Subsequent Events |
9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2020 | |||||||||||||
Subsequent Events [Abstract] | |||||||||||||
SUBSEQUENT EVENTS |
Events after the reporting date not otherwise separately disclosed in these consolidated financial statements are:
Between June 4, and June 24, 2020, a convertible debt holder converted $126,540 of principal into 7,471,090 shares at an average conversion price of $0.016 per share. Between June 8, 2020 and June 30, 2020, a convertible debt holder converted $43,021 of principal into 3,800,000 shares at an average conversion price of $0.011 per share.
On June 19, 2020, the Company issued a convertible promissory note of $82,500, including an original issue discount of $7,500, for net proceeds of $72,000 after certain legal expenses. The note bears interest at 12% per annum and matures on June 19, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest t3,800,000 shares at an average conversion price of $0.011 per share.
Pursuant to an agreement entered into with a convertible debt holder, the Company intends to amend the conversion price applicable to the purchase price of the aggregate principal amount of convertible debentures totalling US$780,000 from US$0.17, US$0.19 and US$0.21 to US$0.037 per share. In addition, the Company intends to amend the exercise price of three warrants issued to the convertible debt holder exercisable for up to 3,444,639 common shares of the Company from US$0.20, US$0.24 and US$0.26 to US$0.03 per share. The Company has entered into executed share for debt agreements whereby it will issue 7,782,502 shares of common stock to settle debt of $304,309, including accrued interest thereon. |
X | ||||||||||
- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|