0001493152-18-010324.txt : 20180723 0001493152-18-010324.hdr.sgml : 20180723 20180723061114 ACCESSION NUMBER: 0001493152-18-010324 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20180531 FILED AS OF DATE: 20180723 DATE AS OF CHANGE: 20180723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Leader Capital Holdings Corp. CENTRAL INDEX KEY: 0001715433 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 371853394 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-221548 FILM NUMBER: 18963552 BUSINESS ADDRESS: STREET 1: RM 3, 9/F, NN O. 910, SEC.2, TAIWAN BLVD STREET 2: XITUN DIST. CITY: TAICHUNG CITY STATE: F5 ZIP: 407 BUSINESS PHONE: 886 423138178 MAIL ADDRESS: STREET 1: RM 3, 9/F, NN O. 910, SEC.2, TAIWAN BLVD STREET 2: XITUN DIST. CITY: TAICHUNG CITY STATE: F5 ZIP: 407 10-Q 1 form10q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For The Quarterly Period Ended May 31, 2018

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________

 

Commission File Number 333-221548

 

LEADER CAPITAL HOLDINGS CORP

(Exact name of registrant issuer as specified in its charter)

 

Nevada   37- 1853394

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

Rm. 3, 9F., No.910, Sec. 2, Taiwan Blvd.,

Xitun Dist., Taichung City 407, Taiwan (R.O.C.)

 

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code +886-4-23138178

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES [X] NO [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

YES [  ] NO [X]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer [  ] Accelerated Filer [  ] Non-accelerated Filer [  ] Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class  Outstanding at July 23, 2018  
Common Stock, $.0001 par value   104,275,425 

 

 

 

 
 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION 3
     
ITEM 1. FINANCIAL STATEMENTS: 3
  Condensed Consolidated Balance Sheets as of May 31, 2018 (unaudited) and August 31, 2017 3
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended May 31, 2018 (unaudited) 4
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended May 31, 2018 (unaudited) 5
  Notes to the Unaudited Condensed Consolidated Financial Statements 6 to 12
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13
ITEM 3. QUANTITATIVE AND QUALITATIVED IS CLOSURES ABOUT MARKET RISK 16
ITEM 4. CONTROLS AND PROCEDURES 16
     
PART II OTHER INFORMATION 17
     
ITEM 1 LEGAL PROCEEDINGS 17
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 17
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 17
ITEM 4 MINE SAFETY DISCLOSURES 17
ITEM 5 OTHER INFORMATION 17
ITEM 6 EXHIBITS 17
SIGNATURES 18

 

 2 
 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial statements

 

LEADER CAPITAL HOLDINGS CORP

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   As of 
   May 31, 2018   August 31, 2017 
   (Unaudited)     
ASSETS          
Current assets:          
Cash and cash equivalents   721,158    394,096 
Subscription receivable        
- Related parties   300,000    0 
- Non related parties   -    20,080 
Prepayments, deposits and other receivables   19,356    - 
Total current assets   1,040,514    414,176 
           
Non-current assets          
Plant and equipment, net   20,162    - 
Deposit   9,960      
Intangible assets   25,000    29,500 
Total non-current assets   55,112    29,500 
           
TOTAL ASSETS  $1,095,626   $443,676 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Other payables and accrued liabilities  $70,075   $- 
Due to related company   -    20,000 
Total current liabilities   70,075    20,000 
           
TOTAL LIABILITIES  $70,075   $20,000 
           
STOCKHOLDERS’ EQUITY          
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding   -    - 
Common stock, $ 0.0001 par value; 600,000,000 shares authorized; 102,275,395 shares issued and outstanding as of May 31, 2018 and August 31, 2017, respectively   10,428    10,228 
Additional paid-in capital   1,434,676    434,861 
Accumulated other comprehensive income   1    - 
Accumulated deficit   (419,554)   (21,413)
           
TOTAL STOCKHOLDERS’ EQUITY  $1,025,551   $423,676 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $1,095,626   $443,676 

 

See accompanying notes to the condensed consolidated financial statements.

 

 3 
 

 

LEADER CAPITAL HOLDINGS CORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

  

 

For the three months ended May 31,

  

 

For the nine months ended May 31

 
   2018   2017   2018   2017 
                 
REVENUE   -    -    -    - 
                     
COST OF REVENUE   -    -    -    - 
                     
GROSS PROFIT   -    -    -    - 
                     
OPERATING EXPENSES                    
General and administrative   (93,275)   -    (405,949)   - 
                     
LOSS FROM OPERATIONS   (93,275)   -    (405,949)     
                     
Interest expense   -    -    -    - 
                     
LOSS BEFORE INCOME TAX   (93,275)   -    (405,949)   - 
                     
Other income/(expense):                    
Other income                    
-Related parties   7,808    -    7,808    - 
Income tax expense   -    -    -    - 
                     
NET LOSS   (85,705)   -    (398,141)   - 
                     
Other comprehensive loss                    
Foreign currency translation loss   -    -    (1)   - 
                     
COMPREHENSIVE LOSS   (85,705)   -    (398,142)   - 
                     
Net loss per share - Basic and diluted  $(0.01)  $(0.00)   (0.00)   (0.00)
                     
Weighted average number of common shares outstanding - Basic and diluted   103,175,203    100,000    102,578,628    100,000 

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

 4 
 

 

LEADER CAPITAL HOLDINGS CORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the nine months ended May 31, 
   2018   2017 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(398,141)  $- 
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and Amortization   9206    - 
Changes in operating assets and liabilities:          
Prepayments, deposits & other receivables   (29,316)   - 
Amount due to director   -    - 
Accounts payable and accrued liabilities   70,075    - 
Amount due to a related company   (20,000)   - 
           
Net cash provided by (used in) operating activities   (368,176.00)   - 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of  equipment   (24,858)   - 
Purchase of Intangible assets   -    - 
           
Net cash used in investing activities   (24,858)   - 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from share issuance   1,000,015    10 
Subscription receivable   (279,920)   (10)

Net cash provided by financing activities

   720,095    - 
           
Effect of exchange rate changes on cash and cash equivalents   (1)   - 
           
Net increase (decrease) in cash and cash equivalents   327,062    - 
Cash and cash equivalents, beginning of period   394,096    - 

CASH AND CASH EQUIVALENTS, END OF PERIOD

  $721,158   $- 
           
SUPPLEMENTAL CASH FLOWS INFORMATION          
Cash paid for income taxes  $-   $- 
Cash paid for interest paid  $-   $- 

 

See accompanying notes to the condensed consolidated financial statements.

