In the settings of the extension, you can specify a lifetime for the determined order status (you can choose any). When this period ends, the orders will be canceled and items will be re-stocked. The admin and the customer will receive notifications.

How to use Cancel Order Extension for Magento?

• select order status that should be cancelled;
• set time  for cron to check orders (the period, when extension will check pending orders – “*/10 * * * *” – means every 10 minutes “*/* 1 * * *” – means every hour – you will get example bellow the field);
• set lifetime of the order – if you set 10 minutes, it means that all orders that have pending status for 10 minutes and more will be cancelled.;
• choose time period for orders to be checked: last day orders or last week orders;
• enter your email to get notifications with links to cancelled orders.