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Related Party Transactions
9 Months Ended
May 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 5 – 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 May 31, 2017, $10,000 remains outstanding.

 

As of May 31, 2017, the Company has a loan from an officer of $11,500. The loan is unsecured, non-interest bearing, and due on demand.

 

As of May 31, 2017, and August 31, 2016, there are related party accounts payable and accrued expenses of $322,412 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 is due on demand and bears interest at 2% per annum which accrues. As of May 31, 2017, $2,297 of interest has been accrued. See Note 4.

 

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 May 31, 2017, $9,000 of interest has been accrued and $87,500 of the debt discount amortized. See Note 4.

 

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 May 31, 2017, $905 of interest has been accrued. See Note 4.

 

On March 18, 2017, the Company executed a promissory note with Salvagno for $24,830. The note converted various payables to Salvagno. The note is due on demand and bears interest at 4% per annum which accrues. As of May 31, 2017, $204 of interest has been accrued. See Note 4.

 

On May 31, 2017, the Company executed a promissory note with Salvagno for $98,665. The note converted various payables to Salvagno. The note is due on demand and bears interest at 4% per annum which accrues. As of May 31, 2017, $5 of interest has been accrued. See Note 4.

 

During the nine months ended May 31, 2017, the Company has issued or is contractually obligated to issue, 500,000 shares of common stock for financial reporting services valued at $162,500 of which $43,333 has been recorded as stock-based compensation. The Company will amortize $119,167 over the remaining service period or through March 2019.

 

During the nine months ended May 31, 2017, the Company has issued or is contractually obligated to issue, 40,000 shares of common stock for board advisory services valued at $13,000 of which $6,500 has been recorded as stock-based compensation. The Company will amortize $6,500 over the remaining service period through July 2017.

 

In February 2017, the Company entered into a consulting agreement for a spokeman for the PetLife pet foods division. The agreement is through January 2020. The Company issued 1,000,000 shares of restricted common stock which 27,778 shares of common stock vest every month. The shares of common stock were valued at $160,000 and $17,778 was recorded as stock-based compensation for the nine months ended May 31, 2017. The Company will record the remaining $142,222 over the service period or through January 2020.