Quarterly report pursuant to Section 13 or 15(d)

NOTES RECEIVABLE

v3.20.1
NOTES RECEIVABLE
6 Months Ended
Feb. 29, 2020
Notes Receivable [Abstract]  
NOTES RECEIVABLE
5. NOTES RECEIVABLE

  

The Company’s notes receivables consist of:

    Maturity Date   Interest
Rate
    February 29,
2020
    August 31, 
2019
 
                       
Manhatten Enterprises   March 15, 2020     5 %   $ 76,000     $ 76,000  
Strategic IR   August 20, 2021     5 %     617,581       642,581  
Beverly Pacific Holdings   August 20, 2021     5 %           117,000  
Interest accrued                 31,089       10,162  
                $ 724,670     $ 845,743  
                             
Disclosed as follows:                            
Current portion               $ 87,233     $ 85,359  
Long-term portion                 637,437       760,384  
                $ 724,670     $ 845,743  

 

Manhatten Enterprises

The Company advanced Manhatten Enterprises the sum of $75,000 pursuant to a promissory note on March 16, 2017. The note, which bears interest at 5% per annum, matured on March 16, 2020. The Company is currently re-negotiating the terms of this note.

Strategic IR

The Company advanced Strategic IR a total of $642,581 during the year ended August 31, 2019. This was memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 20, 2021. During the six months ended February 29, 2020, the Company advanced Strategic IR a further $125,000 and received repayments totaling $150,000. The balance owing at February 29, 2020 is $617,581 plus interest thereon of $19,855.

Beverly Pacific Holdings

The company advanced Beverly Pacific Holdings a net amount of $117,000 during the year ended August 31, 2019, memorialized by a promissory note that bears interest at 5% per annum and is repayable on August 8, 2021. During the current period, the Company advanced a further $572,585, which has subsequently been settled by Beverly Pacific. As of February 29, 2020, the balance owing to the Company is $0.