 

 5 
 

 

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS

For the NINE MONTH ended May 31, 2018 (unaudited) and august 31, 2017 (audited)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Leader Capital Holdings Corp. was incorporated on March 22, 2017 under the laws of the state of Nevada.

 

The Company, through its subsidiaries, mainly engages in the provision of investment platform services with the use of a mobile application.

 

Company name   Place/date of incorporation   Principal activities
         
1. Leader Financial Group Limited   Seychelles / March 6, 2017   Investment Holding
         
2. JFB Internet Service Limited   Hong Kong / July 6, 2017   Provide an Investment platform

 

We are a development-stage company with a fiscal year end of August 31. At this moment, we operate exclusively through our wholly owned subsidiaries Leader Financial Group Limited and JFB Internet Service Limited and share the same business plan of our subsidiaries which is to provide services through a mobile application investment platform.

 

Leader Capital Holdings Corp. and its subsidiaries are hereinafter referred to as the “Company”.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for Leader Capital Holdings Corp. and its subsidiaries are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Leader Capital Holdings Corp. and its wholly owned subsidiaries, Leader Financial Group Limited and JFB Internet Service Limited. Intercompany accounts and transactions have been eliminated in consolidation. The Company has adopted August 31 as its fiscal year end.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

 6 
 

 

Software Development Costs

 

The Company expense software development costs, including costs to develop software products or the software component of products to be marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

 

We capitalize development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented.

 

Revenue recognition

 

The Company recognizes its revenue in accordance with ASC Topic 605, “Revenue Recognition”, upon the delivery of its products when: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable.

 

-Rental income

 

Revenue from rental of leasehold land and buildings are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased assets. The Company leases its commercial office in Taipei under non-cancelable operating leases with terms of 31 months to a related party which is Greenpro LF Limited, a Seychelles company, owned by Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang.

 

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

  Expected useful life
Furniture and fixture 3
Leasehold improvement 3

 

Intangible asset

 

All of our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit which is 5 years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the period ended May 31, 2018.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

 7 
 

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Hong Kong. The Company is subject to tax in Hong Kong jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the Hong Kong tax authority.

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles and Hong Kong maintains its books and record in United States Dollars (“US$”) and Hong Kong Dollars (“HK$”) respectively, and Hong Kong Dollars is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

 

Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

   As of and for the period ended
May 31, 2018
   As of and for the period ended
August 31, 2017
 
           
Year-end / average HK$ : US$1 exchange rate   7.80    7.80 

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

 8 
 

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Recent accounting pronouncements

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the company has made when applying the guidance. We will adopt the new standard effective January 1, 2018, using the modified retrospective transition method. We finalized our analysis and the adoption of this guidance will not have a material impact on our consolidated financial statements and our internal controls over financial reporting.

 

In June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation,” (“ASU 2014-10”). ASU 2014-10 removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, ASU 2014-10 eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has elected to adopt ASU 2014-10 effective with this registration statement on Form S-1 and its adoption resulted in the removal of previously required development stage disclosures.

 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will be effective for us in the first quarter of 2018, with the option to adopt it in the first quarter of 2017. We currently anticipate adopting the new standard effective January 1, 2018, and do not expect the standard to have a material impact on our financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance will be effective for us in the first quarter of 2018 and early adoption is permitted. We are still evaluating the effect that this guidance will have on our financial statements and related disclosures.

 

 9 
 

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

3. PLANT AND EQUIPMENT, Net

 

Plant and equipment as of May 31, 2018 are summarized below:

 

   As of and for the
period ended
May 31, 2018
   As of and for the
period ended
August 31, 2017
 
Furniture & fixtures  $3,912   $- 
Office equipment   4,769    - 
Leasehold improvement   16,178    - 
Total   24,859    - 
Less: Accumulated depreciation   (4,707)   - 
Plant and Equipment , net  $20,152   $- 

 

Depreciation expense, classified as operating expenses, was $4,707 and $0 for the nine months ended May 31, 2018 and 2017 respectively.

 

4. RELATED PARTY TRANSACTIONS

 

   Nine month ended
May 31, 2018
   From March 22, 2017 to
August 31, 2017
 
Professional fee:          
- Related Party A  $187,824   $20,000 
- Related Party B   7,569    7,569 
- Related Party C   300,000    - 

 

Related party A is Greenpro Financial Consulting Limited. Directors of related party A are the investment managers of Greenpro Asia Strategic SPC-Greenpro Asia Strategic SP, Mr. Lee Chong Kuang and Mr. Loke Che Chan. This fee will be due to related party A upon receipt of an invoice.

 

Related party A provides services to the company during the period from March 22, 2017 (inception) to August 31, 2017, and the Company incurred professional fees of $20,000 to related party A.

 

During the nine months period ended May 31, 2018, the Company incurred professional fees of $187,824 due to related party A. At May 31, 2018, $3,240 was due to related party A.

 

Related Party B is Greenpro LF Limited. Directors of related party B are Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang..The Company leases its commercial office in Taipei under non-cancelable operating leases with terms of 31months.

 

During the nine months period ended May 31, 2018, the Company received $7,569 rental income from related party B.

 

Related Party C is Aquarius Protection Fund SPC-ACP Link Segregated. Director of related party C is Mr. Lin Yi-Hsiu, the director of the Company. The Company has issued 600,000 shares of common stock in the offering at a price of $0.50 per share to related party C on May 31, 2018.

 

 10 
 

 

5. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

 

   As of
May 31, 2018
   As of
August 31, 2017
 
Long-term Deposit  $9,960      
Short-term Deposit   17,210    - 
Other receivables   2,146    - 
   $29,286      

 

As of May 31, 2018, the balance $29,286 represented an outstanding deposit and other receivable which included rental deposit and management fee deposit. The accrued income is the rental income from leasing its commercial office in Taipei.

