Cover
Cover | 12 Months Ended |
Aug. 31, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Aug. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --08-31 |
Entity File Number | 000-56175 |
Entity Registrant Name | BORROWMONEY.COM, INC. |
Entity Central Index Key | 0001656501 |
Entity Tax Identification Number | 65-0981503 |
Entity Incorporation, State or Country Code | FL |
Entity Address, Address Line One | 512 Bayshore Drive |
Entity Address, City or Town | Ft. Lauderdale |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33304 |
City Area Code | 1-212 |
Local Phone Number | 265-2525 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | Yes |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 87,332,000 |
Auditor Name | ACCELL AUDIT & COMPLIANCE, P.A. |
Auditor Location | Tampa, Florida |
Auditor Firm ID | 3289 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2022 | Aug. 31, 2021 |
Assets | ||
Cash | $ 4,025 | $ 9,316 |
Total current assets | 4,025 | 9,316 |
Total Assets | 4,025 | 9,316 |
Current liabilities: | ||
Accounts payable and accrued expenses | 31,075 | 33,904 |
Line of credit – related party | 13,033 | 11,254 |
Accrued interest | 160,353 | 123,940 |
Due to related party | 14,738 | 12,743 |
Note payable-related party, current portion | 462,744 | 453,461 |
Total current liabilities | 681,943 | 635,302 |
Total Liabilities | 681,943 | 635,302 |
Commitments and Contingencies (see note 6) | ||
Stockholders’ deficit: | ||
Preferred stock, 100,000,000 $0.001 par value shares authorized none issued and outstanding at August 31, 2022, and 2021 | ||
Common stock, 500,000,000 shares authorized $0.001 par value; 111,619,561 and 109,475,000 shares issued and outstanding on August 31, 2022 and 2021, respectively | 111,619 | 109,475 |
Stock subscription receivable | (4,000) | (4,000) |
Additional paid-in capital | 1,037,873 | 350,475 |
Accumulated deficit | (1,823,410) | (1,081,936) |
Total stockholders’ deficit | (677,918) | (625,986) |
Total Liabilities and Stockholders’ Deficit | $ 4,025 | $ 9,316 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2022 | Aug. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 111,619,561 | 109,475,000 |
Common stock, shares outstanding | 111,619,561 | 109,475,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 24,930 | $ 3,000 |
Cost of goods sold | 1,550 | |
Gross Profit | 23,380 | 3,000 |
Operating expenses: | ||
Professional fees | 47,386 | 35,434 |
Legal fees | 21,672 | 25,077 |
General and administrative | 52,494 | 95,412 |
Total operating expenses | 121,552 | 155,923 |
Loss from operations | (98,172) | (152,923) |
Other income (expense): | ||
Arbitration settlement | (605,111) | |
Interest expense | (38,191) | (42,862) |
Total other expenses | (643,302) | (42,862) |
Net loss before income taxes | (741,474) | (195,785) |
Income tax expense | ||
Net loss | $ (741,474) | $ (195,785) |
Basic and diluted per common share amounts: | ||
Basic and diluted net loss per share | $ (0.01) | $ 0 |
Weighted average common shares outstanding (basic and diluted) | 110,592,620 | 109,204,507 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Balance at Aug. 31, 2020 | $ 109,165 | $ 190,785 | $ (4,000) | $ (886,151) | $ (590,201) |
Balance, shares at Aug. 31, 2020 | 109,165,000 | ||||
Shares issued for cash | $ 310 | 159,690 | 160,000 | ||
Shares issued for cash,shares | 310,000 | ||||
Net loss | (195,785) | (195,785) | |||
Balance at Aug. 31, 2021 | $ 109,475 | 350,475 | (4,000) | (1,081,936) | (625,986) |
Balance, shares at Aug. 31, 2021 | 109,475,000 | ||||
Shares issued for cash | $ 118 | 44,982 | 45,100 | ||
Shares issued for cash,shares | 118,200 | ||||
Net loss | (741,474) | (741,474) | |||
Shares issued for services | $ 50 | 28,314 | 28,364 | ||
Shares issued for services, shares | 50,633 | ||||
Shares issued for legal settlement | $ 1,976 | 614,102 | 616,078 | ||
Shares issued for legal settlement, shares | 1,975,728 | ||||
Balance at Aug. 31, 2022 | $ 111,619 | $ 1,037,873 | $ (4,000) | $ (1,823,410) | $ (677,918) |
Balance, shares at Aug. 31, 2022 | 111,619,561 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (741,474) | $ (195,785) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation - arbitration settlement | 605,111 | |
Stock based compensation - other | 39,331 | |
Changes in net assets and liabilities | ||
Accounts payable and accrued expenses | (2,829) | 9,455 |
Accrued interest | 36,413 | 42,143 |
Cash used in operating activities | (63,448) | (144,187) |
Cash flows from financing activities: | ||
Net change in note payable - related party | 9,283 | (38,286) |
Net change in due to related party | 1,995 | 12,743 |
Net change in line of credit – related party | 1,779 | 11,254 |
Proceeds from sale of common stock | 45,100 | 160,000 |
Cash provided by financing activities | 58,157 | 145,711 |
Net change in cash | (5,291) | 1,524 |
Cash-beginning of period | 9,316 | 7,792 |
