NOTE 7 – LEASES

3 Months Ended

Nov. 30, 2023

Leases [Abstract]

NOTE 7 – LEASES

NOTE 7 – LEASES

In September 2023, the Company entered into a one month lease with a third party for an office space in Hong Kong, incurring a monthly rent of $766. The lease was ceased as of November 30, 2023.

On October 21, 2021, the Company signed a lease agreement to lease “the Mt. Kisco Theatre”, a movie theater, for five years plus the free rent period which commences four months from the lease commencement date. The theatre consists of approximately 8,375 square feet, and the total monthly rent is $14,366 for the first two years, and $20,648 for the third year including real estate related taxes and landlord’s insurance. 

Total lease expense for the three months ended November 30, 2023 and 2022 was $52,449 and $68,771, respectively. All leases are on a fixed payment basis. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following is a schedule of maturities of lease liabilities:

Twelve months ending November 30,
2024	$	235,208
2025		251,748
2026		256,642
2027		42,910
Total future minimum lease payments		786,508
Less: imputed interest		(8,614	)
Total	$	777,894

AB INTERNATIONAL GROUP CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)