|3 Months Ended|
Nov. 30, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
NOTE 5 – INTANGIBLE ASSET
The Company has capitalized the costs associated with acquiring the exclusive worldwide license to develop and commercialize products comprising or containing the compound NEO1940 as an intangible asset at a value of $2,039,417 as of November 30, 2020 and August 31, 2020. The amount capitalized consisted of a $1,500,000 payment and the fair value of 61,297 shares of common stock of $539,417. During the quarter ended November 30, 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