Cash-end of period | 4,025 | 9,316 |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Aug. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS BorrowMoney.com, Inc. (the “Company”), a Florida corporation formed in 2015, provides an internet-based platform that can match mortgage and loan providers with prospective borrowers. The Company offers to borrowers “screened lenders” and ensures the lenders trustworthiness and legitimacy. The Company provides institutional lenders with innovative digital solutions by offering fintech technologically advanced gathered leads through an exclusive proprietary platform. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Going Concern “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) 24,930 3,000 The Company is commencing operations to generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of private offerings. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Reclassification of Prior Year Accounting Estimates Risks and Uncertainties Cash and Cash Equivalents no Concentrations of Credit Risk Fair Value of Financial Instruments Fair Value Measurements The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal years ended August 31, 2022, and 2021 there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. Revenue Recognition “Revenue from Contracts with Customer” Revenue is recognized based on the following five step model: ● Identification of the contract with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or services. Costs to Obtain Customer Contracts Sales commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized and amortized on a straight-line basis over the anticipated period of benefit. The Company determined the period of benefit by taking into consideration the length of its customer contracts, its technology lifecycle, and other factors. Amortization expense is recorded in sales and marketing expense within the statement of operations. Historically the Company has not incurred incremental cost to acquire customer contracts. Stock-Based Awards no Income Taxes Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely The Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will be classified as income tax expense in the financial statements. Loss Per Common Share 50,000 Related Party Transactions Recently issued accounting pronouncements |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS In connection with a related party promissory note, the Company has an accrued interest obligation as of August 31, 2022, and August 31, 2021 of $ 160,353 123,940 8 462,744 453,461 The Company utilizes approximately 1,500 1,200 14,500 The Company obtained a line of credit from a Delaware Corporation (owned by the former CFO) on November 30, 2020. Total advanced under this line of credit, to include interest, is $ 13,033 11,254 17 |
EQUITY
EQUITY | 12 Months Ended |
Aug. 31, 2022 | |
Equity [Abstract] | |
EQUITY | NOTE 4 - EQUITY Common Stock Warrants In July 2019, the Company granted common stock warrants to purchase 50,000 4.4 0.10 1.00 0.10 4.4 292 1.8 As of August 31, 2022, the Company valued the warrants using the Black-Scholes model with the following key assumptions: stock price, $ 0.0325 0.10 0.8 52.5 0.5 0 The Company has not declared or paid any dividends or returned any capital to common stock shareholders as of August 31, 2022, and 2021. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES The Company has approximately $ 1,702,816 These carryovers expire at various dates through the year 2040 439,536 Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carryforwards before full utilization. The Company determines whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely than not threshold is met, the Company measures the tax position to determine the amount to recognize in the financial statements. The Company performed a review of its material tax positions in accordance with these recognition and measurement standards. The Company has concluded that there are no significant uncertain tax positions requiring disclosure and there are not material amounts of unrecognized tax benefits. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. The components of the current and deferred provision at August 31, 2022 and 2021 were as follows: Following is a summary of the components giving rise to the tax provision. SUMMARY OF COMPONENTS TO THE TAX PROVISION August 31, 2022 August 31, 2021 Currently payable: Federal $ - $ - State - - Total currently payable: - - Increase (decrease) in Deferred: Federal (155,710 ) (41,115 ) State (40,781 ) (6,931 ) Total Deferred: (196,491 ) (48,046 ) Allowance 196,491 48,046 Net deferred - - Total income tax provision (benefit) $ - $ - SCHEDULE OF DEFERRED TAX ASSETS August 31, 2022 August 31, 2021 Individual components giving rise to the deferred tax assets are as follows: Futures tax benefit arising from net operating loss carryovers $ 439,536 $ 243,046 Less valuation allowance (439,536 ) (243,046 ) Net deferred $ - $ - For the fiscal years ended August 31, 2022 and 2021, the valuation allowance increased primarily as a result of the increase in net operating losses. In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. NOL Carryforwards and Other Matters The Company files income tax returns in the U.S. federal jurisdiction and the state of Florida. The Company’s federal and state tax years for the 2019 fiscal year and forward are subject to examination by taxing authorities. The Company did not have any unrecognized tax benefits as of August 31, 2022, and 2021. The Company’s policy is to account for any interest expense and penalties for unrecognized tax benefits as part of the income tax provision. