NOTE 16 – COMMITMENTS AND CONTINGENCIES

12 Months Ended

Aug. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

NOTE 16 – COMMITMENTS AND CONTINGENCIES

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Operating lease 

As of August 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 years ended August 31, 2021 and August 31, 2020 was $92,981 and $79,488, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals. The Company had lease commitment of $48,822 as of August 31, 2021, of which $48,822 is within one year.

In accordance with ASC 250-10-45-14, the adoption of ASC 842 lease accounting standard has resulted in $94,570 lease expenses for the year ended August 31, 2021, including both cash and non-cash lease expenses.

As of August 31,	Commitments
2021	$	48,822
Total Lease Payments	$	48,822
Less: imputed interest	$	(596)
Present value of lease liabilities	$	48,226
Current portion of obligations under operating leases	$	48,226
Obligations under operating leases, non-current	$	0