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NOTE 8 - IMPAIRMENT OF INTANGIBLE ASSETS
12 Months Ended
Jul. 31, 2022
Notes  
NOTE 8 - IMPAIRMENT OF INTANGIBLE ASSETS

NOTE 8 – IMPAIRMENT OF INTANGIBLE ASSETS

 

On January 31, 2022, the Company and Cell Science entered into the Third Amendment to the December 20, 2018, Patent and Technology License Agreement (see Note 7).  As part of this transaction, the Company received all related equipment, improvements, supplies, and related tangible and intangible assets.  The Company determined that the lab equipment acquired had a cost basis of $765,160.  The remaining balance of $2,734,839 was assigned to intangible assets as the value of the patent and license technology.  Since the value of the intangible assets was difficult to ascertain, the Company expensed this amount as Impairment of intangible assets on the Statement of Operations for the year ended July 31, 2022.