Annual report pursuant to Section 13 and 15(d)

Notes Receivable

v3.21.2
Notes Receivable
12 Months Ended
Aug. 31, 2021
Notes Receivable Disclosure [Abstract]  
NOTES RECEIVABLE
6. NOTES RECEIVABLE

  

The Company’s notes receivables consist of:

  

              Principal due     Principal due  
    Maturity Date   Interest
Rate
    August 31,
2021
    August 31, 
2020
 
                       
Manhatten Enterprises   March 16, 2020           5 %   $ 76,000     $ 76,000  
Deweast Limited   January 31, 2022    
-
      200,000      
-
 
Unhide Inc   September 30, 2021    
-
      230,000      
-
 
Interest accrued                 16,959       13,159  
                $ 522,959     $ 89,159  
                             
Disclosed as follows:                            
Current portion               $ 522,959     $ 89,159  

 

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, management has undertaken to enter into a new agreement or extend the terms of the existing agreement, there have been no successful negotiations to date.

 

Deweast Limited

 

On August 31, 2021, in terms of an unsecured loan agreement entered into with Deweast Limited (“Deweast”) the Company advanced the sum of $200,000 to Deweast, maturing on January 31, 2022. On or before the maturity date Deweast agreed to repay the Company $220,000. In the event that Deweast fails to repay the amount due on maturity date the full balance owing at maturity will accrue interest at 10% per annum until paid in full.

 

Unhide, Inc.

 

On August 31, 2021, in terms of an unsecured loan agreement entered into with Unhide Inc. (“Unhide”) the Company advanced the sum of $230,000 to Unhid, maturing on September 30, 2021. On or before the maturity date Unhide agreed to repay the Company $238,000. In the event that Unhide fails to repay the amount due on maturity date the full balance owing at maturity will accrue interest at 10% per annum until paid in full.