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ORGANIZATION AND BUSINESS BACKGROUND
9 Months Ended
May 31, 2022
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 (“LFGL”)   Seychelles / March 6, 2017   Investment Holding
         
2. JFB Internet Service Limited (“JFB”)   Hong Kong / July 6, 2017   Provides an Investment Platform

 

On August 17, 2020, LCHD, through 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 Over-the-Top (“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”.