v3.24.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Nov. 30, 2023	Aug. 31, 2023
Current assets:
Cash	$ 5,819	$ 49,849
Accounts receivable	0	7,895
Prepaid expenses	11,250	15,000
Total current assets	17,069	72,744
Other assets
Equipment, net	1,308	1,569
Trademarks	1,680	1,680
Total other assets	2,988	3,249
Total Assets	20,057	75,993
Current liabilities:
Accounts payable	357,342	349,301
Accrued expenses	162,219	1,072,108
Accrued expenses - related parties	106,923	106,923
Short term loans	40,000	0
Note payable, current portion	10,000	10,000
Dividends payable	1,979,278	1,748,625
Total current liabilities	2,655,762	3,286,957
Long term liabilities:
Convertible note payable net of discount	414,552	218,999
Total long term liabilities	414,552	218,999
Total liabilities	3,070,314	3,505,956
Commitments and contingencies (Note 8)
Stockholders’ equity (deficiency):
Common stock, $0.001 par value; 200,000,000 shares authorized; 22,470,239 and 20,470,239 issued and outstanding as of November 30, 2023 and August 31, 2023, respectively	22,470	20,470
Additional paid in capital	55,966,366	55,171,921
Accumulated deficit	(59,047,177)	(58,630,438)
Total stockholders’ equity (deficit)	(3,050,257)	(3,429,963)
Total Liabilities and Stockholders’ equity	20,057	75,993
Series A Preferred Stock [Member]
Stockholders’ equity (deficiency):
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders’ equity (deficiency):
Preferred stock, value, issued	2,695	2,695
Series B One Preferred Stock [Member]
Stockholders’ equity (deficiency):
Preferred stock, value, issued	$ 5,389	$ 5,389

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Innovation1 Biotech Inc. 10-Q