UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

For the fiscal year ended August 31, 20172020

or

For the transition period            from           to

Commission file number 333-208854

BORROWMONEY.COM, INC.

(Exact name of registrant as specified in its charter)

512 Bayshore Drive

Ft. Lauderdale, Florida 33304

1-212-265-2525

(Address,Registrant’s telephone number, including zip code, and telephone number,

Including area code, of Registrant’s principal executive offices)code: 1-212-265-2525

Agent for Service:

ANGELA PISCITELLO

512 Bayshore Drive.

Ft. Lauderdale, Florida 33304

(212) 265-2525

(Registrant’s Telephone Number, Including Area Code)Securities registered pursuant to Section 12(b) of the Act: None.

Not ApplicableSecurities registered pursuant to Section 12(g) of the Act: None.

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes [  ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [X] No [  ] No [X]

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ] No [X]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [  ][X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large“large accelerated filer,” “accelerated“accelerated filer” “smallerand “smaller reporting company” and “emerging growth company”��� in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

The aggregate market value of Common Stock held by non-affiliates of the Registrant on October 31, 2017 is unknown as there is no market for the Registrant’s stock.

The total number of shares of common stock, par value $.01$0.0001 per share, outstanding as of November 27, 201730, 2020 was 22,073,000.109,175,000. The Registrant has no other class of common stock outstanding.

BORROWMONEY.COM, INC.

TABLE OF CONTENTS

PART I

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Annual Report on Form 10-K for the fiscal year ended August 31, 2020 (the “Annual Report”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements related to our anticipated financial performance, business prospects and strategy; anticipated trends and prospects in the various industries in which our businesses operate; new products, services and related strategies; and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans” and “believes,” among others, generally identify forward-looking statements.

Actual results could differ materially from those contained in the forward-looking statements. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include those matters discussed below, including in Part I. Item 1A. Risk Factors.

Other unknown or unpredictable factors that could also adversely affect our business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, the forward-looking statements discussed in this report may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of BorrowMoney.com, Inc.’s management as of the date of this report. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

This information should be read in conjunction with the audited financial statements and the notes thereto included in this Annual Report on Form 10-K.

In this Annual Report on Form 10-K, we may rely on and refer to information regarding the industries in which we operate in general from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, and we have not independently verified any of it.

Unless the context requires otherwise, references to the “Company,” “we,” “us,” “our,” “BorrowMoney”, and “BorrowMoney.com, Inc.” refer specifically to BorrowMoney.com, Inc. and its wholly-owned subsidiary.

In addition, unless the context otherwise requires and for the purposes of this report only:

ItemITEM 1. Business

Our Company

BorrowMoney.com, Inc. (“BorrowMoney.com”, the “Company”, “we” or “us”) operates what we believe to be the leading online loan marketplace for consumers seeking loans and other credit-based offerings. Our online marketplace provides consumers with access to product offerings from active lenders (which we refer to as “Network Lenders”), including mortgage loans, home equity loans and lines of credit, reverse mortgage loans, auto loans, credit cards, deposit accounts, personal loans, student loans, small business loans and other related offerings. In addition, we offer tools and resources, including free credit scores, that facilitate comparison shopping for these loans, deposits and other credit-based offerings. We seek to match consumers with multiple lenders, who can provide them with competing quotes for the product they are seeking. By providing consumers access to a broad array of credit-based offerings directly from multiple lenders, rather than just multiple quotes from the same lender or indirectly through intermediaries, we believe our marketplace is differentiated from other providers operating loan comparison-shopping marketplaces.

Our strategically designed and executed advertising and marketing campaigns (which we refer to as performance marketing) span a wide array of digital and traditional media acquisition channels and promote our BorrowMoney.com and other brands and product offerings. Our marketing efforts are designed to attract consumers to our websites and toll-free telephone numbers. Interested consumers complete inquiry forms, providing detailed information about themselves and the loans or other offerings they are seeking. We refer to such consumer inquiries as loan requests. We then match these loan requests with lenders in our marketplace that are seeking to serve these consumers’ needs. We plan to generate revenue from these lenders, generally at the time of transmitting a loan request to them, in the form of a match fee. In certain instances, outside our mortgage business, we plan to charge other kinds of fees, such as closed loan or closed sale fees. In addition to our primary loan request data referral business, BorrowMoney also matches consumers with lenders via website clicks and calls for which we anticipate lenders paying either front-end or back-end fees.

We are continually working to improve the consumer experience. We have made investments in technologically-adept personnel and we use in-market real-time testing to improve our digital platforms. Additionally, we work with our lenders, including providing training and other resources, to improve the consumer experience throughout the loan process. Further, we have been building and improving our My BorrowMoney platform, which provides a relationship-based consumer experience, rather than just a transaction-based experience.

We have generated $2,097 revenues for the year ending August 31, 2020 and no revenues for the year 2019.

Evolution and Future Growth of Our Business

At its inception, our original business was formed to serve consumers seeking home mortgage loans by matching them with various lenders. We launched the BorrowMoney.com brand nationally in 2010 and, over the last nine years, we invested significantly in this brand to gain consumer recognition.

More recently, we have actively sought to expand the suite of loan and other product offerings we provide to consumers, in order to both leverage the applicability of the BorrowMoney.com brand as well as more fully serve the needs of consumers and lenders. We believe that consumers with existing BorrowMoney-branded associations will be more likely to utilize our other service offerings than those of other providers whose brands consumers may not recognize.

In June 2016, we launched My BorrowMoney.com, a platform that offers a personalized loan comparison-shopping experience, by providing free credit scores and credit score analysis. This annualplatform enables us to observe consumers’ credit profiles and then identify and alert them to loan and other credit-based offerings on our marketplace that may be more favorable than the loans they have at a given point in time. This is designed to provide consumers with measurable savings opportunities over their lifetimes.

By expanding our portfolio of loans and other product offerings, we are growing and diversifying our business and sources of revenue. We intend to capitalize on our expertise in performance marketing, product development and technology, and to leverage the widespread recognition of the BorrowMoney.com brand to generate leads.

We believe the consumer and small business financial services industry is still in the early stages of a fundamental shift to online product offerings, similar to the shift that started in retail and travel many years ago and is now well established. We believe that, like retail and travel, as consumers continue to move towards online shopping and transactions for financial services, suppliers will increasingly shift their product offerings and advertising budgets toward the online channel. We believe the strength of our brands and of our lender network place us in a strong position to continue to benefit from this market shift.

Products

We currently report contains forward-looking statements. These statements relateour revenues in two product categories: (i) mortgage products and (ii) non-mortgage products. Non-mortgage products include credit cards, personal loans, home equity loans, reverse mortgage loans, auto loans, small business loans and student loans. Non-mortgage products also include deposit accounts, home improvement referrals and other credit products such as credit repair and debt settlement.

BorrowMoney.com does not charge consumers or small businesses for the use of our services. Revenues from our mortgage products plan to future events or our future financial performance. Inbe derived from lead generation fees paid by the Network Lenders that receive a loan request, and in some cases youupfront fees for clicks or call transfers. Because a given loan request form can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” thatbe matched with more than one Network Lender, up to five match fees may causebe generated from a single consumer loan request form. Revenues from our or our industry’s actual results, levels of activity, performance or achievementsnon-mortgage products plan to be materially differentderived from any future results, levelsupfront match fees paid on delivery of activity, performancea loan request, click or achievements expressed or implied by these forward-looking statements.call and closed loan fees. For our products, we send click traffic to issuers and anticipate being paid per approval.

Mortgage Products

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws ofOur mortgage inquiry products category includes our purchase and refinance products.

