LOANS AND NOTES PAYABLE DISCLOSURE

6 Months Ended

Feb. 29, 2024

NOTE 7. LOANS AND NOTES PAYABLE

The Company had loans and notes payable as at February 29, 2024 and August 31, 2023 totaling $305,737 and $158,371 respectively, as follows:

Description	Principal Amount	Date of Loan Note	Maturity Date	February 29, 2024		August 31, 2023
Convertible loan note from World Market Ventures for 12 months, interest rate of 9%, convertible at 50% disc. to lowest price in past 30 days - see 7.1	27,500	10/19/2022	7/19/2023		-		29,740
Convertible loan note from CC Strategic Enterprises LLC for 12 months, interest rate of 9%, convertible at 50% disc. to lowest price in past 30 days - see 7.2	27,500	10/19/2022	7/19/2023		-		29,740
Convertible loan note from World Market Ventures for 12 months at interest rate of 12%, convertible at 50% disc. to lowest price in past 30 days	22,000	12/21/2022	9/21/2023		25,146		23,830
Convertible loan note from John Morgan for 12 months at interest rate of 12%, convertible at $0.0001 per share	50,000	3/9/2023	9/5/2023		57,323		52,877
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	22,000	7/28/2023	4/28/2024		23,172		22,184

Description	Principal Amount	Date of Loan Note	Maturity Date	February 29, 2024		August 31, 2023
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	16,500	9/26/2023	6/26/2024		17,135		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	16,500	10/17/2023	7/17/2024		17,049		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	47,300	10/30/2023	7/30/2024		48,723		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion - see note 7	27,500	11/9/2023	8/9/2024		28,259		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	27,500	12/21/2023	10/17/2024		27,975		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	27,500	1/17/2024	11/9/2024		27,975		-
Convertible loan note from World Market Ventures for 12 months at interest rate of 9%, convertible at 50% disc. to bid price on day before conversion	33,000	2/9/2024	11/29/2024		33,163		-

Total				$	305,737	$	158,371
Long-term total				$	-	$	-
Short-term total				$	305,737	$	158,731

Notes

7.1.On August 30, 2023, the Company entered into a settlement agreement with the Lender, whereby the Lender agreed to convert the outstanding loan into shares of common stock at a rate of $6.00 per share. Between September 7, 2023 and January 8, 2024, the Company issued 4,913 shares to the Lender, repaying a value of $29,475, with the Lender writing off a further $1,910 of accrued interest.

7.2.On January 17, 2024, the Company entered into a settlement agreement with the Lender, whereby the Lender agreed to convert the outstanding loan into shares of common stock at a rate of $6.00 per share. Between January 22, 2024 and February 29, 2024, the Company issued 4,983 shares to the Lender, repaying a value of $29,900, with the Lender writing off a further $1,485 of accrued interest.

Loans and Notes Amortization	Amount Due
Due within 12 months	$	305,737
Due within 24 months		-
Due within 36 months		-
Due within 48 months		-
Due after 48 months		-

Total	$	305,737

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

NITCHES INC 10-Q/A