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Equity
9 Months Ended
May 31, 2021
Equity  
Note 5 - Equity

As of May 31, 2021 and August 31, 2020, the Company has authorized 50,000,000 shares of common stock at a par value of $0.001 per share and had issued and outstanding shares of common stock of 34,874,605 and 34,489,605 as of May 31, 2021 and August 31, 2020, respectively.

 

Shares issued for services

 

During the nine months ended May 31, 2021, the Company issued 385,000 shares of its common stock of the company to a consultant. The shares were fully vested upon issuance and were recorded at a price $0.99 per share, which was the then fair market value of the shares based on the Company’s quoted stock price.

 

Shares issued for cash

 

During the nine months ended May 31, 2021, the Company issued 520,000 shares of its common stock to certain accredited investors for cash of which 320,000 shares were issued at a price of $0.25 per share for total proceeds of $80,000 and 200,000 shares were issued at a price of $0.50 per share for total proceeds of $100,000. These offerings were made available solely to accredited investors as defined under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

 

As of May 31, 2021, the Company had not issued the shares issued for cash and as such, the $180,000 was reflected in the accompanying unaudited consolidated balance sheet as common stock to be issued.