LOANS PAYABLE

12 Months Ended

Aug. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt [Text Block]

NOTE 5 – LOANS PAYABLE

	August 31,
	2023		2022
Loans payable	$	2,505,588	$	1,979,431

The loans payables are generally due on demand and have not been called, are unsecured, and are bearing interest at a range of 0-12%., with the exception of one loan payable to a financial institution. Such loan, which amounted to $34,302 at August 31, 2023 bears interest at 2.5%, is unsecured, matures in November 2027 with principal and interest payable monthly starting in November 2022. This loan is part of a Bounce Back Loan Scheme from the UK Government.

The company may have to provide alternative consideration (which may be in cash, fixed number of shares or other financial instruments) up to amounts accrued to satisfy its fixed obligations under certain unsecured loans payable. The consideration hasn’t been issued yet and is included in accrued expenses and interest expense and was valued based on the fair value of the consideration at issuance.

The aggregate schedule maturities of the Company’s loans payable outstanding as of August 31, 2023 are as follows:

Year ended August 31,
2024	$	2,478,291
2025		11,948
2026		12,708
2027		2,641
	$	2,505,588