Innovation1 Biotech (IVBT) 10-K 16 Jan 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Aug. 31, 2023	Jan. 12, 2024	Feb. 28, 2023
Cover [Abstract]
Entity Registrant Name	INNOVATION1 BIOTECH INC.
Entity Central Index Key	0001629205
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--08-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Aug. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		22,470,239
Entity Public Float			$ 6,243,650
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	false
Entity File Number	000-55852
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	82-2275255
Entity Address Address Line 1	7 Grand View Avenue
Entity Address City Or Town	Somerville
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02143
City Area Code	617
Auditor Name	Fruci & Associates II, PLLC
Auditor Location	Spokane, Washington
Auditor Firm Id	5525
Local Phone Number	447-8299
Security 12g Title	Common stock, $.001 par value
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Aug. 31, 2023	Aug. 31, 2022
Current assets:
Cash	$ 49,849	$ 156,486
Accounts receivable	7,895	56,421
Prepaid expenses	15,000	74,049
Total current assets	72,744	286,956
Other assets
Equipment, net	1,569	2,615
Trademarks	1,680	1,680
Intangibles	0	42,980,076
ROU Asset	0	482,086
Security Deposit	0	210,000
Total other assets	3,248	43,676,457
Total Assets	75,993	43,963,413
Current liabilities:
Accounts payable	349,301	106,215
Accrued expenses	1,072,108	39,558
Accrued expenses - related parties	106,923	116,977
Mioxal liability, current portion	0	28,500,000
Related party payable	0	2,665
Lease Liability, current portion	0	199,203
Note payable, current portion	10,000	10,000
Dividends payable	1,748,625	837,798
Total current liabilities	3,286,957	29,812,416
Long term liabilities:
Lease liability	0	298,423
Mioxal liability	0	11,000,000
Convertible note payable, net of discount	218,999	0
Total long-term liabilities	218,999	11,298,423
Total liabilities	3,505,956	41,110,839
Commitments and contingencies (Note 8)	0	0
Stockholders' equity (deficiency):
Common stock, $0.001 par value; 200,000,000 shares authorized; 20,470,239 and 20,020,239 shares issued and outstanding as of August 31, 2023 and August 31, 2022, respectively	20,470	20,020
Additional paid in capital	55,171,921	47,375,513
Accumulated deficit	(58,630,438)	(44,551,043)
Total stockholders' equity (deficiency)	(3,429,963)	2,852,574
Total Liabilities and Stockholders' equity	75,993	43,963,413
Series A Preferred Stock [Member]
Stockholders' equity (deficiency):
Preferred stock, value	0	0
Series B, Preferred Stock [Member]
Stockholders' equity (deficiency):
Preferred stock, value	2,695	2,695
Series B-1 Preferred Stock [Member]
Stockholders' equity (deficiency):
Preferred stock, value	$ 5,389	$ 5,389

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2023	Aug. 31, 2022
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	20,470,239	20,020,239
Common stock, shares outstanding	20,470,239	20,020,239
Series A Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	22,305,486	22,305,486
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B, Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,695,514	2,695,514
Preferred stock, shares issued	2,694,514	2,694,514
Preferred stock, shares outstanding	2,694,514	2,694,514
Series B-1 Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,389,028	5,389,028
Preferred stock, shares issued	5,389,028	5,389,028
Preferred stock, shares outstanding	5,389,028	5,389,028

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Statements of Operations
Revenue	$ 0	$ 0
Cost of Revenue	0	0
Gross margin	0	0
Operating expenses:
Advertising	10,267	4,914
Consulting fees	35,500	398,033
General and administrative	341,927	362,359
Stock-based compensation	80,500	0
Lease termination claim	100,000	0
Professional fees	308,023	477,392
Research and development	15,000	201,166
Salaries	475,123	1,259,519
Depreciation	1,046	523
Amortization expense - intangible assets	0	2,545,839
Total operating expenses	1,367,386	5,249,745
Net operating income (loss)	(1,367,386)	(5,249,745)
Other (income) expense:
Interest expense	251,826	5,514
Interest income	0	(13,638)
Impairment expense	3,480,076	35,780,148
Gain on extinguishment of debt	(170,857)	(143,956)
Other (income) expense	1,059,835	0
Total Other (income) expense	4,620,880	35,628,068
Net income (loss)	(5,988,266)	(40,877,813)
Deemed dividend related to Series B and B-1 convertible preferred stock down round provision	(7,180,301)	0
Preferred Dividends	(910,829)	(699,602)
Net income (loss) available to common shareholders	$ (14,079,396)	$ (41,577,415)
Basic income (loss) per share	$ (0.70)	$ (2.73)
Weighted average number of common shares outstanding - basic	20,184,212	15,225,781

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Total	Preferred Stock - Series B	Preferred Stock - Series B1	Common Stock	Additional Paid-In Capital	Common Stock to be Issued	Retained Earnings (Accumulated Deficit)
Balance, shares at Aug. 31, 2021		2,694,514		188,616
Balance, amount at Aug. 31, 2021	$ (224,839)	$ 2,695	$ 0	$ 188	$ 2,745,906	$ 0	$ (2,973,628)
Series B-1 preferred stock purchase agreements, shares			5,389,028
Series B-1 preferred stock purchase agreements, amount	4,000,000	0	$ 5,389	$ 0	3,994,611	0	0
Common stock issued for asset purchase, shares				19,831,623
Common stock issued for asset purchase, amount	40,654,827	0	0	$ 19,832	40,634,995	0	0
Dividends on preferred stock accrued	(136,887)	0	0	0	0	0	(136,887)
Net loss, period ended November 30, 2021	(239,853)	$ 0	$ 0	$ 0	0	0	(239,853)
Balance, shares at Nov. 30, 2021		2,694,514	5,389,028	20,020,239
Balance, amount at Nov. 30, 2021	44,053,248	$ 2,695	$ 5,389	$ 20,020	47,375,512	0	(3,350,368)
Balance, shares at Aug. 31, 2021		2,694,514		188,616
Balance, amount at Aug. 31, 2021	(224,839)	$ 2,695	$ 0	$ 188	2,745,906	0	(2,973,628)
Common stock issued for asset purchase, amount	40,654,827
Net loss, period ended November 30, 2021	(40,877,813)
Balance, shares at Aug. 31, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Aug. 31, 2022	2,852,574	$ 2,695	$ 5,389	$ 20,020	47,375,513	0	(44,551,043)
Balance, shares at Nov. 30, 2021		2,694,514	5,389,028	20,020,239
Balance, amount at Nov. 30, 2021	44,053,248	$ 2,695	$ 5,389	$ 20,020	47,375,512	0	(3,350,368)
Dividends on preferred stock accrued	(187,571)	0	0	0	0	0	(187,571)
Net loss, period ended November 30, 2021	(1,779,054)	$ 0	$ 0	$ 0	0	0	(1,779,054)
Balance, shares at Feb. 28, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Feb. 28, 2022	42,086,623	$ 2,695	$ 5,389	$ 20,020	47,375,512	0	(5,316,993)
Dividends on preferred stock accrued	(187,571)	0	0	0	0	0	(187,571)
Net loss, period ended November 30, 2021	(1,609,876)	$ 0	$ 0	$ 0	0	0	(1,609,876)
Balance, shares at May. 31, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at May. 31, 2022	40,289,176	$ 2,695	$ 5,389	$ 20,020	47,375,512	0	(7,114,440)
Dividends on preferred stock accrued	(187,572)	0	$ 0	$ 0	0	0	(187,572)
Net loss, period ended November 30, 2021	(37,249,031)	$ 0					(37,249,031)
Balance, shares at Aug. 31, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Aug. 31, 2022	2,852,574	$ 2,695	$ 5,389	$ 20,020	47,375,513	0	(44,551,043)
Dividends on preferred stock accrued	(187,572)	0	0	0	0	0	(187,572)
Net loss, period ended November 30, 2021	(631,666)	0	0	0	0	0	(631,666)
Convertible notes payable BCF and Warrant	50,000	$ 0	$ 0	$ 0	50,000	0	0
Balance, shares at Nov. 30, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Nov. 30, 2022	2,083,336	$ 2,695	$ 5,389	$ 20,020	47,425,513	0	(45,370,281)
Balance, shares at Aug. 31, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Aug. 31, 2022	2,852,574	$ 2,695	$ 5,389	$ 20,020	47,375,513	0	(44,551,043)
Common stock issued for asset purchase, amount	0
Net loss, period ended November 30, 2021	$ (5,988,266)
Common shares issued at $0.225, shares	2,205,882
Balance, shares at Aug. 31, 2023		2,694,514	5,389,028	20,470,239
Balance, amount at Aug. 31, 2023	$ (3,429,963)	$ 2,695	$ 5,389	$ 20,470	55,171,921	0	(58,630,438)
Balance, shares at Nov. 30, 2022		2,694,514	5,389,028	20,020,239
Balance, amount at Nov. 30, 2022	2,083,336	$ 2,695	$ 5,389	$ 20,020	47,425,513	0	(45,370,281)
Dividends on preferred stock accrued	(273,939)	0	0	0	0	0	(273,939)
Net loss, period ended November 30, 2021	(603,390)	0	0	0	0	0	(603,390)
Convertible notes payable BCF and Warrant	250,000	0	0	0	250,000	0	0
Common shares to be issued at $0.225	22,500	0	0	0	0	22,500	0
Deemed Dividend	0	$ 0	$ 0	$ 0	7,180,301	0	(7,180,301)
Balance, shares at Feb. 28, 2023		2,694,514	5,389,028	20,020,239
Balance, amount at Feb. 28, 2023	1,478,507	$ 2,695	$ 5,389	$ 20,020	54,855,814	22,500	(53,427,911)
Dividends on preferred stock accrued	(221,863)	0	0	0	0	0	(221,863)
Net loss, period ended November 30, 2021	(298,857)	0	0	0	0	0	(298,857)
Convertible notes payable BCF and Warrant	213,557	0	0	$ 0	213,557	0	0
Stock based compensation, shares				350,000
Stock based compensation, amount	102,900	0	0	$ 350	102,550	0	0
Common shares issued at $0.225, shares				100,000
Common shares issued at $0.225, amount	(22,400)	$ 0	$ 0	$ 100	0	(22,500)	0
Balance, shares at May. 31, 2023		2,694,514	5,389,028	20,470,239
Balance, amount at May. 31, 2023	1,251,844	$ 2,695	$ 5,389	$ 20,470	55,171,921	0	(53,948,631)
Dividends on preferred stock accrued	(227,455)	0	0	0	0	0	(227,455)
Net loss, period ended November 30, 2021	(4,454,352)	0	0	0	0	0	(4,454,352)
Convertible notes payable BCF and Warrant	0	0	0	0	0	0	0
Deemed Dividend	0	0	0	0	0	0	0
Stock based compensation, amount	0	0	0	0	0	0	0
Common shares issued at $0.225, amount	0	$ 0	$ 0	$ 0	0	0	0
Balance, shares at Aug. 31, 2023		2,694,514	5,389,028	20,470,239
Balance, amount at Aug. 31, 2023	$ (3,429,963)	$ 2,695	$ 5,389	$ 20,470	$ 55,171,921	$ 0	$ (58,630,438)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (5,988,266)	$ (40,877,813)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,047	523
Amortization of ROU Asset	51,652	137,739
Amortization of Mioxal Asset	0	2,408,100
Amortization of discount, BCF, warrant on convertible notes	218,998	0
Termination of ROU asset lease	430,434	0
Stock based compensation	103,000	0
Impairment expense	3,480,076	35,780,148
Gain on extinguishment of debt	(170,857)	(143,956)
Gain on termination of lease	(19,236)	0
Changes in operating assets and liabilities:
Accounts receivable	0	(56,421)
Prepaid expenses	269,049	(270,049)
Other receivable	48,526	0
Accounts payable	(248,569)	(41,523)
Related party payable	(2,665)	(64,600)
Accrued expenses	1,032,550	0
Accrued expenses - related parties	174,067	0
Net cash provided by (used in) operating activities	(620,195)	(3,127,852)
Cash flows from investing activities:
Purchase of equipment	0	(3,138)
Cash paid for asset purchase	0	(850,000)
Net cash used in investing activities	0	(853,138)
Cash flows from financing activities
Proceeds form series B-1 preferred stock purchase agreements	0	4,000,000
Proceeds from notes payable	26,891	0
Proceeds from convertible notes payable - long term portion	486,667	0
Net cash provided by financing activities	513,558	4,000,000
Net increase (decrease) in cash	(106,637)	19,010
Cash - beginning of the period	156,486	137,476
Cash - end of the period	49,849	156,486
Supplemental disclosures:
Interest paid	0	37,802
Income taxes	0	0
Non-cash investing and financing transactions:
Right of use asset and lease liability	0	619,825
Preferred stock dividends accrued	461,511	699,601
Payables settled with intangible assets	0	117,000
Deemed dividend	7,180,301	0
Transfer of Mioxal asset	39,600,000	0
Transfer of Mioxal liabilities	(39,500,000)	0
Receivable created with Mioxal asset sale	(100,000)	0
Common Stock issued for asset purchase	$ 0	$ 40,654,827

