NOTE 6 – INTANGIBLE ASSETS

3 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6 – INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

As of November 30, 2021 and August 31, 2021, the balance of intangible assets are as follows;

	November 30, 2021			August 31, 2021
Patent	$	500,000		$	500,000
Movie copyrights - Love over the world		853,333			853,333
Sitcom copyrights - Chujian		640,000			640,000
Movie copyrights - Huafeng		422,400			422,400
Movie copyrights - Our treasures		936,960			936,960
Movie and TV series broadcast rights		2,439,840			2,439,840
Total cost		5,792,533			5,792,533
Less: Accumulated amortization		(2,480,295	)		(1,793,728	)
Intangible asset, net	$	3,312,238		$	3,998,805

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 three months ended November 30, 2021 and November 30, 2020 was $686,567 and $140,726, respectively.

The estimated amortization expense for each of the two succeeding years is as follows. The intangible assets as of November 30, 2021 will be fully amortized in the fiscal year of 2023.

Year ending November 30,	Amortization expense
2022	$	2,580,541
2023	$	731,697