 

6. ACCRUED EXPENSES AND OTHER PAYABLES

 

   As of
May 31, 2018
   As of
August 31, 2017
 
Accrued expenses  $47,169    - 
Unearned income   27,000    - 
   $74,169      

 

As of May 31, 2018, the balance $74,169 represented an outstanding payable which included accrued expenses and unearned income. The unearned income is the upfront fee $27,000 which allocated to the whole contract term. The Company signed a service agreement with a third party which acts as agent to promote and sale the investment platform. The third party needs to pay a upfront fee and shares 30% of its profit to the Company.

 

7. INTANGIBLE ASSETS

 

On August 4 2017, JFB HK, a wholly owned subsidiary of the Company, acquired an investment platform that connects investor with other financial service providers in an effort to sharpen operational efficiency and respond to customer demands for more innovative services from a related company which is wholly owned by Mr. Lin at a purchase price of $30,000. As of August 31, 2017, the Company’s investment platform has been launched and there was amortization incurred for the period ended August 31, 2017.

 

According to provisions of FASB ASC 805-50-30 Transactions Between Commonly Controlled Entities, when accounting for transfers of intangible assets between entities under common control, the entity that receives the net intangible assets is required to measure the recognized assets transferred at their carry amounts in the accounts of the transferring entity at the date of the transfer and the value recorded is from historical carrying value. Amortization expense for intangible assets was $4,500 for the period ended May 31, 2018 and the net value of the intangible asset is $25,000.

 

 11 
 

 

8. SUBSCRIPTION RECEIVABLE

 

The Company has issued 600,000 shares of common stock in the offering at a price of $0.50 per share to a shareholder who, as of May 31, 2017, has not yet paid up the full subscription amount of $300,000 to the Company. As of June 1, 2018, the Company has received all subscription receivable.

 

9. COMMON STOCK

 

On March 22, 2017, the company issued 100,000 shares of restricted common stock, each with a par value of $0.0001 per share, to Mr. Lin for initial working capital of $10.

 

On June 16, 2017, the company issued 83,000,000, 5,000,000, 7,000,000 and 5,000,000 shares of restricted common stock to First Leader Capital Ltd., CPN Investment Ltd., Cheng Shui Fung and Greenpro Asia Strategic SPC respectively, each with par value of $0.0001 per share, for additional working capital of $10,000.

 

In July 2017 the Company sold shares to 22 shareholders, all of which reside in China, Hong Kong and Taiwan. A total of 1,474,995 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $294,999. The proceeds will be used as working capital.

 

In August 2017 the Company sold shares to 8 shareholders, all of which reside in China, Hong Kong and Taiwan. A total of 700,400 shares of restricted common stock were sold at a price of $0.20 per share. The proceeds will be used as working capital.

 

As of May 31, 2018, there are 104,275,425 shares of common stock issued and outstanding. The Company has issued 2,000,030 shares of common stock in the initial public offering at a price of $0.50 per share and received $1,000,015. There are no shares of preferred stock issued and outstanding.

 

10. COMMITMENTS AND CONTINGENCIES

 

During the period ended May 31, 2018, the Company entered into an agreement with an independent third party to lease office premises in Taiwan on a monthly basis, for the operations of the Company. The rental expense for the period ended May 31, 2018 was $35,204. The Company plans to use these three offices for business development in different locations.

 

As of May 31, 2018, the Company has the aggregate minimal rent payments due in the next four years as follow.

 

Year ending August 31,    
2018  $15,260 
2019   37,640 
2020   38,769 
2021   6,462 

 

 12 
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended June 30, 2017 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

 

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations. “These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.6, dated April 18, 2016, in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this transition report on Form10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

 

Company Overview

 

Leader Capital Holdings Corp. is a company that operates through its wholly owned subsidiary, Leader Financial Group Limited, a Seychelles Company. It should be noted that our wholly owned subsidiary, Leader Financial Group Limited owns 100% of JFB Internet Service Limited, a Hong Kong Company.

 

At this time, we operate exclusively through our wholly owned subsidiary and share the same business plan of our subsidiary which is to function as the service provider of an investment platform. JFB Internet Service Limited owns the JFB mobile application. JFB is a platform that connects investor with other financial service providers in an effort to sharpen operational efficiency and respond to customer demands for more innovative services. It is a ready-made application to meet generic needs of financial service providers, especially for trust companies and insurance companies. Some degree of customization can be added to brand the application to better suit the client’s requirements. The JFB application has completed development, but we may evaluate the possibility of improving the application as time goes on. Additionally, it should be noted that the Company has not yet generated any revenue, and we currently operate at a net loss.

 

Liquidity and Capital Resources

 

Our cash and cash equivalents balance is $721,158 as of May 31, 2018. Our cash balance is sufficient to fund our operations for a period of time.

 

Cash Used in Operating Activities

 

Net cash provided from operating activities was $368,176 for the nine months ended May 31, 2018. The cash used in operating activities was mainly for payment of general and administrative expenses.

 

Cash Used in Investing Activities

 

Net cash used in investing activities was $24,858 for the nine months ended May 31, 2018 respectively. The cash used in investing activities for the nine months ended May 31, 2018 was resulted from the purchase of plant and equipment.

 

Cash Provided by Financing Activities

 

Net cash provided by financing activities were $720,095 for   the nine months ended May 31, 2018. The cash provided by financing activities were the proceeds from initial public offering.

 

In regards to all of the above transactions we claim an exemption from registration afforded by Section 4(a)(2) and/or Regulation S of the Securities Act of 1933, as amended (“Regulation S”) for the above sales of the stock since the sales of the stock were made to non-U.S. persons (as defined under Rule 902 section (k)(2)(i) of Regulation S), pursuant to offshore transactions, and no directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing.

 

 13 
 

 

Comparison for the three month ended May 31, 2018 and May 31, 2017

 

Other income

 

Other income from rentals was $7,569 and $0 for the three months ended May 31, 2018 and 2017, respectively. It was derived principally from leasing properties in Taipei to a related party which is Greenpro LF Limited, a Seychelles company, owned by Mr. Lin Yi-Hsiu, and Mr. Lee Chong Kuang.

 

General and administrative expenses

 

General and administrative expenses were $93,275 and $0 for the three months ended May 31, 2018 and 2017 respectively. These expenses are comprised of salary and wages expenses, consulting fee and rent and rates of for the three months ended May 31, 2018.

