CONVERTIBLE NOTE |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Subordinated Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE NOTE | During the nine months ended May 31, 2018, the Company issued convertible notes with a principal balance of $253,000, with maturity dates between March 11, 2018 and November 30, 2018, and interest rates per annum of 8% - 22%. The principal is convertible into shares of the Company at a conversion rate equal to 60% - 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 nine months ended May 31, 2018, 542,782,333 common shares were issued in relation to conversion options exercised during the period, which reduced the convertible debt by $248,363.
The following convertible notes were outstanding as at May 31, 2018 and August 31, 2017:
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