Related Party Transactions
|9 Months Ended|
May 31, 2021
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
Related party transactions not otherwise separately disclosed in these consolidated financial statements are:
At May 31, 2021, $751,779 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (August 31, 2020 – $547,660).
During the nine months ended May 31, 2021, the Company granted 1,000,000 restricted shares and five year options exercisable for 3,000,000 shares at an exercise price of $0.085 were granted as compensation to our Chief operating Officer.
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 twelve months. The total loan outstanding as of May 31, 2021 was $125,000.
On February 12, 201, in terms of an Exchange Agreement entered into between the Company and the Director, the short term loans evidenced by Promissory Notes were exchanged for a Convertible Promissory Note with an aggregate principal amount of $125,000, bearing interest at 8% per annum, maturing on February 12, 2022 and convertible into shares of common stock at 80% of the lowest trading price during the preceding 20 days.
As of May 31, 2021 and August 31, 2020, the Company owed the chairman of the Board and the various companies controlled by him $610,287 and $395,647 respectively, in funds advanced to the Company for working capital purposes, in addition, the Company owes the chairman of the board $340,000, and $160,000 respectively, in unpaid salaries.
As of May 31, 2021 and August 31, 2020, the Company owed a director $125,000 and $125,000, respectively, as disclosed under (b) above.
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