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Aug. 31, 2023
ORGANIZATION AND DESCRIPTION OF BUSINESS
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Innovation1 Biotech Inc. (the “Company”) was formed under the laws of the state of Nevada in 2014, under the name of My Cloudz, Inc. Gridiron BioNutriens completed a reverse merger with My Cloudz, Inc, in October 2017 and the Company then changed its name to Gridiron BioNutrients, Inc. Effective March 31, 2022, as approved by the shareholders, the name of the Company was changed from Gridiron BioNutrients, Inc. (trading symbol GVMP) to Innovation1 Biotech Inc. (trading symbol IVBT). The Company has elected an August 31 st Change in Control On November 9, 2021, the Company completed the asset acquisition of ST Biosciences, Ltd., consisting substantially of intellectual property assets, relating to Mioxal® as discussed in Note 3 – Asset Acquisition. The closing of the acquisition resulted in a change of control of the Company. As part of the acquisition, Mr. Orr stepped down as the Company’s Chief Executive Officer and assumed the role of the Company’s Interim Chief Financial Officer. Mr. Orr has since resigned from his position and as a director. Pursuant to the terms of the Asset Purchase Agreement, Jeffrey J. Kraws was appointed as the Company’s Chief Executive Officer and a director of the Company. In addition, the Company agreed to appoint Jason Frankovich as a director of the Company subject to the Company’s compliance with Rule 14F-1 of the Exchange Act. During the Fiscal year ended August 31, 2023, both gentleman resigned from the Company. Going Concern The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had no revenue and a net operating loss of $5,988,266 for the fiscal year ended August 31, 2023. The Company has a working capital deficit of $3,214,213 and an accumulated deficit of $58,630,438 as of August 31, 2023. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months after the issuance of this financial statement. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The ability of the Company to fully commence its operations is dependent upon, among other things, obtaining additional financing to continue operations and execution of its business plan. In response to these concerns, management plans to fund operations through additional debt and equity financing. Debt instruments may be convertible or non-convertible and will vary based on the Company’s needs and financing options available at such times. There can be no assurance that management’s plan will be successful.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of accounting policies for Innovation1 is presented to assist in understanding the Company’s financial statements. The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting) and have been consistently applied in the preparation of the financial statements. Reclassifications Certain prior year amounts may have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. Estimates are used when accounting for fair value calculations, including those related to embedded conversion features of outstanding convertible notes payable. Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company did not have any cash equivalents as of August 31, 2023, and August 31, 2022. Revenue recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Fair Value of Financial Instruments Fair value of certain of the Company’s financial instruments including cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The Company did not have any Level 1, Level 2 or Level 3 assets and liabilities at August 31, 2023, and August 31, 2022. Principals of Consolidation The consolidated financial statements represent the results of Innovation1 Biotech Inc., its prior wholly owned subsidiary, Gridiron Ventures – dissolved in April 2022, and the assets, processes, and results therefrom. All intercompany transactions and balances have been eliminated. All financial information has been prepared in conformity with accounting principles generally accepted in the United States of America. Inventories Inventories consist of raw materials and T-free distillate and are stated at the lower of cost or net realizable value using the first‑in, first‑out method. The Company periodically assesses the recoverability of its inventory and reduces the carrying value of the inventory when items are determined to be obsolete, defective or in excess of forecasted sales requirements. Inventory write‑downs for excess, defective and obsolete inventory are recorded as impairment expense in the accompanying statement of operations. The Company wrote-off $0 and $17,000 of obsolete inventory or inventory below market value for the for the years ended August 31, 2023 and 2022, respectively. Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed in the period incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets and the modified accelerated cost recovery system for federal income tax purposes. The estimated useful lives of depreciable computers and other equipment are three years. With the asset acquisition as discussed in Note 3 – Asset Acquisition Intangible Assets The Company accounts for intangible assets as prescribed in ASC 350 Intangibles – Goodwill and Other, Including its evaluation for impairment on a periodic basis. The acquisition of the Mioxal intangible assets from ST Biosciences as described in Note 3 Acquisition were recorded at the acquisition cost, with the assumed debt recorded at its face value. The Company performed an evaluation of impairment at August 31, 2022, and recorded an impairment expense commensurate with the net present value of expected future cash flows, as informed by the sale of the Mioxal intangible assets and debt at November 7, 2022. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The Series B and Series B1 Convertible Preferred shares would convert to 35,926,853 shares of the Company’s common stock in addition to the 20,470,239 outstanding shares at August 31, 2023. The Series B and Series B1 Convertible Preferred shares would convert to 8,083,542 shares of the Company’s common stock in addition to the 20,020,239 outstanding shares at August 31, 2022. The Company calculates diluted earnings per share by dividing the Company’s net income available to common shareholders less preferred dividends by the diluted weighted average number of shares outstanding during the period. The conversion of the Company’s Series B Convertible Preferred shares are excluded from the computation of diluted earnings per share as they are anti-dilutive due to the Company’s operating losses for the years ended August 31, 2023 and 2022. Derivative Liabilities The Company generally does not use derivative financial instruments to hedge exposures to cash flow or market risks. However, certain other financial instruments, such as warrants and embedded conversion features on convertible debt, are classified as derivative liabilities due to protection provisions within the agreements. Convertible notes payable are initially recorded at fair value using the Monte Carlo model and subsequently adjusted to fair value at the close of each reporting period. The preferred stock warrants are initially recorded at fair value using the Black Scholes model and subsequently adjusted to fair value at the close of each reporting period. The Company accounts for derivative instruments and debt instruments in accordance with the interpretive guidance of ASC 815, ASU 2017-11, and associated pronouncements related to the classification and measurement of warrants and instruments with conversion features. Income Taxes Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Use of net operating loss carry forwards for income tax purposes may be limited by Internal Revenue Code section 382 if a change of ownership occurs. Stock-Based Compensation The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718. The Company issues restricted stock to employees and consultants for their services. Cost for these transactions is measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. There was stock-based compensation of $80,500 and $0 during years ended August 31, 2023, and 2022, respectively. Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Recently Issued Accounting Standards As of August 31, 2023, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. Trademark Trademark costs are capitalized as incurred to the extent the Company expects the costs incurred to result in a trademark being awarded. The trademarks are deemed to have an indefinite life and are reviewed for impairment loss considerations annually. As of August 31, 2023 and 2022, the Company had trademarks totaling $1,680. Leases Operating lease right of use (“ROU”) assets represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the consolidated statements of operations.

