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Related Parties - Transactions
9 Months Ended
May 31, 2017
Related Parties - Transactions [Abstract]  
RELATED PARTIES - TRANSACTIONS

NOTE 6 - RELATED PARTIES - TRANSACTIONS

 

On July 1, 2008, the Subsidiary entered into a consulting agreement with KNRY Ltd. (“KNRY”), an Israeli company owned by the Company’s Chief Executive Officer (“CEO”), whereby the CEO, through KNRY, provides services to the Company (the “Consulting Agreement”). The Consulting Agreement is terminable by either party upon 60 days written notice. The Consulting Agreement provides that KNRY (i) will be paid a gross amount of NIS 50,400 ($13) per month for the CEO and (ii) will be reimbursed for reasonable expenses incurred in connection with the performance of the Consulting Agreement.

 

The Consulting Agreement has been amended several times. According to the latest amendment on November 28, 2016, the CEO’s monthly payment was set at NIS 127,570 ($33) effective January 2017, and an additional cost of $10 per year was approved for the use and maintenance of the CEO’s car effective November 2016.