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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
|
☒ |
Quarterly Report pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
|
|
For the quarterly
period ended November 30, 2023
|
☐ |
Transition Report pursuant to 13 or
15(d) of the Securities Exchange Act of 1934
|
|
For the transition
period from __________ to__________
|
|
Commission
File Number: 000-55979 |
AB International
Group Corp.
(Exact name of registrant
as specified in its charter)
Nevada |
37-1740351 |
(State or other
jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.) |
144 Main Street,
Mt. Kisco, NY
10549 |
(Address of principal
executive offices)
|
(914)
202-3108 |
(Registrant’s
telephone number) |
_______________________________________________________ |
(Former
name, former address and former fiscal year, if changed since last report) |
Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
[X] Yes [ ] No
Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such fi les). [X] Yes [ ] No
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☐ Large accelerated
filer |
☐ Accelerated
filer |
☒ Non-accelerated
Filer |
☒
Smaller reporting company |
|
☐ Emerging
growth company |
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[ ] Yes [X] No
State
the number of shares outstanding for each of the issuer’s classes of common stock, as of the latest practicable date: 2,567,226,432
common shares as of January 11, 2024.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Our unaudited consolidated
financial statements included in this Form 10-Q are as follows:
F-1 |
Consolidated Balance
Sheets as of November 30, 2023 and August 31, 2023 (unaudited); |
F-2 |
Consolidated Statements of Operations
for the three months ended November 30, 2023 and 2022 (unaudited); |
F-3 |
Consolidated Statements of Changes in
Stockholders’ Equity for the three months ended November 30, 2023 and 2022 (unaudited); |
F-4 |
Consolidated Statements of Cash Flows
for the three months ended November 30, 2023 and 2022 (unaudited); and |
F-5 |
Notes to Consolidated Financial Statements
(unaudited) |
AB
INTERNATIONAL GROUP CORP.
Consolidated
Balance Sheets
(Unaudited)
| |
November 30, | |
August 31, |
| |
2023 | |
2023 |
| |
| |
|
ASSETS | |
| | | |
| | |
Current
Assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 261,087 | | |
$ | 117,096 | |
Accounts
receivable | |
| 57,000 | | |
| — | |
Total
Current Assets | |
| 318,087 | | |
| 117,096 | |
| |
| | | |
| | |
Property and
equipment, net | |
| 7,146 | | |
| 8,254 | |
Right of use
operating lease assets, net | |
| 646,034 | | |
| 696,380 | |
Intangible
assets, net | |
| 1,639,090 | | |
| 1,455,110 | |
Purchase deposits
for intangible assets, non-current | |
| — | | |
| 300,000 | |
Security
deposit | |
| 46,006 | | |
| 45,240 | |
TOTAL
ASSETS | |
$ | 2,656,363 | | |
$ | 2,622,080 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accounts
payable and accrued liabilities | |
$ | 335,348 | | |
$ | 156,763 | |
Accounts
payable and accrued liabilities - related party | |
| 6,388 | | |
| 6,388 | |
Loan
from related parties | |
| 543,266 | | |
| 748,285 | |
Current
portion of obligations under operating leases | |
| 230,712 | | |
| 211,507 | |
Total
Current Liabilities | |
| 1,115,714 | | |
| 1,122,943 | |
| |
| | | |
| | |
Obligations
under operating leases, non-current | |
| 547,182 | | |
| 608,149 | |
Total
Liabilities | |
| 1,662,896 | | |
| 1,731,092 | |
| |
| | | |
| | |
Stockholders’
Equity | |
| | | |
| | |
Preferred stock, $0.001 par
value, 10,000,000 preferred shares authorized; | |
| | | |
| | |
Series A preferred
stock, 100,000 and 100,000 shares issued and outstanding, as of November 30, 2023 and August 31, 2023, respectively | |
| 100 | | |
| 100 | |
Series B preferred
stock, 20,000 and 20,000 shares issued and outstanding, as of November 30, 2023 and August 31, 2023, respectively | |
| 20 | | |
| 20 | |
Series C preferred
stock, 0 and 174,421 shares issued and outstanding, as of November 30, 2023 and August 31, 2023, respectively | |
| — | | |
| 175 | |
Series D preferred
stock, 0 and 0 shares issued and outstanding, as of November 30, 2023 and August 31, 2023, respectively | |
| — | | |
| — | |
Common stock, $0.001 par
value, 10,000,000,000 shares authorized; 2,566,965,321 and 1,285,283,385 shares issued and outstanding, as of November
30, 2023 and August 31, 2023, respectively | |
| 2,566,965 | | |
| 1,285,283 | |
Additional
paid-in capital | |
| 10,770,780 | | |
| 11,993,408 | |
Accumulated
deficit | |
| (12,344,398 | ) | |
| (12,387,998 | ) |
Total
Stockholders’ Equity | |
| 993,467 | | |
| 890,988 | |
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 2,656,363 | | |
$ | 2,622,080 | |
The
accompanying notes are an integral part of these financial statements.
AB INTERNATIONAL GROUP
CORP.
Consolidated Statements
of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
Three months
ended |
| |
November 30, |
| |
2023 | |
2022 |
| |
| |
|
REVENUE | |
| | | |
| | |
Copyrights and license | |
$ | 714,288 | | |
$ | 180,000 | |
Theatre admissions
and food and beverage sales | |
| 87,459 | | |
| 56,812 | |
Total revenue | |
| 801,747 | | |
| 236,812 | |
| |
| | | |
| | |
OPERATING COSTS AND EXPENSES | |
| | | |
| | |
Amortization expenses | |
| (511,809 | ) | |
| (923,499 | ) |
Theatre operating costs | |
| (41,355 | ) | |
| (22,404 | ) |
General and administrative expenses | |
| (261,692 | ) | |
| (424,513 | ) |
Related party
salary and wages | |
| (15,049 | ) | |
| (70,500 | ) |
Total
Operating Costs And Expenses | |
| (829,905 | ) | |
| (1,440,916 | ) |
| |
| | | |
| | |
Loss
From Operations | |
| (28,158 | ) | |
| (1,204,104 | ) |
| |
| | | |
| | |
OTHER INCOME | |
| | | |
| | |
Interest income | |
| 637 | | |
| 79 | |
Interest expense – related
party | |
| (13,879 | ) | |
| — | |
Other income | |
| 85,000 | | |
| — | |
Total
Other Income | |
| 71,758 | | |
| 79 | |
| |
| | | |
| | |
| |
| | | |
| | |
Income tax
provision | |
| — | | |
| — | |
NET
INCOME (LOSS) | |
$ | 43,600 | | |
$ | (1,204,025 | ) |
Preferred shares dividend expense | |
| — | | |
| (5,765 | ) |
| |
| | | |
| | |
NET
INCOME (LOSS) AVAILABLE TO COMMON STOCK HOLDERS | |
$ | 43,600 | | |
$ | (1,209,790 | ) |
| |
| | | |
| | |
NET
INCOME (LOSS) PER SHARE: BASIC | |
$ | 0.00 | | |
$ | (0.00 | ) |
NET
INCOME (LOSS) PER SHARE: DILUTED | |
$ | 0.00 | | |
$ | (0.00 | ) |
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING: BASIC | |
| 1,988,356,325 | | |
| 481,889,485 | |
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING: DILUTED | |
| 2,008,456,325 | | |
| 481,889,485 | |
The
accompanying notes are an integral part of these financial statements.
AB INTERNATIONAL GROUP
CORP.
Consolidated
Statements of Changes in Stockholders' Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common
Stock | |
Preferred
Stock | |
| |
| |
| |
|
| |
Number
of Shares | |
Amount | |
Number
of Shares | |
Amount | |
Additional
Paid-in Capital | |
Accumulated
Deficit | |
Unearned
Compensation | |
Total
Equity |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - August 31, 2022 | |
| 384,512,583 | | |
$ | 384,512 | | |
| 455,850 | | |
$ | 456 | | |
$ | 12,636,838 | | |
$ | (8,789,901 | ) | |
$ | (209,957 | ) | |
$ | 4,021,948 | |
Issuance
of common shares | |
| 200,000,000 | | |
| 200,000 | | |
| — | | |
| — | | |
| (53,525 | ) | |
| — | | |
| — | | |
| 146,475 | |
Preferred shares series C issuance | |
| — | | |
| — | | |
| 90,275 | | |
| 90 | | |
| 68,910 | | |
| — | | |
| — | | |
| 69,000 | |
Preferred shares series C converted into common shares | |
| 75,037,786 | | |
| 75,038 | | |
| (96,075 | ) | |
| (96 | ) | |
| (74,942 | ) | |
| — | | |
| — | | |
| — | |
Dividend in connection with Preferred shares series C | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,764 | | |
| — | | |
| — | | |
| 5,764 | |
Common shares issued to officers for services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 82,800 | | |
| 82,800 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,209,790 | ) | |
| — | | |
| (1,209,790 | ) |
Balance - November 30, 2022 | |
| 659,550,369 | | |
$ | 659,550 | | |
| 450,050 | | |
$ | 450 | | |
$ | 12,583,045 | | |
$ | (9,999,691 | ) | |
$ | (127,157 | ) | |
$ | 3,116,197 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- August 31, 2023 | |
| 1,285,283,385 | | |
$ | 1,285,283 | | |
| 294,421 | | |
$ | 295 | | |
$ | 11,993,408 | | |
$ | (12,387,998 | ) | |
$ | — | | |
$ | 890,988 | |
Issuance
of restricted common shares to officer for service | |
| 225,000,000 | | |
| 225,000 | | |
| — | | |
| — | | |
| (180,000 | ) | |
| — | | |
| — | | |
| 45,000 | |
Preferred
shares series C converted into common shares | |
| 1,056,681,936 | | |
| 1,056,682 | | |
| (174,421 | ) | |
| (175 | ) | |
| (1,056,507 | ) | |
| — | | |
| — | | |
| — | |
Imputed
Interest | |
| — | | |
| — | | |
| — | | |
| — | | |
| 13,879 | | |
| — | | |
| — | | |
| 13,879 | |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 43,600 | | |
| — | | |
| 43,600 | |
Balance
– November 30, 2023 | |
| 2,566,965,321 | | |
$ | 2,566,965 | | |
| 120,000 | | |
$ | 120 | | |
$ | 10,770,780 | | |
$ | (12,344,398 | ) | |
$ | — | | |
$ | 993,467 | |
The accompanying
notes are an integral part of these financial statements.
AB INTERNATIONAL
GROUP CORP.
Consolidated
Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
Three
Months Ended |
| |
November
30, |
| |
2023 | |
2022 |
| |
| |
|
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
income (loss) | |
$ | 43,600 | | |
$ | (1,209,790 | ) |
Adjustments
to reconcile net income (loss) to net cash generated from (used in) operating activities: | |
| | | |
| | |
Executive
salaries and consulting fees paid in stock | |
| — | | |
| 82,800 | |
Depreciation
of fixed asset | |
| 1,108 | | |
| 1,116 | |
Amortization
of intangible asset | |
| 511,809 | | |
| 923,499 | |
Gain
from sales of software in progress | |
| (85,000 | ) | |
| | |
Imputed
interest on officer loan | |
| 13,879 | | |
| — | |
Non-cash
dividend expense for preferred shares | |
| — | | |
| 5,764 | |
Non-cash
lease expense | |
| 8,584 | | |
| 8,584 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (57,000 | ) | |
| (60,000 | ) |
Prepaid
expenses | |
| — | | |
| 3,555 | |
Rent
security & electricity deposit | |
| (766 | ) | |
| — | |
Purchase
of movie and TV series broadcast right and copyright | |
| (695,789 | ) | |
| (243,276 | ) |
Accounts
payable and accrued liabilities | |
| 223,585 | | |
| 270,733 | |
Accounts
payable and accrued liabilities – related party | |
| — | | |
| (5,127 | ) |
Deferred
revenue | |
| — | | |
| — | |
Net
cash used in operating activities | |
| (35,990 | ) | |
| (222,142 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Loan
from related parties | |
| 179,981 | | |
| 1,184 | |
Proceeds
from common stock issuances | |
| — | | |
| 87,975 | |
Proceeds
from preferred share C issuances | |
| — | | |
| 69,000 | |
Net
cash provided by financing activities | |
| 179,981 | | |
| 158,159 | |
| |
| | | |
| | |
Net
increase (decrease) in cash and cash equivalents | |
| 143,991 | | |
| (63,983 | ) |
Cash
and cash equivalents – beginning of period | |
| 117,096 | | |
| 84,223 | |
Cash
and cash equivalents – end of period | |
$ | 261,087 | | |
$ | 20,240 | |
| |
| | | |
| | |
Supplemental
Cash Flow Disclosures | |
| | | |
| | |
Cash
paid for interest | |
$ | — | | |
$ | — | |
Cash
paid for income taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Non-Cash
Investing and Financing Activities: | |
| | | |
| | |
Settlement
of accrued CEO salaries with common stock | |
$ | 45,000 | | |
$ | — | |
Net
off purchase deposit with loan from related parties for sales of software | |
$ | 300,000 | | |
| — | |
Transfer
from purchase deposit to intangible assets | |
$ | — | | |
$ | 356,724 | |
Subscription
receivable for common stock issuance | |
$ | — | | |
$ | 58,500 | |
The accompanying
notes are an integral part of these consolidated financial statements.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 – BASIS OF PRESENTATION
The accompanying unaudited
consolidated financial statements of AB International Group Corp. (the “Company”) have been prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to
Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. Certain information and footnote disclosures normally
included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet
as of August 31, 2023 derived from the audited consolidated financial statements at that date, but does not include all the information
and footnotes required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended August 31, 2023.
The unaudited consolidated
financial statements as of and for the three months ended November 30, 2023 and 2022, in the opinion of management, include all adjustments,
consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results
of operations and cash flows. The results of operations for the three months ended November 30, 2023 and 2022 are not necessarily indicative
of the results to be expected for any other interim period or for the entire year.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of Consolidation
The financial
statements have been prepared on a consolidated basis, with the Company’s wholly owned subsidiary App Board Limited and AB Cinemas
NY, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Cash
and Cash Equivalents
The Company
considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Accounts
receivable
Accounts receivable is presented at invoiced
amount net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The
Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer’s payment history, its current credit-worthiness and current economic trends. Accounts are written
off after efforts at collection prove unsuccessful. No allowance was recorded for the three months ended November 30, 2023 and 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign
Currency Transactions
The
financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company
does not use derivative instruments to reduce its exposure to foreign currency risk. Gains and losses from translation of foreign currency
into U.S. dollars are included in current results of operations.
Prepayments
Prepayments
primarily consist of payments made to acquire the copyrights and distribution rights of movies, TV
shows and music, etc. Prepayments are classified as either current or non-current
based on the nature and the terms of the respective agreements. These prepayments are unsecured and are reviewed periodically to determine
whether their carrying value has become impaired. The allowance is also based on management’s best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized
may differ from management’s estimate of credit worthiness and the economic environment. Prepayments are written off against the
allowances only after exhaustive collection efforts. No allowance was recorded for the three months ended November 30, 2023 and
2022.
Property
and Equipment, net
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Leasehold improvement is related to the enhancements
paid by the Company to leased offices. Leasehold improvement represents capital expenditures for direct costs of renovation or acquisition
and design fees incurred. The amortization of leasehold improvements commences once the renovation is completed and ready for the Company’s
intended use.
The
straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:
|
|
Estimated
Useful Life |
Furniture |
|
7 years |
Appliances |
|
5 years |
Leasehold
improvement |
|
Lesser
of useful life and lease term |
Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments that substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of operations in other income or expenses.
Intangible
Assets
Intangible
assets are recorded at the lower of cost or estimated fair value and amortized as follows:
|
• |
Movie
copyrights and broadcast rights: straight-line method over the estimated life of the asset, which has been determined by
management to be 2 years |
|
• |
NFT MMM platform:
straight-line method over the estimated life of the asset, which has been determined by management to be 2 years |
Amortized
costs of the intangible asset are recorded as amortization expenses in the consolidated statements of operations.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Lease
property under operating lease
The
Company adopted ASU No. 2016-02—Leases (Topic 842) since June 1, 2019, using a modified retrospective transition method permitted
under ASU No. 2018-11. This transition approach provides a method for recording existing leases only at the date of adoption and does
not require previously reported balances to be adjusted. In addition, the Company elected the package of practical expedients permitted
under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification.
Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities on the consolidated balance sheets.
The standard did not materially impact the Company’s consolidated net earnings and cash flows.
Impairment
of Long-lived asset
The
Company evaluates its long-lived assets or asset group, including intangible assets with indefinite and finite lives, for impairment.
Intangible assets with indefinite lives that are not subject to amortization are tested for impairment at least annually or more frequently
if events or changes in circumstances indicate that the assets might be impaired in accordance with ASC 350. Such impairment test compares
the fair values of assets with their carrying values with an impairment loss recognized when the carrying values exceed fair values.
For long-lived assets and intangible assets with finite lives that are subject to depreciation and amortization are tested for impairment
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use
of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events
occur, the Company evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected
to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than
the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset
group over its fair value. Impairment losses are included in the general and administrative expense. There was no impairment loss during
the three months ended November 30, 2023 and 2022, respectively.
Revenue
Recognition
The Company adopted ASC
Topic 606, “Revenue from Contracts with Customers”, using the modified retrospective approach. ASC 606 establishes principles
for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange
for those goods or services recognized as performance obligations are satisfied.
To determine revenue recognition
for contracts with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that
it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance
obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.
The Company derives its revenues primarily from four
sources: (1) selling copyrights of movies or TV shows; (2) licensing NFT MMM platform and providing technical service; (3) movie theater
admissions and food and beverage sales; (4) embedded marketing service.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Revenue
from selling copyrights of movies or TV shows:
The Company recognizes
revenue when master copy of movie or TV show is delivered, the IP is authorized and transferred to customers. The Company’s contracts
with customer are primarily on a fixed-price basis and do not contain cancelable and refund-type provisions.
Revenue
from licensing NFT MMM platform and providing technical service fee:
The Company derives revenue from NFTMM platform license
fees, which includes accessing the NFTMM platform and platform data on both app and website. In accordance with ASC 606, a 'right to access'
license is recognized over the license period. Initial technical service fee comprises of installation, implementation and necessary training
required by the customer. These services fees are recognized as the services are delivered at a point in time.