ASSET ACQUISITION

ASSET ACQUISITION	12 Months Ended
	Aug. 31, 2023
ASSET ACQUISITION
NOTE 3 - ASSET ACQUISITION	NOTE 3 – ASSET ACQUISITION On October 27, 2021, the Company entered into an asset acquisition agreement with ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”), of certain Transferred Assets, consisting substantially of their intellectual property relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals. The Company acquired certain intellectual property and patent rights, and no tangible assets, assumed certain liabilities related to the acquisition of Mioxal by STB, as discussed below, and some outstanding employee payments. The acquisition was completed pursuant to the terms of the Amended and Restated Asset Purchase Agreement dated November 9, 2021. As consideration for the acquisition, the Company paid $350,000 in cash to Ingenius, paid cash of $500,000 to STB and issued 19,831,623 shares of Common Stock to STB valued at $40,654,827 or $2.05 per share based on the closing market price on November 5, 2021, which at the closing of the acquisition represented approximately 70% of the Company’s outstanding shares of Common Stock on a fully diluted basis, for an aggregate purchase price of $41,504,827, resulting in a change in control of the Company. The shares were issued in December 2021. At acquisition the assets and liabilities assumed were recorded at the fair values as follows: Mioxal® $ 81,249,827 Other intangible assets 178,000 Less liabilities assumed: Mioxal® liability assumed (39,500,000 ) Other liabilities assumed (423,000 ) Net value acquired in asset acquisition $ 41,504,827 During the year ended August 31, 2022, additional intangibles of $28,773 were added related to the asset acquisition for payments made subsequent to the acquisition date. The Mioxal® intellectual property, including the patent rights, was acquired by STB from Ingenius Biotech S.L, a Spanish corporation (“Ingenius”) on September 10, 2021. The Ingenius milestone and stock payments set forth in the Purchase Agreement between Ingenius and STB, were assumed by the Company in aggregate of $39,500,000 and are recorded in current and long-term liabilities in the accompanying consolidated balance sheets. The first installment of $1,500,000 was due on January 15, 2022, the second installment of $1,500,000 on April 15, 2022, and a $3,500,000 payment was due within thirty business days following the occurrence of the milestone event. The milestone, a signed sales agreement with a third party to distribute Mioxal throughout Europe, was not reached and therefore the requirement for the milestone payment was forfeited and will never be owed. In addition, $15,000,000 will be paid through the issuance of the Company’s common stock in three tranches beginning twelve months from execution of agreement with STB on September 10, 2021, as follows: • On September 10, 2022 - $4,000,000, not issued as of the date of this filing • On September 10, 2023 - $5,000,000 • On September 10, 2024 - $6,000,000 • Total stock to be issued - $15,000,000 The remaining balance is to be paid on an earn-out basis whereunder Ingenius will earn an 8% royalty on all sales generated by Mioxal® until the balance is satisfied. On January 13, 2022, the Company entered into Amendment No. 1 to Purchase Agreement with Ingenius Biotech S.L. to modify the terms of the agreement dated September 10, 2021. Under the amended agreement, the first installment of $1,500,000 is now due on June 30, 2022, with an additional extension of the due date to August 30, 2022 (not paid), and the second installment is now due on December 31, 2022. See Sale of Mioxal Intangible Assets The Mioxal® asset has a 24-year life and will be tested for impairment on an annual basis. During twelve months ended August 31, 2022, amortization of $2,539,483 was expensed. The other intangible assets for $178,000 have a 21-year life. During the twelve months ended August 31, 2022, amortization of $6,357 was expensed. During the twelve months ended August 31, 2022, additional intangibles were added related to the asset acquisition in the amount of $38,638. Impairment of Intangible Assets At August 31, 2022, an asset impairment evaluation resulted in the Company recording $35,762,550 in impairment expense in the fourth quarter ended August 31, 2022, and a carrying value of $42,980,076 for the intangible assets. The company had recorded impairment expenses of $17,598 in previous quarters, to total $35,780,148 for the fiscal year. The calculation of the carrying value of the Mioxal net assets was informed by the terms of the subsequent sale of those assets on November 7, 2022, as calculated below: Valuation at the sale of Mioxal: Cash to be received by the Company $ 100,000 FV of 350,000 shares transferred to Buyer ($0.13 per share) (45,500 ) Debt assumed/forgiven by Buyer 39,500,000 Impairment expense (39,554,500 ) NPV of estimated future royalty cash stream - Total estimated value of intangible assets at 8-31-2023 - Carrying value of intangible assets at 8-31-2023 $ 3,380,076 Impairment expense at 8-31-2023 on intangible assets $ 3,380,076 The assumptions used for estimated future royalty cash stream included 1) 5% royalty on gross margin for a five-year period of estimated sales in the United States, with a two-year introductory delay in taking the product to market, 2) a similar royalty on international sales, with an additional two-year introductory delay and an increased cost of 15% for additive distribution costs, 3) an estimate of approximately 200,000 units sold in year 1 of the projected royalty stream for a total sales estimate of approximately $7,500,000, and 4) sales growth rates of 100% for each of the years 2 through 4, decreasing to 60% in year 5. Growth rate in any subsequent year would be expected to drop off significantly or to 0%, however, those possible future years are not included in the project revenues, costs or gross merging. The projections of foundational sales volumes, revenues and costs were performed by industry experts in January 2022 as part of an independent product evaluation. As with all projections, Management cannot assure that the estimated amounts will be actualized. Sale of the Mioxal Intangible Assets: On November 7, 2022, the Company completed the disposition of all the assets, including intellectual property assets, and obligations relating to Mioxal® to Ingenius Biotech S.L., a corporation organized under the laws of Spain (“Ingenius”). As part of the disposition, certain shareholders of the Company transferred an aggregate of 350,000 shares of the Company’s currently outstanding common stock, to Ingenius and Ingenius agreed to pay the Company (i) $100,000 upon the first to occur of Ingenius’ first sale or commercialization of the Mioxal product or Ingenius’ sale, license, transfer or other disposition of the Mioxal product to a third party, and (ii) a 5% royalty on worldwide net sales of the Mioxal product by Ingenius or a third party commencing on the date of the first sale of Mioxal products and ending on the 18-month anniversary of the last to expire of any patent covering the Mioxal products. Additionally, Ingenius agreed to release the Company from all of its liabilities and obligations relating to the Mioxal products and indemnify the Company from all claims relating to the Mioxal product following the date of the disposition. After the disposition of the assets and liabilities related to Mioxal, the Company recognized a royalty asset, recorded as an intangible asset on the balance sheet. As of August 31, 2023, the royalty asset balance was $0 and the Company recorded additional impairment expense of $3,380,076. As of August 31, 2023 the Company wrote off the $100,000 of cash yet to be received to impairment expense.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Aug. 31, 2023
NOTES PAYABLE
NOTE 5 - NOTES PAYABLE	NOTE 4 – NOTES PAYABLE Short-Term Notes Payable On September 14, 2017, the Company issued a $10,000 promissory note to a limited liability company. The loan bears interest at 5% and has a maturity date of September 15, 2018. The unpaid balance including accrued interest was $12,982 and $12,482 at August 31, 2023, and 2022, respectively. The Company is in default with the repayment terms of the note. Interest of $2,982 and $2,482 was accrued for the years ended August 31, 2023 and 2022, respectively. Convertible Notes Payable The Company has entered into a private placement to receive net cash proceeds up to $300,000, after the original issue discount, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 4,411,764 shares of common stock. Each note is discounted 15% with a maturity date of 18 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. During the twelve months ended August 31, 2023, the Company received convertible notes of $251,242 less a discount of $37,684, for cash proceeds of $213,558. The Company issued 3,140,556 warrants and recorded a fair value of $157,206 for the warrants. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. The total fair value of the warrants was estimated using the following weighted average assumptions: August 31, 2023 November 29, 2022 Market price of common stock on date of issuance $ 0.183 - 0.230 $ 0.095 Risk-free interest rate 3.75-3.48 % 3.63 % Expected dividend yield 0 0 Expected term (in years) 7 7 Expected volatility 219.7-240.9 % 202.5 % Additionally, a beneficial conversion feature of $56,531 was determined to exist, which represented the lesser of the conversion price of the convertible instrument or the per share fair value of the underlying stock into which it is convertible. The fair value of the warrants and the beneficial conversion feature, which together consumed the value of the net proceeds, were charged to additional paid in capital at the date of issuance. At August 31, 2023, the Company had outstanding convertible notes payable of $604,180, less remaining unamortized discounts of $508,661 for a net liability of $95,519. The Company recognized a total of $385,181 of discount amortization to interest expense during the twelve months ended August 31, 2023, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Aug. 31, 2023
RELATED PARTY TRANSACTIONS
NOTE 6 - RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS The Company had a contract with two consulting and pharmaceutical firms owned by the former Chief Science Officer, Salzman Group LLC and Herring Creek Pharmaceuticals, under which research and development activities are performed on behalf of the Company. During the fiscal year 2022, the Company paid $150,000 for a security deposit, that was impaired as of August 31, 2023, $131,500 for research and development fees and assumed $67,000 in a liability from ST Biosciences at the acquisition of the assets described in Note 3 Asset Acquis As of August 31, 2023 and 2022, the Company owed salary of $76,154 and $11,538, respectively, to Jason Frankovich, a former director. During the twelve months ended August 31, 2023, the Company entered into an agreement with a former director for a payment of $80,000 and 100,000 common shares in exchange for a release of unpaid services. Resulting in a gain of $170,857 for the twelve months ended August 31, 2023.

