Related Party Transactions |
9 Months Ended | |||||||||
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May 31, 2020 | ||||||||||
| Related Party Transactions [Abstract] | ||||||||||
| RELATED PARTY TRANSACTIONS |
Related party transactions not otherwise separately disclosed in these consolidated financial statements are:
During the nine months ended May 31, 2020, no common shares were granted as compensation to key management and directors of the Company. On September 19, 2019, the Chairman of the board subscribed for 696,153 common shares for gross proceeds of $90,500. On October 31, 2019 and November 3, 2020, a director advanced the Company $50,000 and $25,000, respectively as a short-term loan. The loan is interest free and is expected to be repaid within three months.
On May 31, 2020, and August 31, 2019, the Company owed the chairman of the board $283,960 and $0,respectively, for short term loans advanced to the Company. On May 31, 2020, the Company owed a director $125,000 for short term loans made to the Company. These loans are interest free and have no fixed repayment terms. At May 31, 2020, $951,009 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (August 31, 2019 - $748,682). |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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