Cover
Cover - shares | 3 Months Ended | |
Nov. 30, 2021 | Jan. 10, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | INDIGENOUS ROOTS CORP. | |
Entity Central Index Key | 0001373690 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Nov. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 15,086,857 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55873 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-5243308 | |
Entity Address, Address Line One | 41 Puget Drive | |
Entity Address, City or Town | Steilacoom | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98388 | |
City Area Code | 250 | |
Local Phone Number | 681-1010 | |
Entity Interactive Data Current | No |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
Current Assets | ||
Cash | $ 182,281 | $ 515,903 |
Accounts receivable | (642) | (1,458) |
Total current asets | 181,639 | 514,445 |
Total Assets | 181,639 | 514,445 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 190,182 | 178,256 |
Loan payable-related party | 123,435 | 466,435 |
Due to related parties | 45,115 | 43,615 |
Loan payable | 916,457 | 906,142 |
Total current liabilities | 1,275,189 | 1,594,448 |
Total Liabilities | 1,275,189 | 1,594,448 |
STOCKHOLDERS' DEFICIT | ||
Common stock 200,000,000 authorized shares, par value $0.001 15,586,857 shares issued and outstandingas at August 31, 2021 and 15,086,857 as at August 31, 2020 | 15,588 | 15,588 |
Additional paid-in-capital | 4,536,362 | 4,536,362 |
Deficit | (5,645,500) | (5,631,953) |
Total Stockholders' Deficit | (1,093,550) | (1,080,003) |
Total Liabilities and Stockholders' Deficit | $ 181,639 | $ 514,445 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2021 | Aug. 31, 2021 |
STOCKHOLDERS' DEFICIT | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 15,586,857 | 15,586,857 |
Common stock, shares outstanding | 15,586,857 | 15,586,857 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
CONSOLIDATED STATEMENT OF OPERATIONS | ||
REVENUE | $ 2,822 | $ 2,003 |
Operating expenses | ||
General and administrative expenses | 8,465 | 1,684 |
Legal and audit fees | 7,461 | 609 |
Depreciation expense | 0 | 10,340 |
Total operating expenses | 15,926 | 12,633 |
OTHER EXPENSES | ||
Foreign exchange | (11,878) | 590 |
Interest expense | 12,321 | 17,740 |
Total other expenses | 443 | 18,330 |
Net loss | $ (13,547) | $ (28,960) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 15,586,857 | 15,086,857 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (13,547) | $ (28,960) |
Non-cash items: | ||
Depreciation | 0 | 10,340 |
Accrued interest expense | 11,315 | 17,740 |
Change in operating assets and liabilities: | ||
Accounts receivable | (816) | (2,003) |
Accounts payable and accrued liabilities | 11,926 | (767) |
Due to related parties | 1,500 | 1,500 |
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | 9,378 | (2,149) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan repayments | (343,000) | 0 |
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | (343,000) | 0 |
CASH, BEGINNING | 515,903 | 23,114 |
CASH, ENDING | $ 182,281 | $ 20,965 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN DEFICIT - USD ($) | Shares Issued | Additional Paid-In Capital | Deficit | Total |
Balance, shares at Aug. 31, 2020 | 15,086,857 | |||
Balance, amount at Aug. 31, 2020 | $ 15,088 | $ 4,486,862 | $ (4,714,516) | $ (212,566) |
Net loss | (28,960) | (28,960) | ||
Balance, shares at Nov. 30, 2020 | 15,086,857 | |||
Balance, amount at Nov. 30, 2020 | $ 15,088 | 4,486,862 | (4,743,476) | (241,526) |
Shares issued for services, shares | 500,000 | |||
Shares issued for services | $ 500 | 49,500 | 0 | 50,000 |
Net loss | (888,477) | (888,477) | ||
Balance, shares at Aug. 31, 2021 | 15,586,857 | |||
Balance, amount at Aug. 31, 2021 | $ 15,588 | 4,536,362 | (5,631,953) | (1,080,003) |
Net loss | (13,547) | (13,547) | ||
Balance, shares at Nov. 30, 2021 | 15,586,857 | |||
Balance, amount at Nov. 30, 2021 | $ 15,588 | $ 4,536,362 | $ (5,645,500) | $ (1,093,550) |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Nov. 30, 2021 | |
ORGANIZATION AND NATURE OF BUSINESS | |
ORGANIZATION AND NATURE OF BUSINESS [Text Block] | 1. ORGANIZATION AND NATURE OF BUSINESS Indigenous Roots Corp. (the "Company") was incorporated in the State of Nevada on July 20, 2006 and is listed on the OTCQB under the symbol "IRCC". On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power Company ('Edison Power"), a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation that owns and operates a 140 kW/h solar power generating facility in Georgetown, Delaware. The facility was substantially completed in March, 2019 and began generating power in April, 2019 (Note 3). On December 1, 2019, the Company acquired all of the issued and outstanding shares of Edison Power Corporation ("EPC") in exchange for cash of $10. EPC was federally incorporated in Canada on April 13, 2015. EPC has no equity and has not generated any revenue since inception. On October 15, 2021, a majority of the shareholders of the Company consented in writing to effectuate a spin-off of Edison Power, the Company's wholly-owned subsidiary. The effectuation date of the spin-off is subject to the pending approval of FINRA. Once effectuated, the Spin-Off of EPC would result in the Company's Common stockholders owning one half share of the Common Stock of Edison Power for each one share owned of the Common Stock of the Company. The Spin-Off will result in the issuance of 7,543,428 shares of EPC being issued at a par value of 7,543. Edison Power will remain a wholly-owned subsidiary of the Company until the effectuation date. Going concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. At November 30, 2021 the Company had an accumulated deficit of $5,645,500 and a working capital deficiency of $1,093,549. