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Related Party Transactions
6 Months Ended
Feb. 28, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

Note 3 – Related Party Transactions

 

Due to related parties

 

Amounts loaned to the Company by stockholders and officers of the Company are non-interest bearing and payable upon demand. At February 28, 2019 and August 31, 2018, the amount due to related parties was $966,102 and $1,116,261, respectively.

 

On January 31, 2018, a related party converted $813,125 of outstanding principal and accrued interest into 1,976,483 shares of the Company’s common stock. The per share price used for the conversion of this loan was $0.4114 which was determined based on the average price of the five (5) trading days immediately preceding the date of conversion with a 10% premium added to the calculated per share price.