SUBSEQUENT EVENTS	12 Months Ended
Aug. 31, 2020
Notes to Financial Statements
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to August 31, 2020 to the date these financial statements were issued. Covid-19 impact: In December 2019, a novel strain of coronavirus (COVID-19) surfaced. The spread of COVID-19 around the world in the first quarter of 2020 has caused significant volatility in the U.S. and international markets. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Company’s financial position, operations and cash flows. It is too early to quantify the impact this situation will have on company revenue and profits at this time. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of supplies used in operations, etc. Accordingly, Management is evaluating the Company’s liquidity position, reduction in revenues, and reviewing the analysis of the Company’s financial performance as the Company seeks to withstand the uncertainty related to the coronavirus. As no large-crowd gathering has been allowed since the outbreak of COVID-19, the Company has not generated any revenue from the Ai Bian Quan Qiu performance matching platform. Consequently, the Company has decided to impair all of the intangible asset carrying value related to the Ai Bian Quan Qiu performance matching platform and its Wechat official account, given that it is uncertain whether this platform will continue generating any revenue. Subsequent cash receipt for investments: On September 1, 2020, the Company received the outstanding cash investment from Mingpeng Ou for issuing 3,000,000 shares of common stocks at a price of $0.0205 per share. Therefore, $61,500 due from shareholder at August 31, 2020 was reduced to zero. Issuance of convertible notes: On September 1, 2020, we entered into a Securities Purchase Agreement (“JSC SPA”) with Jefferson Street Capital LLC, a New Jersey limited liability company (“Jefferson Street”), pursuant to which we issued and sold to Jefferson Street a convertible promissory note, dated September 1, 2020, in the principal amount of $82,500 (the “Jefferson Street Note”). We received $75,000 after paying fees and expenses. On September 1, 2020, we entered into a Securities Purchase Agreement (“Firstfire SPA”) with Firstfire Global Opportunities Fund, LLC., a Delaware limited company (“Firstfire”), pursuant to which we issued and sold to the Firstfire a convertible promissory note, dated September 1, 2020 in the principal amount of $75,000(the “Firstfire Note”). We received $71,250 after fees and expenses. On October 10, 2020, we entered into and closed a Securities Purchase Agreement (“SPA”), dated October 8, 2020, with Power Up Lending Group Ltd., a Virginia corporation (“Purchaser”), pursuant to which we issued and sold to the Purchaser a convertible promissory note, dated October 8, 2020 in the principal amount of $55,000 (the “Note”). We received $47,600 from the investment after the payment of expenses. On October 20, 2020, we entered into a Securities Purchase Agreement (“EC SPA”), dated October 9, 2020, with East Capital Investment Corp., a New Jersey corporation (“East Capital”), pursuant to which we issued and sold to the East Capital a convertible promissory note, dated October 9, 2020, in the principal amount of $62,700 (the “East Capital Note”). We received $55,000 after paying fees and expenses. Change in board of directors, authorized common shares, and preferred shares: On September 11, 2020, we issued a total of 100,000 shares of our newly designated Series A Preferred Stock to Chiyuan Deng in connection with Mr. Deng’s amended employment agreement. On September 29, 2020, our board of directors approved a change in director compensation from shares to cash compensation. For the fiscal year of 2020, the Board of Directors hereby approves of the payment of US$9,000 as the fee for each Director. For the fiscal year of 2021, the Board of Directors hereby approves of the payment of US$9,000 as the fee for each Director. On November 3, 2020, Jianli Deng resigned as a member of our Board of Directors. There was no known disagreement with Mr. Deng on any matter relating to our operations, policies or practices. On November 10, 2020, the Company approved an amendment to the Company’s Articles of Incorporation (the “Amendment”) to increase the total number of authorized shares of our Common Stock from one billion (1,000,000,000) shares to five billion (5,000,000,000) shares. Equity purchase agreement and put share issuances: In connection with the Equity Purchase Agreement (the “Financing Agreement”) signed on July 30, 2020 to sell to Peak One up to $10,000,000 worth of the Company’s common stock over the period ending twenty-four (24) months after the date the Registration Statement, the Company issued two put notices to Peak One for selling 2,735,000 Put Shares at a revised purchase price of $0.015312 per share on September 17, 2020 and another 2,735,000 Put Shares at a revised purchase price of $0.014256 per share on October 7, 2020. On October 8 and October 24, 2020, the Company received $36,175 and $33,503 proceeds for selling these Put shares after deducting clearing and trading costs as well as banker commissions of $5,703 and $5,487, respectively. Peak One may offer up to 21,444,261 shares of common stock to be used for drawdowns and warrant exercises in connection with the July 30, 2020 Equity Purchase Agreement (the “Financing Agreement”). As of October 12, 2020, the 21,444,261 shares of Common Stock registered for resale herein would represent approximately 25.8% of the Company’s public float. Purchases of movie broadcast rights: In October 2020, the company entered into agreements with All In One Media Limited in purchasing broadcast rights for 25 movies and paid $1,408,000 in cash. We obtained the transferable exclusive copyright for these 25 films. The copyright period is permanent. The exclusive rights to grant any kind of media to broadcast and sublicense to broadcast in other regions of the globe (excluding mainland China). The Company had been provided with the following agreed materials and materials after signing the agreements: 1) all films’ digital hard drive sets (all films are final version completed film, technical standards according to our technical review requirements); 2) all films’ instruction manuals, synopsis of the stories, the textbooks, the line-ups, the main creative staff, posters, and the films’ related materials. Subsequent collection of interest receivable: On November 13, 2020, the last payment of $26,240 interest receivable from the $1,047,040 loan to All In One Media Ltd, previously named as Aura Blocks Limited, was deposited into the Company’s bank account. Interest receivable at August 31, 2020 was reduced to zero. Termination of issued warrants: On November 23, 2020, the Company entered into a Termination and Release Agreement with Armada Capital Partners LLC (“Armada”). Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Armada to purchase 4,200 shares of our common stock for a payment of $20,000. AB International agrees to pay to Armada the sum of $20,000 within five business days from the date of execution of the agreement. The parties also entered into a mutual release of claims. On November 30, 2020, the Company entered into a Termination and Release Agreement with Crown Bridge Partners LLC (“Crown Bridge”). Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Crown Bridge to purchase 9,720 shares of our common stock for a payment of $75,000. AB International agrees to pay to Crown Bridge the sum of $75,000 on or before December 2, 2020. The parties also entered into a mutual release of claims. Warrant exercises: As of November 30, 2020, EMA Financial exercised all of its warrant shares. 46,182,266 anti-dilution adjusted warrant shares were exercised to acquire 45,850,861 shares of common stock at $0.00812 per share through cashless exercises. Ceased operation of the display store: The Company closed down the display store due to the COVID-19 impact and uncertainties of the economy in Hong Kong. The lease agreement for the display store, which has the original term of February 23, 2019 to February 22, 2022, was terminated on November 22, 2020.

