COMMITMENTS AND CONTINGENCIES

9 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Operating lease 

As of May 31, 2021, the Company leases office premises in Hong Kong, an office in New York city, and an office in Singapore under non-cancelable operating lease agreements with an option to renew these leases. On November 22, 2020, the Company closed down a display store and terminated its lease, which has an original term from February 23, 2019 to February 22, 2022, as a result of the COVID-19 impact and uncertainties of the economy in Hong Kong. The cash lease expense for the nine months ended May 31, 2021 and May 31, 2020 was $69,905 and $36,557, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals. The Company had lease commitment of $72,487 as of May 31, 2021, of which $72,487 is within one year.

In accordance with ASC 250-10-45-14, the adoption of ASC 842 lease accounting standard has resulted in $71,665 lease expenses for the nine months ended May 31, 2021, including both cash and non-cash lease expenses.

As of May 31,	Commitments
2021	$	72,487
Total Lease Payments	$	72,487
Less: imputed interest	$	(1,125)
Present value of lease liabilities	$	71,362
Current portion of obligations under operating leases	$	71,362
Obligations under operating leases, non-current	$	0