CONVERTIBLE DEBENTURES

12 Months Ended

Aug. 31, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 6 – CONVERTIBLE DEBENTURES

At August 31, 2023, and August 31, 2022 convertible debentures consisted of the following:

	August 31,
	2023		2022
Convertible notes payable	$	517,242	$	546,571

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 $76,216 in principal and interest and derivative liabilities in consideration of 7,500,000 shares of the Company’s common stock, which generated a loss on extinguishment of debt of $88,784 during February 2023.

The Company successfully reached an agreement with a holder of convertible debentures aggregating $85,515 in principal and interest and derivative liabilities in consideration of 30,000,000 shares of the Company’s common stock, which generated a loss on extinguishment of debt of $82,545 during March 2022.

No convertible debentures have been issued since 2015 and none executed since 2016. Certain settlements with holders of convertible debentures have been agreed since 2018 to the Company’s benefit.