NOTE 6 – INTANGIBLE ASSETS

12 Months Ended

Aug. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6 – INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

As of August 31, 2021 and August 31, 2020, the balance of intangible assets are as follows;

	August 31,			August 31,
	2021		2020
Patent	$	500,000	$	500,000
Movie copyrights - Love over the world		853,333		-
Sitcom copyrights - Chujian		640,000		-
Movie copyrights - Huafeng		422,400		-
Movie copyrights - Our treasures		936,960		-
Movie and TV series broadcast rights		2,439,840		-
Total cost		5,792,533		500,000
Less: Accumulated amortization		(1,793,728)		(325,000)
Intangible asset, net	$	3,998,805	$	175,000

Intangible assets include 1) a patent obtained from Guangzhou Shengshituhua Film and Television Company Limited as a worldwide license to a video synthesis and release system for mobile communications equipment, 2) copyrights for the movie “Love over the world”, “Huafeng”, “Our treasures” and the sitcom “Chujian”, and 3) broadcast rights for fifty nine movie and TV series. The amortization expense for years ended August 31, 2021 and August 31, 2020 was $1,468,728 and $113,731, respectively.

The estimated amortization expense for each of the three succeeding years is as follows. The intangible assets as of August 31, 2021 will be fully amortized in the fiscal year of 2023.

Year ending August 31,	Amortization expense
2022	$	2,721,267
2023	$	1,277,538