10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For The Quarterly Period Ended May 31, 2021

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.)
Room 2708-09, Metropolis Tower, 10 Metropolis Drive, Hung Hom, Hong Kong
(Address of principal executive offices)	(Zip Code)

Registrant’s phone number, including area code: +852-3487-6378

Securities registered pursuant to Section 12(b) of the Act: None

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
N/A	N/A	N/A

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES [X] NO [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-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 15, 2021
Common Stock, $0.0001 par value		154,999,219

LEADER CAPITAL HOLDINGS CORP.

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MAY 31, 2021

TABLE OF CONTENTS

		Page
Special Note Regarding Forward-Looking Statements and Other Information Contained in this Report		ii
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements:	1
	Condensed Consolidated Balance Sheets as of May 31, 2021 (unaudited) and August 31, 2020	2
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Nine and Three Months Ended May 31, 2021 and 2020 (unaudited)	3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine and Three Months Ended May 31, 2021 and 2020 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the Nine months Ended May 31, 2021 and 2020 (unaudited)	5
	Notes to the Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion And Analysis Of Financial Condition And Results Of Operations	32
Item 3.	Quantitative And Qualitative Disclosures About Market Risk	36
Item 4.	Controls And Procedures	37
PART II	OTHER INFORMATION
Item 1	Legal Proceedings	38
Item 1A	Risk Factors	38
Item 2	Unregistered Sales Of Equity Securities And Use Of Proceeds	38
Item 3	Defaults Upon Senior Securities	39
Item 4	Mine Safety Disclosures	39
Item 5	Other Information	39
Item 6	Exhibits	39
Signatures		40

i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
CONTAINED IN THIS REPORT

This quarterly report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,” “should,” “could,” “may” or other similar expressions in this Form 10-Q. In particular, these include statements relating to future actions, future performance, anticipated expenses, or projected financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include the following:

● the availability and adequacy of our cash flow to meet our requirements;

● economic, competitive, demographic, business and other conditions in our local and regional markets;

● changes or developments in laws, regulations or taxes in our industry;

● actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial and other governmental authorities;

● competition in our industry;

● the loss of or failure to obtain any license or permit necessary or desirable in the operation of our business;

● changes in our business strategy, capital improvements or development plans;

● the availability of additional capital to support capital improvements and development; and

● other risks identified in our other filings with the Securities and Exchange Commission.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, or joint ventures we may make or collaborations or strategic partnerships we may enter into.

You should read this Form 10-Q and the documents that we have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Unless otherwise stated or the context otherwise requires, the terms “Leader Capital Holdings Corp.,” “we,” “us,” “our” and the “Company” refer collectively to Leader Capital Holdings Corp. and, where appropriate, its subsidiaries.

ii

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

INDEX TO UNAUDITED FINANCIAL STATEMENTS

	Page
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations and Comprehensive Loss	3
Condensed Consolidated Statements of Changes in Stockholders’ Equity	4
Condensed Consolidated Statements of Cash Flows	5
Notes to Condensed Consolidated Financial Statements	6

1

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In U.S. dollars except for share data)

	As of
	May 31, 2021			August 31, 2020
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,545,915		$	432,087
Restricted cash		3,247			-
Accounts receivable		4,145			-
Prepayments, deposits and other receivables		280,639			221,166
Inventory		1,575			-
Tax recoverable		4,793			-
Due from a director		-			189,474
Due from a related company		-			36,666
Loan to a shareholder		-			34,048
Total current assets		1,840,314			913,441
Non-current assets
Plant and equipment, net		66,966			33,667
Intangible assets		744,880			818,200
Goodwill		2,974,364			2,974,364
Operating lease right-of-use assets, net		218,218			237,239
Prepayments, deposits and other receivables		176,973			-
Total non-current assets		4,181,401			4,063,470
TOTAL ASSETS	$	6,021,715		$	4,976,911
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accrued expenses and other payables	$	394,599		$	292,246
Contract liabilities		9,570			2,896
Operating lease liability, current		172,017			189,253
Loan from a shareholder		-			60,075
Tax payable		-			31,871
Due to shareholders		49,286			99,730
Due to a director		1,608,109			1,400,459
Total current liabilities		2,233,581			2,076,530
Non-current liabilities
Operating lease liability, non-current		47,302			54,095
Deferred tax liabilities		147,532			163,640
Bonds payable		600,000			600,000
Convertible notes payable to related parties		1,036,000			104,000
Total non-current liabilities		1,830,834			921,735
TOTAL LIABILITIES	$	4,064,415		$	2,998,265
COMMITMENTS AND CONTINGENCIES (Note 14)
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; 152,599,219 and 135,474,219 shares issued and outstanding as of May 31, 2021 and August 31, 2020, respectively		15,260			13,548
Additional paid-in capital		21,992,237			13,272,673
Accumulated other comprehensive income		(238,712	)		-
Accumulated deficits		(19,811,485	)		(11,307,575	)
TOTAL STOCKHOLDERS’ EQUITY	$	1,957,300		$	1,978,646
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	6,021,715		$	4,976,911

See accompanying notes to the condensed consolidated financial statements.

2

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In U.S. dollars except for share data)

`	For the nine months ended						For the three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
REVENUE	$	78,696		$	5,000		$	23,444		$	1,667
OPERATING EXPENSES
Research and development expenses		(456,428	)		-			(151,863	)		-
Sales and marketing expenses		(186,068	)		-			(15,338	)		-
General and administrative expenses		(7,779,743	)		(3,700,182	)		(2,301,816	)		(1,215,184	)
LOSS FROM OPERATIONS		(8,343,543	)		(3,695,182	)		(2,445,573	)		(1,213,517	)
Interest expense		(51,000	)		(47,303	)		(18,597	)		(17,196	)
(Loss) gain on change in fair value of convertible notes		(129,288	)		-			201,000			-
OTHER INCOME
Other income – from related parties		1,823			-			-			-
Other income (expense) – from non-related parties		1,990			89,591			(19,212	)		39,309
		3,813			89,591			(19,212	)		39,309
LOSS BEFORE INCOME TAX		(8,520,018	)		(3,652,894	)		(2,282,382	)		(1,191,404	)
Income tax benefit (expense)		16,108			(30,250	)		5,879			-
NET LOSS	$	(8,503,910	)	$	(3,683,144	)	$	(2,276,503	)	$	(1,191,404	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment		(238,712	)		-			(274,296	)		-
TOTAL COMPREHENSIVE LOSS	$	(8,742,622	)	$	(3,683,144	)	$	(2,550,799	)	$	(1,191,404	)
Net loss per share - Basic and diluted	$	(0.06	)	$	(0.03	)	$	(0.01	)	$	(0.01	)
Weighted average number of shares of common stock outstanding - Basic and diluted		139,771,102			113,700,043			141,699,780			113,824,027

See accompanying notes to the condensed consolidated financial statements.

3

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(In U.S. dollars except for share data)

	FOR THE THREE MONTHS ENDED MAY 31, 2021
	COMMON STOCK						ADDITIONAL		ACCUMULATED OTHER						TOTAL
	Number of shares			Amount			PAID IN CAPITAL		COMPREHENSIVE INCOME			ACCUMULATED DEFICITS			STOCKHOLDERS’ EQUITY
Balance as of March 1, 2021		138,894,219		$	13,890		$	17,524,923	$	35,584		$	(17,534,982	)	$	39,415
Shares issued in private placement		26,837,500			2,683			2,681,297		-			-			2,683,980
Shares to be issued in private placement		-			-			210,000		-			-			210,000
Cancellation of restricted shares		(13,132,500	)		(1,313	)		1,313		-			-			-
Share based compensation		-			-			1,574,704		-			-			1,574,704
Foreign currency translation adjustment		-			-			-		(274,296	)		-			(274,296	)
Net loss		-			-			-		-			(2,276,503	)		(2,276,503	)
Balance as of May 31, 2021		152,599,219		$	15,260		$	21,992,237	$	(238,712	)	$	(19,811,485	)	$	1,957,300

	FOR THE THREE MONTHS ENDED MAY 31, 2020
	COMMON STOCK				ADDITIONAL		ACCUMULATED OTHER					TOTAL
	Number of shares		Amount		PAID IN CAPITAL		COMPREHENSIVE INCOME		ACCUMULATED DEFICITS			STOCKHOLDERS’ EQUITY
Balance as of March 1, 2020		113,684,073	$	11,369	$	4,013,059	$	-	$	(3,956,486	)	$	67,942
Shares to be issued in private placement		-		-		280,014		-		-			280,014
Share compensation		-		-		1,062,500		-		-			1,062,500
Net loss		-		-		-		-		(1,191,404	)		(1,191,404	)
Balance as of May 31, 2020		113,684,073	$	11,369	$	5,355,573	$	-	$	(5,147,890	)	$	219,052

	FOR THE NINE MONTHS ENDED MAY 31, 2021
	COMMON STOCK						ADDITIONAL			ACCUMULATED OTHER						TOTAL
	Number of shares			Amount			PAID IN CAPITAL			COMPREHENSIVE INCOME			ACCUMULATED DEFICITS			STOCKHOLDERS’ EQUITY
Balance as of September 1, 2020		135,474,219		$	13,548		$	13,272,673		$	-		$	(11,307,575	)	$	1,978,646
Shares issued in private placement		28,257,500			2,825			3,099,155			-			-			3,101,980
Shares to be issued in private placement		-			-			210,000			-			-			210,000
Shares issued to service providers		3,500,000			350			(350	)		-			-			-
Shares issued to employees		9,000,000			900			(900	)		-			-			-
Cancellation of restricted shares		(23,632,500	)		(2,363	)		2,363			-			-			-
Share based compensation		-			-			5,409,296			-			-			5,409,296
Foreign currency translation adjustment		-			-			-			(238,712	)		-			(238,712	)
Net loss		-			-			-			-			(8,503,910	)		(8,503,910	)
Balance as of May 31, 2021		152,599,219		$	15,260		$	21,992,237		$	(238,712	)	$	(19,811,485	)	$	1,957,300

	FOR THE NINE MONTHS ENDED MAY 31, 2020
	COMMON STOCK				ADDITIONAL			ACCUMULATED OTHER					TOTAL
	Number of shares		Amount		PAID IN CAPITAL			COMPREHENSIVE INCOME		ACCUMULATED DEFICITS			STOCKHOLDERS’ EQUITY
Balance as of September 1, 2019		105,184,073	$	10,519	$	1,888,909		$	-	$	(1,464,746	)	$	434,682
Issuance of shares		8,500,000		850		(850	)		-		-			-
Shares to be issued in-private placement		-		-		280,014			-		-			280,014
Share compensation		-		-		3,187,500			-		-			3,187,500
Net loss		-		-		-			-		(3,683,144	)		(3,683,144	)
Balance as of May 31, 2020		113,684,073	$	11,369	$	5,355,573		$	-	$	(5,147,890	)	$	219,052

See accompanying notes to the condensed consolidated financial statements.

4

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In U.S. dollars)

	For the nine months ended
	May 31, 2021			May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(8,503,910	)	$	(3,683,144	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on change in fair value of convertible notes		129,288			-
Share based compensation		5,409,296			3,187,500
Amortization of operating lease right-of-use assets		228,580			-
Depreciation and amortization		104,781			7,003
Changes in operating assets and liabilities:
Accounts receivable		(4,051	)		-
Prepayments, deposits and other receivables		(236,446	)		(81,125	)
Inventory		(1,540	)		-
Amount due from a director		189,474			-
Deferred tax liabilities		(16,108	)		-
Operating lease liabilities		(225,149	)		-
Accrued expenses and other payables		52,231			55,901
Net cash used in operating activities		(2,873,554	)		(513,865	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment		(59,598	)		(371	)
Issuance of notes receivable		-			(1,388,037	)
Repayment on notes receivable		-			50,000
Acquisition of intangible assets		(3,483	)		-
Net cash used in investing activities		(63,081	)		(1,338,408	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued in private placement		3,311,980			280,014
Proceeds from convertible notes issuance		800,000			230,000
Advance to shareholders		(119,248	)		-
Repayment from a shareholder		35,285			-
Advance from a director		244,316			1,058,255
Net cash provided by financing activities		4,272,333			1,568,269
Effects of exchange rate changes on cash and cash equivalents and restricted cash		(218,623	)		-
Net increase (decrease) in cash and cash equivalents and restricted cash		1,117,075			(284,004	)
Cash and cash equivalents and restricted cash, beginning of period		432,087			447,562
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Note 2)	$	1,549,162		$	163,558
SUPPLEMENTAL CASH FLOWS INFORMATION
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	36,000		$	30,000

See accompanying notes to the condensed consolidated financial statements.

5

LEADER CAPITAL HOLDINGS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

For the nine months ended May 31, 2021 and 2020

(In U.S. dollars except for share data)

1. ORGANIZATION AND BUSINESS BACKGROUND

Leader Capital Holdings Corp. (“LCHD” or the “Company”) was incorporated on March 22, 2017 under the laws of the State of Nevada.

The Company, through its subsidiaries, mainly operates and services a mobile application investment platform.

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	Provides an Investment Platform

On August 17, 2020, LCHD, through JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of Nice Products Inc. (“NPI”), pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein. As a result of the Acquisition, the Company now owns indirectly 100% of NPI, LOC Weibo Co., Ltd. and Beijing DataComm Cloud Media Technology Co., Ltd.

The aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s common stock to the Sellers in accordance with their respective pro rata percentage.

After the completion of the acquisition, NPI became an indirect wholly owned subsidiary of the Company.

NPI was incorporated in the British Virgin Islands on December 17, 2018.

NPI, through its subsidiaries, mainly engages in the development of ecological-systems applications, integration of big data and promotion of OTT applications.

Company Name	Place/Date of Incorporation	Principal Activities
1. LOC Weibo Co., Ltd. (“LOC”)	Republic of China/September 29, 2017	Development of ecological-systems applications, integration of big data and promotion of OTT applications
2. Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”)	People’s Republic of China /April 16, 2013	Development of ecological-systems applications, integration of big data and promotion of OTT applications

LCHD and its subsidiaries (including NPI and its subsidiaries) are hereinafter referred to as the “Company”.

6

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited condensed consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) and disclosures necessary for a fair presentation of these unaudited condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. However, they do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with U.S. GAAP. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.

The Company has adopted August 31 as its fiscal year end. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s annual report on amended Form 10-K/A for the year ended August 31, 2020, which was filed with the SEC on July 19, 2021.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As of May 31, 2021, the Company has suffered recurring losses from operations, and records an accumulated deficit and a working capital deficit of $19,811,485 and $393,267, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.

The Company expects to finance its operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that the Company requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including the Company’s businesses. This outbreak could decrease spending, adversely affect demand for the Company’s services and harm its business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time.

These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification of liabilities that might be necessary should the Company be unable to continue as going concern.

7

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its unaudited condensed consolidated financial statements.

Business combination

The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income.

When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

Goodwill and impairment of goodwill

Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed and is not amortized. The total amount of goodwill is deductible for tax purposes.

In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its fair value.

8

The Company estimates fair value of the applicable reporting unit or units using a discounted cash flow methodology. This methodology represents a level 3 fair value measurement as defined under ASC 820, Fair Value Measurements and Disclosures, since the inputs are not readily observable in the marketplace. The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, including projected sales, gross margins, selling, general and administrative expenses, and capital expenditures, and the selection of an appropriate discount rate, all of which are subject to inherent uncertainties and subjectivity. When the Company performs goodwill impairment testing, its assumptions are based on annual business plans and other forecasted results, which it believes represent those of a market participant. The Company selects a discount rate, which is used to reflect market-based estimates of the risks associated with the projected cash flows based on the best information available as of the date of the impairment assessment. Based on the annual impairment analysis, there is no impairment on the goodwill recorded in the Company’s financial statements.

Given the current macro-economic environment and the uncertainties regarding its potential impact on the Company’s business, there can be no assurance that its estimates and assumptions used in its impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions regarding forecasted cash flows are not achieved, it is possible that an impairment review may be triggered and goodwill may be impaired.

Cash and Cash Equivalents and Restricted Cash

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. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain due to the account freeze by bank which would release the restricted balance by July 2021

The cash and cash equivalents and restricted cash are reflected within the following line items on the Unaudited Condensed Consolidated Balance Sheets:

	As of May 31, 2021		As of August 31, 2020
Cash and cash equivalents	$	1,545,915	$	432,087
Restricted cash		3,247		-
Total cash and cash equivalents and restricted cash	$	1,549,162	$	432,087

Software Development Costs

The Company expenses 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.

The Company capitalizes 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.

On September 1, 2018 (before the acquisition of NPI (Note 1)), JFB appointed LOC to develop a mobile application in four stages for total consideration of TWD20,000,000 ($651,466), payable in the form of shares of the Company’s restricted common stock. As of August 31, 2019, the first and second stages of development for the basic functions of the mobile application have been completed, and the Company has issued a total of 908,678 of restricted common shares in aggregate at $0.50 per share for the work completed up to August 31, 2019. The Company has expensed $454,339 development costs for the first and second development stage in general and administrative expenses for the year ended August 31, 2019. In August 2020, the development of the mobile application has been completed, and the Company expensed $0.2 million development costs in general and administrative expenses for the year ended August 31, 2020. Further $600,000 was incurred for additional functions developed and $200,000 was incurred for the acquisition of the ownership of the intellectual property in the year ended August 31, 2020.

No development costs were expensed as general and administrative expenses for the nine and three months ended May 31, 2021 and 2020.

Revenue Recognition

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

9

The Company recognizes revenue following the five-step model prescribed under ASU 2014-09:

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Provision of investment platform services

The Company signed an agreement with a third party whereby the Company authorized the third party to use the Company’s JFB platform and related applications for a period until December 31, 2020. Income from provision of investment platform services with the use of the Company’s mobile applications is recognized when the service is performed.

From September, 2020, the Company generated additional revenue from a new, more comprehensive mobile application, which refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. Income from providing investment platform services with the use of a mobile application is recognized when the service is performed.

The Company offers a self-managed points program, which can be used in the FinMaster App to redeem merchandise or services. The Company determines the value of each point based on estimated incremental cost. Customers and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows:

The Company concludes the bonus points offered linked to the purchase transaction of the points is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the point sales. The Company also estimates the probability of points redemption when performing the allocation. The amount allocated to the bonus points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Company will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period.

Since historical information is limited for the Company to determine any potential points forfeitures and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

Provision of software development service and maintenance service

The Company entered into several agreements with third party customers to assist the customers in the development of their mobile communications software and mobile e-commerce software. Income from provision of software development service and maintenance service are recognized when the service is performed.

Revenue by major product line

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Provision of investment platform services	$	15,508	$	5,000	$	5,100	$	1,667
Provision of software development service and maintenance service		63,188		-		18,344		-
	$	78,696	$	5,000	$	23,444	$	1,667

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Revenue by Recognition Over Time vs Point in Time

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Revenue by recognition over time	$	78,696	$	5,000	$	23,444	$	1,667
Revenue by recognition at a point in time		-		-		-		-
	$	78,696	$	5,000	$	23,444	$	1,667

Remaining performance obligations represent contracted revenues that had not yet been recognized, and include deferred revenues; invoices that have been issued to customers but were uncollected and have not been recognized as revenues; and amounts that will be invoiced and recognized as revenues in future periods. As of May 31, 2021, the Company’s remaining performance obligations were $9,570, which it expects to recognize as revenues over the next twelve months and the remainder thereafter.

The Company had not occurred any costs to obtain contracts.

The Company does not have amounts of contract assets since revenue is recognized as control of goods or services is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the consolidated balance sheet.

Contract balances

The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the nine months ended May 31, 2021:

	Receipt in advance
Balance as of September 1, 2020	$	2,896
Advances received from customers related to unsatisfied performance obligations		9,354
Revenue recognized from beginning contract liability balance		(3,001	)
Exchange difference		321
Balance as of May 31, 2021	$	9,570

Practical Expedients and Exemption

The Company has not incurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Research and development expenses

Research and development (“R&D”) expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries and benefits for those employees engaged in research, design and development activities; costs related to design tools; and allocated costs.

For the nine months ended May 31, 2021 and 2020, the total R&D expenses were $456,428 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, the total R&D expenses were $151,863 and $nil, respectively.

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Sales and marketing expenses

Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the nine months ended May 31, 2021 and 2020, advertising costs totaled $155,618 and $nil, respectively. For the three months ended May 31, 2021 and 2020, advertising costs totaled $11,790 and $nil, respectively.

From September 2019, customers or users of the FinMaster App can obtain points through any other ways such as account registration referral to the FinMaster App, frequent sign-ins to the application and sharing articles from the application to users’ own social media, etc. The Company believes these points are to encourage user engagement and generate market awareness. As a result, the Company accounts for such points as sales and marketing expenses with a corresponding liability recorded under other current liabilities of its unaudited condensed consolidated balance sheets upon the points offering. The Company estimates liabilities under the customer loyalty program based on cost of the merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Company records a reduction of inventory and other current liabilities.

Since historical information is limited for the Company to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

For the nine months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $30,450 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $3,548 and $nil, respectively.

As of May 31, 2021 and August 31, 2020, liabilities recorded related to unredeemed points were $71,093 and $40,003, respectively, which were included in other payables (note 8).

General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses.

Inventory

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Inventory as of May 31, 2021 represents merchandise inventory which can be redeemed by deducting membership rewards points of customer loyalty program.

12

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components as a single lease component for operating leases associated with the Company’s office space lease, and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the Company’s consolidated balance sheets.

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
Office equipment		3
Leasehold improvement		3

Intangible asset

The Company recorded intangible assets with definite lives, including investment platform and technical know-hows. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets is computed using the straight-line method over their estimated useful lives.

The estimated useful lives of the Company’s intangible assets are listed below:

Investment platform	5 years
Technical know-hows	8 years
Trademarks	10 years

Impairment of Long-Lived Assets (including amortizable intangible assets)

The Company reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment has been recorded by the Company for the nine and three months ended May 31, 2021 and 2020.

13

Income taxes

Income taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes” (“ASC 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. As of May 31, 2021, the Company has no accrued interest or penalties related to uncertain tax positions.

The Company conducts business in the PRC, Taiwan and Hong Kong and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the respective tax authorities.

Net Loss Per Share

The Company calculates net 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 shares of common stock 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 shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss per share:

	For the nine months ended						For the three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Net loss	$	(8,503,910	)	$	(3,683,144	)	$	(2,276,503	)	$	(1,191,404	)
Weighted average number of shares of common stock outstanding - Basic and diluted*		139,771,102			113,700,043			141,699,780			113,824,027
Net loss per share - Basic and diluted	$	(0.06	)	$	(0.03	)	$	(0.01	)	$	(0.01	)

* Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

As of May 31, 2021 and August 31, 2020, the Company’s convertible notes payable were excluded from the diluted loss per share calculation as they were anti-dilutive.

Stock-based compensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

Additionally, ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur.

14

In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers. The Company adopted ASU 2018-07 on September 1, 2019 and there was no cumulative effect of adoption.

Cancellation of a share-based payment by the entity results in accelerated recognition of any unrecognised cost. Cancellation by the counterparty does not change recognition of the compensation cost. The termination of an employee that resulted in the forfeiture of share-based awards is not considered to be a cancellation of the awards.

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 transactions. 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$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record in United States Dollars (“US$”), Renminbi (“RMB”), New Taiwanese Dollars (“NT$”) and Hong Kong Dollars (“HK$”) respectively, which are the primary currencies of the economic environment in which the entities operate (the functional currencies).

In general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not 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 the translation of the financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

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

	As of May 31, 2021		As of August 31, 2020
Period-end HK$ : US$ 1 exchange rate		7.80		7.80
Period-end NT$ : US$ 1 exchange rate		27.70		29.37
Period-end RMB : US$ 1 exchange rate		6.37		6.85

	For the nine months ended,
	May 31, 2021		May 31, 2020
Period average HK$ : US$ 1 exchange rate		7.80		7.80
Period average NT$ : US$ 1 exchange rate		28,34		N/A
Period average RMB : US$ 1 exchange rate		6.56		N/A

Related Parties

Parties, which can be a corporation or an individual, are considered to be related if the Company has the ability to, directly or indirectly, 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.

