Notes Payable

12 Months Ended

Aug. 31, 2017

Debt Disclosure [Abstract]

Notes Payable

NOTE 4 – NOTES PAYABLE

The Company has notes payable as of August 31, 2017 and 2016 are as follows:

Notes payable and	August 31, 2017											August 31, 2016
convertible notes payable			Debt											Debt
	Principal		Discount			OID			Principal			Principal		Discount		Principal
Shelton Davis (1)	$	25,000	$	-		$	-		$	25,000		$	-	$	-	$	-
Steven Sass (1)		25,000		-			-			25,000			-		-		-
Alkmini Anastasiadou		312,000		-			-			312,000			-		-		-
Luke Hoppel (1)		75,000		(59,697	)		(18,331	)		(3,028	)		-		-		-
PowerUp (1)		53,000		(42,654	)		-			10,346			-		-		-
	$	490,000	$	(102,351	)	$	(18,331	)	$	369,318		$	-	$	-	$	-

(1) Convertible

On July 27, 2016, the Company executed a convertible promissory note with Shelton Avery Davis, as part of a private offering, for $25,000. The note has a maturity date of July 27, 2017 and bears interest of 10% which accrues. The note converts into common stock at $0.25 per share. As of August 31, 2017, $2,500 of interest has been accrued. On July 27, 2017, the note was extended to July 27, 2018.

On September 30, 2016, the Company executed a convertible promissory note with William Bodenheimer III (“Bodenheimer”), as part of a private offering, for $30,000. The note has a maturity date of September 30, 2017 and bears interest of 10% which accrues. The note converts into common stock at $0.25 per share. On July 22, 2017, Bodenheimer and the Company agreed to convert the principal and accrued interest into 266,000 shares of common stock. The common shares have not been issued as of August 31, 2017.

On October 4, 2016, the Company executed a convertible promissory note with Peter Sherman (“Sherman”), as part of a private offering, for $12,500. The note has a maturity date of October 4, 2017 and bears interest of 10% which accrues. The note converts into common stock at $0.25 per share. On July 22, 2016, Sherman and the Company agreed to convert the principal and accrued interest into 133,000 shares of common stock. The common shares have not been issued as of August 31, 2017.

On December 8, 2016, the Company executed a convertible promissory note with Steven Sass, as part of a private offering, for $25,000. The note has a maturity date of December 8, 2017 and bears interest of 10% which accrues. The note converts into common stock $0.25 per share. As of August 31, 2017, $1,829 of interest has been accrued.

On July 18, 2017, the Company executed a convertible promissory note with Luke Hoppel for $75,000. The note has a maturity date of July 18, 2018 and bears interest of 8% which accrues. As of August 31, 2017, $740 of interest has been accrued. The note is convertible at 60% of the average of the three lowest daily traded prices during the 25 consecutive trading days immediately preceding the applicable conversion date.

On August 28, 2017, the Company executed a convertible promissory note with PowerUp for $53,000. The note has a maturity date of May 30, 2018 and bears interest of 12% which accrues. As of August 31, 2017, $70 of interest has been accrued. The note is convertible at 58% of the average of the three lowest daily traded prices during the 10 consecutive trading days immediately preceding the applicable conversion date.

Note payable

On May 15, 2017, the Company entered into a settlement agreement with Arthur G. Mikaelian, et al (see Note 7 for all parties, the “Settlement Agreement”). Mikaelian had a financial obligation to Alkmini Anastasiadou (“Anastasiadou”), which was unrelated to the Company. As part of the Settlement Agreement, the Company would assume the debt of Mikaelian to Anastasiadou, as settlement between them, of $322,000, in a promissory note (the “Anastasiadou Note”). The terms of the Anastasiadou Note are 3% interest, with installment payments of $5,000 monthly beginning June 1, 2017 with payment in full by December 31, 2017. As of August 31, 2017, the balance of the note was $312,000 and the accrued interest was $2,858. In connection with the settlement, the Company issued $322,000 in notes payable, reversed accounts payable of $110,400 and recorded a loss of $211,600.

The Company has notes payable to related parties, net of discounts, as of August 31, 2017 and August 31, 2016, as follows:

	August 31, 2017								August 31, 2016
Notes payable to related parties, net of discounts	Principal		Debt Discount		OID		Principal		Principal		Debt Discount		Principal
Ralph Salvagno	$	153,011	$	-	$	-	$	153,011	$	153,011	$	-	$	153,011
Ralph Salvagno		59,852		-		-		59,852		-		-		-
Ralph Salvagno		24,830		-		-		24,830		-		-		-
Ralph Salvagno		98,664		-		-		98,664		-		-		-
	$	336,357	$	-	$	-	$	336,357	$	153,011	$	-	$	153,011

On August 31, 2016, the Company executed a promissory note with Ralph Salvagno (“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 August 31, 2017, $3,060 of interest has been accrued. See Note 5.

On October 25, 2016, the Company executed a promissory note with Dreadnought 1906, Inc., which is controlled by Vyvyan Campbell (“Campbell”), the Company’s Director, for $150,000. The note matures on November 1, 2017 and bears interest at 10% per annum which 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. On August 26, 2017, Campbell and the Company agreed on a conversion for the principal and accrued interest to be converted into 2,500,000 shares of common stock. See Note 5. The common shares have not been issued as of August 31, 2017.

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 which accrues. As of August 31, 2017, $1,509 of interest has been accrued. See Note 5.

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 August 31, 2017, $454 of interest has been accrued. See Note 5.

On May 31, 2017, the Company executed a promissory note with Salvagno for $98,664. The note converted various payables to Salvagno. The note is due on demand and bears interest at 4% per annum which accrues. As of August 31, 2017, $503 of interest has been accrued. See Note 5.