We partner with lenders throughout the United States we doto provide full geographic lending coverage and to offer a complete suite of loan offerings on our marketplace. To participate on our marketplace, lenders are required to enter into contracts with us that state the terms and conditions for such participation, although these contracts generally may be terminated for convenience by either party. We perform certain due diligence procedures on prospective new lenders, including screening against a national anti-fraud database maintained by the Mortgage Asset Research Institute, which helps manage our risk exposure. The data is utilized to determine whether a lender and its principals are eligible to participate on our marketplace and have not intend to update anybeen convicted of the forward-looking statements to conform these statements to actual results.and/or penalized for fraudulent activity.

Our financial statements are statedConsumers seeking mortgage loans through our loan marketplace can receive multiple conditional loan offers from participating lenders in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all referencesresponse to “common shares”a single loan request form. We refer to the common shares in our capital stock.process by which we match consumers and Network Lenders as the matching process. This matching process consists of the following steps:

As used in this current report and unless otherwise indicated, the terms “we”, “us” and “our” mean BorrowMoney.com, Inc., and its wholly owned subsidiary, BorrowMoney, Inc, a New York corporation, unless otherwise indicated.

GeneralNon-Mortgage Products

Lending Products. Other lending products on our online marketplace include information, tools and access to multiple conditional loan offers for the following:

We intend to continue adding new lending offerings for consumers, small businesses and lenders on our online marketplace, in order to grow and diversify our sources of revenue. We may develop such new offerings through internal product development efforts, strategic business relationships with third parties and/or acquisitions.

Other Products. Other products also include information, tools and access to the following:

We refer to the various purchasers of leads from our other marketplaces as lead purchasers. We plan to generate revenue from the deposit account product from a consumer clicking from our website through to a financial institution’s website. We plan to generate revenue through the insurance products and real estate brokerage services through match fees paid to us by insurance lead aggregators and real estate brokers participating in our online marketplace. We plan to generate revenue from credit repair and debt relief services either through a fee for a customer referral to a service provider partner or through a fee at the time a consumer enrolls in a program with one of our partners. Revenue for home services is planned to be derived primarily through matching of leads to other home services lead aggregators.

Seasonality

We anticipate revenue in our lending business to be subject to cyclical and seasonal trends. Home sales (and purchase mortgages) typically rise during the spring and summer months and decline during the fall and winter months, while refinancing and home equity activity is principally driven by mortgage interest rates as well as real estate values. However, in certain historical periods, additional factors affecting the mortgage and real estate markets, such as the 2008-2009 financial crisis and ensuing recession, have impacted customary seasonal trends.

We anticipate revenue in our newer products will be cyclical as well; however, we have limited historical data to predict the nature and magnitude of this cyclicality. Based on industry data, we anticipate that as our personal loan product matures, we will experience less consumer demand during the fourth and first quarters of each year. We anticipate higher consumer demand for deposit accounts in the first quarter of each year. The majority of consumer demand for student loan products occurs in the third quarter coinciding with collegiate enrollment in late summer. Other factors affecting our businesses include macro factors such as credit availability in the market, interest rates, the strength of the economy and employment.

Competition

We compete with other online marketing companies, including online intermediaries that operate network-type arrangements. We also face competition from lenders that source consumer loan originations directly. These companies typically operate consumer-branded websites and attract consumers via online banner ads, keyword placement on search engines, direct mail, television ads, retail branches, realtors, brokers, radio and other sources, partnerships with affiliates and business development arrangements with others, including major online portals.

Product Development

We invest in the continued development of both new and existing products to enhance the experiences of consumers and lenders as they interact with us.

Corporate History

BorrowMoney.com, Inc. was incorporated in the state of FloridaNew York on January 27, 2000, originally known as Sports.com, Inc. Since its inception and up until2000. The company was reincorporated in Florida on May 4, 2015, the2015. The Company has undergone several name changes, the last being BorrowMoney.com, Inc. On May 4, 2015, the Company became BorrowMoney.com, Inc. Simultaneously, it completed a share exchange with all of the shareholdersstockholders of BorrowMoney.com, Inc., a New York corporation wherewhereby 100% of the issued and outstanding shares of the New York Corporationcorporation were exchanged for 20 million shares inof the Florida Corporationcorporation, which resulted in Borrowmoney.com,BorrowMoney.com, Inc., the The New York Corporationcorporation becoming a wholly owned subsidiary of the Florida Corporation.

corporation. Unless the context otherwise requires, all references to the “Company,” “we,” “our” “BorrowMoney” or “us” and other similar terms collectively means BorrowMoney.com, Inc.’s business objective is to provide a service for, the internet mortgageFlorida corporation.

Regulation and loan provider business. BorrowMoney.com, Inc.’s business model envisions providing current, qualified leads to local lending institutions who are currently members of the National Mortgage Listing Service. These leads will represent qualified borrowers in targeted zip code locations where the lender conducts business. Our internet platform offers a portal geared toward providing services to lending institutions who would be our customers. The key function of our platform is to provide qualified leads to local mortgage and lending professionals. The Company also sell advertising space on its website and creates revenue through the sale of advertisement space, membership fees and lead packages.

Through our proprietary platform, we provide institutional lenders with a digital solution by offering technologically gathered leads. The key function of our platform is to provide qualified leads to local mortgage and lending professionals. The Company expects to monetize the customer inquiries through the use of various advertising methods.

Products and ServicesLegal Compliance

The Company has created an Internet-based loan marketplace for consumersgoal of our businesses is to market and our customers, which are lenders. Our technology is now operationalprovide services in heavily regulated industries through a number of different online and offline channels across the United States. As a result, we are ablesubject to collect consumer credit requestsa variety of statutes, rules, regulations, policies and compare those requests and related credit information for submission to lenders which have joined our technology platform. We are not a lender. We currently can intake consumer applications and inquiries for submission to participating lenders who receive consumer credit requests that are received online from consumers. We currently have no revenues from lenders and must have additional lenders join our marketplace to generate significant revenues. As more lenders join our network within a consumer’s geographic areas withinprocedures in various jurisdictions in the United States, consumers will receive up to three (3) offers in response to a single credit request and then be able to compare, review, and accept the offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at a cost that is lower than the costs associated with off-line loan originations. Our marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, and personal loans. We have an additional category for submissions to lenders for business loans. We recently added capabilities to our technology and proprietary Internet platform which allows a consumer to find a realtor within the geographic area that the consumer is attempting to either purchase or sell real property.

We are not a lender; instead, we attract consumers to our Website through various forms of advertising and send their loan requests to subscribed lenders and loan brokers (“Lenders”) participating on our exchange. Our technology platform is the technology that powers our Internet based lending exchange at www.borrowmoney.com.

Consumers begin the Borrowmoney.com process by completing a simple on-line credit request (which we refer to as a “qualification form”). After the consumer completes the qualification form, the consumers’ data is automatically compared to the underwriting criteria of the subscribed Lenders participating on our lending exchange. Qualified consumers can receive multiple loan offers on-line in response to a single credit request and then compare, review, and accept the offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at a lower cost of acquisition than traditional marketing channels. Our lending exchange encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards, and personal loans. Additionally, through our Website we also provide access to other realty services related to owning, maintaining and buying and selling a home, including a network of real estate brokers.

We intend to earn revenue from the Lenders on our exchange which pay us fees (“Transmission Fees”) for qualification forms that meet their underwriting criteria and are transmitted to them. Since a qualification form can be transmitted to more than one Lender, we may generate multiple Transmission Fees for the same form. We also intend to earn revenue for loans that the Lenders on our exchange close with consumers that we referred to them (“Closed-Loan Fees”). We refer to the aggregate of these fees as our Exchanged revenue.

Industry Background

For Lenders, the traditional loan origination process is paper-intensive, time-consuming, and usually accompanied by high fixed costs and labor expense. This inefficient process often involves significant marketing and origination costs.

