AB International Group Corp. Files 2024 Annual 10-K Report
Ticker: AERA · Form: 10-K · Filed: Nov 26, 2024 · CIK: 1605331
Sentiment: neutral
Topics: 10-K, annual-report, filing
TL;DR
AB International Group Corp. filed its 2024 10-K. All good.
AI Summary
AB International Group Corp. filed its annual 10-K report for the fiscal year ending August 31, 2024. The company, incorporated in Nevada and headquartered in Mt. Kisco, NY, operates in the patent owners & lessors sector. The filing details financial information and business operations for the period.
Why It Matters
This 10-K filing provides a comprehensive overview of AB International Group Corp.'s financial health and operational status for the fiscal year ending August 31, 2024, crucial for investors and stakeholders.
Risk Assessment
Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or risk factors that would indicate a high or medium risk level.
Key Numbers
- 0831 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
- 2024 — Filing Year (The year the 10-K was filed.)
Key Players & Entities
- AB INTERNATIONAL GROUP CORP. (company) — Filer of the 10-K report
- August 31, 2024 (date) — Fiscal year end
- 144 MAIN STREET SUITE 1009 (address) — Company business and mailing address
- MT. KISCO, NY 10549 (address) — Company business and mailing city, state, and zip
- NV (state) — State of incorporation
FAQ
What is the primary business of AB International Group Corp.?
AB International Group Corp. is classified under the Standard Industrial Classification code 6794 as PATENT OWNERS & LESSORS.
In which state is AB International Group Corp. incorporated?
AB International Group Corp. is incorporated in Nevada (NV).
What is the business address of AB International Group Corp.?
The business address is 144 MAIN STREET, SUITE 1009, MT. KISCO, NY 10549.
What is the filing date of this 10-K report?
This 10-K report was filed on November 26, 2024.
What fiscal period does this 10-K report cover?
This 10-K report covers the fiscal period ending August 31, 2024.
Filing Stats: 4,552 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2024-11-26 15:48:29
Key Financial Figures
- $0.001 — e Exchange Act: Common Stock, par value $0.001 per share Indicate by check mark if t
- $14,366 — rent period. The total monthly rent was $14,366 for the first two years, and $20,648 fo
- $20,648 — as $14,366 for the first two years, and $20,648 for the third year including real estat
- $60,000 — t 19, 2023 for a monthly license fee of $60,000. Pursuant to the agreement, the Company
- $100,000 — mentation service and consulting fee of $100,000. Subsequent to the license renewal on N
- $57,000 — r 31, 2025 for a monthly license fee of $57,000. The Company retained the ownership and
Filing Documents
- abqq10k_083124.htm (10-K) — 1280KB
- ex31_1.htm (EX-31.1) — 9KB
- ex31_2.htm (EX-31.2) — 9KB
- ex32_1.htm (EX-32.1) — 4KB
- 0001663577-24-000297.txt ( ) — 5589KB
- abqq-20240831.xsd (EX-101.SCH) — 47KB
- abqq-20240831_cal.xml (EX-101.CAL) — 47KB
- abqq-20240831_def.xml (EX-101.DEF) — 183KB
- abqq-20240831_lab.xml (EX-101.LAB) — 315KB
- abqq-20240831_pre.xml (EX-101.PRE) — 270KB
- abqq10k_083124_htm.xml (XML) — 687KB
Business
Business 3 Item 1A.
Risk Factors
Risk Factors 4 Item 1B. Unresolved Staff Comments 11 Item 1C. Cybersecurity 11 Item 2.
Properties
Properties 12 Item 3.
Legal Proceedings
Legal Proceedings 12 Item 4. Mine Safety Disclosure 12 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. [Reserved] 17 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 22 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 23 Item 9A.
Controls and Procedures
Controls and Procedures 23 Item 9B. Other Information 24 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 24 PART III Item 10. Directors, Executive Officers and Corporate Governance 25 Item 11.
Executive Compensation
Executive Compensation 27 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 29 Item 13. Certain Relationships and Related Transactions, and Director Independence 29 Item 14. Principal Accountant Fees and Services 31 PART IV Item 15. Exhibits, Financial Statement Schedules 32 Item 16. Form 10-K Summary 34
Signatures
Signatures 35 2 Table of Contents PART I
Business
Item 1. Business Company 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, TV shows and music. In addition to licensing and selling rights to movies, TV shows and music, we are also engaged in licensing our NFT MMM platform and providing technical service; running our physical movie theater in New York; and providing marketing and consulting services in the media industry. 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. The Company's management has been sourcing such dramas and films to provide video streaming service on the ABQQ.tv. website. As of August 31, 2024, the Company acquired 73 movie copyrights and broadcast rights and a 75-episode TV drama and sitcom. The Company plans to continue marketing and promoting the ABQQ.tv website through Google Ads to acquire additional broadcast rights for movies and TV series, and plans to charge subscription fees once the Company has obtained at least 200 broadcast rights of movies and TV programs . 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 a free rent period. The total monthly rent was $14,366
financial statements as compared to issuers that have conducted such evaluations
financial statements as compared to issuers that have conducted such evaluations. 7 Table of Contents If material weaknesses and deficiencies are detected, it could cause investors to lose confidence in our company and result in a decline in our stock price and consequently affect our financial condition. In addition, if we fail to achieve and maintain the adequacy of our internal controls, we may not be able to ensure that we can conclude on an ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Moreover, effective internal controls, particularly those related to revenue recognition, are necessary for us to produce reliable financial reports and are important to helping prevent financial fraud. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock could drop significantly. In addition, we cannot be certain that additional material weaknesses or significant deficiencies in our internal controls will not be discovered in the future. Risks Associated with Management and Control Persons If we fail to attract and retain qualified senior executive and key technical personnel, our business will not be able to expand. We are dependent on the continued availability of Chiyuan Deng, and the availability of new employees to implement our business plans. The market for skilled employees is highly competitive, especially for employees in the service industry. Although we expect that our compensation programs will be intended to attract and retain the employees required for us to be successful, there can be no assurance that we will be able to retain the services of all our key employees or a sufficient number to execute our plans, nor can there be any assurance we will be able to continue to attract new employ