COMMON STOCK AND PREFERRED STOCK

9 Months Ended

May 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 9 – COMMON STOCK AND PREFERRED STOCK

Preferred Stock- Series 1 and 2

The designation of the Preferred Stock- Series 1 is as follows: Authorized 2,000,000 shares, par value of $0.001. One share of the Company’s Preferred Stock- Series is convertible into 53.04 shares of the Company’s common stock, at the holder’s option and with the Company’s acquiescence, and has three votes per share.

The designation of the Preferred Stock- Series 2 is as follows: Authorized 2,000,000 shares, par value of $0.001. One share of the Company’s Preferred Stock- Series is convertible into one share of the Company’s common stock, at the holder’s option and with the Company’s acquiescence, and has no voting rights.

Common Stock

The Authorized Shares were increased to 2,000,000,000 in April 4, 2016.

The Company successfully reached an agreement in March 2022 with a lender resulting in a loss on extinguishment of debt of issued 30,000,000 shares amounting to $82,845. The gain is the difference between the consideration given by the Company, which consisted of 30,000,000 shares of its common stock valued at $168,000 and the carrying value of its obligations related to its convertible notes, including related derivative liabilities, which amounted to $85,155 at the settlement date.