 

Net loss

 

Our net loss was $85,705 and $0 for the three months ended May 31, 2018 and 2017 respectively. The net loss mainly derived from the general and administrative expenses incurred.

 

 14 
 

 

Comparison for the nine month ended May 31, 2018 and May 31, 2017

 

Other income

 

Other income from rentals was $7,569 and $0 for the nine months ended May 31, 2018 and 2017, respectively. It was derived principally from leasing properties in Taipei to a related party which is Greenpro LF Limited, a Seychelles company, owned by Mr. Lin Yi-Hsiu, and Mr. Lee Chong Kuang.

 

General and administrative expenses

 

General and administrative expenses were $405,949 and $0 for the nine months ended May 31, 2018 and 2017 respectively. These expenses are comprised of salary and wages expenses, consulting fee and rent and rates of for the three months ended May 31, 2018.

 

Net loss

 

Our net loss was $398,141 and $0 for the three months ended May 31, 2018 and 2017 respectively. The net loss mainly derived from the general and administrative expenses incurred.

 

 15 
 

 

Off-balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of May 31, 2018.

 

Contractual Obligations

 

As of May 31, 2018, the Company has no contractual obligations involved.

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4 CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures:

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of May 31, 2018. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of May 31, 2018, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of May 31, 2018, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

 

Changes in Internal Control Over Financial Reporting:

 

There were no changes in our internal control over financial reporting during the quarter ending May 31, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 16 
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

ITEM 6. Exhibits

 

31.1   Rule 13(a)-14(a) / 15(d)-14(a) Certification of principal executive office and principal financial officer
     
32.1   Section 1350 Certification of principal executive officer and principal financial officer

 

 17 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  LEADER CAPITAL HOLDINGS CORP
  (Name of Registrant)
     
Date: July 23, 2018    
     
  By: /s/ Lin Yi-Hsiu
  Title: Chief Executive Officer, President, Director (Principal Executive Officer)

 

 18 
 

 

EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, LIN YI-HSIU, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of LEADER CAPITAL HOLDINGS CORP (the “Company”) for the quarter ended May 31, 2018;

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 23, 2018 By: /s/ Lin Yi-Hsiu
    Lin Yi-Hsiu
    Chief Executive Officer, President, Treasurer Director
    (Principal Executive Officer , Principal Financial Officer, Principal Accounting Officer)

 

 
 

 

EX-32.1 3 ex32-1.htm

  

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of LEADER CAPITAL HOLDINGS CORP (the “Company”) on Form 10-Q for the period ended May 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: July 23, 2018 By: /s/ Lin Yi-Hsiu
    Lin Yi-Hsiu
    Chief Executive Officer, President, Treasurer Director
    (Principal Executive Officer , Principal Financial Officer, Principal Accounting Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 

 

