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Related Parties
3 Months Ended
Nov. 30, 2021
Related Parties  
Note 3 - Related Parties

Note 3 – Related Parties

 

During the three months ended November 30, 2021, the Company incurred $37,500 of management fees, $15,000 for reimbursement of rent and $15,187 of advances to the Company to cover certain operating expenses and accounts payable from SBS Management, a company controlled by Mr. Scott Stevens who is a shareholder of the Company. As of November 30, 2021, $191,420 was included in Accounts payable – related party on the accompanying unaudited balance sheet. During the three months ended November 30, 2020, the Company incurred $5,000 for reimbursement of rent and $1,003 of advances to the Company to cover certain operating expenses and accounts payable from SBS Management. As of August 31, 2021, $127,233 was owed to SBS Management and was included in Accounts payable – related party on the accompanying unaudited balance sheet. The advances are unsecured, non-interest bearing, with no formal terms of repayment.

 

During the three months ended November 30, 2021, Gray’s Peak Capital, a company founded by Mr. Scott Stevens who is a shareholder of the Company, made advances to the Company to cover certain operating expenses. These advances are unsecured, non-interest bearing, with no formal terms of repayment. As of November 30, 2021 and August 31, 2021, the amounts due Gray’s Peak Capital for these advances was $155,370 and $120,870, respectively, and was included in accounts payable – related party on the accompanying balance sheet.  

  

During the three months ended November 30, 2021 the Company incurred $18,000 of consulting fees from a shareholder of the company of which $122,500 and $107,500 was included in accounts payable – related party on the accompanying balance sheet as of November 30, 2021 and August 31, 2021, respectively.

 

During the three months ended November 30, 2021, the Company incurred $45,000 from a consulting and employment agreement with its CEO of which $175,000 and $130,000 was included in accounts payable – related party on the accompanying balance sheet as of November 30, 2021 and August 31, 2021, respectively.