Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.19.2
INTANGIBLE ASSETS
9 Months Ended
May 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8 - INTANGIBLE ASSETS

 

Intangible assets consist of the following as of May 31, 2019 and August 31, 2018:

 

    Weighted
Average
  As of May 31, 2019     As of August 31, 2018  
    Estimated   Gross                 Gross              
    Useful   Carrying     Accumulated     Net     Carrying     Accumulated     Net  
Description   Life   Value     Amortization     Amount     Value     Amortization     Amount  
Domain name   5 years   $ -     $ -     $ -     $ 599     $ (166 )   $ 433  
Trade name   6 years     2,600       (903 )     1,697       2,600       (578 )     2,022  
Non-compete agreement   4 years     2,370       (727 )     1,643       2,370       (337 )     2,033  
        $ 4,970     $ (1,630 )   $ 3,340     $ 5,569     $ (1,081 )   $ 4,488  

  

Amortization expense was $237 and $188 for the three months ended and $746 and $564, for the nine months ended May 31, 2019 and 2018, respectively.

 

The following table shows the remaining estimated amortization expense associated with finite lived intangible assets as of May 31, 2019:

 

    Intangible Assets  
2019   $ 237  
2020     947  
2021     881  
2022     747  
2023     528  
    $ 3,340