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Convertible instruments

The Company accounts for hybrid contracts that feature conversion options in accordance with U.S. GAAP. ASC 815 “Derivatives and Hedging Activities,” (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument.

The Company accounts for convertible instruments, when the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20 “Debt with Conversion and Other Options” (“ASC 470-20”). Under ASC 470-20 the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company accounts for convertible instruments (when the Company has determined that the embedded conversion options should be bifurcated from their host instruments) in accordance with ASC 815. Under ASC 815, a portion of the proceeds received upon the issuance of the hybrid contract are allocated to the fair value of the derivative. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations.

Fair Value of Financial Instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, deposits, accounts payable and accrued liabilities, balances due with directors and shareholders, convertible notes payable and bonds payable, approximate at their fair values because of the short-term nature of these financial instruments or the rate of interest of these instruments approximate the market rate of interest.

The Company also follows the guidance of the ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), with respect to financial assets and liabilities that are measured at fair value. ASC 820 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.

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The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis:

	Carrying Value at		Fair Value Measurement at
	August 31, 2020		August 31, 2020
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	104,000	$	-	$	-	$	104,000

	Carrying Value at		Fair Value Measurement at
	May 31, 2021		May 31, 2021
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	1,036,000	$	-	$	-	$	1,036,000

A summary of changes in financial liabilities for the nine months ended May 31, 2021 was as follows:

Balance at September 1, 2020	$	104,000
Issuance of convertible notes		800,000
Fair value loss on issuance of convertible notes		526,838
Interest expenses on convertible notes		2,712
Change in fair value of convertible notes		(397,550	)
Balance at May 31, 2021	$	1,036,000

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Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates:

Convertible notes holders	Teh-Ling Chen			Li-Ching Yang			Jui-Chin Chen			Teh-Ling Chen			Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang			Teh-Ling Chen
Appraisal Date (Inception Date)		February 24, 2020			February 27, 2020			March 18, 2020			November 2, 2020			November 25, 2020			January 15, 2021
Risk-free Rate		1.25	%		1.06	%		0.54	%		0.16	%		0.16	%		0.1	%
Applicable Closing Stock Price	$	1.25		$	1.25		$	1.20		$	0.12		$	3.00		$	2.00
Conversion Price	$	1.00	(i)	$	1.00	(i)	$	1.00	(i)	$	0.40		$	0.40		$	0.40
	$	1.50	(ii)	$	1.50	(ii)	$	1.50	(ii)
Volatility		27.82	%		27.94	%		34.20	%		41.51	%		42.00	%		43.50	%
Dividend Yield		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		2.71	%		2.96	%		6.88	%		7.52	%		6.93	%		6.76	%
Liquidity Risk Premium		42.09	%		36.26	%		51.08	%		77.62	%		78.14	%		75.73	%
Appraisal Date								August 31, 2020
Risk-free Rate		N/A			N/A			0.13	%		N/A			N/A			N/A
Applicable Closing Stock Price		N/A			N/A		$	1.00			N/A			N/A			N/A
Conversion Price		N/A			N/A		$	0.40			N/A			N/A			N/A
Volatility		N/A			N/A			43.71	%		N/A			N/A			N/A
Dividend Yield		N/A			N/A			0.00	%		N/A			N/A			N/A
Credit Spread		N/A			N/A			3.80	%		N/A			N/A			N/A
Liquidity Risk Premium		N/A			N/A			76.69	%		N/A			N/A			N/A
Appraisal Date								May 31, 2021			May 31, 2021			May 31, 2021			May 31, 2021
Risk-free Rate		N/A			N/A			0.03	%		0.08	%		0.09	%		0.10	%
Applicable Closing Stock Price		N/A			N/A		$	2.01		$	2.01		$	2.01		$	2.01
Conversion Price		N/A			N/A		$	0.40		$	0.40		$	0.40		$	0.40
Volatility		N/A			N/A			39.19	%		46.52	%		45.73	%		44.48	%
Dividend Yield		N/A			N/A			0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		N/A			N/A			6.27	%		6.27	%		6.27	%		6.27	%
Liquidity Risk Premium		N/A			N/A			78.02	%		84.25	%		83.28	%		81.86	%

(i) USD1.00 per share if converted on or before the one-year anniversary of the issuance date

(ii) USD1.50 per share if converted at any time after the one-year anniversary of the issuance date

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Segment reporting

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: the provision of investment platform services through mobile application.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the fair value hierarchy. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. The Company applied the new standard beginning September 1, 2020.

Recently issued accounting pronouncements not yet adopted

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.

In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for “smaller reporting companies” for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company’s consolidated financial statements and related disclosures.

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In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares.

For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its consolidated financial statements and related disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated financial position, statements of operations and cash flows.

3. ACQUISITION OF SUBSIDIARIES

On August 17, 2020, the Company, through its wholly-owned subsidiary JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of NPI, pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein.

The aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s common stock to the Sellers in accordance with their respective pro rata percentage.

After the completion of the Acquisition, NPI became an indirect wholly owned subsidiary of the Company.

The Company completed the valuations necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, resulting from which the amount of goodwill was determined and recognized as of the respective acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, August 31, 2020.

Cash and cash equivalents	$	185,117
Prepayments, deposits and other receivables		145,228
Due from a shareholder		34,048
Right-of-use operating lease assets		113,590
Plant and equipment, net		30,365
Intangible assets- Technical know-hows		818,200
Goodwill		2,974,364
Other payables and accrued liabilities		(383,087	)
Contract liabilities		(2,896	)
Due to shareholders		(99,730	)
Operating lease liability		(113,646	)
Tax payable		(31,871	)
Deferred tax liabilities		(163,640	)
Net purchase price	$	3,506,042
Less: Outstanding NPI debt owed to the Company
Accounts receivable		989,854
Notes payable		(3,066,617	)
	$	1,429,279

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The transaction resulted in a purchase price allocation of $2,974,364 to goodwill, representing the financial, strategic and operational value of the transaction to the Company. Goodwill is attributed to the premium that the Company paid to obtain the value of the business of NPI and the synergies expected from the combined operations of NPI and the Company, the assembled workforce and their knowledge and experience in provision of products and projects utilizing NPI’s technical know-hows. The total amount of the goodwill acquired is not deductible for tax purposes.

4. PLANT AND EQUIPMENT, NET

Plant and equipment as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Furniture and fixtures	$	29,418		$	20,159
Office equipment		88,962			65,809
Leasehold improvement		50,973			18,832
Total		169,353			104,800
Less: Accumulated depreciation		(102,387	)		(71,133	)
Plant and Equipment, net	$	66,966		$	33,667

Depreciation expenses, classified as operating expenses, were $27,978 and $7,003 for the nine months ended May 31, 2021 and 2020, respectively; and $8,443 and $2,345 for the three months ended May 31, 2021 and 2020, respectively.

5. INTANGIBLE ASSETS, NET

Intangible assets costs as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Investment platform	$	30,000		$	30,000
Technical know-hows		818,200			818,200
Trademarks		3,483			-
Total		851,683			848,200
Less: Accumulated amortization		(83,303	)		(6,500	)
Impairment		(23,500	)		(23,500	)
Intangible assets, net	$	744,880		$	818,200

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Amortization expense for intangible assets was $76,803 and $nil for the nine months ended May 31, 2021 and 2020, respectively; and $25,625 and $nil for the three months ended May 31, 2021 and 2020, respectively.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s intangible assets. The impairment charge, if any, represented the excess of carrying amounts of the Company’s intangible assets over their fair value, using the expected future discounted cash flows. No impairment loss of intangible asset was recognized for the nine and three months ended May 31, 2021 and 2020.

As of May 31, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows:

12 months ending May 31,
2022	$	102,459
2023		102,459
2024		102,459
2025		102,459
2026 and thereafter		335,044
Total	$	744,880

6. RELATED PARTY TRANSACTIONS

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Professional fee - Greenpro Financial Consulting Limited (a)	$	-	$	18,503	$	-	$	3,250
Other Income:
Miscellaneous income from Greenpro LF Limited (b)		1,823		-		-		-

(a)	The Company incurred professional fees of $nil and $18,503 for services provided by Greenpro Financial Consulting Limited for the nine months ended May 31, 2021 and 2020, respectively; and $nil and $3,250 for the three months ended May 31, 2021 and 2020, respectively. The fees are due for payment to Greenpro Financial Consulting Limited upon receipt of an invoice.
	The directors of Greenpro Financial Consulting Limited (Mr. Chong Kuang Lee and Mr. Che Chan Loke) are the directors of the investment managers of Greenpro Asia Strategic SPC. As of May 31, 2021, Greenpro Asia Strategic SPC is the holder of approximately 3.85% of the Company’s issued and outstanding common stock.
(b)	Mr. Lin is a director of Greenpro LF Limited.

7. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

	As of May 31, 2021		As of August 31, 2020
Rental and management fee deposits	$	150,288		137,088
Other prepaid expenses		307,324		81,108
Staff advances		-		2,970
	$	457,612		221,166
Less: non-current portion
Rental and management fee deposits		32,211		-
Other prepaid expenses		144,762		-
Prepayments, deposits and other receivables, non-current		176,973		-
Prepayments, deposits and other receivables, current	$	280,639		221,166

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8. ACCRUED EXPENSES AND OTHER PAYABLES

	As of May 31, 2021		As of August 31, 2020
Accrued interests (Note 9 and 10)	$	17,935		6,191
Accrued expenses		301,071		240,172
Unearned income		-		2,222
Other payables		75,593		43,661
	$	394,599		292,246

The Company signed an agreement with a third party whereby it authorized the third party to use its investment platform and related applications, for a period until December 31, 2020, for an upfront service fee. An additional fee is charged upon the third party’s sale of products on the Company’s mobile application. Unearned income on this contract was $nil and $2,222 as of May 31, 2021 and August 31, 2020, respectively.

9. DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY

	As of May 31, 2021		As of August 31, 2020
Loan to Cheng Hung-Pin (a shareholder)	$	-	$	34,048
Due from a director:
Cheng Shui-Fung	$	-	$	189,474
Due from a related company:
Greenpro LF Limited	$	-	$	36,666
Due to a director:
Lin Yi-Hsiu	$	1,608,109	$	1,400,459
Loan from Hsu Kuo-Hsun (a shareholder)	$	-	$	60,075
Due to shareholders:
Tu Yu-Cheng	$	46,086	$	96,530
Cheng Hung-Pin		800		800
Huang Mei-Ying		800		800
Lo Shih-Chu		800		800
Chen Jun-Yuan		800		800
	$	49,286	$	99,730

On March 10, 2020, LOC entered into a loan agreement with Cheng Hung-Pin and loaned him NT$1,000,000. The loan is unsecured, bears interest at a rate of 3% per annum and repayable on demand. The loan was fully repaid on May 12, 2021.

On July 20, 2020, the Company obtained a loan of RMB420,000 from Hsu Kuo-Hsun which accrues interest at the rate of 8% per annum. The loan is due on July 17, 2021 and Mr. Lin Yi-Hsiu would be liable when the Company fails to repay. The loan was fully repaid on May 26, 2021. Interest of $nil and $544 was accrued as of May 31, 2021 and August 31, 2020, respectively.

Amounts due from (to) other shareholders, directors and a related company are unsecured, interest-free with no fixed payment term.

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10. BONDS PAYABLE

The Company entered into a Bond Purchase Agreement with an individual third party on August 14, 2019, pursuant to which the Company issued and sold to the purchaser a bond at an aggregate purchase price of $600,000. The bond will mature three years from August 14, 2019. Interest on the bond accrues at rate of 10% per annum and is payable on semi-yearly basis. The Company may exercise its right to repay this bond at any time on or before two years from the maturity date by wiring 100% of all outstanding principal and interest to the purchaser. Interest of $17,935 and $2,935 was accrued as of May 31, 2021 and August 31, 2020, respectively.

11. CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES

The Company entered into a series of Convertible Promissory Note Purchase Agreements (the “Agreements”) with certain investors between February 2020 and January, 2021. Pursuant to the Agreements, the Company issued certain Convertible Promissory Notes (the “Notes”) to the investors in a total principal amount of $1,030,000. A summary of the major terms of the Agreements are presented as follows:

	Principal amount		Issue date	Maturity date	Interest rate
Teh-Ling Chen	$	110,000	February 24, 2020	February 24, 2022		6	%
Li-Ching Yang		20,000	February 27, 2020	February 27, 2022		6	%
Jui-Chin Chen		100,000	March 18, 2020	March 18, 2022		6	%
Teh-Ling Chen		100,000	November 2, 2020	November 2, 2022		6	%
Chin-Ping Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Nan Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Chiang Wang		200,000	November 25, 2020	November 25, 2022		6	%
Teh-Ling Chen		100,000	January 15, 2021	January 15, 2023		6	%
	$	1,030,000

On February 24, 2020, the Company issued a convertible promissory note in the principal amount of $110,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on February 24, 2022 and unsecured.

On February 27, 2020, the Company issued a convertible promissory note in the principal amount of $20,000, which accrues interest at the rate of 6% per annum, to a shareholder – Li-Ching Yang. The note is due on February 27, 2022 and unsecured.

On March 18, 2020, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Jui-Chin Chen. The note is due on March 18, 2022 and unsecured.

On August 17, 2020, the Company entered into amendments to the Notes and the convertible promissory note purchase agreements with each of the Noteholders, wherein, at the sole option of the applicable Noteholder, all or part of the unpaid outstanding principal of such Noteholder’s Note would be convertible into shares of restricted common stock of the Company at a conversion price equal to $0.40 per share. On August 18, 2020, two of the Noteholders submitted conversion notices to the Company converting all of the outstanding balances of their Notes into an aggregate of 325,000 shares of the Company’s common stock.

On November 2, 2020, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on November 2, 2022 and unsecured.

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On November 25, 2020, the Company further issued convertible promissory notes in the total principal amount of $600,000, which accrues interest at the rate of 6% per annum, to shareholders –Chin-Ping Wang, Chin-Nan Wang and Chin-Chiang Wang. The note is due on November 25, 2022 and unsecured.

On January 15, 2021, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on January 15, 2023 and unsecured.

For each of the convertible promissory notes, the Company is entitled to a one-year extension. The outstanding principal amounts of the notes are convertible at any time at the option of the holders into common stock at a conversion price of $0.4 per share. Each of the lenders may convert part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. Accrued interest, if any, will be forfeited on any principal amount being converted.

The conversion feature is dual indexed to the Company’s stock, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.

ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.

The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25.

Fair value of the convertible promissory notes of $900,000 as of May 31, 2021 is determined using the binomial model, one of the option pricing methods. The valuation involves complex and subjective judgment and the Company’s best estimates of the probability of occurrence of future events, such as fundamental changes, on the valuation date. Under the binomial valuation model, the Company uses a weighted risk-free and risk interest rate (the combination of the risk free rate plus the credit spread for the underlying Notes) weighted by the probability of conversion as internally solved out by binomial model in discounting its cash flows. The main inputs to this model include the underlying share price, the expected share volatility, the expected dividend yield, the risk free and risk interest rate.

12. INCOME TAXES

For the period ended May 31, 2021 and 2020, the local (United States) and foreign components of loss before income tax were comprised of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Tax jurisdictions from:
- Local	$	(4,279,016	)	$	(3,397,604	)	$	(1,374,280	)	$	(1,127,380	)
- Foreign, representing
Seychelles		(1,610	)		(1,603	)		-			-
British Virgin Islands		(89,604	)		-			(4,626	)		-
Taiwan		(1,331,039	)		-			(380,979	)		-
PRC		(457,705	)		-			(146,307	)		-
Hong Kong		(2,361,044	)		(253,687	)		(376,190	)		(64,024	)
Loss before income tax	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)

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The components of the provision (benefit) for income taxes expenses are:

	Nine months ended					Three months ended
	May 31, 2021			May 31, 2020		May 31, 2021			May 31, 2020
Current	$	-		$	30,250	$	-		$	-
Deferred		(16,108	)		-		(5,879	)		-
Total income tax (benefit) expense	$	(16,108	)	$	30,250	$	(5,879	)	$	-

The provision for income taxes consisted of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Loss before income taxes	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)
Statutory income tax rate		21	%		21	%		21	%		21	%
Income tax credit computed at statutory income rate		(1,789,204	)		(767,108	)		(479,300	)		(250,195	)
Reconciling items:
Non-deductible expenses (non-chargeable income)		84,775			1,471			(28,271	)		493
Share-based payments		1,139,058			669,375			333,794			223,125
Tax effect of tax exempt entity		19,154			337			970			-
Rate differential in different tax jurisdictions		101,249			11,416			14,886			2,881
Valuation allowance on deferred tax assets		428,858			114,759			152,040			23,696
Income tax (benefit) expense	$	(16,108	)	$	30,250		$	(5,879	)	$	-

United States of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of May 31, 2021, the operations in the United States of America incurred $2,045,985 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards begin to expire in 2037, if unutilized. As of May 31, 2021 and August 31, 2020, the Company has provided for a full valuation allowance of $429,657 and $323,322, respectively, against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, LFG is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

British Virgin Islands

NPI is tax exempted in the British Virgin Islands where it was incorporated.

Taiwan

LOC is subject to corporate income tax (“CIT”) in Taiwan. With effect from January 1, 2018, the CIT rate in Taiwan is 20%. However, for profit-seeking entities with less than NT$ 500,000 (approximately $17,643) in taxable income, the CIT rate is 18% in 2018, 19% in 2019, and 20% in 2020 if taxable income exceeds NT$120,000 (approximately $4,234). As of May 31, 2021, LOC had net operating loss carry-forwards in Taiwan of $2,686,675, which will expire in various years through 2025. The Company has provided for a full valuation allowance of $537,335 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

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PRC

BJDC is subject to corporate income tax (“CIT”) at 25% in accordance with the relevant tax laws and regulations of the PRC. As of May 31, 2021, BJDC had net operating loss carry-forwards in the PRC of $1,694,760, which will expire in various years through 2027. The Company has provided for a full valuation allowance of $423,690 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Hong Kong

JFB is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. No provision for Hong Kong profits tax has been made in the financial statements as JFB has no assessable profits for the years. As of May 31, 2021 and August 31, 2020, the operations in Hong Kong incurred $1,807,746 and $1,810,691 of cumulative net operating losses (NOL’s) which can be carried forward indefinitely to offset future taxable income. As of May 31, 2021 and August 31, 2020, the Company has provided for a full valuation allowance of approximately $298,278 and $298,764, respectively, against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

	May 31, 2021			August 31, 2020
Deferred tax assets:
Net operating loss carryforwards
– United States of America	$	(429,657	)	$	(323,322	)
– Taiwan		(537,335	)		(328,752	)
– PRC		(423,690	)		(309,264	)
– Hong Kong		(298,278	)		(298,764	)
Less: valuation allowance		1,688,960			1,260,102
	$	-		$	-

13. COMMON STOCK

On September 1, 2019, the Company entered into an employment agreement with Yi-Hsiu Lin to serve as the Chief Executive Officer of the Company for a two-year term. Pursuant to the agreement, Mr. Lin will be compensated at an annual rate of $50,000 per year (the “Base Compensation”), prorated for any partial year in cash or 2,500,000 shares of restricted common stock, which vested on September 16, 2019 and September 1, 2020. In addition, Mr. Lin may be entitled to bonus compensation of up to three (3) times Base Compensation based on his achievement of appropriate performance criteria to be determined by the board of directors or a committee thereof. The fair value of the shares of restricted common stock was $1,250,000 and $1,000,000, respectively, which was calculated based on a price per share of $0.50 and $0.40, respectively and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $750,000 and $937,500, respectively and amortized $250,000 and $312,500 for the three months ended May 31, 2021 and 2020, respectively, as remuneration.

On September 1, 2019, the Company issued a director offer letter to Shui Fung Cheng, pursuant to which Mr. Cheng agreed to serve as a director of the Company for a one-year term. For his service as a director, Mr. Cheng will receive an annual compensation, prorated for any partial year, in the form of $30,000 in cash or 1,500,000 shares of restricted common stock. The offer letter provided that compensation, either in cash or shares of restricted common stock, shall be paid or granted immediately on September 1, 2019. The fair value of the shares of restricted common stock was $750,000, which was calculated based on a price per share of $0.50 and amortized over the service term. The offer was renewed on September 1, 2020 and all shares were granted and vested on the same date. The fair value of the shares of restricted common stock was $1,500,000, which was calculated based on a price per share of $0.40 and amortized over the service term. During the nine months May 31, 2021 and 2020, the Company amortized $450,000 and $562,500, respectively and amortized $150,000 and $187,500 for the three months ended May 31, 2021 and 2020, respectively, as remuneration.

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On September 1, 2019, the Company entered into a consulting agreement with a consultant to provide business development services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $40,000 in the form of 2,000,000 shares of restricted common stock, which vested on September 15, 2019, prorated for any partial year. The fair value of the shares of restricted common stock was $1,000,000, which was calculated based on a price per share of $0.50 and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $nil and $750,000, respectively and amortized $nil and $250,000 for the three months ended May 31, 2021 and 2020, respectively, as consulting expenses under this agreement.

On September 1, 2019, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $50,000 in the form of 2,500,000 shares of restricted common stock, which vested on September 15, 2019, prorated for any partial year. The fair value of the shares of restricted common stock was $1,250,000, which was calculated based on a price per share of $0.50 and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $nil and $937,500, respectively and amortized $nil and $312,500 for the three months ended May 31, 2021 and 2020, respectively, as consulting expenses under this agreement.

On June 30, 2020, the Company entered into a stock forfeiture letter (the “Stock Forfeiture Letter”) with First Leader Capital Ltd., a significant stockholder of the Company and an entity solely owned and controlled by Yi-Hsiu Lin, the Company’s Chief Executive Officer and a member of the Company’s board of directors. Pursuant to the Stock Forfeiture Letter, on June 30, 2020, First Leader Capital Ltd. forfeited and surrendered 5,500,000 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired (the “Stock Cancellation”). First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation. 5,500,000 shares were canceled on September 21, 2020.

On March 1, 2020, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2020, prorated for any partial year. On June 30, 2020, the Company’s board of directors approved additional 500,000 shares to the consultant in exchange for services rendered. On March 1, 2021, the Company renewed the consulting agreement for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2021, prorated for any partial year. The fair value of the shares of restricted common stock was $750,000 and $1,000,000, respectively which was calculated based on a price per share of $0.50 and $1.0 respectively and amortized over the service term. During the nine and three months ended May 31, 2021, the Company amortized $625,000 and $250,000 respectively as consulting expenses under this agreement. The shares were granted on July 7, 2020.

On June 30, 2020, the Company’s board of directors agreed to grant a new employee of JFB, (i) 5,000,000 shares of Restricted Common Stock in connection with such employee’s employment (the “Inducement Shares”) and (ii) 5,000,000 shares of Restricted Common Stock upon the achievement of each of two milestones set forth in such employee’s offer letter relating to the FinMaster mobile application. In addition, on that same day, the Company’s board of directors approved an aggregate of 3,000,000 shares to a service provider in exchange for services rendered. As of August 31, 2020, 5,000,000 and 3,000,000 common shares of the Company have been issued to the employee and service provider respectively. The fair value of the shares of restricted common stock to them was $3,200,000, which was calculated based on a price per share of $0.40. As of May 31, 2021, 4,950,325 shares were vested to the employee upon achievement of the milestones set forth in the employee’ offer letters. During the nine and three months ended May 31, 2021, the Company amortized $1,742,630 and $158,037, respectively, as salaries and professional fees. 5,000,000 shares were issued on January 8, 2021.

The Company issued 8,415,111 shares of common stock for the acquisition of NPI in August 2020 (Note 1).

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On July 27, 2020, the Company issued an offer letter to Chieh Chen, pursuant to which Ms. Chen agreed to serve as an executive assistant of the Company. For her service as an executive assistant, Ms. Chen will receive a monthly compensation in the form of NT$77,000 ($2,717) for the first three months (probationary period) and thereafter NT$92,500 ($3,264) in cash. In addition, Ms. Chen will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company. The fair value of the shares of restricted common stock was $50,000, which was calculated based on a price per share of $1.00 and amortized over the service term. The Company cancelled the offer on May 1, 2021. During the nine and three months ended May 31, 2021, the Company recognized $50,000 and $25,000 respectively as compensation under this arrangement.

