate gross proceeds of $201,540 from several accredited investors whereby the investors intended
to purchase a total of 4,030,000 shares of the Company’s restricted common stock, at a price of $0.05 per share. The offers and
sales of securities were made outside of the United States and the issuances were exempt from registration pursuant to Rule 901 under
Regulation S of the Securities Act of 1933.
6,000,000 shares were issued as of June 27, 2023.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits.
*
Filed herewith.
**
Furnished herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
LEADER
CAPITAL HOLDINGS CORP |
|
(Name
of Registrant) |
|
|
Date:
June 30, 2023 |
|
|
|
|
By:
|
/s/
Yi-Hsiu Lin |
|
|
Yi-Hsiu
Lin |
|
|
Chief
Executive Officer, President, Treasurer and Director (Principal Executive Officer and Principal Financial Officer) |
EXHIBIT
31.1
CERTIFICATION
I,
YI-HSIU LIN, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of LEADER CAPITAL HOLDINGS CORP.;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
June 30, 2023 |
By: |
/s/
Yi-Hsiu Lin |
|
|
Yi-Hsiu
Lin |
|
|
Chief
Executive Officer, President, Treasurer and Director |
|
|
(Principal
Executive Officer, Principal Financial Officer |
EXHIBIT
32.1
CERTIFICATION
In
connection with the quarterly report of LEADER CAPITAL HOLDINGS CORP. (the “Company”) on Form 10-Q for the period ended November
30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yi-Hsiu Lin, Chief Executive
Officer and President (Principal Executive Officer) and Treasurer (Principal Financial Officer) of the Company, hereby certify as of
the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company at the dates and for the periods indicated. |
Date:
June 30, 2023 |
By: |
/s/
Yi-Hsiu Lin |
|
|
Yi-Hsiu
Lin |
|
|
Chief
Executive Officer, President, Treasurer and Director |
|
|
(Principal
Executive Officer and Principal Financial Officer) |
v3.23.2
Cover - shares
|
3 Months Ended |
|
Nov. 30, 2022 |
Jun. 27, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Nov. 30, 2022
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2023
|
|
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 |
Rm. 301, 3F., No. 131, Sec. 3
|
|
Entity Address, Address Line Two |
Minsheng E. Rd
|
|
Entity Address, Address Line Three |
Songshan Dist
|
|
Entity Address, City or Town |
Taipei City
|
|
Entity Address, Country |
TW
|
|
Entity Address, Postal Zip Code |
105405
|
|
City Area Code |
+886
|
|
Local Phone Number |
2547-5643
|
|
Title of 12(b) Security |
Common stock, $0.0001 par value
|
|
Trading Symbol |
LCHD
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
206,470,825
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 74,816
|
$ 213,270
|
Accounts receivable |
8,382
|
4,413
|
Prepayments, deposits and other receivables |
156,449
|
176,201
|
Inventory |
5,162
|
8,074
|
Due from a shareholder |
2,072
|
|
Total current assets |
246,881
|
401,958
|
Non-current assets |
|
|
Non-marketable equity securities |
1,500
|
1,500
|
Plant and equipment, net |
60,087
|
71,004
|
Intangible assets |
4,181
|
4,304
|
Operating lease right-of-use assets, net |
268,957
|
227,230
|
Prepayments, deposits and other receivables |
12,538
|
12,822
|
Total non-current assets |
347,263
|
316,860
|
TOTAL ASSETS |
594,144
|
718,818
|
Current liabilities |
|
|
Accrued expenses and other payables |
509,086
|
450,555
|
Contract liabilities |
68,928
|
169,951
|
Operating lease liability, current |
188,973
|
150,381
|
Bonds payable |
600,000
|
600,000
|
Other loans from shareholders, current |
223,675
|
260,709
|
Other loans from a non-related party, current |
971
|
|
Due to shareholders |
43,500
|
45,343
|
Due to a director |
1,003,860
|
973,564
|
Total current liabilities |
2,638,993
|
2,650,503
|
Non-current liabilities |
|
|
Operating lease liability, non-current |
68,625
|
68,422
|
Other loans from shareholders, non-current |
200,000
|
200,000
|
Total non-current liabilities |
268,625
|
268,422
|
TOTAL LIABILITIES |
2,907,618
|
2,918,925
|
COMMITMENTS AND CONTINGENCIES (Note 16) |
|
|
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; 200,470,825 and 191,770,825 shares issued and outstanding as of November 30, 2022 and August 31, 2022, respectively |
20,047
|
19,177
|
Additional paid-in capital |
32,811,645
|
32,339,182
|
Accumulated other comprehensive income |
495,071
|
362,698
|
Accumulated deficits |
(35,640,237)
|
(34,921,164)
|
TOTAL STOCKHOLDERS’ DEFICIT |
(2,313,474)
|
(2,200,107)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ 594,144
|
$ 718,818
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Nov. 30, 2022 |
Aug. 31, 2022 |
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 |
200,470,825
|
191,770,825
|
Common stock, shares outstanding |
200,470,825
|
191,770,825
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
|
$ 254,540
|
|
$ 14,805
|
OPERATING EXPENSES |
|
|
|
|
Research and development expenses |
|
(106,278)
|
|
(146,283)
|
Sales and marketing expenses |
|
(13,783)
|
|
(213,772)
|
General and administrative expenses |
|
(698,619)
|
|
(1,670,490)
|
LOSS FROM OPERATIONS |
|
(564,140)
|
|
(2,015,740)
|
Interest expense |
|
(30,664)
|
|
(28,500)
|
Loss on change in fair value of convertible notes |
|
|
|
(104,500)
|
OTHER (EXPENSE) INCOME |
|
|
|
|
Exchange difference, net |
|
(125,209)
|
|
24,920
|
Other income – from non-related parties |
|
940
|
|
451
|
Total other (Expense) income |
|
(124,269)
|
|
25,371
|
LOSS BEFORE INCOME TAX |
|
(719,073)
|
|
(2,123,369)
|
Income tax benefit |
|
|
|
4,482
|
NET LOSS |
|
(719,073)
|
|
(2,118,887)
|
OTHER COMPREHENSIVE LOSS |
|
|
|
|
Foreign currency translation adjustment |
|
132,373
|
|
(24,377)
|
TOTAL COMPREHENSIVE LOSS |
|
$ (586,700)
|
|
$ (2,143,264)
|
Net loss per share - Basic and diluted |
|
$ (0.00)
|
[1] |
$ (0.01)
|
Weighted average number of shares of common stock outstanding – Basic and diluted |
[2] |
199,878,517
|
|
160,879,360
|
|
|
X |
- DefinitionLoss on change in fair value of convertible notes.
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v3.23.2
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, 2021 |
$ 15,795
|
$ 23,470,641
|
$ (171,114)
|
$ (23,001,067)
|
$ 314,255
|
Beginning balance, shares at Aug. 31, 2021 |
157,949,219
|
|
|
|
|
Shares issued in private placement |
$ 416
|
664,584
|
|
|
665,000
|
Shares 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
|
|
|
|
|
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
|
|
|
|
|
Ending balance, value at Aug. 31, 2022 |
$ 19,177
|
32,339,182
|
362,698
|
(34,921,164)
|
(2,200,107)
|
Ending balance, shares at Aug. 31, 2022 |
191,770,825
|
|
|
|
|
Shares issued in private placement |
$ 200
|
299,800
|
|
|
300,000
|
Shares issued in private placement, shares |
2,000,000
|
|
|
|
|
Shares issued to employees and consultants for stock award |
$ 670
|
(670)
|
|
|
|
Shares issued to employees and consultants for stock award, shares |
6,700,000
|
|
|
|
|
Share compensation |
|
173,333
|
|
|
173,333
|
Foreign currency translation adjustment |
|
|
132,373
|
|
132,373
|
Net loss |
|
|
|
(719,073)
|
(719,073)
|
Ending balance, value at Nov. 30, 2022 |
$ 20,047
|
$ 32,811,645
|
$ 495,071
|
$ (35,640,237)
|
$ (2,313,474)
|
Ending balance, shares at Nov. 30, 2022 |
200,470,825
|
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (719,073)
|
$ (2,118,887)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Loss on change in fair value of convertible notes |
|
104,500
|
Share based compensation |
173,333
|
835,229
|
Amortization of operating lease right-of-use assets |
64,988
|
81,470
|
Depreciation and amortization |
11,199
|
32,354
|
Exchange difference, net |
125,209
|
(24,920)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(4,062)
|
282
|
Prepayments, deposits and other receivables |
17,149
|
13,059
|
Inventory |
2,720
|
(12,240)
|
Amount due to a director |
29,143
|
|
Deferred tax liabilities |
|
(4,482)
|
Operating lease liabilities |
(68,090)
|
(81,470)
|
Contract liabilities |
(100,679)
|
(12,707)
|
Accrued expenses and other payables |
66,699
|
95,642
|
Net cash used in operating activities |
(401,464)
|
(1,092,170)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of plant and equipment |
(1,078)
|
(22,005)
|
Net cash used in investing activities |
(1,078)
|
(22,005)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from shares issued in private placement |
300,000
|
665,000
|
Loan from shareholders |
62,000
|
|
Repayment to shareholders |
(93,696)
|
|
Loan from a non-related party |
951
|
|
Advance from shareholders |
|
92,740
|
Advance to shareholders |
(2,029)
|
(6,000)
|
Repayment to a director |
|
(110,000)
|
Advance from a director |
65
|
|
Net cash provided by financing activities |
267,291
|
641,740
|
Effects of exchange rate changes on cash and cash equivalents |
(3,203)
|
1,175
|
Net decrease in cash and cash equivalents |
(138,454)
|
(471,260)
|
Cash and cash equivalents, beginning of period |
213,270
|
787,154
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
74,816
|
315,894
|
SUPPLEMENTAL CASH FLOWS INFORMATION |
|
|
Cash paid for income taxes |
|
|
Cash paid for interest |
38,464
|
42,000
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
|
|
Lease liabilities arising from obtaining right-of-use assets |
$ 103,701
|
|
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v3.23.2
ORGANIZATION AND BUSINESS BACKGROUND
|
3 Months Ended |
Nov. 30, 2022 |
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 (“LFGL”) |
|
Seychelles / March 6, 2017 |
|
Investment Holding |
|
|
|
|
|
2. JFB Internet Service Limited (“JFB”) |
|
Hong
Kong / July 6, 2017 |
|
Provides an Investment Platform |
On
August 17, 2020, LCHD, through 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% of NPI, LOC Weibo Co., Ltd. and Beijing DataComm Cloud Media Technology Co., Ltd.
The
aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt
owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s
common stock to the Sellers in accordance with their respective pro rata percentage.
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 Over-the-Top (“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 |
On
March 15, 2023, the board of directors decided to dissolve LOC. LOC then entered into a de-registration process and its business was
taken over by LCHD. Taichung City Government approved the dissolution on April 25, 2023.
LCHD
and its subsidiaries (including NPI and its subsidiaries) are hereinafter referred to as the “Company”.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Nov. 30, 2022 |
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, 2022.
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, 2022, the Company has suffered recurring losses from operations, and records an accumulated deficit, a working capital
deficit and a shareholders’ deficit of $35,640,237, $2,392,112 and $2,313,474, respectively. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon
the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they become due.
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.
Affected
by the COVID-19, the Company had to re-organize to improve its market competitiveness and to warrant the survival and future development.
The Company also had downsized the operations to safeguard the financial position by reduction of labor costs, reduction of office
space, and simplified operational procedures.
The
Company’s reduction of labor costs were done through resignation and layoffs, whereas all layoffs were processed according to local
governing labor laws.
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 severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a
number of factors, including, but not limited to, the duration and severity of the pandemic, the new variants of COVID-19, the efficacy
and distribution of COVID-19 vaccines and the extent and severity of the impact on the global supply chain and the Company’s customers,
service providers and suppliers, all of which are uncertain and cannot be reasonably predicted at this time. As of the date of issuance
of the Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s
financial condition, liquidity or results of operations is uncertain. The Company is monitoring and assessing the evolving situation closely
and evaluating its potential exposure. 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 (“Goodwill”). 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 impairment of $1,747,945 and $1,226,419 on the goodwill recorded in the Company’s financial statements
for the years ended August 31, 2022 and 2021, respectively.
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. During the year ended August 31, 2022, the Company expects the reporting unit of FinTech App
development not to generate profits in the near future. As a result, the goodwill was fully impaired as of August 31, 2022.
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, 2022 and 2021.
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
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Provision of investment platform services | |
$ | 9,148 | | |
$ | 3,242 | |
Provision of software development service and maintenance service | |
| 245,392 | | |
| 11,563 | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue
by Recognition Over Time vs Point in Time
SCHEDULE
OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Revenue by recognition over time | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue by recognition at a point in time | |
| - | | |
| - | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
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, 2022, the Company’s remaining performance obligations were $68,928, which it
expects to recognize as revenues over the next twelve months and the remainder thereafter.
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. The Company subsequently withdrew from the investment platform service in February 2023 and the advance payment from
FinMaster App would be refunded to customers upon requests received. Below is the summary
presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2022 and 2021:
SCHEDULE
OF CONTRACT LIABILITIES
Receipt in advance | |
2022 | | |
2021 | |
| |
| | |
| |
Balance as of September 1 | |
$ | 169,951 | | |
$ | 16,225 | |
Advances received from customers | |
| 133,926 | | |
| 2,650 | |
Revenue recognized | |
| (234,605 | ) | |
| (15,357 | ) |
Exchange difference | |
| (344 | ) | |
| (77 | ) |
Balance as of November 30 | |
$ | 68,928 | | |
$ | 3,441 | |
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, 2022 and 2021, the total R&D expenses were $106,278 and $146,283, respectively.
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, 2022 and 2021, advertising costs totaled $13,810 and $210,603, 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.The loyalty program was subsequently ended on April 30, 2023 after the Company withdrew from the investment platform
service.
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, 2022 and 2021, redeemable point liability (credited) charged as sales and marketing expenses were
($27) and $3,169, respectively.
As
of November 30, 2022 and August 31, 2022, liabilities recorded related to unredeemed points were $81,246 and $82,638, respectively, which
were included in other payables (note 9).
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 an 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, 2022 and August 31, 2022 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 months or less off the balance sheet and recognize the associated lease payments in the consolidated
statements of income on a straight-line basis over the lease term.
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 years | |
Technical know-hows | |
| 8 years | |
Trademarks | |
| 10 years | |
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 impairment has been recorded by the Company for the three months ended November 30, 2022 and 2021.
Employee
benefits
The
Taiwan subsidiary also operates a Defined Contribution Pension Plan under the Labor Pension Act (the Act) for employees in Taiwan. The
Act stipulated that the contribution rate by the employer per month shall not be less than 6% of the employees’ monthly salary,
and the Table of Monthly Contribution Salary Classification shall be prescribed by Central Competent Authority. The highest bracket of
Monthly Contribution Salary issued by Central Competent Authority is $4,754 (NTD150,000). Total amounts of such employee benefit expenses,
which were expensed as incurred, were approximately $5,277 and $10,909 for the three months ended November 30, 2022 and 2021, respectively.
Full
time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension
benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require
that the PRC subsidiary of the Company make contributions to the government for these benefits based on certain percentages of the employees’
salaries, up to a maximum amount specified by the local government. The Company has no legal obligation for the benefits beyond the contributions
made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $27,905 and $31,212 for the
three months ended November 30, 2022 and 2021, respectively.