Revenue from
movie theater admissions and food and beverage sales:
The Company
recognizes admissions and food and beverage revenues based on a gross transaction price which are recorded at a point in time when a
film is exhibited to a customer and when a customer takes possession of food and beverage offerings. The Company defers 100% of
the revenue associated with the sales of gift cards and exchange tickets until such time as the items are redeemed or estimated income
from non-redemption is recorded.
Revenue from embedded marketing service:
The Company derives revenue from providing the services
of embedded marketing through adding advertisement into movies and TV series. The Company recognizes revenue when the advertisement is
added to the movies and TV series.
Contract Assets and
Liabilities
Payment terms are established
on the Company’s pre-established credit requirements based upon an evaluation of customers’ credit quality. Contact assets
are recognized for in related accounts receivable. Contract liabilities are recognized for contracts where payment has been received
in advance of delivery. The contract liability balance can vary significantly depending on the timing of when an order is placed and
when shipment or delivery occurs.
As of November 30, 2023 and August 31, 2023, other
than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its
consolidated balance sheets.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Disaggregation of revenue
The Company disaggregates
its revenue from contracts by revenue streams, as the Company believes it best depicts how the nature, amount, timing and uncertainty
of the revenue and cash flows are affected by economic factors.
The following table presents
sales by revenue streams for the three months ended November 30, 2023 and 2022, respectively:
| |
November 30, 2023 | |
November 30, 2022 |
Copyrights sales | |
$ | 531,800 | | |
$ | — | |
Embedded marketing service | |
| 125,488 | | |
| — | |
NFT licenses | |
| 57,000 | | |
| 180,000 | |
Theatre admissions | |
| 57,824 | | |
| 36,162 | |
Food and beverage sales | |
| 29,635 | | |
| 20,650 | |
Total revenue | |
$ | 801,747 | | |
$ | 236,812 | |
Fair
Value of Financial Instruments
ASC 820,
“Fair Value Measurements” (ASC 820) and ASC 825, “Financial Instruments” (ASC 825), requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy
based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s
categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
It prioritizes the inputs into three levels that may be used to measure fair value:
Level
1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level
2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset
or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities
in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant
inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level
3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant
to the measurement of the fair value of the assets or liabilities.
ASC 820
describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and
(3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical
or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value
amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach
is based on the amount that would currently be required to replace an asset.
The carrying
values of cash, accounts payable, and accrued liabilities approximate fair value due to their short-term nature. The fair values of warrant
liabilities and derivative liabilities embedded in convertible notes are determined by level 3 inputs.
No liabilities measured
at fair value on a recurring basis as of November 30, 2023 and August 31, 2023.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Basic
and Diluted Earnings (Loss) Per Share
The Company computes earnings
per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires
companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the
weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. As of November 30, 2023, the total number of warrants outstanding
was 50,000,000 (See Note 10). No warrants were included in the diluted earnings per share as they would be anti-dilutive. The Series
A and B preferred stocks were included in the diluted earnings per share as they would be dilutive.
Reclassification
Certain
prior period amounts have been reclassified to conform to the current period presentation.
Warrants
Warrants
are classified as equity and the proceeds from issuing warrants in conjunction with convertible notes are allocated based on the relative
fair values of the base instrument of convertible notes and the warrants by following the guidance of ASC 470-20-25-2.
Proceeds
from the sale of a debt instrument with stock purchase warrants (detachable call options) shall be allocated to the two elements based
on the relative fair values of the debt instrument without the warrants and of the warrants themselves at time of issuance. The portion
of the proceeds so allocated to the warrants shall be accounted for as paid-in capital. The remainder of the proceeds shall be allocated
to the debt instrument portion of the transaction. This usually results in a discount (or, occasionally, a reduced premium), which shall
be accounted for as interest expense under Topic 835 Interest.
Income
Taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Income taxes are accounted for
using the asset and liability approach. Under this approach, income tax expense is recognized for the amount of taxes payable or refundable
for the current year. Deferred income taxes assets and liabilities are recognized when temporary differences exist between the tax bases
of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated
statement of operations in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.
The
Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines
whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and
(2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax
benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Share-Based
Compensation
The
Company follows the provisions of ASC 718, “Compensation - Stock Compensation,” which establishes the accounting for employee
share-based awards. For employee share-based awards, share-based compensation cost is measured at the grant date based on the fair value
of the award and is recognized as expense with graded vesting on a straight-line basis over the requisite service period for the entire
award.
Recent
Accounting Pronouncements
In October 2021, the FASB
issued ASU No. 2021-08, “‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from
Contracts with Customers” (“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract
assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing
consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts
with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023,
and are applied prospectively to business combinations that occur after the effective date. The Company does not expect the adoption
of ASU 2021-04 to have a material effect on the consolidated financial statements.
In June 2022, the FASB
issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual
restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. The Company does not expect the adoption to have a material impact on the consolidated
financial statements.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated balance sheets, statements of operations and statements of cash flows.
NOTE
3 – GOING CONCERN
The accompanying
consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the
realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.
As of November 30, 2023, the Company had an accumulated
deficit of approximately $12.3 million and a working capital deficit of approximately $0.8 million. For the three months ended November
30, 2023, the net cash used in operating activities was approximately $36,000. The continuation of the Company as a going concern
is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders
will provide the additional cash to meet the Company’s obligations as they become due. However, there is no assurance that the Company
will be successful in securing sufficient funds to sustain the operations.
These
factors, among others, raise the substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated
financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of
assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes
that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the
Company to continue as a going concern.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
4 – ACCOUNTS RECEIVABLE
Accounts
receivable is cash not yet collected from the third party for the revenue generated from NFT MMM platform. As of November 30, 2023, the
accounts receivable balance was $57,000. The amount was subsequently received in December 2023.
NOTE
5 – PROPERTY AND EQUIPMENT
The Company
capitalized the renovation cost as leasehold improvement and the cost of furniture and appliances as fixed asset. Leasehold improvement
relates to renovation and upgrade of the leased office.
The depreciation expense
was $1,108 and $1,116 for the three months ended November 30, 2023 and 2022, respectively.
As of November 30, 2023
and August 31, 2023, the balance of property and equipment was as follows:
| |
November 30, 2023 | |
August 31, 2023 |
Leasehold improvement | |
$ | 146,304 | | |
$ | 146,304 | |
Appliances and furniture | |
| 25,974 | | |
| 25,974 | |
Total cost | |
| 172,278 | | |
| 172,278 | |
Accumulated depreciation | |
| (165,132 | ) | |
| (164,024 | ) |
Property and equipment, net | |
$ | 7,146 | | |
$ | 8,254 | |
NOTE
6 – INTANGIBLE ASSETS
As of November 30, 2023
and August 31, 2023, the balance of intangible assets was as follows:
| |
November 30, 2023 | |
August 31, 2023 |
Movie copyrights - Love over the world | |
$ | 853,333 | | |
$ | 853,333 | |
Sitcom copyrights - Chujian | |
| 640,000 | | |
| 640,000 | |
Movie copyrights - A story as a picture | |
| 422,400 | | |
| 422,400 | |
Movie copyrights - Our treasures | |
| 936,960 | | |
| 936,960 | |
Movie broadcast right- On the way | |
| 256,000 | | |
| 256,000 | |
Movie copyrights - Too simple | |
| 1,271,265 | | |
| 1,271,265 | |
Movie copyrights - Confusion | |
| 1,024,000 | | |
| 1,024,000 | |
Movie copyrights - Amazing Data | |
| 300,000 | | |
| 300,000 | |
Movie copyrights - Nice to meet you | |
| 300,000 | | |
| 300,000 | |
Movie copyrights 6 – movies | |
| 695,789 | | |
| — | |
TV drama copyright - 20 episodes | |
| 295,000 | | |
| 295,000 | |
Movie broadcast rights 59 – movies | |
| 2,439,840 | | |
| 2,439,840 | |
NFT MMM platform | |
| 280,000 | | |
| 280,000 | |
Total cost | |
| 9,714,587 | | |
| 9,018,798 | |
Accumulated amortization | |
| (8,075,497 | ) | |
| (7,563,688 | ) |
Intangible assets, net | |
$ | 1,639,090 | | |
$ | 1,455,110 | |
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
6 – INTANGIBLE ASSETS (continued)
The amortization expense
for the three months ended November 30, 2023 and 2022 was $511,809 and $923,499, respectively. Estimated future amortization expense
is as follows:
Twelve
months ending November 30, |
|
Amortization
expense |
2024 |
|
|
$ |
1,332,847 |
|
2025 |
|
|
|
306,243 |
|
Total |
|
|
$ |
1,639,090 |
|
In March
2022, the Company signed a purchase agreement with All In One Media Ltd to acquire the copyrights and broadcast rights 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. On November 29, 2022, both parties entered into an amended agreement to deliver the copyrights and broadcast rights of two movies
(Amazing data and Nice to meet you) to the Company on November 30, 2022 for a total price of $600,000. As of August 31, 2022, $356,724
was paid and recorded as purchase deposit for intangible asset. On November 30, 2022, the company received the copies of two movies.
The purchase deposit of $356,724 was transferred to intangible assets and the unpaid balance of $243,276 was recorded as accounts payable
and was paid in December 2022. Per amended agreement, the remaining three movies will be delivered upon receiving the payment of minimum
$300,000 per movie from the Company before December 31, 2022. The agreement was terminated on December 31, 2022 due to the fact that
the Company did not make the payments for the remaining movies.
In March 2022, the Company
signed a purchase agreement with Anyone Pictures Limited to acquire the copyright for broadcasting a 25-episode TV drama series outside
of mainland China, at a price of $525,000. Five standalone episodes were delivered in December 2022. On February 21, 2023, both parties
entered into a supplementary agreement to determine the delivery of the remaining 20 standalone episodes. As a result, Anyone Pictures
Limited agreed to refund $420,000 to the Company and the Company had received the full amount as of August 31, 2023.
On August 6, 2022, the Company licensed NFT MMM platform
to a third party to allow the access of NFT MMM platform and platform data on both app and website for one year starting from August
20, 2022 for a monthly license fee of $60,000.
Subsequent to the license renewal on November 1, 2023, the Company would continue licensing the NFT MMM platform to the same third party
from November 1, 2023 until October 31, 2025 for a monthly license fee of $57,000. The Company remains the ownership and copyright of
the NFT MMM platform, including the APP “NFT MMM” on Google Play, and the website: starestnet.io. For the three
months ended November 30, 2023 and 2022, the Company recognized license revenue of $57,000 and $180,000, respectively.
On September 10, 2023, the Company entered into an
agreement with All In One Media Ltd to acquire the copyrights for 4 movies at a price of $104,714. These copyrights allow the Company
to transfer these movies to other parties outside the mainland China. On November 27, 2023, the Company further acquired mainland China
copyrights of there 4 movies from All In One Media Ltd. at price of $378,513.
On September 30, 2023, the Company entered into another
agreement with All In One Media Ltd to acquire the copy rights and broadcast rights for 2 movies for a price of $212,562. These copyrights
allow the Company to broadcast these movies globally.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
6 – INTANGIBLE ASSETS (continued)
In November 2023, the Company entered into an agreement
with Anyone Pictures Limited to sell the Mainland China copyrights of 1 movie for a price of $180,000 and the offline broadcast rights
of another movie for a price of $211,800. The granted broadcast rights are globally exclusive, with the exception of Mainland China.
On November 21, 2023,
the Company entered into an agreement with Capitalive Holdings Limited to sell offline broadcast rights of 1 movie for a price of $140,000.
The granted broadcast rights are globally exclusive, with the exception of Mainland China.
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)
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 dramas and software was as follows:
|
|
November
30, 2023 |
|
August
31, 2023 |
|
|
|
|
|
Purchase deposit for
software |
|
$ |
— |
|
|
$ |
300,000 |
|
Total purchase deposits for intangible
assets |
|
$ |
— |
|
|
$ |
300,000 |
|
On June 8, 2023, the Group has entered into software
development contract for the creation of the streaming software designed for use on both the website and mobile applications. Pursuant
to the contract’s terms, the Developer is contractually obliged to deliver the software by September 8, 2024, which corresponds
to the upcoming 15-month period. The costs of the software amounts to $1,500,000. As of August 31, 2023, the Group has remitted an initial
payment of $300,000 to the Developer. On November 28, 2023, both parties entered into an amended agreement to sell the software-in-progress
to the Developer for $385,000. The amount was received through Zestv Studios Limited as of November 30, 2023 and used to reduce the amount
of loan from CEO (see Note 9). The Company recognized a gain on the sales of software of $85,000.
NOTE
9 – RELATED PARTY TRANSACTIONS
Loan
from related parties
In support
of the Company’s efforts and cash requirements, it may rely on advances from stockholders until such time that the Company can
support its operations or attains adequate financing through sales of its equity or traditional debt financing. On June 1, 2023, Chiyuan
Deng, the Chief Executive Officer, as the Company stockholders, entered into a line of credit agreement with the Company. Chiyuan Deng
agreed to provide a line of credit to the Company for a total amount of no more than $1,500,000, including the previous shareholder loan
balance of $697,281. The amount under this line of credit is non-interest bearing and due on demand starting from June 1, 2023. As of
November 30, 2023 and August 31, 2023, the Company has recognized an imputed interest at 5% per annum of the balances. As of November
30, 2023 and August 31, 2023, the Company had loan from Chiyuan Deng balance of $543,266 and $748,285.
Accounts
payable and accrued liabilities - related party - Youall Perform Services Ltd.
Youall Perform Services
Ltd is owned by Jianli Deng, the former Chief Financial Officer. In September 2019, the Company entered into an agreement with Youall
Perform Services Ltd for two transactions. 1) The Company pays Youall Perform Services Ltd. 10% of the revenue generated from
the “Ai Bian Quan Qiu” platform every month to reimburse the valued-added tax, tax surcharges, and foreign transaction fee
Youall Perform Services Ltd. has been paying on behalf of the Company. 2) Youall Perform Services Ltd. will provide IT consulting service
for “Ai Bian Quan Qiu” platform upgrade and maintenance at a total cost of $128,000, out of which $108,800 has been
paid. As there has been no revenue from the “Ai Bian Quan Qiu” platform due to COVID-19 since mid-January, 2020, $108,800 prepayment
was expensed as research and development expense in FY2020. In July 2020, the Company changed the service scope of this agreement and
turned it into a two-year website maintenance contract to maintain the website ABQQ.TV which was launched on December 29, 2020. The website
maintenance service began on January 1, 2021 and will end on December 31, 2022. The contract amount remains to be $128,000, out
of which $108,800 was previously paid and $19,200 was scheduled to be due on the twenty first month of
service term. During the year ended August 31, 2023, the Company made payment of $12,812 with the accounts payable – related party
balance to Youall Perform Services Ltd of $6,388 as of August 31, 2023. As of November 30, 2023, the related party balance to Youall Perform
Services Ltd was $6,388.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 9 – RELATED
PARTY TRANSACTIONS (continued)
Accounts payable and
accrued liabilities – related party - Zestv Studios Limited
On
December 1, 2020, the Company entered an agreement with Zestv Studios Limited, a Hong Kong entity 100% owned by Chiyuan Deng, the Chief
Executive Officer, to grant Zestv Studios Limited the distribution right for the movie “Love over the world” and charge Zestv
Studios Limited movie royalties. The Company’s royalty revenue is stipulated to equal 43% of the after-tax movie box office revenue
deducting movie issuance costs. The movie box office revenue is tracked by a movie distributor Huaxia Film Distribution Co. Ltd (hereafter
“Hua Xia”) in China as it connects with all movie theaters in China and can track the total movie box office revenue online
in real time. Although Zestv Studios Limited has paid royalty revenue to the Company, Zestv Studios Limited failed to collect cash from
Hua Xia. As of August 31, 2021, the Company had refund payable of $916,922 for the movie royalty revenue net of the movie distribution
commission fee to Zestv Studios Limited.
On June 23, 2022, the
Company sold the mainland China copyright and broadcast right of the movie “Too Simple” to Zestv Studios Limited for a price
of $750,000. The Company remains to have all copyright of outside of mainland China. The Company used this proceed to off-set the refund
payable balance to Zestv Studios Limited with additional payment of $151,795 during the year ended August 31, 2022. The Company made
payments of $5,127 during the 3 months ended November 30, 2022 and $10,000 during the 3 months ended February 28, 2023.
On
November 28, 2023, the Company sold the software-in-progress to the Developer for $385,000. Zestv Studios Limited collected the payment
on behalf of the Company. The payment of $385,000 reduced the loan from related parties as of November 30, 2023 (See Note 8).
The Company also
rented an office space from Zestv Studios Limited. The lease was early terminated on August 31, 2023 (See Note 7). For the three months
ended November 30, 2023 and 2022, the Company incurred related party office rent expense of $0 and $16,512, respectively.
As
of November 30, 2023 and August 31, 2023, the Company had $0 payable to Zestv Studios Limited.
Executives’
salaries
On September 11, 2020
and May 24, 2022, the Company entered into two amended employment agreements with Chiyuan Deng, the Chief Executive Officer. Pursuant
the amended agreements, the Company amended the compensation to Mr. Deng to include a salary of $180,000 annually, a reduction
in common stock received under his initial employment agreement, a potential for a bonus in cash or shares, and the issuance of 100,000 shares
of Series A Preferred Stock at par value $0.001. Mr. Deng returned 266,667 shares common stock to the Company received under his
initial employment agreement. The Chief Executive Officer opted to forgo his salaries effective from October 2023.
During the three months
ended November 30, 2023, the Company incurred total compensation of $15,049 for the Chief Executive Officer. During the three months
ended November 30, 2022, the Company incurred total compensation of $51,000 for Chief Executive Officer and Chief Financial Officer.
The Company also incurred total compensation of $0 and $19,500, respectively, for Chief Investment Officer during the three months
ended November 30, 2023 and 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 – STOCKHOLDERS’ EQUITY
Common
shares
The Company
had the following activities for the three months ended November 30, 2023:
Issuance
of restricted common shares
On October 5, 2023, the
Board of Directors resolved to issue 225,000,000 shares of the Company’s restricted common stock, par value $0.001 per share, to
Chiyuan Deng, the Chief Executive Officer, to pay off his accrued executive salaries of $45,000.