On August 1, 2020, the Company entered into an agreement with a company for provision of consulting services by its employee to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the provider an annual compensation of $66,000, prorated for any partial year. In addition, for the services of its employees on a one-year term, the provider was granted 1,000,000 shares of restricted common stock, vested on September 15, 2020. The fair value of 1,000,000 shares granted was $400,000, which was calculated based on the stock price of $0.40 per share and will be amortized over the service term. During the nine and three months ended May 31, 2021, the Company recognized $283,333 and $100,000 respectively as compensation under these arrangements. The shares were issued on January 6, 2021.

On August 3, 2020, the Company issued an offer letter to Annie Chung, pursuant to which Ms. Chung agreed to serve as an executive assistant of the Company. For her service as an executive assistant, Ms. Chung will receive a monthly compensation in the form of NT$77,000 ($2,717) in cash. In addition, Ms. Chung will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company. The fair value of the shares of restricted common stock was $50,000, which was calculated based on a price per share of $1.00 and amortized over the service term. The Company cancelled the offer on May 1, 2021. During the nine and three months ended May 31, 2021, the Company recognized $50,000 and $25,000 respectively as compensation under this arrangement.

On November 1, 2020, the Company entered into consulting agreements with two consultants to assist in monitoring and improving FinMaster APP for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultants in the form of 2,500,000 shares of restricted common stock, which vested on November 1, 2020, prorated for any partial year. The fair value of the shares of restricted common stock was $2,500,000, which was calculated based on a price per share of $1.00 and amortized over the service term. During the nine and three months ended May 31, 2021, the Company amortized $1,458,333 and $625,000 respectively as consulting expenses under these agreements.

On February 8, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 5,000,000 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation.

On May 17, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 13,132,500 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation.

From March 2021 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 28,937,500 shares of the Company’s common stock at an average price of $0.10 per share. The Company received aggregate gross proceeds of $2,893,980.

From August 2020 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 30,357,500 shares of the Company’s common stock at an average price of $0.114 per share. The Company received aggregate gross proceeds of $3,461,980. Pursuant to the terms of the securities purchase agreements, the investors have piggyback registration rights with respect to the shares. The shares were issued in May and June 2021.

As of May 31, 2021, unrecognized share-based compensation expense was $4,328,204.

As of May 31, 2021, no shares were granted to employees and vested but not yet issued.

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14. COMMITMENTS AND CONTINGENCIES

During the period ended May 31, 2021, the Company entered into agreements with independent third parties to lease office and staff quarter premises in Taiwan, Shenzhen, Beijing and Hong Kong on a monthly basis for the operations of the Company. The rental expense for the nine months ended May 31, 2021 and 2020 were $235,765 and $99,917 respectively and $72,361 and $36,352 for the three months ended May 31, 2021 and 2020, respectively.

The following table lists the future minimal payments to be paid by the Company under a non-cancellable operating lease for office space in Taiwan with an initial term of one-year as of May 31, 2021:

Year ending May 31,
2022	$	16,245
2023		-
2024		-
2025		-

As of May 31, 2021, the Company had future minimum lease payments for non-cancelable short-term operating leases of $16,245 payable to a shareholder.

The components of lease costs, lease term and discount rate with respect of leases with an initial term of at least 12 months are as follows:

	For the nine months ended
	May 31, 2021			May 31, 2020
Operating lease cost – classified as general and administrative expenses	$	229,234		$	-
Weighted Average Remaining Lease Term – Operating leases		1.18 years			N/A
Weighted Average Discounting Rate – Operating leases		5.78	%		N/A

The following is a schedule, by years, of maturities of lease liabilities as of May 31, 2021:

	Operating leases
2022	$	176,945
2023		47,566
2024		-
2025		-
2026		-
Thereafter		-
Total undiscounted cash flows		224,511
Less: imputed interest		(5,192	)
Present value of lease liabilities	$	219,319

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Contingencies

The Labor Contract Law of the People’s Republic of China requires employers to assure the liability of the severance payments if employees are terminated due to restructuring, termination as a result of a mutual agreement or termination as a result of the expiration of a fixed-term labor contract. The Company has estimated its possible severance payments of approximately $113,000 and $86,000 as of May 31, 2021 and August 31, 2020, respectively, which have not been reflected in its consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

In Taiwan, an employer can terminate an employment contract with notice (or with pay in lieu of notice) and with severance pay only due to stoppage of business or a transfer of ownership, business losses or curtailment of business operations, suspension of operations due to a force majeure event, or alteration of the business nature, forcing a reduction in the number of employees, and those employees cannot be reassigned to other suitable positions, or the employee is incapable of performing the tasks assigned. The Company has estimated its possible severance payments of approximately $65,000 and $28,000 as of May 31, 2021 and August 31, 2020, respectively, which have not been reflected in its consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

15. SUBSEQUENT EVENTS

In June 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 600,000 shares of the Company’s common stock at an average price of $0.10 per share. The Company received aggregate gross proceeds of $60,000.

On June 21, 2021, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for two years. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $120,000 prorated for any partial period. The consultant was also entitled to a performance review bonus ranging from $5,000 to $15,000 each year and 1,000,000 shares of restricted common stock within 60 days from the listing date of LCHD on NASDAQ.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes appearing elsewhere in this Form 10-Q and our audited financial statements and related notes for the year ended August 31, 2020 included in our most recent annual report on Form 10-K/A. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors.

Company Overview

Leader Capital Holdings Corp. is an early stage technology company that conducts its operations through its wholly owned subsidiaries, Leader Financial Group Limited, a Seychelles corporation incorporated on March 6, 2017 (“LFGL”), and JFB Internet Service Limited, a Hong Kong corporation incorporated on July 6, 2017 (“JFB”).

Through LFGL, we act as the service provider for a mobile application investment platform that is owned by JFB. The platform connects investors with financial service providers in an effort to sharpen operational efficiency and seeks to address customer demands for more innovative services. It is a ready-made application created to meet the needs of financial service providers, especially trust companies and insurance companies. The platform is customizable and each financial institution can adjust the platform to better suit their client’s needs.

Use of the JFB platform is currently free; however, we have an agreement with a third party whereby we have authorized the third party to use our investment platform and related applications until December 31, 2020 for a fee. In the future, the Company intends to generate additional revenue by developing a new, more comprehensive mobile application, with similar functions as the JFB platform, to offer to our clients for a fee.

The Company has been developing a new, more comprehensive FinMaster mobile application (“FinMaster App”), to offer to our clients for a fee, which has been made available for download as of December 2020. This FinMaster App offers one-stop shopping for multi financial services. Key services include real-time Taiwan stock market quotes, financial industry information and news, social media activities, on-line live broadcast, A.I. stock selection and other features. On August 17, 2020, the Company, through its wholly-owned subsidiary JFB, acquired all of the issued and outstanding capital stock (the “Acquisition”) of Nice Products Inc., a company organized under the laws of the British Virgin Islands and the Company’s software ODM developer of the FinMaster APP (“NPI”), pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein. The aggregate purchase price for the acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or its affiliates. The net purchase price for the acquisition was $3,506,042, payable in 8,415,111 shares of the Company’s common stock to the Sellers in accordance with their respective pro rata percentage.

As a result of the acquisition, the Company now owns, indirectly through JFB, 100% of NPI. NPI, through its wholly-owned subsidiaries, LOC Weibo Co., Ltd. and Beijing DataComm Cloud Media Technology Co., Ltd., companies organized under the laws of the Republic of China and the laws of the People’s Republic of China, respectively, engages primarily in the development of ecological-system applications, integration of big data and promotion of OTT applications.

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We have incurred significant operating losses. As of May 31, 2021 and August 31, 2020, our accumulated deficits were $19,811,485 and $11,307,575, respectively. We generated revenue of $78,696 and $5,000 for the nine months ended May 31, 2021 and 2020, respectively. We generated revenue of $23,444 and $1,667 for the three months ended May 31, 2021 and 2020, respectively. Our net losses were principally attributed to general and administrative expenses.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As of May 31, 2021, we have suffered recurring losses from operations, and recorded an accumulated deficit and a working capital deficit of $19,811,485 and $393,267, respectively. These conditions raise substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon our profit generating operations in the future and/or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due.

We expect to finance our operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that we require additional funding to finance the growth of our current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

Any outbreak of contagious diseases, including but not limited to COVID-19, Zika virus, Ebola virus, avian or swine influenza or severe acute respiratory syndrome, may disrupt our ability to adequately staff our business and may generally disrupt our operations. The recent outbreak of COVID-19 epidemic in China is spreading globally and expected to adversely affect the economic conditions in Asia and throughout the world. The outbreak has slowed the economic growth in China and other regions of the world where we and our customers operate, which will negatively impact the global supply chain, market and economies. We have significant operations in China, Taiwan and the Asia Pacific region, including supply chain and manufacturing facilities and sales and marketing channels. If the pandemic continues, we may experience a decline of sales activities and customer orders; reduction of operation and workforce at our fabs; difficulties in international travels and communications; regulatory restrictions; reduction of research and development activities; and other risks resulting from the outbreak. Any of these factors may adversely affect our business, financial conditions and results of operations. In addition, as a result of the COVID-19 pandemic and ensuing government regulations implementing stay-at-home orders and restrictions on travel and other activities, we have experienced an increase in demand for manufacturing capacity in the semiconductor industry in respond to increased demand for consumer electronic products, which had a positive impact on our financial performance. However, we cannot predict the impact of COVID-19 pandemic on the semiconductor industry in the future, and any increase in such demand may not be sustainable and we may experience a decline in our sales activities and customer orders.

In addition, if any of our employees is suspected of having contracted COVID-19 or any contagious disease, we may under certain circumstances be required to quarantine such employees and the affected areas of our premises. Therefore, we may have to temporarily suspend part of or all of our operations. Furthermore, government actions to contain the outbreak may restrict the level of economic activities in affected regions, including Taiwan, and affect the willingness and ability of our employees and customers to travel, which may also adversely affect our business and prospects. As a result, we cannot assure you that any future outbreak of contagious diseases would not have a material adverse effect on our financial condition and results of operations.

The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for our business, and adversely impact our results of operations. We expect uncertainties around our key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be unable to continue as going concern.

Liquidity and Capital Resources

The following table sets forth a summary of our cash flows for the periods indicated:

	For the nine months ended
	May 31, 2021			May 31, 2020
Net cash used in operating activities	$	(2,873,554	)	$	(513,865	)
Net cash used in investing activities		(63,081	)		(1,338,408	)
Net cash provided by financing activities		4,272,333			1,568,269
Cash and cash equivalents and restricted cash, beginning of period		432,087			447,562
Effects of exchange rate changes on cash and cash equivalents and restricted cash		(218,623	)		-
Cash and cash equivalents and restricted cash, end of period	$	1,549,162		$	163,558

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Cash Used in Operating Activities

Net cash used in operating activities for the nine months ended May 31, 2021 and 2020 was $2,873,554 and $513,865, respectively. 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 for the nine months ended May 31, 2021 and 2020 was $63,081 and $1,338,408, respectively. The net cash used in investing activities for the nine months ended May 31, 2021 was related to the acquisition of plant and equipment and intangible assets. The net cash used in investing activities for the nine months ended May 31, 2020 was related to the issuance and repayment of notes receivable.

Cash Provided by Financing Activities

Net cash provided by financing activities for the nine months ended May 31, 2021 and 2020 was $4,272,333 and $1,568,269, respectively. The cash provided by financing activities were related to the issuance of shares and convertible notes, and advances from (to) shareholders and from a director.

Results of Operations

Comparison for the nine months ended May 31, 2021 and 2020

	For the nine months ended
	May 31, 2021			May 31, 2020
Revenue	$	78,696		$	5,000
Research and development expenses		(456,428	)		-
Sales and marketing expenses		(186,068	)		-
General and administrative expenses		(7,779,743	)		(3,700,182	)
Loss from operations		(8,343,543	)		(3,695,182	)
Interest expenses		(51,000	)		(47,303	)
Loss on change in fair value of convertible notes		(129,288	)		-
Other income		3,813			89,591
Loss before income tax		(8,520,018	)		(3,652,894	)
Income tax benefit (expense)		16,108			(30,250	)
Net loss	$	(8,503,910	)	$	(3,683,144	)

Revenue

We signed an agreement with a third party whereby we authorized the third party to use our investment platform and related applications, from January 1, 2018 to December 31, 2020, for an upfront service fee. An additional fee is charged upon the third party’s sale of products on our mobile application. From September 2020, we generated additional revenue from a new, more comprehensive mobile application, which we refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. We also provided software maintenance services.

We generated revenue of $78,696 and $5,000 for the nine months ended May 31, 2021 and 2020, respectively.

Research and Development Expenses

Research and development expenses for the nine months ended May 31, 2021 amounted to $456,428 which primarily represented the charges for R&D and consulting work performed by third parties and salaries and benefits for those employees engaged in research, design and development activities after our acquisition of NPI in August 2020. We did not incur any R&D expenses for the nine months ended May 31, 2020.

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Sales and Marketing Expenses

Sales and marketing expenses were $186,068 and $nil for the nine months ended May 31, 2021 and 2020, respectively. It consists of the advertising costs amounted to $155,618 and the redeemable point liability charges of $30,450 after our acquisition of NPI in August 2020.

General and Administrative Expenses

General and administrative expenses were $7,779,743 and $3,700,182 for the nine months ended May 31, 2021 and 2020, respectively. We recognized share-based compensation to directors, employees and consultants of $5,409,296 and $3,187,500 for the nine months ended May 31, 2021 and 2020, respectively. Besides, we incurred more payroll costs and other administrative expenses after our acquisition of NPI in August 2020.

Loss on change in fair value of convertible notes

We incurred a fair value loss of $129,288 and $nil on our convertible promissory notes for the nine months ended May 31, 2021 and 2020, respectively. We elected to measure the convertible promissory notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date.

Other Income

Other income for the nine months ended May 31, 2021 amounted to $3,813 as compared to $89,591 in the same period of prior year.

Net Loss

Our net loss was $8,503,910 and $3,683,144 for the nine months ended May 31, 2021 and 2020, respectively. The net loss was mainly derived from our general and administrative expenses.

Comparison for the three months ended May 31, 2021 and 2020

	For the three months ended
	May 31, 2021			May 31, 2020
Revenue	$	23,444		$	1,667
Research and development expenses		(151,863	)		-
Sales and marketing expenses		(15,338	)		-
General and administrative expenses		(2,301,816	)		(1,215,184	)
Loss from operations		(2,445,573	)		(1,213,517	)
Interest expenses		(18,597	)		(17,196	)
Gain on change in fair value of convertible notes		201,000			-
Other (expense) income		(19,212	)		39,309
Loss before income tax		(2,282,382	)		(1,191,404	)
Income tax benefit		5,879			-
Net loss	$	(2,276,503	)	$	(1,191,404	)

Revenue

We signed an agreement with a third party whereby we authorized the third party to use our investment platform and related applications, from January 1, 2018 to December 31, 2020, for an upfront service fee. An additional fee is charged upon the third party’s sale of products on our mobile application. From September 2020, we generated additional revenue from a new, more comprehensive mobile application, which we refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. We also provided software maintenance services.

We generated revenue of $23,444 and $1,667 for the three months ended May 31, 2021 and 2020, respectively.

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Research and Development Expenses

Research and development expenses for the three months ended May 31, 2021 amounted to $151,863 which primarily represented the charges for R&D and consulting work performed by third parties and salaries and benefits for those employees engaged in research, design and development activities after our acquisition of NPI in August 2020. We did not incur any R&D expenses for the three months ended May 31, 2020

Sales and Marketing Expenses

Sales and marketing expenses were $15,338 and $nil for the three months ended May 31, 2021 and 2020, respectively. It consists of the advertising costs amounted to $11,790 and the redeemable point liability charges of $3,548 after our acquisition of NPI in August 2020.

General and Administrative Expenses

General and administrative expenses were $2,301,816 and $1,215,184 for the three months ended May 31, 2021 and 2020, respectively. We recognized share-based compensation to directors, employees and consultants of $1,574,704 and $1,062,500 for the three months ended May 31, 2021 and 2020, respectively. Besides, we incurred more payroll costs and other administrative expenses in 2020 after our acquisition of NPI in August 2020.

Gain on change in fair value of convertible notes

We incurred a fair value gain of $201,000 and $nil on our convertible promissory notes for the three months ended May 31, 2021 and 2020, respectively. We elected to measure the convertible promissory notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date.

Other (Expense) Income

Other (expense) income for the three months ended May 31, 2021 amounted to $(19,212) as compared to $39,309 in the same quarter of prior year.

Net Loss

Our net loss was $2,276,503 and $1,191,404 for the three months ended May 31, 2021 and 2020, respectively. The net loss was mainly derived from our general and administrative expenses.

Off-Balance Sheet Arrangements

As of May 31, 2021, 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.

Contractual Obligations

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

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.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, our management has carried out an evaluation, with the participation and under the supervision of our principal executive officer and principal financial and accounting officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2021. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.

Management conducted its evaluation of disclosure controls and procedures under the supervision of our principal executive officer and principal financial and accounting officer. Based upon, and as of the date of this evaluation, our principal executive officer and principal financial and accounting officer have concluded that our disclosure controls and procedures were not effective as of May 31, 2021 due to the following material weaknesses in our internal control over financial reporting.

1.	We do not have an audit committee – While we are not obligated to have an audit committee, it is management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial reporting. Currently, our Chief Executive Officer and directors act in the capacity of the audit committee, and do not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.
2.	We do not have adequate written policies and procedures – Due to lack of adequate written policies and procedures for accounting and financial reporting, we did not establish a formal process to close our books monthly and account for all transactions in a timely manner.
3.	We did not implement appropriate information technology controls – As at August 31, 2020, we retained copies of all financial data and material agreements; however, there is no formal procedure or evidence of normal backup of our data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.
4.	We do not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of accounting principles generally accepted in the United States commensurate with our financial reporting requirements.

Our management does not believe that these material weaknesses had a material effect on our financial condition or results of operations or caused our unaudited condensed consolidated financial statements as of and for the period ended May 31, 2021 to contain a material misstatement.

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Management’s Remediation Initiatives

In an effort to remediate the identified material weaknesses and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

1.	Create a position to segregate duties consistent with control objectives and increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us.
2.	Prepare written policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including equity and debt transactions, in a timely manner.
3.	Add staff members to our management team to make sure that information required to be disclosed in our reports filed and submitted under the Exchange Act is recorded, processed, summarized and reported as and when required and the staff members will have segregated responsibilities with regard to these responsibilities.

We anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2021.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ending May 31, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

There are no material pending legal proceedings as defined by Item 103 of Regulation S-K, to which we are a party or of which any of our property is the subject, other than ordinary routine litigation incidental to the Company’s business.

There are no proceedings in which any of the directors, officers or affiliates of the Company, or any registered or beneficial holder of more than 5% of the Company’s voting securities, is an adverse party or has a material interest adverse to that of the Company.

Item 1A. Risk Factors.

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

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

Other than set forth below, there were no sales of unregistered securities during the quarter ended May 31, 2021 that were not previously reported on a Current Report on Form 8-K.

From March 2021 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 28,937,500 shares of the Company’s common stock at an average price of $0.10 per share. The Company received aggregate gross proceeds of $2,893,980. The offer and sale of securities were made outside of the United States and the issuances were exempt from registration pursuant to Rule 901 under Regulation S of the Securities Act of 1933.

From August 2020 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 30,357,500 shares of the Company’s common stock at an average price of $0.114 per share. The Company received aggregate gross proceeds of $3,461,980. The offer and sale of securities were made outside of the United States and the issuances were exempt from registration pursuant to Rule 901 under Regulation S of the Securities Act of 1933.

Pursuant to the terms of the securities purchase agreements, the investors have piggyback registration rights with respect to the shares. The shares were issued in May and June 2021.

38

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.	Description
3.1	Articles of Incorporation (incorporated by Reference to Exhibit 3.1 to the registration statement on Form S-1 of the Company, filed with the U.S. Securities and Exchange Commission on November 14, 2017).
3.2	Bylaws (incorporated by reference to Exhibit 3.2 to the registration statement on Form S-1 of the Company, filed with the U.S. Securities and Exchange Commission on November 14, 2017).
31.1*	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1**	Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.

** Furnished herewith.

39

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 19, 2021
	By:	/s/ Yi-Hsiu Lin
	Title:	Chief Executive Officer, President, Treasurer and Director (Principal Executive Officer and Principal Financial Officer)

40

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, YI-HSIU LIN, certify that:

1. I have reviewed this quarterly report on Form 10-Q of LEADER CAPITAL HOLDINGS CORP.;

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 19, 2021	By:	/s/ Yi-Hsiu Lin
		Yi-Hsiu Lin
		Chief Executive Officer, President, Treasurer and Director
		(Principal Executive Officer, Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

In connection with the quarterly report of LEADER CAPITAL HOLDINGS CORP. (the “Company”) on Form 10-Q for the period ended May 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yi-Hsiu Lin, Chief Executive Officer and President (Principal Executive Officer) and Treasurer (Principal Financial Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

(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 at the dates and for the periods indicated.

