Related Party Transactions |
6 Months Ended | |||||||||||
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Feb. 28, 2021 | ||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||
| RELATED PARTY TRANSACTIONS |
Related party transactions not otherwise separately disclosed in these consolidated financial statements are:
At February 28, 2021, $875,930 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (August 31, 2020 – $547,660).
During the six months ended February 28, 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 February 28, 2021 was $125,000.
As of February 28, 2021 and August 31, 2020, the Company owed the chairman of the Board and the various companies controlled by him $532,892 and $395,647 respectively, in funds advanced to the Company for working capital purposes, in addition, the Company owes the chairman of the board $280,000, and $160,000 respectively, in unpaid salaries. As of February 28, 2010 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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