Conversion of Series
C preferred shares to common shares
During the three months
ended November 30, 2023, the Company issued total 1,056,681,936 common shares as the result of the conversion of total 174,421 Series
C preferred shares.
Reverse Stock split
As previously disclosed
in the Company’s Form 10-Q for the quarter ended May 31, 2023, on June 12, 2023, the Board of Directors approved a reverse split
for the Company’s issued and outstanding common stock, at a ratio of 1 share for every 10,000 shares, contingent upon receiving
a market effectiveness date from FINRA.
On September 8, 2023,
however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split. The Board of Directors decided it
would not be in the best interest of the stockholders or the Company to execute a reverse split at this time. The Company plans to inform
FINRA that it will not be moving forward with the reverse split and will withdraw its application.
The Company had the following
activities for the three months ended November 30, 2022:
Increasing authorized
number of common shares
On October 11, 2022, the Company filed amendment to
Articles of Incorporation to increase the authorized number of common shares from 1,000,000,000 shares to 10,000,000,000 shares. This
increasing of authorized number of common shares has been retroactively reflected in the consolidated financial statements and notes thereto.
Conversion of Series
C preferred shares to common shares
During the three months
ended November 30, 2022, the Company issued total 75,037,786 common shares as the result of the conversion of total 96,075 Series
C preferred shares.
Subscription of Common
shares
On August 2, 2022, the Company entered into a common stock purchase agreement with Alumni Capital LP, a Delaware limited partnership.
Pursuant to the agreement, Alumni Capital LP shall purchase $1.0 million of
common stocks as per the Company’s discretions after a Registration Statement is declared effective by the Securities and Exchange
Commission. The
purchase price is number of common stocks in a Purchase Notice issued by the Company multiplied by 75% of the lowest traded price of
the Common Stock five Business Days prior to the Closing, which is no later than five business days after the Purchase Notice Date.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 – STOCKHOLDERS’ EQUITY (continued)
Common
shares (continued)
Subscription of Common
shares (continued)
The Company plans to use
the proceeds from the sale of the common stocks for general corporate and working capital purposes and acquisitions or assets, businesses
or operations or for other purposes that the Board of Directors, in good faith deem to be in the best interest of the Company. The registration
of these securities was effective on September 13, 2022.
Pursuant to this agreement, during
the three months ended November 30, 2022, Alumni Capital LP subscribed total of 200,000,000 common shares for total proceeds
of $146,475, of which $87,975 was received in the three months ended November 30, 2022 and $58,500 was received
by the Company in December 2022.
A summary
of the status of the Company’s warrants as of November 30, 2023 and August 31, 2023 is presented below.
| |
Number of warrants |
| |
Original shares issued | |
Anti-dilution Adjusted |
Warrants as of August 31, 2022 | |
| 50,000,000 | | |
| — | |
Warrants granted during the year | |
| — | | |
| — | |
Warrants as of August 31, 2023 | |
| 50,000,000 | | |
| — | |
Warrants granted during the three months | |
| — | | |
| — | |
Exercisable as of November 30, 2023 | |
| 50,000,000 | | |
| — | |
Preferred shares
The Company had the following
activities for the three months ended November 30, 2023:
During the three months ended November
30, 2023, the Company converted a total 174,421 Series C preferred shares into common shares.
On November 30, 2023, the Board of Directors of the
Company resolved to withdraw and subsequently cancelled the Amended Certificate of Designation for the Company’s Series C and Series
D Preferred shares (see Note 15).The Company had the following activities for the three months ended November 30, 2022:
On September 6, 2022, the
Company entered into a securities purchase agreement with an accredited investor, whereby investor purchased from the Company 90,275 shares
of Series C Convertible Preferred Stock of the Company for a gross proceed of $78,500. After deduction of transaction-related
expenses, net proceed to the Company was $69,000. The Company intends to use the proceeds from the Preferred Stock for general working
capital purposes.
The Company recorded
dividend expenses of $5,765
on Series C and D Preferred shares for the three months ended November 30, 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 11 –
INCOME TAXES
The Company and its fully
owned subsidiary, AB Cinemas NY, Inc, were incorporated in the United States and are subject to a statutory income tax rate at 21%. The
Company’s fully owned subsidiary, App Board Limited, was registered in Hong Kong and is subject to a statutory income tax rate
at 16.5%.
As of November 30, 2023
and August 31, 2023, the components of net deferred tax assets, including a valuation allowance, were as follows:
| |
November
30, 2023 | |
August
31, 2023 |
Deferred tax asset attributable to: | |
| | | |
| | |
Net operating loss carry over | |
$ | 2,068,057 | | |
$ | 2,077,213 | |
Less: valuation allowance | |
| (2,068,057 | ) | |
| (2,077,213 | ) |
Net deferred tax asset | |
$ | — | | |
$ | — | |
The valuation allowance
for deferred tax assets was $2,068,057 and $2,077,213 as of November 30, 2023 and August 31, 2023, respectively. In assessing
the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred
tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred
tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined
it was more likely than not the deferred tax assets would not be realized as of November 30, 2023 and August 31, 2023.
Reconciliation between the statutory
rate and the effective tax rate is as follows for the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
| |
Three months ended |
| |
November 30, |
| |
2023 | |
2022 |
Federal statutory tax rate | |
| 21 | % | |
| 21 | % |
Change in valuation allowance | |
| (21 | %) | |
| (21 | %) |
Effective tax rate | |
| 0 | % | |
| 0 | % |
During
the three months ended November 30, 2023, the Company and its subsidiaries generated net income. As a result, the Company and its subsidiaries
utilized the tax losses for the three months ended November 30, 2023.
During the three months
ended November 30, 2022, the Company and its subsidiaries incurred net losses. As a result, the Company and its subsidiaries did not
incur any income tax for the three months ended November 30, 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 12
– CONCENTRATION RISK
Concentration
For the
three months ended November 30, 2023 and 2022, 49% and 76% of the total revenue was generated from one customer, respectively.
As of
November 30, 2023, one customer accounted for 100% of the Company’s accounts receivable balance, respectively. There was no accounts
receivable balance as of August 31, 2023.
Credit risk
Financial instruments
that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Hong Kong Deposit Protection
Board pays compensation up to a limit of HKD 500,000 (approximately $64,000) if the bank with which an individual/a company hold its
eligible deposit fails. As of November 30, 2023 and August 31, 2023, cash balance of $236,819 and $92,972, respectively, were maintained
at financial institutions in Hong Kong, and were subject to credit risk. In the US, the insurance coverage of each bank is $250,000.
As of November 30, 2023 and August 31, 2023, cash balance of $24,268 and $24,124, respectively, were maintained at financial institutions
in the US. While management believes that these financial institutions are of high credit quality, it also continually monitors their
creditworthiness.
NOTE 13
– COMMITMENTS AND CONTINGENCIES
Contingencies
From time to time, the
Company may be involved in litigation relating to claims arising out of its operations in the normal course of business. There is no
pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of its operations and there
are no proceedings in which any of the Company’s directors, officers, or affiliates, or any registered or beneficial stockholder,
is an adverse party or has a material interest adverse to the Company’s interest.
Operating
leases
The Company has several
lease agreements to rent office spaces and movie theatre with its related party and third-party vendors. (See Note 7)
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
14 – SEGMENT INFORMATION
The Company reports information
about operating segments in accordance with ASC 280-10, Segment Reporting, which requires financial information to be reported based
on the way management organizes segments within a company for making operating decisions and evaluating performance. As the result of
business strategic changes, the Company has identified two reportable segments: Copyrights and license (“IP’) segment
and cinema segment.
The following table presents
summary information by segment for the three months ended November 30, 2023 and 2022, respectively.
NOTE 14 - SEGMENT
INFORMATION - Summary of Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
IP Segment | |
Cinema Segment | |
Total |
| |
Three months ended | |
Three months ended | |
Three months ended |
| |
November 30 | |
November 30 | |
November 30 |
| |
2023 | |
2022 | |
2023 | |
2022 | |
2023 | |
2022 |
Revenue | |
$ | 714,288 | | |
$ | 180,000 | | |
$ | 87,459 | | |
$ | 56,812 | | |
$ | 801,747 | | |
$ | 236,812 | |
Operating costs | |
| — | | |
| — | | |
| 41,355 | | |
| 22,404 | | |
| 41,355 | | |
| 22,404 | |
Depreciation and Amortization | |
| 512,917 | | |
| 924,615 | | |
| — | | |
| — | | |
| 512,917 | | |
| 924,615 | |
Interest expense (income) | |
| 13,242 | | |
| (79 | ) | |
| — | | |
| — | | |
| 13,242 | | |
| (79 | ) |
Segment assets | |
| 2,632,394 | | |
| 5,126,491 | | |
| 23,969 | | |
| 16,612 | | |
| 2,656,363 | | |
| 5,143,103 | |
Segment income (loss) | |
$ | (16,144 | ) | |
$ | (1,174,772 | ) | |
$ | 59,744 | | |
$ | (35,018 | ) | |
$ | 43,600 | | |
$ | (1,209,790 | ) |
NOTE
15 – SUBSEQUENT EVENTS
In accordance with ASC
855-10, the Company has analyzed its operations subsequent to the date these financial statements were issued.
Cancellation and Withdrawal of Series B, C, D Preferred
Stock
On December 1, 2023, the Board of Directors of the
Company has resolved to cancel and withdraw the Certificate of Designation for the Company’s Series B Preferred Stock. On December
1, 2023, the CEO cancelled the 20.000 shares of outstanding Series B Preferred shares issued to him. On December 1, 2023, the Company
filed with the State of Nevada to withdraw the designation of the Company’s Series B, C, D Preferred Stock.
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Forward-Looking Statements
Certain statements, other than purely historical information,
including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions
upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,”
“estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking
statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995 and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are
based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially
from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.
Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include, but are not
limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and
generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including
additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.
Overview
The Company was incorporated under the laws of the
State of Nevada on July 29, 2013. The Company's fiscal year end is August 31.
We are an intellectual property (IP) and movie investment
and licensing firm, focused on acquisitions and development of various intellectual property, including the acquisition and distribution
of movies. On June 1, 2017 we have a patent license to a video synthesis and release system for mobile communications equipment, in which
the technology is the subject of a utility model patent in the People's Republic of China. Our License to the Technology generates revenue
through sub-license monthly fees from a smartphone app on Android devices. This smartphone app was already existing and licensed at the
time we acquired the Technology of video synthesis. In January, 2021, our sublicensing agreement with Licensee to generate revenues was
terminated. As such, there has been no revenues generated from sub-licensing the Technology since the end of December, 2020. On February
2019, we launched a business application (Ai Bian Quan Qiu) through smartphones and official social media accounts utilizing Artificial
Intelligence. It is a matching platform for performers, advertiser merchants, and owners for more efficient services. We previously generated
revenues through an agency service fee from each matched performance. Due to the quarantine and continuous control imposed by the state
and local governments in areas affected by COVID-19, merchant advertising events have been suspended for 7 months. The Company decided
to suspend the Ai Bian Quan Qiu platform, which, at the time, created an adverse impact on the business and financial condition and hampered
its ability to generate revenue and access sources of liquidity on reasonable terms. As a result, we decide to focus mainly the IP transactions
and online video streaming.
On April 22, 2020, the Company announced the first
phase development of its video streaming service. The online service will be marketed and distributed in the world under the brand name
ABQQ.tv. The Company's professional team are sourcing such dramas and films to provide video streaming service on the ABQQ.tv. The video
streaming website www.ABQQ.tv was officially launched on December 29, 2020. As of November 30, 2023, the Company acquired 73 movie copyrights
and broadcast rights and 75 episodes of TV drama series. The Company will continue marketing and promoting the ABQQ.tv website through
Google Ads and acquire additional broadcast rights for movies and TV series, and plan to charge subscription fees once the Company has
obtained at least 200 broadcast rights of movie and TV series.
On October 21, 2021, the Company entered into a Lease
Agreement (the “Lease”) with Martabano Realty Corp. (the “Landlord”), pursuant to which the Company agreed to
lease approximately 8,375 square feet of in what is known as the Mt. Kisco Theatre at 144 Main Street, Mount Kisco, New York. The term
of the Lease is five years plus free rent period. Commencing in month four, the Company's monthly base rent obligation will be approximately
$6,979, which amount will increase in year three to $13,260, year four at $13,658 and the final year at $14,067 in accordance with the
terms of the Lease. The Lease contains customary provisions for real property leases of this type, including provisions allowing the Landlord
to terminate the Lease upon a default by the Company.
The space was formerly used as a theatre with a total
of 5 screens and 466 sets for screening films. The former theatre opened on December 21, 1962 with Hayley Millsin “In Search of
the Castaways.” It was a replacement for the town’s other movie theatre that burned down. It was later twinned and further
divided into 5 screens. It was operated for years by Lesser Theaters, then bought by Clearview Cinemas. In June, 2013 it was taken over
by Bow-Tie Cinemas when they took most Clearview locations. It lasted until March, 2020 when it was closed by the Covid-19 pandemic. It
was announced in September 2020 that the closure would be permanent.
On May 5, 2022, the Company incorporated AB Cinemas
NY, Inc. in New York, NY, for the purpose of operating Mt. Kisco Theatre located in Mount Kisco, NY. The theatre has started operations
in October 2022. After a rough two years for movie theatres due to the pandemic, movie theaters are starting to show signs of life again.
The Company is intending to shift the business strategy from online only to the combination of online and offline business. The Company
expects to generate considerable revenue from its movie theater business line in the following years.
On April 27, 2022, the Company purchased a unique
Non-Fungible Token (“NFT”) movie and music marketplace, named as the NFT MMM from Stareastnet Portal Limited, an unrelated
party, which including an APP “NFTMMM” on Google Play, and full right to the website: stareastnet.io. NFTs are digital assets
with a unique identifier that is stored on a blockchain, and NFTs are tradable rights of digital assets (pictures, music, films, and
virtual creations) where ownership is recorded in blockchain smart contracts. On August 6, 2022, the Company licensed NFT MMM platform
to a third party to allow the access of NFTMM platform and platform data on both app and website for one year starting from August 20,
2022 to August 19, 2023 for a monthly license fee of $60,000. Pursuant to the agreement, the Company also charged one time implementation
service and consulting fee of $100,000. Subsequent to the license renewal on November 1, 2023, the Company
would continue licensing the NFT MM platform to the same third party from November 1, 2023 until October 31, 2025 for a monthly license
fee of $57,000. The Company retained the ownership and copyright of the NFT MMM platform, including the APP “NFT MMM”
on Google Play, and the website: stareastnet.io.
On May 31, 2023, the Company entered into an agreement
with Capitalive Holdings Limited to sell the offline broadcast rights of total 59 movies for a price of $250,000. The granted broadcast
rights are globally exclusive, with the exception of Mainland China.
On September 10, 2023, the Company entered into an
agreement with All In One Media Ltd to acquire the copyrights for 4 movies at a price of $104,714. These copyrights allow the Company
to transfer these movies to other parties outside the mainland China. On November 27, 2023, the Company further acquired mainland China
copyrights of these 4 movies from All In One Media Ltd. at a price of $378,513.
On September 30, 2023, the Company entered into another
agreement with All In One Media Ltd to acquire the copy rights and broadcast rights for 2 movies for a price of $212,562. These copyrights
allow the Company to broadcast these movies globally.
In November 2023, the Company entered
into an agreement with Anyone Pictures Limited to sell the Mainland China copyrights of 1 movie for a price of $180,000 and the offline
broadcast rights of another movie for a price of $211,800. The granted broadcast rights are globally exclusive, with the exception of
Mainland China.
On November 21, 2023, the Company
entered into an agreement with Capitalive Holdings Limited to sell offline broadcast rights of 1 movie for a price of $140,000. The granted
broadcast rights are globally exclusive, with the exception of Mainland China.
COVID-19
The full extent of the impact
of the COVID-19 pandemic on our business, operations and financial results will depend on numerous evolving factors that we may not be
able to accurately predict at the present time. In an effort to contain COVID-19 or slow its spread, governments around the world have
enacted various measures, including orders to close all businesses not deemed “essential,” isolate residents to their homes
or places of residence, and practice social distancing when engaging in essential activities. We anticipate that these actions and the
global health crisis caused by COVID-19 will negatively impact business activity across the globe. The movie industry in general has changed
dramatically as a result of the pandemic restrictions. While movie theaters struggle to stay alive, online streaming programming has increased.
We have endeavored to stay with the trend for streaming services to remain competitive. We have experienced the negative impact in our
results of operations and in our financial condition for the year ended August, 2020, especially with respect to the movie distribution
end of our business. These impacts concern delays in delivering our movies and IP because of health restrictions imposed on certain public
events that concern our business, including, among other things, theaters, indoor and outdoor performances, filming restrictions, music
festivals, concerts and other such events, Some of these restrictions include pandemic government mandated shutdowns and others restrictions
on capacity gathered at these events, with some jurisdictions imposing fines or revocation of business licensing, and other restrictions.
As a result of these factors, our revenue was reduced from March to May of 2020. With immediate closures, the resultant industry and business
specific delays have negatively affected our company.
During the COVID-19 pandemic,
movie theatres have been subject to various governmental orders requiring theatres to take or refrain from certain activities including,
but not limited to, suspending operations, reduction in seating capacities, enforcement of social distancing, establishment of enhanced
cleaning protocols, restrictions on food and beverage sales, tracking the identity of guests, employee protection protocols, and limitation
on operating hours. Although the orders have been modified frequently, we believe our theatre has maintained material compliance with
such orders. We currently cannot predict when or if COVID-19 related governmental orders will be fully terminated and whether similar
orders will be utilized more frequently during future public health outbreaks.
Specific to our company operations,
during the pandemic period, we have enacted precautionary measures to protect the health and safety of our employees and partners. These
measures include closing our office, having employees work from home, and eliminating all travel. While having employees work from home
may have a negative impact on efficiency and may result in negligible increases in costs, it does have an impact on our ability to execute
on our agreements to deliver our core products.
We will continue to actively
monitor the situation and may take further actions that alter our business operations as may be required by federal, state, local or foreign
authorities, or that we determine are in the best interests of our employees, customers, partners and stockholders. Itis not clear what
the potential effects any such alterations or modifications may have on our business, including the effects on our customers, partners,
or vendors, or on our financial results.
Results of Operations
Revenues
Our total revenue reported for the three months ended
November 30, 2023 and 2022 was $801,747 and $236,812, respectively.