Date: July 19, 2021	By:	/s/ Yi-Hsiu Lin
		Yi-Hsiu Lin
		Chief Executive Officer, President, Treasurer and Director
		(Principal Executive Officer and Principal Financial Officer)

XML

Document and Entity Information - shares	9 Months Ended
	May 31, 2021	Jul. 15, 2021
Cover [Abstract]
Entity Registrant Name	Leader Capital Holdings Corp.
Entity Central Index Key	0001715433
Document Type	10-Q
Document Period End Date	May 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		154,999,219
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

XML

Condensed Consolidated Balance Sheets - USD ($)	May 31, 2021	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,545,915	$ 432,087
Restricted cash	3,247
Accounts receivable	4,145
Prepayments, deposits and other receivables	280,639	221,166
Inventory	1,575
Tax recoverable	4,793
Due from a director		189,474
Due from a related company		36,666
Loan to a shareholder		34,048
Total current assets	1,840,314	913,441
Non-current assets
Plant and equipment, net	66,966	33,667
Intangible assets	744,880	818,200
Goodwill	2,974,364	2,974,364
Operating lease right-of-use assets, net	218,218	237,239
Prepayments, deposits and other receivables	176,973
Total non-current assets	4,181,401	4,063,470
TOTAL ASSETS	6,021,715	4,976,911
Current liabilities
Accrued expenses and other payables	394,599	292,246
Contract liabilities	9,570	2,896
Operating lease liability, current	172,017	189,253
Loan from a shareholder		60,075
Tax payable		31,871
Due to shareholders	49,286	99,730
Due to a director	1,608,109	1,400,459
Total current liabilities	2,233,581	2,076,530
Non-current liabilities
Operating lease liability, non-current	47,302	54,095
Deferred tax liabilities	147,532	163,640
Bonds payable	600,000	600,000
Convertible notes payable to related parties	1,036,000	104,000
Total non-current liabilities	1,830,834	921,735
TOTAL LIABILITIES	4,064,415	2,998,265
COMMITMENTS AND CONTINGENCIES (Note 14)
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; 152,599,219 and 135,474,219 shares issued and outstanding as of May 31, 2021 and August 31, 2020, respectively	15,260	13,548
Additional paid-in capital	21,992,237	13,272,673
Accumulated other comprehensive income	(238,712)
Accumulated deficits	(19,811,485)	(11,307,575)
TOTAL STOCKHOLDERS' EQUITY	1,957,300	1,978,646
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 6,021,715	$ 4,976,911

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2021	Aug. 31, 2020
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	152,599,219	135,474,219
Common stock, shares outstanding	152,599,219	135,474,219

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Statement [Abstract]
REVENUE		$ 23,444	$ 1,667	$ 78,696	$ 5,000
OPERATING EXPENSES
Research and development expenses		(151,863)		(456,428)
Sales and marketing expenses		(15,338)		(186,068)
General and administrative expenses		(2,301,816)	(1,215,184)	(7,779,743)	(3,700,182)
LOSS FROM OPERATIONS		(2,445,573)	(1,213,517)	(8,343,543)	(3,695,182)
Interest expense		(18,597)	(17,196)	(51,000)	(47,303)
(Loss) gain on change in fair value of convertible notes		201,000		(129,288)
OTHER INCOME
Other income - from related parties				1,823
Other income (expense) - from non-related parties		(19,212)	39,309	1,990	89,591
TOTAL OTHER INCOME		(19,212)	39,309	3,813	89,591
LOSS BEFORE INCOME TAX		(2,282,382)	(1,191,404)	(8,520,018)	(3,652,894)
Income tax benefit (expense)		5,879		16,108	(30,250)
NET LOSS		(2,276,503)	(1,191,404)	(8,503,910)	(3,683,144)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment		(274,296)		(238,712)
TOTAL COMPREHENSIVE LOSS		$ (2,550,799)	$ (1,191,404)	$ (8,742,622)	$ (3,683,144)
Net loss per share - Basic and diluted		$ (0.01)	$ (0.01)	$ (0.06)	$ (0.03)
Weighted average number of shares of common stock outstanding - Basic and diluted	[1]	141,699,780	113,824,027	139,771,102	113,700,043

[1] Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficits [Member]	Total
Balance beginning at Aug. 31, 2019	$ 10,519	$ 1,888,909		$ (1,464,746)	$ 434,682
Balance beginning, shares at Aug. 31, 2019	105,184,073
Issuance of shares (Restated)	$ 850	(850)
Issuance of shares (Restated), shares	8,500,000
Shares to be issued in-private placement		280,014			280,014
Shares to be issued in-private placement, shares
Share based compensation		3,187,500			3,187,500
Share based compensation, shares
Net loss				(3,683,144)	(3,683,144)
Balance ending at May. 31, 2020	$ 11,369	5,355,573		(5,147,890)	219,052
Balance ending, shares at May. 31, 2020	113,684,073
Balance beginning at Feb. 29, 2020	$ 11,369	4,013,059		(3,956,486)	67,942
Balance beginning, shares at Feb. 29, 2020	113,684,073
Shares to be issued in-private placement		280,014			280,014
Shares to be issued in-private placement, shares
Share based compensation		1,062,500			1,062,500
Share based compensation, shares
Net loss				(1,191,404)	(1,191,404)
Balance ending at May. 31, 2020	$ 11,369	5,355,573		(5,147,890)	219,052
Balance ending, shares at May. 31, 2020	113,684,073
Balance beginning at Aug. 31, 2020	$ 13,548	13,272,673		(11,307,575)	1,978,646
Balance beginning, shares at Aug. 31, 2020	135,474,219
Shares to be issued in-private placement		210,000			210,000
Shares to be issued in-private placement, shares
Shares issued in private placement	$ 2,825	3,099,155			3,101,980
Shares issued in private placement, shares	28,257,500
Shares issued to service providers	$ 350	(350)
Shares issued to service providers, shares	3,500,000
Shares issued to employees	$ 900	(900)
Shares issued to employees, shares	9,000,000
Cancellation of restricted shares	$ (2,363)	2,363
Cancellation of restricted shares, shares	(23,632,500)
Share based compensation		5,409,296			5,409,296
Share based compensation, shares
Foreign currency translation adjustment			(238,712)		(238,712)
Net loss				(8,503,910)	(8,503,910)
Balance ending at May. 31, 2021	$ 15,260	21,992,237	(238,712)	(19,811,485)	1,957,300
Balance ending, shares at May. 31, 2021	152,599,219
Balance beginning at Feb. 28, 2021	$ 13,890	17,524,923	35,584	(17,534,982)	39,415
Balance beginning, shares at Feb. 28, 2021	138,894,219
Shares to be issued in-private placement		210,000			210,000
Shares to be issued in-private placement, shares
Shares issued in private placement	$ 2,683	2,681,297			2,683,980
Shares issued in private placement, shares	26,837,500
Cancellation of restricted shares	$ (1,313)	1,313
Cancellation of restricted shares, shares	(13,132,500)
Share based compensation		1,574,704			1,574,704
Share based compensation, shares
Foreign currency translation adjustment			(274,296)		(274,296)
Net loss				(2,276,503)	(2,276,503)
Balance ending at May. 31, 2021	$ 15,260	$ 21,992,237	$ (238,712)	$ (19,811,485)	$ 1,957,300
Balance ending, shares at May. 31, 2021	152,599,219

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2021	May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,503,910)	$ (3,683,144)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on change in fair value of convertible notes	129,288
Share based compensation	5,409,296	3,187,500
Amortization of operating lease right-of-use assets	228,580
Depreciation and amortization	104,781	7,003
Changes in operating assets and liabilities:
Accounts receivable	(4,051)
Prepayments, deposits and other receivables	(236,446)	(81,125)
Inventory	(1,540)
Amount due from a director	189,474
Deferred tax liabilities	(16,108)
Operating lease liabilities	(225,149)
Accrued expenses and other payables	52,231	55,901
Net cash used in operating activities	(2,873,554)	(513,865)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment	(59,598)	(371)
Issuance of notes receivable		(1,388,037)
Repayment on notes receivable		50,000
Acquisition of intangible assets	(3,483)
Net cash used in investing activities	(63,081)	(1,338,408)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued in private placement	3,311,980	280,014
Proceeds from convertible notes issuance	800,000	230,000
Advance to shareholders	(119,248)
Repayment from a shareholder	35,285
Advance from a director	244,316	1,058,255
Net cash provided by financing activities	4,272,333	1,568,269
Effects of exchange rate changes on cash and cash equivalents and restricted cash	(218,623)
Net increase (decrease) in cash and cash equivalents and restricted cash	1,117,075	(284,004)
Cash and cash equivalents and restricted cash, beginning of period	432,087	447,562
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Note 2)	1,549,162	163,558
SUPPLEMENTAL CASH FLOWS INFORMATION
Cash paid for income taxes
Cash paid for interest	$ 36,000	$ 30,000

XML

Organization and Business Background

9 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Organization and Business Background

1. ORGANIZATION AND BUSINESS BACKGROUND

Leader Capital Holdings Corp. (“LCHD” or the “Company”) was incorporated on March 22, 2017 under the laws of the State of Nevada.

The Company, through its subsidiaries, mainly operates and services a mobile application investment platform.

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	Provides an Investment Platform

On August 17, 2020, LCHD, through JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of Nice Products Inc. (“NPI”), pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein. As a result of the Acquisition, the Company now owns indirectly 100% of NPI, LOC Weibo Co., Ltd. and Beijing DataComm Cloud Media Technology Co., Ltd.

The aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s common stock to the Sellers in accordance with their respective pro rata percentage.

After the completion of the acquisition, NPI became an indirect wholly owned subsidiary of the Company.

NPI was incorporated in the British Virgin Islands on December 17, 2018.

NPI, through its subsidiaries, mainly engages in the development of ecological-systems applications, integration of big data and promotion of OTT applications.

Company Name	Place/Date of Incorporation	Principal Activities
1. LOC Weibo Co., Ltd. (“LOC”)	Republic of China/September 29, 2017	Development of ecological-systems applications, integration of big data and promotion of OTT applications
2. Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”)	People’s Republic of China /April 16, 2013	Development of ecological-systems applications, integration of big data and promotion of OTT applications

LCHD and its subsidiaries (including NPI and its subsidiaries) are hereinafter referred to as the “Company”.

XML

Summary of Significant Accounting Policies

9 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited condensed consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) and disclosures necessary for a fair presentation of these unaudited condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. However, they do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with U.S. GAAP. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.

The Company has adopted August 31 as its fiscal year end. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s annual report on amended Form 10-K/A for the year ended August 31, 2020, which was filed with the SEC on July 19, 2021.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As of May 31, 2021, the Company has suffered recurring losses from operations, and records an accumulated deficit and a working capital deficit of $19,811,485 and $393,267, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.

The Company expects to finance its operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that the Company requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including the Company’s businesses. This outbreak could decrease spending, adversely affect demand for the Company’s services and harm its business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time.

These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification of liabilities that might be necessary should the Company be unable to continue as going concern.

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its unaudited condensed consolidated financial statements.

Business combination

The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income.

When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

Goodwill and impairment of goodwill

Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed and is not amortized. The total amount of goodwill is deductible for tax purposes.

In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its fair value.

The Company estimates fair value of the applicable reporting unit or units using a discounted cash flow methodology. This methodology represents a level 3 fair value measurement as defined under ASC 820, Fair Value Measurements and Disclosures, since the inputs are not readily observable in the marketplace. The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, including projected sales, gross margins, selling, general and administrative expenses, and capital expenditures, and the selection of an appropriate discount rate, all of which are subject to inherent uncertainties and subjectivity. When the Company performs goodwill impairment testing, its assumptions are based on annual business plans and other forecasted results, which it believes represent those of a market participant. The Company selects a discount rate, which is used to reflect market-based estimates of the risks associated with the projected cash flows based on the best information available as of the date of the impairment assessment. Based on the annual impairment analysis, there is no impairment on the goodwill recorded in the Company’s financial statements.

Given the current macro-economic environment and the uncertainties regarding its potential impact on the Company’s business, there can be no assurance that its estimates and assumptions used in its impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions regarding forecasted cash flows are not achieved, it is possible that an impairment review may be triggered and goodwill may be impaired.

Cash and Cash Equivalents and Restricted Cash

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. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain due to the account freeze by bank which would release the restricted balance by July 2021

The cash and cash equivalents and restricted cash are reflected within the following line items on the Unaudited Condensed Consolidated Balance Sheets:

	As of May 31, 2021		As of August 31, 2020
Cash and cash equivalents	$	1,545,915	$	432,087
Restricted cash		3,247		-
Total cash and cash equivalents and restricted cash	$	1,549,162	$	432,087

Software Development Costs

The Company expenses 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.

The Company capitalizes 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.

On September 1, 2018 (before the acquisition of NPI (Note 1)), JFB appointed LOC to develop a mobile application in four stages for total consideration of TWD20,000,000 ($651,466), payable in the form of shares of the Company’s restricted common stock. As of August 31, 2019, the first and second stages of development for the basic functions of the mobile application have been completed, and the Company has issued a total of 908,678 of restricted common shares in aggregate at $0.50 per share for the work completed up to August 31, 2019. The Company has expensed $454,339 development costs for the first and second development stage in general and administrative expenses for the year ended August 31, 2019. In August 2020, the development of the mobile application has been completed, and the Company expensed $0.2 million development costs in general and administrative expenses for the year ended August 31, 2020. Further $600,000 was incurred for additional functions developed and $200,000 was incurred for the acquisition of the ownership of the intellectual property in the year ended August 31, 2020.

No development costs were expensed as general and administrative expenses for the nine and three months ended May 31, 2021 and 2020.

Revenue Recognition

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The Company recognizes revenue following the five-step model prescribed under ASU 2014-09:

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Provision of investment platform services

The Company signed an agreement with a third party whereby the Company authorized the third party to use the Company’s JFB platform and related applications for a period until December 31, 2020. Income from provision of investment platform services with the use of the Company’s mobile applications is recognized when the service is performed.

From September, 2020, the Company generated additional revenue from a new, more comprehensive mobile application, which refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. Income from providing investment platform services with the use of a mobile application is recognized when the service is performed.

The Company offers a self-managed points program, which can be used in the FinMaster App to redeem merchandise or services. The Company determines the value of each point based on estimated incremental cost. Customers and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows:

The Company concludes the bonus points offered linked to the purchase transaction of the points is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the point sales. The Company also estimates the probability of points redemption when performing the allocation. The amount allocated to the bonus points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Company will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period.

Since historical information is limited for the Company to determine any potential points forfeitures and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

Provision of software development service and maintenance service

The Company entered into several agreements with third party customers to assist the customers in the development of their mobile communications software and mobile e-commerce software. Income from provision of software development service and maintenance service are recognized when the service is performed.

Revenue by major product line

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Provision of investment platform services	$	15,508	$	5,000	$	5,100	$	1,667
Provision of software development service and maintenance service		63,188		-		18,344		-
	$	78,696	$	5,000	$	23,444	$	1,667

Revenue by Recognition Over Time vs Point in Time

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Revenue by recognition over time	$	78,696	$	5,000	$	23,444	$	1,667
Revenue by recognition at a point in time		-		-		-		-
	$	78,696	$	5,000	$	23,444	$	1,667

Remaining performance obligations represent contracted revenues that had not yet been recognized, and include deferred revenues; invoices that have been issued to customers but were uncollected and have not been recognized as revenues; and amounts that will be invoiced and recognized as revenues in future periods. As of May 31, 2021, the Company’s remaining performance obligations were $9,570, which it expects to recognize as revenues over the next twelve months and the remainder thereafter.

The Company had not occurred any costs to obtain contracts.

The Company does not have amounts of contract assets since revenue is recognized as control of goods or services is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the consolidated balance sheet.

Contract balances

The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the nine months ended May 31, 2021:

	Receipt in advance
Balance as of September 1, 2020	$	2,896
Advances received from customers related to unsatisfied performance obligations		9,354
Revenue recognized from beginning contract liability balance		(3,001	)
Exchange difference		321
Balance as of May 31, 2021	$	9,570

Practical Expedients and Exemption

The Company has not incurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Research and development expenses

Research and development (“R&D”) expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries and benefits for those employees engaged in research, design and development activities; costs related to design tools; and allocated costs.

For the nine months ended May 31, 2021 and 2020, the total R&D expenses were $456,428 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, the total R&D expenses were $151,863 and $nil, respectively.

Sales and marketing expenses

Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the nine months ended May 31, 2021 and 2020, advertising costs totaled $155,618 and $nil, respectively. For the three months ended May 31, 2021 and 2020, advertising costs totaled $11,790 and $nil, respectively.

From September 2019, customers or users of the FinMaster App can obtain points through any other ways such as account registration referral to the FinMaster App, frequent sign-ins to the application and sharing articles from the application to users’ own social media, etc. The Company believes these points are to encourage user engagement and generate market awareness. As a result, the Company accounts for such points as sales and marketing expenses with a corresponding liability recorded under other current liabilities of its unaudited condensed consolidated balance sheets upon the points offering. The Company estimates liabilities under the customer loyalty program based on cost of the merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Company records a reduction of inventory and other current liabilities.

Since historical information is limited for the Company to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

For the nine months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $30,450 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $3,548 and $nil, respectively.

As of May 31, 2021 and August 31, 2020, liabilities recorded related to unredeemed points were $71,093 and $40,003, respectively, which were included in other payables (note 8).

General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses.

Inventory

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Inventory as of May 31, 2021 represents merchandise inventory which can be redeemed by deducting membership rewards points of customer loyalty program.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components as a single lease component for operating leases associated with the Company’s office space lease, and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the Company’s consolidated balance sheets.

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
Office equipment		3
Leasehold improvement		3

Intangible asset

The Company recorded intangible assets with definite lives, including investment platform and technical know-hows. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets is computed using the straight-line method over their estimated useful lives.

The estimated useful lives of the Company’s intangible assets are listed below:

Investment platform	5 years
Technical know-hows	8 years
Trademarks	10 years

Impairment of Long-Lived Assets (including amortizable intangible assets)

The Company reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment has been recorded by the Company for the nine and three months ended May 31, 2021 and 2020.

Income taxes

Income taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes” (“ASC 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. As of May 31, 2021, the Company has no accrued interest or penalties related to uncertain tax positions.

The Company conducts business in the PRC, Taiwan and Hong Kong and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the respective tax authorities.

Net Loss Per Share

The Company calculates net 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 shares of common stock 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 shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss per share:

	For the nine months ended						For the three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Net loss	$	(8,503,910	)	$	(3,683,144	)	$	(2,276,503	)	$	(1,191,404	)
Weighted average number of shares of common stock outstanding - Basic and diluted*		139,771,102			113,700,043			141,699,780			113,824,027
Net loss per share - Basic and diluted	$	(0.06	)	$	(0.03	)	$	(0.01	)	$	(0.01	)

* Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

As of May 31, 2021 and August 31, 2020, the Company’s convertible notes payable were excluded from the diluted loss per share calculation as they were anti-dilutive.

Stock-based compensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

Additionally, ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur.

In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers. The Company adopted ASU 2018-07 on September 1, 2019 and there was no cumulative effect of adoption.

Cancellation of a share-based payment by the entity results in accelerated recognition of any unrecognised cost. Cancellation by the counterparty does not change recognition of the compensation cost. The termination of an employee that resulted in the forfeiture of share-based awards is not considered to be a cancellation of the awards.

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 transactions. 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$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record in United States Dollars (“US$”), Renminbi (“RMB”), New Taiwanese Dollars (“NT$”) and Hong Kong Dollars (“HK$”) respectively, which are the primary currencies of the economic environment in which the entities operate (the functional currencies).

In general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not 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 the translation of the financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

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

	As of May 31, 2021		As of August 31, 2020
Period-end HK$ : US$ 1 exchange rate		7.80		7.80
Period-end NT$ : US$ 1 exchange rate		27.70		29.37
Period-end RMB : US$ 1 exchange rate		6.37		6.85

	For the nine months ended,
	May 31, 2021		May 31, 2020
Period average HK$ : US$ 1 exchange rate		7.80		7.80
Period average NT$ : US$ 1 exchange rate		28,34		N/A
Period average RMB : US$ 1 exchange rate		6.56		N/A

Related Parties

Parties, which can be a corporation or an individual, are considered to be related if the Company has the ability to, directly or indirectly, 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.

Convertible instruments

The Company accounts for hybrid contracts that feature conversion options in accordance with U.S. GAAP. ASC 815 “Derivatives and Hedging Activities,” (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument.

The Company accounts for convertible instruments, when the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20 “Debt with Conversion and Other Options” (“ASC 470-20”). Under ASC 470-20 the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company accounts for convertible instruments (when the Company has determined that the embedded conversion options should be bifurcated from their host instruments) in accordance with ASC 815. Under ASC 815, a portion of the proceeds received upon the issuance of the hybrid contract are allocated to the fair value of the derivative. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations.

Fair Value of Financial Instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, deposits, accounts payable and accrued liabilities, balances due with directors and shareholders, convertible notes payable and bonds payable, approximate at their fair values because of the short-term nature of these financial instruments or the rate of interest of these instruments approximate the market rate of interest.

The Company also follows the guidance of the ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), with respect to financial assets and liabilities that are measured at fair value. ASC 820 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.

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis:

	Carrying Value at		Fair Value Measurement at
	August 31, 2020		August 31, 2020
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	104,000	$	-	$	-	$	104,000

	Carrying Value at		Fair Value Measurement at
	May 31, 2021		May 31, 2021
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	1,036,000	$	-	$	-	$	1,036,000

A summary of changes in financial liabilities for the nine months ended May 31, 2021 was as follows:

Balance at September 1, 2020	$	104,000
Issuance of convertible notes		800,000
Fair value loss on issuance of convertible notes		526,838
Interest expenses on convertible notes		2,712
Change in fair value of convertible notes		(397,550	)
Balance at May 31, 2021	$	1,036,000

Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates:

Convertible notes holders	Teh-Ling Chen			Li-Ching Yang			Jui-Chin Chen			Teh-Ling Chen			Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang			Teh-Ling Chen
Appraisal Date (Inception Date)		February 24, 2020			February 27, 2020			March 18, 2020			November 2, 2020			November 25, 2020			January 15, 2021
Risk-free Rate		1.25	%		1.06	%		0.54	%		0.16	%		0.16	%		0.1	%
Applicable Closing Stock Price	$	1.25		$	1.25		$	1.20		$	0.12		$	3.00		$	2.00
Conversion Price	$	1.00	(i)	$	1.00	(i)	$	1.00	(i)	$	0.40		$	0.40		$	0.40
	$	1.50	(ii)	$	1.50	(ii)	$	1.50	(ii)
Volatility		27.82	%		27.94	%		34.20	%		41.51	%		42.00	%		43.50	%
Dividend Yield		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		2.71	%		2.96	%		6.88	%		7.52	%		6.93	%		6.76	%
Liquidity Risk Premium		42.09	%		36.26	%		51.08	%		77.62	%		78.14	%		75.73	%
Appraisal Date								August 31, 2020
Risk-free Rate		N/A			N/A			0.13	%		N/A			N/A			N/A
Applicable Closing Stock Price		N/A			N/A		$	1.00			N/A			N/A			N/A
Conversion Price		N/A			N/A		$	0.40			N/A			N/A			N/A
Volatility		N/A			N/A			43.71	%		N/A			N/A			N/A
Dividend Yield		N/A			N/A			0.00	%		N/A			N/A			N/A
Credit Spread		N/A			N/A			3.80	%		N/A			N/A			N/A
Liquidity Risk Premium		N/A			N/A			76.69	%		N/A			N/A			N/A
Appraisal Date								May 31, 2021			May 31, 2021			May 31, 2021			May 31, 2021
Risk-free Rate		N/A			N/A			0.03	%		0.08	%		0.09	%		0.10	%
Applicable Closing Stock Price		N/A			N/A		$	2.01		$	2.01		$	2.01		$	2.01
Conversion Price		N/A			N/A		$	0.40		$	0.40		$	0.40		$	0.40
Volatility		N/A			N/A			39.19	%		46.52	%		45.73	%		44.48	%
Dividend Yield		N/A			N/A			0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		N/A			N/A			6.27	%		6.27	%		6.27	%		6.27	%
Liquidity Risk Premium		N/A			N/A			78.02	%		84.25	%		83.28	%		81.86	%

(i) USD1.00 per share if converted on or before the one-year anniversary of the issuance date

(ii) USD1.50 per share if converted at any time after the one-year anniversary of the issuance date

Segment reporting

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: the provision of investment platform services through mobile application.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the fair value hierarchy. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. The Company applied the new standard beginning September 1, 2020.

Recently issued accounting pronouncements not yet adopted

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.

In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for “smaller reporting companies” for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company’s consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares.

For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its consolidated financial statements and related disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated financial position, statements of operations and cash flows.

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Acquisition of Subsidiaries

9 Months Ended

May 31, 2021

Business Combinations [Abstract]

Acquisition of Subsidiaries

3. ACQUISITION OF SUBSIDIARIES

On August 17, 2020, the Company, through its wholly-owned subsidiary JFB Internet Service Limited (“JFB”), acquired all of the issued and outstanding capital stock (the “Acquisition”) of NPI, pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of August 17, 2020, among the Company, JFB, NPI, the selling shareholders of NPI identified therein (each a “Seller,” and, collectively, the “Sellers”) and the representative of the Sellers identified therein.

The aggregate purchase price for the Acquisition was $4,850,000, less certain discounts, expenses and reductions for outstanding NPI debt owed to the Company and/or its affiliates, resulting in a net purchase price of $3,506,042, payable in 8,415,111 shares of the Company’s common stock to the Sellers in accordance with their respective pro rata percentage.

After the completion of the Acquisition, NPI became an indirect wholly owned subsidiary of the Company.

The Company completed the valuations necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed, resulting from which the amount of goodwill was determined and recognized as of the respective acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, August 31, 2020.

Cash and cash equivalents	$	185,117
Prepayments, deposits and other receivables		145,228
Due from a shareholder		34,048
Right-of-use operating lease assets		113,590
Plant and equipment, net		30,365
Intangible assets- Technical know-hows		818,200
Goodwill		2,974,364
Other payables and accrued liabilities		(383,087	)
Contract liabilities		(2,896	)
Due to shareholders		(99,730	)
Operating lease liability		(113,646	)
Tax payable		(31,871	)
Deferred tax liabilities		(163,640	)
Net purchase price	$	3,506,042
Less: Outstanding NPI debt owed to the Company
Accounts receivable		989,854
Notes payable		(3,066,617	)
	$	1,429,279

The transaction resulted in a purchase price allocation of $2,974,364 to goodwill, representing the financial, strategic and operational value of the transaction to the Company. Goodwill is attributed to the premium that the Company paid to obtain the value of the business of NPI and the synergies expected from the combined operations of NPI and the Company, the assembled workforce and their knowledge and experience in provision of products and projects utilizing NPI’s technical know-hows. The total amount of the goodwill acquired is not deductible for tax purposes.

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Plant and Equipment, Net

9 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

Plant and Equipment, Net

4. PLANT AND EQUIPMENT, NET

Plant and equipment as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Furniture and fixtures	$	29,418		$	20,159
Office equipment		88,962			65,809
Leasehold improvement		50,973			18,832
Total		169,353			104,800
Less: Accumulated depreciation		(102,387	)		(71,133	)
Plant and Equipment, net	$	66,966		$	33,667

Depreciation expenses, classified as operating expenses, were $27,978 and $7,003 for the nine months ended May 31, 2021 and 2020, respectively; and $8,443 and $2,345 for the three months ended May 31, 2021 and 2020, respectively.