For consumers, the traditional loan process is time-consuming, requires completion of multiple forms, and can often be frustrating and confusing. Consumers typically search through a variety of loan products from many different lenders, apply to one lender at a time for that lender’s offered terms, and then wait for that lender to approve or reject the application. Competing online lending sites generally mirror the traditional loan origination process. Consumers can visit our Website, view a list of loan products, apply for one product from a lender, and are either given an offer or rate quote or are rejected by the lender. While the consumer proposition presented by online lending websites is the same as the traditional offline process, the business models for online lending websites generally fall into the following two categories:

Lender/Broker Model.

The operators of websites such as Mortgagebot.com, QuickenLoans, and Ditech generate a large portion of revenue in the same way as traditional lenders, from a mark-up over their cost of capital, whether the source of capital is a lender, secondary market purchaser, or warehouse line of credit. In exchange for these mark-ups, the lender/broker undertakes all of the document processing, verification, and customer interaction. In addition, to the extent the lenders/brokers fund originated loans with their own capital, they are often directly exposed to interest rate risk, credit risk, liquidity risk and must also effectively manage their loan pipeline.

Referral Agent Model.

The operators of websites such as Providian’s GetSmart typically generate revenue by providing referrals to lenders. Because referral agents typically do not generate any revenue upon loan closings, there is little incentive for these companies to ensure that lenders and consumers consummate the loan transaction. Additionally, because referral websites do not offer the consumers multiple offers on their sites, they are not able to continually give best practices and pricing data to lender participants.

Borrowmoney.com believes that the inefficiencies of the traditional lending process and the shortcomings of other online business models, combined with the large and recurring nature of consumer loan demand, offer a substantial opportunity for its lead processing business model.

The Borrowmoney.com Process

Our process consists of the following steps:

Credit Request. Consumers access our exchange at www.BorrowMoney.com and select a loan product from our multiple loan categories. Consumers complete a single qualification form for the selected loan product with information such as income, assets and liabilities, loan preferences and other data. Consumers also consent to our retrieval of their credit report.

Qualification Form Filtering and Transmission.

Our filtering process matches the consumer’s qualification form data, credit profile, and geographic location to the preset underwriting criteria provided by participating Lenders. Lenders are able to modify their underwriting criteria in real-time directly through a password-protected Website upon our proprietary platform. Once qualification forms pass the filters, they are transmitted to up to three Lenders who have subscribed to our marketplace whose lending criteria match that of the consumers’ profile and location.

Lender Evaluation and Response.

Lenders evaluate and respond to the qualification forms that pass their filters. This response takes place on the automated interface technology that we have developed.

Communication of Offer.

Once a Lender evaluates a qualification form, renders a decision, and responds with an offer, our system automatically notifies the consumer via e-mail and displays the offers on the Website where the request originated. The e-mail contains instructions to return to our Website and provides instructions directing the consumer to the “Check Status” page where consumers can view and compare the terms of each offer including: interest rate, closing costs, monthly payment amount, lender fees and other information.

Offer Acceptance.

The consumer has the ability to accept, reject or request more information about any particular loan offer. When the consumer selects one of these options, our system automatically notifies the chosen Lender and the remainder of the process is conducted offline.

Other Services

Real Estate Services

We intend to refer consumers from our exchange or various third party sites to participants in our network of real estate agents located in most states. As of August 31, 2017, we had relationships with approximately 700 real estate brokerages or agents to support referrals supplied by us. These relationships involved real estate brokerages or agents testing their personal profiles with our website. Currently, nearly all of these real estate brokerages or agents that have submitted profiles are on a trial basis and are not being charged. Several have elected to pay the annual membership fee currently established at $150.00. If the real estate brokerage or agent elected to become a member by paying the annual membership fee, they will receive real estate sales and testing services without additional charge. For non-members, we offer nationwide real estate sales and rental listing services at a current monthly charge of $25 per listing, along with quarterly or annual listing service packages.

Advertising and Banner Services

Borrowmoney.com offers various advertising services which are displayed on the Website. Advertising prices on our Website are based on several industry methods as described below.

Borrowmoney’s advertising rates are based on either a pay-per-click basis, ad display basis, or on a flat rate basis. Pay-per-click and ad display advertisers are only charged when a prospective customer visits our Website and the ad is displayed orclicked on the viewing page by the person presently on the site. Advertising charges per ad exposures begin at a minimum of 10,000 clicks with a charge of .24 cents per click and an exposure charge of .02 cents. Flat rate monthly charges are based on size of ad banners, Tier and page positions. Tier prices range from a Tier 5 price of $100.00 to a Tier 1 price of $1,500.00. The Company offers more than just placement of ads on its Website. We offer design services to our customers. Charges are based upon the type of ad requested as well as a fixed per hour cost for design services.

Lender Services

Borrowmoney.com intends to provide through its proprietary technology a system for lenders to electronically join the system as a subscribed lender providing quotes after final approval by a borrowmoney.com. To become a subscribed lender, a representative of the Company first logs intowww.borrowmoney.com. There a potential lender will provide basic account information, contact information, lender information regarding licensing, loans loan types, such as automobile loans, real estate loans, commercial loans, personal loans, construction loans, and others, for electronic submittal to borrowmoney.com. At this same time, the lender will submit their pricing package, which is initially established as a no-cost trial period, and a monthly marketing budget, if they so choose. Upon receipt of the lender registration, we verify the information and contact the lender for final negotiations regarding the pricing packages selected.

Based on the package amount selected by the Lender, we negotiate the demographic where the Lender selects to run the campaign, and return on investment expected by the Lender. Borrowmoney will charge the Lender a flat fee or a percentage of the loan amount requested by a customer lead referred to the Lender. Currently we have signed up and partnered with Capital One, National Association, SecurityNational Mortgage Company, and Apollo Capital Corp.

Our marketplace provides important benefits to lenders, including:

● New Business. Leveraging the reach of the Internet, we provide lenders with access to a significantly larger audience of qualified consumers.

● Lower Acquisition Costs. Our fees are designed to be less than the cost of acquiring customers through traditional and other online channels. Our technology enables lenders to process credit requests more efficiently and at significantly reduced costs.

● Market Information. We collect and distribute to our lenders valuable information about the online lending marketplace. This information enables our lenders to refine and improve their Internet lending strategies and quickly respond to changing market conditions.

Customer Service

We employ a staff of three (3) customer service agents, and E-Wiz Solutions, Inc. IT Department which employs a staff of Four (4) technical support personnel who provide support to all users of our services. They provide support via email and telephone. The responsibilities of the customer service and technical support personnel include:

Customers

A significant portion of our targeted lender base will be comprised of large financial institutions such as banks or insurance carriers, and may have products covered by multiple vertical categories on our online network.

Product Development Strategy

Our proprietary website features a modern modular design enabling us to add features and additional content rapidly, test consumers’ response and engagement and optimize satisfaction as a result. We plan to further leverage our back-end infrastructure in the process, creating an even stronger network for our consumers, advertisers, partners and affiliates. We recently added capabilities to our platform to provide for a consumer to find a realtor within the geographical area that the consumer is attempting to either purchase or sell property.

In fulfilling our product mission, we will make extensive use of site tracking and optimization technologies, and we will continually monitor and improve consumer engagement and monetization.

Marketing

Our principal marketing objectives are to maintain our leading brand awareness position and to increase volume on our exchange. These efforts include offline advertising, online advertising and direct marketing. We also collect and analyze consumer data to enhance our consumer marketing programs, subject to compliance with our privacy policy.

Online Advertising

Online advertising and sponsorships play an important role in our overall effort to reach potential consumers. We focus on those portals and websites having a high affinity to consumer lending, such as real estate, personal finance and automobile-related websites. We have also contracted with major search engine companies such as Google and incorporated banner advertising into our online strategy to maximize consumer reach at relatively low cost.

