INTANGIBLE ASSETS

9 Months Ended

12 Months Ended

May 31, 2020

Aug. 31, 2019

Notes to Financial Statements

INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

As of May 31, 2020 and August 31, 2019, the balance of intangible assets are as follows;

	May 31,			August 31,
	2020			2019
Patent	$	500,000		$	500,000
Intellectual property: Kryptokiosk		—			72,000
Ai Bian Quan Qiu platform		19,917			99,584
Total cost		519,917			671,584
Accumulated amortization		(305,970	)		(257,791)
Intangible asset,net	$	213,947		$	413,793

Amortization expenses for nine months ended May 31, 2020 and 2019 was $88,731and $89,904, respectively.

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.