NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS

12 Months Ended

Aug. 31, 2022

Accounting Policies [Abstract]

NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS

NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS

The balance of purchase deposits for intangible assets which relates to the acquisition of copyrights and broadcast rights for movies and TV drama was as follows:

	August 31, 2022		August 31, 2021
Purchase deposit for movie – On the way	$	—	$	256,000
Purchase deposit for movie – Confusion		—		505,600
Purchase deposit for 25-episode TV drama		525,000		—
Purchase deposit for five movies		356,724		—
Total purchase deposits for intangible assets	$	881,724	$	761,600

• In November 2019, the Company acquired the broadcast right of “On the Way” from All In One Media Ltd for online streaming at a price of $256,000.  The Company recognized the balance as intangible asset in March 2022 when the movie is available for online broadcasting. The Company sold the mainland China copyright and broadcast right of this movie in May 2022 (See Note 6).     

• In November 2019, the Company acquired the broadcast right of “Confusion” from All In One Media Ltd for online streaming at a price of $115,200. This broadcast right only allows online streaming outside mainland China. In July 2021, the Company acquired the full movie copyright for both mainland China and overseas with additional cost of $908,800 and the total price is $1,024,000. As of August 31, 2021, $505,600 was paid by the Company. The Company paid the remaining balance and recognized copyright as intangible asset in March 2022 when the movie is available for online broadcasting.

• In March 2022, the Company signed a purchase agreement with Anyone Pictures Limited to acquire the copyright to broadcast a 25-episode TV drama series outside of mainland China at a price of $5253,000. The fill episode is expected to deliver to the Company by the end of December 2022.

• In March 2022, the Company signed a purchase agreement with All In One Media Ltd to acquire the copyrights and broadcast right for five movies at a price of $1,500,000. These copyrights and broadcast rights allow the Company to broadcast these movies outside the mainland China. As of August 31, 2022, the Company made total payments of $356,724.

AB INTERNATIONAL GROUP CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS