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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
May 31, 2021
May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,608,544) $ (731,204)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Executive salaries and consulting fees paid in stock 564,877 127,435
Depreciation of fixed asset 39,748 39,325
Amortization of intangible asset 853,001 88,731
Impairment of intangible asset 111,115
Loss/(gain) from change in fair value of derivatives (64,584) 54,316
Loss/(gain) from lease termination 3,250
Loss/(gain) from warrant termination 12,343
Loss/(gain) from warrant exercise 75,000
Loss/(gain) prepaid convertible note 232,797
Interest expense 156,822 193,591
Non-cash note conversion fees 8,750
Non-cash lease expense 1,761
Changes in operating assets and liabilities:    
Accounts receivable 137,700 (76,800)
Receivable on asset disposal 1,280,000
Interest receivable 26,240 (26,240)
Related party receivable 86,142 (52,588)
Prepaid expenses 9,024 231
Rent security & electricity deposit 1,987
Purchase of movie and TV series broadcast right and copyright (3,539,369) (1,011,200)
Accounts payable and accrued liabilities (267,149) (49,945)
Related party payable 283,896
Due to / from shareholders (218) 826
Tax payable (56,750) (7,814)
Other payable 243 (157,824)
Net cash provided by / (used in) operating activities (4,043,032) (218,045)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of furniture and equipment 5,000
Net cash used in investing activities (5,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of convertible notes 233,017 344,352
Proceeds from common stock issuances 1,530,619
Proceeds from preferred share B issuances 320,000
Proceeds from preferred share C issuances 243,500
Proceeds from preferred share D issuances 250,000
Payments for warrant termination 95,000
Prepayments of convertible notes 821,970
Net cash provided by financing activities 1,660,166 344,352
Net increase (decrease) in cash and cash equivalents (2,387,867) 126,307
Cash and cash equivalents - beginning of the quarter 2,455,061 1,564,750
Cash and cash equivalents - end of the quarter 67,195 1,691,057
Supplemental Cash Flow Disclosures    
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities:    
Cashless warrant exercises 137,766
Issuance of warrants in conjunction with convertible notes 156,985
Convertible notes converted to common shares 183,752
Additions to ROU assets from operating lease liabilities 27,421
Common shares returned due to officer resignations (391,667)
Preferred shares converted into common shares $ 176,923