| Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES Basis of presentation The consolidated financial statements are prepared
in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the financial
statements of LCHD and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The
Company has adopted August 31 as its fiscal year end. Going concern The accompanying 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. The Company has suffered recurring losses from operations,
and records an accumulated deficit and a working capital deficit of $11,307,575 and $1,163,089, respectively as of August 31, 2020. 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 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 the Company be unable to continue as going concern. Use of estimates The preparation of these consolidated financial statements
in conformity with U.S. GAAP requires management of the Company 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 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 3 820, Fair Value Measurements and Disclosures not 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 Cash and cash equivalents are carried at cost and
represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original
maturity of three months or less as of the purchase date of such investments. Software development costs The Company 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 a total consideration of TWD20,000,000 ($651,466), payable
in the form of common shares of the Company. 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. Revenue recognition The Company adopted Accounting Standards Update (ASU)
No. 2014-09, Revenue from Contracts with Customers (Topic 606), 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 revenues following the five-step
model prescribed under ASU No. 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 authorizes the third party to use the Company’s investment 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. 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
Year ended August 31,
2020 2019
Provision of investment platform services $ 6,667 $ 11,111
Provision of software development service and maintenance service - 7,000
$ 6,667 $ 18,111 Revenue by
recognition over time vs point in time
Year ended August 31,
2020 2019
Revenue by recognition over time $ 6,667 $ 11,111
Revenue by recognition at a point in time - 7,000
$ 6,667 $ 18,111 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 Other Income-Related Party Revenue from subletting of leasehold land and buildings
are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession
or controls the physical use of the leased assets. The Company leased its commercial office in Taipei from April 1, 2018 to February 28,
2019 under non-cancelable operating leases with terms of 31 months to a related party which is Greenpro LF Limited, a Seychelles company,
owned by Mr. Lin Yi-Hsiu, the director of the Company and Mr. Lee Chong Kuang. From April 2019, the Company entered into multiple
loan agreements with LOC and BJDC. The loans are secured by personal guarantees of certain of its ultimate shareholders, bear interest
at 8% per annum, and are due on various dates through August 2021. Interest of $137,626 and $9,400 was charged as expenses from these
two companies for the years ended August 31, 2020 and 2019, respectively (note 8). Practical expedients and exemption The Company had not occurred any costs to obtain contracts,
and do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. 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 years ended August 31, 2020 and
2019, no advertising costs were recognized. From September, 2019, customers or users of the Company’s
mobile application can obtain points through ways such as frequent sign-ins to the Company’s mobile application, sharing articles
from the application to users’ own social media. The Company believes these points are to encourage user engagement and generate
market awareness. As a result, the Company accounts for such points as selling and marketing expenses with a corresponding liability recorded
under other current liabilities of its 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 year
ended August 31, 2020, the total points recorded as selling and marketing expenses were $nil. As of August
31, 2020, liabilities recorded related to unredeemed points were $40,003. 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. 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. Accounts receivable Accounts receivable are stated at the original amount
less an allowance for doubtful receivables, if any, based on a review of all outstanding amounts at period end. An allowance is also made
when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
The Company analyzes the aging of the customer accounts, coverage of credit insurance, customer concentrations, customer credit-worthiness,
historical and current economic trends and changes in its customer payment patterns when evaluating the adequacy of the allowance for
doubtful accounts. 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 fixtures 3
Office equipment 3
Leasehold improvements 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 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 undiscounted future
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 years ended August 31, 2020 and 2019. Income taxes Income taxes are determined using an asset and liability
method in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies
should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on
a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the
position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as
the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority
assuming full knowledge of the position and relevant facts. The Company recorded a liability for an uncertain
income tax position, tax penalties and any imputed interest thereon of $0 at August 31, 2020 and 2019, included in accrued payables and
accrued liabilities due to the potential of incurring a tax penalty for late filing of its tax returns with the Internal Revenue Service
and, if recognized, such penalty will affect the Company’s effective tax rate. The Company conducts businesses in the PRC, Taiwan
and Hong Kong. The Company 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 income/(loss) per share
in accordance with ASC Topic 260, “Earnings per Share.”
