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SUBSEQUENT EVENTS
9 Months Ended
May 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS  

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to May 31, 2021 to the date these financial statements were issued.

 

Covid-19 impact:

 

In December 2019, a novel strain of coronavirus (COVID-19) surfaced. The spread of COVID-19 around the world in the first quarter of 2020 has caused significant volatility in the U.S. and international markets. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Company’s financial position, operations and cash flows. It is too early to quantify the impact this situation will have on company revenue and profits at this time. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of supplies used in operations, etc. Accordingly, Management is evaluating the Company’s liquidity position, reduction in revenues, and reviewing the analysis of the Company’s financial performance as the Company seeks to withstand the uncertainty related to the coronavirus. As no large-crowd gathering has been allowed since the outbreak of COVID-19, the Company has not generated any revenue from the Ai Bian Quan Qiu performance matching platform. Consequently, the Company has decided to impair all of the intangible asset carrying value related to the Ai Bian Quan Qiu performance matching platform and its Wechat official account, given that it is uncertain whether this platform will continue generating any revenue.

 

The remaining proceeds from issuance of common stocks are fully collected in June, 2021:

 

On June 1 and June 2, 2021, the company received $64,000, and $13,856 respectively for the issuance of 2 million shares to Kangdi Liu.

 

On June 4 and June 15, 2021, the company received $110,387 and $129,806 from Peak One Opportunity Fund LP for equity purchase agreement.