Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
3 Months Ended
Nov. 30, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the three months ended November 30, 2019, the president of the Company incurred $300 of expenses on behalf of the Company. The amount owed to the related party as of November 30, 2019 and August 31, 2019 is $4,032 and $3,732, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the three months ended November 30, 2019, the former President, and current Senior Vice President, European Operations, who is a major shareholder, paid for expenses on behalf of the Company for a total of $4,034. The amount of $3,040 was repaid during the three months ended November 30, 2019. The amount owed to the related party as of November 30, 2019 and August 31, 2019 is $992 and $0, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the three months ended November 30, 2019, a company owned by the Senior Vice President, European Operations, who is a major shareholder, provided consulting services for $19,000. As of November 30, 2019, there is $5,000 outstanding.