Note Payable - Related Party

3 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

NOTE PAYABLE - RELATED PARTY

3. NOTE PAYABLE - RELATED PARTY

On August 31, 2020, the Company issued a promissory note in the principal amount of $150,000, to Danil Pollack, the Company’s chief executive officer. Upon execution of the note, $120,000 was remitted and the remaining $30,000 was remitted on September 22, 2020. The note did not bear interest. On November 10, 2020, the Company entered into an exchange agreement with Mr. Pollack. Pursuant to the exchange agreement, Mr. Pollack exchanged the note issued August 31, 2020 with an outstanding principal amount of $150,000 for 15,000,000 newly issued shares of common stock of the Company.

During the three months ended November 30, 2020 Mr. Pollack loaned the Company an additional $100,534 that was non-interest bearing and payable upon demand. $100,000 of this amount was subsequently deemed to be consideration for 5,000,000 shares of common stock the Company issued to Mr. Pollack on January 6, 2021. See Note 9.