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. |