The
Hong Kong subsidiary operates a Mandatory Provident Fund (“MPF”) scheme for all qualifying employees in Hong Kong. The MPF
is a defined contribution scheme and the assets of the scheme are managed by a trustee independent of the Group. The MPF is available
to all employees aged 10 to 64 with a least 60 days of service under the employment of the Group in Hong Kong. Contributions are made
by the Group to a cap of HK$1,500 (equivalent to $192 per month). Total amounts of such employee benefit expenses, which were expensed
as incurred, were approximately $1,591 and $1,041 for the three months ended November 30, 2022 and 2021, respectively.
Income
taxes
Income
taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income
Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the
periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities
of a change in tax rates is recognized in income in the period that includes the enactment date.
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. As of November
30, 2022, the Company has no accrued interest or penalties related to uncertain tax positions.
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.” Basic income/(loss)
per share is computed by dividing the net income/(loss) by the weighted-average number of shares of common stock outstanding during the
period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include
the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued
and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss
per share:
SCHEDULE
OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Weighted average number of shares of common stock outstanding - Basic and diluted** | |
| 199,878,517 | | |
| 160,879,360 | |
Net loss per share - Basic and diluted | |
$ | (0.00 | )* | |
$ | (0.01 | ) |
|
* |
Less than $0.01 |
|
|
|
|
** |
Including 1,833,333 shares
granted and vested but not yet issued for the period ended November 30, 2022; and including 3,571,157 shares that were granted and
vested but not yet issued for the period ended November 30, 2021. |
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 United States Dollars (“US$”) respectively, which are the primary currencies of the economic
environment in which the entities operate (the functional currencies).
In
general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not
US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the
exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains
and losses resulting from the translation of the financial statements of foreign subsidiaries are recorded as a separate component of
accumulated other comprehensive income within the statement of retained earnings.
Translation
of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY TRANSLATION
| |
As
of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Period-end NT$ : US$ 1 exchange rate | |
| 30.89 | | |
| 30.38 | |
Period-end RMB : US$ 1 exchange rate | |
| 7.08 | | |
| 6.89 | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended, | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Period average NT$ : US$ 1 exchange rate | |
| 31.55 | | |
| 27.82 | |
Period average RMB : US$ 1 exchange rate | |
| 7.13 | | |
| 6.42 | |
Foreign translation currency | |
| 7.13 | | |
| 6.42 | |
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 re-measured 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.
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 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
Recently
Adopted Accounting Standards
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 Company adopted ASU 2021-04 effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact
on the Company’s condensed consolidated financial statement presentation or disclosures.
In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government
Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying
a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021,
and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in
financial statements at the date of initial application and new transactions that are entered into after the date of initial
application or retrospectively to those transactions. The Company adopted ASU 2021-10
effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact on the Company’s condensed
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. In March 2023, the FASB issued ASU 2023-02, Topic 326. The ASU eliminates the
accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for
modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs
of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -
Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating
the impact that the adoption of ASU 2016-13 and ASU 2023-02 will have on its condensed 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 does not expect the impact of this guidance to
have a material impact on the Company’s condensed consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which requires the recognition and measurement of contract assets and contract liabilities acquired in
a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This creates an exception to the general recognition
and measurement principles in ASC 805. As a smaller reporting company, ASU 2021-08 will be effective for the Company for interim and
annual reporting periods beginning after December 15, 2023, with early adoption permitted. The amendments in this ASU should be applied
prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not anticipate that
the adoption of this guidance will have a material impact on the condensed consolidated financial statements.
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for
leasehold improvements associated with leases between entities under common control (hereinafter referred to as common control
lease). ASU 2023-01 requires entities to amortize leasehold improvements associated with common control lease over the useful life
to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a
lease, and to account for any remaining leasehold improvements as a transfer between entities under common control through an
adjustment to equity when the lessee no longer controls the underlying asset. This ASU will be effective for fiscal years beginning
after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and
annual financial statements that have not yet been made available for issuance. An entity may apply ASU 2023-01 either prospectively
or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2023-01 will have on our condensed
consolidated financial statement presentations and 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.
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v3.23.2
ACQUISITION OF SUBSIDIARIES
|
3 Months Ended |
Nov. 30, 2022 |
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, 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, less certain discounts, expenses and reductions for outstanding NPI debt
owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s
common stock to the Sellers in accordance with their respective pro rata percentage.
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 to Goodwill, representing the financial, strategic and operational
value of the transaction to the Company. Goodwill is attributed to the premium that the Company paid to obtain the value of the business
of NPI and the synergies expected from the combined operations of NPI and the Company, the assembled workforce and their knowledge and
experience in provision of products and projects utilizing NPI’s technical know-hows. The total amount of the Goodwill acquired
is not deductible for tax purposes.
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. Goodwill was fully impaired as of August 31, 2022. No impairment loss
of Goodwill of the reporting unit of the Fintech App development was recognized for the three months ended November 30, 2022 and 2021.
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v3.23.2
PLANT AND EQUIPMENT, NET
|
3 Months Ended |
Nov. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
PLANT AND EQUIPMENT, NET |
4.
PLANT AND EQUIPMENT, NET
Plant
and equipment as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF PLANT AND EQUIPMENT, NET
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Furniture and fixtures | |
$ | 30,234 | | |
$ | 30,494 | |
Office equipment | |
| 82,778 | | |
| 89,858 | |
Leasehold improvement | |
| 89,052 | | |
| 82,969 | |
Total | |
| 202,064 | | |
| 203,321 | |
Less: Accumulated depreciation | |
| (141,977 | ) | |
| (132,317 | ) |
Plant and Equipment, net | |
$ | 60,087 | | |
$ | 71,004 | |
Depreciation
expenses, classified as operating expenses, were $11,076 and $9,855 for the three months ended November 30, 2022 and 2021, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
INTANGIBLE ASSETS, NET
|
3 Months Ended |
Nov. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
5.
INTANGIBLE ASSETS, NET
Intangible
assets costs as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF INTANGIBLE ASSETS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Investment platform | |
$ | 30,000 | | |
$ | 30,000 | |
Technical know-hows | |
| 818,200 | | |
| 818,200 | |
Trademarks | |
| 4,920 | | |
| 4,920 | |
Total | |
| 853,120 | | |
| 853,120 | |
Less: Accumulated amortization | |
| (199,158 | ) | |
| (199,035 | ) |
Impairment | |
| (649,781 | ) | |
| (649,781 | ) |
Intangible assets, net | |
$ | 4,181 | | |
$ | 4,304 | |
Amortization
expense for intangible assets was $123 and $22,499 for the three months ended November 30, 2022 and 2021, respectively.
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 impairment loss of intangible asset was
recognized for the three months ended November 30, 2022 and 2021.
As
of November 30, 2022, amortization expenses related to intangible assets for future periods are estimated to be as follows:
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS
| |
| | |
2023 (remaining period) | |
$ | 369 | |
2024 | |
| 492 | |
2025 | |
| 492 | |
2026 | |
| 492 | |
2027 | |
| 492 | |
2028 and thereafter | |
| 1,844 | |
Total | |
$ | 4,181 | |
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v3.23.2
NON-MARKETABLE EQUITY SECURITIES
|
3 Months Ended |
Nov. 30, 2022 |
Non-marketable Equity Securities |
|
NON-MARKETABLE EQUITY SECURITIES |
6.
NON-MARKETABLE EQUITY SECURITIES
On
August 5, 2022, the Company obtained an aggregate of 15,000,000 shares of common stock, par value $0.0001 per share of DFP Holdings Limited
(“DFP”), a Nevada corporation, as return of software development service rendered (note 7), pursuant to the Software Development
Agreement and Supplementary Agreement dated January 27, 2022 and June 28, 2022, respectively among DFP and LCHD.
DFP
engages in online higher education services. It is committed to promoting Asian talent education services, and cooperating with practical
entrepreneurs on both sides of the strait to offer courses related to business management and business marketing, assisting Taiwan’s
small and medium-sized corporations, entrepreneurs, and middle and high-level managers open up new ideas and improve their business vision.
As of November 30, 2022 and August 31, 2022, the Company held 7.01% and 7.06%, respectively of DFP’s outstanding common stock.
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v3.23.2
RELATED PARTY TRANSACTIONS AND BALANCES
|
3 Months Ended |
Nov. 30, 2022 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS AND BALANCES |
7.
RELATED PARTY TRANSACTIONS AND BALANCES
SCHEDULE
OF RELATED PARTY RELATIONSHIP
Name
of Entity or Individual |
|
Relationship
with the Company |
DFP
Holdings Limited (“DFP”) |
|
Note
a |
Reblood
Biotech Corp. |
|
Note
b |
Reblood
Biotech Limited |
|
Note
b |
Asia
Pacific Integrating System Limited |
|
Note
c |
Yi-Hsiu
Lin |
|
Shareholder
and director of the Company |
Jui-Chin
Chen |
|
Shareholder
of the Company |
Teh-Ling
Chen |
|
Shareholder
of the Company |
CPN
Investment Limited |
|
Shareholder
of the Company |
Kuo-Hsun
Hsu |
|
Shareholder
of the Company |
Chun-Shuo
Huang |
|
Shareholder
of the Company |
Yu-Cheng
Tu |
|
Shareholder
of the Company |
Chin-Chiang
Wang |
|
Shareholder
of the Company |
Ching-Nan
Wang |
|
Shareholder
of the Company |
Chin-Ping
Wang |
|
Shareholder
of the Company |
Shih-Chu
Lo |
|
Shareholder
of the Company |
(a) |
As
of November 30, 2022, the Company and Yi-Hsiu Lin held 7.01% and 7.01% of DFP’s outstanding common stock. DFP was also the
shareholder of the Company. |
(b) |
Reblood
Biotech Corp., a Nevada company, in which Yi-Hsiu Lin was the shareholder. Reblood Biotech Limited, a Hong Kong company, which was
a subsidiary of Reblood Biotech Corp. |
(c) |
Asia
Pacific Integrating System Limited, a Taiwanese company, wholly owned by Shih-Chu Lo, a shareholder of the Company, holding 100%
equity interests as of November 30, 2022. |
Related
party transactions:
The
Company entered into the following significant related party transactions:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Provision of software development service to DFP (a) | |
$ | 230,000 | | |
$ | - | |
Provision of software maintenance service to DFP (a) | |
| 15,392 | | |
| - | |
| |
| | | |
| | |
Rental expense to Yu-Cheng Tu (b) | |
| - | | |
| 3,235 | |
Rental expense to Reblood Biotech Limited (d) | |
| 8,757 | | |
| 8,856 | |
| |
| | | |
| | |
Interest expense to: | |
| | | |
| | |
Teh-Ling Chen (Note 13) | |
| - | | |
| 3,000 | |
CPN Investment Limited (c) | |
| - | | |
| - | |
Chun-Shuo Huang (Note 10(a)) | |
| 8,417 | | |
| - | |
Ching-Nan Wang (Note 12) | |
| 18,000 | | |
| 15,000 | |
Jui-Chin Chen (Note 10(b) and 13) | |
| 1,200 | | |
| 1,500 | |
Chin-Chiang Wang (Note 10(c) and 13) | |
| 3,000 | | |
| 3,000 | |
Chin-Ping Wang (Note 13) | |
| - | | |
| 3,000 | |
Ching-Nan Wang (Note 13) | |
| - | | |
| 3,000 | |
(a) |
The
Company entered into a Customized App Development Agreement providing the online and offline learning opportunities across different
subjects on January 27, 2022 with DFP. The Company delivered an app and provided the follow-up maintenance service since August 2022.
For the three months ended November 30, 2022, software maintenance income of $15,392 was generated from this customer. Both parties
entered another software development agreement on March 31, 2022. As of November 30, 2022, the development work was in the process
and the Company will deliver the app by the second quarter of current fiscal year. For the three months ended November 30, 2022,
revenue of $230,000 was generated. . |
|
|
(b) |
On
September 1, 2020, LOC leased an office in Taichung, Taiwan from the Company’s shareholder- Yu-Cheng Tu. The lease was renewed
on April 1, 2021 for additional one-year term and early terminated on October 31, 2021. The monthly lease was for the amount of NTD
45,000 ($1,617), with a term of one year. During the three months ended November 30, 2022 and 2021, the Company recognized rental
expenses of $nil and $3,235, respectively that are included in general and administrative expenses. |
|
|
(c) |
The
Company borrowed a principal amount of $62,000 on September 27, 2022 from a shareholder – CPN Investment Limited. The loan
was 6% interest bearing payable on maturity and would be matured in one year. The loan was fully repaid on November 1, 2022. Interest
of $nil was incurred for the three months ended November 30, 2022. |
|
|
(d) |
On
June 1, 2021, JFB leased an office in Taipei, Taiwan from a company which was the subsidiary of Reblood Biotech Corp.. The monthly
lease was for the amount of NTD 82,062 ($2,601), with a term of 16 months. On October 1, 2022, the lease was renewed for additional
one year. The monthly rental was NTD 97,062 ($3,076). During the three months ended November 30, 2022 and 2021, the Company recognized
rental expenses of $8,757 and $8,856, respectively that are included in general and administrative expenses. |
|
|
(e) |
NTD64,000
($2,072) was paid for Hsu Kuo-Hsun’s quarter on November 3, 2022. |
Related
party balances:
Apart
from the above, the Company recorded the following significant related party balances as of November 30, 2022 and August 31, 2022:
SCHEDULE
OF RELATED PARTY BALANCES
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accounts receivable from related parties | |
| | | |
| | |
| |
| | | |
| | |
Receivables from DFP | |
$ | 7,687 | | |
$ | 2,732 | |
Up
to the date of this report, DFP had repaid $7,687 to the Company.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Contract liabilities due to related parties | |
| | | |
| | |
| |
| | | |
| | |
due to DFP | |
$ | - | | |
$ | 150,000 | |
due to Asia Pacific Integrating System Limited | |
$ | 50,000 | | |
$ | - | |
Due to related parties | |
$ | 50,000 | | |
$ | - | |
Up
to the date of this report, $nil of the above contract liabilities had been utilized.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests payable to related parties | |
| | | |
| | |
| |
| | | |
| | |
Ching-Nan Wang (note 12) | |
$ | 2,935 | | |
$ | 2,935 | |
Chun-Shuo Huang (note 10 (a)) | |
| 2,851 | | |
| 2,851 | |
Jui-Chin Chen (note 10(b)) | |
| 4,429 | | |
| 3,229 | |
Chin-Chiang Wang (note 10(c)) | |
| 165 | | |
| 9,165 | |
Total | |
$ | 10,380 | | |
$ | 18,180 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
|
3 Months Ended |
Nov. 30, 2022 |
Credit Loss [Abstract] |
|
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES |
8.
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
SCHEDULE
OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
| |
| | |
| |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Rental and management fee deposits | |
$ | 82,541 | | |
$ | 100,498 | |
Other prepaid expenses | |
| 63,547 | | |
| 52,723 | |
Other taxes recoverable | |
| 22,899 | | |
| 35,802 | |
Prepayments, deposits and other receivables | |
| 168,987 | | |
| 189,023 | |
Less: non-current portion | |
| | | |
| | |
Rental and management fee deposits | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, non-current | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, current | |
$ | 156,449 | | |
$ | 176,201 | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.2
ACCRUED EXPENSES AND OTHER PAYABLES
|
3 Months Ended |
Nov. 30, 2022 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER PAYABLES |
9.