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Intangible Assets, Net

9 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

5. INTANGIBLE ASSETS, NET

Intangible assets costs as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Investment platform	$	30,000		$	30,000
Technical know-hows		818,200			818,200
Trademarks		3,483			-
Total		851,683			848,200
Less: Accumulated amortization		(83,303	)		(6,500	)
Impairment		(23,500	)		(23,500	)
Intangible assets, net	$	744,880		$	818,200

Amortization expense for intangible assets was $76,803 and $nil for the nine months ended May 31, 2021 and 2020, respectively; and $25,625 and $nil for the three months ended May 31, 2021 and 2020, respectively.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s intangible assets. The impairment charge, if any, represented the excess of carrying amounts of the Company’s intangible assets over their fair value, using the expected future discounted cash flows. No impairment loss of intangible asset was recognized for the nine and three months ended May 31, 2021 and 2020.

As of May 31, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows:

12 months ending May 31,
2022	$	102,459
2023		102,459
2024		102,459
2025		102,459
2026 and thereafter		335,044
Total	$	744,880

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Related Party Transactions

9 Months Ended

May 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

6. RELATED PARTY TRANSACTIONS

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Professional fee - Greenpro Financial Consulting Limited (a)	$	-	$	18,503	$	-	$	3,250
Other Income:
Miscellaneous income from Greenpro LF Limited (b)		1,823		-		-		-

(a)	The Company incurred professional fees of $nil and $18,503 for services provided by Greenpro Financial Consulting Limited for the nine months ended May 31, 2021 and 2020, respectively; and $nil and $3,250 for the three months ended May 31, 2021 and 2020, respectively. The fees are due for payment to Greenpro Financial Consulting Limited upon receipt of an invoice.
	The directors of Greenpro Financial Consulting Limited (Mr. Chong Kuang Lee and Mr. Che Chan Loke) are the directors of the investment managers of Greenpro Asia Strategic SPC. As of May 31, 2021, Greenpro Asia Strategic SPC is the holder of approximately 3.85% of the Company’s issued and outstanding common stock.
(b)	Mr. Lin is a director of Greenpro LF Limited.

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Prepayments, Deposits and Other Receivables

9 Months Ended

May 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepayments, Deposits and Other Receivables

7. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

	As of May 31, 2021		As of August 31, 2020
Rental and management fee deposits	$	150,288		137,088
Other prepaid expenses		307,324		81,108
Staff advances		-		2,970
	$	457,612		221,166
Less: non-current portion
Rental and management fee deposits		32,211		-
Other prepaid expenses		144,762		-
Prepayments, deposits and other receivables, non-current		176,973		-
Prepayments, deposits and other receivables, current	$	280,639		221,166

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Accrued Expenses and Other Payables

9 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Payables

8. ACCRUED EXPENSES AND OTHER PAYABLES

	As of May 31, 2021		As of August 31, 2020
Accrued interests (Note 9 and 10)	$	17,935		6,191
Accrued expenses		301,071		240,172
Unearned income		-		2,222
Other payables		75,593		43,661
	$	394,599		292,246

The Company signed an agreement with a third party whereby it authorized the third party to use its investment platform and related applications, for a period until December 31, 2020, for an upfront service fee. An additional fee is charged upon the third party’s sale of products on the Company’s mobile application. Unearned income on this contract was $nil and $2,222 as of May 31, 2021 and August 31, 2020, respectively.

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Due from (to) Shareholders, Directors and a Related Company

9 Months Ended

May 31, 2021

Related Party Transactions [Abstract]

Due from (to) Shareholders, Directors and a Related Company

9. DUE FROM (TO) SHAREHOLDERS, DIRECTORS AND A RELATED COMPANY

	As of May 31, 2021		As of August 31, 2020
Loan to Cheng Hung-Pin (a shareholder)	$	-	$	34,048
Due from a director:
Cheng Shui-Fung	$	-	$	189,474
Due from a related company:
Greenpro LF Limited	$	-	$	36,666
Due to a director:
Lin Yi-Hsiu	$	1,608,109	$	1,400,459
Loan from Hsu Kuo-Hsun (a shareholder)	$	-	$	60,075
Due to shareholders:
Tu Yu-Cheng	$	46,086	$	96,530
Cheng Hung-Pin		800		800
Huang Mei-Ying		800		800
Lo Shih-Chu		800		800
Chen Jun-Yuan		800		800
	$	49,286	$	99,730

On March 10, 2020, LOC entered into a loan agreement with Cheng Hung-Pin and loaned him NT$1,000,000. The loan is unsecured, bears interest at a rate of 3% per annum and repayable on demand. The loan was fully repaid on May 12, 2021.

On July 20, 2020, the Company obtained a loan of RMB420,000 from Hsu Kuo-Hsun which accrues interest at the rate of 8% per annum. The loan is due on July 17, 2021 and Mr. Lin Yi-Hsiu would be liable when the Company fails to repay. The loan was fully repaid on May 26, 2021. Interest of $nil and $544 was accrued as of May 31, 2021 and August 31, 2020, respectively.

Amounts due from (to) other shareholders, directors and a related company are unsecured, interest-free with no fixed payment term.

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Bonds Payable

9 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Bonds Payable

10. BONDS PAYABLE

The Company entered into a Bond Purchase Agreement with an individual third party on August 14, 2019, pursuant to which the Company issued and sold to the purchaser a bond at an aggregate purchase price of $600,000. The bond will mature three years from August 14, 2019. Interest on the bond accrues at rate of 10% per annum and is payable on semi-yearly basis. The Company may exercise its right to repay this bond at any time on or before two years from the maturity date by wiring 100% of all outstanding principal and interest to the purchaser. Interest of $17,935 and $2,935 was accrued as of May 31, 2021 and August 31, 2020, respectively.

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Convertible Notes Payable to Related Parties

9 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Convertible Notes Payable to Related Parties

11. CONVERTIBLE NOTES PAYABLE TO RELATED PARTIES

The Company entered into a series of Convertible Promissory Note Purchase Agreements (the “Agreements”) with certain investors between February 2020 and January, 2021. Pursuant to the Agreements, the Company issued certain Convertible Promissory Notes (the “Notes”) to the investors in a total principal amount of $1,030,000. A summary of the major terms of the Agreements are presented as follows:

	Principal amount		Issue date	Maturity date	Interest rate
Teh-Ling Chen	$	110,000	February 24, 2020	February 24, 2022		6	%
Li-Ching Yang		20,000	February 27, 2020	February 27, 2022		6	%
Jui-Chin Chen		100,000	March 18, 2020	March 18, 2022		6	%
Teh-Ling Chen		100,000	November 2, 2020	November 2, 2022		6	%
Chin-Ping Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Nan Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Chiang Wang		200,000	November 25, 2020	November 25, 2022		6	%
Teh-Ling Chen		100,000	January 15, 2021	January 15, 2023		6	%
	$	1,030,000

On February 24, 2020, the Company issued a convertible promissory note in the principal amount of $110,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on February 24, 2022 and unsecured.

On February 27, 2020, the Company issued a convertible promissory note in the principal amount of $20,000, which accrues interest at the rate of 6% per annum, to a shareholder – Li-Ching Yang. The note is due on February 27, 2022 and unsecured.

On March 18, 2020, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Jui-Chin Chen. The note is due on March 18, 2022 and unsecured.

On August 17, 2020, the Company entered into amendments to the Notes and the convertible promissory note purchase agreements with each of the Noteholders, wherein, at the sole option of the applicable Noteholder, all or part of the unpaid outstanding principal of such Noteholder’s Note would be convertible into shares of restricted common stock of the Company at a conversion price equal to $0.40 per share. On August 18, 2020, two of the Noteholders submitted conversion notices to the Company converting all of the outstanding balances of their Notes into an aggregate of 325,000 shares of the Company’s common stock.

On November 2, 2020, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on November 2, 2022 and unsecured.

On November 25, 2020, the Company further issued convertible promissory notes in the total principal amount of $600,000, which accrues interest at the rate of 6% per annum, to shareholders –Chin-Ping Wang, Chin-Nan Wang and Chin-Chiang Wang. The note is due on November 25, 2022 and unsecured.

On January 15, 2021, the Company issued a convertible promissory note in the principal amount of $100,000, which accrues interest at the rate of 6% per annum, to a shareholder – Teh-Ling Chen. The note is due on January 15, 2023 and unsecured.

For each of the convertible promissory notes, the Company is entitled to a one-year extension. The outstanding principal amounts of the notes are convertible at any time at the option of the holders into common stock at a conversion price of $0.4 per share. Each of the lenders may convert part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time. Accrued interest, if any, will be forfeited on any principal amount being converted.

The conversion feature is dual indexed to the Company’s stock, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.

ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.

The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25.

Fair value of the convertible promissory notes of $900,000 as of May 31, 2021 is determined using the binomial model, one of the option pricing methods. The valuation involves complex and subjective judgment and the Company’s best estimates of the probability of occurrence of future events, such as fundamental changes, on the valuation date. Under the binomial valuation model, the Company uses a weighted risk-free and risk interest rate (the combination of the risk free rate plus the credit spread for the underlying Notes) weighted by the probability of conversion as internally solved out by binomial model in discounting its cash flows. The main inputs to this model include the underlying share price, the expected share volatility, the expected dividend yield, the risk free and risk interest rate.

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Income Taxes

9 Months Ended

May 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. INCOME TAXES

For the period ended May 31, 2021 and 2020, the local (United States) and foreign components of loss before income tax were comprised of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Tax jurisdictions from:
- Local	$	(4,279,016	)	$	(3,397,604	)	$	(1,374,280	)	$	(1,127,380	)
- Foreign, representing
Seychelles		(1,610	)		(1,603	)		-			-
British Virgin Islands		(89,604	)		-			(4,626	)		-
Taiwan		(1,331,039	)		-			(380,979	)		-
PRC		(457,705	)		-			(146,307	)		-
Hong Kong		(2,361,044	)		(253,687	)		(376,190	)		(64,024	)
Loss before income tax	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)

The components of the provision (benefit) for income taxes expenses are:

	Nine months ended					Three months ended
	May 31, 2021			May 31, 2020		May 31, 2021			May 31, 2020
Current	$	-		$	30,250	$	-		$	-
Deferred		(16,108	)		-		(5,879	)		-
Total income tax (benefit) expense	$	(16,108	)	$	30,250	$	(5,879	)	$	-

The provision for income taxes consisted of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Loss before income taxes	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)
Statutory income tax rate		21	%		21	%		21	%		21	%
Income tax credit computed at statutory income rate		(1,789,204	)		(767,108	)		(479,300	)		(250,195	)
Reconciling items:
Non-deductible expenses (non-chargeable income)		84,775			1,471			(28,271	)		493
Share-based payments		1,139,058			669,375			333,794			223,125
Tax effect of tax exempt entity		19,154			337			970			-
Rate differential in different tax jurisdictions		101,249			11,416			14,886			2,881
Valuation allowance on deferred tax assets		428,858			114,759			152,040			23,696
Income tax (benefit) expense	$	(16,108	)	$	30,250		$	(5,879	)	$	-

United States of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of May 31, 2021, the operations in the United States of America incurred $2,045,985 of cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards begin to expire in 2037, if unutilized. As of May 31, 2021 and August 31, 2020, the Company has provided for a full valuation allowance of $429,657 and $323,322, respectively, against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, LFG is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

British Virgin Islands

NPI is tax exempted in the British Virgin Islands where it was incorporated.

Taiwan

LOC is subject to corporate income tax (“CIT”) in Taiwan. With effect from January 1, 2018, the CIT rate in Taiwan is 20%. However, for profit-seeking entities with less than NT$ 500,000 (approximately $17,643) in taxable income, the CIT rate is 18% in 2018, 19% in 2019, and 20% in 2020 if taxable income exceeds NT$120,000 (approximately $4,234). As of May 31, 2021, LOC had net operating loss carry-forwards in Taiwan of $2,686,675, which will expire in various years through 2025. The Company has provided for a full valuation allowance of $537,335 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

PRC

BJDC is subject to corporate income tax (“CIT”) at 25% in accordance with the relevant tax laws and regulations of the PRC. As of May 31, 2021, BJDC had net operating loss carry-forwards in the PRC of $1,694,760, which will expire in various years through 2027. The Company has provided for a full valuation allowance of $423,690 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Hong Kong

JFB is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. No provision for Hong Kong profits tax has been made in the financial statements as JFB has no assessable profits for the years. As of May 31, 2021 and August 31, 2020, the operations in Hong Kong incurred $1,807,746 and $1,810,691 of cumulative net operating losses (NOL’s) which can be carried forward indefinitely to offset future taxable income. As of May 31, 2021 and August 31, 2020, the Company has provided for a full valuation allowance of approximately $298,278 and $298,764, respectively, against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

	May 31, 2021			August 31, 2020
Deferred tax assets:
Net operating loss carryforwards
– United States of America	$	(429,657	)	$	(323,322	)
– Taiwan		(537,335	)		(328,752	)
– PRC		(423,690	)		(309,264	)
– Hong Kong		(298,278	)		(298,764	)
Less: valuation allowance		1,688,960			1,260,102
	$	-		$	-

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Common Stock

9 Months Ended

May 31, 2021

Equity [Abstract]

Common Stock

13. COMMON STOCK

On September 1, 2019, the Company entered into an employment agreement with Yi-Hsiu Lin to serve as the Chief Executive Officer of the Company for a two-year term. Pursuant to the agreement, Mr. Lin will be compensated at an annual rate of $50,000 per year (the “Base Compensation”), prorated for any partial year in cash or 2,500,000 shares of restricted common stock, which vested on September 16, 2019 and September 1, 2020. In addition, Mr. Lin may be entitled to bonus compensation of up to three (3) times Base Compensation based on his achievement of appropriate performance criteria to be determined by the board of directors or a committee thereof. The fair value of the shares of restricted common stock was $1,250,000 and $1,000,000, respectively, which was calculated based on a price per share of $0.50 and $0.40, respectively and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $750,000 and $937,500, respectively and amortized $250,000 and $312,500 for the three months ended May 31, 2021 and 2020, respectively, as remuneration.

On September 1, 2019, the Company issued a director offer letter to Shui Fung Cheng, pursuant to which Mr. Cheng agreed to serve as a director of the Company for a one-year term. For his service as a director, Mr. Cheng will receive an annual compensation, prorated for any partial year, in the form of $30,000 in cash or 1,500,000 shares of restricted common stock. The offer letter provided that compensation, either in cash or shares of restricted common stock, shall be paid or granted immediately on September 1, 2019. The fair value of the shares of restricted common stock was $750,000, which was calculated based on a price per share of $0.50 and amortized over the service term. The offer was renewed on September 1, 2020 and all shares were granted and vested on the same date. The fair value of the shares of restricted common stock was $1,500,000, which was calculated based on a price per share of $0.40 and amortized over the service term. During the nine months May 31, 2021 and 2020, the Company amortized $450,000 and $562,500, respectively and amortized $150,000 and $187,500 for the three months ended May 31, 2021 and 2020, respectively, as remuneration.

On September 1, 2019, the Company entered into a consulting agreement with a consultant to provide business development services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $40,000 in the form of 2,000,000 shares of restricted common stock, which vested on September 15, 2019, prorated for any partial year. The fair value of the shares of restricted common stock was $1,000,000, which was calculated based on a price per share of $0.50 and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $nil and $750,000, respectively and amortized $nil and $250,000 for the three months ended May 31, 2021 and 2020, respectively, as consulting expenses under this agreement.

On September 1, 2019, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $50,000 in the form of 2,500,000 shares of restricted common stock, which vested on September 15, 2019, prorated for any partial year. The fair value of the shares of restricted common stock was $1,250,000, which was calculated based on a price per share of $0.50 and amortized over the service term. During the nine months ended May 31, 2021 and 2020, the Company amortized $nil and $937,500, respectively and amortized $nil and $312,500 for the three months ended May 31, 2021 and 2020, respectively, as consulting expenses under this agreement.

On June 30, 2020, the Company entered into a stock forfeiture letter (the “Stock Forfeiture Letter”) with First Leader Capital Ltd., a significant stockholder of the Company and an entity solely owned and controlled by Yi-Hsiu Lin, the Company’s Chief Executive Officer and a member of the Company’s board of directors. Pursuant to the Stock Forfeiture Letter, on June 30, 2020, First Leader Capital Ltd. forfeited and surrendered 5,500,000 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired (the “Stock Cancellation”). First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation. 5,500,000 shares were canceled on September 21, 2020.

On March 1, 2020, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2020, prorated for any partial year. On June 30, 2020, the Company’s board of directors approved additional 500,000 shares to the consultant in exchange for services rendered. On March 1, 2021, the Company renewed the consulting agreement for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $60,000 and 1,000,000 shares of restricted common stock, which vested not later than June 30, 2021, prorated for any partial year. The fair value of the shares of restricted common stock was $750,000 and $1,000,000, respectively which was calculated based on a price per share of $0.50 and $1.0 respectively and amortized over the service term. During the nine and three months ended May 31, 2021, the Company amortized $625,000 and $250,000 respectively as consulting expenses under this agreement. The shares were granted on July 7, 2020.

On June 30, 2020, the Company’s board of directors agreed to grant a new employee of JFB, (i) 5,000,000 shares of Restricted Common Stock in connection with such employee’s employment (the “Inducement Shares”) and (ii) 5,000,000 shares of Restricted Common Stock upon the achievement of each of two milestones set forth in such employee’s offer letter relating to the FinMaster mobile application. In addition, on that same day, the Company’s board of directors approved an aggregate of 3,000,000 shares to a service provider in exchange for services rendered. As of August 31, 2020, 5,000,000 and 3,000,000 common shares of the Company have been issued to the employee and service provider respectively. The fair value of the shares of restricted common stock to them was $3,200,000, which was calculated based on a price per share of $0.40. As of May 31, 2021, 4,950,325 shares were vested to the employee upon achievement of the milestones set forth in the employee’ offer letters. During the nine and three months ended May 31, 2021, the Company amortized $1,742,630 and $158,037, respectively, as salaries and professional fees. 5,000,000 shares were issued on January 8, 2021.

The Company issued 8,415,111 shares of common stock for the acquisition of NPI in August 2020 (Note 1).

On July 27, 2020, the Company issued an offer letter to Chieh Chen, pursuant to which Ms. Chen agreed to serve as an executive assistant of the Company. For her service as an executive assistant, Ms. Chen will receive a monthly compensation in the form of NT$77,000 ($2,717) for the first three months (probationary period) and thereafter NT$92,500 ($3,264) in cash. In addition, Ms. Chen will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company. The fair value of the shares of restricted common stock was $50,000, which was calculated based on a price per share of $1.00 and amortized over the service term. The Company cancelled the offer on May 1, 2021. During the nine and three months ended May 31, 2021, the Company recognized $50,000 and $25,000 respectively as compensation under this arrangement.

On August 1, 2020, the Company entered into an agreement with a company for provision of consulting services by its employee to the Company for a one-year term. Pursuant to the agreement, the Company agreed to pay the provider an annual compensation of $66,000, prorated for any partial year. In addition, for the services of its employees on a one-year term, the provider was granted 1,000,000 shares of restricted common stock, vested on September 15, 2020. The fair value of 1,000,000 shares granted was $400,000, which was calculated based on the stock price of $0.40 per share and will be amortized over the service term. During the nine and three months ended May 31, 2021, the Company recognized $283,333 and $100,000 respectively as compensation under these arrangements. The shares were issued on January 6, 2021.

On August 3, 2020, the Company issued an offer letter to Annie Chung, pursuant to which Ms. Chung agreed to serve as an executive assistant of the Company. For her service as an executive assistant, Ms. Chung will receive a monthly compensation in the form of NT$77,000 ($2,717) in cash. In addition, Ms. Chung will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company. The fair value of the shares of restricted common stock was $50,000, which was calculated based on a price per share of $1.00 and amortized over the service term. The Company cancelled the offer on May 1, 2021. During the nine and three months ended May 31, 2021, the Company recognized $50,000 and $25,000 respectively as compensation under this arrangement.

On November 1, 2020, the Company entered into consulting agreements with two consultants to assist in monitoring and improving FinMaster APP for a one-year term. Pursuant to the agreement, the Company agreed to pay the consultants in the form of 2,500,000 shares of restricted common stock, which vested on November 1, 2020, prorated for any partial year. The fair value of the shares of restricted common stock was $2,500,000, which was calculated based on a price per share of $1.00 and amortized over the service term. During the nine and three months ended May 31, 2021, the Company amortized $1,458,333 and $625,000 respectively as consulting expenses under these agreements.

On February 8, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 5,000,000 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation.

On May 17, 2021, the Company and First Leader Capital Ltd. mutually agreed to forfeit and surrender further 13,132,500 shares (the “Surrendered Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Surrendered Shares were automatically cancelled and retired. First Leader Capital Ltd. agreed to forfeit and cancel the Surrendered Shares in exchange for the benefit from reducing the Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the Company’s current valuation.

From March 2021 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 28,937,500 shares of the Company’s common stock at an average price of $0.10 per share. The Company received aggregate gross proceeds of $2,893,980.

From August 2020 to May 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 30,357,500 shares of the Company’s common stock at an average price of $0.114 per share. The Company received aggregate gross proceeds of $3,461,980. Pursuant to the terms of the securities purchase agreements, the investors have piggyback registration rights with respect to the shares. The shares were issued in May and June 2021.

As of May 31, 2021, unrecognized share-based compensation expense was $4,328,204.

As of May 31, 2021, no shares were granted to employees and vested but not yet issued.

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Commitments and Contingencies

9 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

During the period ended May 31, 2021, the Company entered into agreements with independent third parties to lease office and staff quarter premises in Taiwan, Shenzhen, Beijing and Hong Kong on a monthly basis for the operations of the Company. The rental expense for the nine months ended May 31, 2021 and 2020 were $235,765 and $99,917 respectively and $72,361 and $36,352 for the three months ended May 31, 2021 and 2020, respectively.

The following table lists the future minimal payments to be paid by the Company under a non-cancellable operating lease for office space in Taiwan with an initial term of one-year as of May 31, 2021:

Year ending May 31,
2022	$	16,245
2023		-
2024		-
2025		-

As of May 31, 2021, the Company had future minimum lease payments for non-cancelable short-term operating leases of $16,245 payable to a shareholder.

The components of lease costs, lease term and discount rate with respect of leases with an initial term of at least 12 months are as follows:

	For the nine months ended
	May 31, 2021			May 31, 2020
Operating lease cost – classified as general and administrative expenses	$	229,234		$	-
Weighted Average Remaining Lease Term – Operating leases		1.18 years			N/A
Weighted Average Discounting Rate – Operating leases		5.78	%		N/A

The following is a schedule, by years, of maturities of lease liabilities as of May 31, 2021:

	Operating leases
2022	$	176,945
2023		47,566
2024		-
2025		-
2026		-
Thereafter		-
Total undiscounted cash flows		224,511
Less: imputed interest		(5,192	)
Present value of lease liabilities	$	219,319

Contingencies

The Labor Contract Law of the People’s Republic of China requires employers to assure the liability of the severance payments if employees are terminated due to restructuring, termination as a result of a mutual agreement or termination as a result of the expiration of a fixed-term labor contract. The Company has estimated its possible severance payments of approximately $113,000 and $86,000 as of May 31, 2021 and August 31, 2020, respectively, which have not been reflected in its consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

In Taiwan, an employer can terminate an employment contract with notice (or with pay in lieu of notice) and with severance pay only due to stoppage of business or a transfer of ownership, business losses or curtailment of business operations, suspension of operations due to a force majeure event, or alteration of the business nature, forcing a reduction in the number of employees, and those employees cannot be reassigned to other suitable positions, or the employee is incapable of performing the tasks assigned. The Company has estimated its possible severance payments of approximately $65,000 and $28,000 as of May 31, 2021 and August 31, 2020, respectively, which have not been reflected in its consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

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Subsequent Events

9 Months Ended

May 31, 2021

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

In June 2021, the Company entered into securities purchase agreements with several accredited investors whereby the investors purchased a total of 600,000 shares of the Company’s common stock at an average price of $0.10 per share. The Company received aggregate gross proceeds of $60,000.

