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Related Party Transactions
6 Months Ended
Feb. 28, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS

 

During the year ended August 31, 2015, we received $10,000 from a shareholder advance which is unsecured, non-interest bearing, and due on demand. As of February 28, 2017, $10,000 remains outstanding. See Note 3.

 

As of February 28, 2017, the Company has a loan from an officer of $36,330.

 

As of February 28, 2017 and August 31, 2016, there are related party accounts payable and accrued expenses of $350,000 and $383,974, respectively, related to employment and consulting services.

 

On August 31, 2016, the Company executed a promissory note with Salvagno, the Company’s CEO and Director, for $153,011. The note converted various payables to Salvagno. The note is due on demand and bears interest at 2% per annum which accrues. As of February 28, 2017, $1,526 of interest has been accrued. See Note 3.

 

On October 25, 2016, the Company executed a promissory note with Dreadnought 1906, Inc., which is controlled by Campbell, the Company’s Director, for $150,000. The note matures on November 1, 2017 and bears interest at 10% per annum and accrues. As an incentive for the issuance of the note, 250,000 shares of common stock were issued and recorded as a debt discount. The shares were valued at $150,000 for the debt discount. As of February 28, 2017, $7,479 of interest has been accrued and $50,000 of the debt discount amortized. See Note 3.

 

On January 14, 2017, the Company executed a promissory note with Salvagno for $59,852. The note converted various payables to Salvagno. The note is due on demand and bears interest at 4% per annum and accrues monthly. As of February 28, 2017, $1,194 of interest has been accrued. See Note 3.