INTANGIBLE ASSETS

9 Months Ended

May 31, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

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

	May 31, 2021			August 31, 2020
Patent	$	500,000		$	500,000
Movie copyrights		1,612,809			—
Movie and TV series broadcast rights		2,439,840			—
Total cost		4,552,649			500,000
Accumulated amortization		(1,178,001	)		(325,000)
Intangible assets, net	$	3,374,648		$	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) movie copyrights for the movie “Ai Bian Quan Qiu” and “Kaishieryi”, and 3) broadcast rights for fifty-nine movie and TV series. The amortization expense for nine months ended May 31, 2021 and May 31, 2020 was $853,001 and $88,731, respectively.

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

Periods ending May 31,	Amortization expense
2022	$	2,126,324
2023	$	1,248,324