Subsequent Events |
3 Months Ended | |||||||||||||||
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Nov. 30, 2020 | ||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||
SUBSEQUENT EVENTS |
Events after the reporting date not otherwise separately disclosed in these consolidated financial statements are:
On December 9, 2020, a warrant holder exercised warrants over a total of 1,176,470 shares for gross proceeds of $35,294 at an exercise price of $0.03 per share.
On December 7, 2020, the Company entered into lability settlement agreements with a vendor, whereby 1,538,461 shares were issued in settlement of liabilities amounting to $60,000.
Between December 15, 2020 and January 13, 2021, convertible note holders converted $128,080 of convertible debt into 4,423,123 common shares at an average conversion price of $0.029 per share. On January 7, 2021, Cantone Asset Management converted $200,000 of convertible debt maturing on January 14, 2021 into 5,405,405 shares of common stock at a conversion price of $0.037 per share.
On January 12, 2021, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $86,350, including an original issue discount of $7,850, for net proceeds of $75,000 after certain expenses. The note bears interest at 12% per annum and matures on January 12, 2022. 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 trading bid price during the previous fifteen prior trading days. |
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- References No definition available.
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- Definition The entire disclosure for 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, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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