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RELATED PARTY TRANSACTIONS
3 Months Ended
Aug. 31, 2019
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Convertible notes

 

On February 17, 2017, the Company issued a convertible note for $7,500 proceeds. The Company recorded a debt discount related to the beneficial conversion feature of the note for $7,500. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price and was due on August 17, 2017. At the Company’s election, the convertible promissory note can also be settled by cash payment. The note has not yet been paid and is currently in default.

 

During the three months ended August 31, 2019 and 2018, the Company recorded interest expense of $288 and $288, respectively.