RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Feb. 28, 2021

Accounting Changes and Error Corrections [Abstract]

Restatement items and other adjustments to Consolidated Balance Sheet

	For the period ended February 28, 2021
	As previously filed			Restatement Adjustments			As Restated			Restatement References
ASSETS
Current Assets
Cash and cash equivalents		224,804			—			224,804
Prepaid expenses		5,000			—			5,000
Account receivable		51,338			—			51,338
Related party receivable		699,149			(697,709	)		1,439		a
Subscription receivable		—			—			—
Interest receivable		—			—			—
Other receivable		209,400			—			209,400
Total Current Assets		1,189,690			(697,709	)		491,981
Fixed assets, net		19,344			—			19,344
Leasehold improvement, net		60,961			—			60,961
Right of use operating lease assets, net		85,581			—			85,581
Intangible assets, net		2,626,526			—			2,626,526
Long-term prepayment		1,705,395			—			1,705,395
Other assets		14,536			—			14,536
TOTAL ASSETS		5,702,034			(697,709	)		5,004,325
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities		108,826			—			108,826
Related party payable		5,504			—			5,504
Current portion of obligations under operating leases		74,618			—			74,618
Convertible note and derivative liability		306,212			—			306,212
Due to shareholder		2,089			—			2,089
Tax payable		—			—			—
Other payable		3,827			—			3,827
Dividend payable		—			—			—
Total Current Liabilities		501,076			—			501,076
Obligations under operating leases, non-current		10,963			—			10,963
Total Liabilities		512,039			—			512,039
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 preferred shares authorized;
Series A preferred stock, 100,000 and 0 shares issued and outstanding, as of February 28, 2021 and August 31, 2020, respectively		100			—			100
Series B preferred stock, 20,000 and 0 shares issued and outstanding, as of February 28, 2021 and August 31, 2020, respectively		20			—			20
Series C preferred stock, 280,025 and 0 shares issued and outstanding, as of February 28, 2021 and August 31, 2020, respectively		280			—			280
Series D preferred stock, 0 and 0 shares issued and outstanding, as of February 28, 2021 and August 31, 2020, respectively		—			—			—
Common stock, $0.001 par value, 1,000,000,000 shares authorized;  173,434,446 and 46,661,417 shares issued and outstanding, as of   February 28, 2021 and August 31, 2020, respectively		173,434			—			173,434
Additional paid-in capital		8,825,968			—			8,825,968
Accumulated deficit		(3,794,835	)		(697,709	)		(4,492,544	)	a
Unearned shareholders' compensation		(14,973	)		—			(14,973	)
Total Stockholders’ Equity		5,189,995			(697,709	)		4,492,286
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		5,702,034			(697,709	)		5,004,325

Restatement items and other adjustments to Consolidated Statement of Operations

	For the six months ended February 28, 2021
	As previously filed			Restatement Adjustments			As Restated			Restatement References
Revenue		851,309			(697,709	)		153,600		a
Cost of revenue		(454,927	)		—			(454,927	)
Gross Profit (Loss)		396,382			(697,709	)		(301,327	)
OPERATING EXPENSES
General and administrative expenses		(764,796	)		—			(764,796	)
Research and development expenses		—			—			—
Related party salary and wages		(184,337	)		—			(184,337	)
Total Operating Expenses		(949,134	)		—			(949,134	)
Loss from operations		(552,752	)		(697,709	)		(1,250,461	)
OTHER INCOME (EXPENSES)
Rent income		1,920			—			1,920
Interest expense		(128,661	)		—			(128,661	)
Interest income		8			—			8
Preferred shares dividend expense		—			—			—
Loss from change in fair value		19,094			—			19,094
Loss from lease termination		(3,251	)		—			(3,251	)
Loss from prepaid convertible note		(128,316	)		—			(128,316	)
Loss from warrant termination		(12,343	)		—			(12,343	)
Loss from warrant exercise		(75,000	)		—			(75,000	)
Total other income (expenses)		(326,549	)		—			(326,549	)
Loss before income tax provision
Income tax provision		—			55,347			55,347		b
Net loss from operations		(879,301	)		(642,362	)		(1,521,663	)
NET LOSS		(879,301	)		(642,362	)		(1,521,663	)
NET LOSS PER SHARE: BASIC		(0.01	)					(0.01	)
NET LOSS PER SHARE: DILUTED		(0.01	)					(0.01	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC		137,158,120						137,158,120
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED		149,594,775						149,594,775

Restatement items and other adjustments to Consolidated Statement of Operations - Three months ended