ACCRUED EXPENSES AND OTHER PAYABLES
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests (Note 7, 10 and 12) | |
$ | 10,380 | | |
| 18,180 | |
Accrued payroll | |
| 143,052 | | |
| 150,932 | |
Other accrued expenses | |
| 272,534 | | |
| 197,428 | |
Other taxes payable | |
| 1,874 | | |
| 1,377 | |
Point liabilities | |
| 81,246 | | |
| 82,638 | |
Accrued expenses and
other payables | |
$ | 509,086 | | |
| 450,555 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS
|
3 Months Ended |
Nov. 30, 2022 |
Due From To Shareholders And Directors |
|
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS |
10.
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Other loans from shareholders: | |
| | | |
| | |
Jui-Chin Chen (b) | |
$ | (80,000 | ) | |
$ | (80,000 | ) |
Chun-Shuo Huang (a) | |
| (141,085 | ) | |
| (145,159 | ) |
Mei-Ying Huang (d) | |
| (2,590 | ) | |
| (35,550 | ) |
Chin-Chiang Wang (c) | |
| (200,000 | ) | |
| (200,000 | ) |
Total (Note 11) | |
| (423,675 | ) | |
| (460,709 | ) |
Less: Other loans from shareholders, non-current | |
| 200,000 | | |
| 200,000 | |
| |
$ | (223,675 | ) | |
$ | (260,709 | ) |
| |
| | | |
| | |
Due to a director - current: | |
| | | |
| | |
Yi-Hsiu Lin (e) | |
$ | (1,003,860 | ) | |
$ | (973,564 | ) |
| |
| | | |
| | |
Due to shareholders - current: | |
| | | |
| | |
Yu-Cheng Tu (e) | |
$ | (40,624 | ) | |
$ | (42,472 | ) |
Hung-Pin Cheng (e) | |
| (476 | ) | |
| (471 | ) |
Mei-Ying Huang (e) | |
| (800 | ) | |
| (800 | ) |
Shih-Chu Lo (e) | |
| (800 | ) | |
| (800 | ) |
Jun-Yuan Chen (e) | |
| (800 | ) | |
| (800 | ) |
Total | |
$ | (43,500 | ) | |
$ | (45,343 | ) |
| |
| | | |
| | |
Due from a shareholder - current: | |
| | | |
| | |
Kuo-Hsun Hsu (f) | |
$ | 2,072 | | |
$ | - | |
(a) |
On
February 28, 2022, the Company obtained a loan of RMB1,000,000 ($141,085) from Chun-Shuo Huang, which accrues interest at the rate
of 8% per annum. The loan was due on May 27, 2022 and further extended to December 31, 2022 and accrued interest at the rate of 2%
per month. The repayment was extended to June 30, 2023 as agreed by both parties. Interest of $8,417 and $nil respectively was incurred
for the three months ended November 30, 2022 and 2021. Interest of $2,851 was accrued as of November 30, 2022 and August 31, 2022. |
|
|
(b) |
The
loan was modified from convertible note on March 23, 2022 and would be repayable in five installments before November 30, 2022 with
6% interest-bearing per annum. $20,000 was repaid by the Company as of November 30, 2022. On November 29, 2022, both parties entered
into an amendment agreement to extend the payment time of the remaining loans and interests by November 30, 2023. For the three months
ended November 30, 2022, interest of $1,200 and $1,500 were incurred respectively. Interest of $4,429 and $3,229 was accrued as of
November 30, 2022 and August 31, 2022, respectively. |
|
|
(c) |
The
loan was modified from convertible note on May 3, 2022 and would mature on November 25, 2024 with 6% interest-bearing per annum.
For the three months ended November 30, 2022 and 2021, interest of $3,000 were incurred. Interest of $165 and $9,165 was accrued
as of November 30, 2022 and August 31, 2022, respectively. |
|
|
(d) |
The
Company borrowed non-interest bearing loans in the aggregate amount of NTD4,000,000 ($129,492) from Huang Mei-Ying. The loan of NTD2,500,000
($80,932) borrowed on November 24, 2021 was due on May 24, 2022 but further extended to December 31, 2022. The loan was fully repaid
on October 25, 2022. The loan of NTD1,000,000 ($32,373) borrowed on January 12, 2022 was fully repaid on July 22, 2022. NTD420,000
($13,597) was repaid for the remaining loan of NTD500,000 ($16,187) obtained on February 9, 2022 which would be repayable based on
the Company’s financial ability |
|
|
(e) |
Amounts
due to shareholders and a director are unsecured, interest-free with no fixed payment term. |
|
|
(f) |
NTD64,000
($2,072) was paid for Hsu Kuo-Hsun’s quarter on November 3, 2022. The advance is non-interest bearing and would repayable on
demand. |
|
|
(g) |
The
Company borrowed a principal amount of $62,000 on September 27, 2022 from a shareholder – CPN Investment Limited. The loan
was 6% interest bearing payable on maturity and would be matured in one year. The loan was fully repaid on November 1, 2022. No interest
was accrued as of November 30, 2022. |
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v3.23.2
OTHER LOANS
|
3 Months Ended |
Nov. 30, 2022 |
Debt Disclosure [Abstract] |
|
OTHER LOANS |
11.
OTHER LOANS
SCHEDULE OF OTHER LOANS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Other loans: | |
| | | |
| | |
- from shareholders (note 10) | |
$ | 423,675 | | |
$ | 460,709 | |
- from a non-related party | |
| 971 | | |
| - | |
| |
| 424,646 | | |
| 460,709 | |
Less: Other loan, non-current: | |
| (200,000 | ) | |
| (200,000 | ) |
| |
$ | 224,646 | | |
$ | 260,709 | |
On
September 15, 2022, the Company borrowed non-interest bearing loan of NTD30,000 ($971) from a non-related company which was owned by
an employee of the Company. The loan would be repayable on September 15, 2023.
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- DefinitionThe entire disclosure for short-term debt.
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v3.23.2
BONDS PAYABLE
|
3 Months Ended |
Nov. 30, 2022 |
Debt Disclosure [Abstract] |
|
BONDS PAYABLE |
12.
BONDS PAYABLE
The
Company entered into a Bond Purchase Agreement with Ching-Nan Wang (who became the Company’s shareholder in May 2021) 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. The bond
will mature three years from August 14, 2019. Interest on the bond accrues at rate of 10% per annum and is payable on semi-yearly basis.
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. On August 10, 2022, the bond was further extended to August 14, 2023 and 12% p.a.
interest was payable quarterly. The bond was collateralized by 2,000,000 shares of DFP Holdings Limited and 1,000,000 shares of Reblood
Biotech Corp. held by Yi-Hsiu Lin. Interest of $18,000 and $15,000 was incurred in three months ended November 30, 2022 and 2021, respectively.
Interest of $2,935 was accrued as of November 30, 2022 and August 31, 2022.
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v3.23.2
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES
|
3 Months Ended |
Nov. 30, 2022 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES |
13.
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES
The
Company entered into a series of Convertible Promissory Note Purchase Agreements (the “Agreements”) with certain investors
between March 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 $900,000. A summary of the major terms of the Agreements are presented as follows:
SCHEDULE OF CONVERTIBLE NOTES PAYABLE
| |
Principal amount | | |
Issue date | | |
Maturity date | | |
Interest rate | |
Jui-Chin Chen (a) | |
| 100,000 | | |
| March 18, 2020 | | |
| March 18, 2022 | | |
| 6 | % |
Teh-Ling Chen (b) | |
| 100,000 | | |
| November 2, 2020 | | |
| November 2, 2022 | | |
| 6 | % |
Chin-Ping Wang (c) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Nan Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Chiang Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Teh-Ling Chen (e) | |
| 100,000 | | |
| January 15, 2021 | | |
| January 15, 2023 | | |
| 6 | % |
| |
$ | 900,000 | | |
| | | |
| | | |
| | |
(a) |
On
March 18, 2020, the Company issued an unsecured note in the principal amount of $100,000, which accrues interest at the rate of 6%
per annum, to a shareholder – Jui-Chin Chen. On August 17, 2020, the Company amended the Note and the Agreement, 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 per share. On March 23,
2022, the Company further amended the Note and the Agreement with the noteholder, mutually agreed to cancel the conversion option
and to repay the principal in two installments and accrued interest during that period before October 31, 2022. The balance was classified
as 6% short-term loan on the same date (Note 10(b)). On May 29, 2022, the Company further amended the Note and the Agreement with
the noteholder, mutually agreed to repay the principal and interests in five installments before November 30, 2022. It was later
extended to November 30, 2023. Up to the date of this report, the Company repaid $nil to Jui-Chin Chen. |
|
|
(b) |
On
November 2, 2020, the Company issued a Note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Teh-Ling Chen. The note is due on November 2, 2022 and unsecured. On May 10, 2022, the Company entered into
an amendment to the Note with the shareholder, 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 $0.10 per share. On May 12, 2022, the shareholder submitted conversion notice to the Company converting
all of the outstanding balance of his Note into an aggregate of 1,000,000 shares of the Company’s common stock. The conversion
was approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022. |
(c) |
On
November 25, 2020, the Company issued a Note in the principal amount of $200,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Chin-Chiang Wang. The Note is due on November 25, 2022 and unsecured. On May 3, 2022, the Company entered
into an amendment to the Note and the convertible promissory note purchase agreement with Chin-Chiang Wang, mutually agreed to extend
the maturity date to November 25, 2024 and cancel the conversion option. The balance was classified as non-current 6% loan on the
same date (Note 10(c)). |
|
|
(d) |
On
November 25, 2020, the Company issued several Notes in the total principal amount of $400,000, which accrues interest at the rate
of 6% per annum, to shareholders – Chin-Ping Wang and Ching-Nan Wang. The notes are due on November 25, 2022 and unsecured.
On January 24, 2022, the Company entered into an amendment to the Notes with these two shareholders, wherein, at the sole option
of the applicable noteholder, all or part of the unpaid outstanding principal of such noteholder’s Notes would be convertible
into shares of restricted common stock of the Company at a conversion price equal to $0.25 per share. On January 26, 2022, the shareholders
submitted conversion notices to the Company converting all of the outstanding balances of their Notes into an aggregate of 1,600,000
shares of the Company’s common stock. The conversion was approved by the Company on January 31, 2022 and the shares were issued
on March 15, 2022. |
|
|
(e) |
On
January 15, 2021, the Company issued a Note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Teh-Ling Chen. The note is due on January 15, 2023 and unsecured. On May 10, 2022, the Company entered into
an amendment to the Note with the shareholder, 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 $0.10 per share. On May 12, 2022, the shareholder submitted conversion notice to the Company converting
all of the outstanding balance of his Note into an aggregate of 1,000,000 shares of the Company’s common stock. The conversion
was approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022. |
For
each of the 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 $0.40 per share. Each of the noteholders may convert
part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. Accrued interest, if any, will be forfeited
on any principal amount being converted.
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.
During
the three months ended November 30, 2022 and 2021, interest of $nil and $13,500 were incurred on the Notes, respectively.
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v3.23.2
INCOME TAXES
|
3 Months Ended |
Nov. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
14.
INCOME TAXES
For
the period ended November 30, 2022 and 2021, the local (United States) and foreign components
of loss before income tax were comprised of the following:
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Tax jurisdictions from: | |
| | | |
| | |
- Local | |
$ | (108,149 | ) | |
$ | (1,134,999 | ) |
- Foreign, representing | |
| | | |
| | |
Seychelles | |
| - | | |
| - | |
British Virgin Islands | |
| (1,144 | ) | |
| (1,557 | ) |
Taiwan | |
| (302,977 | ) | |
| (683,911 | ) |
PRC | |
| (205,929 | ) | |
| (119,437 | ) |
Hong Kong | |
| (100,874 | ) | |
| (183,465 | ) |
Tax jurisdictions from foreign | |
| (100,874 | ) | |
| (183,465 | ) |
The
components of the benefit for income taxes expenses are:
SCHEDULE OF COMPONENTS OF PROVISION BENEFIT FOR INCOME TAXES
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| - | | |
| (4,482 | ) |
Total income tax benefit | |
$ | - | | |
$ | (4,482 | ) |
The
benefit for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
| |
2022 | | |
2021 | |
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
|
November 30, 2021 |
|
Statutory income tax rate |
|
|
21 |
% |
|
|
21 |
% |
Income tax credit computed at statutory income rate |
|
|
(151,005 |
) |
|
|
(445,908 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
Non-deductible expenses |
|
|
47,903 |
|
|
|
146,009 |
|
Share-based payments |
|
|
36,400 |
|
|
|
175,398 |
|
Tax effect of tax exempt entity |
|
|
240 |
|
|
|
327 |
|
Rate differential in different tax jurisdictions |
|
|
(3,328 |
) |
|
|
(2,012 |
) |
Valuation allowance on deferred tax assets |
|
|
69,790 |
|
|
|
121,704 |
|
Income tax benefit |
|
$ |
- |
|
|
$ |
(4,482 |
) |
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, 2022,
the operations in the United States of America incurred $2,318,456 of cumulative net operating losses (NOL’s) which can be carried
forward to offset future taxable income. The NOL carryforwards begin to expire in 2037, if unutilized. As of November 30, 2022, the Company
has provided for a full valuation allowance of $486,876 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.
Seychelles
Under
the current laws of the Seychelles, LFGL is registered as an international business company, as such, LFGL is governed by the International
Business Companies Act of Seychelles and not subject to income taxes 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. Since January 1, 2018, the CIT rate in Taiwan is 20%. As of November
30, 2022, LOC had net operating loss carry-forwards in Taiwan of $3,726,266, which will expire in various years through 2027. The Company
has provided for a full valuation allowance of $745,253 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% in accordance with the relevant tax laws and regulations of the PRC. As
of November 30, 2022, BJDC had net operating loss carry-forwards in the PRC of $2,572,705, which will expire in various years through
2029. The Company has provided for a full valuation allowance of $643,176 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.
Hong
Kong
JFB
is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. No provision for
Hong Kong profits tax has been made in the financial statements as JFB has no assessable profits for the period. As of November 30, 2022,
the operations in Hong Kong incurred $nil of cumulative net operating losses (NOL’s) which can be carried forward indefinitely
to offset future taxable income. As of November 30, 2022, the Company has provided for a full valuation allowance of approximately $nil
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.
SCHEDULE
OF DEFERRED TAX ASSETS
| |
November 30, 2022 | | |
August 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
| | | |
| | |
– United States of America | |
$ | (486,876 | ) | |
$ | (500,564 | ) |
– Taiwan | |
| (745,253 | ) | |
| (699,772 | ) |
– PRC | |
| (643,176 | ) | |
| (600,648 | ) |
– Hong Kong | |
| - | | |
| - | |
Deferred tax assets: net operating loss carryforwards | |
| - | | |
| - | |
| |
| | | |
| | |
Less: valuation allowance | |
| 1,875,305 | | |
| 1,800,984 | |
Deferred tax assets,
net of valuation allowance | |
$ | - | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
COMMON STOCK
|
3 Months Ended |
Nov. 30, 2022 |
Equity [Abstract] |
|
COMMON STOCK |
15.
COMMON STOCK
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 bonus compensation offer was cancelled on March 1, 2022.
The fair value of the shares of restricted common stock for each of the years ending August 31, 2023 and 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, 2022 and
2021, the Company amortized $62,500 as remuneration.