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Related parties Income tax expense NET LOSS Other comprehensive loss Foreign currency translation loss COMPREHENSIVE LOSS Net loss per share - Basic and diluted Weighted average number of common shares outstanding - Basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and Amortization Changes in operating assets and liabilities: Prepayments, deposits & other receivables Amount due to director Accounts payable and accrued liabilities Amount due to a related company Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of equipment Purchase of Intangible assets Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from share issuance Subscription receivable Net cash provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period CASH AND CASH EQUIVALENTS, END OF PERIOD SUPPLEMENTAL CASH FLOWS INFORMATION Cash paid for income taxes Cash paid for interest paid Accounting Policies [Abstract] Organization and Business Background Summary of Significant Accounting Policies Property, Plant and Equipment [Abstract] Plant and Equipment, Net Related Party Transactions [Abstract] Related Party Transactions Receivables [Abstract] Prepayments, Deposits and Other Receivables Payables and Accruals [Abstract] Accrued Expenses and Other Payables Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Subscription Receivable Subscription Receivable Equity [Abstract] Common Stock Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Basis of Presentation Use of Estimates Cash and Cash Equivalents Software Development Costs Revenue Recognition Plant and Equipment Intangible Asset Income Taxes Net Income/(loss) Per Share Foreign Currencies Translation Related Parties Fair Value of Financial Instruments Recent Accounting Pronouncements Schedule of Subsidiaries of Company Schedule of Plant and Equipment Useful Lives Schedule of Foreign Currency Translation Schedule of Plant and Equipment, Net Schedule of Related Party Transactions Schedule of Prepayments, Deposits And Other Receivables Schedule of Accrued Expenses and Other Payables Schedule of Operating Lease Minimum Rent Payments Statement [Table] Statement [Line Items] Company name Place/date of incorporation Principal activities Intangible assets useful life Plant and equipment expected useful lives Year-end / average HK$ : US$1 exchange rate Depreciation expense Total Less: Accumulated depreciation Plant and Equipment, net Professional fees Due to related party Rental income Issuance of common stock Offering price Deposits and other receivables Long-term Deposit Short-term Deposit Other receivables Outstanding payable Upfront fee Share profit, percentage Accrued expenses Unearned income Accrued expenses and other payables Purchase of Intangible assets Amortization of intangible assets Intangible assets net Number of restricted common stock issued Share issued price per share Subscription amount Number of common stock shares issued for initial working capital Common stock par value Number of common stock issued for initial working capital value Sale of stock price per share Issuance common stock, value Share price Rent expense Year ending August 31, 2018 Year ending August 31, 2019 Year ending August 31, 2020 Year ending August 31, 2021 CPN Investment Ltd [Member] Cheng Shui Fung [Member] 8 Shareholders [Member] Place/date of incorporation. First Leader Capital Ltd [Member] Greenpro Asia Strategic SPC [Member] Increase decrease in prepayments deposits other receivables. JFB Internet Service Limited [Member] Leader Financial Group Limited [Member] Mr. Lin [Member] Number of common stock issued for initial working capital value. Number of common stock shares issued for initial working capital. Prepayments, deposits and other receivables. Proceed from subscription receivable. Related Parties [Policy Text Block] Related Party A [Member] Related Party B [Member] Related Party C [Member] Schedule of Plant and Equipment Useful Lives [Table Text Block] Schedule of Subsidiaries of Company [Table Text Block] Subscription Receivable [Text Block] 22 Shareholders [Member] Prepayments, Deposits and Other Receivables [Text Block] Schedule of Prepayments, Deposits And Other Receivables [Table Text Block] Deposits and other receivables. Upfront fee. Share profit, percentage. Subscription receivable - Related parties. Subscription receivable - Non Related parties. Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit General and Administrative Expense Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent IncreaseDecreaseInPrepaymentsDepositsOtherReceivables Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Effect of Exchange Rate on Cash and Cash Equivalents Cash and Cash Equivalents, Period Increase (Decrease) SubscriptionReceivableTextBlock Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment EX-101.PRE 9 leade-20180531_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
9 Months Ended
May 31, 2018
Jul. 23, 2018
Document And Entity Information    
Entity Registrant Name Leader Capital Holdings Corp.  
Entity Central Index Key 0001715433  
Document Type 10-Q  
Document Period End Date May 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --08-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   104,275,425
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
May 31, 2018
Aug. 31, 2017
Current assets:    
Cash and cash equivalents $ 721,158 $ 394,096
Subscription receivable - Related parties 300,000 0
Subscription receivable - Non Related parties 0 20,080
Prepayments, deposits and other receivables 19,356
Total current assets 1,040,514 414,176
Non-current assets    
Plant and equipment, net 20,162
Deposit 9,960
Intangible assets 25,000 29,500
Total non-current assets 55,112 29,500
TOTAL ASSETS 1,095,626 443,676
Current liabilities    
Other payables and accrued liabilities 70,075
Due to related company 20,000
Total current liabilities 70,075 20,000
TOTAL LIABILITIES 70,075 20,000
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common stock, $ 0.0001 par value; 600,000,000 shares authorized; 102,275,395 shares issued and outstanding as of May 31, 2018 and August 31, 2017, respectively 10,428 10,228
Additional paid-in capital 1,434,676 434,861
Accumulated other comprehensive income 1
Accumulated deficit (419,554) (21,413)
TOTAL STOCKHOLDERS' EQUITY 1,025,551 423,676
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 1,095,626 $ 443,676
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
May 31, 2018
Aug. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 600,000,000 600,000,000
Common stock, shares issued 102,275,395 102,275,395
Common stock, shares outstanding 102,275,395 102,275,395
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
May 31, 2018
May 31, 2017
May 31, 2018
May 31, 2017
Income Statement [Abstract]        
REVENUE
COST OF REVENUE
GROSS PROFIT
OPERATING EXPENSES        
General and administrative (93,275) (405,949)
LOSS FROM OPERATIONS (93,275) (405,949)  
Interest expense
LOSS BEFORE INCOME TAX (93,275) (405,949)
Other income/(expense):        
Other income - Related parties 7,808 7,808
Income tax expense
NET LOSS (85,705) (398,141)
Other comprehensive loss        
Foreign currency translation loss (1)
COMPREHENSIVE LOSS $ (85,705) $ (398,142)
Net loss per share - Basic and diluted $ (0.01) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of common shares outstanding - Basic and diluted 103,175,203 100,000 102,578,628 100,000
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
May 31, 2018
May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (398,141)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and Amortization 9,206
Changes in operating assets and liabilities:    
Prepayments, deposits & other receivables (29,316)
Amount due to director
Accounts payable and accrued liabilities 70,075
Amount due to a related company (20,000)
Net cash provided by (used in) operating activities (368,176)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (24,858)
Purchase of Intangible assets
Net cash used in investing activities (24,858)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from share issuance 1,000,015 10
Subscription receivable (279,920) (10)
Net cash provided by financing activities 720,095
Effect of exchange rate changes on cash and cash equivalents (1)
Net increase (decrease) in cash and cash equivalents 327,062
Cash and cash equivalents, beginning of period 394,096
CASH AND CASH EQUIVALENTS, END OF PERIOD 721,158
SUPPLEMENTAL CASH FLOWS INFORMATION    
Cash paid for income taxes
Cash paid for interest paid
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Business Background
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Organization and Business Background

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Leader Capital Holdings Corp. was incorporated on March 22, 2017 under the laws of the state of Nevada.

 

The Company, through its subsidiaries, mainly engages in the provision of investment platform services with the use of a mobile application.

 

Company name   Place/date of incorporation   Principal activities
         
1. Leader Financial Group Limited   Seychelles / March 6, 2017   Investment Holding
         
2. JFB Internet Service Limited   Hong Kong / July 6, 2017   Provide an Investment platform

 

We are a development-stage company with a fiscal year end of August 31. At this moment, we operate exclusively through our wholly owned subsidiaries Leader Financial Group Limited and JFB Internet Service Limited and share the same business plan of our subsidiaries which is to provide services through a mobile application investment platform.

 

Leader Capital Holdings Corp. and its subsidiaries are hereinafter referred to as the “Company”.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The consolidated financial statements for Leader Capital Holdings Corp. and its subsidiaries are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Leader Capital Holdings Corp. and its wholly owned subsidiaries, Leader Financial Group Limited and JFB Internet Service Limited. Intercompany accounts and transactions have been eliminated in consolidation. The Company has adopted August 31 as its fiscal year end.

 

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

 

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

 

Software Development Costs

 

The Company expense software development costs, including costs to develop software products or the software component of products to be marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

 

We capitalize development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented.

 

Revenue recognition

 

The Company recognizes its revenue in accordance with ASC Topic 605, “Revenue Recognition”, upon the delivery of its products when: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable.

 

-Rental income

 

Revenue from rental of leasehold land and buildings are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased assets. The Company leases its commercial office in Taipei under non-cancelable operating leases with terms of 31 months to a related party which is Greenpro LF Limited, a Seychelles company, owned by Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang.

 

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

  Expected useful life
Furniture and fixture 3
Leasehold improvement 3

 

Intangible asset

 

All of our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit which is 5 years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the period ended May 31, 2018.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Hong Kong. The Company is subject to tax in Hong Kong jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the Hong Kong tax authority.

 

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles and Hong Kong maintains its books and record in United States Dollars (“US$”) and Hong Kong Dollars (“HK$”) respectively, and Hong Kong Dollars is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

 

Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the period ended
May 31, 2018
    As of and for the period ended
August 31, 2017
 
                 
Year-end / average HK$ : US$1 exchange rate     7.80       7.80  

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

Recent accounting pronouncements

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the company has made when applying the guidance. We will adopt the new standard effective January 1, 2018, using the modified retrospective transition method. We finalized our analysis and the adoption of this guidance will not have a material impact on our consolidated financial statements and our internal controls over financial reporting.