On June 21, 2021, the Company entered into a consulting agreement with a consultant to provide business advisory services to the Company for two years. Pursuant to the agreement, the Company agreed to pay the consultant a fee of $120,000 prorated for any partial period. The consultant was also entitled to a performance review bonus ranging from $5,000 to $15,000 each year and 1,000,000 shares of restricted common stock within 60 days from the listing date of LCHD on NASDAQ.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

These unaudited condensed consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) and disclosures necessary for a fair presentation of these unaudited condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. However, they do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with U.S. GAAP. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Intercompany accounts and transactions have been eliminated in consolidation.

The Company has adopted August 31 as its fiscal year end. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s annual report on amended Form 10-K/A for the year ended August 31, 2020, which was filed with the SEC on July 19, 2021.

Going Concern

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

As of May 31, 2021, the Company has suffered recurring losses from operations, and records an accumulated deficit and a working capital deficit of $19,811,485 and $393,267, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company’s profit generating operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.

The Company expects to finance its operations primarily through cash flows from operations, loans from existing directors and shareholders and placements of capital stock for additional funding. In the event that the Company requires additional funding to finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, a shareholder has indicated the intent and ability to provide additional financing. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including the Company’s businesses. This outbreak could decrease spending, adversely affect demand for the Company’s services and harm its business and results of operations. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time.

These unaudited condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification of liabilities that might be necessary should the Company be unable to continue as going concern.

Use of Estimates

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its unaudited condensed consolidated financial statements.

Business Combination

Business combination

The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income.

When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

Goodwill and Impairment of Goodwill

Goodwill and impairment of goodwill

Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed and is not amortized. The total amount of goodwill is deductible for tax purposes.

In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its fair value.

The Company estimates fair value of the applicable reporting unit or units using a discounted cash flow methodology. This methodology represents a level 3 fair value measurement as defined under ASC 820, Fair Value Measurements and Disclosures, since the inputs are not readily observable in the marketplace. The goodwill impairment testing process involves the use of significant assumptions, estimates and judgments, including projected sales, gross margins, selling, general and administrative expenses, and capital expenditures, and the selection of an appropriate discount rate, all of which are subject to inherent uncertainties and subjectivity. When the Company performs goodwill impairment testing, its assumptions are based on annual business plans and other forecasted results, which it believes represent those of a market participant. The Company selects a discount rate, which is used to reflect market-based estimates of the risks associated with the projected cash flows based on the best information available as of the date of the impairment assessment. Based on the annual impairment analysis, there is no impairment on the goodwill recorded in the Company’s financial statements.

Given the current macro-economic environment and the uncertainties regarding its potential impact on the Company’s business, there can be no assurance that its estimates and assumptions used in its impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions regarding forecasted cash flows are not achieved, it is possible that an impairment review may be triggered and goodwill may be impaired.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

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. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain due to the account freeze by bank which would release the restricted balance by July 2021

The cash and cash equivalents and restricted cash are reflected within the following line items on the Unaudited Condensed Consolidated Balance Sheets:

	As of May 31, 2021		As of August 31, 2020
Cash and cash equivalents	$	1,545,915	$	432,087
Restricted cash		3,247		-
Total cash and cash equivalents and restricted cash	$	1,549,162	$	432,087

Software Development Costs

Software Development Costs

The Company expenses 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.

The Company capitalizes 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.

On September 1, 2018 (before the acquisition of NPI (Note 1)), JFB appointed LOC to develop a mobile application in four stages for total consideration of TWD20,000,000 ($651,466), payable in the form of shares of the Company’s restricted common stock. As of August 31, 2019, the first and second stages of development for the basic functions of the mobile application have been completed, and the Company has issued a total of 908,678 of restricted common shares in aggregate at $0.50 per share for the work completed up to August 31, 2019. The Company has expensed $454,339 development costs for the first and second development stage in general and administrative expenses for the year ended August 31, 2019. In August 2020, the development of the mobile application has been completed, and the Company expensed $0.2 million development costs in general and administrative expenses for the year ended August 31, 2020. Further $600,000 was incurred for additional functions developed and $200,000 was incurred for the acquisition of the ownership of the intellectual property in the year ended August 31, 2020.

No development costs were expensed as general and administrative expenses for the nine and three months ended May 31, 2021 and 2020.

Revenue Recognition

Revenue Recognition

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The Company recognizes revenue following the five-step model prescribed under ASU 2014-09:

Step 1: Identify the contract

Step 2: Identify the performance obligations

Step 3: Determine the transaction price

Step 4: Allocate the transaction price

Step 5: Recognize revenue

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, which may occur at a point in time or over time depending on the terms and conditions of the agreement, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Provision of Investment Platform Services

Provision of investment platform services

The Company signed an agreement with a third party whereby the Company authorized the third party to use the Company’s JFB platform and related applications for a period until December 31, 2020. Income from provision of investment platform services with the use of the Company’s mobile applications is recognized when the service is performed.

From September, 2020, the Company generated additional revenue from a new, more comprehensive mobile application, which refer to as the FinMaster mobile application (the “FinMaster App” and together with the JFB platform, the “Apps”), with similar functions as the JFB platform. Income from providing investment platform services with the use of a mobile application is recognized when the service is performed.

The Company offers a self-managed points program, which can be used in the FinMaster App to redeem merchandise or services. The Company determines the value of each point based on estimated incremental cost. Customers and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows:

The Company concludes the bonus points offered linked to the purchase transaction of the points is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the point sales. The Company also estimates the probability of points redemption when performing the allocation. The amount allocated to the bonus points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Company will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period.

Since historical information is limited for the Company to determine any potential points forfeitures and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

Provision of Software Development Service and Maintenance Service

Provision of software development service and maintenance service

The Company entered into several agreements with third party customers to assist the customers in the development of their mobile communications software and mobile e-commerce software. Income from provision of software development service and maintenance service are recognized when the service is performed.

Revenue by Major Product Line

Revenue by major product line

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Provision of investment platform services	$	15,508	$	5,000	$	5,100	$	1,667
Provision of software development service and maintenance service		63,188		-		18,344		-
	$	78,696	$	5,000	$	23,444	$	1,667

Revenue by Recognition Over Time Vs Point in Time

Revenue by Recognition Over Time vs Point in Time

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Revenue by recognition over time	$	78,696	$	5,000	$	23,444	$	1,667
Revenue by recognition at a point in time		-		-		-		-
	$	78,696	$	5,000	$	23,444	$	1,667

Remaining performance obligations represent contracted revenues that had not yet been recognized, and include deferred revenues; invoices that have been issued to customers but were uncollected and have not been recognized as revenues; and amounts that will be invoiced and recognized as revenues in future periods. As of May 31, 2021, the Company’s remaining performance obligations were $9,570, which it expects to recognize as revenues over the next twelve months and the remainder thereafter.

The Company had not occurred any costs to obtain contracts.

The Company does not have amounts of contract assets since revenue is recognized as control of goods or services is transferred. The contract liabilities consist of advance payments from customers. The contract liabilities are reported in a net position on a customer-by-customer basis at the end of each reporting period. All contract liabilities are expected to be recognized as revenue within one year and are included in other payables and accrued liabilities in the consolidated balance sheet.

Contract Balances

Contract balances

The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the nine months ended May 31, 2021:

	Receipt in advance
Balance as of September 1, 2020	$	2,896
Advances received from customers related to unsatisfied performance obligations		9,354
Revenue recognized from beginning contract liability balance		(3,001	)
Exchange difference		321
Balance as of May 31, 2021	$	9,570

Practical Expedients and Exemption

Practical Expedients and Exemption

The Company has not incurred any costs to obtain contracts, and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Research and Development Expenses

Research and development expenses

Research and development (“R&D”) expenses are primary comprised of charges for R&D and consulting work performed by third parties; salaries and benefits for those employees engaged in research, design and development activities; costs related to design tools; and allocated costs.

For the nine months ended May 31, 2021 and 2020, the total R&D expenses were $456,428 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, the total R&D expenses were $151,863 and $nil, respectively.

Sales and Marketing Expenses

Sales and marketing expenses

Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the nine months ended May 31, 2021 and 2020, advertising costs totaled $155,618 and $nil, respectively. For the three months ended May 31, 2021 and 2020, advertising costs totaled $11,790 and $nil, respectively.

From September 2019, customers or users of the FinMaster App can obtain points through any other ways such as account registration referral to the FinMaster App, frequent sign-ins to the application and sharing articles from the application to users’ own social media, etc. The Company believes these points are to encourage user engagement and generate market awareness. As a result, the Company accounts for such points as sales and marketing expenses with a corresponding liability recorded under other current liabilities of its unaudited condensed consolidated balance sheets upon the points offering. The Company estimates liabilities under the customer loyalty program based on cost of the merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Company records a reduction of inventory and other current liabilities.

Since historical information is limited for the Company to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Company has used an estimated forfeiture rate of zero.

For the nine months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $30,450 and $nil, respectively.

For the three months ended May 31, 2021 and 2020, redeemable point liability charged as sales and marketing expenses were $3,548 and $nil, respectively.

As of May 31, 2021 and August 31, 2020, liabilities recorded related to unredeemed points were $71,093 and $40,003, respectively, which were included in other payables (note 8).

General and Administrative Expenses

General and administrative expenses

General and administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, depreciation and amortization of fixed assets, legal and other professional services fees, rental and other general corporate related expenses.

Inventory

Inventory

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Inventory as of May 31, 2021 represents merchandise inventory which can be redeemed by deducting membership rewards points of customer loyalty program.

Leases

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. The Company elected the package of practical expedients permitted under the transition guidance to combine the lease and non-lease components as a single lease component for operating leases associated with the Company’s office space lease, and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the Company’s consolidated balance sheets.

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
Office equipment		3
Leasehold improvement		3

Intangible Asset

Intangible asset

The Company recorded intangible assets with definite lives, including investment platform and technical know-hows. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets is computed using the straight-line method over their estimated useful lives.

The estimated useful lives of the Company’s intangible assets are listed below:

Investment platform	5 years
Technical know-hows	8 years
Trademarks	10 years

Impairment of Long-Lived Assets (Including Amortizable Intangible Assets)

Impairment of Long-Lived Assets (including amortizable intangible assets)

The Company reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment has been recorded by the Company for the nine and three months ended May 31, 2021 and 2020.

Income Taxes

Income taxes

Income taxes are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes” (“ASC 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. As of May 31, 2021, the Company has no accrued interest or penalties related to uncertain tax positions.

The Company conducts business in the PRC, Taiwan and Hong Kong and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file tax returns that are subject to examination by the respective tax authorities.

Net Loss Per Share

Net Loss Per Share

The Company calculates net 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 shares of common stock 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 shares of common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional shares of common stock were dilutive. The following table presents a reconciliation of basic and diluted net loss per share:

	For the nine months ended						For the three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Net loss	$	(8,503,910	)	$	(3,683,144	)	$	(2,276,503	)	$	(1,191,404	)
Weighted average number of shares of common stock outstanding - Basic and diluted*		139,771,102			113,700,043			141,699,780			113,824,027
Net loss per share - Basic and diluted	$	(0.06	)	$	(0.03	)	$	(0.01	)	$	(0.01	)

* Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

As of May 31, 2021 and August 31, 2020, the Company’s convertible notes payable were excluded from the diluted loss per share calculation as they were anti-dilutive.

Stock-based Compensation

Stock-based compensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

Additionally, ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur.

In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers. The Company adopted ASU 2018-07 on September 1, 2019 and there was no cumulative effect of adoption.

Cancellation of a share-based payment by the entity results in accelerated recognition of any unrecognised cost. Cancellation by the counterparty does not change recognition of the compensation cost. The termination of an employee that resulted in the forfeiture of share-based awards is not considered to be a cancellation of the awards.

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 transactions. 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$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record in United States Dollars (“US$”), Renminbi (“RMB”), New Taiwanese Dollars (“NT$”) and Hong Kong Dollars (“HK$”) respectively, which are the primary currencies of the economic environment in which the entities operate (the functional currencies).

In general, for consolidation purposes, the assets and liabilities of the Company’s subsidiaries whose functional currency is not 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 the translation of the financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of retained earnings.

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

	As of May 31, 2021		As of August 31, 2020
Period-end HK$ : US$ 1 exchange rate		7.80		7.80
Period-end NT$ : US$ 1 exchange rate		27.70		29.37
Period-end RMB : US$ 1 exchange rate		6.37		6.85

	For the nine months ended,
	May 31, 2021		May 31, 2020
Period average HK$ : US$ 1 exchange rate		7.80		7.80
Period average NT$ : US$ 1 exchange rate		28,34		N/A
Period average RMB : US$ 1 exchange rate		6.56		N/A

Related Parties

Related Parties

Parties, which can be a corporation or an individual, are considered to be related if the Company has the ability to, directly or indirectly, 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.

Convertible Instruments

Convertible instruments

The Company accounts for hybrid contracts that feature conversion options in accordance with U.S. GAAP. ASC 815 “Derivatives and Hedging Activities,” (“ASC 815”) requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument.

The Company accounts for convertible instruments, when the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20 “Debt with Conversion and Other Options” (“ASC 470-20”). Under ASC 470-20 the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company accounts for convertible instruments (when the Company has determined that the embedded conversion options should be bifurcated from their host instruments) in accordance with ASC 815. Under ASC 815, a portion of the proceeds received upon the issuance of the hybrid contract are allocated to the fair value of the derivative. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations.

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, deposits, accounts payable and accrued liabilities, balances due with directors and shareholders, convertible notes payable and bonds payable, approximate at their fair values because of the short-term nature of these financial instruments or the rate of interest of these instruments approximate the market rate of interest.

The Company also follows the guidance of the ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), with respect to financial assets and liabilities that are measured at fair value. ASC 820 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.

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis:

	Carrying Value at		Fair Value Measurement at
	August 31, 2020		August 31, 2020
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	104,000	$	-	$	-	$	104,000

	Carrying Value at		Fair Value Measurement at
	May 31, 2021		May 31, 2021
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	1,036,000	$	-	$	-	$	1,036,000

A summary of changes in financial liabilities for the nine months ended May 31, 2021 was as follows:

Balance at September 1, 2020	$	104,000
Issuance of convertible notes		800,000
Fair value loss on issuance of convertible notes		526,838
Interest expenses on convertible notes		2,712
Change in fair value of convertible notes		(397,550	)
Balance at May 31, 2021	$	1,036,000

Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates:

Convertible notes holders	Teh-Ling Chen			Li-Ching Yang			Jui-Chin Chen			Teh-Ling Chen			Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang			Teh-Ling Chen
Appraisal Date (Inception Date)		February 24, 2020			February 27, 2020			March 18, 2020			November 2, 2020			November 25, 2020			January 15, 2021
Risk-free Rate		1.25	%		1.06	%		0.54	%		0.16	%		0.16	%		0.1	%
Applicable Closing Stock Price	$	1.25		$	1.25		$	1.20		$	0.12		$	3.00		$	2.00
Conversion Price	$	1.00	(i)	$	1.00	(i)	$	1.00	(i)	$	0.40		$	0.40		$	0.40
	$	1.50	(ii)	$	1.50	(ii)	$	1.50	(ii)
Volatility		27.82	%		27.94	%		34.20	%		41.51	%		42.00	%		43.50	%
Dividend Yield		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		2.71	%		2.96	%		6.88	%		7.52	%		6.93	%		6.76	%
Liquidity Risk Premium		42.09	%		36.26	%		51.08	%		77.62	%		78.14	%		75.73	%
Appraisal Date								August 31, 2020
Risk-free Rate		N/A			N/A			0.13	%		N/A			N/A			N/A
Applicable Closing Stock Price		N/A			N/A		$	1.00			N/A			N/A			N/A
Conversion Price		N/A			N/A		$	0.40			N/A			N/A			N/A
Volatility		N/A			N/A			43.71	%		N/A			N/A			N/A
Dividend Yield		N/A			N/A			0.00	%		N/A			N/A			N/A
Credit Spread		N/A			N/A			3.80	%		N/A			N/A			N/A
Liquidity Risk Premium		N/A			N/A			76.69	%		N/A			N/A			N/A
Appraisal Date								May 31, 2021			May 31, 2021			May 31, 2021			May 31, 2021
Risk-free Rate		N/A			N/A			0.03	%		0.08	%		0.09	%		0.10	%
Applicable Closing Stock Price		N/A			N/A		$	2.01		$	2.01		$	2.01		$	2.01
Conversion Price		N/A			N/A		$	0.40		$	0.40		$	0.40		$	0.40
Volatility		N/A			N/A			39.19	%		46.52	%		45.73	%		44.48	%
Dividend Yield		N/A			N/A			0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		N/A			N/A			6.27	%		6.27	%		6.27	%		6.27	%
Liquidity Risk Premium		N/A			N/A			78.02	%		84.25	%		83.28	%		81.86	%

(i) USD1.00 per share if converted on or before the one-year anniversary of the issuance date

(ii) USD1.50 per share if converted at any time after the one-year anniversary of the issuance date

Segment Reporting

Segment reporting

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: the provision of investment platform services through mobile application.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the fair value hierarchy. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any eliminated or modified disclosures. The Company applied the new standard beginning September 1, 2020.

Recently issued accounting pronouncements not yet adopted

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance should be adopted on a prospective basis. As a smaller reporting company, the standard will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its unaudited condensed consolidated financial statements.

In May 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The amendments in this ASU address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. ASU 2019-05 is effective for “smaller reporting companies” for fiscal year beginning after December 15, 2022. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Company’s consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares.

For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company is currently evaluating the impact that ASU 2020-06 may have on its consolidated financial statements and related disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated financial position, statements of operations and cash flows.

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Organization and Business Background (Tables)

9 Months Ended

May 31, 2021

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	Provides an Investment Platform

Company Name	Place/Date of Incorporation	Principal Activities
1. LOC Weibo Co., Ltd. (“LOC”)	Republic of China/September 29, 2017	Development of ecological-systems applications, integration of big data and promotion of OTT applications
2. Beijing DataComm Cloud Media Technology Co., Ltd. (“BJDC”)	People’s Republic of China /April 16, 2013	Development of ecological-systems applications, integration of big data and promotion of OTT applications

XML

Summary of Significant Accounting Policies (Tables)

9 Months Ended

May 31, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

The cash and cash equivalents and restricted cash are reflected within the following line items on the Unaudited Condensed Consolidated Balance Sheets:

	As of May 31, 2021		As of August 31, 2020
Cash and cash equivalents	$	1,545,915	$	432,087
Restricted cash		3,247		-
Total cash and cash equivalents and restricted cash	$	1,549,162	$	432,087

Schedule of Revenue by Major Product Line

Revenue by major product line

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Provision of investment platform services	$	15,508	$	5,000	$	5,100	$	1,667
Provision of software development service and maintenance service		63,188		-		18,344		-
	$	78,696	$	5,000	$	23,444	$	1,667

Schedule of Revenue by Recognition Over Time vs Point in Time

Revenue by Recognition Over Time vs Point in Time

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Revenue by recognition over time	$	78,696	$	5,000	$	23,444	$	1,667
Revenue by recognition at a point in time		-		-		-		-
	$	78,696	$	5,000	$	23,444	$	1,667

Schedule of Contract Liabilities

The Company’s contract liabilities consist of receipts in advance for software development and FinMaster App. Below is the summary presenting the movement of the Company’s contract liabilities for the nine months ended May 31, 2021:

	Receipt in advance
Balance as of September 1, 2020	$	2,896
Advances received from customers related to unsatisfied performance obligations		9,354
Revenue recognized from beginning contract liability balance		(3,001	)
Exchange difference		321
Balance as of May 31, 2021	$	9,570

Schedule of Plant and Equipment Useful Lives

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
Office equipment		3
Leasehold improvement		3

Schedule of Useful Lives of Company's Intangible Assets

The estimated useful lives of the Company’s intangible assets are listed below:

Investment platform	5 years
Technical know-hows	8 years
Trademarks	10 years

Schedule of Reconciliation of Basic and Diluted Net Loss Per Share

The following table presents a reconciliation of basic and diluted net loss per share:

	For the nine months ended						For the three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Net loss	$	(8,503,910	)	$	(3,683,144	)	$	(2,276,503	)	$	(1,191,404	)
Weighted average number of shares of common stock outstanding - Basic and diluted*		139,771,102			113,700,043			141,699,780			113,824,027
Net loss per share - Basic and diluted	$	(0.06	)	$	(0.03	)	$	(0.01	)	$	(0.01	)

* Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

Schedule of Foreign Currency Translation

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

	As of May 31, 2021		As of August 31, 2020
Period-end HK$ : US$ 1 exchange rate		7.80		7.80
Period-end NT$ : US$ 1 exchange rate		27.70		29.37
Period-end RMB : US$ 1 exchange rate		6.37		6.85

	For the nine months ended,
	May 31, 2021		May 31, 2020
Period average HK$ : US$ 1 exchange rate		7.80		7.80
Period average NT$ : US$ 1 exchange rate		28,34		N/A
Period average RMB : US$ 1 exchange rate		6.56		N/A

Schedule of Fair Value Hierarchy and Financial Assets Liabilities

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis:

	Carrying Value at		Fair Value Measurement at
	August 31, 2020		August 31, 2020
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	104,000	$	-	$	-	$	104,000

	Carrying Value at		Fair Value Measurement at
	May 31, 2021		May 31, 2021
			Level 1		Level 2		Level 3
Convertible notes measured at fair value	$	1,036,000	$	-	$	-	$	1,036,000

Schedule of Change in Financial Liability

A summary of changes in financial liabilities for the nine months ended May 31, 2021 was as follows:

Balance at September 1, 2020	$	104,000
Issuance of convertible notes		800,000
Fair value loss on issuance of convertible notes		526,838
Interest expenses on convertible notes		2,712
Change in fair value of convertible notes		(397,550	)
Balance at May 31, 2021	$	1,036,000

Schedule of Fair Value Assumption of Convertible Notes

Fair value of the convertible notes is determined using the binomial model using the following assumptions at inception and on subsequent valuation dates:

Convertible notes holders	Teh-Ling Chen			Li-Ching Yang			Jui-Chin Chen			Teh-Ling Chen			Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang			Teh-Ling Chen
Appraisal Date (Inception Date)		February 24, 2020			February 27, 2020			March 18, 2020			November 2, 2020			November 25, 2020			January 15, 2021
Risk-free Rate		1.25	%		1.06	%		0.54	%		0.16	%		0.16	%		0.1	%
Applicable Closing Stock Price	$	1.25		$	1.25		$	1.20		$	0.12		$	3.00		$	2.00
Conversion Price	$	1.00	(i)	$	1.00	(i)	$	1.00	(i)	$	0.40		$	0.40		$	0.40
	$	1.50	(ii)	$	1.50	(ii)	$	1.50	(ii)
Volatility		27.82	%		27.94	%		34.20	%		41.51	%		42.00	%		43.50	%
Dividend Yield		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		2.71	%		2.96	%		6.88	%		7.52	%		6.93	%		6.76	%
Liquidity Risk Premium		42.09	%		36.26	%		51.08	%		77.62	%		78.14	%		75.73	%
Appraisal Date								August 31, 2020
Risk-free Rate		N/A			N/A			0.13	%		N/A			N/A			N/A
Applicable Closing Stock Price		N/A			N/A		$	1.00			N/A			N/A			N/A
Conversion Price		N/A			N/A		$	0.40			N/A			N/A			N/A
Volatility		N/A			N/A			43.71	%		N/A			N/A			N/A
Dividend Yield		N/A			N/A			0.00	%		N/A			N/A			N/A
Credit Spread		N/A			N/A			3.80	%		N/A			N/A			N/A
Liquidity Risk Premium		N/A			N/A			76.69	%		N/A			N/A			N/A
Appraisal Date								May 31, 2021			May 31, 2021			May 31, 2021			May 31, 2021
Risk-free Rate		N/A			N/A			0.03	%		0.08	%		0.09	%		0.10	%
Applicable Closing Stock Price		N/A			N/A		$	2.01		$	2.01		$	2.01		$	2.01
Conversion Price		N/A			N/A		$	0.40		$	0.40		$	0.40		$	0.40
Volatility		N/A			N/A			39.19	%		46.52	%		45.73	%		44.48	%
Dividend Yield		N/A			N/A			0.00	%		0.00	%		0.00	%		0.00	%
Credit Spread		N/A			N/A			6.27	%		6.27	%		6.27	%		6.27	%
Liquidity Risk Premium		N/A			N/A			78.02	%		84.25	%		83.28	%		81.86	%

(i) USD1.00 per share if converted on or before the one-year anniversary of the issuance date

(ii) USD1.50 per share if converted at any time after the one-year anniversary of the issuance date

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Acquisition of Subsidiaries (Tables)

9 Months Ended

May 31, 2021

Business Combinations [Abstract]

Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the closing date, August 31, 2020.