The revenue for the three months ended November 30,
2023, was mainly attributable to the license fee received in connection with the licensing of our NFT MMM platform, movie copyrights sales
to two third parties, fees charged for embedded marketing service as well as the revenue generated from movie tickets and food and beverage
sales from our newly operated movie theatre. On the other hand, for the three months ended November 30, 2022, the Company had the same
sources of revenue as the current period, except the movie copyrights sales and the fees charged for embedded marketing service. The increase
in revenue was mainly due to the increase in sales of copyrights and broadcast rights during the three months ended November 30, 2023
as compared to the three months ended November 30, 2022.
We have started the operation of our movie theatre
since October 2022. We expect to have continued growth in our cinema segment with the recovery of movie industry from the impact of the
pandemic. For the three months ended November 30, 2023, we generated total revenue of $87,459, including $57,824 from ticket sales, and
$29,635 from food and beverage sales. For the three months ended November 30, 2022, we generated total revenue of $56,812, including $36,162
from ticket sales, and $20,650 from food and beverage sales.
We anticipate an increase in revenue in the future
by selling movie and TV drama copyrights and broadcast rights, achieving enough customers to start subscriptions for ABQQ.tv and generating
movie tickets and related revenues from our Mt. Kisco movie theatre in New York. We also hope to generate more license revenue from our
NFT MMM platform.
Operating Costs and Expenses
Operating costs and expenses
were $829,905 for the three months ended November 30, 2023, as compared to $1,440,916 for the three months ended November 30, 2022. Our
operating costs and expenses for the three months ended November 30, 2023 consisted of theatre operating costs of $41,355, amortization
expenses of $511,809, general and administrative expenses of $261,692 and related party salary and wages of $15,049. In contrast, our
operating costs and expenses for the three months ended November 30, 2022 consisted of theatre operating costs of $22,404, amortization
expenses of $923,499, general and administrative expenses of $424,513 and related party salary and wages of $70,500.
We experienced an increase
in theatre operating costs for the three months ended November 30, 2023 as compared to the three months ended November 30, 2022, mainly
due to the commencement of our move theatre operation since October 2022. The theatre operating costs for the three months ended November
30, 2023 encompass an additional month of operating costs in contrast to the corresponding period in 2022.
We experienced a decrease
in amortization expenses for the three months ended November 30, 2023 as compared to the corresponding period in 2022, mainly due to more
fully amortized intangible assets for the three months ended November 30, 2023.
We experienced a decrease
in general and administrative expenses for the three months ended 2023 as compared to the corresponding period in 2022, mainly as a result
of decreased non-related party salaries and contractors, professional fees, office expenses and repair and maintenance expenses for the
three months ended 2023 in contrast to the corresponding period in 2022.
We experienced a decrease
in related party salary and wages for the three months ended 2023 as compared to corresponding period in 2022, mainly due to the resignation
of the Chief Financial Officer and Chief Investment Officer as well as the opt out of salary by the Chief Executive Officer effective
since October 2023. During the three months ended November 30, 2023, the Company incurred total compensation
of $15,049 for the Chief Executive Officer. During the three months ended November 30, 2022, the Company incurred total compensation of
$51,000 for Chief Executive Officer and Chief Financial Officer. The Company also incurred total compensation of $nil and $19,500, respectively,
for Chief Investment Officer during the three months ended November 30, 2023 and 2022.
We anticipate our operating
expenses will increase as we undertake our plan of operations, including the streamline of costs associated with marketing, personnel,
and other general and administrative expenses, along with increased professional fees associated with SEC and COVID compliance as our
business grows more complex and more expensive to maintain. On the COVID front, we expect that restrictions will ease moving forward,
but there may still be setbacks as variants to the virus emerge and governments take lockdown measures in response. These and other costs
for COVID expenditures may increase our operational costs in fiscal 2024 at various levels of operation.
Other Income
We had other income of $71,758
for the three months ended November 30, 2023, as compared with other income of $79 for the corresponding period in 2022. Our other income
for the three months ended November 30, 2023 was the net amount of the other income generated from the sales of software in progress,
bank interest income, and the interest expense – related party. Our other expenses for the corresponding period in 2022 was the
bank interest income.
Net Income/Net Loss
We incurred a net income
in the amount of $43,600 for the three months ended November 30, 2023, as compared with a net loss of $1,204,025 for corresponding period
in 2022.
Liquidity and Capital
Resources
As of November 30, 2023,
we had $318,087 in current assets consisting of cash and accounts receivable. Our total current liabilities as of November 30, 2023 were
$1,115,714. As a result, we have a working capital deficit of $797,627 as of November 30, 2023 as compared with $1,005,847 as of August
31, 2023.
Operating activities used
$35,990 in cash for the three months ended November 30, 2023, as compared with $222,142 used in cash for the three months ended November
30, 2022.
Our negative operating cash flow for the three months
ended November 30, 2023 was mainly the result of cash used in the purchase of movie broadcast right and copyright, offset by our net income
combined with the amortization of intangible assets, and the increase in accounts payable.
Our negative operating cashflow for the three months
ended November 30, 2022 was mainly the result of our net loss for the quarter combined with operating changes in receivables, offset by
the amortization of intangible assets and stock-based compensation paid to consultants.
Investing activities was
$Nil for the three months ended November 30, 2023 and 2022.
Financing activities provided
$179,981 for the three months ended November 30, 2023, as compared with $158,159 provided by financing activities for the three months
ended November 30, 2022. Our positive financing cash flow for the three months ended November 30, 2023 was due to the loans from related
party. Our positive financing cash flow for the three months ended November 30, 2022 was mainly the result of proceeds from issuance of
our common shares, preferred shares, and the loans from related parties.
Going Concern
Our consolidated financial statements have been prepared
assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities
in the normal course of business for the foreseeable future. As of November 30, 2023,
the Company had an accumulated deficit of approximately $12.3 million and a working capital deficit of approximately $0.8 million. For
the three months ended November 30, 2023, the net cash used in operating activities was approximately
$36,000.
The future operations of the Company depend on its
ability to realize forecasted revenues, achieve profitable operations, and depend on whether or not the Company could obtain the continued
financial support from its stockholders or external financing. Management believes the existing stockholders will continue to provide
the additional cash to meet the Company’s obligations as they become due. The Company also intends to fund operations through cash
flow generated from the operations, including the expected ticket sales from Mt. Kisco movie theatre, equity financing, debt borrowings,
and additional equity financing from outside investors, to ensure sufficient working capital. However, no assurance can be given that
additional financing, if required, would be available on favorable terms or at all. If we are not able to secure additional funding, the
implementation of our business plan will be impaired.
These factors, among others, raise the substantial
doubt regarding the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to
reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities
that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional
funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.
Off Balance Sheet Arrangements
As of November 30, 2023,
there were no off-balance sheet arrangements.
Critical Accounting Policies
In December 2001, the SEC
requested that all registrants list their most “critical accounting polices” in the Management Discussion and Analysis. The
SEC indicated that a “critical accounting policy” is one which is both important to the portrayal of a company’s financial
condition and results, and requires management’s most difficult, subjective or complex judgments, often as a result of the need
to make estimates about the effect of matters that are inherently uncertain.
Our critical accounting policies
are set forth in Note 2 to the financial statements.
Recently Issued Accounting
Pronouncements
We do not expect the adoption
of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
We are a smaller reporting company and are not required
to provide the information under this item pursuant to Regulation S-K.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We carried out an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of
November 30, 2023. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and
our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of
November 30, 2023, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control
over financial reporting.
A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified
the following material weaknesses which have caused management to conclude that, as of November 30, 2023, our disclosure controls and
procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies
and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
Remediation Plan to Address the Material Weaknesses
in Internal Control over Financial Reporting
Our company plans to take steps to enhance and improve
the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have
not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following
changes during our fiscal year ending August 31, 2023: (i) appoint additional qualified personnel to address inadequate segregation of
duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting.
The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes
required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over
financial reporting during the three months ended November 30, 2023, that have materially affected, or are reasonable likely to materially
affect, our internal control over financial reporting.
Limitations on the Effectiveness of Internal
Controls
Our management does not expect that our disclosure
controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error.
Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be
considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations
include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management
override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
We are not a party to any material pending legal proceeding.
We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our
voting securities are adverse to us or have a material interest adverse to us.
Item 1A: Risk Factors
See Risk Factors contained in our Form 10-K filed
with the SEC on November 29, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
The Company had the following equity activities during
the three months ended November 30, 2023:
During the three months ended November 30, 2023, the
Company issued total 1,056,681,936 common shares as the result of the conversion of total 174,421 Series C preferred shares.
On October 5, 2023, the Board of Directors resolved
to issue 225,000,000 shares of the Company’s restricted common stock, par value $0.001 per share, to Chiyuan Deng, the Chief Executive
Officer, to pay off his accrued executive salaries of $45,000.
These securities were issued pursuant to Section 3(a)(9),
Section 4(2) of the Securities Act and/or Rule 506 promulgated thereunder. The holders represented their intention to acquire the securities
for investment only and not with a view towards distribution. The investors were given adequate information about us to make an informed
investment decision. We did not engage in any general solicitation or advertising. We directed our transfer agent to issue the stock certificates
with the appropriate restrictive legend affixed to the restricted stock.
Item 3. Defaults upon Senior Securities
None
Item 4. Mine Safety Disclosures
N/A
Item 5. Other Information
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on the dates below on its behalf by the undersigned thereunto duly authorized.
AB INTERNATIONAL GROUP CORP. |
By: |
/s/ Chiyuan Deng |
|
Chief Executive Officer, Chief Financial Officer, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and Director |
|
January
16, 2024 |
I, Chiyuan Deng, certify that;
1. |
|
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended November 30, 2023 of AB International Group Corp. (the
“registrant”); |
2. |
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. |
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. |
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. |
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. |
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. |
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. |
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: January 16, 2024
/s/ Chiyuan Deng
By: Chiyuan Deng
Title: Chief Executive Officer, Principal Executive Officer
I, Chiyuan Deng, certify that;
1. |
|
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended November 30, 2023 of AB International Group Corp. (the
“registrant”); |
2. |
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. |
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. |
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. |
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. |
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. |
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. |
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: January 16, 2024
/s/ Chiyuan Deng
By: Chiyuan Deng
Title: Chief Financial Officer
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND
CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
In connection with the Quarterly Report of AB
Intetnational Group Corp. (the “Company”) on Form 10-Q for the quarter ended November 30, 2023 filed with the Securities
and Exchange Commission (the “Report”), I, Chiyuan Deng, Chief Executive Officer and Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
| 1. | The Report fully complies with the requirements of Section 13(a)
of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material
respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations
of the Company for the periods presented. |
By: |
/s/ Chiyuan Deng |
Name: |
Chiyuan Deng |
Title: |
Chief Executive Officer, Chief Financial Officer,
Principal Executive Officer |
Date: |
January 16, 2024 |
This certification has been furnished solely pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.
v3.23.4
Cover - shares
|
3 Months Ended |
|
Nov. 30, 2023 |
Jan. 11, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Nov. 30, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--08-31
|
|
Entity File Number |
000-55979
|
|
Entity Registrant Name |
AB International
Group Corp.
|
|
Entity Central Index Key |
0001605331
|
|
Entity Tax Identification Number |
37-1740351
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
144 Main Street
|
|
Entity Address, City or Town |
Mt. Kisco
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10549
|
|
City Area Code |
914
|
|
Local Phone Number |
202-3108
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
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v3.23.4
Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 261,087
|
$ 117,096
|
Accounts receivable |
57,000
|
|
Total Current Assets |
318,087
|
117,096
|
Property and equipment, net |
7,146
|
8,254
|
Right of use operating lease assets, net |
646,034
|
696,380
|
Intangible assets, net |
1,639,090
|
1,455,110
|
Purchase deposits for intangible assets, non-current |
|
300,000
|
Security deposit |
46,006
|
45,240
|
TOTAL ASSETS |
2,656,363
|
2,622,080
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
335,348
|
156,763
|
Accounts payable and accrued liabilities - related party |
6,388
|
6,388
|
Loan from related parties |
543,266
|
748,285
|
Current portion of obligations under operating leases |
230,712
|
211,507
|
Total Current Liabilities |
1,115,714
|
1,122,943
|
Obligations under operating leases, non-current |
547,182
|
608,149
|
Total Liabilities |
1,662,896
|
1,731,092
|
Stockholders’ Equity |
|
|
Preferred Stock, Value, Issued |
10,000,000
|
10,000,000
|
Common stock, $0.001 par value, 10,000,000,000 shares authorized; 2,566,965,321 and 1,285,283,385 shares issued and outstanding, as of November 30, 2023 and August 31, 2023, respectively |
2,566,965
|
1,285,283
|
Additional paid-in capital |
10,770,780
|
11,993,408
|
Accumulated deficit |
(12,344,398)
|
(12,387,998)
|
Total Stockholders’ Equity |
993,467
|
890,988
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
2,656,363
|
2,622,080
|
Preferred Class A [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred Stock, Value, Issued |
100
|
100
|
Preferred Class B [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred Stock, Value, Issued |
20
|
20
|
Preferred Class C [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred Stock, Value, Issued |
|
175
|
Preferred Class D [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred Stock, Value, Issued |
|
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v3.23.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Preferred Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Preferred Stock, Value, Issued |
$ 10,000,000
|
$ 10,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
10,000,000,000
|
10,000,000,000
|
Common Stock, Shares, Issued |
2,566,965,321
|
1,285,283,385
|
Common Stock, Shares, Outstanding |
2,566,965,321
|
1,285,283,385
|
Preferred Class A [Member] |
|
|
Preferred Stock, Value, Issued |
$ 100
|
$ 100
|
Preferred Stock, Shares Issued |
100,000
|
100,000
|
Preferred Stock, Shares Outstanding |
100,000
|
100,000
|
Preferred Class B [Member] |
|
|
Preferred Stock, Value, Issued |
$ 20
|
$ 20
|
Preferred Stock, Shares Issued |
20,000
|
20,000
|
Preferred Stock, Shares Outstanding |
20,000
|
20,000
|
Preferred Class C [Member] |
|
|
Preferred Stock, Value, Issued |
|
$ 175
|
Preferred Stock, Shares Issued |
0
|
174,421
|
Preferred Stock, Shares Outstanding |
0
|
174,421
|
Preferred Class D [Member] |
|
|
Preferred Stock, Value, Issued |
|
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.4
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
REVENUE |
|
|
Copyrights and license |
$ 714,288
|
$ 180,000
|
Theatre admissions and food and beverage sales |
87,459
|
56,812
|
Total revenue |
801,747
|
236,812
|
OPERATING COSTS AND EXPENSES |
|
|
Amortization expenses |
(511,809)
|
(923,499)
|
Theatre operating costs |
(41,355)
|
(22,404)
|
General and administrative expenses |
(261,692)
|
(424,513)
|
Related party salary and wages |
(15,049)
|
(70,500)
|
Total Operating Costs And Expenses |
(829,905)
|
(1,440,916)
|
Loss From Operations |
(28,158)
|
(1,204,104)
|
OTHER INCOME |
|
|
Interest income |
637
|
79
|
Interest expense – related party |
(13,879)
|
|
Other income |
85,000
|
|
Total Other Income |
71,758
|
79
|
Income (Loss) Before Income Tax Benefit |
43,600
|
(1,204,025)
|
Income tax provision |
|
|
NET INCOME (LOSS) |
43,600
|
(1,204,025)
|
Preferred shares dividend expense |
|
(5,765)
|
NET INCOME (LOSS) AVAILABLE TO COMMON STOCK HOLDERS |
$ 43,600
|
$ (1,209,790)
|
NET INCOME (LOSS) PER SHARE: BASIC |
$ 0.00
|
$ (0.00)
|
NET INCOME (LOSS) PER SHARE: DILUTED |
$ 0.00
|
$ (0.00)
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC |
1,988,356,325
|
481,889,485
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED |
2,008,456,325
|
481,889,485
|
X |
- DefinitionThe current period expense charged against earnings on decontaminating and decommissioning of facilities used in the normal conduct of business and not intended for resale to allocate or recognize the cost of the assets over their useful lives.
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v3.23.4
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Balance - August 31, 2023 at Aug. 31, 2022 |
$ 384,512
|
$ 456
|
$ 12,636,838
|
$ (8,789,901)
|
$ (209,957)
|
$ 4,021,948
|
Shares, Issued at Aug. 31, 2022 |
384,512,583
|
455,850
|
|
|
|
|
Issuance of common shares |
$ 200,000
|
|
(53,525)
|
|
|
146,475
|
Stock Issued During Period, Shares, New Issues |
200,000,000
|
|
|
|
|
|
Preferred shares series C issuance |
|
$ 90
|
68,910
|
|
|
69,000
|
[custom:SeriesCPreferredSharesIssuedShares] |
|
90,275
|
|
|
|
|
Preferred shares series C converted into common shares |
$ 75,038
|
$ (96)
|
(74,942)
|
|
|
|
Stock Issued During Period, Shares, Conversion of Convertible Securities |
75,037,786
|
(96,075)
|
|
|
|
|
Dividend in connection with Preferred shares series C |
|
|
5,764
|
|
|
5,764
|
Stock Issued During Period, Shares, Other |
|
|
|
|
|
|
Issuance of restricted common shares to officer for service |
|
|
|
|
82,800
|
82,800
|
Stock Issued During Period, Shares, Issued for Services |
|
|
|
|
|
|
Net income |
|
|
|
(1,209,790)
|
|
(1,209,790)
|
Imputed Interest |
|
|
|
|
|
|
Balance – November 30, 2023 at Nov. 30, 2022 |
$ 659,550
|
$ 450
|
12,583,045
|
(9,999,691)
|
(127,157)
|
3,116,197
|
Shares, Issued at Nov. 30, 2022 |
659,550,369
|
450,050
|
|
|
|
|
Balance - August 31, 2023 at Aug. 31, 2023 |
$ 1,285,283
|
$ 295
|
11,993,408
|
(12,387,998)
|
|
890,988
|
Shares, Issued at Aug. 31, 2023 |
1,285,283,385
|
294,421
|
|
|
|
|
Preferred shares series C converted into common shares |
$ 1,056,682
|
$ (175)
|
(1,056,507)
|
|
|
|
Stock Issued During Period, Shares, Conversion of Convertible Securities |
1,056,681,936
|
(174,421)
|
|
|
|
|
Issuance of restricted common shares to officer for service |
$ 225,000
|
|
(180,000)
|
|
|
45,000
|
Stock Issued During Period, Shares, Issued for Services |
225,000,000
|
|
|
|
|
|
Net income |
|
|
|
43,600
|
|
43,600
|
Imputed Interest |
|
|
13,879
|
|
|
13,879
|
[custom:ReceivableWithInputedInterestShares] |
|
|
|
|
|
|
Balance – November 30, 2023 at Nov. 30, 2023 |
$ 2,566,965
|
$ 120
|
$ 10,770,780
|
$ (12,344,398)
|
|
$ 993,467
|
Shares, Issued at Nov. 30, 2023 |
2,566,965,321
|
120,000
|
|
|
|
|
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v3.23.4
Consoolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ 43,600
|
$ (1,209,790)
|
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities: |
|
|
Executive salaries and consulting fees paid in stock |
|
82,800
|
Depreciation of fixed asset |
1,108
|
1,116
|
Amortization of intangible asset |
511,809
|
923,499
|
Gain from sales of software in progress |
(85,000)
|
|
Imputed interest on officer loan |
13,879
|
|
Non-cash dividend expense for preferred shares |
|
5,764
|
Non-cash lease expense |
8,584
|
8,584
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(57,000)
|
(60,000)
|
Prepaid expenses |
|
3,555
|
Rent security & electricity deposit |
(766)
|
|
Purchase of movie and TV series broadcast right and copyright |
(695,789)
|
(243,276)
|
Accounts payable and accrued liabilities |
223,585
|
270,733
|
Accounts payable and accrued liabilities – related party |
|
(5,127)
|
Deferred revenue |
|
|
Net cash used in operating activities |
(35,990)
|
(222,142)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Loan from related parties |
179,981
|
1,184
|
Proceeds from common stock issuances |
|
87,975
|
Proceeds from preferred share C issuances |
|
69,000
|
Net cash provided by financing activities |
179,981
|
158,159
|
Net increase (decrease) in cash and cash equivalents |
143,991
|
(63,983)
|
Cash and cash equivalents – beginning of period |
117,096
|
84,223
|
Cash and cash equivalents – end of period |
261,087
|
20,240
|
Supplemental Cash Flow Disclosures |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Non-Cash Investing and Financing Activities: |
|
|
Settlement of accrued CEO salaries with common stock |
45,000
|
|
Net off purchase deposit with loan from related parties for sales of software |
300,000
|
|
Transfer from purchase deposit to intangible assets |
|
356,724
|
Subscription receivable for common stock issuance |
|
$ 58,500
|
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v3.23.4
NOTE 1 – BASIS OF PRESENTATION
|
3 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 1 – BASIS OF PRESENTATION |
NOTE
1 – BASIS OF PRESENTATION
The accompanying unaudited
consolidated financial statements of AB International Group Corp. (the “Company”) have been prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to
Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. Certain information and footnote disclosures normally
included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet
as of August 31, 2023 derived from the audited consolidated financial statements at that date, but does not include all the information
and footnotes required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended August 31, 2023.
The unaudited consolidated
financial statements as of and for the three months ended November 30, 2023 and 2022, in the opinion of management, include all adjustments,
consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results
of operations and cash flows. The results of operations for the three months ended November 30, 2023 and 2022 are not necessarily indicative
of the results to be expected for any other interim period or for the entire year.
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v3.23.4
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of Consolidation
The financial
statements have been prepared on a consolidated basis, with the Company’s wholly owned subsidiary App Board Limited and AB Cinemas
NY, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Cash
and Cash Equivalents
The Company
considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Accounts
receivable
Accounts receivable is presented at invoiced
amount net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The
Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer’s payment history, its current credit-worthiness and current economic trends. Accounts are written
off after efforts at collection prove unsuccessful. No allowance was recorded for the three months ended November 30, 2023 and 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign
Currency Transactions
The
financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company
does not use derivative instruments to reduce its exposure to foreign currency risk. Gains and losses from translation of foreign currency
into U.S. dollars are included in current results of operations.
Prepayments
Prepayments
primarily consist of payments made to acquire the copyrights and distribution rights of movies, TV
shows and music, etc. Prepayments are classified as either current or non-current
based on the nature and the terms of the respective agreements. These prepayments are unsecured and are reviewed periodically to determine
whether their carrying value has become impaired. The allowance is also based on management’s best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized
may differ from management’s estimate of credit worthiness and the economic environment. Prepayments are written off against the
allowances only after exhaustive collection efforts. No allowance was recorded for the three months ended November 30, 2023 and
2022.
Property
and Equipment, net
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Leasehold improvement is related to the enhancements
paid by the Company to leased offices. Leasehold improvement represents capital expenditures for direct costs of renovation or acquisition
and design fees incurred. The amortization of leasehold improvements commences once the renovation is completed and ready for the Company’s
intended use.
The
straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:
|
|
Estimated
Useful Life |
Furniture |
|
7 years |
Appliances |
|
5 years |
Leasehold
improvement |
|
Lesser
of useful life and lease term |
Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments that substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of operations in other income or expenses.
Intangible
Assets
Intangible
assets are recorded at the lower of cost or estimated fair value and amortized as follows:
|
• |
Movie
copyrights and broadcast rights: straight-line method over the estimated life of the asset, which has been determined by
management to be 2 years |
|
• |
NFT MMM platform:
straight-line method over the estimated life of the asset, which has been determined by management to be 2 years |
Amortized
costs of the intangible asset are recorded as amortization expenses in the consolidated statements of operations.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Lease
property under operating lease
The
Company adopted ASU No. 2016-02—Leases (Topic 842) since June 1, 2019, using a modified retrospective transition method permitted
under ASU No. 2018-11. This transition approach provides a method for recording existing leases only at the date of adoption and does
not require previously reported balances to be adjusted. In addition, the Company elected the package of practical expedients permitted
under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification.
Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities on the consolidated balance sheets.
The standard did not materially impact the Company’s consolidated net earnings and cash flows.
Impairment
of Long-lived asset
The
Company evaluates its long-lived assets or asset group, including intangible assets with indefinite and finite lives, for impairment.
Intangible assets with indefinite lives that are not subject to amortization are tested for impairment at least annually or more frequently
if events or changes in circumstances indicate that the assets might be impaired in accordance with ASC 350. Such impairment test compares
the fair values of assets with their carrying values with an impairment loss recognized when the carrying values exceed fair values.
For long-lived assets and intangible assets with finite lives that are subject to depreciation and amortization are tested for impairment
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use
of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events
occur, the Company evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected
to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than
the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset
group over its fair value. Impairment losses are included in the general and administrative expense. There was no impairment loss during
the three months ended November 30, 2023 and 2022, respectively.
Revenue
Recognition
The Company adopted ASC
Topic 606, “Revenue from Contracts with Customers”, using the modified retrospective approach. ASC 606 establishes principles
for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange
for those goods or services recognized as performance obligations are satisfied.
To determine revenue recognition
for contracts with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that
it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance
obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.
The Company derives its revenues primarily from four
sources: (1) selling copyrights of movies or TV shows; (2) licensing NFT MMM platform and providing technical service; (3) movie theater
admissions and food and beverage sales; (4) embedded marketing service.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Revenue
from selling copyrights of movies or TV shows:
The Company recognizes
revenue when master copy of movie or TV show is delivered, the IP is authorized and transferred to customers. The Company’s contracts
with customer are primarily on a fixed-price basis and do not contain cancelable and refund-type provisions.
Revenue
from licensing NFT MMM platform and providing technical service fee:
The Company derives revenue from NFTMM platform license
fees, which includes accessing the NFTMM platform and platform data on both app and website. In accordance with ASC 606, a 'right to access'
license is recognized over the license period. Initial technical service fee comprises of installation, implementation and necessary training
required by the customer. These services fees are recognized as the services are delivered at a point in time.
Revenue from
movie theater admissions and food and beverage sales:
The Company
recognizes admissions and food and beverage revenues based on a gross transaction price which are recorded at a point in time when a
film is exhibited to a customer and when a customer takes possession of food and beverage offerings. The Company defers 100% of
the revenue associated with the sales of gift cards and exchange tickets until such time as the items are redeemed or estimated income
from non-redemption is recorded.
Revenue from embedded marketing service:
The Company derives revenue from providing the services
of embedded marketing through adding advertisement into movies and TV series. The Company recognizes revenue when the advertisement is
added to the movies and TV series.
Contract Assets and
Liabilities
Payment terms are established
on the Company’s pre-established credit requirements based upon an evaluation of customers’ credit quality. Contact assets
are recognized for in related accounts receivable. Contract liabilities are recognized for contracts where payment has been received
in advance of delivery. The contract liability balance can vary significantly depending on the timing of when an order is placed and
when shipment or delivery occurs.
As of November 30, 2023 and August 31, 2023, other
than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its
consolidated balance sheets.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Disaggregation of revenue
The Company disaggregates
its revenue from contracts by revenue streams, as the Company believes it best depicts how the nature, amount, timing and uncertainty
of the revenue and cash flows are affected by economic factors.
The following table presents
sales by revenue streams for the three months ended November 30, 2023 and 2022, respectively:
| |
November 30, 2023 | |
November 30, 2022 |
Copyrights sales | |
$ | 531,800 | | |
$ | — | |
Embedded marketing service | |
| 125,488 | | |
| — | |
NFT licenses | |
| 57,000 | | |
| 180,000 | |
Theatre admissions | |
| 57,824 | | |
| 36,162 | |
Food and beverage sales | |
| 29,635 | | |
| 20,650 | |
Total revenue | |
$ | 801,747 | | |
$ | 236,812 | |
Fair
Value of Financial Instruments
ASC 820,
“Fair Value Measurements” (ASC 820) and ASC 825, “Financial Instruments” (ASC 825), requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy
based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s
categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
It prioritizes the inputs into three levels that may be used to measure fair value:
Level
1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level
2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset
or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities
in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant
inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level
3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant
to the measurement of the fair value of the assets or liabilities.
ASC 820
describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and
(3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical
or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value
amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach
is based on the amount that would currently be required to replace an asset.
The carrying
values of cash, accounts payable, and accrued liabilities approximate fair value due to their short-term nature. The fair values of warrant
liabilities and derivative liabilities embedded in convertible notes are determined by level 3 inputs.
No liabilities measured
at fair value on a recurring basis as of November 30, 2023 and August 31, 2023.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Basic
and Diluted Earnings (Loss) Per Share
The Company computes earnings
per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires
companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the
weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. As of November 30, 2023, the total number of warrants outstanding
was 50,000,000 (See Note 10). No warrants were included in the diluted earnings per share as they would be anti-dilutive. The Series
A and B preferred stocks were included in the diluted earnings per share as they would be dilutive.
Reclassification
Certain
prior period amounts have been reclassified to conform to the current period presentation.
Warrants
Warrants
are classified as equity and the proceeds from issuing warrants in conjunction with convertible notes are allocated based on the relative
fair values of the base instrument of convertible notes and the warrants by following the guidance of ASC 470-20-25-2.
Proceeds
from the sale of a debt instrument with stock purchase warrants (detachable call options) shall be allocated to the two elements based
on the relative fair values of the debt instrument without the warrants and of the warrants themselves at time of issuance. The portion
of the proceeds so allocated to the warrants shall be accounted for as paid-in capital. The remainder of the proceeds shall be allocated
to the debt instrument portion of the transaction. This usually results in a discount (or, occasionally, a reduced premium), which shall
be accounted for as interest expense under Topic 835 Interest.
Income
Taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Income taxes are accounted for
using the asset and liability approach. Under this approach, income tax expense is recognized for the amount of taxes payable or refundable
for the current year. Deferred income taxes assets and liabilities are recognized when temporary differences exist between the tax bases
of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated
statement of operations in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.
The
Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines
whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and
(2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax
benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Share-Based
Compensation
The
Company follows the provisions of ASC 718, “Compensation - Stock Compensation,” which establishes the accounting for employee
share-based awards. For employee share-based awards, share-based compensation cost is measured at the grant date based on the fair value
of the award and is recognized as expense with graded vesting on a straight-line basis over the requisite service period for the entire
award.
Recent
Accounting Pronouncements
In October 2021, the FASB
issued ASU No. 2021-08, “‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from
Contracts with Customers” (“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract
assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing
consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts
with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023,
and are applied prospectively to business combinations that occur after the effective date. The Company does not expect the adoption
of ASU 2021-04 to have a material effect on the consolidated financial statements.
In June 2022, the FASB
issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual
restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. The Company does not expect the adoption to have a material impact on the consolidated
financial statements.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated balance sheets, statements of operations and statements of cash flows.
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v3.23.4
NOTE 3 – GOING CONCERN
|
3 Months Ended |
Nov. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NOTE 3 – GOING CONCERN |
NOTE
3 – GOING CONCERN
The accompanying
consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the
realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.
As of November 30, 2023, the Company had an accumulated
deficit of approximately $12.3 million and a working capital deficit of approximately $0.8 million. For the three months ended November
30, 2023, the net cash used in operating activities was approximately $36,000. The continuation of the Company as a going concern
is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders
will provide the additional cash to meet the Company’s obligations as they become due. However, there is no assurance that the Company
will be successful in securing sufficient funds to sustain the operations.
These
factors, among others, raise the substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated
financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of
assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes
that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the
Company to continue as a going concern.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.4
NOTE 4 – ACCOUNTS RECEIVABLE
|
3 Months Ended |
Nov. 30, 2023 |
Credit Loss [Abstract] |
|
NOTE 4 – ACCOUNTS RECEIVABLE |
NOTE
4 – ACCOUNTS RECEIVABLE
Accounts
receivable is cash not yet collected from the third party for the revenue generated from NFT MMM platform. As of November 30, 2023, the
accounts receivable balance was $57,000. The amount was subsequently received in December 2023.
|
X |
- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.23.4
NOTE 5 – PROPERTY AND EQUIPMENT
|
3 Months Ended |
Nov. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
NOTE 5 – PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
The Company
capitalized the renovation cost as leasehold improvement and the cost of furniture and appliances as fixed asset. Leasehold improvement
relates to renovation and upgrade of the leased office.
The depreciation expense
was $1,108 and $1,116 for the three months ended November 30, 2023 and 2022, respectively.
As of November 30, 2023
and August 31, 2023, the balance of property and equipment was as follows:
| |
November 30, 2023 | |
August 31, 2023 |
Leasehold improvement | |
$ | 146,304 | | |
$ | 146,304 | |
Appliances and furniture | |
| 25,974 | | |
| 25,974 | |
Total cost | |
| 172,278 | | |
| 172,278 | |
Accumulated depreciation | |
| (165,132 | ) | |
| (164,024 | ) |
Property and equipment, net | |
$ | 7,146 | | |
$ | 8,254 | |
|
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v3.23.4
NOTE 6 – INTANGIBLE ASSETS
|
3 Months Ended |
Nov. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
NOTE 6 – INTANGIBLE ASSETS |
NOTE
6 – INTANGIBLE ASSETS
As of November 30, 2023
and August 31, 2023, the balance of intangible assets was as follows:
| |
November 30, 2023 | |
August 31, 2023 |
Movie copyrights - Love over the world | |
$ | 853,333 | | |
$ | 853,333 | |
Sitcom copyrights - Chujian | |
| 640,000 | | |
| 640,000 | |
Movie copyrights - A story as a picture | |
| 422,400 | | |
| 422,400 | |
Movie copyrights - Our treasures | |
| 936,960 | | |
| 936,960 | |
Movie broadcast right- On the way | |
| 256,000 | | |
| 256,000 | |
Movie copyrights - Too simple | |
| 1,271,265 | | |
| 1,271,265 | |
Movie copyrights - Confusion | |
| 1,024,000 | | |
| 1,024,000 | |
Movie copyrights - Amazing Data | |
| 300,000 | | |
| 300,000 | |
Movie copyrights - Nice to meet you | |
| 300,000 | | |
| 300,000 | |
Movie copyrights 6 – movies | |
| 695,789 | | |
| — | |
TV drama copyright - 20 episodes | |
| 295,000 | | |
| 295,000 | |
Movie broadcast rights 59 – movies | |
| 2,439,840 | | |
| 2,439,840 | |
NFT MMM platform | |
| 280,000 | | |
| 280,000 | |
Total cost | |
| 9,714,587 | | |
| 9,018,798 | |
Accumulated amortization | |
| (8,075,497 | ) | |
| (7,563,688 | ) |
Intangible assets, net | |
$ | 1,639,090 | | |
$ | 1,455,110 | |
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
6 – INTANGIBLE ASSETS (continued)
The amortization expense
for the three months ended November 30, 2023 and 2022 was $511,809 and $923,499, respectively. Estimated future amortization expense
is as follows:
Twelve
months ending November 30, |
|
Amortization
expense |
2024 |
|
|
$ |
1,332,847 |
|
2025 |
|
|
|
306,243 |
|
Total |
|
|
$ |
1,639,090 |
|
In March
2022, the Company signed a purchase agreement with All In One Media Ltd to acquire the copyrights and broadcast rights 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. On November 29, 2022, both parties entered into an amended agreement to deliver the copyrights and broadcast rights of two movies
(Amazing data and Nice to meet you) to the Company on November 30, 2022 for a total price of $600,000. As of August 31, 2022, $356,724
was paid and recorded as purchase deposit for intangible asset. On November 30, 2022, the company received the copies of two movies.
The purchase deposit of $356,724 was transferred to intangible assets and the unpaid balance of $243,276 was recorded as accounts payable
and was paid in December 2022. Per amended agreement, the remaining three movies will be delivered upon receiving the payment of minimum
$300,000 per movie from the Company before December 31, 2022. The agreement was terminated on December 31, 2022 due to the fact that
the Company did not make the payments for the remaining movies.
In March 2022, the Company
signed a purchase agreement with Anyone Pictures Limited to acquire the copyright for broadcasting a 25-episode TV drama series outside
of mainland China, at a price of $525,000. Five standalone episodes were delivered in December 2022. On February 21, 2023, both parties
entered into a supplementary agreement to determine the delivery of the remaining 20 standalone episodes. As a result, Anyone Pictures
Limited agreed to refund $420,000 to the Company and the Company had received the full amount as of August 31, 2023.
