INTANGIBLE ASSETS, NET

6 Months Ended

Feb. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

5. INTANGIBLE ASSETS, NET

Intangible assets costs as of February 28, 2023 and August 31, 2022 are summarized below:

	As of February 28, 2023			As of August 31, 2022
Investment platform	$	30,000		$	30,000
Technical know-hows		818,200			818,200
Trademarks		4,920			4,920
Total		853,120			853,120
Less: Accumulated amortization		(199,281	)		(199,035	)
Impairment		(649,781	)		(649,781	)
Intangible assets, net	$	4,058		$	4,304

Amortization expense for intangible assets was $246 and $45,008 for the six months ended February 28, 2023 and 2022, respectively; and $123 and $22,509 for the three months ended February 28, 2023 and 2022, respectively.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s intangible assets. The impairment charge, if any, represented the excess of carrying amounts of the Company’s intangible assets over their fair value, using the expected future discounted cash flows. No impairment loss of intangible asset was recognized for the six and three months ended February 28, 2023 and 2022.

As of February 28, 2023, amortization expenses related to intangible assets for future periods are estimated to be as follows:

2023 (remaining period)	$	246
2024		492
2025		492
2026		492
2027		492
2028 and thereafter		1,844
Total	$	4,058