CONVERTIBLE DEBENTURES

12 Months Ended

Aug. 31, 2021

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 5 – CONVERTIBLE DEBENTURES

At August 31, 2020, and August 31, 2019 convertible debentures consisted of the following:

	August 31,
	2020		2019
Convertible notes payable	$	590,991	$	840,791

The convertible debentures matured in 2015, and bear interest at ranges between 6% and 15%. The convertible debentures are convertible at ratios varying between 45% and 50% of the closing price at the date of conversion through, at its most favorable terms for the holders, the average of the three lowest closing bids for a period of 5-30 days prior to conversion.

The Company successfully reached an agreement with a holder of convertible debentures aggregating $249,800 to modify its terms. Such debentures are no longer convertible, non-interest bearing, and have been reclassified to loans payable.