 

In June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation,” (“ASU 2014-10”). ASU 2014-10 removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, ASU 2014-10 eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has elected to adopt ASU 2014-10 effective with this registration statement on Form S-1 and its adoption resulted in the removal of previously required development stage disclosures.

 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will be effective for us in the first quarter of 2018, with the option to adopt it in the first quarter of 2017. We currently anticipate adopting the new standard effective January 1, 2018, and do not expect the standard to have a material impact on our financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance will be effective for us in the first quarter of 2018 and early adoption is permitted. We are still evaluating the effect that this guidance will have on our financial statements and related disclosures.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Plant and Equipment, Net
9 Months Ended
May 31, 2018
Property, Plant and Equipment [Abstract]  
Plant and Equipment, Net

3. PLANT AND EQUIPMENT, Net

 

Plant and equipment as of May 31, 2018 are summarized below:

 

    As of and for the
period ended
May 31, 2018
    As of and for the
period ended
August 31, 2017
 
Furniture & fixtures   $ 3,912     $ -  
Office equipment     4,769       -  
Leasehold improvement     16,178       -  
Total     24,859       -  
Less: Accumulated depreciation     (4,707 )     -  
Plant and Equipment , net   $ 20,152     $ -  

 

Depreciation expense, classified as operating expenses, was $4,707 and $0 for the nine months ended May 31, 2018 and 2017 respectively.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
9 Months Ended
May 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

4. RELATED PARTY TRANSACTIONS

 

    Nine month ended
May 31, 2018
    From March 22, 2017 to
August 31, 2017
 
Professional fee:                
- Related Party A   $ 187,824     $ 20,000  
- Related Party B     7,569       7,569  
- Related Party C     300,000       -  

 

Related party A is Greenpro Financial Consulting Limited. Directors of related party A are the investment managers of Greenpro Asia Strategic SPC-Greenpro Asia Strategic SP, Mr. Lee Chong Kuang and Mr. Loke Che Chan. This fee will be due to related party A upon receipt of an invoice.

 

Related party A provides services to the company during the period from March 22, 2017 (inception) to August 31, 2017, and the Company incurred professional fees of $20,000 to related party A.

 

During the nine months period ended May 31, 2018, the Company incurred professional fees of $187,824 due to related party A. At May 31, 2018, $3,240 was due to related party A.

 

Related Party B is Greenpro LF Limited. Directors of related party B are Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang..The Company leases its commercial office in Taipei under non-cancelable operating leases with terms of 31months.

 

During the nine months period ended May 31, 2018, the Company received $7,569 rental income from related party B.

 

Related Party C is Aquarius Protection Fund SPC-ACP Link Segregated. Director of related party C is Mr. Lin Yi-Hsiu, the director of the Company. The Company has issued 600,000 shares of common stock in the offering at a price of $0.50 per share to related party C on May 31, 2018.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepayments, Deposits and Other Receivables
9 Months Ended
May 31, 2018
Receivables [Abstract]  
Prepayments, Deposits and Other Receivables

5. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

 

    As of
May 31, 2018
    As of
August 31, 2017
 
Long-term Deposit   $ 9,960          
Short-term Deposit     17,210       -  
Other receivables     2,146       -  
    $ 29,286          

 

As of May 31, 2018, the balance $29,286 represented an outstanding deposit and other receivable which included rental deposit and management fee deposit. The accrued income is the rental income from leasing its commercial office in Taipei.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Expenses and Other Payables
9 Months Ended
May 31, 2018
Payables and Accruals [Abstract]  
Accrued Expenses and Other Payables

6. ACCRUED EXPENSES AND OTHER PAYABLES

 

    As of
May 31, 2018
    As of
August 31, 2017
 
Accrued expenses   $ 47,169       -  
Unearned income     27,000       -  
    $ 74,169          

 

As of May 31, 2018, the balance $74,169 represented an outstanding payable which included accrued expenses and unearned income. The unearned income is the upfront fee $27,000 which allocated to the whole contract term. The Company signed a service agreement with a third party which acts as agent to promote and sale the investment platform. The third party needs to pay a upfront fee and shares 30% of its profit to the Company.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets
9 Months Ended
May 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. INTANGIBLE ASSETS

 

On August 4 2017, JFB HK, a wholly owned subsidiary of the Company, acquired an investment platform that connects investor with other financial service providers in an effort to sharpen operational efficiency and respond to customer demands for more innovative services from a related company which is wholly owned by Mr. Lin at a purchase price of $30,000. As of August 31, 2017, the Company’s investment platform has been launched and there was amortization incurred for the period ended August 31, 2017.

 

According to provisions of FASB ASC 805-50-30 Transactions Between Commonly Controlled Entities, when accounting for transfers of intangible assets between entities under common control, the entity that receives the net intangible assets is required to measure the recognized assets transferred at their carry amounts in the accounts of the transferring entity at the date of the transfer and the value recorded is from historical carrying value. Amortization expense for intangible assets was $4,500 for the period ended May 31, 2018 and the net value of the intangible asset is $25,000.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subscription Receivable
9 Months Ended
May 31, 2018
Subscription Receivable  
Subscription Receivable

8. SUBSCRIPTION RECEIVABLE

 

The Company has issued 600,000 shares of common stock in the offering at a price of $0.50 per share to a shareholder who, as of May 31, 2017, has not yet paid up the full subscription amount of $300,000 to the Company. As of June 1, 2018, the Company has received all subscription receivable.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock
9 Months Ended
May 31, 2018
Equity [Abstract]  
Common Stock

9. COMMON STOCK

 

On March 22, 2017, the company issued 100,000 shares of restricted common stock, each with a par value of $0.0001 per share, to Mr. Lin for initial working capital of $10.

 

On June 16, 2017, the company issued 83,000,000, 5,000,000, 7,000,000 and 5,000,000 shares of restricted common stock to First Leader Capital Ltd., CPN Investment Ltd., Cheng Shui Fung and Greenpro Asia Strategic SPC respectively, each with par value of $0.0001 per share, for additional working capital of $10,000.

 

In July 2017 the Company sold shares to 22 shareholders, all of which reside in China, Hong Kong and Taiwan. A total of 1,474,995 shares of restricted common stock were sold at a price of $0.20 per share. The total proceeds to the Company amounted to a total of $294,999. The proceeds will be used as working capital.

