Note 7 - Related Party Transactions |
9 Months Ended |
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May 31, 2017 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
Note 7 – Related Party Transactions
Former Majority Shareholder – BK Consulting
On October 28, 2015, the Company issued an unsecured convertible loan to a related party of $1,700, non-interest bearing, due on demand and convertible into Common Stock at a rate $0.002 per share, from a major shareholder, BK Consulting, to fund operations. The Company calculated the beneficial conversion feature embedded in the convertible note. The conversion feature, in the amount of $1,700, was recorded as debt discount.
On November 2, 2015, the Company converted $29,500 of convertible debt due to BK Consulting, into 14,750,400 shares of common stock at a conversion price of $0.002. As the note conversion occurred within the terms of the agreement, no gain or loss was recognized.
On November 10, 2015, the Company converted $10,744 of convertible debt due to BK Consulting, into 5,371,500 shares of common stock at a conversion price of $0.002. As the note conversion occurred within the terms of the agreement, no gain or loss was recognized.
President and CEO – David Lelong
In January and February 2017, the Company’s President and CEO loaned the Company the aggregate amount of $70,000 represented by three notes payable.
In April and May 2017, the Company’s President and CEO loaned the Company an additional $134,000 represented by three notes payable. At May 31, 2017, the Company has outstanding notes payable to its President and CEO in the aggregate amount of $204,000. The Company accrued interest on these notes in the aggregate amount of $363 and $894 during the three months and nine months ended May 31, 2017, respectively.
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