Direct MarketingIntellectual Property

We believe that direct marketing is an effective meansour intellectual property rights are vital to our success. To protect our intellectual property rights in our brand, technology, products, improvements and inventions, we rely on a combination of increasing loan requeststrademarks, trade secrets, patents and closure rates,other laws, and a waycontractual restrictions on disclosure, including confidentiality agreements with strategic partners, employees, consultants and other third parties. As new or improved proprietary technologies are developed or inventions are identified, we plan to develop more sustainable relations with consumers. Our direct marketing initiatives have been executed through both offlineseek patent protection in the United States and online channel within the guidelinesabroad, as appropriate.

Many of our privacy policy,services are offered under proprietary trademarks and service marks. We generally apply to register or secure by contract our principal trademarks and service marks as follows;they are developed and used.

We reserve and register domain names when and where we deem appropriate and we currently have over 30 registered domain names. We also have agreements with third parties that provide for the licensing of patented and proprietary technology used in our business.

Direct Email. WeFrom time to time, we may be subjected to legal proceedings and claims, or threatened legal proceedings or claims, including allegations of infringement of third-party trademarks, copyrights, patents and other intellectual property rights of third parties. In addition, the use email to encourage Lenders to visit our website, complete the lender listing request process, communicate with consumers throughout the lending process, offer additional productsof litigation and to facilitate a consumers’ ability to obtain loans.

We use direct mail to complement our online email advertising.

Outside Marketing

On October 11, 2017 the Company entered into a Marketing Agreement withMarketing 360, a nationwide internet marketing firm. Marketing 360 will be providing services including, but not limited to: On-Demand Creative Services Natural Listing Ads®, Top Placement Ads®, Retargeting Ads™ Social Targeting Ads™,Email Marketing 360®,SMS Marketing 360® (US Only), Digital Marketing Analytics, Call Tracking and CRM. The contract calls for monthly payments, as set forth in the agreement, with the option to terminate the agreement with required notice.

Competition

We compete for advertising revenues across the broad categories of personal finance content, online credit card marketplaces, and insurance marketplaces, both in traditional mediaother dispute resolution processes, such as newspapers, magazines, radio,Uniform Domain Name Dispute Resolution, may be necessary for us to enforce our intellectual property rights, protect trade secrets or to determine the validity and television,scope of proprietary rights claimed by others. Any litigation of this nature, regardless of outcome or merit, could result in substantial costs and in the rapidly growing market for onlinediversion of management and technical resources, any of which could adversely affect our business, financial information. There are many competitors in our market segments. Our onlinecondition and print competition includes the following:

Competition in the online publishing business is generally directed at growing users and revenue using marketing and promotion to increase traffic to websites.

Technology

We currently operate our online network and supporting systems on servers via the Amazon Network. We are PCI compliance through AWS Amazon Service.

Our systems are controlled and updated remotely via encrypted virtual private network (VPN) links to our operating locations. The technical services staff extensively monitors all key systems, both internally and from a web perspective, using multiple locations and methodologies. We also leverage third party content distribution networks, ad serving, optimization, and tracking services to improve performance and provide instrumentation, while leveraging the scalabilityresults of major vendors in these arenas.operations.

Employees

Aldo Piscitello, Rosario Allen Moschitto, and Frank A. Micali are currently employees, and we will depend on their ability to execute our plan through our initial growth stage. We have added three (3) part-time employeesoutsourced our human resources and will continue to assist us in customer serviceutilize a Professional Employer Organization to minimize any liability associated with payroll and technical support, in contacting lenders and in securing agreements with them for service areas. Specifically, no salaried employees will be engaged during this period. Moreover, no salary is planned to be paid to the founding principal or any other employees until cash flow operations allow it in subsequent growth stages.employee regulatory issues.

ItemAdditional Information

Website and Public Filings

We maintain a corporate website at www.BorrowMoney.com and an investor relations website at ir.BorrowMoney.com. None of the information on our website is incorporated by reference in this report, or in any other filings with, or in any information furnished or submitted to, the SEC.

We make available, free of charge through our website, our reports on Forms 10-K, 10-Q and 8-K, our proxy statements for annual stockholders’ meetings and beneficial ownership reports on Forms 3, 4 and 5 as soon as reasonably practicable after we file such materials with, or furnish such materials to, the SEC.

Code of Business Conduct and Ethics

Our code of business conduct and ethics, which applies to all employees, including all executive officers and senior financial officers and directors, is posted on our website at https://www.borrowmoney.com/investor-relations.

ITEM 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

The above statement notwithstanding, shareholdersstockholders and prospective investors should be aware that certain risks exist with respect to our company and our business, including those risk factors contained in our most recent Registration Statements on Form S-1, as amended. These risks include, among others: limited assets, lack of significant revenues and only losses since inception, industry risks, dependence on third party manufacturers/suppliers and the need for additional capital. Our company’s management is aware of these risks and has established the minimum controls and procedures to insureensure adequate risk assessment and execution to reduce loss exposure.

Item 1B. Unresolved Staff Comments

As a “smaller reporting company”, we are not required to provide the information required by this Item.None.

Item 2. Properties

MainOur principal executive offices are currently located in a leased office – The Company has moved from its previous location at 9935 Shore Road, Unit 6-C, Brooklyn, New York 11209. The Company is now headquartered at:

BorowMoney.com

512 Bayshore Drive

Ft. Lauderdale, Florida 33304.

Additionally,in Plantation, Florida. In addition, the Company has terminated its lease at 55 SE 2nd. Ave., Delray Beach, Florida 33444.also utilizes office space in Fort Lauderdale Florida.

Item 3. Legal Proceedings

From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. We are not currently involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are a party and which would reasonably be likely to have a material adverse effect on our company. To date, our company has never been involved in litigation, as either a party or a witness, nor has our company been involved in any legal proceedings commenced by any regulatory agency against our company.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

No PublicOn October 29, 2019, our common stock began trading on the OTC Pink Market for Common Stock

Theremaintained by OTC Markets under the symbol “BWMY”; however, there is presently no actively traded public market for our shares of common stock. Therefore, the current and potential market for our common stock is limited and the liquidity of our shares may be severely limited. We anticipate applying forcannot provide any assurance that a meaningful trading market will ever develop.

The trading price of our common stock on the Over-The-Counter Market within the next quarter. However, we can provide no assurance thatcould be subject to wide fluctuations in response to various events or factors, many of which are beyond our shares ofcontrol.

Our common stock willtrades on a limited and sporadic basis and should not be traded ondeemed to constitute an established public trading market. There may not be liquidity in the Over-The-Counter Market or, if traded, that a public market will materialize.common stock.

The following table sets forth the high and low sale prices for the period from October 01, 2020 to November 30, 2020. The information reflects prices between dealers, and does not include retail markup, markdown, or commission, and may not represent actual transactions.

concern - The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has earned limited$2,097 revenue since inception, and lacks a significant operational history. These matters, among others, raise substantial doubt about our ability to continue as a going concern.for the years ended August 31, 2020.

While the Company is attempting to commence operations and generate sufficient revenues, its cash position may not be significant enough to support daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenues.

Principles of consolidation-The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated.

Use of estimates- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenues and expenses. Accordingly, actual results could differ from those estimates.

Risks and uncertainties- The Company intends to operate in a highly competitive industry that is subject to intense competition, government regulation and rapid technological change. The Company’s operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory and other risks associated with an emerging business, including the potential risk of business failure.

Cash and Cash Equivalentscash equivalents -For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no cash equivalents at August 31, 2017 or August 31, 2016.2020.

Concentrations of credit risk- Accounts which potentially subject the Company to concentrations of credit risk consist of cash, cash and cash equivalents. The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents. The Company maintains its cash and equivalents at insured financial institutions. The balances of which, at times may exceed the FDIC insured limits. Management believes the risk of loss is minimal.

