LOANS PAYABLE

6 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Long-Term Debt [Text Block]

NOTE 4 – LOANS PAYABLE

The Company’s loans payable at each measurement date are as follows:

	February 28, 2022		August 31, 2021
Loans payable short-term	$	1,823,545	$	1,648,248
Loans payable long-term		45,756		46,192
	$	1,869,301	$	1,694,440

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 $57,182 at February 28, 2022 bears interest rate at 2.5%, is unsecured, matures in November 2027 with principal and interest payable monthly starting in November 2021. 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 February 28, 2022 are as follows:

2023	$	1,823,545
2024		11,764
2025		12,512
2026		13,308
2027		8,172
	$	1,869,301