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INTANGIBLE ASSETS | 9 Months Ended
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Jun. 30, 2021
INTANGIBLE ASSETS |
Note - 5 INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS On December 20, 2018, the Company completed the Mergers with Cure Based Development and acquired certain assets, including the trademark “cbdMD” and its variants and certain other intellectual property. The trademark is the cornerstone of this subsidiary and is key as the Company creates and distributes products and continue to build this brand. The Company believes the trademark does not have limits on the time it will contribute to the generation of cash flows and therefore has identified these as indefinite-lived intangible assets (see Note 1 for more information). In September 2019, the Company purchased the rights to the trademark name HempMD for $50,000. This trademark will be used in the marketing and branding of certain products to be released under this brand name. The Company believes the trademark does not have limits on the time it will contribute to the generation of cash flows and therefore has identified these as indefinite-lived intangible assets. Intangible assets as of June 30, 2021 and September 30, 2020 consisted of the following:
|  | June 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |
Trademark related to cbdMD |  | $ | 21,585,000 |  |  | $ | 21,585,000 |
Trademark for HempMD |  |  | 50,000 |  |  |  | 50,000 |
Total |  | $ | 21,635,000 |  |  | $ | 21,635,000 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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