Annual report pursuant to Section 13 and 15(d)

Promissory Notes Payable

v3.21.2
Promissory Notes Payable
12 Months Ended
Aug. 31, 2021
Promissory Notes Payable [Abstract]
PROMISSORY NOTES PAYABLE
14. PROMISSORY NOTES PAYABLE

Principal
due
Principal
due
Lender Maturity Date Interest
Rate
May 31,
2021
August 31,
2020
Private lender On demand
-
% $
-
$ 8,000
Private lender On Demand
-
%
-
-
Private lender April 29, 2022 10.00 % 23,298
-
$ 23,298 $ 8,000

Two private lenders advanced $80,000 and $20,000 to the Company, these amounts are non-interest bearing, have no fixed terms of repayment and were repaid during the current year.

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. The Company repaid $476,702 of the outstanding balance as at August 31, 2021. The balance remaining at August 31, 2021 is $23,298.