LEASE LIABILITY

LEASE LIABILITY	12 Months Ended
	Aug. 31, 2023
LEASE LIABILITY
NOTE 7 - LEASE LIABILITY	NOTE 6 – LEASE LIABILITY On January 1, 2022, we adopted ASC Topic 842 – Leases. Under this new guidance, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. Upon adoption, we recognized operating lease right-of-use (“ROU”) assets and corresponding lease liabilities of $619,825. Lessee accounting We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for the majority of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the income statement. Operating lease costs are recorded entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses and an implied interest component is recorded in interest expense. Under the guidance of ASC 842, operating leases are included in right-of-use assets, current lease liabilities, and noncurrent lease liabilities on our balance sheets. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at transition date in determining the present value of future payments. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Lease extensions Many leases have options to either extend or terminate the lease. In determining the lease term, we considered all available contract extensions that are reasonably certain of occurring. Operating leases On January 1, 2022, the Company entered into an operating lease for office space. The lease is effective for 3 years from the commencement date with automatic renewal at the expiration date. The lease agreement may be terminated earlier upon ninety days’ prior written notice by either party. The lease requires adjustment upon renewal with an increase to the monthly rent by 10% of the monthly rent due for the month preceding such renewal date or market rate, whichever is the greater amount. The following table summarizes balance sheet data related to leases at August 31, 2023 and August 31, 2022: August 31, 2023 August 31, 2022 Assets Operating lease right of use assets $ - $ 619,825 Less accumulated depreciation - (137,739 ) Total operating lease right of use assets $ - $ 482,086 Liabilities - Operating lease liability, current $ - $ 199,203 Operating lease liability, noncurrent - 298,423 Total lease liabilities $ - $ 497,626 The Company was unable to pay its December 2022 lease payment and the owner sought legal action. The Company was served with a summons in December 2022. The summons sought a judgment of $480,000 plus interest at 5%. The lease was terminated as of December 1, 2022, and a gain on termination of $19,236 was recorded during the six months ended February 28, 2023. The Company accrued $484,668, which included $4,668 for interest, for the legal claim sought by the owner. On September 28, 2023, the Company entered into a settlement agreement with 40 Wall Street Suites LLC. on its past due lease payment. The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation. As of August 31, 2023, the Company reduced the $484,688 settlement accrual to $40,000 as stated in the executed settlement agreement.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	12 Months Ended
	Aug. 31, 2023
STOCKHOLDERS EQUITY
NOTE 8 - STOCKHOLDERS EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY Dividends During the year ended August 31, 2018, the Company issued Series A Convertible Preferred Stock, which accrues dividends at a rate of 5% annually. The Company exchanged the Series A Convertible Preferred for Series B Preferred Stock. As a result of the Exchange agreement, the dividends on the Series A Convertible Preferred Stock was reduced to $0 in the accompanying consolidated balance sheets. The Series B and Series B1 Convertible Preferred Stock accrues dividends at a rate of 10% annually. There was $1,748,625 and $837,798 of dividends payable at August 31, 2023 and August 31, 2022, respectively. The dividends have not been declared and are accrued in the accompanying condensed consolidated balance sheets as a result of a contractual obligation in the Company’s Series B and Series B1 Preferred Stock offering. Preferred Stock There were no shares of Series A Convertible Preferred Stock issued and outstanding as of August 31, 2023 and 2022, respectively. There were 2,694,514 shares of Series B Convertible Preferred Stock issued and outstanding as of August 31, 2023, and August 31, 2022, respectively. There were 5,389,028 shares of Series B-1 Convertible Preferred Stock issued and outstanding as of August 31, 2023, and August 31, 2022, respectively. Deemed Dividend related to Series B and B-1 Convertible Preferred Stock Down Round Provision The Series B and Series B-1 Convertible Preferred Stock issued contain a down round provision. During the twelve months ended August 31, 2023, the Company entered into an agreement to issue common shares at $0.225 per share. Pursuant to the down round provision, the conversion price of the Series B and Series B-1 Convertible Preferred Stock was reduced to $0.225 per share at February 28, 2023. In addition, the Company recognized a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital) of $7,180,301 at August 31, 2023. The deemed dividend represents the value attributed to the increase in shares of common stock that preferred shareholders will receive as a result of the issuance of common shares in February 2023, which was deemed to be adown round and triggered the anti-dilution provisions associated with our convertible preferred stock. Common Stock The Company is authorized to issue up to 200,000,000 shares of $0.001 par value common stock. As discussed in Note 3 – Asset Acquisition, on November 9, 2021, the Company completed the acquisition of all of the assets, including intellectual property assets, relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals, and assumed certain liabilities held by ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”). As part consideration for the acquisition, the Company issued 19,831,623 shares of Common Stock valued at $40,654,827 or $2.05 per share. With the disposition of the Mioxal® asset, certain shareholders of the Company transferred 350,000 common shares to Ingenius. During the twelve months ended August 31, 2023, the Company issued 450,000 of common stock to employees and a former Director of the Company. Included in the issuance was 100,000 shares previously classified as to be issued shares with a value of $22,500. The expense associated with the issuance is included in general and administrative expense on the condensed consolidated statements of operations. Warrants During the twelve months ended August 31, 2023, the Company issued 7,552,320 warrants as part of the convertible notes financing, see Note 4 – Notes Payable. At August 31, 2023, the warrants had an intrinsic value of approximately $777,889. At August 31, 2023, and 2022, the following warrants were outstanding: Number of warrants Weighted average exercise price Weighted average term remaining (years) Balance, August 31, 2022 - $ - - Issued 7,552,320 0.08 7 Balance, August 31, 2023 7,552,320 $ 0.08 7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Aug. 31, 2023
COMMITMENTS AND CONTINGENCIES
NOTE 9 - COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES On September 30, 2022, a party identified as New You Inc. filed a complaint with the District Court of Clark County, Nevada against Innovation 1 Biotech, Inc, ST Biosciences LTD, Jeffrey Kraws and Jason Frankovich. The complaint alleges that during Mr. Frankovich’s service to New You Inc. as Chairman of the Board of Directors, concurrent with Mr. Frankovich’s and Mr. Kraws’s services as executives of ST Biosciences LTD, Mr. Frankovich converted funds away from New You Inc. to satisfy obligations of ST Biosciences LTD and/or Innovation1 and/or to enrich Frankovich and Kraws. The amount of the claim is a total of $249,020 plus damages in excess of $30,000 and includes a claim for legal fees. The Company’s legal firm has evaluated the claims of the complaint and together with Innovation1 management believes the claims to be without merit. The Company intends to defend against the complaint and believes any potential liability to be $0. 40 Wall Street Suites LLC. On December 19, 2022, a party identified as 40 Wall Street Suites LLC., filed a complaint with the Supreme Court of New York County, New York against Innovation1 Biotech, Inc. The complaint alleges that Innovation1 failed to pay the December lease payment and therefore is responsible for payment of the remaining lease plus interest. The Company defended against the complaint; however, had accrued a potential liability of $484,668 at May 31, 2023, see Note 6 – Lease Liability above. On September 28, 2023, the Company entered into a settlement agreement with 40 Wall Street Suites LLC. on its past due lease payment. The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation. Greenfingers LLC A/A/O Simon D. Roffe On April 21, 2023, a party identified as Greenfingers LLC A/A/O Simon D. Roffe, entered into a judgement in the Supreme Court of New York County, New York against Innovation1 Biotech Inc. in the amount of $264,617 plus post-judgement interest from the date of entry for failure to turn over shares of Jason Frankovich, a former director of the Company. On October 3, 2023, the Company entered into a settlement agreement with Greenfingers LLC A/A/O Simon D. Roffe. The agreement calls for the Company to pay Greenfingers LLC A/A/O Simon D. Roffe $20,000 upon complete execution of the settlement agreement. In addition, Innovation1 shall issue Greenfingers LLC A/A/O Simon D. Roffe 2,000,000 restricted shares of common stock. As of August 31, 2023 the Company accrued $920,000 related to this settlement.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Aug. 31, 2023
INCOME TAXES