Fair value of financial instruments- The Company’s financial instruments consist of cash and notes payable. Management estimates that the fair value of the notes payable does not differ materially from the aggregate carrying value of these financial instruments recorded (at cost) in the accompanying balance sheets. We have financial assets and liabilities, not required to be measured at fair value on a recurring basis, which primarily consist of cash, payables, and debt. The carrying value of cash and payables, approximate their fair values due to their short-term nature. Considerable judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair value measurements- The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of inputs which prioritize the inputs used in measuring fair value are:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Inputs to the valuation methodology include:

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The assets or liability’sliabilities fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal years ended August 31, 2017 and August 31, 20162020 there were no significant transfers of financial assets or financial liabilities between the hierarchy levels.

Revenue recognition - In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015- 14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The following table summarizes assets and liabilities remeasured at fair value on a recurring basisFASB also agreed to allow entities to choose to adopt the standard as of August 31, 2017 and August 31, 2016:the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the registrant has made when applying the guidance. We adopted the new standard effective September 1, 2018 using the modified retrospective method.

Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or services.

Revenue is recognized based on the following five step model:

.

Revenue recognition –The Company recognizes revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service has been providedCosts to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of its fees is reasonably assured. Our advertising rates are based on pay-per-click, ad display, or flat rate pay-per-click and ad display. We only charge when a prospective customer visits the site and the ad is displayed or clicked on the viewing page. Advertising prices on the Borrowmoney site start at a minimum of 200 to 4999 clicks and is $0.24 per click. Advertising charges for a per-ad exposure starts at a minimum of 10,000 and is $00.2 per exposure. During 2016 we sold one national ad for one month for $2,640 as a flat fee subject to a discount of 25% for a net of $1,980. The revenue was recognized in the month the advertising was run.Obtain Customer Contracts

Sales commissions and related expenses are considered incremental and recoverable costs of acquiring customer contracts. These costs are capitalized and amortized on a straight-line basis over the anticipated period of benefit. We have separate packages to fit budgetdetermined the period of benefit by taking into consideration the length of our customer contracts, our technology lifecycle, and needs. Packages vary from Pay-As-You-Go, Pay-Per-Use, Flat Rate or Termed contracts. Flat rate monthly charges are based on size of ad banners, Tier and page position as follows:

We have a limited number of customers and service providers that exposes us to concentrations in the volume of business transacted. A summary of concentrationsother factors. Amortization expense is recorded in sales and transaction with service providers for the year ended August 31, 2017 is as follows:marketing expense within our statement of operations. Historically we have not incurred incremental cost to acquire customer contracts.

Stock-based awards -The Company measures the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-dategrant- date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s statement of operations. The forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the fiscal years ended August 31, 20172020 and 20162019 no awards were granted.

Income taxes -The Company accounts for deferred income taxes on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will not be realized.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. As of August 31, 2017, August 31, 2016,2020 the Company had no unrecognized tax benefits, and the Company had no positions which, in the opinion of management, would be reversed if challenged by a taxing authority.

The Company’s evaluation of tax positions was performed for those tax years which remain open to audit. The Company may, from time to time, be assessed interest or penalties by the taxing authorities, although any such assessments historically have been minimal and immaterial to the Company’s financial results. In the event the Company is assessed interest and/or penalties, such amounts will be classified as income tax expense in the financial statements.

Basic and Diluted Net income (loss)loss per share- The basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per share is computed similarly to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of August 31, 2017 and 2016 there were no shares of potentially dilutive securities outstanding.2020.

Related Party Transactionsparty transactions-The Company follows ASC 850,Related Party Disclosures,for the identification of related parties and disclosure of related party transactions.

Recently issued accounting pronouncements –In May 2014,The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09,Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14,Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued Accounting Standards Update No. 2016-08,Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08) which clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The new standard further requires new disclosures about contracts with customers, including the significant judgments the registrant has made when applying the guidance. We will be adopting the new standard effective January 1, 2018.

The new standard also permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). We currently anticipate adopting the standard using the modified retrospective method. We are in the process of finalizing our analysis of the impact this guidance will have on ouraccompanying consolidated financial statements, related disclosures, and our internal controls over financial reporting. We do not expect the impact of adoption to be material.statements.

Effective January, 2017, the Company adopted Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which changes how deferred taxes are classified on organizations’ balance sheet. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as noncurrent.

The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods (i.e., in the first quarter of 2017 for calendar year-end companies).Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period.

The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. The adoption of this ASU did not have a significant impact on the consolidated financial statements.

Effective January, 2017, the Company adopted Accounting Standards Update (ASU) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees.

Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments also simplify two areas specific to private companies.

For public companies, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period periods (i.e., in the first quarter of 2017 for calendar year-end companies). The adoption of this ASU did not have a significant impact on the consolidated financial statements

NOTE 3 - RELATED PARTY TRANSACTIONS

Related party debt consists of the following as of August 31, 2017 and August 31, 2016, respectively:2020.

The due date of the note was extended to March 31, 2019. All other terms remain unchanged. The Company analyzed the extension under debt modification and concluded that it was not substantial. In connection with the note the Company has an accrued interest obligation as of August 31, 2017 and August 31, 2016 of $17,496 and $9,725, respectively. As of August 31, 2017and August 31, 2016 the current principal balance is $240,220 and $167,720, respectively for the above note.

The Company utilizes approximately 1,800 square feet of office space in Brooklyn, NY. The space is owned by the President and is provided without charge to the company.

E-Wiz solutions, LLC has billed and been paid $17,590 for web design work for the year ended August 31, 2017. The CEO of E-Wiz solutions, LLC is a director of BorrowMoney.

NOTE 4 – PREFERRED AND COMMON STOCK

Current Authorization

We are currently authorized to issue up to 100,000,000 shares of $ 0.0001 par value common stock and 20,000,000 shares of preferred stock. All issued shares of common stock are entitled to vote on a 1 share/1 vote basis. No preferred shares have been issued.

Stock issued for cash- In June, 2017 we issued 20,000 shares of our common stock for cash of $20,000. All shares were issued to unrelated parties. In September and October, 2015 we issued 120,000 shares of our common stock for cash of $60,000 and 10,000 shares for $10,000. All shares were issued to unrelated parties.

NOTE 5 - INCOME TAXES

The Company has approximately $484,000 as of August 31, 2017 in available net operating loss carryovers available to reduce future income taxes. These carryovers expire at various dates through the year 2037. The Company has adopted ASC 740 which provides for the recognition of a deferred tax asset based upon the value the loss carry-forwards will have to reduce future income taxes and management’s estimate of the probability of the realization of these tax benefits. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against our entire net deferred tax asset of approximately $185,700.

Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, the Company measures the tax position to determine the amount to recognize in the financial statements. The Company performed a review of its material tax positions in accordance with these recognition and measurement standards. The Company has concluded that there are no significant uncertain tax positions requiring disclosure, and there are not material amounts of unrecognized tax benefits.

Deferred tax assets and liabilities are determined based on the difference between financial statement and tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The components of the current and deferred provision at August 31, 2017 and August 31, 2016 were as follows:

The Company files income tax returns in the U.S. federal jurisdiction and two state jurisdictions. The Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before August 31, 2013.

NOTE 64 – SUBSEQUENT EVENTS

In accordance with ASC 855 Company management reviewed all material events through the date of this report. Subsequent to August 31, 2017 to2020 the dateCompany sold 5,000 shares of this report, a related party advanced $40,000 under the termscommon stock for $1 per share. Proceeds of the note described in Note 3 above.$5,000 have been received.

