Related Party Transactions |
3 Months Ended | ||||||||||||
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Nov. 30, 2020 | |||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||
| RELATED PARTY TRANSACTIONS |
Related party transactions not otherwise separately disclosed in these consolidated financial statements are:
At November 30, 2020, $785,087 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (August 31, 2020 – $547,660).
During the three months ended November 30, 2020, no common shares were granted as compensation to key management and directors of the Company. On October 31, 2019 and March 11, 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. The total loan outstanding as of November 30, 2020 was $125,000.
As of November 30, 2020 and August 31, 2020, the Company owed the chairman of the Board and the various companies controlled by him $527,336 and $395,647 respectively, in funds advanced to the Company for working capital purposes, in addition, the Company owes the chairman of the board $220,000, and $160,000 respectively, in unpaid salaries. As of November 30, 2020 and August 31, 2020, the Company owed a director $125,000 and $125,000, respectively in working capital advances to the Company. The advance is interest free with no fixed terms of repayment. |
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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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