	For the three months ended February 28, 2021
	As previously filed			Restatement Adjustments			As Restated			Restatement References
Revenue		774,509			(697,709	)		76,800		a
Cost of revenue		(298,841	)		0			(298,841	)
Gross Profit (Loss)		475,668			(697,709	)		(222,041	)
OPERATING EXPENSES
General and administrative expenses		(578,651	)		—			(578,651	)
Related party salary and wages		(132,987	)		—			(132,987	)
Total Operating Expenses		(711,638	)		—			(711,638	)
Loss Fom Operations		(235,970	)		(697,709	)		(933,679	)
OTHER INCOME (EXPENSES)
Rent income		1,920			—			1,920
Interest expense		(46,905	)		(0	)		(46,905	)
Interest income		3			(0	)		3
Gain /(Loss) from change in fair value		117,881			—			117,881
Loss from lease termination		—			—			—
Loss from prepaid convertible note		(128,316	)		—			(128,316	)
Loss from warrant termination		—			—			—
Loss from warrant exercise		(62,460	)		—			(62,460	)
Total other income (expenses)		(117,877	)		(0	)		(117,877	)
Loss Before Income Tax Provision		(353,846	)		(697,709	)		(1,051,556	)
Income tax benefit		—			55,347			55,347		b
NET LOSS		(353,846	)		(642,362	)		(996,209	)
NET LOSS PER SHARE: BASIC		(0.00	)		(0.00	)		(0.01	)	a
NET LOSS PER SHARE: DILUTED		(0.00	)		(0.00	)		(0.01	)	a
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC		137,158,120			—			137,158,120
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED		137,735,830			—			137,735,830

Restatement items and other adjustments to Consolidated Cash Flows

	For the six months ended February 28, 2021
	As previously filed			Restatement Adjustments			As Restated			Restatement References
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		(879,301	)		(642,362	)		(1,521,663	)	a
Adjustments to reconcile net income (loss) to net cash from operating activities:
Executive salaries and consulting fees paid in stock		315,127			—			315,127
Depreciation of fixed asset		26,448			—			26,448
Amortization of intangible asset		424,207			—			424,207
Impairment of intangible asset		—			—			—
Loss/(gain) from change in fair value of derivatives		(19,094	)		—			(19,094	)
Loss/(gain) from lease termination		3,251			—			3,251
Loss/(gain) from warrant termination		12,343			—			12,343
Loss/(gain) from warrant exercise		75,000			—			75,000
Loss/(gain) prepaid convertible notes		128,316			—			128,316
Non-cash interest for convertible notes		128,661			—			128,661
Non-cash note conversion fees		8,750			—			8,750
Non-cash lease expense		1,190			—			1,190
Changes in operating assets and liabilities:					—			—
Accounts receivable		86,362			—			86,362
Receivable on asset disposal		—			—			—
Interest receivable		26,240			—			26,240
Related party receivable		(611,567	)		697,709			86,142		a
Prepaid expenses		6,024			—			6,024
Rent security & electricity deposit		3,891			—			3,891
Long-term prepayment		36,685			(36,685	)		—		c
Purchase of movie and TV series broadcast right and copyright		—			(2,839,049	)		(2,839,049	)	c
Accounts payable and accrued liabilities		(250,649	)		—			(250,649	)
Due to / from shareholders		63,113			—			63,113
Tax payable		(1,403	)		(55,347	)		(56,750	)	b
Other payable		243			—			243
Net cash provided by / (used in) operating activities		(416,164	)		(2,875,733	)		(3,291,897	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds collected from note receivable		—			—			—
Purchase of movie and TV series broadcast right and copyright		(2,875,733	)		2,875,733			—		c
Purchase of furniture and equipment		(5,000	)		—			(5,000	)
Net cash used in investing activities		(2,880,733	)		2,875,733			(5,000	)
CASH FLOWS FROM FINANCING ACTIVITIES								—
Proceeds from issuance of convertible notes		233,017			—			233,017
Proceeds from common stock issuances		793,729			—			793,729
Proceeds from preferred share B issuances		320,000			—			320,000
Proceeds from preferred share C issuances		243,500			—			243,500
Proceeds from preferred share D issuances		—			—			—
Payments for warrant termination		(95,000	)		—			(95,000	)
Prepayments of convertible notes		(428,606	)		—			(428,606	)
Net cash provided by financing activities		1,066,639			—			1,066,639
					—
Net increase (decrease) in cash and cash equivalents		(2,230,258	)		—			(2,230,258	)
Cash and cash equivalents - beginning of the quarter		2,455,061			—			2,455,061
Cash and cash equivalents - end of the quarter		224,804			—			224,804
					—
Supplemental Cash Flow Disclosures					—
Cash paid for interest		—			—			—
Cash paid for income taxes		—			—			—
					—
Non-Cash Investing and Financing Activities:					—
Cashless warrant exercises		137,766			—			137,766
Convertible notes converted to common shares		(183,752	)		—			(183,752	)
Additions to ROU assets from operating lease liabilities		20,038			—			20,038
Common shares returned due to officer resignations		(391,666	)		—			(391,666	)