INTANGIBLE ASSETS

12 Months Ended

Aug. 31, 2019

Notes to Financial Statements

INTANGIBLE ASSETS

As of August 31, 2019, and August 31, 2018, the balance of intangible assets are as follows;

	August 31,
	2019			2018
Patent	$	500,000		$	500,000
Intellectual property: Aura		—			200,000
Intellectual property: Kryptokiosk		72,000			72,000
Wechat official account		99,584			—
Total cost		671,584			772,000
Accumulated amortization		(257,791	)		(131,000)
Intangible asset, net	$	413,793		$	641,000

Amortization expenses for year ended August 31, 2019 and 2018 was $126,791 and $106,000 respectively.

On November 10, 2018, the Company sold the $200,000 intellectual property from Aura Blocks Limited for $80,000 with a realized loss of $120,000. In August of 2019, the Company sold the movie copyright to China IPTV Industry Park Holding Ltd for $857,600 with a gain of $89,538 and the Videomix APP to Anyone Pictures Limited for $422,400 with a gain of $59,792.