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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended 12 Months Ended
May 31, 2022
May 31, 2021
Aug. 31, 2021
Aug. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss     $ (3,608,097) $ (1,523,071)
Adjustments to reconcile net income (loss) to net cash from operating activities:        
Executive salaries and consulting fees paid in stock $ 323,723 $ 564,877 568,627 169,768
Depreciation of fixed asset 39,902 39,748 53,048 52,446
Amortization of intangible asset 2,235,533 853,001 1,468,728 113,731
Impairment of intangible asset     125,062
Loss/(gain) from change in fair value of derivatives (64,584) (64,584) 64,584
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     232,797
Non-cash interest for convertible notes 156,822 156,822 255,512
Non-cash note conversion fees 8,750 8,750 24,750
Non-cash dividend expense for preferred shares 17,343 25,835
Non-cash lease expense     1,590 (230)
Changes in operating assets and liabilities:        
Accounts receivable (8,120) 137,700 137,700 (102,400)
Receivable on asset disposal     1,280,000
Interest receivable 26,240 26,240 (17,515)
Related party receivable 1,439 86,142 86,142 (52,588)
Other receivable     (644,785)
Prepaid expenses 11,233 9,024 (2,542) 10,946
Rent security & electricity deposit (28,733) 1,987 1,920 (3,400)
Purchase of movie and TV series broadcast right and copyright (708,400) (3,539,369) (4,312,053) (1,742,080)
Accounts payable and accrued liabilities 215,622 (267,149) (241,192) 248,314
Related party payable 115,907 283,896 927,930
Due to / from shareholders 22,741 (218) 1,871 (1,561)
Tax payable (56,750) (56,750) (7,814)
Other payable 243 243 (157,824)
Net cash used in operating activities (478,498) (4,043,032) (5,141,166) (1,263,370)
CASH FLOWS FROM INVESTING ACTIVITIES        
Proceeds collected from note receivable     1,047,040
Purchase of furniture and equipment (5,000) (5,000)
Net cash provided by /(used in) investing activities (280,000) (5,000) (5,000) 1,047,040
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from issuance of convertible notes     233,017 592,641
Proceeds from common stock issuances 370,422 1,530,619 2,220,812 514,000
Proceeds from preferred share B issuances 320,000 320,000
Proceeds from preferred share C issuances 440,585 243,500 243,500
Proceeds from preferred share D issuances 187,000 250,000 723,000
Payments for warrant termination     (95,000)
Prepayments of convertible notes     (821,970)
Net cash provided by financing activities 998,007 1,660,166 2,823,359 1,106,641
Net increase (decrease) in cash and cash equivalents 239,509 (2,387,866) (2,322,808) 890,311
Cash and cash equivalents – beginning of the year 132,253 2,455,061 2,455,061 1,564,750
Cash and cash equivalents – end of the year     132,253 2,455,061
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 (43,247)
Issuance of warrants in conjunction with convertible notes     145,423
Convertible notes converted to common shares 183,752 (183,752) (309,894)
Additions to ROU assets from operating lease liabilities 1,207,789 27,421 27,421 228,510
Common shares returned due to officer resignations $ (391,667) (391,667) (228,222)
Preferred shares series C dividend paid in shares     16,802
Preferred shares series D dividend paid in shares     7,200
Preferred shares and dividend shares converted into common shares     $ 990,502