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Subsequent Events
12 Months Ended
Aug. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 7 SUBSEQUENT EVENTS

 

In October of 2016 the Company issued 51,286,689 shares of common stock to certain insiders, employees, and other accredited investors for services and other consideration.

 

In October 2016, the Company entered into an agreement with an employee for a monthly salary of $6,300. The agreement is for 12 months or until October 2017 with options to renew for additional 12 months. The Company is to issue 20,000 shares of common stock on the 15th of each month for the term of the agreement.

 

In October 2016, the Company entered into an agreement for consulting services for $400 per hour. The agreement is for 12 months or until October 2017 with options to renew for additional 12 months. The Company is to issue up to 250,000 shares of common stock upon FDA approval of Vitalzul/CBD combination.

 

In November 2016, the Company entered into an agreement with an employee for a monthly salary of $2,500. The agreement is for 12 months or until November 2017 with options to renew for additional 12 months. The Company is to issue 10,000 shares of common stock after 90 days of continuous employment and 10,000 shares per month for 9 months thereafter.

 

In October, 2016, the Company issued a promissory note for $150,000 bearing interest at 10% per annum and is due November 1, 2017. The promissory note is payable from 25% of all proceeds raised after November 1, 2016. In connection with the promissory note, the Company issued 250,000 shares of common stock.

 

On September 1, 2016 the Company entered into a consulting agreement for investor relations with a term of 6 months and fees of $10,000 cash payment due on signing of contract and on 1st day of each month, $25,000 ancillary budget due each month for the balance of this contract, 500,000 shares of common stock to be issued upon the day of execution of the agreement with a vesting schedule of 1/3 per month for the extent of the contract, and the Company will reimburse Consultant for any pre-approved travel or other expenses.

 

Subsequent to year end August 31, 2016 the Company received loans from an officer of $77,732 which accrues 2% interest (4% if in default), unsecured, and due on demand.