Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
6 Months Ended
Feb. 28, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

 

During the six months ended February 28, 2021, the president and an officer of the Company incurred $1,392 of expenses on behalf of the Company and the Company repaid $7,247. The amount owed to this related party as of February 28, 2021 and August 31, 2020 is $0 and $5,855, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the six months ended February 28, 2021, the Senior Vice President, European Operations, who is a major shareholder, incurred $0 of expenses on behalf of the Company. $1,090, including foreign exchange loss of $14 of this amount was repaid during the six months ended February 28, 2021. The amount owed to this related party as of February 28, 2021 and August 31, 2020 is $0 and $1,104, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the six months ended February 28, 2021 and February 29, 2020, a company owned by the Senior Vice President, European Operations, who is a major shareholder, provided consulting services worth $30,000 and $34,000, respectively of which, $5,000 was outstanding, as of February 28, 2021 and August 31, 2020.