On
September 1, 2021, 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-year term. For his service as a director, Mr. Cheng would receive an annual compensation, prorated for any partial
year, in the form of $80,000 in cash or 1,500,000 shares of restricted common stock. The offer letter provided that compensation, either
in cash or shares of restricted common stock, would be paid or granted immediately on September 1, 2021. On September 1, 2022, the Company
re-issued a director offer letter to Shui Fung Cheng with the same compensation for further one year. The fair value of the shares of
restricted common stock granted on September 1, 2021 and 2022 was $150,000 each, 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, 2022 and 2021, the Company amortized $37,500 as remuneration.
On
March 1, 2021, the Company renewed the 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, 2021, prorated for any partial year. The fair value of the shares of restricted common
stock was $100,000 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, 2022 and 2021, the Company amortized $nil and $25,000 respectively as consulting expenses under this agreement. The
shares were granted on December 16, 2021.
On
June 30, 2020, 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. The fair value of the shares of restricted common stock to be issued to him was $6,000,000, which was calculated
based on a price per share of $0.40. As of August 31, 2022, apart from the 5,000,000 Inducement Shares, 5,000,000 shares were vested
to the employee upon achievement of the first milestone set forth in the employee’ offer letters, the Company amortized $139,560,
$1,622,940 and $237,500, respectively as salaries under this milestone for the years ended August 2022, 2021 and 2020. However, during
the year ended August 31, 2022, the company reassessed the likelihood that the employee will achieve for the second milestone and determined
that the employees will not achieve the targets of the second milestone, the Company recognized a reverse to salary $348,627 under this
milestone. During the three months ended November 30, 2022 and 2021, the Company amortized $nil and $209,397, respectively, as salaries.
As of November 30, 2022, 10,000,000 shares were issued.
The
Company issued 8,415,111 shares of common stock for the acquisition of NPI in August 2020 (Note 1).
On
August 1, 2020, the Company entered into a one-year consulting services agreement with a company. Pursuant to the agreement, the Company
agreed to pay the provider an annual compensation of $66,000, prorated for any partial year. In addition, for the services rendered by
the provider’s employees, the provider was granted 1,000,000 shares of restricted common stock, vested on September 15, 2020. The
fair value of 1,000,000 shares granted was $400,000, which was calculated based on the stock price of $0.40 per share and will be amortized
over the service term. During the three months ended November 30, 2022 and 2021, the Company recognized $nil and $16,666 respectively
as compensation under these arrangements. The shares were issued on January 6, 2021.
On
November 1, 2020, the Company entered into one-year consulting agreements with two consultants to assist in monitoring and improving
FinMaster APP. Pursuant to the agreement, the Company agreed to pay the consultants 2,500,000 shares of restricted common stock, which
vested on November 1, 2020, prorated for any partial year. The fair value of the shares of restricted common stock was $2,500,000, which
was calculated based on a price per share of $1.00 and amortized over the service term. During the three months ended November 30, 2022
and 2021, the Company amortized $nil and $416,666 respectively as consulting expenses under these agreements.
On
February 8, 2021, the Company and First Leader Capital Ltd. mutually agreed to further forfeit and surrender 5,000,000 shares (the “Surrendered
Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The Surrendered Shares
were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for
reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on
the Company’s current valuation.
On
May 17, 2021, the Company and First Leader Capital Ltd., again, mutually agreed to forfeit and surrender 13,132,500 shares (the “Surrendered
Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The Surrendered Shares
were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for
reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on
the Company’s current valuation.
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 years. Per the terms of the offer letter, Mr. Hsu will receive a monthly remuneration of NT$60,000 (equivalent to $1,902) in cash
and 2,400,000 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 each of years ending August 31, 2023 and 2022 was $120,000, 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, 2022
and 2021, the Company amortized $30,000 each as consulting expenses under this agreement.
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 services, Mr. Chiao will receive a monthly remuneration
of RMB 17,000 (equivalent to $2,385) 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 each of years ending August
31, 2023 and 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, 2022 and 2021, the Company amortized $37,500 each as consulting expenses under this agreement.
On
December 21, 2021, pursuant to the 2021 Equity Incentive Plan, the Company granted an aggregate of 9,550,850 non-restricted share units
of the Company’s common stock to certain employees and consultants of the Company. In accordance with the vesting schedule of the
grant, the restricted shares will vest immediately. The fair price of the non-restricted shares was $0.10 per share. The Company recognized
the share-based compensation expenses over the vesting period on a graded-vesting method. The Company recorded non-cash share-based compensation
of $nil for the three months ended November 30, 2022 and 2021, in respect of the non-restricted shares granted. The shares were issued
on March 2, 2022. As of November 30, 2022, neither unrecognized stock-based compensation was associated with the above share units nor
vested shares were to be issued.
On
January 26, 2022, the shareholders- Chin-Ping Wang and Ching-Nan Wang, submitted conversion notices to the Company converting all of
the outstanding balances of their Convertible Notes payable (Note 13) into an aggregate of 1,600,000 shares of the Company’s common
stock. The conversion was approved by the Company on January 31, 2022 and the shares were issued on March 15, 2022.
On
May 12, 2022, the shareholder- Teh-Ling Chen submitted conversion notice to the Company converting all of the outstanding balance of
his Convertible Notes payable (Note 13) into an aggregate of 2,000,000 shares of the Company’s common stock. The conversion was
approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022.
On
June 17, 2022, 500,576 shares of the Company were issued to shareholder- Teh-Ling Chen for the repayment of loan balance and accrued
interest.
On
October 1, 2022, the Company entered into consultant agreement with Shou-Hung Hsu for two years. Pursuant to the agreement, Mr. Hsu was
compensated at $25,000 per year, prorated for any partial year, payable in cash or with 700,000 shares of restricted common stock, which
would vest as of December 31, 2022 and September 30, 2023. The fair value of the shares of restricted common stock for the first year
was $35,000, 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, 2022 and 2021, the Company amortized $5,833 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 per share. The Company received
aggregate gross proceeds of $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.
From
September 2021 to August 2022, the Company entered into securities purchase agreements with several accredited investors whereby the
investors purchased a total of 19,170,000 shares of the Company’s common stock at an average price of $0.12 per share. The Company
received aggregate gross proceeds of $2,290,000. 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 September 2, 2022.
On
October 31, 2022, the Company entered into a securities purchase agreement with an individual accredited investor (the “Investor”),
to issue and sell to the Investor 1,000,000 shares (the “Shares”) of the Company’s restricted common stock, par value
$0.0001 per share, for a purchase price of $0.30 per share. Pursuant to the terms of the securities purchase agreement, the investor
will have piggyback registration rights with respect to the shares. The Company issued the Shares to the Investor on November 2, 2022,
resulting in $300,000 in aggregate proceeds for the Company.
As
of November 30, 2022, unrecognized share-based compensation expense was $531,667.
As
of November 30, 2022, 1,833,333 shares were granted to employees and vested but not yet issued.
|
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Nov. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
16.
COMMITMENTS AND CONTINGENCIES
During
the period ended November 30, 2022, the Company entered into month-to-month lease agreements with independent third parties to rent office
and staff quarter premises in Taiwan, Shenzhen, Beijing and Hong Kong. The rental expense for the three months ended November 30, 2022
and 2021 were $65,682 and $88,719 respectively.
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, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Operating lease cost – classified as general and administrative expenses | |
$ | 64,988 | | |
$ | 81,470 | |
Weighted Average Remaining Lease Term – Operating leases | |
| 1.34 years | | |
| 1.59 years | |
Weighted Average Discounting Rate – Operating leases | |
| 5.14 | % | |
| 5.31 | % |
The
following is a schedule, by years, of maturities of lease liabilities as of November 30, 2022:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
| |
Operating leases | |
2023 (remaining period) | |
$ | 166,566 | |
2024 | |
| 92,218 | |
2025 | |
| 6,257 | |
2026 | |
| - | |
2027 | |
| - | |
Thereafter | |
| - | |
Total undiscounted cash flows | |
| 265,041 | |
Less: imputed interest | |
| (7,443 | ) |
Present value of lease liabilities | |
$ | 257,598 | |
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, mutual agreement or expiration of a fixed-term labor contract. The Company has estimated its possible
severance payments of approximately $166,000
and $146,000
as of November 30, 2022 and August 31, 2022,
respectively. The Company subsequently dismissed ten employees and severance payments of $127,965 (RMB907,000) would be incurred. The
compensation would be payable in the form of cash of $36,471 (RMB258,500) and 926,429 restricted shares of the Company. The fair value
of the shares of restricted common stock was $92,643, which was calculated based on a price per share of $0.10.The shares will be issued by August 31, 2023.
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 $39,000
and $52,000
as of November 30, 2022 and August 31, 2022, respectively, which have not been reflected in its condensed consolidated financial
statements, because it is more likely than not that this will not be paid or incurred.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
SUBSEQUENT EVENTS
|
3 Months Ended |
Nov. 30, 2022 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
17.
SUBSEQUENT EVENTS
On March 15, 2023, the Company issued an offer letter to Kuo-Kang Chang, pursuant to which Mr. Chang agreed to serve as senior VP of
marketing and branding strategy for two years. For his services, Mr. Chang will receive an annual remuneration of $20,000 in cash or
1,000,000 shares of restricted common stock. In addition, Mr. Chang may be entitled to additional 1,000,000 restricted shares 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 was $10,000, which was calculated based on a price per share of $0.10 and
amortized over the service term. 1,000,000 shares were issued to Mr. Chang on April 10, 2023.
On
March 15, 2023, the board of directors decided to dissolve LOC. LOC then entered into a de-registration process and its business was
taken over by LCHD. Taichung City Government approved the dissolution on April 25, 2023.
From March to April 2023, the Company entered into
securities purchase agreements with two accredited investors whereby the investors purchased a total of 5,000,000 shares of the Company’s
common stock at a price of $0.10 per share. The Company received aggregate gross proceed of $500,000. Pursuant to the terms of the securities
purchase agreement, the investor will have piggyback registration rights with respect to the shares. The shares were issued to the investors
by April 10, 2023.
From May to June 2023, the Company received aggregate
gross proceeds of $201,540 from several accredited investors whereby the investors intended to purchase a total of 4,030,000 shares of
the Company’s common stock at a price of $0.05 per share. The shares are expected to be issued by end of July 2023.
On April 20, 2023, the Company entered into consultant
agreement with Yueh-Hung Chou for one year. Pursuant to the agreement, Mr. Chou will be compensated at NT$25,000 per month. In addition,
he would be remunerated by 300,000 restricted shares of the Company upon the achievement of certain performance as agreed.
The
Company borrowed a principal amount of $98,760 (RMB700,000) on April 26, 2023 from a shareholder – Chang-Ming Lu. The loan was
5% p.a. interest bearing payable on monthly basis and would be matured on December 31, 2023. The loan was fully received by May 8, 2023.
A further loan of $42,326 (RMB300,000) was borrowed on June 5, 2023. The loan was 5% p.a. interest bearing payable on monthly basis and
would be matured on July 5, 2023.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Nov. 30, 2022 |
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, 2022.
|
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, 2022, the Company has suffered recurring losses from operations, and records an accumulated deficit, a working capital
deficit and a shareholders’ deficit of $35,640,237, $2,392,112 and $2,313,474, respectively. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon
the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they become due.
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.
Affected
by the COVID-19, the Company had to re-organize to improve its market competitiveness and to warrant the survival and future development.
The Company also had downsized the operations to safeguard the financial position by reduction of labor costs, reduction of office
space, and simplified operational procedures.
The
Company’s reduction of labor costs were done through resignation and layoffs, whereas all layoffs were processed according to local
governing labor laws.
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 severity of the impact of the COVID-19 pandemic on the Company’s business will continue to depend on a
number of factors, including, but not limited to, the duration and severity of the pandemic, the new variants of COVID-19, the efficacy
and distribution of COVID-19 vaccines and the extent and severity of the impact on the global supply chain and the Company’s customers,
service providers and suppliers, all of which are uncertain and cannot be reasonably predicted at this time. As of the date of issuance
of the Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s
financial condition, liquidity or results of operations is uncertain. The Company is monitoring and assessing the evolving situation closely
and evaluating its potential exposure. 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 (“Goodwill”). 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 impairment of $1,747,945 and $1,226,419 on the goodwill recorded in the Company’s financial statements
for the years ended August 31, 2022 and 2021, respectively.
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. During the year ended August 31, 2022, the Company expects the reporting unit of FinTech App
development not to generate profits in the near future. As a result, the goodwill was fully impaired as of August 31, 2022.
|
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, 2022 and 2021.
|
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
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Provision of investment platform services | |
$ | 9,148 | | |
$ | 3,242 | |
Provision of software development service and maintenance service | |
| 245,392 | | |
| 11,563 | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
|
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
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Revenue by recognition over time | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue by recognition at a point in time | |
| - | | |
| - | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
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, 2022, the Company’s remaining performance obligations were $68,928, which it
expects to recognize as revenues over the next twelve months and the remainder thereafter.
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. The Company subsequently withdrew from the investment platform service in February 2023 and the advance payment from
FinMaster App would be refunded to customers upon requests received. Below is the summary
presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2022 and 2021:
SCHEDULE
OF CONTRACT LIABILITIES
Receipt in advance | |
2022 | | |
2021 | |
| |
| | |
| |
Balance as of September 1 | |
$ | 169,951 | | |
$ | 16,225 | |
Advances received from customers | |
| 133,926 | | |
| 2,650 | |
Revenue recognized | |
| (234,605 | ) | |
| (15,357 | ) |
Exchange difference | |
| (344 | ) | |
| (77 | ) |
Balance as of November 30 | |
$ | 68,928 | | |
$ | 3,441 | |
|
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, 2022 and 2021, the total R&D expenses were $106,278 and $146,283, respectively.
|
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, 2022 and 2021, advertising costs totaled $13,810 and $210,603, 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.The loyalty program was subsequently ended on April 30, 2023 after the Company withdrew from the investment platform
service.
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, 2022 and 2021, redeemable point liability (credited) charged as sales and marketing expenses were
($27) and $3,169, respectively.
As
of November 30, 2022 and August 31, 2022, liabilities recorded related to unredeemed points were $81,246 and $82,638, respectively, which
were included in other payables (note 9).
|
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 an 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, 2022 and August 31, 2022 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 months or less off the balance sheet and recognize the associated lease payments in the consolidated
statements of income on a straight-line basis over the lease term.
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 years | |
Technical know-hows | |
| 8 years | |
Trademarks | |
| 10 years | |
|
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 impairment has been recorded by the Company for the three months ended November 30, 2022 and 2021.
|
Employee benefits |
Employee
benefits
The
Taiwan subsidiary also operates a Defined Contribution Pension Plan under the Labor Pension Act (the Act) for employees in Taiwan. The
Act stipulated that the contribution rate by the employer per month shall not be less than 6% of the employees’ monthly salary,
and the Table of Monthly Contribution Salary Classification shall be prescribed by Central Competent Authority. The highest bracket of
Monthly Contribution Salary issued by Central Competent Authority is $4,754 (NTD150,000). Total amounts of such employee benefit expenses,
which were expensed as incurred, were approximately $5,277 and $10,909 for the three months ended November 30, 2022 and 2021, respectively.
Full
time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension
benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require
that the PRC subsidiary of the Company make contributions to the government for these benefits based on certain percentages of the employees’
salaries, up to a maximum amount specified by the local government. The Company has no legal obligation for the benefits beyond the contributions
made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $27,905 and $31,212 for the
three months ended November 30, 2022 and 2021, respectively.