On October 11, 2017In August 2020, the Company entered intocompany issued a Marketing Agreement withMarketing 360, a nationwide internet marketing firm. Marketing 360 will be providing services including, but not limited to: On-Demand Creative Services Natural Listing Ads®, Top Placement Ads®, Retargeting Ads™ Social Targeting Ads™,Email Marketing 360®,SMS Marketing 360® (US Only), Digital Marketing Analytics, Call Tracking and CRM. The contract calls for monthly payments, as set forth in the agreement, with the optionfive to terminate the agreement with required notice.one stock split.

Item 9. Changes in and Disagreements Withwith Accountants on Accounting and Financial Disclosure

There were no disagreements related to

On November 18, 2020, the Company, with the recommendation and approval of the Board of Directors of the Company, engaged RICHARD H. MORAN. CPA, P.A, as its independent registered public accounting principles or practices, financial statement disclosure, internal controls or auditing scope or procedure during the two fiscal years and interim periods.firm.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedure.

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and that such information is accumulated and communicated to management, including the Company’s Principal Executive Officer/Principal Financial Officer (our principal executive officer and principal financial officer), to allow timely decisions regarding required disclosures. As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of Aldo Piscitello, who is the Company’s Principal Executive Officer/Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of achieving the Company’s disclosure control objectives. The Company’s Principal Executive Officer/Principal Financial Officer has concluded that the Company’s disclosure controls and procedures are, in fact, not effective, as the companyCompany still lacks segregation of duties as of the period covered.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our Board, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

Management assessed the effectiveness of our internal control over financial reporting as of August 31, 2017.2020. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 Internal Control-Integrated Framework. Based on this assessment, management concluded that our internal control over financial reporting was not effective as of August 31, 20172020, due to the existence of the material weaknesses as of August 31, 2017,2020, discussed below. A material weakness is a control deficiency, or a combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected in the following areas:

Management believes that the material weaknesses set forth above were the result of the scale of our operations and are intrinsic to our small size. Management believes these weaknesses did not have a material effect on our financial results and intends to take remedial actions upon receiving funding for our company’s business operations.

Our management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

This Annual Report on Form 10-K does not include an attestation report of our company’s registered public accounting firm regarding internal control over financial reporting due to permanent exemptions for smaller reporting companiescompanies.

Changes in Internal Controls over Financial Reporting

In connection with the evaluation of the Company’s internal controls during the fiscal year ended on August 31 2017, Aldo Piscitello, who is both the Company’s Principal Executive Officer and Principal Financial Officer has determined that thereThere were no changes to the Company’s internal controls over financial reporting during the quarter ended August 31, 2020, that have been materially affected, or isare reasonably likely to materially effect, the Company’s internal controls over financial reporting.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

All directors of our company hold office until the next annual meeting of the security holders or until their successors have been elected and qualified. The officers of our company are appointed by our boardBoard of directorsDirectors and hold office until their death, resignation or removal from office. Our directors and executive officers, their ages, positions held, and duration as such, are as follows:

The name, age and position of our significant employeesofficer(s) are set forth below:

The following information sets forth the backgrounds and business experience of our Directors and executive Officers, and significant employees.officers.

Bios of Officers and Directors

Aldo Piscitello - Aldo Piscitello is Director, Chief Executive Officer,– President, CEO, Secretary, Treasurer and President. Chairman

Mr. Piscitello has served as a Director, Chief Executive Officer and President since he founded the Company in 2010. In his capacity as Chief Executive Officer, he has spearheaded the development of the Company’s products and information delivery systems, including procuring the Company’s most valuable asset, the name BorrowMoney.com. Prior to his involvement in the Company, Mr. Piscitello operated an interior design business, which enabled him to have sufficient funds to open and operate One Stop Auto Center in New York in 1979, which he ran until he sold the business in 1987. He then started and built Navistar Beer Distribution, Inc. which was sold in 2000. Mr. Piscitello also founded A to Z Auto and Tire Center in 1987, which was sold in 2009. In 2010, Mr. Piscitello began the development of BorrowMoney.com, Inc. which he now devotes all of his time and energies.energies to. Among his responsibilities were the securing of the name, developing the program and platform the companyCompany is using, marketing the products and services to the industry and seeing to the everyday operation of the business.

Director Qualifications:

The Board of Directors believes that Mr. Piscitello is highly qualified to serve as a director of the Company due to his past experience operating companies.

Dr. Andrew Trumbach – Director

Rosario Allen Moschitto –Rosario Allen Moschitto isDr. Andrew E. Trumbach was the CFO of a Director.family-owned portfolio of companies from 2008 to 2019 that owned and operated one of the largest perfume distribution business, owned over 45 retail perfume stores, and acquired and managed a large multinational company operating airline, cruise, and a retail duty-free and duty paid concessions located in cruise, airport and border locations worldwide using a proprietary cutting-edge technology developed in-house. Prior to 2008, Dr. Trumbach spent 14 years as the CFO/CIO and Sr VP of a family-owned holding and investment company that included a portfolio that consisted of commercial, industrial and residential real estate holdings, mining operations, outdoor advertising, publishing, polling, water, and sewer utility, mobile home parks, data centers, and cemeteries. Prior to moving to industry, Dr. Trumbach spent three years working in an international accounting firm and five years in a regional firm working in public accounting in both Belize and the United States.

He receivedwas also the President and co-founder of Onebin.com, an internet-based logistics company operating with offices in 27 countries and the President and founder of American Document Management, Inc, DBA SecureDoc, a Master of Science degree in Computer Engineering from Manhattan College, Riverdale, NY in December 1997. He receiveddocument management software integrator and reseller.

In addition to a Bachelor of Science degree in Electrical Engineering from Manhattan College, Riverdale, NYAccounting and a Master of Business Administration degree, Dr. Trumbach has earned Doctorate degrees in May 1995.both Information Technology Management and Accounting. He has undertaken numerous consulting projects for major companies in the United States and the Caribbean.

Dr. Trumbach was a part-time Professor at Nova Southeastern University certified to teach accounting and information systems classes. His workareas of research shown below are in real estate, management and accounting information systems, and small business governance. Dr. Trumbach has been published extensively with his most recent works including publishing with a group of researchers in universities across the United States, Latin America, Asia, and Europe about people’s values in various countries and their natural tendencies regarding stress in the Telecommunication Industry”. He has presented various seminars on “Best Practices: Disaster Planning and Recovery.”

Dr. Trumbach is a highly experienced accounting and information systems professional whose real estate leadership and experience includes: serving as Founder, President, and Chief Executive Officerearned him a reputation for excellence in the Florida real estate market. As it pertains to Belize specifically, he was also the Keynote Speaker at the Association of E-Wiz Solutions Inc., Bronxville, NY from June 2003 to present, serving atReal Estate Brokers of Belize First Annual General Meeting. He holds a Product Manager for Telrad Connegy (Congruency) Inc., Woodbury, NT from May 2003 to June 2003, servingcurrent license as a Senior Software Engineer at ComverseFlorida real estate broker and was a Florida real estate instructor. Dr. Trumbach was a past Director and Board Member of the Florida Realtors Association, a member of the Florida International Real Estate Council and also a member of the International Counsel Greater Fort Lauderdale Board of Realtors, a member of International Operations Committee, Florida Real Estate Association, Tallahassee, Fl, a past member of the Professional Education Committee, Florida Real Estate Association, Tallahassee, Fl, and a member of the Technology Inc., New York, NY from July 1998Committee, Florida Real Estate Association Tallahassee, Fl. Dr. Trumbach was also a past member of the City of Coral Springs Member of the Financial Advisory Committee, Coral Springs, Florida.

.

Director Qualifications:

The Board of Directors believes that Dr. Trumbach is highly qualified to May 2000, servingserve as a Software Engineer for Geotek Communications, Montvale, NY from May 1997director of the Company due to July 1998, serving as a Software Developer – Contract from October 1996 to February 1997,his experience, qualification, and serving as a Field Engineer at Westfalia Separators Inc., Northvale, NJ from November 1995 to September 1996.credentials.