NOTE 11 - INCOME TAXES	NOTE 9 – INCOME TAXES The Company’s policy is to provide for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. The U.S. federal corporate income tax rate was 21.0% for the years ended August 31, 2023 and 2022. We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented since we have experienced operating losses since inception. When it is more likely than not that a tax asset cannot be realized through future income, the Company must provide a valuation allowance for this future tax benefit. The Company is not aware of any uncertain tax position that, if challenged, would have a material effect on the financial statements for the year ended August 31, 2023 or during the prior four fiscal years applicable under FASB ASC 740. We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the consolidated balance sheet. All tax returns for the Company after its fiscal year ended August 31, 2019 remain open for examination. The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% and state tax rate of 6.5% were as follows for the years ended August 31, 2023 and 2022: August 31, 2023 August 31, 2022 Federal income tax expense (benefit) $ (1,793,000 ) 21.0 % $ (8,545,000 ) 21.0 % State income tax expense (benefit) (555,000 ) 6.5 % (2,655,000 ) 6.5 % Revision of NOL estimates and state effective tax rates - - % (182,000 ) 0.5 % Increase in valuation allowance 2,348,000 (28.0 )% 11,392,000 (28.0 )% Income tax expense (benefit) $ - - % $ - - % The net deferred tax assets consist of the following as of August 31, 2023 and 2022: August 31, 2023 August 31, 2022 Deferred tax assets arising from: Net operating loss carryforwards $ 3,582,000 $ 2,163,000 Impairment expenses 10,774,000 9,845,000 Less: valuation allowance (14,356,000 ) (12,008,000 ) Net deferred tax asset $ - $ - The change in the valuation allowance was an increase of $2,348,000 for the year ended August 31, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Aug. 31, 2023
SUBSEQUENT EVENTS
NOTE 12 - SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS The Company evaluates events that have occurred after the balance sheet date of August 31, 2023, through the date which the financial statements were filed. Based upon the review, other than described below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. Subsequent to the year ended August 31, 2023, the Company has entered into securities purchase agreements to receive net cash proceeds up to $150,000, after the original issue discount, from securities purchase agreements with attached $0.08 warrants to purchase up to 2,205,882 shares of common stock. Each note is discounted 18% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum. Each note is convertible into common shares by dividing the outstanding principal on the note by the conversion price of $0.08. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. Subsequent to the year ended August 31, 2023, the Company issued two demand promissory notes totaling $40,000 with 10% interest rate and 90-day maturity from the issuance date. On September 28, 2023, the Company entered into a settlement agreement with 40 Wall Street Suites LLC. on its past due lease payment. The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation. On October 3, 2023, the Company entered into a settlement agreement with Greenfingers LLC A/A/O Simon D. Roffe. The agreement calls for the Company to pay Greenfingers LLC A/A/O Simon D. Roffe $20,000 upon complete execution of the settlement agreement. In addition, Innovation1 shall issue Greenfingers LLC A/A/O Simon D. Roffe 2,000,000 restricted shares of common stock. As of August 31, 2023 the Company accrued $920,000 related to this settlement.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	This summary of accounting policies for Innovation1 is presented to assist in understanding the Company’s financial statements. The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting) and have been consistently applied in the preparation of the financial statements.
Reclassifications	Certain prior year amounts may have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. Estimates are used when accounting for fair value calculations, including those related to embedded conversion features of outstanding convertible notes payable.
Cash and cash equivalents	The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company did not have any cash equivalents as of August 31, 2023, and August 31, 2022.
Revenue recognition	Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.
Fair Value of Financial Instruments	Fair value of certain of the Company’s financial instruments including cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The Company did not have any Level 1, Level 2 or Level 3 assets and liabilities at August 31, 2023, and August 31, 2022.
Principals of Consolidation	The consolidated financial statements represent the results of Innovation1 Biotech Inc., its prior wholly owned subsidiary, Gridiron Ventures – dissolved in April 2022, and the assets, processes, and results therefrom. All intercompany transactions and balances have been eliminated. All financial information has been prepared in conformity with accounting principles generally accepted in the United States of America.
Inventories	Inventories consist of raw materials and T-free distillate and are stated at the lower of cost or net realizable value using the first‑in, first‑out method. The Company periodically assesses the recoverability of its inventory and reduces the carrying value of the inventory when items are determined to be obsolete, defective or in excess of forecasted sales requirements. Inventory write‑downs for excess, defective and obsolete inventory are recorded as impairment expense in the accompanying statement of operations. The Company wrote-off $0 and $17,000 of obsolete inventory or inventory below market value for the for the years ended August 31, 2023 and 2022, respectively.
Property and Equipment	Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed in the period incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets and the modified accelerated cost recovery system for federal income tax purposes. The estimated useful lives of depreciable computers and other equipment are three years. With the asset acquisition as discussed in Note 3 – Asset Acquisition
Intangible Assets	The Company accounts for intangible assets as prescribed in ASC 350 Intangibles – Goodwill and Other, Including its evaluation for impairment on a periodic basis. The acquisition of the Mioxal intangible assets from ST Biosciences as described in Note 3 Acquisition were recorded at the acquisition cost, with the assumed debt recorded at its face value. The Company performed an evaluation of impairment at August 31, 2022, and recorded an impairment expense commensurate with the net present value of expected future cash flows, as informed by the sale of the Mioxal intangible assets and debt at November 7, 2022.
Basic Income (Loss) Per Share	Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The Series B and Series B1 Convertible Preferred shares would convert to 35,926,853 shares of the Company’s common stock in addition to the 20,470,239 outstanding shares at August 31, 2023. The Series B and Series B1 Convertible Preferred shares would convert to 8,083,542 shares of the Company’s common stock in addition to the 20,020,239 outstanding shares at August 31, 2022. The Company calculates diluted earnings per share by dividing the Company’s net income available to common shareholders less preferred dividends by the diluted weighted average number of shares outstanding during the period. The conversion of the Company’s Series B Convertible Preferred shares are excluded from the computation of diluted earnings per share as they are anti-dilutive due to the Company’s operating losses for the years ended August 31, 2023 and 2022.
Derivative Liabilities	The Company generally does not use derivative financial instruments to hedge exposures to cash flow or market risks. However, certain other financial instruments, such as warrants and embedded conversion features on convertible debt, are classified as derivative liabilities due to protection provisions within the agreements. Convertible notes payable are initially recorded at fair value using the Monte Carlo model and subsequently adjusted to fair value at the close of each reporting period. The preferred stock warrants are initially recorded at fair value using the Black Scholes model and subsequently adjusted to fair value at the close of each reporting period. The Company accounts for derivative instruments and debt instruments in accordance with the interpretive guidance of ASC 815, ASU 2017-11, and associated pronouncements related to the classification and measurement of warrants and instruments with conversion features.
Income Taxes	Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Use of net operating loss carry forwards for income tax purposes may be limited by Internal Revenue Code section 382 if a change of ownership occurs.
Stock-Based Compensation	The Company accounts for share-based compensation in accordance with the fair value recognition provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718. The Company issues restricted stock to employees and consultants for their services. Cost for these transactions is measured at the fair value of the equity instruments issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as expense in the period granted. The Company recognized consulting expenses and a corresponding increase to additional paid-in-capital related to stock issued for services. For agreements requiring future services, the consulting expense is to be recognized ratably over the requisite service period. There was stock-based compensation of $80,500 and $0 during years ended August 31, 2023, and 2022, respectively.
Related Parties	The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Recently Issued Accounting Standards	As of August 31, 2023, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
Trademark	Trademark costs are capitalized as incurred to the extent the Company expects the costs incurred to result in a trademark being awarded. The trademarks are deemed to have an indefinite life and are reviewed for impairment loss considerations annually. As of August 31, 2023 and 2022, the Company had trademarks totaling $1,680.
Leases	Operating lease right of use (“ROU”) assets represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the consolidated statements of operations.