The
Hong Kong subsidiary operates a Mandatory Provident Fund (“MPF”) scheme for all qualifying employees in Hong Kong. The MPF
is a defined contribution scheme and the assets of the scheme are managed by a trustee independent of the Group. The MPF is available
to all employees aged 10 to 64 with a least 60 days of service under the employment of the Group in Hong Kong. Contributions are made
by the Group to a cap of HK$1,500 (equivalent to $192 per month). Total amounts of such employee benefit expenses, which were expensed
as incurred, were approximately $1,591 and $1,041 for the three months ended November 30, 2022 and 2021, respectively.
|
Income taxes |
Income
taxes
Income
taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income
Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the
periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities
of a change in tax rates is recognized in income in the period that includes the enactment date.
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. As of November
30, 2022, the Company has no accrued interest or penalties related to uncertain tax positions.
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.” Basic income/(loss)
per share is computed by dividing the net income/(loss) by the weighted-average number of shares of common stock outstanding during the
period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include
the number of additional shares of common stock that would have been outstanding if the potential common stock equivalents had been issued
and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss
per share:
SCHEDULE
OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Weighted average number of shares of common stock outstanding - Basic and diluted** | |
| 199,878,517 | | |
| 160,879,360 | |
Net loss per share - Basic and diluted | |
$ | (0.00 | )* | |
$ | (0.01 | ) |
|
* |
Less than $0.01 |
|
|
|
|
** |
Including 1,833,333 shares
granted and vested but not yet issued for the period ended November 30, 2022; and including 3,571,157 shares that were granted and
vested but not yet issued for the period ended November 30, 2021. |
|
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 United States Dollars (“US$”) respectively, which are the primary currencies of the economic
environment in which the entities operate (the functional currencies).
In
general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not
US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the
exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains
and losses resulting from the translation of the financial statements of foreign subsidiaries are recorded as a separate component of
accumulated other comprehensive income within the statement of retained earnings.
Translation
of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY TRANSLATION
| |
As
of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Period-end NT$ : US$ 1 exchange rate | |
| 30.89 | | |
| 30.38 | |
Period-end RMB : US$ 1 exchange rate | |
| 7.08 | | |
| 6.89 | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended, | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Period average NT$ : US$ 1 exchange rate | |
| 31.55 | | |
| 27.82 | |
Period average RMB : US$ 1 exchange rate | |
| 7.13 | | |
| 6.42 | |
Foreign translation currency | |
| 7.13 | | |
| 6.42 | |
|
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 re-measured 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.
|
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 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
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 Company adopted ASU 2021-04 effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact
on the Company’s condensed consolidated financial statement presentation or disclosures.
In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government
Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying
a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021,
and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in
financial statements at the date of initial application and new transactions that are entered into after the date of initial
application or retrospectively to those transactions. The Company adopted ASU 2021-10
effective September 1, 2022. The adoption of ASU 2021-04 did not have any impact on the Company’s condensed
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. In March 2023, the FASB issued ASU 2023-02, Topic 326. The ASU eliminates the
accounting guidance for trouble debt restructurings by creditors in Subtopic 310-40, and enhances the disclosure requirements for
modifications of loans to borrowers experiencing financial difficulty. Additionally, the ASU requires disclosure of gross writeoffs
of receivables by year of origination for receivables within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -
Measured at Amortized Cost. This ASU is effective for periods beginning after December 15, 2023. The Company is currently evaluating
the impact that the adoption of ASU 2016-13 and ASU 2023-02 will have on its condensed 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 does not expect the impact of this guidance to
have a material impact on the Company’s condensed consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which requires the recognition and measurement of contract assets and contract liabilities acquired in
a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This creates an exception to the general recognition
and measurement principles in ASC 805. As a smaller reporting company, ASU 2021-08 will be effective for the Company for interim and
annual reporting periods beginning after December 15, 2023, with early adoption permitted. The amendments in this ASU should be applied
prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not anticipate that
the adoption of this guidance will have a material impact on the condensed consolidated financial statements.
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for
leasehold improvements associated with leases between entities under common control (hereinafter referred to as common control
lease). ASU 2023-01 requires entities to amortize leasehold improvements associated with common control lease over the useful life
to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a
lease, and to account for any remaining leasehold improvements as a transfer between entities under common control through an
adjustment to equity when the lessee no longer controls the underlying asset. This ASU will be effective for fiscal years beginning
after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and
annual financial statements that have not yet been made available for issuance. An entity may apply ASU 2023-01 either prospectively
or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2023-01 will have on our condensed
consolidated financial statement presentations and 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.
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v3.23.2
ORGANIZATION AND BUSINESS BACKGROUND (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
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 (“LFGL”) |
|
Seychelles / March 6, 2017 |
|
Investment Holding |
|
|
|
|
|
2. JFB Internet Service Limited (“JFB”) |
|
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 |
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Accounting Policies [Abstract] |
|
SCHEDULE OF REVENUE BY MAJOR PRODUCT LINE |
SCHEDULE
OF REVENUE BY MAJOR PRODUCT LINE
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Provision of investment platform services | |
$ | 9,148 | | |
$ | 3,242 | |
Provision of software development service and maintenance service | |
| 245,392 | | |
| 11,563 | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
|
SCHEDULE OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME |
SCHEDULE
OF REVENUE BY RECOGNITION OVER TIME VS POINT IN TIME
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Revenue by recognition over time | |
$ | 254,540 | | |
$ | 14,805 | |
Revenue by recognition at a point in time | |
| - | | |
| - | |
Revenue | |
$ | 254,540 | | |
$ | 14,805 | |
|
SCHEDULE OF CONTRACT LIABILITIES |
The
Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. The Company subsequently withdrew from the investment platform service in February 2023 and the advance payment from
FinMaster App would be refunded to customers upon requests received. Below is the summary
presenting the movement of the Company’s contract liabilities for the three months ended November 30, 2022 and 2021:
SCHEDULE
OF CONTRACT LIABILITIES
Receipt in advance | |
2022 | | |
2021 | |
| |
| | |
| |
Balance as of September 1 | |
$ | 169,951 | | |
$ | 16,225 | |
Advances received from customers | |
| 133,926 | | |
| 2,650 | |
Revenue recognized | |
| (234,605 | ) | |
| (15,357 | ) |
Exchange difference | |
| (344 | ) | |
| (77 | ) |
Balance as of November 30 | |
$ | 68,928 | | |
$ | 3,441 | |
|
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 years | |
Technical know-hows | |
| 8 years | |
Trademarks | |
| 10 years | |
|
SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE |
SCHEDULE
OF RECONCILIATION OF BASIC AND DILUTED NET LOSS PER SHARE
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Net loss | |
$ | (719,073 | ) | |
$ | (2,118,887 | ) |
Weighted average number of shares of common stock outstanding - Basic and diluted** | |
| 199,878,517 | | |
| 160,879,360 | |
Net loss per share - Basic and diluted | |
$ | (0.00 | )* | |
$ | (0.01 | ) |
|
* |
Less than $0.01 |
|
|
|
|
** |
Including 1,833,333 shares
granted and vested but not yet issued for the period ended November 30, 2022; and including 3,571,157 shares that were granted and
vested but not yet issued for the period ended November 30, 2021. |
|
SCHEDULE OF FOREIGN CURRENCY TRANSLATION |
Translation
of amounts from foreign currencies into US$ has been made at the following exchange rates for the respective periods:
SCHEDULE OF FOREIGN CURRENCY TRANSLATION
| |
As
of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Period-end NT$ : US$ 1 exchange rate | |
| 30.89 | | |
| 30.38 | |
Period-end RMB : US$ 1 exchange rate | |
| 7.08 | | |
| 6.89 | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
For the three months ended, | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Period average NT$ : US$ 1 exchange rate | |
| 31.55 | | |
| 27.82 | |
Period average RMB : US$ 1 exchange rate | |
| 7.13 | | |
| 6.42 | |
Foreign translation currency | |
| 7.13 | | |
| 6.42 | |
|
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v3.23.2
ACQUISITION OF SUBSIDIARIES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
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 | |
|
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v3.23.2
PLANT AND EQUIPMENT, NET (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PLANT AND EQUIPMENT, NET |
Plant
and equipment as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF PLANT AND EQUIPMENT, NET
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Furniture and fixtures | |
$ | 30,234 | | |
$ | 30,494 | |
Office equipment | |
| 82,778 | | |
| 89,858 | |
Leasehold improvement | |
| 89,052 | | |
| 82,969 | |
Total | |
| 202,064 | | |
| 203,321 | |
Less: Accumulated depreciation | |
| (141,977 | ) | |
| (132,317 | ) |
Plant and Equipment, net | |
$ | 60,087 | | |
$ | 71,004 | |
|
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v3.23.2
INTANGIBLE ASSETS, NET (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
assets costs as of November 30, 2022 and August 31, 2022 are summarized below:
SCHEDULE OF INTANGIBLE ASSETS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Investment platform | |
$ | 30,000 | | |
$ | 30,000 | |
Technical know-hows | |
| 818,200 | | |
| 818,200 | |
Trademarks | |
| 4,920 | | |
| 4,920 | |
Total | |
| 853,120 | | |
| 853,120 | |
Less: Accumulated amortization | |
| (199,158 | ) | |
| (199,035 | ) |
Impairment | |
| (649,781 | ) | |
| (649,781 | ) |
Intangible assets, net | |
$ | 4,181 | | |
$ | 4,304 | |
|
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS |
As
of November 30, 2022, amortization expenses related to intangible assets for future periods are estimated to be as follows:
SCHEDULE OF AMORTIZATION EXPENSES RELATED TO INTANGIBLE ASSETS
| |
| | |
2023 (remaining period) | |
$ | 369 | |
2024 | |
| 492 | |
2025 | |
| 492 | |
2026 | |
| 492 | |
2027 | |
| 492 | |
2028 and thereafter | |
| 1,844 | |
Total | |
$ | 4,181 | |
|
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v3.23.2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY RELATIONSHIP |
SCHEDULE
OF RELATED PARTY RELATIONSHIP
Name
of Entity or Individual |
|
Relationship
with the Company |
DFP
Holdings Limited (“DFP”) |
|
Note
a |
Reblood
Biotech Corp. |
|
Note
b |
Reblood
Biotech Limited |
|
Note
b |
Asia
Pacific Integrating System Limited |
|
Note
c |
Yi-Hsiu
Lin |
|
Shareholder
and director of the Company |
Jui-Chin
Chen |
|
Shareholder
of the Company |
Teh-Ling
Chen |
|
Shareholder
of the Company |
CPN
Investment Limited |
|
Shareholder
of the Company |
Kuo-Hsun
Hsu |
|
Shareholder
of the Company |
Chun-Shuo
Huang |
|
Shareholder
of the Company |
Yu-Cheng
Tu |
|
Shareholder
of the Company |
Chin-Chiang
Wang |
|
Shareholder
of the Company |
Ching-Nan
Wang |
|
Shareholder
of the Company |
Chin-Ping
Wang |
|
Shareholder
of the Company |
Shih-Chu
Lo |
|
Shareholder
of the Company |
(a) |
As
of November 30, 2022, the Company and Yi-Hsiu Lin held 7.01% and 7.01% of DFP’s outstanding common stock. DFP was also the
shareholder of the Company. |
(b) |
Reblood
Biotech Corp., a Nevada company, in which Yi-Hsiu Lin was the shareholder. Reblood Biotech Limited, a Hong Kong company, which was
a subsidiary of Reblood Biotech Corp. |
(c) |
Asia
Pacific Integrating System Limited, a Taiwanese company, wholly owned by Shih-Chu Lo, a shareholder of the Company, holding 100%
equity interests as of November 30, 2022. |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
The
Company entered into the following significant related party transactions:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
For the three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Provision of software development service to DFP (a) | |
$ | 230,000 | | |
$ | - | |
Provision of software maintenance service to DFP (a) | |
| 15,392 | | |
| - | |
| |
| | | |
| | |
Rental expense to Yu-Cheng Tu (b) | |
| - | | |
| 3,235 | |
Rental expense to Reblood Biotech Limited (d) | |
| 8,757 | | |
| 8,856 | |
| |
| | | |
| | |
Interest expense to: | |
| | | |
| | |
Teh-Ling Chen (Note 13) | |
| - | | |
| 3,000 | |
CPN Investment Limited (c) | |
| - | | |
| - | |
Chun-Shuo Huang (Note 10(a)) | |
| 8,417 | | |
| - | |
Ching-Nan Wang (Note 12) | |
| 18,000 | | |
| 15,000 | |
Jui-Chin Chen (Note 10(b) and 13) | |
| 1,200 | | |
| 1,500 | |
Chin-Chiang Wang (Note 10(c) and 13) | |
| 3,000 | | |
| 3,000 | |
Chin-Ping Wang (Note 13) | |
| - | | |
| 3,000 | |
Ching-Nan Wang (Note 13) | |
| - | | |
| 3,000 | |
(a) |
The
Company entered into a Customized App Development Agreement providing the online and offline learning opportunities across different
subjects on January 27, 2022 with DFP. The Company delivered an app and provided the follow-up maintenance service since August 2022.
For the three months ended November 30, 2022, software maintenance income of $15,392 was generated from this customer. Both parties
entered another software development agreement on March 31, 2022. As of November 30, 2022, the development work was in the process
and the Company will deliver the app by the second quarter of current fiscal year. For the three months ended November 30, 2022,
revenue of $230,000 was generated. . |
|
|
(b) |
On
September 1, 2020, LOC leased an office in Taichung, Taiwan from the Company’s shareholder- Yu-Cheng Tu. The lease was renewed
on April 1, 2021 for additional one-year term and early terminated on October 31, 2021. The monthly lease was for the amount of NTD
45,000 ($1,617), with a term of one year. During the three months ended November 30, 2022 and 2021, the Company recognized rental
expenses of $nil and $3,235, respectively that are included in general and administrative expenses. |
|
|
(c) |
The
Company borrowed a principal amount of $62,000 on September 27, 2022 from a shareholder – CPN Investment Limited. The loan
was 6% interest bearing payable on maturity and would be matured in one year. The loan was fully repaid on November 1, 2022. Interest
of $nil was incurred for the three months ended November 30, 2022. |
|
|
(d) |
On
June 1, 2021, JFB leased an office in Taipei, Taiwan from a company which was the subsidiary of Reblood Biotech Corp.. The monthly
lease was for the amount of NTD 82,062 ($2,601), with a term of 16 months. On October 1, 2022, the lease was renewed for additional
one year. The monthly rental was NTD 97,062 ($3,076). During the three months ended November 30, 2022 and 2021, the Company recognized
rental expenses of $8,757 and $8,856, respectively that are included in general and administrative expenses. |
|
|
(e) |
NTD64,000
($2,072) was paid for Hsu Kuo-Hsun’s quarter on November 3, 2022. |
|
SCHEDULE OF RELATED PARTY BALANCES |
Apart
from the above, the Company recorded the following significant related party balances as of November 30, 2022 and August 31, 2022:
SCHEDULE
OF RELATED PARTY BALANCES
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accounts receivable from related parties | |
| | | |
| | |
| |
| | | |
| | |
Receivables from DFP | |
$ | 7,687 | | |
$ | 2,732 | |
Up
to the date of this report, DFP had repaid $7,687 to the Company.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Contract liabilities due to related parties | |
| | | |
| | |
| |
| | | |
| | |
due to DFP | |
$ | - | | |
$ | 150,000 | |
due to Asia Pacific Integrating System Limited | |
$ | 50,000 | | |
$ | - | |
Due to related parties | |
$ | 50,000 | | |
$ | - | |
Up
to the date of this report, $nil of the above contract liabilities had been utilized.
| |
| | | |
| | |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests payable to related parties | |
| | | |
| | |
| |
| | | |
| | |
Ching-Nan Wang (note 12) | |
$ | 2,935 | | |
$ | 2,935 | |
Chun-Shuo Huang (note 10 (a)) | |
| 2,851 | | |
| 2,851 | |
Jui-Chin Chen (note 10(b)) | |
| 4,429 | | |
| 3,229 | |
Chin-Chiang Wang (note 10(c)) | |
| 165 | | |
| 9,165 | |
Total | |
$ | 10,380 | | |
$ | 18,180 | |
|
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v3.23.2
PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Credit Loss [Abstract] |
|
SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES |
SCHEDULE
OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
| |
| | |
| |
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
| |
| | |
| |
Rental and management fee deposits | |
$ | 82,541 | | |
$ | 100,498 | |
Other prepaid expenses | |
| 63,547 | | |
| 52,723 | |
Other taxes recoverable | |
| 22,899 | | |
| 35,802 | |
Prepayments, deposits and other receivables | |
| 168,987 | | |
| 189,023 | |
Less: non-current portion | |
| | | |
| | |
Rental and management fee deposits | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, non-current | |
| 12,538 | | |
| 12,822 | |
Prepayments, deposits and other receivables, current | |
$ | 156,449 | | |
$ | 176,201 | |
|
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- DefinitionTabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.
