INTANGIBLE ASSETS

6 Months Ended

Feb. 28, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

As of February 28, 2021 and August 31, 2020, the balance of intangible assets are as follows;

	February 28, 2021			August 31, 2020
Patent	$	500,000		$	500,000
Movie copyrights		853,333			—
Movie and TV series broadcast rights		2,022,400			—
Total cost		3,375,733			500,000
Accumulated amortization		(749,207	)		(325,000)
Intangible assets, net	$	2,626,526		$	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) a movie copyright for the movie “Ai Bian Quan Qiu”, and 3) broadcast rights for fourty-five movie and TV series. The amortization expense for six months ended February 28, 2021 and February 29, 2020 was $424,207 and $61,899, respectively.

The estimated amortization expense for each of the two succeeding years is as follows. The intangible assets as of February 28, 2021 will be fully amortized in the fiscal year of 2023.

Periods ending February 28,	Amortization expense
2022	$	1,537,867
2023	$	1,088,660