SUBSEQUENT EVENTS

12 Months Ended

Aug. 31, 2020

NOTE 17 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to August 31, 2020 to the date these financial statements were issued.

Covid-19 impact:

In December 2019, a novel strain of coronavirus (COVID-19) surfaced. The spread of COVID-19 around the world in the first quarter of 2020 has caused significant volatility in the U.S. and international markets. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Company’s financial position, operations and cash flows. It is too early to quantify the impact this situation will have on company revenue and profits at this time. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of supplies used in operations, etc. Accordingly, Management is evaluating the Company’s liquidity position, reduction in revenues, and reviewing the analysis of the Company’s financial performance as the Company seeks to withstand the uncertainty related to the coronavirus. As no large-crowd gathering has been allowed since the outbreak of COVID-19, the Company has not generated any revenue from the Ai Bian Quan Qiu performance matching platform. Consequently, the Company has decided to impair all of the intangible asset carrying value related to the Ai Bian Quan Qiu performance matching platform and its Wechat official account, given that it is uncertain whether this platform will continue generating any revenue.

Subsequent cash receipt for investments:

On September 1, 2020, the Company received the outstanding cash investment from Mingpeng Ou for issuing 3,000,000 shares of common stocks at a price of $0.0205 per share. Therefore, $61,500 due from shareholder at August 31, 2020 was reduced to zero.

Issuance of convertible notes:

On September 1, 2020, we entered into a Securities Purchase Agreement (“JSC SPA”) with Jefferson Street Capital LLC, a New Jersey limited liability company (“Jefferson Street”), pursuant to which we issued and sold to Jefferson Street a convertible promissory note, dated September 1, 2020, in the principal amount of $82,500 (the “Jefferson Street Note”). We received $75,000 after paying fees and expenses.

On September 1, 2020, we entered into a Securities Purchase Agreement (“Firstfire SPA”) with Firstfire Global Opportunities Fund, LLC., a Delaware limited company (“Firstfire”), pursuant to which we issued and sold to the Firstfire a convertible promissory note, dated September 1, 2020 in the principal amount of $75,000(the “Firstfire Note”). We received $71,250 after fees and expenses.

On October 10, 2020, we entered into and closed a Securities Purchase Agreement (“SPA”), dated October 8, 2020, with Power Up Lending Group Ltd., a Virginia corporation (“Purchaser”), pursuant to which we issued and sold to the Purchaser a convertible promissory note, dated October 8, 2020 in the principal amount of $55,000 (the “Note”). We received $47,600 from the investment after the payment of expenses.