Frank A. Micali Svetlana Coliban –DirectorFrank A. Micali

Miss Coliban was immediately recruited by Gallerie Diurne in Paris after graduation, to be in charge of international business development, based in Paris, then in New York. While in New York she managed and coordinated all international business development, sales, marketing, identification and research of potential leads and opportunities, appointments with new and existing clients, including trade shows, exhibitions, and Dealing with a diverse range of clients in the private and public sector. Miss Coliban’s one of many personal skills are the ability of Fluent English, French, Russian and Romanian Bilingual, which enhance her work experience including processing good team spirit, deadline oriented and having the ability to succeed in demand sales environment. She is committed to liaison to the host of user group of Borrowmoney.com, Inc. board of directors, this involves participating in all of the board meetings, planning the conference and ensuring they work closely together to best serve all of our users. When not working at the Company, Miss Coliban is a Director. HeProject Manager (since 2019) at Modis, part of Adecco Group, where she manages and delivers CRM and CX transformation projects at clients, in an Agile mode. Projects vary from strategic discoveries to CRM implementations (with Salesforce as enabling technology). Miss Coliban drives high performance from people while fostering collaboration across businesses and borders in order to meet the clients’ and Modis’s key objectives. She leads by example and develop high-performing people and teams by challenging, supporting and continuously coaching them. Last and not the least, she acts as an entrepreneur and contributes to the growth of our business. Miss Coliban holds a BA in economics & management at Paris 8 University of France, a master’s degree in Communication and Marketing and a master’s degree in international business developmental at Pole Paris Alternance Business School of France. Miss Coliban also obtained a Salesforce Certified Administrator certification.

Director Qualifications:

The Board of Directors believes that Miss Coliban is highly qualified to serve as a director of the Company due to her past experience and educational background.

William Coburn – Director

William is a graduate from St John’s University. Mr. Micali becameconscious co-creator on a Branch Manager responsible for supervising over 15 loan Officers at Citi Bank.mission to unite humanity to solve the world’s greatest problems, become a multi-planetary species and ascend the collective consciousness. He has been employedinvolved in entrepreneurial projects since he was in middle school helping his mother with City Banka Non-profit that provides a SaaS for consumers to choose the non-profit of choice on a company’s website after purchasing their product and/or service. William’s conscious acumen for collaboration and disruptive change propelled him into a technology consulting firm called Varfaj Partners in January of 2019 started by his dear friend and high-school classmate. He took a leave of absence from Wesleyan University to pursue the venture where he consulted small/medium businesses and entrepreneurs on ways to adapt to the unseen abundance of information technology. In late August of 2019, he became involved with a start-up called Face Trace, leveraging augmented reality technology where he helped with the literature for the preliminary Pitch Deck and connected with a developer for a presentable beta-version in investor meetings. His passion for exponential change brought him to Singularity University where he began studying exponential technologies, which lead to him leaving Varfaj Partners and taking a new position as the CEO of a Think Tank of forward thinkers called Transdisciplinary Agora For Future Discussions (TAFFD’s) founded in January 2019. He was the publisher and contributing editor of the first edition of a Transhumanist Magazine published in February of 2020. William helped organize and was a speaker at TAFFD’s Virtual International Conference on Future Africa: Sustaining the Source with the theme: “Compliance to Global Sustainability.” William’s many endeavors brought him to Fort Lauderdale to explore new horizons. He decided to step down as CEO of TAFFD’s to Honorary Member so he could investigate more into the new age consciousness ideas/movements that he can bring forward to the world. Upon his resignation, he united with his neighbor, Aldo Piscitello and learned about what he had created with BorrowMoney Inc., immediately saw the potential to help humanity bring about exponential change with a powerful lending marketplace solution.

Director Qualifications:

The Board of Directors believes that Mr. Coburn is highly qualified to serve as a loan officerdirector of the Company due to his past management experiences.

Robert Carrington - Director

Mr. Carrington has served as a Market Executive Manager since 2018 at Investors Bank where he manages retail banking operations for the last five (5) years.North Jersey market. From 2016 to 2019, he served as a director of retail banking for North Jersey Federal Credit Union. From 2012 to 2016, he served as a Director of Retail Banking for the Bank of Bahrain and Kuwait.

Director Qualifications:

The Board of Directors believes that Mr. Carrington is highly qualified to serve as a director of the Company due to his banking experience.

Employment Agreements

We have no formal employment agreements with any of our directors or officers.

Family Relationships

There are no family relationships between any of our directors, executive officers and proposed directors or executive officers.

Term of officeOffice

Directors are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified. Officers are appointed to serve until the meeting ofby the Board of Directors following the next annual meeting of stockholders and until their successors have been elected and qualified. Officers hold their positions at the will of the Board of Directors.

No Involvement in certain legal proceedingsBoard Leadership Structure

DuringOur Board of Directors has the responsibility for selecting the appropriate leadership structure for the Company. In making leadership structure determinations, the Board of Directors considers many factors, including the specific needs of the business and what is in the best interests of the Company’s stockholders. Our current leadership structure is comprised of a combined Chairman of the Board and Chief Executive Officer (“CEO”), Mr. Piscitello. The Board of Directors believes that this leadership structure is the most effective and efficient for the Company at this time. Mr. Piscitello possesses detailed and in-depth knowledge of the issues, opportunities, and challenges facing the Company, and is thus best positioned to develop agendas that ensure that the Board of Directors’ time and attention are focused on the most critical matters. Combining the Chairman of the Board and CEO roles promotes decisive leadership, fosters clear accountability and enhances the Company’s ability to communicate its message and strategy clearly and consistently to our stockholders, particularly during periods of turbulent economic and industry conditions.

Risk Oversight

Effective risk oversight is an important priority of the Board of Directors. Because risks are considered in virtually every business decision, the Board of Directors discusses risks throughout the year generally or in connection with specific proposed actions. The Board of Directors’ approach to risk oversight includes understanding the critical risks in the Company’s business and strategy, evaluating the Company’s risk management processes, allocating responsibilities for risk oversight, and fostering an appropriate culture of integrity and compliance with legal responsibilities. The directors exercise direct oversight of strategic risks to the Company.

Arrangements between Officers and Directors

To our knowledge, there is no arrangement or understanding between any of our officers and any other person, including directors, pursuant to which the officer was selected to serve as an officer.

Other Directorships

No director of the Company is also a director of issuers with a class of securities registered under Section 12 of the Exchange Act (or which otherwise are required to file periodic reports under the Exchange Act).

Involvement in Certain Legal Proceedings

To the best of our knowledge, none of our directors or executive officers were involved in any of the following during the past ten years, none of our Officers or Directors has been the subject of the following events:

1. Ayears: (1) any bankruptcy petition under the Federal bankruptcy laws or any state insolvency law was filed by or against or a receiver, fiscal agent or similar officer was appointed by a court for theany business or property of which such person or any partnership in which he was a general partner or executive officer either at the time of the bankruptcy or within two years before the time of such filing, orprior to that time; (2) any corporation or business association of which he was an executive officer at or within two years before the time of such filing;

2. Convictedconviction in a criminal proceeding or isbeing a named subject ofto a pending criminal proceeding (excluding traffic violations and other minor offenses);

3. The (3) being subject ofto any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, him from, or otherwise limiting, the following activities;

4. The subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engagehis involvement in any activity described in paragraph 3.i in the preceding paragraphtype of business, securities or to be associated with persons engaged in any such activity;

5. Wasbanking activities; (4) being found by a court of competent jurisdiction in(in a civil actionaction), the SEC or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

6. Was found by a court of competent jurisdiction in a civil action or by the CommodityCommodities Futures Trading Commission to have violated any Federala federal or state securities or commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

7. Was(5) being the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

8. Wasof (i) any Federal or State securities or commodities law or regulation; (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or (6) being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a membermember.

