CONVERTIBLE NOTE |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Subordinated Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE NOTE | During the six months ended February 28, 2018, the Company issued convertible notes with a principal balance of $210,000, with maturity dates between March 11, 2018 and November 15, 2018, and interest rates per annum of 8% - 22%. The principal is convertible into shares of the Company at a conversion rate equal to 61% of the lowest trading price of the Company’s common stock for the fifteen prior trading days, as defined in the agreements.
During the six months ended February 28, 2018, 410,004,555 common shares were issued in relation to conversion options exercised during the period, which reduced the convertible debt by $194,088.
The following convertible notes were outstanding as at February 28, 2018 and August 31, 2017:
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