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. Due to its inability to meet its debt obligation, the Company may have to forfeit ownership of the Solar Power System and thus lose its only revenue producing asset. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. There has been no immediate impact on the Company and the future impact is currently not determinable but management continues to monitor the situation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. (b) Principles of Consolidation These financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) which the Company controls. For accounting purposes, control is established by an investor when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All inter-company balances and transactions are eliminated upon consolidation. (c) The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to useful life of fixed asset and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (d) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance and trust funds to be cash equivalents. (e) The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets (f) The Company follows ASC 850, Related Party Disclosures (g) The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, "Income Taxes". The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. (h) The Company and its subsidiaries' functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in the statement of operations. (i) ASC 820, "Fair Value Measurements and Disclosures", requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts receivable, accounts payable, loan payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. (j) The Company records stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" and ASC 505, "Equity Based Payments to Non-Employees", using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. (k) Revenue Pursuant to ASC 606, Revenue is derived from the generation of electricity utilizing the solar power generating system and collectivity is reasonably assured. (l) Leases Pursuant to ASC 842, transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. As of the date of this report, the Company has no material leases to report. (m) The Company computes earnings (loss) per share in accordance with ASC 260, "Earnings per Share". ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at August 31, 2021 the Company does not have any potentially dilutive shares. (n) ASC 220, "Comprehensive Income", establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. (o) None. |
ACQUISITION
ACQUISITION | 3 Months Ended |
Nov. 30, 2021 | |
ACQUISITION | |
ACQUISITION [Text Block] | 3. ACQUISITION On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power, a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation. On October 15, 2021, a majority of the shareholders of the Company consented in writing to effectuate a spin-off of Edison Power, the Company's wholly-owned subsidiary. The effectuation date of the spin-off is subject to the pending approval of FINRA. Once effectuated, the Spin-Off of EPC would result in the Company's Common stockholders owning one half share of the Common Stock of Edison Power for each one share owned of the Common Stock of the Company. The Spin-Off will result in the issuance of 7,543,428 shares of the Company being issued at a par value of 7,543. Edison Power will remain a wholly-owned subsidiary of the Company until the effectuation date. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2021 | |
RELATED PARTIES TRANSACTIONS | |
RELATED PARTY TRANSACTIONS [Text Block] | 4. RELATED PARTY TRANSACTIONS As at November 30, 2021, the Company owed $123,435 (August 31, 2021 - $466,435) to a related party of the Company for cash provided to the Company. The debt is unsecured, bears no interest and is payable on demand. As at November 30, 2021, the Company owed $45,115 (August 31, 2021 - $43,615) to the Controller of the Company for cash and services provided to the Company. The debt is unsecured, bears no interest and is payable on demand. During the three months ended November 30, 2021, the Company accrued $1,500 (November 30, 2020 - $1,500) in accounting fees to the Controller of the Company. |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended |
Nov. 30, 2021 | |
LOAN PAYABLE | |
LOAN PAYABLE [Text Block] | 5. LOAN PAYABLE On June 15, 2019, the Company issued a promissory note to SEU in the amount of $981,500. As at August 31, 2021, SEU had advanced the principal amount of $803,520. The promissory note bears an interest rate of 2% per annum and is payable in monthly installments of $4,161 including principal and interest for 240 months commencing January 1, 2020. The loan matures in January 2040. The funds were advanced to the Company for the construction of a solar power electricity generating system. Loan payable as at August 31, 2021 $ 906,142 Payment on Late Payment Fee (2,006 ) Interest expense 4,137 Default interest expense 8,184 Loan payable as at November 30, 2021 $ 916,457 The loan is secured by a promissory note, a first priority security interest on the solar power system, an assignment of a Power Purchase Agreement and the corporate guarantee of Edison Power Company. On September 1, 2020, SEU called for full payment of the loan due to payment arrears and the loan is now in default. The Company does not expect to make any further payments and as such SEU will be exercising its right to take ownership of the pledged assets. As at the date of filing, the negotiation between the Company and SEU is in progress. The Company has reclassified the loan as a current liability. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Nov. 30, 2021 | |
STOCKHOLDERS' DEFICIT | |