ASSET ACQUISITION (Tables)

ASSET ACQUISITION (Tables)	12 Months Ended
	Aug. 31, 2023
ASSET ACQUISITION
Sechdule of Fair Value of assets and liabilities	Mioxal® $ 81,249,827 Other intangible assets 178,000 Less liabilities assumed: Mioxal® liability assumed (39,500,000 ) Other liabilities assumed (423,000 ) Net value acquired in asset acquisition $ 41,504,827
Impairment of Intangible Assets	Valuation at the sale of Mioxal: Cash to be received by the Company $ 100,000 FV of 350,000 shares transferred to Buyer ($0.13 per share) (45,500 ) Debt assumed/forgiven by Buyer 39,500,000 Impairment expense (39,554,500 ) NPV of estimated future royalty cash stream - Total estimated value of intangible assets at 8-31-2023 - Carrying value of intangible assets at 8-31-2023 $ 3,380,076 Impairment expense at 8-31-2023 on intangible assets $ 3,380,076

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Aug. 31, 2023
NOTES PAYABLE
Sechdule of weighted average assumption of fair value of warrants	August 31, 2023 November 29, 2022 Market price of common stock on date of issuance $ 0.183 - 0.230 $ 0.095 Risk-free interest rate 3.75-3.48 % 3.63 % Expected dividend yield 0 0 Expected term (in years) 7 7 Expected volatility 219.7-240.9 % 202.5 %

LEASE LIABILITY (Tables)

LEASE LIABILITY (Tables)	12 Months Ended
	Aug. 31, 2023
LEASE LIABILITY
Summary of balance sheet data related to leases	August 31, 2023 August 31, 2022 Assets Operating lease right of use assets $ - $ 619,825 Less accumulated depreciation - (137,739 ) Total operating lease right of use assets $ - $ 482,086 Liabilities - Operating lease liability, current $ - $ 199,203 Operating lease liability, noncurrent - 298,423 Total lease liabilities $ - $ 497,626

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Aug. 31, 2023
STOCKHOLDERS EQUITY
Schedule of outstanding warrants	Number of warrants Weighted average exercise price Weighted average term remaining (years) Balance, August 31, 2022 - $ - - Issued 7,552,320 0.08 7 Balance, August 31, 2023 7,552,320 $ 0.08 7

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Aug. 31, 2023
INCOME TAXES
provision (benefit) for federal income taxes and federal income taxes	August 31, 2023 August 31, 2022 Federal income tax expense (benefit) $ (1,793,000 ) 21.0 % $ (8,545,000 ) 21.0 % State income tax expense (benefit) (555,000 ) 6.5 % (2,655,000 ) 6.5 % Revision of NOL estimates and state effective tax rates - - % (182,000 ) 0.5 % Increase in valuation allowance 2,348,000 (28.0 )% 11,392,000 (28.0 )% Income tax expense (benefit) $ - - % $ - - %
Schedule of deferred tax assets	August 31, 2023 August 31, 2022 Deferred tax assets arising from: Net operating loss carryforwards $ 3,582,000 $ 2,163,000 Impairment expenses 10,774,000 9,845,000 Less: valuation allowance (14,356,000 ) (12,008,000 ) Net deferred tax asset $ - $ -

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
ORGANIZATION AND DESCRIPTION OF BUSINESS
Net operating loss	$ 5,988,266
Working capital deficit	(3,214,213)
Accumulated Deficit	$ (58,630,438)	$ (44,551,043)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Obsolete Inventory, written off	$ 0	$ 17,000
Depreciation	1,046	523
Stock based compensation	80,500	$ 0
Trademarks	$ 1,680
Preferred stock Series B One [Member]
Common stock shares outstanding	20,470,239
Common stock issued upon conversion of preferred stock	35,926,853
Preferred stock Series B [Member]
Common stock shares outstanding		20,020,239
Common stock issued upon conversion of preferred stock		8,083,542

ASSET ACQUISITION (Details)

ASSET ACQUISITION (Details)	Oct. 13, 2022 USD ($)
ASSET ACQUISITION
Mioxal assets	$ 81,249,827
Other intangible assets	178,000
Less liabilities assumed
Mioxal liability assumed	(39,500,000)
Other liabilities assumed	(423,000)
Net value acquired in asset acquisition	$ 41,504,827

ASSET ACQUISITION (Details 1)

ASSET ACQUISITION (Details 1)	12 Months Ended
	Aug. 31, 2023 USD ($)
ASSET ACQUISITION
Cash to be received by the Company	$ 100,000
FV of 350,000 shares transferred to Buyer ($0.13 per share)	(45,500)
Debt assumed/forgiven by Buyer	39,500,000
Imparement Expense	(39,554,500)
NPV of estimated future royalty cash stream	0
Total estimated value of intangible assets at 8-31-2023	0
Carrying value of intangible assets at 8-31-2023	3,380,076
Impairment expense at 8-31-2023 on intangible assets	$ 3,380,076

ASSET ACQUISITION (Details Narr

ASSET ACQUISITION (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 11, 2022	Sep. 10, 2022	Oct. 27, 2021	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Impairment expenses				$ 17,598		$ 35,780,148
Interest on royalty, percentage		8%
Intangible assets				$ 28,773
Common Stock issued for asset purchase, amount		$ 40,654,827
Amortization costs						$ 38,638
Common stock, shares par value				$ 0.001	$ 0.001	$ 0.001
Common stock shares issued				20,020,239	20,470,239	20,020,239
Intangible assets					$ 0	$ 2,545,839
Mioxal [Member]
Amortization costs					$ 41,504,827
Useful life asset					24 years
Mioxal [Member] | Other Intangible Assets[Member]
Amortization costs						6,357
Useful life asset					21 years
Intangible assets					$ 178,000
S T Bio Sciences Ltd [Member]
Common Stock issued for asset purchase, amount						42,980,076
Amortization costs						2,539,483
Impairment Expense						$ 35,762,550
Common stock, shares par value		$ 2.05
Common stock shares issued		19,831,623
Ingenius Biotech [Member]
Interest on royalty, percentage	5%
Current and long-term liabilities		$ 39,500,000
Recognized royalty asset description					The assumptions used for estimated future royalty cash stream included 1) 5% royalty on gross margin for a five-year period of estimated sales in the United States, with a two-year introductory delay in taking the product to market, 2) a similar royalty on international sales, with an additional two-year introductory delay and an increased cost of 15% for additive distribution costs, 3) an estimate of approximately 200,000 units sold in year 1 of the projected royalty stream for a total sales estimate of approximately $7,500,000, and 4) sales growth rates of 100% for each of the years 2 through 4, decreasing to 60% in year 5. Growth rate in any subsequent year would be expected to drop off significantly or to 0%, however, those possible future years are not included in the project revenues, costs or gross merging
Payment to party	$ 100,000
Recognized royalty asset	$ 0
Cash					$ 100,000
Additional Impairment Expense					3,380,076
Asset acquisition thereafter		3,500,000
Ingenius Biotech [Member] | April 15, 2022 [Member]
Amount received		15,000,000
Asset acquisition second installment		1,500,000
Ingenius Biotech [Member] | January 15, 2022 [Member]
Asset acquisition thereafter		350,000
Asset acquisition first installment		1,500,000
Ramaining amount		1,500,000
Tranche One [Member] | S T Bio Sciences Ltd [Member]
Amount received		4,000,000
Tranche Two [Member] | S T Bio Sciences Ltd [Member]
Amount received		5,000,000
Tranche Three [Member] | S T Bio Sciences Ltd [Member] | September 10, 2024 [Member]
Amount received		$ 6,000,000
Series B-1, Convertible Preferred Stock [Member] | Tranche One [Member]
Common Stock issued for asset purchase, amount					15,000,000
Series B-1, Convertible Preferred Stock [Member] | Tranche Two [Member]
Common Stock issued for asset purchase, amount			$ 500,000		$ 500,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - $ / shares	1 Months Ended	12 Months Ended
	Nov. 29, 2022	Aug. 31, 2023
Market price of common stock on date of issuance	$ 0.095
Risk-free interest rate	3.63%
Expected dividend yield	0%	0%
Expected term (in years)	7 years	7 years
Expected volatility	202.50%
Minimum [Member]
Market price of common stock on date of issuance		$ 0.183
Risk-free interest rate		3.48%
Expected volatility		219.70%
Maximum [Member]
Market price of common stock on date of issuance		$ 0.230
Risk-free interest rate		3.75%
Expected volatility		240.90%

