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RELATED PARTY TRANSACTIONS
3 Months Ended
Nov. 30, 2018
Notes to Financial Statements  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. During the three months ended November 30, 2018, there are no such related party transactions.

 

During the three month ended November 30, 2018 and 2017, $66,484 was paid to four related parties and $6,300 was paid to two related parties as salaries and wages, respectively. Among the $66,484, $28,984 was paid to two executives and two former directors of the Company, and $37,500 was paid to two related parties in the form of stock compensation.