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v3.23.2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Accrued interests (Note 7, 10 and 12) | |
$ | 10,380 | | |
| 18,180 | |
Accrued payroll | |
| 143,052 | | |
| 150,932 | |
Other accrued expenses | |
| 272,534 | | |
| 197,428 | |
Other taxes payable | |
| 1,874 | | |
| 1,377 | |
Point liabilities | |
| 81,246 | | |
| 82,638 | |
Accrued expenses and
other payables | |
$ | 509,086 | | |
| 450,555 | |
|
X |
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- DefinitionTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.
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v3.23.2
DUE FROM (TO) SHAREHOLDERS AND DIRECTORS (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
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 November 30, 2022 | | |
As of August 31, 2022 | |
Other loans from shareholders: | |
| | | |
| | |
Jui-Chin Chen (b) | |
$ | (80,000 | ) | |
$ | (80,000 | ) |
Chun-Shuo Huang (a) | |
| (141,085 | ) | |
| (145,159 | ) |
Mei-Ying Huang (d) | |
| (2,590 | ) | |
| (35,550 | ) |
Chin-Chiang Wang (c) | |
| (200,000 | ) | |
| (200,000 | ) |
Total (Note 11) | |
| (423,675 | ) | |
| (460,709 | ) |
Less: Other loans from shareholders, non-current | |
| 200,000 | | |
| 200,000 | |
| |
$ | (223,675 | ) | |
$ | (260,709 | ) |
| |
| | | |
| | |
Due to a director - current: | |
| | | |
| | |
Yi-Hsiu Lin (e) | |
$ | (1,003,860 | ) | |
$ | (973,564 | ) |
| |
| | | |
| | |
Due to shareholders - current: | |
| | | |
| | |
Yu-Cheng Tu (e) | |
$ | (40,624 | ) | |
$ | (42,472 | ) |
Hung-Pin Cheng (e) | |
| (476 | ) | |
| (471 | ) |
Mei-Ying Huang (e) | |
| (800 | ) | |
| (800 | ) |
Shih-Chu Lo (e) | |
| (800 | ) | |
| (800 | ) |
Jun-Yuan Chen (e) | |
| (800 | ) | |
| (800 | ) |
Total | |
$ | (43,500 | ) | |
$ | (45,343 | ) |
| |
| | | |
| | |
Due from a shareholder - current: | |
| | | |
| | |
Kuo-Hsun Hsu (f) | |
$ | 2,072 | | |
$ | - | |
(a) |
On
February 28, 2022, the Company obtained a loan of RMB1,000,000 ($141,085) from Chun-Shuo Huang, which accrues interest at the rate
of 8% per annum. The loan was due on May 27, 2022 and further extended to December 31, 2022 and accrued interest at the rate of 2%
per month. The repayment was extended to June 30, 2023 as agreed by both parties. Interest of $8,417 and $nil respectively was incurred
for the three months ended November 30, 2022 and 2021. Interest of $2,851 was accrued as of November 30, 2022 and August 31, 2022. |
|
|
(b) |
The
loan was modified from convertible note on March 23, 2022 and would be repayable in five installments before November 30, 2022 with
6% interest-bearing per annum. $20,000 was repaid by the Company as of November 30, 2022. On November 29, 2022, both parties entered
into an amendment agreement to extend the payment time of the remaining loans and interests by November 30, 2023. For the three months
ended November 30, 2022, interest of $1,200 and $1,500 were incurred respectively. Interest of $4,429 and $3,229 was accrued as of
November 30, 2022 and August 31, 2022, respectively. |
|
|
(c) |
The
loan was modified from convertible note on May 3, 2022 and would mature on November 25, 2024 with 6% interest-bearing per annum.
For the three months ended November 30, 2022 and 2021, interest of $3,000 were incurred. Interest of $165 and $9,165 was accrued
as of November 30, 2022 and August 31, 2022, respectively. |
|
|
(d) |
The
Company borrowed non-interest bearing loans in the aggregate amount of NTD4,000,000 ($129,492) from Huang Mei-Ying. The loan of NTD2,500,000
($80,932) borrowed on November 24, 2021 was due on May 24, 2022 but further extended to December 31, 2022. The loan was fully repaid
on October 25, 2022. The loan of NTD1,000,000 ($32,373) borrowed on January 12, 2022 was fully repaid on July 22, 2022. NTD420,000
($13,597) was repaid for the remaining loan of NTD500,000 ($16,187) obtained on February 9, 2022 which would be repayable based on
the Company’s financial ability |
|
|
(e) |
Amounts
due to shareholders and a director are unsecured, interest-free with no fixed payment term. |
|
|
(f) |
NTD64,000
($2,072) was paid for Hsu Kuo-Hsun’s quarter on November 3, 2022. The advance is non-interest bearing and would repayable on
demand. |
|
|
(g) |
The
Company borrowed a principal amount of $62,000 on September 27, 2022 from a shareholder – CPN Investment Limited. The loan
was 6% interest bearing payable on maturity and would be matured in one year. The loan was fully repaid on November 1, 2022. No interest
was accrued as of November 30, 2022. |
|
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v3.23.2
OTHER LOANS (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF OTHER LOANS |
SCHEDULE OF OTHER LOANS
| |
As of November 30, 2022 | | |
As of August 31, 2022 | |
Other loans: | |
| | | |
| | |
- from shareholders (note 10) | |
$ | 423,675 | | |
$ | 460,709 | |
- from a non-related party | |
| 971 | | |
| - | |
| |
| 424,646 | | |
| 460,709 | |
Less: Other loan, non-current: | |
| (200,000 | ) | |
| (200,000 | ) |
| |
$ | 224,646 | | |
$ | 260,709 | |
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF CONVERTIBLE NOTES PAYABLE |
SCHEDULE OF CONVERTIBLE NOTES PAYABLE
| |
Principal amount | | |
Issue date | | |
Maturity date | | |
Interest rate | |
Jui-Chin Chen (a) | |
| 100,000 | | |
| March 18, 2020 | | |
| March 18, 2022 | | |
| 6 | % |
Teh-Ling Chen (b) | |
| 100,000 | | |
| November 2, 2020 | | |
| November 2, 2022 | | |
| 6 | % |
Chin-Ping Wang (c) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Nan Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Chin-Chiang Wang (d) | |
| 200,000 | | |
| November 25, 2020 | | |
| November 25, 2022 | | |
| 6 | % |
Teh-Ling Chen (e) | |
| 100,000 | | |
| January 15, 2021 | | |
| January 15, 2023 | | |
| 6 | % |
| |
$ | 900,000 | | |
| | | |
| | | |
| | |
(a) |
On
March 18, 2020, the Company issued an unsecured note in the principal amount of $100,000, which accrues interest at the rate of 6%
per annum, to a shareholder – Jui-Chin Chen. On August 17, 2020, the Company amended the Note and the Agreement, 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 per share. On March 23,
2022, the Company further amended the Note and the Agreement with the noteholder, mutually agreed to cancel the conversion option
and to repay the principal in two installments and accrued interest during that period before October 31, 2022. The balance was classified
as 6% short-term loan on the same date (Note 10(b)). On May 29, 2022, the Company further amended the Note and the Agreement with
the noteholder, mutually agreed to repay the principal and interests in five installments before November 30, 2022. It was later
extended to November 30, 2023. Up to the date of this report, the Company repaid $nil to Jui-Chin Chen. |
|
|
(b) |
On
November 2, 2020, the Company issued a Note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Teh-Ling Chen. The note is due on November 2, 2022 and unsecured. On May 10, 2022, the Company entered into
an amendment to the Note with the shareholder, 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 $0.10 per share. On May 12, 2022, the shareholder submitted conversion notice to the Company converting
all of the outstanding balance of his Note into an aggregate of 1,000,000 shares of the Company’s common stock. The conversion
was approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022. |
(c) |
On
November 25, 2020, the Company issued a Note in the principal amount of $200,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Chin-Chiang Wang. The Note is due on November 25, 2022 and unsecured. On May 3, 2022, the Company entered
into an amendment to the Note and the convertible promissory note purchase agreement with Chin-Chiang Wang, mutually agreed to extend
the maturity date to November 25, 2024 and cancel the conversion option. The balance was classified as non-current 6% loan on the
same date (Note 10(c)). |
|
|
(d) |
On
November 25, 2020, the Company issued several Notes in the total principal amount of $400,000, which accrues interest at the rate
of 6% per annum, to shareholders – Chin-Ping Wang and Ching-Nan Wang. The notes are due on November 25, 2022 and unsecured.
On January 24, 2022, the Company entered into an amendment to the Notes with these two shareholders, wherein, at the sole option
of the applicable noteholder, all or part of the unpaid outstanding principal of such noteholder’s Notes would be convertible
into shares of restricted common stock of the Company at a conversion price equal to $0.25 per share. On January 26, 2022, the shareholders
submitted conversion notices to the Company converting all of the outstanding balances of their Notes into an aggregate of 1,600,000
shares of the Company’s common stock. The conversion was approved by the Company on January 31, 2022 and the shares were issued
on March 15, 2022. |
|
|
(e) |
On
January 15, 2021, the Company issued a Note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum,
to a shareholder – Teh-Ling Chen. The note is due on January 15, 2023 and unsecured. On May 10, 2022, the Company entered into
an amendment to the Note with the shareholder, 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 $0.10 per share. On May 12, 2022, the shareholder submitted conversion notice to the Company converting
all of the outstanding balance of his Note into an aggregate of 1,000,000 shares of the Company’s common stock. The conversion
was approved by the Company on May 17, 2022 and the shares were issued on May 19, 2022. |
|
X |
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v3.23.2
INCOME TAXES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES |
For
the period ended November 30, 2022 and 2021, the local (United States) and foreign components
of loss before income tax were comprised of the following:
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Tax jurisdictions from: | |
| | | |
| | |
- Local | |
$ | (108,149 | ) | |
$ | (1,134,999 | ) |
- Foreign, representing | |
| | | |
| | |
Seychelles | |
| - | | |
| - | |
British Virgin Islands | |
| (1,144 | ) | |
| (1,557 | ) |
Taiwan | |
| (302,977 | ) | |
| (683,911 | ) |
PRC | |
| (205,929 | ) | |
| (119,437 | ) |
Hong Kong | |
| (100,874 | ) | |
| (183,465 | ) |
Tax jurisdictions from foreign | |
| (100,874 | ) | |
| (183,465 | ) |
|
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
| |
2022 | | |
2021 | |
| |
Three months ended | |
| |
November 30, 2022 | | |
November 30, 2021 | |
Current | |
$ | - | | |
$ | - | |
Deferred | |
| - | | |
| (4,482 | ) |
Total income tax benefit | |
$ | - | | |
$ | (4,482 | ) |
|
SCHEDULE OF PROVISION FOR INCOME TAXES |
The
benefit for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
| |
2022 | | |
2021 | |
|
|
Three months ended |
|
|
|
November 30, 2022 |
|
|
November 30, 2021 |
|
Statutory income tax rate |
|
|
21 |
% |
|
|
21 |
% |
Income tax credit computed at statutory income rate |
|
|
(151,005 |
) |
|
|
(445,908 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
Non-deductible expenses |
|
|
47,903 |
|
|
|
146,009 |
|
Share-based payments |
|
|
36,400 |
|
|
|
175,398 |
|
Tax effect of tax exempt entity |
|
|
240 |
|
|
|
327 |
|
Rate differential in different tax jurisdictions |
|
|
(3,328 |
) |
|
|
(2,012 |
) |
Valuation allowance on deferred tax assets |
|
|
69,790 |
|
|
|
121,704 |
|
Income tax benefit |
|
$ |
- |
|
|
$ |
(4,482 |
) |
|
SCHEDULE OF DEFERRED TAX ASSETS |
SCHEDULE
OF DEFERRED TAX ASSETS
| |
November 30, 2022 | | |
August 31, 2022 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
| | | |
| | |
– United States of America | |
$ | (486,876 | ) | |
$ | (500,564 | ) |
– Taiwan | |
| (745,253 | ) | |
| (699,772 | ) |
– PRC | |
| (643,176 | ) | |
| (600,648 | ) |
– Hong Kong | |
| - | | |
| - | |
Deferred tax assets: net operating loss carryforwards | |
| - | | |
| - | |
| |
| | | |
| | |
Less: valuation allowance | |
| 1,875,305 | | |
| 1,800,984 | |
Deferred tax assets,
net of valuation allowance | |
$ | - | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Nov. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
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, 2022 | | |
November 30, 2021 | |
| |
| | |
| |
Operating lease cost – classified as general and administrative expenses | |
$ | 64,988 | | |
$ | 81,470 | |
Weighted Average Remaining Lease Term – Operating leases | |
| 1.34 years | | |
| 1.59 years | |
Weighted Average Discounting Rate – Operating leases | |
| 5.14 | % | |
| 5.31 | % |
|
SCHEDULE OF MATURITIES OF LEASE LIABILITIES |
The
following is a schedule, by years, of maturities of lease liabilities as of November 30, 2022:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
| |
Operating leases | |
2023 (remaining period) | |
$ | 166,566 | |
2024 | |
| 92,218 | |
2025 | |
| 6,257 | |
2026 | |
| - | |
2027 | |
| - | |
Thereafter | |
| - | |
Total undiscounted cash flows | |
| 265,041 | |
Less: imputed interest | |
| (7,443 | ) |
Present value of lease liabilities | |
$ | 257,598 | |
|
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SCHEDULE OF SUBSIDIARIES OF COMPANY (Details)
|
3 Months Ended |
Nov. 30, 2022 |
Leader Financial Group Limited [Member] |
|
Company name |
Leader Financial Group Limited (“LFGL”)
|
Place and date of incorporation |
Seychelles / March 6, 2017
|
Principal activities |
Investment Holding
|
JFB Internet Service Limited [Member] |
|
Company name |
JFB Internet Service Limited
|
Place and date of incorporation |
Hong
Kong / July 6, 2017
|
Principal activities |
Provides an Investment Platform
|
LOC Weibo Co., Ltd [Member] |
|
Company name |
LOC Weibo Co., Ltd. (“LOC”)
|
Place and date of incorporation |
Republic of China/September 29, 2017
|
Principal activities |
Development of ecological-systems
applications, integration of big data and promotion of OTT applications
|
Beijing DataComm Cloud Media Technology Co., Ltd. [Member] |
|
Company name |
Beijing DataComm Cloud Media Technology Co., Ltd.