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Dec. 31, 2022	Sep. 14, 2017
Promisory notes payable			$ 480,000
Outstanding convertible note payable	$ 604,180
Notes payable, interest rate			5%
Unamortized debt discounts	508,661
Discount amortization of interest expense	385,181
Beneficial conversion of convertible note payable	$ 56,531
Interest rate	0.08%
Warrants exercise price	$ 0.08
Convertible note payble	$ 95,519
Convertible note payble	218,999	$ 0
Net liability	110,818
Short-Term Debts [Member]
Promisory notes payable				$ 10,000
Notes payable, interest rate				5%
Accrued interest	12,982	12,482
Interest expense	2,982	$ 2,482
Convertible Notes Payable [Member]
Proceeds from net cash private palcement	$ 300,000
Interest rate	8%
Purchase of warrants price per share	$ 0.08
Warrants purchase shares	4,411,764
Discount rate	15%
Maturity date	18 years
Debt conversion price	$ 0.08
Warrants exercise price	$ 0.08
Debt discount	$ 37,684
Debt cash proceeds	$ 213,558
Warrants issued	3,140,556
Issuance of fair value of warrants	$ 157,206
Convertible note payble	$ 251,242

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	May 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Gain on extinguishments of debt	$ (143,956)	$ (170,857)	$ (143,956)
Research and development fee	$ 0	150,000
Former Chief Science Officer [Member]
Due to related parties		30,769	4,615
Former Director [Member]
Due to related parties		76,154	11,538
Amount due in exchange for a release of unpaid services		$ 80,000
Common shares issued in exchange for release of unpaid services		100,000
Gain on extinguishments of debt		$ (170,857)
ST Bioscience [Member]
Liability amount		67,000
Research and development fee		131,500
Mioxal [Member]
Acquire amount		10,165	2,665
Owned salary		30,769	$ 4,615
Liability amount released		67,000
Wrote off amount		$ 10,165

LEASE LIABILITY (Details)

LEASE LIABILITY (Details) - USD ($)	Aug. 31, 2023	Aug. 31, 2022
LEASE LIABILITY
Operating lease right of use assets	$ 0	$ 619,825
Less accumulated depreciation	0	(137,739)
Total operating lease right of use assets	0	482,086
Operating lease liability, current	0	199,203
Operating lease liability, noncurrent	0	298,423
Total lease liabilities	$ 0	$ 497,626

LEASE LIABILITY (Details Narrat

LEASE LIABILITY (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 28, 2023	Aug. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Jan. 01, 2022
Promisory notes payable				$ 480,000
Notes payable, interest rate				5%
Monthly rent, Description		The lease requires adjustment upon renewal with an increase to the monthly rent by 10% of the monthly rent due for the month preceding such renewal date or market rate, whichever is the greater amount
Interest, for the legal claim sought by the owner			$ 4,668
Gain on Termination			19,236
Lease liability					$ 619,825
Description of agreement past due lease payment	The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation.
Accrued amount for lease payment			$ 484,668
40 Wall Street Suites LLC [Member]
Description of agreement past due lease payment	The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation
Accrued amount for lease payment		$ 40,000
Reduced settlement accrual		$ 484,688

STOCKHOLDERS EQUITY (Details)

STOCKHOLDERS EQUITY (Details) - Warrants [Member]	12 Months Ended
	Aug. 31, 2023 $ / shares shares
Number of shares, Issued | shares	7,552,320
Number of shares outstanding, ending balance | shares	7,552,320
Weighted average exercise price outstanding, beginning balance	$ 0
Weighted average exercise price outstanding, issued	0.08
Weighted average exercise price outstanding, ending balance	$ 0.08
Weighted average remaining term outstanding, beginning balance	0 years
Weighted average remaining term outstanding, issued	7 years
Weighted average remaining term outstanding, ending balance	7 years

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Nov. 09, 2021	Aug. 31, 2018
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	20,470,239	20,020,239
Common stock, shares outstanding	20,470,239	20,020,239
Shares to be issued	100,000
Shares to be issued, value	$ 22,500
Dividends payable	1,748,625	$ 837,798
Stock issued during period to employees	$ 450,000
Common stock transferred	350,000
STB [Member]
Dividends payable	$ 7,180,301
Warrant Issued	7,552,320
Intrinsic value of warrant	$ 777,889
Shares issued			19,831,623
Common stock transferred			40,654,827
Common stock, price per share	$ 0.225		$ 2.05
Series B-1, Convertible Preferred Stock [Member]
Preferred stock, shares issued	5,389,028	5,389,028
Preferred stock, shares outstanding	5,389,028	5,389,028
Series B-1, Convertible Preferred Stock [Member] | Tranche One [Member]
Dividend interest rate				10%
Series A Convertible Preferred Stock [Member]
Dividend interest rate				5%
Series B Preferred Stock [Member]
Preferred stock, shares issued	2,694,514	2,694,514
Preferred stock, shares outstanding	2,694,514	2,694,514

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 28, 2023	Apr. 21, 2023	Aug. 31, 2023	May 31, 2023
COMMITMENTS AND CONTINGENCIES
Total ammount of claims			$ 249,020
Damages in excess			30,000
Plus post-judgement interest		$ 264,617
Potential liability			0	$ 484,668
Description of agreement past due lease payment	The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation.
Accrued liabilities related to settlement			$ 920,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
INCOME TAXES
Federal income tax expense (benefit) based on statutory rate	21%	21%
Federal income tax expense (benefit) based on statutory amount	$ (1,793,000)	$ (8,545,000)
State income tax expense (benefit), based on statutory rate	6.50%	6.50%
State income tax expense (benefit), based on statutory Amount	$ (555,000)	$ (2,655,000)
Revision of NOL estimates and state effective tax rate	0%	0.50%
Revision of NOL estimates and state effective tax amount	$ 0	$ (182,000)
Increase in valuation allowance	$ 2,348,000	$ 11,392,000
Increase in valuation allowance Rate	(28.00%)	(28.00%)
Total taxes on income (loss)	$ 0	$ 0
Total taxes on income (loss) rate	0%	0%

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2023	Aug. 31, 2022
INCOME TAXES
Net operating loss carryforwards	$ 3,582,000	$ 2,163,000
Impairment expenses	10,774,000	9,845,000
Less: valuation allowance	(14,356,000)	(12,008,000)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
INCOME TAXES
Change in valuation allowance	$ 2,348,000
Federal income tax expense (benefit) based on statutory rate	21%	21%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	Oct. 03, 2023	Sep. 28, 2023	Aug. 31, 2023
Purchase price of warrants			$ 0.08
Warrants to purchase shares of common stock			2,205,882
Maturity date, description			13 months from original issuance
Cash proceeds from debt			$ 150,000
Discount rate			18%
Interest rate			8%
Conversion price			$ 0.08
Exercise price			$ 0.08
Description of agreement past due lease payment		The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation.
Accrued liabilities related to settlement			$ 920,000
40 Wall Street Suites LLC [Member]
Description of agreement past due lease payment		The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation
40 Wall Street Suites LLC [Member] | Subsequent Event [Member]
Description of agreement past due lease payment		The agreement calls for the Company to pay 40 Wall Street Suites LLC. a total of $40,000 as follows: (i) $20,000 within 15 days of complete execution of this letter agreement, and (ii) $20,000 within 45 days of complete execution of this letter agreement. In addition, the Company agrees and acknowledges that 40 Wall Street Suites LLC. shall be entitled to retain the security deposit previously made. In exchange for the payments and the related agreements 40 Wall Street Suites LLC. agrees not to take any action to pursue the litigation.
Greenfingers LLC [Member]
Accrued liabilities related to settlement			920,000
Greenfingers LLC [Member] | Subsequent Event [Member]
Description of settlement agreement	The agreement calls for the Company to pay Greenfingers LLC A/A/O Simon D. Roffe $20,000 upon complete execution of the settlement agreement. In addition, Innovation1 shall issue Greenfingers LLC A/A/O Simon D. Roffe 2,000,000 restricted shares of common stock.
Promissory Notes [Member]
Issued promissory notes			$ 40,000
Maturity date, description			90-day maturity from the issuance date
Interest rate			10%