BONDS PAYABLE

6 Months Ended

Feb. 28, 2023

Debt Disclosure [Abstract]

BONDS PAYABLE

12. BONDS PAYABLE

The Company entered into a Bond Purchase Agreement with Ching-Nan Wang (who became the Company’s shareholder in May 2021) 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. On August 10, 2022, the bond was further extended to August 14, 2023 and 12% p.a. interest was payable quarterly. The bond was collateralized by 2,000,000 shares of DFP Holdings Limited and 1,000,000 shares of Reblood Biotech Corp. held by Yi-Hsiu Lin. Interest of $36,000 and $30,000 was incurred in six months ended February 28, 2023 and 2022, respectively. Interest of $18,000 and $15,000 was incurred in three months ended February 28, 2023 and 2022, respectively. Interest of $20,935 and $2,935 was accrued as of February 28, 2023 and August 31, 2022, respectively.