COMMON STOCK [Text Block] | 6. COMMON STOCK Share Issuances There were no share issuances during the three months ended November 30, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS [Text Block] | 7. SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements except as noted below. None. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Basis of Presentation [Policy Text Block] | (a) These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. |
Principles of Consolidation [Policy Text Block] | (b) Principles of Consolidation These financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) which the Company controls. For accounting purposes, control is established by an investor when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All inter-company balances and transactions are eliminated upon consolidation. |
Use of Estimates [Policy Text Block] | (c) The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to useful life of fixed asset and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents [Policy Text Block] | (d) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance and trust funds to be cash equivalents. |
Impairment of Long-Lived Assets [Policy Text Block] | (e) The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets |
Related Party Transactions [Policy Text Block] | (f) The Company follows ASC 850, Related Party Disclosures |
Income Taxes [Policy Text Block] | (g) The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, "Income Taxes". The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Foreign Currency Translation [Policy Text Block] | (h) The Company and its subsidiaries' functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in the statement of operations. |
Financial Instruments and Fair Value Measures [Policy Text Block] | (i) ASC 820, "Fair Value Measurements and Disclosures", requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts receivable, accounts payable, loan payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Stock-based Compensation [Policy Text Block] | (j) The Company records stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" and ASC 505, "Equity Based Payments to Non-Employees", using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. |
Revenue [Policy Text Block] | (k) Revenue Pursuant to ASC 606, Revenue is derived from the generation of electricity utilizing the solar power generating system and collectivity is reasonably assured. |
Leases [Policy Text Block] | (l) Leases Pursuant to ASC 842, transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. As of the date of this report, the Company has no material leases to report. |
Loss Per Share [Policy Text Block] | (m) The Company computes earnings (loss) per share in accordance with ASC 260, "Earnings per Share". ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at August 31, 2021 the Company does not have any potentially dilutive shares. |
Comprehensive Loss [Policy Text Block] | (n) ASC 220, "Comprehensive Income", establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. |
Recent Accounting Pronouncements [Policy Text Block] | (o) None. |
LOAN PAYABLE (Tables)
LOAN PAYABLE (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
LOAN PAYABLE | |
Schedule of loan payable [Table Text Block] | Loan payable as at August 31, 2021 $ 906,142 Payment on Late Payment Fee (2,006 ) Interest expense 4,137 Default interest expense 8,184 Loan payable as at November 30, 2021 $ 916,457 |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2019 | Apr. 30, 2019 | Nov. 30, 2021 | Aug. 31, 2021 | |
Accumulated deficit | $ (5,645,500) | $ (5,631,953) | ||
Working capital deficiency | $ 1,093,549 | |||
Edison Power [Member] | ||||
Business acquisition, acquire equity issued and outstanding shares | 100.00% | |||
Exchange shares of common stock | 6,849,239 | |||
Ownership interest | 100.00% | |||
Cash paid for business acquisation | $ 10 | |||
Issuance of shares as a result of Spin-off | 7,543,428 | |||
Spin-off par value | $ 7,543 | |||
Edison Delaware 2 LLC [Member] | ||||
Ownership interest | 100.00% |
ACQUISITION (Narrative) (Detail
ACQUISITION (Narrative) (Details) - $ / shares | 1 Months Ended | 3 Months Ended |
Apr. 30, 2019 | Nov. 30, 2021 | |
Edison Power [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, acquire equity issued and outstanding shares | 100.00% | |
Exchange shares of common stock | 6,849,239 | |
Ownership interest in Edison Delaware 2 LLC | 100.00% | |
Issuance of shares as a result of Spin-off | 7,543,428 | |
Spin-off par value | $ 7,543 | |
Edison Delaware 2 LLC [Member] | ||
Business Acquisition [Line Items] | ||
Ownership interest in Edison Delaware 2 LLC | 100.00% |
RELATED PARTIES TRANSACTIONS (N
RELATED PARTIES TRANSACTIONS (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Aug. 31, 2021 | |
Loan payable-related party | $ 123,435 | $ 466,435 | |
Due to related parties | 45,115 | 43,615 | |
Controller [Member] | |||
Due to related parties | 45,115 | $ 43,615 | |
Accounting fees | $ 1,500 | $ 1,500 |
LOAN PAYABLE (Narrative) (Detai
LOAN PAYABLE (Narrative) (Details) - Sustainable Energy Utility Inc. [Member] - USD ($) | 1 Months Ended | 3 Months Ended |
Jun. 15, 2019 | Nov. 30, 2021 | |
Debt Conversion [Line Items] | ||
Promissory note | $ 981,500 | |
Proceeds from issuance of debt | $ 803,520 | |
Promissory note, interest rate | 2.00% | |
Monthly installments | $ 4,161 | |
Description of loan payable | payable in monthly installments of $4,161 including principal and interest for 240 months commencing January 1, 2020. | |
Maturity date, description | The loan matures in January 2040. |
LOAN PAYABLE - Schedule of loan
LOAN PAYABLE - Schedule of loan payable (Details) | 3 Months Ended |
Nov. 30, 2021USD ($) | |
Payables And Accruals [Abstract] | |
Loan payable as at August 31, 2021 | $ 906,142 |
Payment on Late Payment Fee | (2,006) |
Interest expenses | 4,137 |
Default interest expense | 8,184 |
Loan payable as at November 30, 2021 | $ 916,457 |