Note 8 - Related Party Transactions |
9 Months Ended |
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May 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
Note 8 – Related Party Transactions
During the period covered by this report, the Company had convertible notes payable to certain parties who until February 6, 2016 were related parties; see note 7. As of May 31, 2016, these convertible notes had been fully repaid.
During the nine months ended May 31, 2016, the Company received loans in the aggregate amount of $12,653 from the Company’s CEO, David Lelong, to fund operations. These advances are unsecured, non-interest bearing and due on demand. These advances were repaid in full during the three months ended May 31, 2016
On April 29, 2016, the Company’s Board ratified an oral agreement with Mr. Lelong, effective February 1, 2016, pursuant to which he will receive an annual salary of $96,000 for serving as an executive officer of the Company.
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- References No definition available.
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- Definition 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://www.xbrl.org/2003/role/presentationRef
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