Compliance with Section 16(A)Committees of the Securities Exchange Act of 1934Board

Section 16(a)Our Company currently does not have nominating, compensation or audit committees or committees performing similar functions, nor does our Company have a written nominating, compensation or audit committee charter. Our directors believe that it is not necessary to have such committees, at this time, because the functions of such committees can be adequately performed by our Board of Directors.

Stockholder Communications with the Board

A stockholder who wishes to communicate with our Board of Directors may do so by directing a written request addressed to our Secretary, 512 Bayshore Drive, Fort Lauderdale, Florida, 33304, who, upon receipt of any communication other than one that is clearly marked “Confidential,” will note the date the communication was received, open the communication, make a copy of it for our files and promptly forward the communication to the director(s) to whom it is addressed. Upon receipt of any communication that is clearly marked “Confidential,” our Secretary will not open the communication, but will note the date the communication was received and promptly forward the communication to the director(s) to whom it is addressed.

Corporate Governance

The Company promotes accountability for adherence to honest and ethical conduct and strives to be compliant with applicable governmental laws, rules and regulations.

In lieu of an Audit Committee, the Company’s Board of Directors is responsible for reviewing and making recommendations concerning the selection of outside auditors, reviewing the scope, results and effectiveness of the Securities Exchange Actannual audit of 1934, as amended, requires our executive officersthe Company’s financial statements and directorsother services provided by the Company’s independent public accountants. The Board of Directors reviews the Company’s internal accounting controls, practices and persons who own more than 10% of a registered classpolicies.

Director Independence

We are not required to have independent members of our equity securities to file with the SEC initial statementsBoard of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of our shares of common stock and other equity securities, on Forms 3, 4 and 5, respectively. Executive officers, directors and greater than 10% shareholders are required by the SEC regulations to furnish us with copies of all Section 16(a) reports they file.Directors.

Based solely on our review of the copies of such forms received by our company,As described above, we do not currently have a separately designated audit, nominating or written representations from certain reporting persons that no Form 5s were required for those persons, we believe that, during the fiscal year ended June 30, 2017, all filing requirements applicable to our officers, directors and greater than 10% beneficial owners as well as our officers, directors and greater than 10% beneficial owners of our subsidiaries were complied with.compensation committee.

Code of Ethics

We have not adopted a CodeOur code of Business Conductbusiness conduct and Ethics.ethics, which applies to all employees, including all executive officers and senior financial officers and directors, is posted on our website at https://www.borrowmoney.com/investor-relations. on our website.

Board and Committee Meetings

Our boardBoard of directorsDirectors held no formal meetings during the year ended June 30, 2016.August 31, 2019. All proceedings of the boardBoard of directorsDirectors were conducted by resolutions consented to in writing by all the directors and filed with the minutes of the proceedings of the directors. Such resolutions consented to in writing by the directors entitled to vote on that resolution at a meeting of the directors are, according to the Colorado Revised Statutesapplicable and our Bylaws, as valid and effective as if they had been passed at a meeting of the directors duly called and held.

Nomination Process

As of August 31, 20172020, we did not effectaffect any material changes to the procedures by which our shareholdersstockholders may recommend nominees to our boardBoard of directors.Directors. Our boardBoard of directorsDirectors does not have a policy with regards to the consideration of any director candidates recommended by our shareholders.stockholders. Our boardBoard of directorsDirectors has determined that it is in the best position to evaluate our company’s requirements as well as the qualifications of each candidate when the board considers a nominee for a position on our boardBoard of directors.Directors. If shareholdersstockholders wish to recommend candidates directly to our board, they may do so by sending communications to the president of our company at the address on the cover of this annual report.

Audit Committee

Currently our audit committee consists of our entire board of directors. We do not have a standing audit committee as we currently have limited working capital and minimal revenues. Should we be able to raise sufficient funding to execute our business plan, we will form an audit, compensation committee and other applicable committees utilizing our directors’ expertise.

Audit Committee Financial Expert

Currently our audit committee consists of our entire board of directors. We do not currently have a director who is qualified to act as the head of the audit committee.

Item 11. Executive Compensation

Summary Compensation Table

The following table below summarizessets forth information concerning the compensation of (i) all individuals serving as our principal executive officer or acting in a similar capacity during the last completed fiscal year (“PEO”), regardless of compensation awardedlevel; (ii) our two most highly compensated executive officers other than the PEO who were serving as executive officers at the end of the last completed fiscal year, if any; and (iii) up to earned by, or paidtwo additional individuals for whom disclosure would have been provided pursuant to our named executive Officersparagraph (ii) but for the fact that the individual was not serving as an executive officer at the end of the last completed fiscal years ended August 31, 2017 and 2016:year (collectively, the “Named Executive Officers”).

Summary Compensation TableTable*

* Does not include perquisites and other personal benefits, or property, unless the aggregate amount of such compensation is more than $10,000. No executive officer earned any non-equity incentive plan compensation or nonqualified deferred compensation during the periods reported above. There have been no changes in the Company’s compensation policies since August 31, 2020.

Compensation Discussion and Analysis/Employment and Other Agreements

Our directors and executive officers received no compensation as offor services rendered to the Company during the fiscal year ended August 31, 20172020 and 2016.2019.

Stock Option Grants

To date, we have not granted any stock options to any officer or director or any other employee. We have not adopted any stock option or any other similar compensation plan.

Director Compensation

During 2017,2019, Directors were entitled to reimbursement for expenses in attending meetings but received no other compensation for services as Directors. Directors who were employees were entitled to receive compensation for services other than as director. No compensation has been paid to Directors for services. There were no formal or informal arrangements or agreements to compensate Directors for services provided as a director during 2017.2019.

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharingprofit-sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the boardBoard of directorsDirectors or a committee thereof.

Indebtedness of Directors, Senior Officers, Executive Officers and Other Management

None of our directors or executive officers or any associate or affiliate of our company during the last two fiscal years, is or has been indebted to our company by way of guarantee, support agreement, letter of credit or other similar agreement or understanding currently outstanding.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth,presents certain information regarding the beneficial ownership of all shares of common stock as of this Prospectus, the names, addresses, amount and nature of beneficial ownership and percent of such ownership of our common stock of each of our Officers and Directors, our Officers and Directors as a group, andNovember 30, 2020 by (i) each person or group known to our Company to be the beneficial owner ofwho owns beneficially more than five percent (5%) of ourthe outstanding shares of common stock:

Security Ownership of Management

(1) The percent of class isstock based on 22,073,000109,165,000 shares of our common stock issued and outstanding as of August 31, 2017.November 30, 2020, (ii) each of our directors, (iii) each named executive officer and (iv) all directors and officers as a group. Except as otherwise indicated, all shares are owned directly.

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and includes voting and/or investing power with respect to securities. We believe that, except as otherwise noted and subject to applicable community property laws, each person named in the following table has sole investment and voting power with respect to the shares of common stock shown as beneficially owned by such person. Additionally, shares of common stock subject to options, warrants or other convertible securities that are currently exercisable or convertible, or exercisable or convertible within 60 days of November 30, 2020, are deemed to be outstanding and to be beneficially owned by the person or group holding such options, warrants or other convertible securities for the purpose of computing the percentage ownership of such person or group, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person or group.

We believe that, except as otherwise noted and subject to applicable community property laws, each person named in the following table has sole investment and voting power with respect to the shares of common stock shown as beneficially owned by such person. Unless otherwise indicated, the address for each of the officers or directors listed in the table below is 512 Bayshore Drive, Fort Lauderdale, Florida, 33304.