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LOANS PAYABLE-RELATED PARTY
3 Months Ended
Nov. 30, 2021
Debt Disclosure [Abstract]  
LOANS PAYABLE-RELATED PARTY

NOTE 4 – LOANS PAYABLE-RELATED PARTY

 

As of November 30, 2021, and August 31, 2021, the Company owed $1,747,296 and $277,296, respectively, in principal to an investment fund controlled by our chairman under a line of credit that permits draws by the Company of up to $2,500,000. Additionally, these loans accrue interest at the rate of 15% percent per annum. As of November 30, 2021, and August 31, 2021, accrued interest was $49,218 and $4,505, respectively.

 

At maturity on April 1, 2022, the amount due under the line of credit along with the accrued interest will be payable in full.