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Going Concern Disclosure
12 Months Ended
Aug. 31, 2024
Notes  
Going Concern Disclosure

NOTE 3. GOING CONCERN

 

In accordance with the requirements of ASC 2415, the Board of Directors have performed an assessment of the entity’s ability to continue as a going concern when preparing financial statements. The Board has considered whether:

 

there is an intention to liquidate the Company 

there is an intention to cease operations 

the Company has no realistic alternative but to liquidate or cease operations. 

 

Furthermore, we have considered various events and conditions that may exist and impact the Company individually or collectively may cast significant doubt on the entity’s ability to continue as a going concern.

 

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern.

 

The Company has a limited operating history and had a cumulative net loss from inception to August 31, 2024 of $34,651,664. The Company has a working capital deficit of $2,270,127 as at August 31, 2024.

 

These factors raise substantial doubt about the Company’s ability to continue as a going concern, within one year from the issuance date of the financial statements. Management expects to incur substantial additional expenses over the next several years as their commercial activities increase.

 

These financial statements for the year ending August 31, 2024 have been prepared assuming the Company will continue as a going concern, which is dependent upon the Company’s ability to generate future profits and/or obtain necessary financing to meet its obligations as they come due.

 

The management has committed to an aggressive growth plan for the Company. The Company’s future operations are dependent upon external funding and its ability to execute its business plan, realize sales and control expenses. Management believes that sufficient funding will be available from additional borrowings and private placements to

meet its business objectives including anticipated cash needs for working capital, for a reasonable period of time. However, there can be no assurance that the Company will be able to obtain sufficient funds to continue the development of its business operations, or if obtained, upon terms favorable to the Company.