On August 6, 2022, the Company licensed NFT MMM platform
to a third party to allow the access of NFT MMM platform and platform data on both app and website for one year starting from August
20, 2022 for a monthly license fee of $60,000.
Subsequent to the license renewal on November 1, 2023, the Company would continue licensing the NFT MMM platform to the same third party
from November 1, 2023 until October 31, 2025 for a monthly license fee of $57,000. The Company remains the ownership and copyright of
the NFT MMM platform, including the APP “NFT MMM” on Google Play, and the website: starestnet.io. For the three
months ended November 30, 2023 and 2022, the Company recognized license revenue of $57,000 and $180,000, respectively.
On September 10, 2023, the Company entered into an
agreement with All In One Media Ltd to acquire the copyrights for 4 movies at a price of $104,714. These copyrights allow the Company
to transfer these movies to other parties outside the mainland China. On November 27, 2023, the Company further acquired mainland China
copyrights of there 4 movies from All In One Media Ltd. at price of $378,513.
On September 30, 2023, the Company entered into another
agreement with All In One Media Ltd to acquire the copy rights and broadcast rights for 2 movies for a price of $212,562. These copyrights
allow the Company to broadcast these movies globally.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
6 – INTANGIBLE ASSETS (continued)
In November 2023, the Company entered into an agreement
with Anyone Pictures Limited to sell the Mainland China copyrights of 1 movie for a price of $180,000 and the offline broadcast rights
of another movie for a price of $211,800. The granted broadcast rights are globally exclusive, with the exception of Mainland China.
On November 21, 2023,
the Company entered into an agreement with Capitalive Holdings Limited to sell offline broadcast rights of 1 movie for a price of $140,000.
The granted broadcast rights are globally exclusive, with the exception of Mainland China.
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v3.23.4
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)
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v3.23.4
NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS
|
3 Months Ended |
Nov. 30, 2023 |
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 dramas and software was as follows:
|
|
November
30, 2023 |
|
August
31, 2023 |
|
|
|
|
|
Purchase deposit for
software |
|
$ |
— |
|
|
$ |
300,000 |
|
Total purchase deposits for intangible
assets |
|
$ |
— |
|
|
$ |
300,000 |
|
On June 8, 2023, the Group has entered into software
development contract for the creation of the streaming software designed for use on both the website and mobile applications. Pursuant
to the contract’s terms, the Developer is contractually obliged to deliver the software by September 8, 2024, which corresponds
to the upcoming 15-month period. The costs of the software amounts to $1,500,000. As of August 31, 2023, the Group has remitted an initial
payment of $300,000 to the Developer. On November 28, 2023, both parties entered into an amended agreement to sell the software-in-progress
to the Developer for $385,000. The amount was received through Zestv Studios Limited as of November 30, 2023 and used to reduce the amount
of loan from CEO (see Note 9). The Company recognized a gain on the sales of software of $85,000.
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v3.23.4
NOTE 9 – RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Nov. 30, 2023 |
Related Party Transactions [Abstract] |
|
NOTE 9 – RELATED PARTY TRANSACTIONS |
NOTE
9 – RELATED PARTY TRANSACTIONS
Loan
from related parties
In support
of the Company’s efforts and cash requirements, it may rely on advances from stockholders until such time that the Company can
support its operations or attains adequate financing through sales of its equity or traditional debt financing. On June 1, 2023, Chiyuan
Deng, the Chief Executive Officer, as the Company stockholders, entered into a line of credit agreement with the Company. Chiyuan Deng
agreed to provide a line of credit to the Company for a total amount of no more than $1,500,000, including the previous shareholder loan
balance of $697,281. The amount under this line of credit is non-interest bearing and due on demand starting from June 1, 2023. As of
November 30, 2023 and August 31, 2023, the Company has recognized an imputed interest at 5% per annum of the balances. As of November
30, 2023 and August 31, 2023, the Company had loan from Chiyuan Deng balance of $543,266 and $748,285.
Accounts
payable and accrued liabilities - related party - Youall Perform Services Ltd.
Youall Perform Services
Ltd is owned by Jianli Deng, the former Chief Financial Officer. In September 2019, the Company entered into an agreement with Youall
Perform Services Ltd for two transactions. 1) The Company pays Youall Perform Services Ltd. 10% of the revenue generated from
the “Ai Bian Quan Qiu” platform every month to reimburse the valued-added tax, tax surcharges, and foreign transaction fee
Youall Perform Services Ltd. has been paying on behalf of the Company. 2) Youall Perform Services Ltd. will provide IT consulting service
for “Ai Bian Quan Qiu” platform upgrade and maintenance at a total cost of $128,000, out of which $108,800 has been
paid. As there has been no revenue from the “Ai Bian Quan Qiu” platform due to COVID-19 since mid-January, 2020, $108,800 prepayment
was expensed as research and development expense in FY2020. In July 2020, the Company changed the service scope of this agreement and
turned it into a two-year website maintenance contract to maintain the website ABQQ.TV which was launched on December 29, 2020. The website
maintenance service began on January 1, 2021 and will end on December 31, 2022. The contract amount remains to be $128,000, out
of which $108,800 was previously paid and $19,200 was scheduled to be due on the twenty first month of
service term. During the year ended August 31, 2023, the Company made payment of $12,812 with the accounts payable – related party
balance to Youall Perform Services Ltd of $6,388 as of August 31, 2023. As of November 30, 2023, the related party balance to Youall Perform
Services Ltd was $6,388.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 9 – RELATED
PARTY TRANSACTIONS (continued)
Accounts payable and
accrued liabilities – related party - Zestv Studios Limited
On
December 1, 2020, the Company entered an agreement with Zestv Studios Limited, a Hong Kong entity 100% owned by Chiyuan Deng, the Chief
Executive Officer, to grant Zestv Studios Limited the distribution right for the movie “Love over the world” and charge Zestv
Studios Limited movie royalties. The Company’s royalty revenue is stipulated to equal 43% of the after-tax movie box office revenue
deducting movie issuance costs. The movie box office revenue is tracked by a movie distributor Huaxia Film Distribution Co. Ltd (hereafter
“Hua Xia”) in China as it connects with all movie theaters in China and can track the total movie box office revenue online
in real time. Although Zestv Studios Limited has paid royalty revenue to the Company, Zestv Studios Limited failed to collect cash from
Hua Xia. As of August 31, 2021, the Company had refund payable of $916,922 for the movie royalty revenue net of the movie distribution
commission fee to Zestv Studios Limited.
On June 23, 2022, the
Company sold the mainland China copyright and broadcast right of the movie “Too Simple” to Zestv Studios Limited for a price
of $750,000. The Company remains to have all copyright of outside of mainland China. The Company used this proceed to off-set the refund
payable balance to Zestv Studios Limited with additional payment of $151,795 during the year ended August 31, 2022. The Company made
payments of $5,127 during the 3 months ended November 30, 2022 and $10,000 during the 3 months ended February 28, 2023.
On
November 28, 2023, the Company sold the software-in-progress to the Developer for $385,000. Zestv Studios Limited collected the payment
on behalf of the Company. The payment of $385,000 reduced the loan from related parties as of November 30, 2023 (See Note 8).
The Company also
rented an office space from Zestv Studios Limited. The lease was early terminated on August 31, 2023 (See Note 7). For the three months
ended November 30, 2023 and 2022, the Company incurred related party office rent expense of $0 and $16,512, respectively.
As
of November 30, 2023 and August 31, 2023, the Company had $0 payable to Zestv Studios Limited.
Executives’
salaries
On September 11, 2020
and May 24, 2022, the Company entered into two amended employment agreements with Chiyuan Deng, the Chief Executive Officer. Pursuant
the amended agreements, the Company amended the compensation to Mr. Deng to include a salary of $180,000 annually, a reduction
in common stock received under his initial employment agreement, a potential for a bonus in cash or shares, and the issuance of 100,000 shares
of Series A Preferred Stock at par value $0.001. Mr. Deng returned 266,667 shares common stock to the Company received under his
initial employment agreement. The Chief Executive Officer opted to forgo his salaries effective from October 2023.
During the three months
ended November 30, 2023, the Company incurred total compensation of $15,049 for the Chief Executive Officer. During the three months
ended November 30, 2022, the Company incurred total compensation of $51,000 for Chief Executive Officer and Chief Financial Officer.
The Company also incurred total compensation of $0 and $19,500, respectively, for Chief Investment Officer during the three months
ended November 30, 2023 and 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.4
NOTE 10 – STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
NOTE 10 – STOCKHOLDERS’ EQUITY |
NOTE
10 – STOCKHOLDERS’ EQUITY
Common
shares
The Company
had the following activities for the three months ended November 30, 2023:
Issuance
of restricted common shares
On October 5, 2023, the
Board of Directors resolved to issue 225,000,000 shares of the Company’s restricted common stock, par value $0.001 per share, to
Chiyuan Deng, the Chief Executive Officer, to pay off his accrued executive salaries of $45,000.
Conversion of Series
C preferred shares to common shares
During the three months
ended November 30, 2023, the Company issued total 1,056,681,936 common shares as the result of the conversion of total 174,421 Series
C preferred shares.
Reverse Stock split
As previously disclosed
in the Company’s Form 10-Q for the quarter ended May 31, 2023, on June 12, 2023, the Board of Directors approved a reverse split
for the Company’s issued and outstanding common stock, at a ratio of 1 share for every 10,000 shares, contingent upon receiving
a market effectiveness date from FINRA.
On September 8, 2023,
however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split. The Board of Directors decided it
would not be in the best interest of the stockholders or the Company to execute a reverse split at this time. The Company plans to inform
FINRA that it will not be moving forward with the reverse split and will withdraw its application.
The Company had the following
activities for the three months ended November 30, 2022:
Increasing authorized
number of common shares
On October 11, 2022, the Company filed amendment to
Articles of Incorporation to increase the authorized number of common shares from 1,000,000,000 shares to 10,000,000,000 shares. This
increasing of authorized number of common shares has been retroactively reflected in the consolidated financial statements and notes thereto.
Conversion of Series
C preferred shares to common shares
During the three months
ended November 30, 2022, the Company issued total 75,037,786 common shares as the result of the conversion of total 96,075 Series
C preferred shares.
Subscription of Common
shares
On August 2, 2022, the Company entered into a common stock purchase agreement with Alumni Capital LP, a Delaware limited partnership.
Pursuant to the agreement, Alumni Capital LP shall purchase $1.0 million of
common stocks as per the Company’s discretions after a Registration Statement is declared effective by the Securities and Exchange
Commission. The
purchase price is number of common stocks in a Purchase Notice issued by the Company multiplied by 75% of the lowest traded price of
the Common Stock five Business Days prior to the Closing, which is no later than five business days after the Purchase Notice Date.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 – STOCKHOLDERS’ EQUITY (continued)
Common
shares (continued)
Subscription of Common
shares (continued)
The Company plans to use
the proceeds from the sale of the common stocks for general corporate and working capital purposes and acquisitions or assets, businesses
or operations or for other purposes that the Board of Directors, in good faith deem to be in the best interest of the Company. The registration
of these securities was effective on September 13, 2022.
Pursuant to this agreement, during
the three months ended November 30, 2022, Alumni Capital LP subscribed total of 200,000,000 common shares for total proceeds
of $146,475, of which $87,975 was received in the three months ended November 30, 2022 and $58,500 was received
by the Company in December 2022.
A summary
of the status of the Company’s warrants as of November 30, 2023 and August 31, 2023 is presented below.
| |
Number of warrants |
| |
Original shares issued | |
Anti-dilution Adjusted |
Warrants as of August 31, 2022 | |
| 50,000,000 | | |
| — | |
Warrants granted during the year | |
| — | | |
| — | |
Warrants as of August 31, 2023 | |
| 50,000,000 | | |
| — | |
Warrants granted during the three months | |
| — | | |
| — | |
Exercisable as of November 30, 2023 | |
| 50,000,000 | | |
| — | |
Preferred shares
The Company had the following
activities for the three months ended November 30, 2023:
During the three months ended November
30, 2023, the Company converted a total 174,421 Series C preferred shares into common shares.
On November 30, 2023, the Board of Directors of the
Company resolved to withdraw and subsequently cancelled the Amended Certificate of Designation for the Company’s Series C and Series
D Preferred shares (see Note 15).The Company had the following activities for the three months ended November 30, 2022:
On September 6, 2022, the
Company entered into a securities purchase agreement with an accredited investor, whereby investor purchased from the Company 90,275 shares
of Series C Convertible Preferred Stock of the Company for a gross proceed of $78,500. After deduction of transaction-related
expenses, net proceed to the Company was $69,000. The Company intends to use the proceeds from the Preferred Stock for general working
capital purposes.
The Company recorded
dividend expenses of $5,765
on Series C and D Preferred shares for the three months ended November 30, 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.4
NOTE 11 – INCOME TAXES
|
3 Months Ended |
Nov. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
NOTE 11 – INCOME TAXES |
NOTE 11 –
INCOME TAXES
The Company and its fully
owned subsidiary, AB Cinemas NY, Inc, were incorporated in the United States and are subject to a statutory income tax rate at 21%. The
Company’s fully owned subsidiary, App Board Limited, was registered in Hong Kong and is subject to a statutory income tax rate
at 16.5%.
As of November 30, 2023
and August 31, 2023, the components of net deferred tax assets, including a valuation allowance, were as follows:
| |
November
30, 2023 | |
August
31, 2023 |
Deferred tax asset attributable to: | |
| | | |
| | |
Net operating loss carry over | |
$ | 2,068,057 | | |
$ | 2,077,213 | |
Less: valuation allowance | |
| (2,068,057 | ) | |
| (2,077,213 | ) |
Net deferred tax asset | |
$ | — | | |
$ | — | |
The valuation allowance
for deferred tax assets was $2,068,057 and $2,077,213 as of November 30, 2023 and August 31, 2023, respectively. In assessing
the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred
tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred
tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined
it was more likely than not the deferred tax assets would not be realized as of November 30, 2023 and August 31, 2023.
Reconciliation between the statutory
rate and the effective tax rate is as follows for the three months ended November 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
| |
Three months ended |
| |
November 30, |
| |
2023 | |
2022 |
Federal statutory tax rate | |
| 21 | % | |
| 21 | % |
Change in valuation allowance | |
| (21 | %) | |
| (21 | %) |
Effective tax rate | |
| 0 | % | |
| 0 | % |
During
the three months ended November 30, 2023, the Company and its subsidiaries generated net income. As a result, the Company and its subsidiaries
utilized the tax losses for the three months ended November 30, 2023.
During the three months
ended November 30, 2022, the Company and its subsidiaries incurred net losses. As a result, the Company and its subsidiaries did not
incur any income tax for the three months ended November 30, 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.4
NOTE 12 – CONCENTRATION RISK
|
3 Months Ended |
Nov. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
NOTE 12 – CONCENTRATION RISK |
NOTE 12
– CONCENTRATION RISK
Concentration
For the
three months ended November 30, 2023 and 2022, 49% and 76% of the total revenue was generated from one customer, respectively.
As of
November 30, 2023, one customer accounted for 100% of the Company’s accounts receivable balance, respectively. There was no accounts
receivable balance as of August 31, 2023.
Credit risk
Financial instruments
that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Hong Kong Deposit Protection
Board pays compensation up to a limit of HKD 500,000 (approximately $64,000) if the bank with which an individual/a company hold its
eligible deposit fails. As of November 30, 2023 and August 31, 2023, cash balance of $236,819 and $92,972, respectively, were maintained
at financial institutions in Hong Kong, and were subject to credit risk. In the US, the insurance coverage of each bank is $250,000.
As of November 30, 2023 and August 31, 2023, cash balance of $24,268 and $24,124, respectively, were maintained at financial institutions
in the US. While management believes that these financial institutions are of high credit quality, it also continually monitors their
creditworthiness.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.4
NOTE 13 – COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
NOTE 13 – COMMITMENTS AND CONTINGENCIES |
NOTE 13
– COMMITMENTS AND CONTINGENCIES
Contingencies
From time to time, the
Company may be involved in litigation relating to claims arising out of its operations in the normal course of business. There is no
pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of its operations and there
are no proceedings in which any of the Company’s directors, officers, or affiliates, or any registered or beneficial stockholder,
is an adverse party or has a material interest adverse to the Company’s interest.
Operating
leases
The Company has several
lease agreements to rent office spaces and movie theatre with its related party and third-party vendors. (See Note 7)
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.4
NOTE 14 – SEGMENT INFORMATION
|
3 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
NOTE 14 – SEGMENT INFORMATION |
NOTE
14 – SEGMENT INFORMATION
The Company reports information
about operating segments in accordance with ASC 280-10, Segment Reporting, which requires financial information to be reported based
on the way management organizes segments within a company for making operating decisions and evaluating performance. As the result of
business strategic changes, the Company has identified two reportable segments: Copyrights and license (“IP’) segment
and cinema segment.
The following table presents
summary information by segment for the three months ended November 30, 2023 and 2022, respectively.
NOTE 14 - SEGMENT
INFORMATION - Summary of Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
IP Segment | |
Cinema Segment | |
Total |
| |
Three months ended | |
Three months ended | |
Three months ended |
| |
November 30 | |
November 30 | |
November 30 |
| |
2023 | |
2022 | |
2023 | |
2022 | |
2023 | |
2022 |
Revenue | |
$ | 714,288 | | |
$ | 180,000 | | |
$ | 87,459 | | |
$ | 56,812 | | |
$ | 801,747 | | |
$ | 236,812 | |
Operating costs | |
| — | | |
| — | | |
| 41,355 | | |
| 22,404 | | |
| 41,355 | | |
| 22,404 | |
Depreciation and Amortization | |
| 512,917 | | |
| 924,615 | | |
| — | | |
| — | | |
| 512,917 | | |
| 924,615 | |
Interest expense (income) | |
| 13,242 | | |
| (79 | ) | |
| — | | |
| — | | |
| 13,242 | | |
| (79 | ) |
Segment assets | |
| 2,632,394 | | |
| 5,126,491 | | |
| 23,969 | | |
| 16,612 | | |
| 2,656,363 | | |
| 5,143,103 | |
Segment income (loss) | |
$ | (16,144 | ) | |
$ | (1,174,772 | ) | |
$ | 59,744 | | |
$ | (35,018 | ) | |
$ | 43,600 | | |
$ | (1,209,790 | ) |
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v3.23.4
NOTE 15 – SUBSEQUENT EVENTS
|
3 Months Ended |
Nov. 30, 2023 |
Subsequent Events [Abstract] |
|
NOTE 15 – SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
In accordance with ASC
855-10, the Company has analyzed its operations subsequent to the date these financial statements were issued.