 

In August 2017 the Company sold shares to 8 shareholders, all of which reside in China, Hong Kong and Taiwan. A total of 700,400 shares of restricted common stock were sold at a price of $0.20 per share. The proceeds will be used as working capital.

 

As of May 31, 2018, there are 104,275,425 shares of common stock issued and outstanding. The Company has issued 2,000,030 shares of common stock in the initial public offering at a price of $0.50 per share and received $1,000,015. There are no shares of preferred stock issued and outstanding.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
9 Months Ended
May 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

 

During the period ended May 31, 2018, the Company entered into an agreement with an independent third party to lease office premises in Taiwan on a monthly basis, for the operations of the Company. The rental expense for the period ended May 31, 2018 was $35,204. The Company plans to use these three offices for business development in different locations.

 

As of May 31, 2018, the Company has the aggregate minimal rent payments due in the next four years as follow.

 

Year ending August 31,      
2018   $ 15,260  
2019     37,640  
2020     38,769  
2021     6,462  

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of presentation

 

The consolidated financial statements for Leader Capital Holdings Corp. and its subsidiaries are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Leader Capital Holdings Corp. and its wholly owned subsidiaries, Leader Financial Group Limited and JFB Internet Service Limited. Intercompany accounts and transactions have been eliminated in consolidation. The Company has adopted August 31 as its fiscal year end.

Use of Estimates

Use of estimates

 

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents

 

Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

Software Development Costs

Software Development Costs

 

The Company expense software development costs, including costs to develop software products or the software component of products to be marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

 

We capitalize development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented.

Revenue Recognition

Revenue recognition

 

The Company recognizes its revenue in accordance with ASC Topic 605, “Revenue Recognition”, upon the delivery of its products when: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable.

 

-Rental income

 

Revenue from rental of leasehold land and buildings are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased assets. The Company leases its commercial office in Taipei under non-cancelable operating leases with terms of 31 months to a related party which is Greenpro LF Limited, a Seychelles company, owned by Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang.

Plant and Equipment

Plant and equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

  Expected useful life
Furniture and fixture 3
Leasehold improvement 3

Intangible Asset

Intangible asset

 

All of our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit which is 5 years.

 

The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. There was no impairment losses recorded on intangible assets for the period ended May 31, 2018.

Income Taxes

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Hong Kong. The Company is subject to tax in Hong Kong jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the Hong Kong tax authority.

Net Income/(loss) Per Share

Net income/(loss) per share

 

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Foreign Currencies Translation

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

 

The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles and Hong Kong maintains its books and record in United States Dollars (“US$”) and Hong Kong Dollars (“HK$”) respectively, and Hong Kong Dollars is functional currency as being the primary currency of the economic environment in which the entity operates.

 

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

 

Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the period ended
May 31, 2018
    As of and for the period ended
August 31, 2017
 
                 
Year-end / average HK$ : US$1 exchange rate     7.80       7.80  

Related Parties

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Fair Value of Financial Instruments

Fair value of financial instruments:

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Observable inputs such as quoted prices in active markets;

 

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

 

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Recent Accounting Pronouncements

Recent accounting pronouncements

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the company has made when applying the guidance. We will adopt the new standard effective January 1, 2018, using the modified retrospective transition method. We finalized our analysis and the adoption of this guidance will not have a material impact on our consolidated financial statements and our internal controls over financial reporting.

 

In June 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation,” (“ASU 2014-10”). ASU 2014-10 removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, ASU 2014-10 eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has elected to adopt ASU 2014-10 effective with this registration statement on Form S-1 and its adoption resulted in the removal of previously required development stage disclosures.

 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will be effective for us in the first quarter of 2018, with the option to adopt it in the first quarter of 2017. We currently anticipate adopting the new standard effective January 1, 2018, and do not expect the standard to have a material impact on our financial statements.

 

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance will be effective for us in the first quarter of 2018 and early adoption is permitted. We are still evaluating the effect that this guidance will have on our financial statements and related disclosures.

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Business Background (Tables)
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Schedule of Subsidiaries of Company

Company name   Place/date of incorporation   Principal activities
         
1. Leader Financial Group Limited   Seychelles / March 6, 2017   Investment Holding
         
2. JFB Internet Service Limited   Hong Kong / July 6, 2017   Provide an Investment platform

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Schedule of Plant and Equipment Useful Lives

Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

 

  Expected useful life
Furniture and fixture 3
Leasehold improvement 3

Schedule of Foreign Currency Translation

Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective periods:

 

    As of and for the period ended
May 31, 2018
    As of and for the period ended
August 31, 2017
 
                 
Year-end / average HK$ : US$1 exchange rate     7.80       7.80  

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Plant and Equipment, Net (Tables)
9 Months Ended
May 31, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Plant and Equipment, Net

Plant and equipment as of May 31, 2018 are summarized below:

 

    As of and for the
period ended
May 31, 2018
    As of and for the
period ended
August 31, 2017
 
Furniture & fixtures   $ 3,912     $ -  
Office equipment     4,769       -  
Leasehold improvement     16,178       -  
Total     24,859       -  
Less: Accumulated depreciation     (4,707 )     -  
Plant and Equipment , net   $ 20,152     $ -  

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Tables)
9 Months Ended
May 31, 2018
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

    Nine month ended
May 31, 2018
    From March 22, 2017 to
August 31, 2017
 
Professional fee:                
- Related Party A   $ 187,824     $ 20,000  
- Related Party B     7,569       7,569  
- Related Party C     300,000       -  

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepayments, Deposits and Other Receivables (Tables)
9 Months Ended
May 31, 2018
Receivables [Abstract]  
Schedule of Prepayments, Deposits And Other Receivables

    As of
May 31, 2018
    As of
August 31, 2017
 
Long-term Deposit   $ 9,960          
Short-term Deposit     17,210       -  
Other receivables     2,146       -  
    $ 29,286          

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Expenses and Other Payables (Tables)
9 Months Ended
May 31, 2018
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Payables

    As of
May 31, 2018
    As of
August 31, 2017
 
Accrued expenses   $ 47,169       -  
Unearned income     27,000       -  
    $ 74,169          

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
9 Months Ended
May 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Lease Minimum Rent Payments

As of May 31, 2018, the Company has the aggregate minimal rent payments due in the next four years as follow.

