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NOTE 14 – SUBSEQUENT EVENTS
9 Months Ended
May 31, 2023
Subsequent Events [Abstract]  
NOTE 14 – SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS  

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to the date these financial statements were issued.

 

Software Development Service Agreement

 

On June 8, 2023, the Company signed a software development service agreement a third-party vendor, entrusting the vendor to develop a multimodal AI assistant for the film and television industry. This AI assistant consists of a website and an APP, which are designed to create a digital toll powered by AI that aims to digitize and improve the efficiency and quality of film production. According to the agreement, the vendor shall complete the development within 15 months. The total development fee is $1.5 million. As of the reporting date, the Company has paid $300,000 in accordance with the terms of the agreement.

 

Reverse Stock split

 

On June 12, 2023, the Board of Directors approved a reverse split for the Corporation’s issued and outstanding common stock, which has a par value $0.001 per share. The reserve split ratio has been determined at 1 for 10,000. The effectiveness of this reverse split is contingent upon receiving approval from the Financial Industry Regulatory Authorization (FINRA).