Cash and cash equivalents	$	185,117
Prepayments, deposits and other receivables		145,228
Due from a shareholder		34,048
Right-of-use operating lease assets		113,590
Plant and equipment, net		30,365
Intangible assets- Technical know-hows		818,200
Goodwill		2,974,364
Other payables and accrued liabilities		(383,087	)
Contract liabilities		(2,896	)
Due to shareholders		(99,730	)
Operating lease liability		(113,646	)
Tax payable		(31,871	)
Deferred tax liabilities		(163,640	)
Net purchase price	$	3,506,042
Less: Outstanding NPI debt owed to the Company
Accounts receivable		989,854
Notes payable		(3,066,617	)
	$	1,429,279

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Plant and Equipment, Net (Tables)

9 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Plant and Equipment, Net

Plant and equipment as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Furniture and fixtures	$	29,418		$	20,159
Office equipment		88,962			65,809
Leasehold improvement		50,973			18,832
Total		169,353			104,800
Less: Accumulated depreciation		(102,387	)		(71,133	)
Plant and Equipment, net	$	66,966		$	33,667

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Intangible Assets, Net (Tables)

9 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Cost

Intangible assets costs as of May 31, 2021 and August 31, 2020 are summarized below:

	As of May 31, 2021			As of August 31, 2020
Investment platform	$	30,000		$	30,000
Technical know-hows		818,200			818,200
Trademarks		3,483			-
Total		851,683			848,200
Less: Accumulated amortization		(83,303	)		(6,500	)
Impairment		(23,500	)		(23,500	)
Intangible assets, net	$	744,880		$	818,200

Schedule of Amortization Expenses Related to Intangible Assets

As of May 31, 2021, amortization expenses related to intangible assets for future periods are estimated to be as follows:

12 months ending May 31,
2022	$	102,459
2023		102,459
2024		102,459
2025		102,459
2026 and thereafter		335,044
Total	$	744,880

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Related Party Transactions (Tables)

9 Months Ended

May 31, 2021

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

	For the nine months ended				For the three months ended
	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
Professional fee - Greenpro Financial Consulting Limited (a)	$	-	$	18,503	$	-	$	3,250
Other Income:
Miscellaneous income from Greenpro LF Limited (b)		1,823		-		-		-

(a)	The Company incurred professional fees of $nil and $18,503 for services provided by Greenpro Financial Consulting Limited for the nine months ended May 31, 2021 and 2020, respectively; and $nil and $3,250 for the three months ended May 31, 2021 and 2020, respectively. The fees are due for payment to Greenpro Financial Consulting Limited upon receipt of an invoice.
	The directors of Greenpro Financial Consulting Limited (Mr. Chong Kuang Lee and Mr. Che Chan Loke) are the directors of the investment managers of Greenpro Asia Strategic SPC. As of May 31, 2021, Greenpro Asia Strategic SPC is the holder of approximately 3.85% of the Company’s issued and outstanding common stock.
(b)	Mr. Lin is a director of Greenpro LF Limited.

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Prepayments, Deposits and Other Receivables (Tables)

9 Months Ended

May 31, 2021

Prepaid Expense and Other Assets [Abstract]

Schedule of Prepayments, Deposits and Other Receivables

	As of May 31, 2021		As of August 31, 2020
Rental and management fee deposits	$	150,288		137,088
Other prepaid expenses		307,324		81,108
Staff advances		-		2,970
	$	457,612		221,166
Less: non-current portion
Rental and management fee deposits		32,211		-
Other prepaid expenses		144,762		-
Prepayments, deposits and other receivables, non-current		176,973		-
Prepayments, deposits and other receivables, current	$	280,639		221,166

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Accrued Expenses and Other Payables (Tables)

9 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Payables

	As of May 31, 2021		As of August 31, 2020
Accrued interests (Note 9 and 10)	$	17,935		6,191
Accrued expenses		301,071		240,172
Unearned income		-		2,222
Other payables		75,593		43,661
	$	394,599		292,246

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Due from (to) Shareholders, Directors and A Related Company (Tables)

9 Months Ended

May 31, 2021

Related Party Transactions [Abstract]

Schedule of Due from (to) Shareholders, Directors and A Related Company

	As of May 31, 2021		As of August 31, 2020
Loan to Cheng Hung-Pin (a shareholder)	$	-	$	34,048
Due from a director:
Cheng Shui-Fung	$	-	$	189,474
Due from a related company:
Greenpro LF Limited	$	-	$	36,666
Due to a director:
Lin Yi-Hsiu	$	1,608,109	$	1,400,459
Loan from Hsu Kuo-Hsun (a shareholder)	$	-	$	60,075
Due to shareholders:
Tu Yu-Cheng	$	46,086	$	96,530
Cheng Hung-Pin		800		800
Huang Mei-Ying		800		800
Lo Shih-Chu		800		800
Chen Jun-Yuan		800		800
	$	49,286	$	99,730

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Convertible Notes Payable to Related Parties (Tables)

9 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Notes Payable

Pursuant to the Agreements, the Company issued certain Convertible Promissory Notes (the “Notes”) to the investors in a total principal amount of $1,030,000. A summary of the major terms of the Agreements are presented as follows:

	Principal amount		Issue date	Maturity date	Interest rate
Teh-Ling Chen	$	110,000	February 24, 2020	February 24, 2022		6	%
Li-Ching Yang		20,000	February 27, 2020	February 27, 2022		6	%
Jui-Chin Chen		100,000	March 18, 2020	March 18, 2022		6	%
Teh-Ling Chen		100,000	November 2, 2020	November 2, 2022		6	%
Chin-Ping Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Nan Wang		200,000	November 25, 2020	November 25, 2022		6	%
Chin-Chiang Wang		200,000	November 25, 2020	November 25, 2022		6	%
Teh-Ling Chen		100,000	January 15, 2021	January 15, 2023		6	%
	$	1,030,000

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Income Taxes (Tables)

9 Months Ended

May 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income/(Loss) Before Income Taxes

For the period ended May 31, 2021 and 2020, the local (United States) and foreign components of loss before income tax were comprised of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Tax jurisdictions from:
- Local	$	(4,279,016	)	$	(3,397,604	)	$	(1,374,280	)	$	(1,127,380	)
- Foreign, representing
Seychelles		(1,610	)		(1,603	)		-			-
British Virgin Islands		(89,604	)		-			(4,626	)		-
Taiwan		(1,331,039	)		-			(380,979	)		-
PRC		(457,705	)		-			(146,307	)		-
Hong Kong		(2,361,044	)		(253,687	)		(376,190	)		(64,024	)
Loss before income tax	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)

Schedule of Components of Provision Benefit for Income Taxes

The components of the provision (benefit) for income taxes expenses are:

	Nine months ended					Three months ended
	May 31, 2021			May 31, 2020		May 31, 2021			May 31, 2020
Current	$	-		$	30,250	$	-		$	-
Deferred		(16,108	)		-		(5,879	)		-
Total income tax (benefit) expense	$	(16,108	)	$	30,250	$	(5,879	)	$	-

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

	Nine months ended						Three months ended
	May 31, 2021			May 31, 2020			May 31, 2021			May 31, 2020
Loss before income taxes	$	(8,520,018	)	$	(3,652,894	)	$	(2,282,382	)	$	(1,191,404	)
Statutory income tax rate		21	%		21	%		21	%		21	%
Income tax credit computed at statutory income rate		(1,789,204	)		(767,108	)		(479,300	)		(250,195	)
Reconciling items:
Non-deductible expenses (non-chargeable income)		84,775			1,471			(28,271	)		493
Share-based payments		1,139,058			669,375			333,794			223,125
Tax effect of tax exempt entity		19,154			337			970			-
Rate differential in different tax jurisdictions		101,249			11,416			14,886			2,881
Valuation allowance on deferred tax assets		428,858			114,759			152,040			23,696
Income tax (benefit) expense	$	(16,108	)	$	30,250		$	(5,879	)	$	-

Schedule of Deferred Tax Assets

	May 31, 2021			August 31, 2020
Deferred tax assets:
Net operating loss carryforwards
– United States of America	$	(429,657	)	$	(323,322	)
– Taiwan		(537,335	)		(328,752	)
– PRC		(423,690	)		(309,264	)
– Hong Kong		(298,278	)		(298,764	)
Less: valuation allowance		1,688,960			1,260,102
	$	-		$	-

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Commitments and Contingencies (Tables)

9 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Minimum Rent Payments

The following table lists the future minimal payments to be paid by the Company under a non-cancellable operating lease for office space in Taiwan with an initial term of one-year as of May 31, 2021:

Year ending May 31,
2022	$	16,245
2023		-
2024		-
2025		-

Schedule of Components of Lease Costs, Lease Term and Discount Rate

The components of lease costs, lease term and discount rate with respect of leases with an initial term of at least 12 months are as follows:

	For the nine months ended
	May 31, 2021			May 31, 2020
Operating lease cost – classified as general and administrative expenses	$	229,234		$	-
Weighted Average Remaining Lease Term – Operating leases		1.18 years			N/A
Weighted Average Discounting Rate – Operating leases		5.78	%		N/A

Schedule of Maturities of Lease Liabilities

The following is a schedule, by years, of maturities of lease liabilities as of May 31, 2021:

	Operating leases
2022	$	176,945
2023		47,566
2024		-
2025		-
2026		-
Thereafter		-
Total undiscounted cash flows		224,511
Less: imputed interest		(5,192	)
Present value of lease liabilities	$	219,319

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Organization and Business Background (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Aug. 17, 2020	Aug. 31, 2020	May 31, 2021
Date of incorporation			Mar. 22, 2017
Entity incorporation, state or country code			NV
NPI [Member]
Equity acquired, percentage	100.00%
Purchase price for acquisition	$ 4,850,000
Net purchase price	$ 3,506,042
Shares issued for acquisition	8,415,111	8,415,111

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Organization and Business Background - Schedule of Subsidiaries of Company (Details)	9 Months Ended
	May 31, 2021
LOC Weibo Co., Ltd [Member]
Company Name	LOC Weibo Co., Ltd. ("LOC")
Place/Date of Incorporation	Republic of China/September 29, 2017
Principal Activities	Development of ecological-systems applications, integration of big data and promotion of OTT applications
Beijing DataComm Cloud Media Technology Co., Ltd. [Member]
Company Name	Beijing DataComm Cloud Media Technology Co., Ltd. ("BJDC")
Place/Date of Incorporation	People's Republic of China /April 16, 2013
Principal Activities	Development of ecological-systems applications, integration of big data and promotion of OTT applications
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	Provides an Investment Platform

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Summary of Significant Accounting Policies (Details Narrative)			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 02, 2018 USD ($)	Sep. 02, 2018 TWD ($)	May 31, 2021 USD ($)	May 31, 2020 USD ($)	May 31, 2021 USD ($)	May 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 31, 2019 USD ($) $ / shares shares
Accumulated deficit			$ (19,811,485)		$ (19,811,485)		$ (11,307,575)
Working capital deficit			(393,267)		(393,267)
Development costs
General and administrative expenses			2,301,816	$ 1,215,184	7,779,743	3,700,182
Remaining performance obligations			9,570		9,570
Research and development expenses			151,863		456,428
Advertising costs			11,790		155,618
Sales and marketing expenses			15,338		186,068
Liabilities unredeemed			$ 71,093		$ 71,093		40,003
Operating lease term			12 months		12 months
Impairment losses of intangible assets
Percentage of likelihood, description					greater than 50%
Income tax examination, penalties and interest accrued
Acquisition Ownership of Intellectual Property [Member]
Incurred development amount							200,000
Additional Functions Developed [Member]
Incurred development amount							600,000
Mobile Application Development [Member]
General and administrative expenses							$ 200,000
LOC Weibo Co., Ltd [Member]
Business combination consideration value	$ 651,466
LOC Weibo Co., Ltd [Member] | First and Second Development Stage [Member]
Number of restricted common stock shares issued | shares								908,678
Share issued price per share | $ / shares								$ 0.50
LOC Weibo Co., Ltd [Member] | Development Stage [Member]
Development costs								$ 454,339
LOC Weibo Co., Ltd [Member] | TWD [Member]
Business combination consideration value		$ 20,000,000

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Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,545,915	$ 432,087
Restricted cash	3,247
Total cash and cash equivalents and restricted cash	$ 1,549,162	$ 432,087

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Summary of Significant Accounting Policies - Schedule of Revenue by Major Product Line (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Revenues	$ 23,444	$ 1,667	$ 78,696	$ 5,000
Investment Platform Services [Member]
Revenues	5,100	1,667	15,508	5,000
Software Development Service and Maintenance Service [Member]
Revenues	$ 18,344		$ 63,188

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Summary of Significant Accounting Policies - Schedule of Revenue by Recognition Over Time vs Point in Time (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Revenues	$ 23,444	$ 1,667	$ 78,696	$ 5,000
Revenue by Recognition Over Time [Member]
Revenues	23,444	1,667	78,696	5,000
Revenue by Recognition at a Point in Time [Member]
Revenues

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Summary of Significant Accounting Policies - Schedule of Contract Liabilities (Details)	9 Months Ended
	May 31, 2021 USD ($)
Accounting Policies [Abstract]
Balance as of September 1, 2020	$ 2,896
Advances received from customers related to unsatisfied performance obligations	9,354
Revenue recognized from beginning contract liability balance	(3,001)
Exchange difference	321
Balance as of May 31, 2021	$ 9,570

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Summary of Significant Accounting Policies - Schedule of Plant and Equipment Useful Lives (Details)	9 Months Ended
	May 31, 2021
Furniture and Fixture [Member]
Plant and equipment expected useful lives	3 years
Office Equipment [Member]
Plant and equipment expected useful lives	3 years
Leasehold Improvement [Member]
Plant and equipment expected useful lives	3 years

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Summary of Significant Accounting Policies - Schedule of Useful Lives of Company's Intangible Assets (Details)	9 Months Ended
	May 31, 2021
Investment Platform [Member]
Useful lives of company's intangible assets	5 years
Technical know-hows [Member]
Useful lives of company's intangible assets	8 years
Trademarks [Member]
Useful lives of company's intangible assets	10 years

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Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic and Diluted Net Loss Per Share (Details) - USD ($)		3 Months Ended		9 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Accounting Policies [Abstract]
Net Loss		$ (2,276,503)	$ (1,191,404)	$ (8,503,910)	$ (3,683,144)
Weighted average number of shares of common stock outstanding - Basic and diluted	[1]	141,699,780	113,824,027	139,771,102	113,700,043
Net loss per share - Basic and diluted		$ (0.01)	$ (0.01)	$ (0.06)	$ (0.03)

[1] Including nil shares that were granted and vested but not yet issued for the period ended May 31, 2021 (note 13); and including 700,035 shares that were granted and vested but not yet issued for the period ended May 31, 2020.

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Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic and Diluted Net Loss Per Share (Details) (Parenthetical) - shares	9 Months Ended
	May 31, 2021	May 31, 2020
Accounting Policies [Abstract]
Shares granted and vested but not yet issued	700,035

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Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation (Details)	May 31, 2021	Aug. 31, 2020	May 31, 2020
Period-end HK [Member]
Foreign currency translation exchange rate	0.0780	0.0780
Period-end NT [Member]
Foreign currency translation exchange rate	0.2770	0.2937
Period-end RMB [Member]
Foreign currency translation exchange rate	0.0637	0.0685
Period average HK [Member]
Foreign currency translation exchange rate	0.0780		0.0780
Period average NT [Member]
Foreign currency translation exchange rate	0.2834
Period average RMB [Member]
Foreign currency translation exchange rate	0.0656

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Summary of Significant Accounting Policies - Schedule of Fair Value Hierarchy and Financial Assets Liabilities (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Convertible notes measured at fair value	$ 1,036,000	$ 104,000
Level 1 [Member]
Convertible notes measured at fair value
Level 2 [Member]
Convertible notes measured at fair value
Level 3 [Member]
Convertible notes measured at fair value	$ 1,036,000	$ 104,000

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Summary of Significant Accounting Policies - Schedule of Change in Financial Liability (Details) - USD ($)	9 Months Ended
	May 31, 2021	May 31, 2020
Accounting Policies [Abstract]
Balance at September 1, 2020	$ 104,000
Issuance of convertible notes	800,000	$ 230,000
Fair value loss on issuance of convertible notes	526,838
Interest expenses on convertible notes	2,712
Change in fair value of convertible notes	(397,550)
Balance at May 31, 2021	$ 1,036,000

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Summary of Significant Accounting Policies - Schedule of Fair Value Assumption of Convertible Notes (Details)		May 31, 2021 $ / shares	Aug. 17, 2020 $ / shares
Conversion Price			$ 0.40
Teh-Ling Chen [Member]
Appraisal Date (Inception Date)		Feb. 24, 2020
Fair value of convertible notes measurement, percentage		1.25
Applicable Closing Stock Price		$ 1.25
Conversion Price	[1]	1.00
Conversion Price, after one year	[2]	$ 1.50
Teh-Ling Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		27.82
Teh-Ling Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Teh-Ling Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		2.71
Teh-Ling Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		42.09
Li-Ching Yang [Member]
Appraisal Date (Inception Date)		Feb. 27, 2020
Fair value of convertible notes measurement, percentage		1.06
Applicable Closing Stock Price		$ 1.25
Conversion Price	[1]	1.00
Conversion Price, after one year	[2]	$ 1.50
Li-Ching Yang [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		27.94
Li-Ching Yang [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Li-Ching Yang [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		2.96
Li-Ching Yang [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		36.26
Jui-Chin Chen [Member]
Appraisal Date (Inception Date)		Mar. 18, 2020
Fair value of convertible notes measurement, percentage		.54
Applicable Closing Stock Price		$ 1.20
Conversion Price	[1]	1.00
Conversion Price, after one year	[2]	$ 1.50
Jui-Chin Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		34.20
Jui-Chin Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.0
Jui-Chin Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.88
Jui-Chin Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		51.08
Jui-Chin Chen [Member] | Risk-free Rate [Member]
Fair value of convertible notes measurement, percentage		0.13
Jui-Chin Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		43.71
Jui-Chin Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Jui-Chin Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		3.80
Jui-Chin Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		76.69
Teh-Ling Chen [Member]
Appraisal Date (Inception Date)		Nov. 02, 2020
Fair value of convertible notes measurement, percentage		.16
Applicable Closing Stock Price		$ 0.12
Conversion Price		$ 0.40
Teh-Ling Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		41.51
Teh-Ling Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Teh-Ling Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		7.52
Teh-Ling Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		77.62
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member]
Appraisal Date (Inception Date)		Nov. 25, 2020
Fair value of convertible notes measurement, percentage		.16
Applicable Closing Stock Price		$ 3.00
Conversion Price		$ 0.40
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		42.0
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.93
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		78.14
Teh-Ling Chen [Member]
Appraisal Date (Inception Date)		Jan. 15, 2021
Fair value of convertible notes measurement, percentage		.1
Applicable Closing Stock Price		$ 2.00
Conversion Price		$ 0.40
Teh-Ling Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		43.50
Teh-Ling Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Teh-Ling Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.76
Teh-Ling Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		75.73
Jui-Chin Chen [Member]
Appraisal Date (Inception Date)		Aug. 31, 2020
Applicable Closing Stock Price		$ 1.00
Conversion Price		$ 0.40
Jui-Chin Chen [Member]
Appraisal Date (Inception Date)		May 31, 2021
Applicable Closing Stock Price		$ 2.01
Conversion Price		$ 0.40
Jui-Chin Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Jui-Chin Chen [Member] | Risk-free Rate [Member]
Fair value of convertible notes measurement, percentage		0.03
Jui-Chin Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		39.19
Jui-Chin Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.27
Jui-Chin Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		78.02
Teh-Ling Chen [Member]
Appraisal Date (Inception Date)		May 31, 2021
Applicable Closing Stock Price		$ 2.01
Conversion Price		$ 0.40
Teh-Ling Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Teh-Ling Chen [Member] | Risk-free Rate [Member]
Fair value of convertible notes measurement, percentage		0.08
Teh-Ling Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		46.52
Teh-Ling Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.27
Teh-Ling Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		84.25
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member]
Appraisal Date (Inception Date)		May 31, 2021
Applicable Closing Stock Price		$ 2.01
Conversion Price		$ 0.40
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Risk-free Rate [Member]
Fair value of convertible notes measurement, percentage		0.09
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		45.73
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.27
Chin-Ping Wang Chin-Nan Wang Chin-Chiang Wang [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		83.28
Teh-Ling Chen [Member]
Appraisal Date (Inception Date)		May 31, 2021
Applicable Closing Stock Price		$ 2.01
Conversion Price		$ 0.40
Teh-Ling Chen [Member] | Dividend Yield [Member]
Fair value of convertible notes measurement, percentage		0.00
Teh-Ling Chen [Member] | Risk-free Rate [Member]
Fair value of convertible notes measurement, percentage		0.10
Teh-Ling Chen [Member] | Volatility [Member]
Fair value of convertible notes measurement, percentage		44.48
Teh-Ling Chen [Member] | Credit Spread [Member]
Fair value of convertible notes measurement, percentage		6.27
Teh-Ling Chen [Member] | Liquidity Risk Premium [Member]
Fair value of convertible notes measurement, percentage		81.86

[1] USD1.00 per share if converted on or before the one-year anniversary of the issuance date

[2] USD1.50 per share if converted at any time after the one-year anniversary of the issuance date

XML

Summary of Significant Accounting Policies - Schedule of Fair Value Assumption of Convertible Notes (Details) (Parenthetical) - $ / shares		May 31, 2021	Aug. 17, 2020
Conversion Price			$ 0.40
Teh-Ling Chen [Member]
Conversion Price	[1]	$ 1.00
Teh-Ling Chen [Member] | Before One-year Anniversary [Member]
Conversion Price		1.00
Teh-Ling Chen [Member] | After One-year Anniversary [Member]
Conversion Price		1.50
Li-Ching Yang [Member]
Conversion Price	[1]	1.00
Li-Ching Yang [Member] | Before One-year Anniversary [Member]
Conversion Price		1.00
Li-Ching Yang [Member] | After One-year Anniversary [Member]
Conversion Price		1.50
Jui-Chin Chen [Member]
Conversion Price	[1]	1.00
Jui-Chin Chen [Member] | Before One-year Anniversary [Member]
Conversion Price		1.00
Jui-Chin Chen [Member] | After One-year Anniversary [Member]
Conversion Price		$ 1.50

[1] USD1.00 per share if converted on or before the one-year anniversary of the issuance date

XML

Acquisition of Subsidiaries (Details Narrative) - USD ($)		1 Months Ended
	Aug. 17, 2020	Aug. 31, 2020	May 31, 2021
Goodwill		$ 2,974,364	$ 2,974,364
NPI [Member]
Purchase price for the acquisition	$ 4,850,000
Net purchase price	$ 3,506,042
Shares issued for acquisition	8,415,111	8,415,111
Goodwill	$ 2,974,364

XML

Acquisition of Subsidiaries - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Business Combinations [Abstract]
Cash and cash equivalents		$ 185,117
Prepayments, deposits and other receivables		145,228
Due from a shareholder		34,048
Right-of-use operating lease assets		113,590
Plant and equipment, net		30,365
Intangible assets- Technical know-hows		818,200
Goodwill	$ 2,974,364	2,974,364
Other payables and accrued liabilities		(383,087)
Contract liabilities		(2,896)
Due to shareholders		(99,730)
Operating lease liability		(113,646)
Tax payable		(31,871)
Deferred tax liabilities		(163,640)
Net purchase price		3,506,042
Less: Outstanding NPI debt owed to the Company Accounts receivable		989,854
Less: Outstanding NPI debt owed to the Company Notes payable		(3,066,617)
Aggregate fair values of the assets acquired and liabilities assumed		$ 1,429,279

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Plant and Equipment, Net (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,443	$ 2,345	$ 27,978	$ 7,003

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Plant and Equipment, Net - Schedule of Plant and Equipment, Net (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Total	$ 169,353	$ 104,800
Less: Accumulated depreciation	(102,387)	(71,133)
Plant and Equipment, net	66,966	33,667
Furniture and Fixture [Member]
Total	29,418	20,159
Office Equipment [Member]
Total	88,962	65,809
Leasehold Improvement [Member]
Total	$ 50,973	$ 18,832

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Intangible Assets, Net (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 25,625		$ 76,803
Impairment losses of intangible asset

XML

Intangible Assets, Net - Schedule of Intangible Assets Cost (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Total	$ 851,683	$ 848,200
Less: Accumulated amortization	(83,303)	(6,500)
Impairment	(23,500)	(23,500)
Intangible assets, net	744,880	818,200
Investment Platform [Member]
Total	30,000	30,000
Technical know-hows [Member]
Total	818,200	818,200
Trademarks [Member]
Total	$ 3,483

XML

Intangible Assets, Net - Schedule of Amortization Expenses Related to Intangible Assets (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 102,459
2023	102,459
2024	102,459
2025	102,459
2026 and thereafter	335,044
Total	$ 744,880	$ 818,200

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Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021		May 31, 2020
Greenpro Financial Consulting Limited [Member]
Professional fee		$ 3,250		[1]	$ 18,503	[1]
Greenpro LF Limited [Member]
Other income: Miscellaneous income			$ 1,823	[2]		[2]

[1] The Company incurred professional fees of $nil and $18,503 for services provided by Greenpro Financial Consulting Limited for the nine months ended May 31, 2021 and 2020, respectively; and $nil and $3,250 for the three months ended May 31, 2021 and 2020, respectively. The fees are due for payment to Greenpro Financial Consulting Limited upon receipt of an invoice. The directors of Greenpro Financial Consulting Limited (Mr. Chong Kuang Lee and Mr. Che Chan Loke) are the directors of the investment managers of Greenpro Asia Strategic SPC. As of May 31, 2021, Greenpro Asia Strategic SPC is the holder of approximately 3.85% of the Company's issued and outstanding common stock.

