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CONVERTIBLE NOTES
3 Months Ended
Aug. 31, 2019
CONVERTIBLE NOTES  
NOTE 6 - CONVERTIBLE NOTES

 

 

August 31,

 

August 31,

 

2019

 

2018

 

Convert Notes - June 2019

 

$

81,859

 

$

-

 

Convert Notes - August 2019

 

14,717

 

-

 

96,576

 

-

 

Less current portion of convertible notes payable

 

(96,576

)

 

-

 

Long-term convertible notes payable

 

$

-

 

$

-

 

On June 1, 2019, the Company issued convertible notes to three unaffiliated parties for an aggregate amount of $81,859 to replace the full amount of related party advances that had been provided to the Company through May 31, 2019. The convertible notes are due on demand, bear interest at 25% per annum and are convertible at $0.95 per share for the Company common stock. The total debt discount from the beneficial conversion features of $38,775 was expensed upon issuance of the notes. 

 

On August 31, 2019, the Company issued a convertible note to an unaffiliated party of $14,717 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 25% per annum and is convertible at $0.95 per share for the Company common stock. The debt discount from the beneficial conversion of $6,971 was expensed upon issuance of the note. 

 

During the three months ended August 31, 2019, the Company incurred note interest expense of $5,230.

 

As of August 31, 2019, the convertible notes payable and accrued note interest payable was $96,576 and $5,230, respectively.