Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
3 Months Ended
Nov. 30, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the three months ended November 30, 2020, the president and an officer of the Company incurred $697 of expenses on behalf of the Company that were not reimbursed. The amount owed to this related party as of November 30, 2020 and August 31, 2020 is $6,552 and $5,855, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the three months ended November 30, 2020, 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 three months ended November 30, 2020. The amount owed to this related party as of November 30, 2020 and August 31, 2020 is $0 and $1,104, respectively. The amounts are non-interest bearing and have no terms of repayment.

 

During the three months ended November 30, 2020 and 2019, a company owned by the Senior Vice President, European Operations, who is a major shareholder, provided consulting services worth $15,000 and $19,000, respectively of which, $5,000 was outstanding, as of November 30, 2020 and August 31, 2020.