On October 20, 2020, we entered into a Securities Purchase Agreement (“EC SPA”), dated October 9, 2020, with East Capital Investment Corp., a New Jersey corporation (“East Capital”), pursuant to which we issued and sold to the East Capital a convertible promissory note, dated October 9, 2020, in the principal amount of $62,700 (the “East Capital Note”). We received $55,000 after paying fees and expenses.

Change in board of directors, authorized common shares, and preferred shares:

On September 11, 2020, we issued a total of 100,000 shares of our newly designated Series A Preferred Stock to Chiyuan Deng in connection with Mr. Deng’s amended employment agreement.

On September 29, 2020, our board of directors approved a change in director compensation from shares to cash compensation. For the fiscal year of 2020, the Board of Directors hereby approves of the payment of US$9,000 as the fee for each Director. For the fiscal year of 2021, the Board of Directors hereby approves of the payment of US$9,000 as the fee for each Director.

On November 3, 2020, Jianli Deng resigned as a member of our Board of Directors. There was no known disagreement with Mr. Deng on any matter relating to our operations, policies or practices.

On November 10, 2020, the Company approved an amendment to the Company’s Articles of Incorporation (the “Amendment”) to increase the total number of authorized shares of our Common Stock from one billion (1,000,000,000) shares to five billion (5,000,000,000) shares.

Equity purchase agreement and put share issuances:

In connection with the Equity Purchase Agreement (the “Financing Agreement”) signed on July 30, 2020 to sell to Peak One up to $10,000,000 worth of the Company’s common stock over the period ending twenty-four (24) months after the date the Registration Statement, the Company issued two put notices to Peak One for selling 2,735,000 Put Shares at a revised purchase price of $0.015312 per share on September 17, 2020 and another 2,735,000 Put Shares at a revised purchase price of $0.014256 per share on October 7, 2020. On October 8 and October 24, 2020, the Company received $36,175 and $33,503 proceeds for selling these Put shares after deducting clearing and trading costs as well as banker commissions of $5,703 and $5,487, respectively.

Peak One may offer up to 21,444,261 shares of common stock to be used for drawdowns and warrant exercises in connection with the July 30, 2020 Equity Purchase Agreement (the “Financing Agreement”). As of October 12, 2020, the 21,444,261 shares of Common Stock registered for resale herein would represent approximately 25.8% of the Company’s public float.

Purchases of movie broadcast rights:

In October 2020, the company entered into agreements with All In One Media Limited in purchasing broadcast rights for 25 movies and paid $1,408,000 in cash. We obtained the transferable exclusive copyright for these 25 films. The copyright period is permanent. The exclusive rights to grant any kind of media to broadcast and sublicense to broadcast in other regions of the globe (excluding mainland China). The Company had been provided with the following agreed materials and materials after signing the agreements: 1) all films’ digital hard drive sets (all films are final version completed film, technical standards according to our technical review requirements); 2) all films’ instruction manuals, synopsis of the stories, the textbooks, the line-ups, the main creative staff, posters, and the films’ related materials.

Subsequent collection of interest receivable:

On November 13, 2020, the last payment of $26,240 interest receivable from the $1,047,040 loan to All In One Media Ltd, previously named as Aura Blocks Limited, was deposited into the Company’s bank account. Interest receivable at August 31, 2020 was reduced to zero.

Termination of issued warrants:

On November 23, 2020, the Company entered into a Termination and Release Agreement with Armada Capital Partners LLC (“Armada”). Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Armada to purchase 4,200 shares of our common stock for a payment of $20,000. AB International agrees to pay to Armada the sum of $20,000 within five business days from the date of execution of the agreement. The parties also entered into a mutual release of claims.

On November 30, 2020, the Company entered into a Termination and Release Agreement with Crown Bridge Partners LLC (“Crown Bridge”). Pursuant to the agreement, the parties agreed to terminate the warrant issued in favor of Crown Bridge to purchase 9,720 shares of our common stock for a payment of $75,000. AB International agrees to pay to Crown Bridge the sum of $75,000 on or before December 2, 2020. The parties also entered into a mutual release of claims.

Warrant exercises:

As of November 30, 2020, EMA Financial exercised all of its warrant shares. 46,182,266 anti-dilution adjusted warrant shares were exercised to acquire 45,850,861 shares of common stock at $0.00812 per share through cashless exercises.

Ceased operation of the display store:

The Company closed down the display store due to the COVID-19 impact and uncertainties of the economy in Hong Kong. The lease agreement for the display store, which has the original term of February 23, 2019 to February 22, 2022, was terminated on November 22, 2020.