Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.20.2
INTANGIBLE ASSETS
9 Months Ended
May 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible assets consist of the following:
 
 
As of May 31, 2020 As of August 31, 2019
Description
Weighted
Average
Estimated
Useful Life
Gross
Carrying
Value
Accumulated
Amortization
Net
Amount
Gross
Carrying
Value
Accumulated
Amortization
Net
Amount
Trade name
6 years 2,600    (1,336)   1,264    2,600    (1,011)   1,589   
Non-compete agreement
4 years 2,370    (1,241)   1,129    2,370    (856)   1,514   
 
$ 4,970    $ (2,577)   $ 2,393    $ 4,970    $ (1,867)   $ 3,103   
Amortization expense was $237 for the three months ended May 31, 2020 and 2019. Amortization expense was $710 and $746 for the nine months ended May 31, 2020 and May 31, 2019, respectively.
The following table summarizes the remaining estimated amortization of definite-lived intangible assets as of May 31, 2020:
For the year ended August 31,
 
2020 (remaining three months) $ 237   
2021 881   
2022 747   
2023 528   
  $ 2,393