Year ended August 31,
2020 2019
Net loss $ (9,842,829 ) $ (902,094 )
Weighted average number of common shares outstanding - Basic and diluted (Note) 115,207,489 104,850,604
Net loss per share - Basic and diluted $ (0.09 ) $ (0.01 ) Note: Including 5,500,000 shares to be canceled, 593,750
shares as stock compensation and 375,000 shares to be issued to investors (note 14). As of 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. The Company adopted ASU 2018-07
on September 1, 2019 and there was no cumulative effect of adoption. Foreign currencies translation Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States
Dollars (“US$”). The Company’s subsidiary in Seychelles, the PRC, Taiwan and Hong Kong maintains its books and record
in United States Dollars (“US$”), 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, assets and
liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation
of Financial Statement Translation of amounts from foreign currencies into
US$ has been made at the following exchange rates for the respective periods:
As of and for the As of and for the
Year-end / average HK$ : US$ 1 exchange rate 7.80 7.80
Year-end NT$ : US$ 1 exchange rate 29.37 31.32
Year-average NT$ : US$ 1 exchange rate 30.10 N/A
Year-end RMB : US$ 1 exchange rate 6.85 7.15
Year-average RMB : US$ 1 exchange rate 7.03 N/A Related parties Parties, which can be a corporation or individual,
are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject
to common control or common significant influence. 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 re-measured 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, notes receivable, accounts payable and accrued liabilities, balances due to a director
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
820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows: Level 1 Level 2 Level 3: 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
A summary of changes in financial liabilities for
the year ended August 31, 2020 was as follows:
Balance at September 1, 2019 $ -
Issuance of convertible notes 230,000
Interest expenses on convertible notes 3,997
Interest waived in conversion of convertible notes (3,997 )
Change in fair value of convertible notes 199,000
Conversion of convertible notes (325,000 )
Balance at August 31, 2020 104,000 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 holder Teh-Ling Chen Li-Ching Yang Jui-Chin Chen
Appraisal Date (Inception Date) February 24, 2020 February 27, 2020 March 18, 2020
Risk-free Rate 1.25 % 1.06 % 0.54 %
Applicable Closing Stock Price $ 1.25 $ 1.25 $ 1.20
Conversion Price $ 1.00 (i) $ 1.00 (i) $ 1.00 (i)
$ 2.00 (ii) $ 2.00 (ii) $ 2.00 (ii)
Volatility 27.82 % 27.94 % 34.20 %
Dividend Yield 0.00 % 0.00 % 0.00 %
Credit Spread 2.71 % 2.96 % 6.88 %
Liquidity Risk Premium 42.09 % 36.26 % 51.08 %
Appraisal Date N/A N/A August 31, 2020
Risk-free Rate N/A N/A 0.13 %
Applicable Closing Stock Price N/A N/A $ 1.00
Conversion Price N/A N/A $ 0.40
Volatility N/A N/A 43.71 %
Dividend Yield N/A N/A 0.00 %
Credit Spread N/A N/A 3.80 %
Liquidity Risk Premium N/A N/A 76.69 % (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 On September 1, 2019, the Company adopted ASU 2016-02,
Leases As a result of the adoption of the standard, based
on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized
ROU assets and lease liabilities of $262,766 on its consolidated balance sheet as of September 1, 2019. The assets and liabilities recognized
upon application of the transition provisions were primarily associated with existing office leases. There were no finance leases as of
August 31, 2020. Accounting Pronouncements Issued But Not Yet
Adopted 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 eliminates,
adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective
basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective
basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted.
The new standard is effective for the Company on September 1, 2020 and the new standard did not have a material impact on the 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 |