(“BJDC”)
|
Place and date of incorporation |
People’s Republic of China /April 16, 2013
|
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Development of ecological-systems
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v3.23.2
SCHEDULE OF CONTRACT LIABILITIES (Details) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
Accounting Policies [Abstract] |
|
|
Balance as of September 1 |
$ 169,951
|
$ 16,225
|
Advances received from customers |
133,926
|
2,650
|
Revenue recognized |
(234,605)
|
(15,357)
|
Exchange difference |
(344)
|
(77)
|
Balance as of November 30 |
$ 68,928
|
$ 3,441
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
12 Months Ended |
Nov. 30, 2022
USD ($)
|
Nov. 30, 2022
TWD ($)
|
Nov. 30, 2022
HKD ($)
|
Nov. 30, 2021
USD ($)
|
Aug. 31, 2022
USD ($)
|
Aug. 31, 2021
USD ($)
|
Retained earnings accumulated deficit |
$ 35,640,237
|
|
|
|
$ 34,921,164
|
|
Working capital deficit |
2,392,112
|
|
|
|
|
|
Shareholders deficit |
2,313,474
|
|
|
$ 328,780
|
2,200,107
|
$ (314,255)
|
Goodwill impairment |
|
|
|
|
1,747,945
|
$ 1,226,419
|
Software development costs |
0
|
|
|
0
|
|
|
Revenue remaining performance obligations |
68,928
|
|
|
|
|
|
Research and development expenses |
106,278
|
|
|
146,283
|
|
|
Advertising expense |
13,810
|
|
|
210,603
|
|
|
Liabilities unredeemed |
81,246
|
|
|
|
$ 82,638
|
|
Impairment of long-lived assets |
$ 0
|
|
|
0
|
|
|
Contribution rate of employer per month, percentage |
6.00%
|
6.00%
|
6.00%
|
|
|
|
Salary contribution |
$ 4,754
|
$ 150,000
|
|
|
|
|
Contributions made by the group |
$ 192
|
|
$ 1,500
|
|
|
|
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
|
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
|
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
|
|
|
|
Uncertain tax positions, accrued interest or penalties |
$ 0
|
|
|
|
|
|
TAIWAN |
|
|
|
|
|
|
Employee benefit expenses |
5,277
|
|
|
10,909
|
|
|
CHINA |
|
|
|
|
|
|
Employee benefit expenses |
27,905
|
|
|
31,212
|
|
|
HONG KONG |
|
|
|
|
|
|
Employee benefit expenses |
1,591
|
|
|
1,041
|
|
|
Selling and Marketing Expense [Member] |
|
|
|
|
|
|
Redeemable liabilities |
$ 27
|
|
|
$ 3,169
|
|
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v3.23.2
SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - NPI [Member]
|
Aug. 31, 2020
USD ($)
|
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
|
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v3.23.2
ACQUISITION OF SUBSIDIARIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Aug. 17, 2020 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Aug. 31, 2020 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill and intangible asset impairment |
|
$ 0
|
$ 0
|
|
NPI [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Acquisition aggregate purchase price |
$ 4,850,000
|
|
|
|
Acquisition net purchase price |
$ 3,506,042
|
|
|
|
Number of shares issuable in acquistion |
8,415,111
|
|
|
|
Goodwill |
|
|
|
$ 2,974,364
|
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- DefinitionNumber of shares of equity interests issued or issuable to acquire entity.
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SCHEDULE OF PLANT AND EQUIPMENT, NET (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 202,064
|
$ 203,321
|
Less: Accumulated depreciation |
(141,977)
|
(132,317)
|
Plant and Equipment, net |
60,087
|
71,004
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
30,234
|
30,494
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
82,778
|
89,858
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 89,052
|
$ 82,969
|
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SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
$ 853,120
|
$ 853,120
|
Less: Accumulated amortization |
(199,158)
|
(199,035)
|
Impairment |
(649,781)
|
(649,781)
|
Intangible assets, net |
4,181
|
4,304
|
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 |
$ 4,920
|
$ 4,920
|
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v3.23.2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
$ 30,664
|
$ 28,500
|
DFP Holdings Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Provision of software development service |
[1] |
230,000
|
|
Provision of software maintenance service |
[1] |
15,392
|
|
Yu Cheng Tu [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Rental expense |
[2] |
|
3,235
|
Reblood Biotech Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Rental expense |
[3] |
8,757
|
8,856
|
Teh Ling Chen [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
|
3,000
|
CPN Investment Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
[4] |
|
|
Chun Shua Huang [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
8,417
|
|
Ching Nan Wang One [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
18,000
|
15,000
|
Jui Chin Chen [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
1,200
|
1,500
|
Chin-Chiang Wang [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
3,000
|
3,000
|
Chin-Ping Wang [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
|
3,000
|
Ching Nan Wang Two [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Interest expense |
|
|
$ 3,000
|
|
|
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v3.23.2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) (Parenthetical)
|
|
|
|
3 Months Ended |
|
|
Oct. 01, 2022
USD ($)
|
Oct. 01, 2022
TWD ($)
|
Jun. 01, 2021
USD ($)
|
Jun. 01, 2021
TWD ($)
|
Sep. 01, 2020
USD ($)
|
Sep. 01, 2020
TWD ($)
|
Nov. 30, 2022
USD ($)
|
Nov. 30, 2021
USD ($)
|
Nov. 03, 2022
USD ($)
|
Nov. 03, 2022
TWD ($)
|
Sep. 27, 2022
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Income from software maintenance |
|
|
|
|
|
|
$ 15,392
|
|
|
|
|
DFP Holdings Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Income from software maintenance |
|
|
|
|
|
|
230,000
|
|
|
|
|
Yu Cheng Tu [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
$ 1,617
|
$ 45,000
|
|
|
|
|
|
Lesae term |
|
|
|
|
1 year
|
1 year
|
|
|
|
|
|
Rental expense |
|
|
|
|
|
|
|
$ 3,235
|
|
|
|
CPN Investment Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans payable |
|
|
|
|
|
|
|
|
|
|
$ 62,000
|
Debt instrument stated percentage |
|
|
|
|
|
|
|
|
|
|
6.00%
|
Interest incurred |
|
|
|
|
|
|
|
|
|
|
|
Reblood Biotech Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
$ 3,076
|
$ 97,062
|
$ 2,601
|
$ 82,062
|
|
|
|
|
|
|
|
Lease term |
|
|
16 months
|
16 months
|
|
|
|
|
|
|
|
Hsu Kuo Hsuns [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Rental expense |
|
|
|
|
|
|
$ 8,757
|
$ 8,856
|
|
|
|
Loans payable |
|
|
|
|
|
|
|
|
$ 2,072
|
$ 64,000
|
|
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v3.23.2
SCHEDULE OF RELATED PARTY BALANCES (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Due to related parties |
|
|
Total |
10,380
|
$ 18,180
|
DFP Holdings Limited [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Receivables from DFP |
7,687
|
2,732
|
Due to related parties |
|
150,000
|
Asia Pacific Integrating System Limited [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Due to related parties |
50,000
|
|
Ching Nan Wang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Total |
2,935
|
2,935
|
Chun Shua Huang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Total |
2,851
|
2,851
|
Jui Chin Chen [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Total |
4,429
|
3,229
|
Chin-Chiang Wang [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Total |
$ 165
|
$ 9,165
|
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v3.23.2
v3.23.2
SCHEDULE OF PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Credit Loss [Abstract] |
|
|
Rental and management fee deposits |
$ 82,541
|
$ 100,498
|
Other prepaid expenses |
63,547
|
52,723
|
Other taxes recoverable |
22,899
|
35,802
|
Prepayments, deposits and other receivables |
168,987
|
189,023
|
Rental and management fee deposits |
12,538
|
12,822
|
Prepayments, deposits and other receivables, non-current |
12,538
|
12,822
|
Prepayments, deposits and other receivables, current |
$ 156,449
|
$ 176,201
|
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v3.23.2
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued interests (Note 7, 10 and 12) |
$ 10,380
|
$ 18,180
|
Accrued payroll |
143,052
|
150,932
|
Other accrued expenses |
272,534
|
197,428
|
Other taxes payable |
1,874
|
1,377
|
Point liabilities |
81,246
|
82,638
|
Accrued expenses and other payables |
$ 509,086
|
$ 450,555
|
X |
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v3.23.2
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
|
$ (424,646)
|
$ (460,709)
|
Less: Other loans, non-current |
|
200,000
|
200,000
|
Other loans current |
|
(224,646)
|
(260,709)
|
Due to shareholders |
|
(43,500)
|
(45,343)
|
Due from shareholders |
|
2,072
|
|
Interest accrued |
|
10,380
|
18,180
|
Jui Chin Chen [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest accrued |
|
4,429
|
3,229
|
Chun Shuo Huang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest accrued |
|
2,851
|
2,851
|
Mei Ying Huang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
(800)
|
(800)
|
Chin-Chiang Wang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest accrued |
|
165
|
9,165
|
Yu Cheng Tu [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
(40,624)
|
(42,472)
|
Hung Pin Cheng [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
(476)
|
(471)
|
Shih Chu Lo [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
(800)
|
(800)
|
Jun Yuan Chen [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
(800)
|
(800)
|
Kuo Hsun Hsu [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due from shareholders |
[2] |
2,072
|
|
Chen Jui-Chin [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest accrued |
|
4,429
|
3,229
|
Wang Chin-Chiang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Interest accrued |
|
165
|
9,165
|
Shareholders [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
|
(423,675)
|
(460,709)
|
Less: Other loans, non-current |
|
200,000
|
200,000
|
Other loans current |
|
(223,675)
|
(260,709)
|
Shareholders [Member] | Jui Chin Chen [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
[3] |
(80,000)
|
(80,000)
|
Shareholders [Member] | Chun Shuo Huang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
[4] |
(141,085)
|
(145,159)
|
Shareholders [Member] | Mei Ying Huang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
[5] |
(2,590)
|
(35,550)
|
Shareholders [Member] | Chin-Chiang Wang [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Total |
[6] |
(200,000)
|
(200,000)
|
Director [Member] | Yi Hsiu Lin [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Due to shareholders |
[1] |
$ (1,003,860)
|
$ (973,564)
|
|
|
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v3.23.2
SCHEDULE OF DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY (Details) (Parenthetical)
|
|
|
|
|
3 Months Ended |
|
|
|
|
|
|
|
Sep. 27, 2022
USD ($)
|
Feb. 28, 2022
USD ($)
|
Feb. 28, 2022
CNY (¥)
|
Feb. 09, 2022
USD ($)
|
Feb. 09, 2022
TWD ($)
|
Nov. 24, 2021
USD ($)
|
Nov. 30, 2022
USD ($)
|
Nov. 30, 2022
TWD ($)
|
Nov. 30, 2021
USD ($)
|
Dec. 31, 2022 |
Nov. 30, 2022
TWD ($)
|
Nov. 03, 2022
USD ($)
|
Nov. 03, 2022
TWD ($)
|
Aug. 31, 2022
USD ($)
|
Jan. 12, 2022
USD ($)
|
Jan. 12, 2022
TWD ($)
|
Nov. 24, 2021
TWD ($)
|
Mar. 18, 2020 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 30,664
|
|
|
$ 28,500
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
10,380
|
|
|
|
|
|
|
|
|
$ 18,180
|
|
|
|
|
Chun Shuo Huang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Issuance of Debt |
|
|
$ 141,085
|
¥ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
8.00%
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
May 27, 2022
|
May 27, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
8,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
$ 2,851
|
|
|
|
|
|
|
|
|
2,851
|
|
|
|
|
Chun Shuo Huang [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
Chen Jui-Chin [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 1,200
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
$ 4,429
|
|
|
|
|
|
|
|
|
3,229
|
|
|
|
|
Frequency of periodic payment |
|
|
|
|
|
|
|
five installments
|
|
five installments
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of loan |
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wang Chin-Chiang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
Nov. 25, 2024
|
|
Nov. 25, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 3,000
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
165
|
|
|
|
|
|
|
|
|
9,165
|
|
|
|
|
Huang Mei-Ying [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of loan |
|
|
|
|
$ 16,187
|
$ 500,000
|
|
13,597
|
|
$ 420,000
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
129,492
|
|
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
$ 80,932
|
|
|
|
|
|
|
|
|
|
|
$ 32,373
|
$ 1,000,000
|
$ 2,500,000
|
|
Maturity date, description |
|
|
|
|
|
|
due on May 24, 2022 but further extended to December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hsu Kuo Hsuns [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,072
|
$ 64,000
|
|
|
|
|
|
CPN Investment Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
[1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 62,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 62,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt term |
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jui Chin Chen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
6.00%
|
[2] |
|
|
|
6.00%
|
[2] |
|
|
|
|
|
|
6.00%
|
Debt maturity date |
[2] |
|
|
|
|
|
|
Mar. 18, 2022
|
|
Mar. 18, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 1,200
|
|
|
$ 1,500
|
|
|
|
|
|
|
|
|
|
|
Accrued interests (Note 7, 10 and 12) |
|
|
|
|
|
|
|
4,429
|
|
|
|
|
|
|
|
|
$ 3,229
|
|
|
|
|
Repayment of loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.23.2
SCHEDULE OF OTHER LOANS (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Other loans |
$ 424,646
|
$ 460,709
|
Less: Other loans, non-current |
(200,000)
|
(200,000)
|
Other loans current |
224,646
|
260,709
|
Non-related Party [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Other loans |
971
|
|
Shareholders [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Other loans |
423,675
|
460,709
|
Less: Other loans, non-current |
(200,000)
|
(200,000)
|
Other loans current |
$ 223,675
|
$ 260,709
|
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v3.23.2
BONDS PAYABLE (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
Aug. 14, 2019 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Aug. 31, 2022 |
Aug. 10, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Interest accrued |
|
$ 10,380
|
|
$ 18,180
|
|
DLP Holdings Limited [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Collateralized bonds |
|
2,000,000
|
|
|
|
Reblood Biotech Corp [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Collateralized bonds |
|
1,000,000
|
|
|
|
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
|
|
|
|
|
Interest rate |
10.00%
|
|
|
|
12.00%
|
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 expenses |
|
$ 18,000
|
$ 15,000
|
|
|
Interest accrued |
|
$ 2,935
|
|
$ 2,935
|
|
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v3.23.2
SCHEDULE OF CONVERTIBLE NOTES PAYABLE (Details) - USD ($)
|
|
3 Months Ended |
|
|
Nov. 25, 2020 |
Nov. 30, 2022 |
May 03, 2022 |
Mar. 18, 2020 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
|
|
$ 900,000
|
|
|
|
Jui Chin Chen [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[1] |
|
$ 100,000
|
|
|
|
Issue date |
[1] |
|
Mar. 18, 2020
|
|
|
|
Maturity date |
[1] |
|
Mar. 18, 2022
|
|
|
|
Interest rate |
|
|
6.00%
|
[1] |
|
6.00%
|
Teh Ling Chen One [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[2] |
|
$ 100,000
|
|
|
|
Issue date |
[2] |
|
Nov. 02, 2020
|
|
|
|
Maturity date |
[2] |
|
Nov. 02, 2022
|
|
|
|
Interest rate |
[2] |
|
6.00%
|
|
|
|
Chin-Ping Wang [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[3] |
|
$ 200,000
|
|
|
|
Issue date |
[3] |
|
Nov. 25, 2020
|
|
|
|
Maturity date |
[3] |
|
Nov. 25, 2022
|
|
|
|
Interest rate |
[3] |
|
6.00%
|
|
|
|
Ching Nan Wang [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[4] |
|
$ 200,000
|
|
|
|
Issue date |
[4] |
|
Nov. 25, 2020
|
|
|
|
Maturity date |
[4] |
|
Nov. 25, 2022
|
|
|
|
Interest rate |
[4] |
|
6.00%
|
|
|
|
Chin-Chiang Wang [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[4] |
|
$ 200,000
|
|
|
|
Issue date |
[4] |
|
Nov. 25, 2020
|
|
|
|
Maturity date |
|
Nov. 25, 2022
|
Nov. 25, 2022
|
[4] |
|
