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NOTE 17 – SUBSEQUENT EVENTS
12 Months Ended
Aug. 31, 2022
Subsequent Events [Abstract]  
NOTE 17 – SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS  

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to November 30, 2022 to the date these financial statements were issued.

 

Increasing authorized number of common shares

 

On October 11, 2022, the Company filed amendment to Articles of Incorporation to increase the authorized number of common shares from 1,000,000,000 shares to 10,000,000,000 shares. This increasing of authorized number of common shares has been retroactively reflected in the consolidated financial statements and notes thereto.

 

Common stock purchase

 

Pursuant to the common stock purchase agreement sighed with Alumni Capital LP on August 2, 2022 (See Note 10), Alumni Capital LP paid $24,225 on September 28, 2022 as the proceeds to subscribe 17,000,000 common shares. On October 27, 2022, Alumni Capital LP paid additional $26,250 as the proceeds to subscribe 35,000,000 common shares. On November 2 and November 17, 2022, Alumni Capital LP further subscribed 50,000,000 and 48,000,000 common shares, and paid $37,500 and $36,000 as the proceeds, respectively.

 

Issuance of Series C preferred stock

 

On September 6, 2022, the Company entered into a securities purchase agreement with an accredited investor, whereby investor purchased from the Company 90,275 shares of Series C Convertible Preferred Stock of the Company for a gross proceed of $78,500. The Company intends to use the proceeds from the Preferred Stock for general working capital purposes.

 

Conversion of Series C preferred stock to common stock

 

Subsequent to the year ended August 31, 2022, the Company issued total 75,037,786 common shares for the conversion of total 96,075 Series C preferred stock.