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease within the next twelve months. The item accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE AT FEDERAL STATUTORY RATE For the Year For the Year Ended Ended August 31, 2022 August 31, 2021 Income tax at federal statutory rate (21.00 )% (21.00 )% State tax, net of federal effect (5.50 )% (3.54 )% (26.50 )% (24.56 )% Valuation allowance 26.50 % 24.56 % Effective rate 0.00 % 0.00 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Aug. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, “Contingencies” On March 22, 2022 the Company was served a summons, filed March 18, 2022, related to a civil lawsuit by Ajuni Properties, LLC. (plaintiff) versus BorrowMoney.Com, Inc. (defendant). The claim relates to the nonpayment of leased office space and the amount of claim is between $ 15,000 30,000 14,000 On March 27, 2022 the Company was served a summons, filed March 18, 2022, related to a civil lawsuit by Harthorne Capital, Inc. (plaintiff) versus BorrowMoney.Com, Inc. (defendant). The claim relates to the outstanding line of credit and the amount of claim is between $ 8,000 15,000 13,490 On June 21, 2022, Andrew Trumbach filed an action against BorrowMoney.Com for breach of contract and unpaid wages arising out of an alleged business arrangement between himself and BorrowMoney.Com. Mr. Trumbach’s amount of claim is over $ 100,000 |
LEGAL SETTLEMENT
LEGAL SETTLEMENT | 12 Months Ended |
Aug. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL SETTLEMENT | NOTE 7 – LEGAL SETTLEMENT A claim was made against Borrowmoney.com by William Coburn, a former officer of Borrowmoney.com, related to a contractual dispute over compensation. Borrowmoney.com, Inc. decided to engage in arbitration with Mr. Coburn in order to reduce legal expenses associated with his claim. On February 23, 2022, the Company entered into a settlement agreement with William Coburn. The settlement included issuance of 1,467,647 484,323 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company has evaluated all subsequent events through November 27, 2022, the date the financial statements were available to be issued. There are no subsequent events to report. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Going Concern | Going Concern “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) 24,930 3,000 The Company is commencing operations to generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of private offerings. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Reclassification of Prior Year | Reclassification of Prior Year |
Accounting Estimates | Accounting Estimates |
Risks and Uncertainties | Risks and Uncertainties |
Cash and Cash Equivalents | Cash and Cash Equivalents no |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Fair Value Measurements | Fair Value Measurements The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The assets or liabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal years ended August 31, 2022, and 2021 there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. |
Revenue Recognition | Revenue Recognition “Revenue from Contracts with Customer” Revenue is recognized based on the following five step model: ● Identification of the contract with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or services. Costs to Obtain Customer Contracts Sales commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized and amortized on a straight-line basis over the anticipated period of benefit. The Company determined the period of benefit by taking into consideration the length of its customer contracts, its technology lifecycle, and other factors. Amortization expense is recorded in sales and marketing expense within the statement of operations. Historically the Company has not incurred incremental cost to acquire customer contracts. |
Stock-Based Awards | Stock-Based Awards no |
Income Taxes | Income Taxes Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely The Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will be classified as income tax expense in the financial statements. |
Loss Per Common Share | Loss Per Common Share 50,000 |
Related Party Transactions | Related Party Transactions |
Recently issued accounting pronouncements | Recently issued accounting pronouncements |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SUMMARY OF COMPONENTS TO THE TAX PROVISION | Following is a summary of the components giving rise to the tax provision. SUMMARY OF COMPONENTS TO THE TAX PROVISION August 31, 2022 August 31, 2021 Currently payable: Federal $ - $ - State - - Total currently payable: - - Increase (decrease) in Deferred: Federal (155,710 ) (41,115 ) State (40,781 ) (6,931 ) Total Deferred: (196,491 ) (48,046 ) Allowance 196,491 48,046 Net deferred - - Total income tax provision (benefit) $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS August 31, 2022 August 31, 2021 Individual components giving rise to the deferred tax assets are as follows: Futures tax benefit arising from net operating loss carryovers $ 439,536 $ 243,046 Less valuation allowance (439,536 ) (243,046 ) Net deferred $ - $ - |
