NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS

3 Months Ended

Nov. 30, 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:

	November 30, 2022		August 31, 2022
Purchase deposit for 25-episode TV drama	$	525,000	$	525,000
Purchase deposit for movies		—		356,724
Total purchase deposits for intangible assets	$	525,000	$	881,724

• 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 $525,000. The full episode  is expected to be delivered to the Company at the end of March 2023.

• 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.  The balance was transferred to intangible asset on November 30, 2022 upon receiving the copyrights.  (See Note 6)

AB INTERNATIONAL GROUP CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)