LOANS AND NOTES PAYABLE DISCLOSURE

12 Months Ended

Aug. 31, 2024

Notes

LOANS AND NOTES PAYABLE DISCLOSURE

NOTE 7. LOANS AND NOTES PAYABLE

The Company had loans, convertible loans, promissory notes and lines of credit payable as at August 31, 2024 and 2023 totaling $359,437 and $140,126 respectively, as follows:

Description		Principal Amount	Date of Loan Note	Maturity Date	August 31, 2024		August 31, 2023
							(Restated)
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $225.00 or 50% of the lowest market price in the preceding 30 trading days. See note (a) below.	$	27,500	10/19/2022	7/19/2023	$	-	$	27,500
Convertible loan from CC Strategic Enterprises LLC, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $225.00 or 50% of the lowest market price in the preceding 30 trading days. See note (b) below.		27,500	10/19/2022	7/19/2023		-		27,500
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $297.00 or 50% of the lowest market price in the preceding 30 trading days. See note (c) below.		22,000	12/21/2022	9/21/2023		-		22,000
Convertible loan from John Morgan, 6 months, 12% interest (18% default rate), convertible at the lower of the initial conversion price of $297.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default and is with a related party.		50,000	3/9/2023	9/5/2023		50,000		50,000
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $60.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		22,000	7/28/2023	4/28/2024		22,000		22,000
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $27.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		16,500	9/26/2023	6/26/2024		16,500		-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $27.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		16,500	10/17/2023	7/17/2024		16,500		-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $15.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		47,300	10/30/2023	7/30/2024		47,300		-

Description		Principal Amount	Date of Loan Note	Maturity Date	August 31, 2024		August 31, 2023
							(Restated)
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $15.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		27,500	11/9/2023	8/9/2024		27,500			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $57.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		27,500	12/21/2023	9/17/2024		27,500			-
Convertible loan from World Market Ventures, 9 months, 9% interest, convertible at the lower of the initial conversion price of $57.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		27,500	1/17/2024	10/9/2024		27,500			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $57.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		33,000	2/9/2024	11/29/2024		33,000			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $15.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		47,300	3/11/2024	12/11/2024		47,300			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $15.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		47,300	3/15/2024	12/15/2024		47,300			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $12.00 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		60,500	5/30/2024	2/28/2025		60,500			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $1.59 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		33,000	7/12/2024	4/12/2025		33,000			-
Convertible loan from World Market Ventures, 9 months, 9% interest (12% default rate), convertible at the lower of the initial conversion price of $0.75 or 50% of the lowest market price in the preceding 30 trading days. This note is in default.		77,000	8/29/2024	5/29/2025		77,000			-
Loan from John Morgan, 12 months, no interest	$	3,036	9/1/2022	9/1/2023	$	-		$	3,036

	August 31, 2024		August 31, 2023
			(Restated)
Total	$	532,900		$	152,036
Less debt discount	$	(173,463)		$	(11,910)
Long-term total	$	-		$	-
Short-term total	$	359,437		$	140,126

	As at August 31,
Loans and Notes Amortization	2024		2023
			(Restated)
Due within 12 months	$	359,437	$	140,126
Due within 24 months		-		-
Due within 36 months		-		-
Due within 48 months		-		-
Due after 48 months		-		-
Total	$	359,437	$	140,126

Notes

(a) Between September 7, 2023 and January 8, 2024, this loan was converted into shares of common stock at the option of the lender. The full conversion was for $29,475, including interest, and was in return for 4,913 shares of common stock. There was no gain or loss recorded on extinguishment of this note.

(b) Between January 22, 2024 and February 29, 2024, this loan was converted into shares of common stock at the option of the lender. The full conversion was for $29,900, including interest, and was in return for 4,983 shares of common stock. There was no gain or loss recorded on extinguishment of this note.

(c) Between March 6, 2024 and March 21, 2024, this loan was converted into shares of common stock at the option of the lender. The full conversion was for $24,500, including interest, and was in return for 4,083 shares of common stock. There was no gain or loss recorded on extinguishment of this note.

Of the amounts listed, the breakdown between third party convertible loan notes, related-party convertible loan notes and related-party promissory notes is as follows:

		As at August 31,
		2024		2023
				(Restated)
Third-party convertible loan notes	Principal amount due	$	482,900	$	99,000
	Less debt discount		(173,463)		(9,986)
	Net amount	$	309,437	$	89,014
Related-party convertible loan notes	Principal amount due	$	50,000	$	50,000
	Less debt discount		-		(1,924)
	Net amount	$	50,000	$	48,076
Related party promissory notes	Principal amount due	$	-	$	3,036

Total interest charged to the statement of operations was $28,789 and $18,649 for the years ending August 31, 2024 and 2023 respectively, net of original issuer discounts.