Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.20.1
INTANGIBLE ASSETS
6 Months Ended
Feb. 29, 2020
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 5 - INTANGIBLE ASSETS

Intangible assets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

As of February 29,  2020

 

As of August 31,  2019

 

 

Estimated

 

Gross

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

Useful

 

Carrying

 

Accumulated

 

Net

 

Carrying

 

Accumulated

 

Net

Description

    

Life

    

Value

    

Amortization

    

Amount

    

Value

    

Amortization

    

Amount

Trade name

 

6 years

 

 

2,600

 

 

(1,228)

 

 

1,372

 

 

2,600

 

 

(1,011)

 

 

1,589

Non-compete agreement

 

4 years

 

 

2,370

 

 

(1,112)

 

 

1,258

 

 

2,370

 

 

(856)

 

 

1,514

 

 

 

 

$

4,970

 

$

(2,340)

 

$

2,630

 

$

4,970

 

$

(1,867)

 

$

3,103

 

Amortization expense was $236 and $245 for the three months ended February 29, 2020 and February 28, 2019, respectively. Amortization expense was $473 and $510 for the six months ended February 29, 2020 and February 28, 2019, respectively.

The following table summarizes the remaining estimated amortization of definite-lived intangible assets as of February 29, 2020:

 

 

 

 

 

For the year ended August 31, 

    

 

2020 (remaining six months)

 

$

474

2021

 

 

881

2022

 

 

747

2023

 

 

528

 

 

2,630