[2] Mr. Lin is a director of Greenpro LF Limited.

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Related Party Transactions - Schedule of Related Party Transactions (Details) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021		May 31, 2020	[1]
Greenpro Financial Consulting Limited [Member]
Professional fees		$ 3,250		[1]	$ 18,503
Directors [Member] | Greenpro Asia Strategic SPC [Member]
Ownership percentage	3.85%		3.85%

[1] The Company incurred professional fees of $nil and $18,503 for services provided by Greenpro Financial Consulting Limited for the nine months ended May 31, 2021 and 2020, respectively; and $nil and $3,250 for the three months ended May 31, 2021 and 2020, respectively. The fees are due for payment to Greenpro Financial Consulting Limited upon receipt of an invoice. The directors of Greenpro Financial Consulting Limited (Mr. Chong Kuang Lee and Mr. Che Chan Loke) are the directors of the investment managers of Greenpro Asia Strategic SPC. As of May 31, 2021, Greenpro Asia Strategic SPC is the holder of approximately 3.85% of the Company's issued and outstanding common stock.

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Prepayments, Deposits and Other Receivables - Schedule of Prepayments, Deposits and Other Receivables (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Receivables [Abstract]
Rental and management fee deposits	$ 150,288	$ 137,088
Other prepaid expenses	307,324	81,108
Staff advances		2,970
Prepayments, deposits and other receivables	280,639	221,166
Less: non-current portion: Rental and management fee deposits	32,211
Less: non-current portion: Other prepaid expenses	144,762
Prepayments, deposits and other receivables, non-current	176,973
Prepayments, deposits and other receivables, current	$ 280,639	$ 221,166

XML

Accrued Expenses and Other Payables (Details Narrative) - USD ($)	May 31, 2021	Aug. 31, 2020
Payables and Accruals [Abstract]
Unearned income		$ 2,222

XML

Accrued Expenses and Other Payables - Schedule of Accrued Expenses and Other Payables (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Payables and Accruals [Abstract]
Accrued interests (Note 9 and 10)	$ 17,935	$ 6,191
Accrued expenses	301,071	240,172
Unearned income		2,222
Other payables	75,593	43,661
Accrued expenses and other payables	$ 394,599	$ 292,246

XML

Due From (To) Shareholders, Directors and A Related Company (Details Narrative)	Jul. 20, 2020 CNY (¥)	May 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Mar. 10, 2020 TWD ($)
Loan to shareholders			$ 34,048
Accrued interest		17,935	6,191
Hsu Kuo-Hsun [Member]
Debt interest rate	8.00%
Debt instrument maturity date	Jul. 17, 2021
Accrued interest			$ 544
Hsu Kuo-Hsun [Member] | RMB [Member]
Loan obtained amount | ¥	¥ 420,000
Loan Agreement [Member] | Cheng Hung-Pin [Member]
Debt interest rate				3.00%
Loan Agreement [Member] | Cheng Hung-Pin [Member] | TWD [Member]
Loan to shareholders				$ 1,000,000

XML

Due From (To) Shareholders, Directors and A Related Company - Schedule of Due from (to) Shareholders, Directors and a Related Company (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Loan to Cheng Hung-Pin (a shareholder)		$ 34,048
Due from a director: Cheng Shui-Fung		189,474
Due from a related company: Greenpro LF Limited		36,666
Due to a director: Lin Yi-Hsiu	1,608,109	1,400,459
Loan from Hsu Kuo-Hsun (a shareholder)		60,075
Due to shareholders	49,286	99,730
Tu Yu-Cheng [Member]
Due to shareholders	46,086	96,530
Cheng Hung-Pin [Member]
Due to shareholders	800	800
Huang Mei-Ying [Member]
Due to shareholders	800	800
Lo Shih-Chu [Member]
Due to shareholders	800	800
Chen Jun-Yuan [Member]
Due to shareholders	$ 800	$ 800

XML

Bonds Payable (Details Narrative) - USD ($)	Aug. 14, 2019	May 31, 2021	Aug. 31, 2020
Accrued interest		$ 17,935	$ 6,191
Bond Purchase Agreement [Member]
Aggregate purchase price	$ 600,000
Debt term	3 years
Debt maturity date	Aug. 14, 2019
Debt interest rate percentage	10.00%
Debt description	The Company may exercise its right to repay this bond at any time on or before two years from the maturity date by wiring 100% of all outstanding principal and interest to the purchaser.
Accrued interest		$ 17,935	$ 2,935

XML

Convertible Notes Payable to Related Parties (Details Narrative) - USD ($)									9 Months Ended
		Jan. 15, 2021	Nov. 25, 2020	Nov. 02, 2020	Aug. 18, 2020	Mar. 18, 2020	Feb. 27, 2020	Feb. 24, 2020	May 31, 2021	Aug. 31, 2020	Aug. 17, 2020
Convertible promissory note									$ 1,036,000	$ 104,000
Conversion price											$ 0.40
Shares issued upon conversion					325,000
Debt convertible terms of conversion feature									For each of the convertible promissory notes, the Company is entitled to a one-year extension. The outstanding principal amounts of the notes are convertible at any time at the option of the holders into common stock at a conversion price of $0.4 per share. Each of the lenders may convert part of the principal outstanding in increments of $10,000 or multiples of $10,000 at any time.
Fair value of the convertible promissory notes									$ 1,036,000	$ 104,000
Binomial Model [Member]
Fair value of the convertible promissory notes									$ 900,000
Teh-Ling Chen [Member]
Convertible promissory note		$ 100,000		$ 100,000				$ 110,000
Debt interest rate percentage		6.00%		6.00%				6.00%	6.00%
Debt maturity date		Jan. 15, 2023		Nov. 02, 2022				Feb. 24, 2022	Feb. 24, 2022
Conversion price	[1]								$ 1.00
Li-Ching Yang [Member]
Convertible promissory note							$ 20,000
Debt interest rate percentage							6.00%		6.00%
Debt maturity date							Feb. 27, 2022		Feb. 27, 2022
Conversion price	[1]								$ 1.00
Jui-Chin Chen [Member]
Convertible promissory note						$ 100,000
Debt interest rate percentage						6.00%			6.00%
Debt maturity date						Mar. 18, 2022			Mar. 18, 2022
Conversion price	[1]								$ 1.00
Chin-Ping Wang, Chin-Nan Wang and Chin-Chiang Wang [Member]
Convertible promissory note			$ 600,000
Debt interest rate percentage			6.00%
Debt maturity date			Nov. 25, 2022

[1] USD1.00 per share if converted on or before the one-year anniversary of the issuance date

XML

Convertible Notes Payable to Related Parties - Schedule of Convertible Notes Payable (Details) - USD ($)						9 Months Ended
	Jan. 15, 2021	Nov. 02, 2020	Mar. 18, 2020	Feb. 27, 2020	Feb. 24, 2020	May 31, 2021
Principal amount						$ 1,030,000
Teh-Ling Chen [Member]
Principal amount						$ 110,000
Issue date						Feb. 24, 2020
Maturity date	Jan. 15, 2023	Nov. 02, 2022			Feb. 24, 2022	Feb. 24, 2022
Interest rate	6.00%	6.00%			6.00%	6.00%
Li-Ching Yang [Member]
Principal amount						$ 20,000
Issue date						Feb. 27, 2020
Maturity date				Feb. 27, 2022		Feb. 27, 2022
Interest rate				6.00%		6.00%
Jui-Chin Chen [Member]
Principal amount						$ 100,000
Issue date						Mar. 18, 2020
Maturity date			Mar. 18, 2022			Mar. 18, 2022
Interest rate			6.00%			6.00%
Teh-Ling Chen [Member]
Principal amount						$ 100,000
Issue date						Nov. 02, 2020
Maturity date						Nov. 02, 2022
Interest rate						6.00%
Chin-Ping Wang [Member]
Principal amount						$ 200,000
Issue date						Nov. 25, 2020
Maturity date						Nov. 25, 2022
Interest rate						6.00%
Chin-Nan Wang [Member]
Principal amount						$ 200,000
Issue date						Nov. 25, 2020
Maturity date						Nov. 25, 2022
Interest rate						6.00%
Chin-Chiang Wang [Member]
Principal amount						$ 200,000
Issue date						Nov. 25, 2020
Maturity date						Nov. 25, 2022
Interest rate						6.00%
Teh-Ling Chen [Member]
Principal amount						$ 100,000
Issue date						Jan. 15, 2021
Maturity date						Jan. 15, 2023
Interest rate						6.00%

XML

Income Taxes (Details Narrative)	3 Months Ended		9 Months Ended			12 Months Ended
	May 31, 2021 USD ($)	May 31, 2020 USD ($)	May 31, 2021 USD ($)	May 31, 2021 TWD ($)	May 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 31, 2019	Aug. 31, 2018
Cumulative net operating losses	$ (2,445,573)	$ (1,213,517)	$ (8,343,543)		$ (3,695,182)
Statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
United States of America [Member]
Cumulative net operating losses			$ 2,045,985
Net operating loss expiration date			The NOL carryforwards begin to expire in 2037, if unutilized.	The NOL carryforwards begin to expire in 2037, if unutilized.
Deferred tax assets full valuation allowance	$ 429,657		$ 429,657			$ 323,322
Taiwan [Member]
Net operating loss expiration date			expire in various years through 2025.	expire in various years through 2025.
Deferred tax assets full valuation allowance	537,335		$ 537,335			328,752
Foreign income tax rate			20.00%	20.00%			19.00%	18.00%
Operating loss carryforward	2,686,675		$ 2,686,675
Taiwan [Member] | Maximum [Member]
Taxable income			17,643
Taiwan [Member] | Maximum [Member] | TWD [Member]
Taxable income				$ 500,000
Taiwan [Member] | Minimum [Member]
Taxable income			$ 4,234
Taiwan [Member] | Minimum [Member] | TWD [Member]
Taxable income				$ 120,000
PRC [Member]
Net operating loss expiration date			expire in various years through 2027.	expire in various years through 2027.
Deferred tax assets full valuation allowance	423,690		$ 423,690			309,264
Foreign income tax rate			25.00%	25.00%
Operating loss carryforward	1,694,760		$ 1,694,760
Hong Kong [Member]
Cumulative net operating losses			1,807,746			1,810,691
Deferred tax assets full valuation allowance	$ 298,278		$ 298,278			$ 298,764
Statutory income tax rate			16.50%	16.50%

XML

Income Taxes - Schedule of Income/(Loss) Before Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Loss before income tax	$ (2,282,382)	$ (1,191,404)	$ (8,520,018)	$ (3,652,894)
Local [Member]
Tax jurisdictions from: Local	(1,374,280)	(1,127,380)	(4,279,016)	(3,397,604)
Seychelles [Member]
Tax jurisdictions from: Foreign, representing			(1,610)	(1,603)
British Virgin Islands [Member]
Tax jurisdictions from: Foreign, representing	(4,626)		(89,604)
Taiwan [Member]
Tax jurisdictions from: Foreign, representing	(380,979)		(1,331,039)
PRC [Member]
Tax jurisdictions from: Foreign, representing	(146,307)		(457,705)
Hong Kong [Member]
Tax jurisdictions from: Foreign, representing	$ (376,190)	$ (64,024)	$ (2,361,044)	$ (253,687)

XML

Income Taxes - Schedule of Components of Provision Benefit for Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Tax Disclosure [Abstract]
Current				$ 30,250
Deferred	(5,879)		(16,108)
Total income tax (benefit) expense	$ (5,879)		$ (16,108)	$ 30,250

XML

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (2,282,382)	$ (1,191,404)	$ (8,520,018)	$ (3,652,894)
Statutory income tax rate	21.00%	21.00%	21.00%	21.00%
Income tax credit computed at statutory income rate	$ (479,300)	$ (250,195)	$ (1,789,204)	$ (767,108)
Non-deductible expenses (non-chargeable income)	(28,271)	493	84,775	1,471
Share-based payments	333,794	223,125	1,139,058	669,375
Tax effect of tax exempt entity	970		19,154	337
Rate differential in different tax jurisdictions	14,886	2,881	101,249	11,416
Valuation allowance on deferred tax assets	152,040	23,696	428,858	114,759
Income tax (benefit) expense	$ (5,879)		$ (16,108)	$ 30,250

XML

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	May 31, 2021	Aug. 31, 2020
Less: valuation allowance	$ 1,688,960	$ 1,260,102
Deferred tax assets
United States of America [Member]
Deferred tax assets: Net operating loss carryforwards	(429,657)	(323,322)
Taiwan [Member]
Deferred tax assets: Net operating loss carryforwards	(537,335)	(328,752)
PRC [Member]
Deferred tax assets: Net operating loss carryforwards	(423,690)	(309,264)
Hong Kong [Member]
Deferred tax assets: Net operating loss carryforwards	$ (298,278)	$ (298,764)

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Common Stock (Details Narrative)																	1 Months Ended	3 Months Ended		9 Months Ended			10 Months Ended
	May 17, 2021 $ / shares shares	Feb. 08, 2021 $ / shares shares	Jan. 08, 2021 shares	Nov. 01, 2020 USD ($) $ / shares shares	Sep. 02, 2020 USD ($) $ / shares	Aug. 17, 2020 shares	Aug. 03, 2020 USD ($) $ / shares shares	Aug. 03, 2020 TWD ($) shares	Aug. 02, 2020 USD ($) $ / shares shares	Jul. 27, 2020 USD ($) $ / shares shares	Jul. 27, 2020 TWD ($) shares	Jun. 30, 2020 USD ($) Milestone $ / shares shares	Jun. 30, 2020 Milestone $ / shares shares	Mar. 02, 2020 USD ($) $ / shares shares	Sep. 16, 2019 USD ($)	Sep. 02, 2019 USD ($) $ / shares shares	Aug. 31, 2020 $ / shares shares	May 31, 2021 USD ($) $ / shares shares	May 31, 2020 USD ($)	May 31, 2021 USD ($) $ / shares shares	May 31, 2021 TWD ($) shares	May 31, 2020 USD ($)	May 31, 2021 USD ($) $ / shares shares
Common stock, par value | $ / shares																	$ 0.0001	$ 0.0001		$ 0.0001			$ 0.0001
Aggregate number of shares of common stock granted | shares
Revenues																		$ 23,444	$ 1,667	$ 78,696		$ 5,000
Proceeds from purchased shares
Unrecognized share-based compensation																		4,328,204		4,328,204			$ 4,328,204
NPI [Member]
Business acquisition, number of shares issued | shares						8,415,111											8,415,111
JFB Internet Service Limited [Member]
Number of restricted common stock shares issued | shares			5,000,000
Fair value of restricted common stock												$ 3,200,000
Share issued price per share | $ / shares												$ 0.40	$ 0.40
JFB Internet Service Limited [Member] | Milestones [Member]
Number of common stock shares issued | shares												5,000,000
JFB Internet Service Limited [Member] | Inducement Shares [Member]
Number of common stock shares issued | shares												5,000,000
Number of milestone | Milestone												2	2
Common stock description												The Company's board of directors agreed to grant a new employee of JFB, (i) 5,000,000 shares of Restricted Common Stock in connection with such employee's employment (the "Inducement Shares") and (ii) 5,000,000 shares of Restricted Common Stock upon the achievement of each of two milestones set forth in such employee's offer letter relating to the FinMaster mobile application. In addition, on that same day, the Company's board of directors approved an aggregate of 3,000,000 shares to a service provider in exchange for services rendered.
JFB Internet Service Limited [Member] | Consultant Shares [Member]
Aggregate number of shares of common stock granted | shares												3,000,000
Service provider [Member] | JFB Internet Service Limited [Member]
Amortization																		158,037		$ 1,742,630
Number of common shares , vested | shares																				4,950,325	4,950,325
Stock Forfeiture Letter [Member]
Number of shares forfeited and surrendered | shares	13,132,500	5,000,000										5,500,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001										$ 0.0001	$ 0.0001
Loanout Agreement [Member]
Employment agreement term									1 year
Base compensation									$ 66,000									$ 100,000		$ 283,333
Number of restricted common stock shares issued | shares									1,000,000
Fair value of restricted common stock									$ 400,000
Share issued price per share | $ / shares									$ 0.40
Securities Purchase Agreements [Member]
Share issued price per share | $ / shares																		$ 0.10		$ 0.10			$ 0.10
Number of common stock shares issued | shares																		28,937,500					30,357,500
Proceeds from issuance of common stock																		$ 2,893,980					$ 3,461,980
Securities Purchase Agreements [Member]
Share issued price per share | $ / shares																		$ 0.114		$ 0.114			$ 0.114
Yi-Hsiu Lin [Member]
Employment agreement term																2 years
Base compensation																$ 50,000
Number of restricted common stock shares issued | shares																2,500,000
Fair value of restricted common stock															$ 1,000,000	$ 1,250,000
Share issued price per share | $ / shares					$ 0.40											$ 0.50
Amortization																		$ 250,000	312,500	$ 750,000		937,500
Mr. Cheng [Member]
Employment agreement term																1 year
Base compensation																$ 30,000
Number of restricted common stock shares issued | shares																1,500,000
Fair value of restricted common stock					$ 1,500,000											$ 750,000
Share issued price per share | $ / shares					$ 0.40											$ 0.50
Amortization																		150,000	187,500	450,000		562,500
Consultant [Member] | Consulting Agreement [Member] | Business Development Services [Member]
Employment agreement term																1 year
Number of restricted common stock shares issued | shares																2,000,000
Fair value of restricted common stock																$ 1,000,000
Share issued price per share | $ / shares																$ 0.50
Amortization																			250,000			750,000
Consultant fee																$ 40,000
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services [Member]
Employment agreement term														1 year		1 year
Number of restricted common stock shares issued | shares														1,000,000		2,500,000
Fair value of restricted common stock														$ 750,000		$ 1,250,000
Share issued price per share | $ / shares														$ 1.0		$ 0.50
Amortization																			312,500			937,500
Consultant fee														$ 60,000		$ 50,000
Number of additional restricted common stock shares issued | shares													500,000
Consultant [Member] | Consulting Agreement [Member] | Business Advisory Services Two [Member]
Consultant fee																		250,000	$ 625,000	250,000		$ 625,000
Consultant [Member] | Renewal of Consulting Agreement [Member] | Business Advisory Services [Member]
Employment agreement term														1 year
Number of restricted common stock shares issued | shares														1,000,000
Fair value of restricted common stock														$ 1,000,000
Share issued price per share | $ / shares														$ 0.50
Consultant fee														$ 60,000
Chieh Chen [Member]
Base compensation																		25,000		$ 50,000
Number of restricted common stock shares issued | shares										50,000	50,000									50,000	50,000
Fair value of restricted common stock										$ 50,000
Share issued price per share | $ / shares										$ 1.00
Compensation expense										$ 2,717										$ 3,209
Chieh Chen [Member] | TWD [Member]
Compensation expense											$ 77,000										$ 92,500
Annie Chung [Member]
Base compensation																		25,000		50,000
Number of restricted common stock shares issued | shares							50,000	50,000
Fair value of restricted common stock							$ 50,000
Share issued price per share | $ / shares							$ 1.00
Common stock description							In addition, Ms. Chung will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company.	In addition, Ms. Chung will be granted 50,000 shares of restricted common stock upon completion of the first year of service and 50,000 shares of restricted common stock if she meets the criteria established by the Company.
Compensation expense							$ 2,717
Annie Chung [Member] | TWD [Member]
Compensation expense								$ 77,000
Two Consultant [Member] | Consulting Agreement [Member]
Number of restricted common stock shares issued | shares				2,500,000
Fair value of restricted common stock				$ 2,500,000
Share issued price per share | $ / shares				$ 1.00
Amortization																		$ 625,000		$ 1,458,333

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Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Aug. 31, 2020
Rental expense	$ 72,361	$ 36,352	$ 235,765	$ 99,917
Future minimum lease payments for non-cancelable short-term operating leases	$ 224,511		$ 224,511
Initial lease term	12 months		12 months
Taiwan [Member]
Future minimum lease payments for non-cancelable short-term operating leases	$ 16,245		$ 16,245
Severance payments			65,000		$ 28,000
PRC [Member]
Severance payments			$ 113,000		$ 86,000

XML

Commitments and Contingencies - Schedule of Operating Lease Minimum Rent Payments (Details)	May 31, 2021 USD ($)
2023	$ 176,945
2024	47,566
2025
Taiwan [Member]
2022	16,245
2023
2024
2025

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Commitments and Contingencies - Schedule of Components of Lease Costs, Lease Term and Discount Rate (Details) - USD ($)	9 Months Ended
	May 31, 2021	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost - classified as general and administrative expenses	$ 229,234
Weighted Average Remaining Lease Term - Operating leases	1 year 2 months 5 days	0 years
Weighted Average Discounting Rate - Operating leases	5.78%	0.00%

XML

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details)	May 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 176,945
2023	47,566
2024
2025
2026
Thereafter
Total undiscounted cash flows	224,511
Less: imputed interest	(5,192)
Present value of lease liabilities	$ 219,319

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Subsequent Events (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended	10 Months Ended
	Jun. 21, 2021	Jun. 30, 2021	May 31, 2021	May 31, 2021
Securities Purchase Agreements [Member]
Number of common stock shares issued			28,937,500	30,357,500
Share issued price per share			$ 0.10	$ 0.10
Proceeds from issuance of common stock			$ 2,893,980	$ 3,461,980
Securities Purchase Agreements [Member] | Investors [Member] | Subsequent Event [Member]
Number of common stock shares issued		600,000
Share issued price per share		$ 0.10
Proceeds from issuance of common stock		$ 60,000
Consulting Agreement [Member] | Subsequent Event [Member]
Employment agreement term	2 years
Consultant fee	$ 120,000
Fair value of restricted common stock	$ 1,000,000
Listing date description	The consultant was also entitled to a performance review bonus ranging from $5,000 to $15,000 each year and 1,000,000 shares of restricted common stock within 60 days from the listing date of LCHD on NASDAQ.
Consulting Agreement [Member] | Subsequent Event [Member] | Minimum [Member]
Bonus incurred	$ 5,000
Consulting Agreement [Member] | Subsequent Event [Member] | Maximum [Member]
Bonus incurred	$ 15,000