Cancellation and Withdrawal of Series B, C, D Preferred
Stock
On December 1, 2023, the Board of Directors of the
Company has resolved to cancel and withdraw the Certificate of Designation for the Company’s Series B Preferred Stock. On December
1, 2023, the CEO cancelled the 20.000 shares of outstanding Series B Preferred shares issued to him. On December 1, 2023, the Company
filed with the State of Nevada to withdraw the designation of the Company’s Series B, C, D Preferred Stock.
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v3.23.4
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation
The financial
statements have been prepared on a consolidated basis, with the Company’s wholly owned subsidiary App Board Limited and AB Cinemas
NY, Inc. All intercompany balances and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The Company
considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
|
Accounts receivable |
Accounts
receivable
Accounts receivable is presented at invoiced
amount net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The
Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including
the age of the balance, customer’s payment history, its current credit-worthiness and current economic trends. Accounts are written
off after efforts at collection prove unsuccessful. No allowance was recorded for the three months ended November 30, 2023 and 2022.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Foreign Currency Transactions |
Foreign
Currency Transactions
The
financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company
does not use derivative instruments to reduce its exposure to foreign currency risk. Gains and losses from translation of foreign currency
into U.S. dollars are included in current results of operations.
|
Prepayments |
Prepayments
Prepayments
primarily consist of payments made to acquire the copyrights and distribution rights of movies, TV
shows and music, etc. Prepayments are classified as either current or non-current
based on the nature and the terms of the respective agreements. These prepayments are unsecured and are reviewed periodically to determine
whether their carrying value has become impaired. The allowance is also based on management’s best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized
may differ from management’s estimate of credit worthiness and the economic environment. Prepayments are written off against the
allowances only after exhaustive collection efforts. No allowance was recorded for the three months ended November 30, 2023 and
2022.
|
Property and Equipment, net |
Property
and Equipment, net
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Leasehold improvement is related to the enhancements
paid by the Company to leased offices. Leasehold improvement represents capital expenditures for direct costs of renovation or acquisition
and design fees incurred. The amortization of leasehold improvements commences once the renovation is completed and ready for the Company’s
intended use.
The
straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:
|
|
Estimated
Useful Life |
Furniture |
|
7 years |
Appliances |
|
5 years |
Leasehold
improvement |
|
Lesser
of useful life and lease term |
Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments that substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of operations in other income or expenses.
|
Intangible Assets |
Intangible
Assets
Intangible
assets are recorded at the lower of cost or estimated fair value and amortized as follows:
|
• |
Movie
copyrights and broadcast rights: straight-line method over the estimated life of the asset, which has been determined by
management to be 2 years |
|
• |
NFT MMM platform:
straight-line method over the estimated life of the asset, which has been determined by management to be 2 years |
Amortized
costs of the intangible asset are recorded as amortization expenses in the consolidated statements of operations.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Lease property under operating lease |
Lease
property under operating lease
The
Company adopted ASU No. 2016-02—Leases (Topic 842) since June 1, 2019, using a modified retrospective transition method permitted
under ASU No. 2018-11. This transition approach provides a method for recording existing leases only at the date of adoption and does
not require previously reported balances to be adjusted. In addition, the Company elected the package of practical expedients permitted
under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification.
Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities on the consolidated balance sheets.
The standard did not materially impact the Company’s consolidated net earnings and cash flows.
|
Impairment of Long-lived asset |
Impairment
of Long-lived asset
The
Company evaluates its long-lived assets or asset group, including intangible assets with indefinite and finite lives, for impairment.
Intangible assets with indefinite lives that are not subject to amortization are tested for impairment at least annually or more frequently
if events or changes in circumstances indicate that the assets might be impaired in accordance with ASC 350. Such impairment test compares
the fair values of assets with their carrying values with an impairment loss recognized when the carrying values exceed fair values.
For long-lived assets and intangible assets with finite lives that are subject to depreciation and amortization are tested for impairment
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use
of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events
occur, the Company evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected
to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than
the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset
group over its fair value. Impairment losses are included in the general and administrative expense. There was no impairment loss during
the three months ended November 30, 2023 and 2022, respectively.
|
Revenue Recognition |
Revenue
Recognition
The Company adopted ASC
Topic 606, “Revenue from Contracts with Customers”, using the modified retrospective approach. ASC 606 establishes principles
for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange
for those goods or services recognized as performance obligations are satisfied.
To determine revenue recognition
for contracts with customers, the Company performs the following five steps: (i) identify the contract with the customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that
it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance
obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.
The Company derives its revenues primarily from four
sources: (1) selling copyrights of movies or TV shows; (2) licensing NFT MMM platform and providing technical service; (3) movie theater
admissions and food and beverage sales; (4) embedded marketing service.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Revenue
from selling copyrights of movies or TV shows:
The Company recognizes
revenue when master copy of movie or TV show is delivered, the IP is authorized and transferred to customers. The Company’s contracts
with customer are primarily on a fixed-price basis and do not contain cancelable and refund-type provisions.
Revenue
from licensing NFT MMM platform and providing technical service fee:
The Company derives revenue from NFTMM platform license
fees, which includes accessing the NFTMM platform and platform data on both app and website. In accordance with ASC 606, a 'right to access'
license is recognized over the license period. Initial technical service fee comprises of installation, implementation and necessary training
required by the customer. These services fees are recognized as the services are delivered at a point in time.
Revenue from
movie theater admissions and food and beverage sales:
The Company
recognizes admissions and food and beverage revenues based on a gross transaction price which are recorded at a point in time when a
film is exhibited to a customer and when a customer takes possession of food and beverage offerings. The Company defers 100% of
the revenue associated with the sales of gift cards and exchange tickets until such time as the items are redeemed or estimated income
from non-redemption is recorded.
Revenue from embedded marketing service:
The Company derives revenue from providing the services
of embedded marketing through adding advertisement into movies and TV series. The Company recognizes revenue when the advertisement is
added to the movies and TV series.
Contract Assets and
Liabilities
Payment terms are established
on the Company’s pre-established credit requirements based upon an evaluation of customers’ credit quality. Contact assets
are recognized for in related accounts receivable. Contract liabilities are recognized for contracts where payment has been received
in advance of delivery. The contract liability balance can vary significantly depending on the timing of when an order is placed and
when shipment or delivery occurs.
As of November 30, 2023 and August 31, 2023, other
than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its
consolidated balance sheets.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition (continued)
Disaggregation of revenue
The Company disaggregates
its revenue from contracts by revenue streams, as the Company believes it best depicts how the nature, amount, timing and uncertainty
of the revenue and cash flows are affected by economic factors.
The following table presents
sales by revenue streams for the three months ended November 30, 2023 and 2022, respectively:
| |
November 30, 2023 | |
November 30, 2022 |
Copyrights sales | |
$ | 531,800 | | |
$ | — | |
Embedded marketing service | |
| 125,488 | | |
| — | |
NFT licenses | |
| 57,000 | | |
| 180,000 | |
Theatre admissions | |
| 57,824 | | |
| 36,162 | |
Food and beverage sales | |
| 29,635 | | |
| 20,650 | |
Total revenue | |
$ | 801,747 | | |
$ | 236,812 | |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
ASC 820,
“Fair Value Measurements” (ASC 820) and ASC 825, “Financial Instruments” (ASC 825), requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy
based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s
categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
It prioritizes the inputs into three levels that may be used to measure fair value:
Level
1 – Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level
2 – Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset
or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities
in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant
inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level
3 – Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant
to the measurement of the fair value of the assets or liabilities.
ASC 820
describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and
(3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical
or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value
amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach
is based on the amount that would currently be required to replace an asset.
The carrying
values of cash, accounts payable, and accrued liabilities approximate fair value due to their short-term nature. The fair values of warrant
liabilities and derivative liabilities embedded in convertible notes are determined by level 3 inputs.
No liabilities measured
at fair value on a recurring basis as of November 30, 2023 and August 31, 2023.
AB
INTERNATIONAL GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Basic and Diluted Earnings (Loss) Per Share |
Basic
and Diluted Earnings (Loss) Per Share
The Company computes earnings
per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires
companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the
weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. As of November 30, 2023, the total number of warrants outstanding
was 50,000,000 (See Note 10). No warrants were included in the diluted earnings per share as they would be anti-dilutive. The Series
A and B preferred stocks were included in the diluted earnings per share as they would be dilutive.
|
Reclassification |
Reclassification
Certain
prior period amounts have been reclassified to conform to the current period presentation.
|
Warrants |
Warrants
Warrants
are classified as equity and the proceeds from issuing warrants in conjunction with convertible notes are allocated based on the relative
fair values of the base instrument of convertible notes and the warrants by following the guidance of ASC 470-20-25-2.
Proceeds
from the sale of a debt instrument with stock purchase warrants (detachable call options) shall be allocated to the two elements based
on the relative fair values of the debt instrument without the warrants and of the warrants themselves at time of issuance. The portion
of the proceeds so allocated to the warrants shall be accounted for as paid-in capital. The remainder of the proceeds shall be allocated
to the debt instrument portion of the transaction. This usually results in a discount (or, occasionally, a reduced premium), which shall
be accounted for as interest expense under Topic 835 Interest.
|
Income Taxes |
Income
Taxes
The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Income taxes are accounted for
using the asset and liability approach. Under this approach, income tax expense is recognized for the amount of taxes payable or refundable
for the current year. Deferred income taxes assets and liabilities are recognized when temporary differences exist between the tax bases
of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated
statement of operations in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.
The
Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines
whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and
(2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax
benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
AB INTERNATIONAL
GROUP CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Share-Based Compensation |
Share-Based
Compensation
The
Company follows the provisions of ASC 718, “Compensation - Stock Compensation,” which establishes the accounting for employee
share-based awards. For employee share-based awards, share-based compensation cost is measured at the grant date based on the fair value
of the award and is recognized as expense with graded vesting on a straight-line basis over the requisite service period for the entire
award.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In October 2021, the FASB
issued ASU No. 2021-08, “‘Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from
Contracts with Customers” (“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract
assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing
consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts
with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023,
and are applied prospectively to business combinations that occur after the effective date. The Company does not expect the adoption
of ASU 2021-04 to have a material effect on the consolidated financial statements.
In June 2022, the FASB
issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual
restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December
15, 2023 and interim periods within those fiscal years. The Company does not expect the adoption to have a material impact on the consolidated
financial statements.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated balance sheets, statements of operations and statements of cash flows.
|
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v3.23.4
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Life |
|
|
Estimated
Useful Life |
Furniture |
|
7 years |
Appliances |
|
5 years |
Leasehold
improvement |
|
Lesser
of useful life and lease term |
|
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Dissaggregation of Revenues (Details |
| |
November 30, 2023 | |
November 30, 2022 |
Copyrights sales | |
$ | 531,800 | | |
$ | — | |
Embedded marketing service | |
| 125,488 | | |
| — | |
NFT licenses | |
| 57,000 | | |
| 180,000 | |
Theatre admissions | |
| 57,824 | | |
| 36,162 | |
Food and beverage sales | |
| 29,635 | | |
| 20,650 | |
Total revenue | |
$ | 801,747 | | |
$ | 236,812 | |
|
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v3.23.4
NOTE 5 – PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
NOTE 5 - PROPERTY AND EQUIPMENT - Leasehold Improvement |
| |
November 30, 2023 | |
August 31, 2023 |
Leasehold improvement | |
$ | 146,304 | | |
$ | 146,304 | |
Appliances and furniture | |
| 25,974 | | |
| 25,974 | |
Total cost | |
| 172,278 | | |
| 172,278 | |
Accumulated depreciation | |
| (165,132 | ) | |
| (164,024 | ) |
Property and equipment, net | |
$ | 7,146 | | |
$ | 8,254 | |
|
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v3.23.4
NOTE 6 – INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
NOTE 6 - INTANGIBLE ASSETS |
| |
November 30, 2023 | |
August 31, 2023 |
Movie copyrights - Love over the world | |
$ | 853,333 | | |
$ | 853,333 | |
Sitcom copyrights - Chujian | |
| 640,000 | | |
| 640,000 | |
Movie copyrights - A story as a picture | |
| 422,400 | | |
| 422,400 | |
Movie copyrights - Our treasures | |
| 936,960 | | |
| 936,960 | |
Movie broadcast right- On the way | |
| 256,000 | | |
| 256,000 | |
Movie copyrights - Too simple | |
| 1,271,265 | | |
| 1,271,265 | |
Movie copyrights - Confusion | |
| 1,024,000 | | |
| 1,024,000 | |
Movie copyrights - Amazing Data | |
| 300,000 | | |
| 300,000 | |
Movie copyrights - Nice to meet you | |
| 300,000 | | |
| 300,000 | |
Movie copyrights 6 – movies | |
| 695,789 | | |
| — | |
TV drama copyright - 20 episodes | |
| 295,000 | | |
| 295,000 | |
Movie broadcast rights 59 – movies | |
| 2,439,840 | | |
| 2,439,840 | |
NFT MMM platform | |
| 280,000 | | |
| 280,000 | |
Total cost | |
| 9,714,587 | | |
| 9,018,798 | |
Accumulated amortization | |
| (8,075,497 | ) | |
| (7,563,688 | ) |
Intangible assets, net | |
$ | 1,639,090 | | |
$ | 1,455,110 | |
|
NOTE 6 - INTANGIBLE ASSETS - Estimated Amortization Expense |
Twelve
months ending November 30, |
|
Amortization
expense |
2024 |
|
|
$ |
1,332,847 |
|
2025 |
|
|
|
306,243 |
|
Total |
|
|
$ |
1,639,090 |
|
|
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v3.23.4
NOTE 7 – LEASES (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Leases [Abstract] |
|
NOTE 7 - LEASES - Future Lease Payments |
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 |
|
|
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v3.23.4
NOTE 10 – STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
NOTE 10 - STOCKHOLDERS' EQUITY - A Summary of Warrant Activity |
| |
Number of warrants |
| |
Original shares issued | |
Anti-dilution Adjusted |
Warrants as of August 31, 2022 | |
| 50,000,000 | | |
| — | |
Warrants granted during the year | |
| — | | |
| — | |
Warrants as of August 31, 2023 | |
| 50,000,000 | | |
| — | |
Warrants granted during the three months | |
| — | | |
| — | |
Exercisable as of November 30, 2023 | |
| 50,000,000 | | |
| — | |
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v3.23.4
NOTE 11 – INCOME TAXES (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
NOTE 11 - INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities |
| |
November
30, 2023 | |
August
31, 2023 |
Deferred tax asset attributable to: | |
| | | |
| | |
Net operating loss carry over | |
$ | 2,068,057 | | |
$ | 2,077,213 | |
Less: valuation allowance | |
| (2,068,057 | ) | |
| (2,077,213 | ) |
Net deferred tax asset | |
$ | — | | |
$ | — | |
|
NOTE 11 - INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation |
|
|
|
|
|
|
|
|
|
| |
Three months ended |
| |
November 30, |
| |
2023 | |
2022 |
Federal statutory tax rate | |
| 21 | % | |
| 21 | % |
Change in valuation allowance | |
| (21 | %) | |
| (21 | %) |
Effective tax rate | |
| 0 | % | |
| 0 | % |
|
X |
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v3.23.4
NOTE 14 – SEGMENT INFORMATION (Tables)
|
3 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
NOTE 14 - SEGMENT INFORMATION - Summary of Segment Information |
The following table presents
summary information by segment for the three months ended November 30, 2023 and 2022, respectively.
