DISCONTINUED OPERATIONS

12 Months Ended

Aug. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On November 16, 2017, the Company sold the copyright and all other rights in a film named “Gong Fu Nv Pai” copyright and the mobile application (Amoney) assets to an unrelated party for cash of $253,000. The Company recorded gain on sales of assets of $7,280 as discontinued operations during the year ended Ausgust 31, 2018.

The sales of intangible assets qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of the operations from its Consolidated Statements of Operations to present this revenue and expenses from these intangible assets in discontinued operations.

The following table shows the results of operations of mobile application and copyright for the year ended August 31, 2018 and 2017 which are included in the gain from discontinued operations:

	Year Ended August 31,
	2018			2017
Revenue	$	49,920		$	408,085
Cost of revenue		(11,912	)		(26,912)
Income Tax Provision		—			(55,347)
Gain on sale of intangible asset		7,280			—
Income from discontinued operations	$	45,288		$	325,826

The following table shows the assets and liabilities of the discontinued operation as of August 31, 2018 and 2017 which are included in the consolidated balance sheets as the total of current assets, non-current assets and current liabilities:

	August 31,
	2018		2017
Accounts receivable		—		88,320
Total current assets	$	—	$	88,320
Intangible assets		—		207,712
Total non-current assets	$	—	$	207,712