ACQUISITION

12 Months Ended

Aug. 31, 2018

Business Combinations [Abstract]

ACQUISITION

On May 9, 2018, the Company entered into an investor agreement with iCrowdU Inc (“iCrowdU”). The Company has agreed to purchase up to 51% of iCrowdU for a total investment of $10,000,000. This investment was executed via the following steps.

1. 228,013 shares of iCrowdU at a share price of $1,228 for total consideration of $280,000

2. $3,935,000 at a share price of US $1.82 in exchange for 10.8104% of iCrowdU

3. $5,785,000 at a share price of US $0.268118 in exchange for 39.0495% of iCrowdU

As noted in Note 1, the Company only completed step 1. Mutual release of any further obligation related to the acquisition has been agreed as noted in Note 1. As a result, the Company invested a total of $280,000 in exchange for 228,013 shares, equivalent to a 1.14% ownership of iCrowdU. The investment has been recorded at cost less impairment. To be conservative, full impairment has been recognized as of August 31, 2018, due to management’s perspective on this unsuccessful investment.