Annual report pursuant to Section 13 and 15(d)

Promissory Notes Payable

v3.21.2
Promissory Notes Payable
12 Months Ended
Aug. 31, 2021
Promissory Notes Payable [Abstract]  
PROMISSORY NOTES PAYABLE
14. PROMISSORY NOTES PAYABLE

  

                Principal
due
    Principal
due
 
Lender   Maturity Date     Interest
Rate
    May 31,
2021
    August 31,
2020
 
                         
Private lender   On demand      
-
%   $
-
    $ 8,000  
Private lender   On Demand      
-
%    
-
     
      -
 
Private lender   April 29, 2022       10.00 %     23,298      
-
 
                               
                  $ 23,298     $ 8,000  

  

Two private lenders advanced $80,000 and $20,000 to the Company, these amounts are non-interest bearing, have no fixed terms of repayment and were repaid during the current year.

 

On April 29,2021 the Company issued a promissory note to a private lender in the aggregate sum of $500,000. The promissory note bears interest at 10% per annum and is repayable on April 29, 2022. The Company repaid $476,702 of the outstanding balance as at August 31, 2021. The balance remaining at August 31, 2021 is $23,298.