NOTE 14 - SEGMENT
INFORMATION - Summary of Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
IP Segment | |
Cinema Segment | |
Total |
| |
Three months ended | |
Three months ended | |
Three months ended |
| |
November 30 | |
November 30 | |
November 30 |
| |
2023 | |
2022 | |
2023 | |
2022 | |
2023 | |
2022 |
Revenue | |
$ | 714,288 | | |
$ | 180,000 | | |
$ | 87,459 | | |
$ | 56,812 | | |
$ | 801,747 | | |
$ | 236,812 | |
Operating costs | |
| — | | |
| — | | |
| 41,355 | | |
| 22,404 | | |
| 41,355 | | |
| 22,404 | |
Depreciation and Amortization | |
| 512,917 | | |
| 924,615 | | |
| — | | |
| — | | |
| 512,917 | | |
| 924,615 | |
Interest expense (income) | |
| 13,242 | | |
| (79 | ) | |
| — | | |
| — | | |
| 13,242 | | |
| (79 | ) |
Segment assets | |
| 2,632,394 | | |
| 5,126,491 | | |
| 23,969 | | |
| 16,612 | | |
| 2,656,363 | | |
| 5,143,103 | |
Segment income (loss) | |
$ | (16,144 | ) | |
$ | (1,174,772 | ) | |
$ | 59,744 | | |
$ | (35,018 | ) | |
$ | 43,600 | | |
$ | (1,209,790 | ) |
|
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v3.23.4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Life (Details)
|
3 Months Ended |
Nov. 30, 2023 |
Total Cost |
|
Finite-Lived Intangible Assets [Line Items] |
|
Property, Plant and Equipment, Useful Life |
7 years
|
Appliances [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Property, Plant and Equipment, Useful Life |
5 years
|
Copyrights [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Finite-Lived Intangible Assets, Amortization Method |
straight-line method over the estimated life of the asset, which has been determined by
management to be 2 years
|
Finite-Lived Intangible Asset, Useful Life |
2 years
|
N F T Platform [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Finite-Lived Intangible Assets, Amortization Method |
straight-line method over the estimated life of the asset, which has been determined by management to be 2 years
|
Finite-Lived Intangible Asset, Useful Life |
2 years
|
X |
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v3.23.4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Dissaggregation of Revenues (Details - USD ($)
|
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Revenue from Contract with Customer, Including Assessed Tax |
$ 714,288
|
$ 180,000
|
Revenue Not from Contract with Customer |
87,459
|
56,812
|
Total revenue |
801,747
|
236,812
|
Copyright Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue from Contract with Customer, Including Assessed Tax |
531,800
|
|
Embedded Marketing Service [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue from Contract with Customer, Including Assessed Tax |
125,488
|
|
N F T Licenses [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue from Contract with Customer, Including Assessed Tax |
57,000
|
180,000
|
Theatre Admissions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue Not from Contract with Customer |
57,824
|
36,162
|
Food And Beverage Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue Not from Contract with Customer |
$ 29,635
|
$ 20,650
|
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NOTE 5 - PROPERTY AND EQUIPMENT - Leasehold Improvement (Details) - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Net |
$ 7,146
|
$ 8,254
|
Renovation Costs [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Leasehold Improvements, Gross |
146,304
|
146,304
|
Furniture and Fixtures, Gross |
25,974
|
25,974
|
Property, Plant, and Equipment, Owned, Gross |
172,278
|
172,278
|
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation |
165,132
|
164,024
|
Property, Plant and Equipment, Net |
$ 7,146
|
$ 8,254
|
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v3.23.4
NOTE 6 - INTANGIBLE ASSETS (Details) - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total cost |
$ 9,714,587
|
$ 9,018,798
|
Accumulated amortization |
8,075,497
|
7,563,688
|
Intangible assets, net |
1,639,090
|
1,455,110
|
Movie Copyright Love Over World [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
853,333
|
853,333
|
Movie Copyright Chujian [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
640,000
|
640,000
|
Movie Copyright A Story Of A Picture [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
422,400
|
422,400
|
Movie Copyright Our Treasures [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
936,960
|
936,960
|
Movie Copyright On The Way [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
256,000
|
256,000
|
Movie Copyright Too Simple [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
1,271,265
|
1,271,265
|
Movie Copyright Confusion [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
1,024,000
|
1,024,000
|
Movie Copyright Amazing Data [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
300,000
|
300,000
|
Movie Copyright Nice To Meet You [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
300,000
|
300,000
|
Movie Copyright Six Movies [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
695,789
|
|
Movie Copyright T V Drama [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
295,000
|
295,000
|
Broadcast 59 Movies [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
2,439,840
|
2,439,840
|
N F T Platform [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
$ 280,000
|
$ 280,000
|
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v3.23.4
NOTE 6 - INTANGIBLE ASSETS - Estimated Amortization Expense (Details)
|
Nov. 30, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling 12 Months |
$ 1,332,847
|
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two |
306,243
|
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three |
$ 1,639,090
|
X |
- DefinitionAmount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the next rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
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v3.23.4
NOTE 6 – INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
4 Months Ended |
12 Months Ended |
|
Nov. 27, 2023 |
Nov. 21, 2023 |
Nov. 01, 2023 |
Sep. 30, 2023 |
Sep. 10, 2023 |
Aug. 06, 2022 |
Mar. 31, 2022 |
Nov. 30, 2023 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Aug. 31, 2022 |
Aug. 20, 2022 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Including Assessed Tax |
|
|
|
|
|
|
|
|
$ 714,288
|
$ 180,000
|
|
|
|
|
N F T Licenses [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from Contract with Customer, Including Assessed Tax |
|
|
|
|
|
|
|
|
57,000
|
180,000
|
|
|
|
|
N F T M M M M Monthly [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:TermsOfNFTPlatformAccess] |
|
|
|
|
|
On August 6, 2022, the Company licensed NFT MMM platform
to a third party to allow the access of NFT MMM platform and platform data on both app and website for one year starting from August
20, 2022 for a monthly license fee of $60,000
|
|
|
|
|
|
|
|
|
[custom:NFTPlatformMonthlyLicenseFee-0] |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 60,000
|
N F T M M M M Monthly Renewed Terms [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:TermsOfNFTPlatformAccess] |
|
|
on November 1, 2023, the Company would continue licensing the NFT MMM platform to the same third party
from November 1, 2023 until October 31, 2025 for a monthly license fee of $57,000. The Company remains the ownership and copyright of
the NFT MMM platform, including the APP “NFT MMM” on Google Play, and the website: starestnet.io
|
|
|
|
|
|
|
|
|
|
|
|
[custom:NFTPlatformMonthlyLicenseFee-0] |
|
|
$ 57,000
|
|
|
|
|
|
|
|
|
|
|
|
Five Movies Copyright [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Contingent Consideration, Liability |
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
Amazing Data And Nice To Meet You [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Contingent Consideration, Liability |
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
|
|
|
|
|
|
|
|
|
$ 356,724
|
|
Finite-Lived Intangible Assets Acquired |
|
|
|
|
|
|
|
|
|
|
$ 356,724
|
|
|
|
Accounts Payable, Other, Current |
|
|
|
|
|
|
|
|
|
|
$ 243,276
|
$ 243,276
|
|
|
Loss Contingency, Settlement Agreement, Terms |
|
|
|
|
|
|
|
|
|
|
|
Per amended agreement, the remaining three movies will be delivered upon receiving the payment of minimum
$300,000 per movie from the Company before December 31, 2022. The agreement was terminated on December 31, 2022
|
|
|
T V Drama Series [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
|
|
|
$ 525,000
|
|
|
|
|
|
|
|
Customer Refundable Fees, Refund Payments |
|
|
|
|
|
|
|
|
$ 420,000
|
|
|
|
|
|
All In One Media 4 Movies [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
|
$ 104,714
|
|
|
|
|
|
|
|
|
|
All In One Media 4 Movies Mainland China [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
$ 378,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All In One Media 2 Movies [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
$ 212,562
|
|
|
|
|
|
|
|
|
|
|
Anyone Pictures 1 Movie [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
|
|
|
|
$ 180,000
|
|
|
|
|
|
|
Anyone Pictures Second Movie [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
|
|
|
|
|
|
$ 211,800
|
|
|
|
|
|
|
Capitalive Holdings Limited Movie [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
|
$ 140,000
|
|
|
|
|
|
|
|
|
|
|
|
|
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- DefinitionAmount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.
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v3.23.4
NOTE 7 - LEASES - Future Lease Payments (Details)
|
Nov. 30, 2023
USD ($)
|
Leases [Abstract] |
|
Operating Leases, Future Minimum Payments, Due in Rolling Year Two |
$ 235,208
|
Operating Leases, Future Minimum Payments, Due in Rolling Year Three |
251,748
|
Operating Leases, Future Minimum Payments, Due in Rolling Year Four |
256,642
|
Operating Leases, Future Minimum Payments, Due in Rolling Year Five |
42,910
|
Lessee, Operating Lease, Liability, to be Paid |
786,508
|
Receivable with Imputed Interest, Discount |
8,614
|
Operating Lease, Liability |
$ 777,894
|
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NOTE 7 – LEASES (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
|
Nov. 30, 2023 |
Nov. 30, 2022 |
Sep. 01, 2023 |
Oct. 21, 2021 |
May 01, 2019 |
Other Commitments [Line Items] |
|
|
|
|
|
Operating Leases, Rent Expense, Net |
$ 52,449
|
$ 68,771
|
|
|
|
Hong Kong Lease [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Lessee, Operating Lease, Term of Contract |
|
|
|
|
1 month
|
Operating Leases, Future Minimum Payments Due, Next 12 Months |
|
|
$ 766
|
|
|
Operating Leases, Rent Expense, Net |
$ 0
|
$ 16,512
|
|
|
|
Kisco Theatre [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Lessee, Operating Lease, Term of Contract |
|
|
|
5 years
|
|
Operating Leases, Future Minimum Payments, Due in Two Years |
|
|
|
$ 14,366
|
|
Operating Leases, Future Minimum Payments, Due in Three Years |
|
|
|
$ 20,648
|
|
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v3.23.4
NOTE 8 – PURCHASE DEPOSITS FOR INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
Nov. 28, 2023 |
Jun. 08, 2023 |
Nov. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Gain (Loss) on Disposition of Other Assets |
|
|
$ (85,000)
|
Streaming Software [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Research, Development and Computer Software, Activity Description |
|
On June 8, 2023, the Group has entered into software
development contract for the creation of the streaming software designed for use on both the website and mobile applications. Pursuant
to the contract’s terms, the Developer is contractually obliged to deliver the software by September 8, 2024, which corresponds
to the upcoming 15-month period
|
|
Research and Development Expense, Software (Excluding Acquired in Process Cost) |
|
$ 1,500,000
|
|
Payments to Develop Software |
|
|
$ 300,000
|
Gain (Loss) on Disposition of Other Assets |
$ 385,000
|
|
|
Streaming Software Amended [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Research and Development Expense, Software (Excluding Acquired in Process Cost) |
385,000
|
|
|
Gain (Loss) on Disposition of Other Assets |
$ 85,000
|
|
|
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v3.23.4
NOTE 9 – RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
Nov. 28, 2023 |
Aug. 31, 2023 |
Sep. 11, 2020 |
Sep. 11, 2020 |
Jul. 01, 2020 |
Jun. 23, 2022 |
Sep. 30, 2019 |
Nov. 30, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
Jun. 01, 2023 |
Aug. 31, 2021 |
Jan. 01, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable and Accrued Liabilities, Current |
|
$ 156,763
|
|
|
|
|
|
$ 335,348
|
|
|
|
|
|
|
Gain (Loss) on Disposition of Other Assets |
|
|
|
|
|
|
|
(85,000)
|
|
|
|
|
|
|
Operating Leases, Rent Expense, Net |
|
|
|
|
|
|
|
$ 52,449
|
|
$ 68,771
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
$ 0.001
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued Salaries, Current |
|
|
$ 180,000
|
$ 180,000
|
|
|
|
|
|
|
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture |
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
$ 0.001
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
C E O [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to Employees |
|
|
|
|
|
|
|
$ 15,049
|
|
|
|
|
|
|
C E O And C F O [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to Employees |
|
|
|
|
|
|
|
|
|
51,000
|
|
|
|
|
Chief Investment Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to Employees |
|
|
|
|
|
|
|
0
|
|
19,500
|
|
|
|
|
Hong Kong Lease [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases, Rent Expense, Net |
|
|
|
|
|
|
|
0
|
|
$ 16,512
|
|
|
|
|
Streaming Software [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to Develop Software |
|
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
Gain (Loss) on Disposition of Other Assets |
$ 385,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Collection of (Payments to Fund) Long-Term Loans to Related Parties |
$ 385,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zestv Studios [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
|
|
|
|
|
|
5,127
|
$ 10,000
|
|
$ 151,795
|
|
|
|
Proceeds from Sale of Intangible Assets |
|
|
|
|
|
$ 750,000
|
|
|
|
|
|
|
|
|
Zestv Studios Second Total [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Expiration Date |
|
Aug. 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Loans Payable |
|
$ 0
|
|
|
|
|
|
0
|
|
|
|
|
|
|
C E O [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:SharesReturnedToCompany] |
|
|
|
266,667
|
|
|
|
|
|
|
|
|
|
|
Guangzhou Yuezhi Computer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
Capitalized Computer Software, Additions |
|
|
|
|
|
|
$ 128,000
|
|
|
|
|
|
|
|
Payments to Develop Software |
|
|
|
|
|
|
108,800
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
|
|
|
|
|
|
12,812
|
|
|
|
|
|
|
Youall Perform Services L T D [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized Computer Software, Additions |
|
|
|
|
$ 128,000
|
|
|
|
|
|
|
|
|
|
Payments to Develop Software |
|
|
|
|
|
|
$ 108,800
|
|
|
|
|
|
|
|
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Outstanding Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 19,200
|
Accounts Payable and Accrued Liabilities, Current |
|
6,388
|
|
|
|
|
|
6,388
|
|
|
|
|
|
|
Zestv Studios [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Refund Liability, Current |
|
|
|
|
|
|
|
|
|
|
|
|
$ 916,922
|
|
Chiyuan Deng Line Of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
|
Shareholder Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable, Other, Current |
|
$ 748,285
|
|
|
|
|
|
$ 543,266
|
|
|
|
$ 697,281
|
|
|
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v3.23.4
NOTE 10 - STOCKHOLDERS' EQUITY - A Summary of Warrant Activity (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Aug. 31, 2022 |
Original Shares Issued [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Class of Warrant or Right, Outstanding |
50,000,000
|
50,000,000
|
50,000,000
|
Adjustment of Warrants Granted for Services |
|
|
|
Anti Dilution Adjusted [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Class of Warrant or Right, Outstanding |
|
|
|
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|
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v3.23.4
NOTE 10 – STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Oct. 05, 2023 |
Sep. 08, 2023 |
Jun. 12, 2023 |
Sep. 06, 2022 |
Aug. 02, 2022 |
Dec. 31, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Aug. 31, 2023 |
Oct. 11, 2022 |
Oct. 10, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
|
on June 12, 2023, the Board of Directors approved a reverse split
for the Company’s issued and outstanding common stock, at a ratio of 1 share for every 10,000 shares, contingent upon receiving
a market effectiveness date from FINRA.
|
|
|
|
|
|
|
|
|
[custom:StockholdersEquityReverseStockSplitCancellation] |
|
On September 8, 2023,
however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares Authorized |
|
|
|
|
|
|
10,000,000,000
|
|
10,000,000,000
|
10,000,000,000
|
1,000,000,000
|
Proceeds from Issuance of Common Stock |
|
|
|
|
|
|
|
$ 87,975
|
|
|
|
[custom:SeriesCPreferredSharesIssuedAmount] |
|
|
|
|
|
|
|
69,000
|
|
|
|
Dividend, Share-Based Payment Arrangement |
|
|
|
|
|
|
|
$ 5,765
|
|
|
|
Alumni Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares Subscribed but Unissued |
|
|
|
|
|
|
|
200,000,000
|
|
|
|
Preferred Class C [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
|
|
|
|
|
174,421
|
96,075
|
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
[custom:SeriesCPreferredSharesIssuedShares] |
|
|
|
90,275
|
|
|
|
|
|
|
|
[custom:SeriesCPreferredSharesIssuedAmount] |
|
|
|
$ 78,500
|
|
|
|
|
|
|
|
Proceeds from Issuance of Convertible Preferred Stock |
|
|
|
$ 69,000
|
|
|
|
|
|
|
|
C E O [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Accrued Salaries, Current |
$ 45,000
|
|
|
|
|
|
|
|
|
|
|
C E O [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture |
225,000,000
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Convertible Securities |
|
|
|
|
|
|
1,056,681,936
|
75,037,786
|
|
|
|
[custom:SeriesCPreferredSharesIssuedShares] |
|
|
|
|
|
|
|
|
|
|
|
[custom:SeriesCPreferredSharesIssuedAmount] |
|
|
|
|
|
|
|
|
|
|
|
Alumni Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned |
|
|
|
|
$ 1,000,000.0
|
|
|
|
|
|
|
Debt Instrument, Convertible, Associated Derivative Transactions, Description |
|
|
|
|
The
purchase price is number of common stocks in a Purchase Notice issued by the Company multiplied by 75% of the lowest traded price of
the Common Stock five Business Days prior to the Closing, which is no later than five business days after the Purchase Notice Date.
|
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
|
|
|
|
$ 58,500
|
|
87,975
|
|
|
|
Alumni Capital Total Proceeds [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
|
|
|
|
|
|
$ 146,475
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Conversion of Convertible Securities |
|
|
|
|
|
|
(174,421)
|
(96,075)
|
|
|
|
[custom:SeriesCPreferredSharesIssuedShares] |
|
|
|
|
|
|
|
90,275
|
|
|
|
[custom:SeriesCPreferredSharesIssuedAmount] |
|
|
|
|
|
|
|
$ 90
|
|
|
|
Preferred Stock [Member] | Preferred Class C [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
|
|
|
|
|
174,421
|
|
|
|
|
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v3.23.4
NOTE 11 - INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
|
Deferred Tax Assets, Operating Loss Carryforwards |
$ 2,068,057
|
$ 2,077,213
|
Deferred Tax Assets, Valuation Allowance |
2,068,057
|
2,077,213
|
Deferred Tax Assets, Net of Valuation Allowance |
|
|
X |
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v3.23.4
v3.23.4
NOTE 11 – INCOME TAXES (Details Narrative) - USD ($)
|
3 Months Ended |
|
Nov. 30, 2023 |
Nov. 30, 2022 |
Aug. 31, 2023 |
Operating Loss Carryforwards [Line Items] |
|
|
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent |
21.00%
|
21.00%
|
|
Deferred Tax Assets, Valuation Allowance |
$ 2,068,057
|
|
$ 2,077,213
|
Hong Kong Tax Rate [Member] |
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent |
16.50%
|
|
|
X |
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v3.23.4
NOTE 12 – CONCENTRATION RISK (Details Narrative) - USD ($)
|
3 Months Ended |
|
Nov. 30, 2023 |
Nov. 30, 2022 |
Aug. 31, 2023 |
Concentration Risk [Line Items] |
|
|
|
Accounts Receivable, after Allowance for Credit Loss |
|
|
$ 0
|
[custom:HongKongDepositProtection-0] |
$ 64,000
|
|
|
Cash Equivalents, at Carrying Value |
236,819
|
|
92,972
|
Cash, FDIC Insured Amount |
250,000
|
|
|
Fair Value, Concentration of Risk, Cash and Cash Equivalents |
$ 24,268
|
|
$ 24,124
|
Revenue Customer One [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Concentration Risk, Percentage |
49.00%
|
76.00%
|
|
X |
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v3.23.4
NOTE 14 - SEGMENT INFORMATION - Summary of Segment Information (Details) - USD ($)
|
3 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
Revenue |
$ 801,747
|
$ 236,812
|
Operating costs |
41,355
|
22,404
|
Depreciation and Amortization |
512,917
|
924,615
|
Interest expense (income) |
13,242
|
(79)
|
Segment assets |
2,656,363
|
5,143,103
|
Segment income (loss) |
43,600
|
(1,209,790)
|
I P Segment [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenue |
714,288
|
180,000
|
Operating costs |
|
|
Depreciation and Amortization |
512,917
|
924,615
|
Interest expense (income) |
13,242
|
(79)
|
Segment assets |
2,632,394
|
5,126,491
|
Segment income (loss) |
(16,144)
|
(1,174,772)
|
Cinema Segment [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenue |
87,459
|
56,812
|
Operating costs |
41,355
|
22,404
|
Depreciation and Amortization |
|
|
Interest expense (income) |
|
|
Segment assets |
23,969
|
16,612
|
Segment income (loss) |
$ 59,744
|
$ (35,018)
|
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