|
Interest rate |
|
6.00%
|
6.00%
|
[4] |
6.00%
|
|
Teh Ling Chen Two [Member] |
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
Principal amount |
[5] |
|
$ 100,000
|
|
|
|
Issue date |
[5] |
|
Jan. 15, 2021
|
|
|
|
Maturity date |
[5] |
|
Jan. 15, 2023
|
|
|
|
Interest rate |
[5] |
|
6.00%
|
|
|
|
|
|
X |
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v3.23.2
SCHEDULE OF CONVERTIBLE NOTES PAYABLE (Details) (Parenthetical) - USD ($)
|
|
|
|
|
|
3 Months Ended |
|
|
|
|
|
May 12, 2022 |
Jan. 26, 2022 |
Jan. 15, 2021 |
Nov. 25, 2020 |
Nov. 02, 2020 |
Nov. 30, 2022 |
May 10, 2022 |
May 03, 2022 |
Jan. 24, 2022 |
Aug. 17, 2020 |
Mar. 18, 2020 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
$ 0.40
|
|
|
|
|
$ 0.40
|
|
Jui Chin Chen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, noncurrent |
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
Interest rate |
|
|
|
|
|
|
6.00%
|
[1] |
|
|
|
|
6.00%
|
Debt maturity date |
[1] |
|
|
|
|
|
Mar. 18, 2022
|
|
|
|
|
|
|
Teh Ling Chen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, noncurrent |
|
|
|
$ 100,000
|
|
$ 100,000
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
6.00%
|
|
6.00%
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
Debt maturity date |
|
|
|
Jan. 15, 2023
|
|
Nov. 02, 2022
|
|
|
|
|
|
|
|
Conversion of stock, shares converted |
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Teh Ling Chen [Member] | Shareholder [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares converted |
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Chin-Chiang Wang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, noncurrent |
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
6.00%
|
|
6.00%
|
[2] |
|
6.00%
|
|
|
|
Debt maturity date |
|
|
|
|
Nov. 25, 2022
|
|
Nov. 25, 2022
|
[2] |
|
|
|
|
|
Chin Ping Wang And Chin Nan Wang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, noncurrent |
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
$ 0.25
|
|
|
Debt maturity date |
|
|
|
|
Nov. 25, 2022
|
|
|
|
|
|
|
|
|
Conversion of stock, shares converted |
|
|
1,600,000
|
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v3.23.2
SCHEDULE OF INCOME/(LOSS) BEFORE INCOME TAXES (Details) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
Operating Loss Carryforwards [Line Items] |
|
|
Loss before income tax |
$ (719,073)
|
$ (2,123,369)
|
State and Local Jurisdiction [Member] |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
- Local |
(108,149)
|
(1,134,999)
|
SEYCHELLES |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Tax jurisdictions from foreign |
|
|
VIRGIN ISLANDS, BRITISH |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Tax jurisdictions from foreign |
(1,144)
|
(1,557)
|
TAIWAN |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Tax jurisdictions from foreign |
(302,977)
|
(683,911)
|
CHINA |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Tax jurisdictions from foreign |
(205,929)
|
(119,437)
|
HONG KONG |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Tax jurisdictions from foreign |
$ (100,874)
|
$ (183,465)
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
v3.23.2
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)
|
3 Months Ended |
Nov. 30, 2022 |
Nov. 30, 2021 |
Income Tax Disclosure [Abstract] |
|
|
Loss before income taxes |
$ (719,073)
|
$ (2,123,369)
|
Statutory income tax rate |
21.00%
|
21.00%
|
Income tax credit computed at statutory income rate |
$ (151,005)
|
$ (445,908)
|
Non-deductible expenses |
47,903
|
146,009
|
Share-based payments |
36,400
|
175,398
|
Tax effect of tax exempt entity |
240
|
327
|
Rate differential in different tax jurisdictions |
(3,328)
|
(2,012)
|
Valuation allowance on deferred tax assets |
69,790
|
121,704
|
Total income tax benefit |
|
$ (4,482)
|
X |
- DefinitionTax effect of tax exempt entity.
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v3.23.2
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($)
|
Nov. 30, 2022 |
Aug. 31, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
Less: valuation allowance |
$ 1,875,305
|
$ 1,800,984
|
Deferred tax assets, net of valuation allowance |
|
|
UNITED STATES |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Deferred tax assets: net operating loss carryforwards |
(486,876)
|
(500,564)
|
TAIWAN |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Deferred tax assets: net operating loss carryforwards |
(745,253)
|
(699,772)
|
CHINA |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Deferred tax assets: net operating loss carryforwards |
(643,176)
|
(600,648)
|
HONG KONG |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Deferred tax assets: net operating loss carryforwards |
|
|
X |
- DefinitionAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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v3.23.2
INCOME TAXES (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Jan. 01, 2018 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Aug. 31, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
|
|
Federal statutory income tax rate, percent |
|
21.00%
|
21.00%
|
|
UNITED STATES |
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
Operating loss carryforwards |
|
$ 2,318,456
|
|
|
Net operating loss expiration date description |
|
The NOL carryforwards begin to expire in 2037
|
|
|
Deferred tax assets: Net operating loss carryforwards |
|
$ 486,876
|
|
$ 500,564
|
TAIWAN |
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
Operating loss carryforwards |
|
3,726,266
|
|
|
Deferred tax assets: Net operating loss carryforwards |
|
745,253
|
|
699,772
|
Corporate income tax |
20.00%
|
|
|
|
CHINA |
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
Operating loss carryforwards |
|
2,572,705
|
|
|
Deferred tax assets: Net operating loss carryforwards |
|
$ 643,176
|
|
600,648
|
Corporate income tax |
|
25.00%
|
|
|
HONG KONG |
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
Operating loss carryforwards |
|
|
|
|
Deferred tax assets: Net operating loss carryforwards |
|
|
|
|
Federal statutory income tax rate, percent |
|
16.50%
|
|
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.
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v3.23.2
COMMON STOCK (Details Narrative)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
11 Months Ended |
12 Months Ended |
16 Months Ended |
|
Nov. 02, 2022
USD ($)
|
Oct. 31, 2022
$ / shares
shares
|
Oct. 01, 2022
USD ($)
$ / shares
shares
|
Sep. 01, 2022
USD ($)
$ / shares
|
Jun. 17, 2022
shares
|
May 12, 2022
shares
|
Jan. 26, 2022
shares
|
Dec. 21, 2021
$ / shares
shares
|
Sep. 01, 2021
USD ($)
$ / shares
shares
|
Sep. 01, 2021
TWD ($)
shares
|
Sep. 01, 2021
CNY (¥)
shares
|
May 17, 2021
$ / shares
shares
|
Mar. 01, 2021
USD ($)
$ / shares
shares
|
Feb. 08, 2021
$ / shares
shares
|
Nov. 01, 2020
USD ($)
$ / shares
shares
|
Aug. 01, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Aug. 31, 2020
shares
|
Nov. 30, 2022
USD ($)
$ / shares
shares
|
Nov. 30, 2021
USD ($)
|
Nov. 30, 2022
USD ($)
$ / shares
shares
|
Nov. 30, 2021
USD ($)
|
Aug. 31, 2023
USD ($)
|
Aug. 31, 2022
USD ($)
$ / shares
shares
|
Aug. 31, 2021
USD ($)
$ / shares
|
Aug. 31, 2020
USD ($)
|
Aug. 31, 2021
USD ($)
$ / shares
shares
|
Aug. 11, 2022
$ / shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock, par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
|
|
Aggregate proceeds |
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 300,000
|
$ 665,000
|
|
|
|
|
|
|
|
|
Unrecognized share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 531,667
|
|
$ 531,667
|
|
|
|
|
|
|
|
Granted to employees vested | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,833,333
|
|
|
|
|
|
|
|
|
|
Chin Ping Wang And Chin Nan Wang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares | shares |
|
|
|
|
|
|
1,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Teh Ling Chen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
500,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares | shares |
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nice Products Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock acquisition | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,415,111
|
|
|
|
|
|
|
|
|
|
|
JFB Internet Service Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.40
|
|
|
|
|
|
|
|
|
|
|
|
JFB Internet Service Limited [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
JFB Internet Service Limited [Member] | Second Milestone [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse salary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 348,627
|
|
|
|
|
JFB Internet Service Limited [Member] | Inducement Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,397
|
|
|
|
$ 139,560
|
$ 1,622,940
|
$ 237,500
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
JFB Internet Service Limited [Member] | Inducement Shares [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Service Provider [Member] | JFB Internet Service Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares vested | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 66,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
$ 0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.12
|
$ 0.140
|
|
$ 0.140
|
|
Number of shares issued | shares |
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,170,000
|
|
|
37,157,535
|
|
Restricted common stock, par value | $ / shares |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,290,000
|
|
|
$ 5,206,994
|
|
Securities Purchase Agreement [Member] | Accredited Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
|
10,000,000
|
|
|
|
|
|
|
|
Stock Forfeiture Letter [Member] | First Leader Capital Ltd. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares forfeited and surrendered | shares |
|
|
|
|
|
|
|
|
|
|
|
13,132,500
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock, par value | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,833
|
|
|
|
|
|
|
|
Share based compensation gross | shares |
|
|
35,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yi Hsiu Lin [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employment agreement term |
|
|
|
|
|
|
|
|
2 years
|
2 years
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
|
|
|
|
|
$ 120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
2,500,000
|
2,500,000
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 62,500
|
62,500
|
|
|
|
|
|
|
|
|
Yi Hsiu Lin [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
Mr. Cheng [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employment agreement term |
|
|
|
|
|
|
|
|
1 year
|
1 year
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
|
|
|
|
|
$ 80,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
1,500,000
|
1,500,000
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
$ 150,000
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
$ 0.10
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,500
|
37,500
|
|
|
|
|
|
|
|
|
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employment agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant fee |
|
|
|
|
|
|
|
|
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
Consultant [Member] | Renewal of Consulting Agreement [Member] | Business Advisory Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Consultant [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
416,666
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kuo Hsun Hsu [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
|
|
|
|
|
$ 1,902
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
2,400,000
|
2,400,000
|
2,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 120,000
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000
|
30,000
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
2 years
|
2 years
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kuo Hsun Hsu [Member] | Forecast [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,000
|
|
|
|
|
|
Chien Chiao [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
|
|
|
|
|
$ 2,385
|
|
¥ 17,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
|
3,000,000
|
3,000,000
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,500
|
$ 37,500
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
|
|
|
|
2 years
|
2 years
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chien Chiao [Member] | Forecast [Member] | Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
Employees and Consultants [Member] | Non-Restricted Stock [Member] | 2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award gross | shares |
|
|
|
|
|
|
|
9,550,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
3 Months Ended |
12 Months Ended |
Dec. 01, 2022
USD ($)
$ / shares
shares
|
Dec. 01, 2022
CNY (¥)
shares
|
Nov. 30, 2022
USD ($)
|
Nov. 30, 2021
USD ($)
|
Aug. 31, 2022
USD ($)
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
Rental expense |
|
|
$ 65,682
|
$ 88,719
|
|
CHINA |
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
Severance costs |
|
|
166,000
|
|
$ 146,000
|
CHINA | Subsequent Event [Member] |
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
Severance costs |
$ 127,965
|
¥ 907,000
|
|
|
|
Compensation amount |
$ 36,471
|
¥ 258,500
|
|
|
|
Restricted common stock, shares | shares |
926,429
|
926,429
|
|
|
|
CHINA | Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
Restricted common stock |
$ 92,643
|
|
|
|
|
Common stock price, per share | $ / shares |
$ 0.10
|
|
|
|
|
TAIWAN |
|
|
|
|
|
Product Liability Contingency [Line Items] |
|
|
|
|
|
Severance costs |
|
|
$ 39,000
|
|
$ 52,000
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative)
|
|
|
|
|
|
|
|
2 Months Ended |
3 Months Ended |
12 Months Ended |
16 Months Ended |
|
|
Jun. 05, 2023
USD ($)
|
Apr. 26, 2023
USD ($)
|
Apr. 20, 2023
TWD ($)
shares
|
Apr. 10, 2023
shares
|
Mar. 15, 2023
USD ($)
$ / shares
shares
|
Oct. 31, 2022
$ / shares
shares
|
Oct. 01, 2022
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Apr. 30, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2022
shares
|
Nov. 30, 2021
shares
|
Aug. 31, 2022
USD ($)
$ / shares
shares
|
Aug. 31, 2021
USD ($)
$ / shares
shares
|
Jun. 05, 2023
CNY (¥)
|
Apr. 26, 2023
CNY (¥)
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock price, per share | $ / shares |
|
|
|
|
|
$ 0.30
|
|
|
|
|
|
$ 0.12
|
$ 0.140
|
|
|
Shares issued in private placement, shares |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
19,170,000
|
37,157,535
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
|
|
|
|
|
|
|
$ 2,290,000
|
$ 5,206,994
|
|
|
Consultant Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock, shares |
|
|
|
|
|
|
700,000
|
|
|
|
|
|
|
|
|
Common stock price, per share | $ / shares |
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in private placement, shares |
|
|
|
|
|
|
|
|
|
2,000,000
|
4,160,000
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Accredited Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock price, per share | $ / shares |
|
|
|
|
|
|
|
$ 0.05
|
$ 0.10
|
|
|
|
|
|
|
Shares issued in private placement, shares |
|
|
|
|
|
|
|
4,030,000
|
5,000,000
|
|
|
|
|
|
|
Proceeds from issuance of common stock | $ |
|
|
|
|
|
|
|
$ 201,540
|
$ 500,000
|
|
|
|
|
|
|
Subsequent Event [Member] | Mr.Chang [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agreement term |
|
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
|
Value, issued for service | $ |
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
Shares, issued for service |
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock, shares |
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
Shares issued in private placement, shares |
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Mr.Chang [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock | $ |
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
Common stock price, per share | $ / shares |
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Mr.Chou [Member] | Consultant Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock, shares |
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Campensated amount | $ |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Chang Ming Lu [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount borrowed |
$ 42,326
|
$ 98,760
|
|
|
|
|
|
|
|
|
|
|
|
¥ 300,000
|
¥ 700,000
|
Interest rate |
5.00%
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
5.00%
|
Maturity date |
Jul. 05, 2023
|
Dec. 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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