 

Year ending August 31,      
2018   $ 15,260  
2019     37,640  
2020     38,769  
2021     6,462  

XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Business Background - Schedule of Subsidiaries of Company (Details)
9 Months Ended
May 31, 2018
Leader Financial Group Limited [Member]  
Company name Leader Financial Group Limited
Place/date of incorporation Seychelles / March 6, 2017
Principal activities Investment Holding
JFB Internet Service Limited [Member]  
Company name JFB Internet Service Limited
Place/date of incorporation Hong Kong / July 6, 2017
Principal activities Provide an Investment platform
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative)
9 Months Ended
May 31, 2018
Accounting Policies [Abstract]  
Intangible assets useful life 5 years
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Plant and Equipment Useful Lives (Details)
9 Months Ended
May 31, 2018
Furniture and Fixture [Member]  
Plant and equipment expected useful lives 3 years
Leasehold Improvement [Member]  
Plant and equipment expected useful lives 3 years
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation (Details)
May 31, 2018
Aug. 31, 2017
Accounting Policies [Abstract]    
Year-end / average HK$ : US$1 exchange rate 7.80 7.80
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Plant and Equipment, Net (Details Narrative) - USD ($)
9 Months Ended
May 31, 2018
May 31, 2017
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 4,707 $ 0
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Plant and Equipment, Net - Schedule of Plant and Equipment, Net (Details) - USD ($)
May 31, 2018
Aug. 31, 2017
Total $ 24,859
Less: Accumulated depreciation (4,707)
Plant and Equipment, net 20,162
Furniture & Fixtures [Member]    
Total 3,912
Office Equipment [Member]    
Total 4,769
Leasehold Improvement [Member]    
Total $ 16,178
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
5 Months Ended 9 Months Ended
Aug. 31, 2017
Aug. 31, 2017
May 31, 2018
Due to related party $ 20,000 $ 20,000
Related Party A [Member]      
Professional fees   20,000 187,824
Due to related party     3,240
Related Party B [Member]      
Professional fees $ 7,569   7,569
Rental income     7,569
Related Party C [Member]      
Professional fees   $ 300,000
Issuance of common stock     600,000
Offering price     $ 0.50
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
5 Months Ended 9 Months Ended
Aug. 31, 2017
Aug. 31, 2017
May 31, 2018
Related Party A [Member]      
Professional fees $ 20,000   $ 187,824
Related Party B [Member]      
Professional fees   $ 7,569 7,569
Related Party C [Member]      
Professional fees   $ 300,000
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepayments, Deposits And Other Receivables (Details Narrative) - USD ($)
May 31, 2018
Aug. 31, 2017
Receivables [Abstract]    
Deposits and other receivables $ 29,286
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Prepayments, Deposits And Other Receivables - Schedule of Prepayments, Deposits And Other Receivables (Details) - USD ($)
May 31, 2018
Aug. 31, 2017
Receivables [Abstract]    
Long-term Deposit $ 9,960
Short-term Deposit 17,210
Other receivables 2,146
Deposits and other receivables $ 29,286
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Expenses and Other Payables (Details Narrative)
9 Months Ended
May 31, 2018
USD ($)
Payables and Accruals [Abstract]  
Outstanding payable $ 74,169
Upfront fee $ 27,000
Share profit, percentage 30.00%
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Expenses and Other Payables - Schedule of Accrued Expenses and Other Payables (Details) - USD ($)
May 31, 2018
Aug. 31, 2017
Payables and Accruals [Abstract]    
Accrued expenses $ 47,169
Unearned income 27,000
Accrued expenses and other payables $ 70,075
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details Narrative) - USD ($)
5 Months Ended 9 Months Ended
Aug. 31, 2017
May 31, 2018
May 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]      
Purchase of Intangible assets $ 30,000
Amortization of intangible assets   4,500  
Intangible assets net   $ 25,000  
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subscription Receivable (Details Narrative)
9 Months Ended
May 31, 2018
USD ($)
$ / shares
shares
Subscription Receivable  
Number of restricted common stock issued | shares 600,000
Share issued price per share | $ / shares $ 0.50
Subscription amount | $ $ 300,000
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
Jun. 16, 2017
Mar. 22, 2017
Aug. 31, 2017
Jul. 31, 2017
May 31, 2018
Common stock par value     $ 0.0001   $ 0.0001
Common stock, shares issued     102,275,395   102,275,395
Common stock, shares outstanding     102,275,395   102,275,395
Preferred stock, shares issued      
Preferred stock, shares outstanding      
IPO [Member]          
Common stock, shares issued         104,275,425
Common stock, shares outstanding         104,275,425
Issuance of common stock         2,000,030
Issuance common stock, value         $ 1,000,015
Share price         $ 0.50
Preferred stock, shares issued        
Preferred stock, shares outstanding        
Mr. Lin [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital   100,000      
Common stock par value   $ 0.0001      
Number of common stock issued for initial working capital value   $ 10      
First Leader Capital Ltd [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital 83,000,000        
Common stock par value $ 0.0001        
Number of common stock issued for initial working capital value $ 10,000        
CPN Investment Ltd [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital 5,000,000        
Common stock par value $ 0.0001        
Number of common stock issued for initial working capital value $ 10,000        
Cheng Shui Fung [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital 7,000,000        
Common stock par value $ 0.0001        
Number of common stock issued for initial working capital value $ 10,000        
Greenpro Asia Strategic SPC [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital 5,000,000        
Common stock par value $ 0.0001        
Number of common stock issued for initial working capital value $ 10,000        
22 Shareholders [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital       1,474,995  
Number of common stock issued for initial working capital value       $ 294,999  
Sale of stock price per share       $ 0.20  
8 Shareholders [Member] | Restricted Stock [Member]          
Number of common stock shares issued for initial working capital     700,400    
Sale of stock price per share     $ 0.20    
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative)
9 Months Ended
May 31, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Rent expense $ 35,204
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Operating Lease Minimum Rent Payments (Details)
May 31, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Year ending August 31, 2018 $ 15,260
Year ending August 31, 2019 37,640
Year ending August 31, 2020 38,769
Year ending August 31, 2021 $ 6,462
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