SCHEDULE OF EFFECTIVE INCOME TAX RATE AT FEDERAL STATUTORY RATE | The item accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE AT FEDERAL STATUTORY RATE For the Year For the Year Ended Ended August 31, 2022 August 31, 2021 Income tax at federal statutory rate (21.00 )% (21.00 )% State tax, net of federal effect (5.50 )% (3.54 )% (26.50 )% (24.56 )% Valuation allowance 26.50 % 24.56 % Effective rate 0.00 % 0.00 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Accounting Policies [Abstract] | ||
Revenue | $ 24,930 | $ 3,000 |
Cash equivalents | $ 0 | $ 0 |
Number of awards granted | 0 | 0 |
Income tax description | more than 50 percent likely | |
Potentially dilutive securities | 50,000 | 50,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 12 Months Ended | |
Aug. 31, 2022 USD ($) ft² | Aug. 31, 2021 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accrued interest | $ 160,353 | $ 123,940 |
Line of credit interest rate | 8% | |
Notes payable related party current | $ 462,744 | 453,461 |
Line of credit | $ 13,033 | 11,254 |
Default interest rate | 17% | |
512 Bayshore [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Area of land | ft² | 1,500 | |
4403 Peters Road [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Area of land | ft² | 1,200 | |
Payments for rent | $ 14,500 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Jul. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock price | $ 0.0325 | |
Exercise price | $ 0.10 | |
Expected term | 9 months 18 days | |
Volatility | 52.50% | |
Annual risk-free interest rate | 0.50% | |
Intrinsic value outstanding | $ 0 | |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrants to purchase of common stock | 50,000 | |
Warrants term | 4 years 4 months 24 days | |
Warrants exercise price | $ 0.10 | |
Stock price | $ 1 | |
Exercise price | $ 0.10 | |
Expected term | 4 years 4 months 24 days | |
Volatility | 292% | |
Annual risk-free interest rate | 1.80% |
SUMMARY OF COMPONENTS TO THE TA
SUMMARY OF COMPONENTS TO THE TAX PROVISION (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Currently payable: | ||
Federal | ||
State | ||
Total currently payable: | ||
Increase (decrease) in Deferred: | ||
Federal | (155,710) | (41,115) |
State | (40,781) | (6,931) |
Total Deferred: | (196,491) | (48,046) |
Allowance | 196,491 | 48,046 |
Net deferred | ||
Total income tax provision (benefit) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Aug. 31, 2022 | Aug. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Futures tax benefit arising from net operating loss carryovers | $ 439,536 | $ 243,046 |
Less valuation allowance | (439,536) | (243,046) |
Net deferred |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE AT FEDERAL STATUTORY RATE (Details) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax at federal statutory rate | (21.00%) | (21.00%) |
State tax, net of federal effect | (5.50%) | (3.54%) |
Income tax federal and state net | (26.50%) | (24.56%) |
Valuation allowance | 26.50% | 24.56% |
Effective rate | 0% | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 1,702,816 | |
Income tax expiration description | These carryovers expire at various dates through the year 2040 | |
Deferred tax assets net | $ 439,536 | $ 243,046 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jul. 21, 2022 | Mar. 22, 2022 | Aug. 31, 2022 | Mar. 27, 2022 | Aug. 31, 2021 |
Loss Contingencies [Line Items] | |||||
Line of credit | $ 13,033 | $ 11,254 | |||
Ajuni Properties, LLC. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrualPayments | $ 14,000 | ||||
Ajuni Properties, LLC. [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Lease cost | 15,000 | ||||
Ajuni Properties, LLC. [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Lease cost | $ 30,000 | ||||
Harthone Capital, Inc. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Debt instrument face amount | $ 13,490 | ||||
Harthone Capital, Inc. [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit | 8,000 | ||||
Harthone Capital, Inc. [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit | $ 15,000 | ||||
Mr. Trumbach [Member] | |||||
Loss Contingencies [Line Items] | |||||
Payments to employees | $ 100,000 |
LEGAL SETTLEMENT (Details Narra
LEGAL SETTLEMENT (Details Narrative) - shares | 12 Months Ended | ||
Feb. 23, 2022 | Aug. 31, 2022 | Aug. 31, 2021 | |
Common Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock issued during period shares new issues | 118,200 | 310,000 | |
Settlement Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock issued during period shares new issues | 1,467,647 | ||
Settlement Agreement [Member] | Common Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock issued during period shares new issues | 484,323 |