Commitments and Contingencies

3 Months Ended

Nov. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

8.	COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company as lessee

The Company’s rental expense was $18,000 and $18,000 for the three months ended November 30, 2021 and 2020, respectively.

On August 20, 2020, the Company has entered into a sub-lease agreement with Century Crown Investments Limited for office space in Hong Kong for the period of one year from September 1, 2020 at $6,000 per month.

On August 20, 2021, the Company renewed the sub-lease agreement with Century Crown Investments Limited for office space in Hong Kong for the period of one year from September 1, 2021 at $6,000 per month.

For the three months ended November 30, 2021 and 2020, the Company recorded $18,000 and $18,000 rental payable to Century Crown Investments Limited.

As of November 30, 2021, the outstanding lease is short-term lease. The total minimum future lease payments are $54,000 payable in the twelve months ending November 30, 2022.

TEMIR CORP. 10-Q