RELATED PARTY TRANSACTIONS
|6 Months Ended|
Feb. 29, 2020
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
Related party transactions not otherwise separately disclosed in these consolidated financial statements are:
During the six months ended February 29, 2020, no common shares were granted as compensation to key management and directors of the Company.
On September 19, 2019, the Chairman of the board subscribed for 696,153 common shares for gross proceeds of $90,500.
On October 31, 2019, a director advanced the Company $50,000 as a short-term loan. The loan is interest free and is expected to be repaid within three months.
On February 29, 2020, and August 31, 2019, the Company owed the chairman of the board $199,621 and $0,respectively, for short term loans advanced to the Company.
On February 29, 2020, the Company owed a director $100,000 for short term loans made to the Company. These loans are interest free and have no fixed repayment terms.
At February 29, 2020, $798,534 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (August 31, 2019 – $748,682).
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef