|9 Months Ended|
May 31, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
NOTE 5 – INTANGIBLE ASSET
During the year ended August 31, 2019, the Company made a $1,500,000 payment and recorded stock payable of 61,297 shares of common stock, valued at $539,417 for the exercise of an option for an exclusive worldwide license to develop and commercialize products comprising or containing the compound NEO1940. During the nine months ended May 31, 2020, the Company issued 61,297 shares of common stock (Note 6). The Company has capitalized the costs associated with acquiring the worldwide license as an intangible asset at a value of $2,039,417 as of May 31, 2020 and August 31, 2019. During the quarter ended May 31, 2020, no subsequent costs incurred met the criteria for capitalization as an intangible asset.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef