Annual report pursuant to Section 13 and 15(d)

Notes Receivable

v3.21.2
Notes Receivable
 12 Months Ended
Aug. 31, 2020
Notes Receivable Disclosure [Abstract]  
NOTES RECEIVABLE
5. NOTES RECEIVABLE

The Company’s notes receivables consist of:


              Principal
due		     Principal
due		  
    Maturity Date   Interest
Rate		     August 31,
2020		     August 31, 
2019		  
                       
Private debtor   March 16, 2020     5 %   $ 76,000     $ 76,000  
Private debtor   August 20, 2021     5 %     -       642,581  
Private debtor   August 20, 2021     5 %     -       117,000  
Interest accrued                 13,159       10,162  
                $ 89,159     $ 845,743  
                             
Disclosed as follows:                            
Current portion               $ 89,159     $ 85,359  
                  -       760,384  
                $ 89,159     $ 845,743  

Manhatten Enterprises


The Company advanced Manhatten Enterprises the sum of $76,000 pursuant to a promissory note on March 16, 2017. The note, which bears interest at 5% per annum, matured on March 16, 2020. The Note has reached its maturity date and is currently on demand until a new agreement is negotiated.


Strategic IR


The Company advanced Strategic IR a total of $642,581 during the year ended August 31, 2019. This was memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 20, 2021. During the year ended August 31, 2020, the Company advanced Strategic IR a further $125,000 and received repayments totaling $196,000. Consulting fees owing to Strategic IR in terms of a consulting agreement entered into amounting to $553,333 were offset against the balance owing to the Company. The Debt owing by Strategic IR was extinguished during the current year.


Beverly Pacific Holdings


The company advanced Beverly Pacific Holdings a net amount of $117,000 during the year ended August 31, 2019, memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 20, 2021. During the current period, the Company advanced a further $577,612, which has subsequently been settled by Beverly Pacific. As of August 31, 2020, the balance owing to the Company is $0.