Quarterly report pursuant to Section 13 or 15(d)

Promissory Notes Payable

v3.21.2
Promissory Notes Payable
9 Months Ended
May 31, 2021
Promissory Notes Payable [Abstract]
PROMISSORY NOTES PAYABLE
9. PROMISSORY NOTES PAYABLE

Principal
due
Principal
due
Lender Maturity Date Interest
Rate
May 31,
2021
August 31,
2020
Private lenders On demand - % $ 40,000 $ 8,000
Private lenders On Demand - % 20,000 -
Private lenders April 29, 2022 10.00 % 500,000 -
$ 560,000 $ 8,000

Two private lenders advanced $40,000 and $20,000 to the Company, these amounts are non-interest bearing, have no fixed terms of repayment and are payable on demand.


On April 29,2021 the Company issued a promissory note to a private lender in the aggregate sum of $500,000. The promissory note bears interest at 10% per annum and is repayable on April 29, 2022.