Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2021 | Apr. 14, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Globe Net Wireless Corp. | |
Entity Central Index Key | 0001511820 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Reporting Status Current | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 10,800,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 |
Interim Condensed Balance Sheet
Interim Condensed Balance Sheets (Unaudited) - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 272 | $ 2,223 |
Prepaid expenses | 72,715 | 44,215 |
Total Assets | 72,987 | 46,438 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 2,282 | 9,150 |
Notes and accrued interest payable - Note 5 | 51,604 | 50,414 |
Convertible notes and accrued interest payable - Note 6 | 253,490 | 212,654 |
Total Liabilities | 307,376 | 272,218 |
STOCKHOLDERS' DEFICIT | ||
Common Stock - Note 7 Par Value: $0.001 Authorized 200,000,000 shares Issued 10,800,000 shares | 10,800 | 10,800 |
Additional paid in capital | 98,282 | 92,106 |
Deficit accumulated | (343,471) | (328,686) |
Total Stockholders' Deficit | (234,389) | (225,780) |
Total Liabilities and Stockholders' Deficit | $ 72,987 | $ 46,438 |
Interim Condensed Balance She_2
Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Feb. 28, 2021 | Aug. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 10,800,000 | 10,800,000 |
Interim Condensed Statements of
Interim Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2021 | Feb. 29, 2020 | |
EXPENSES | ||||
General and administrative expenses | $ 4,390 | $ 4,100 | $ 6,583 | $ 7,179 |
Operating loss before interest | (4,390) | (4,100) | (6,583) | (7,179) |
Interest | (3,531) | (3,570) | (7,101) | (6,669) |
Amortized interest | (701) | (400) | (1,101) | (800) |
Net loss and comprehensive loss | $ (8,622) | $ (8,070) | $ (14,785) | $ (14,648) |
Loss per share of common stock - Basic and diluted | $ (0.0008) | $ (0.0007) | $ (0.0014) | $ (0.0013) |
Weighted average shares of common stock - Basic and diluted | 10,800,000 | 10,800,000 | 10,800,000 | 10,800,000 |
Interim Condensed Statement of
Interim Condensed Statement of Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated [Member] | Total |
Balance at Aug. 31, 2019 | $ 10,800 | $ 92,106 | $ (294,304) | $ (191,398) |
Balance, shares at Aug. 31, 2019 | 10,800,000 | |||
Net loss and comprehensive loss | (6,578) | (6,578) | ||
Balance at Nov. 30, 2019 | $ 10,800 | 92,106 | (300,882) | (197,976) |
Balance, shares at Nov. 30, 2019 | 10,800,000 | |||
Balance at Aug. 31, 2019 | $ 10,800 | 92,106 | (294,304) | (191,398) |
Balance, shares at Aug. 31, 2019 | 10,800,000 | |||
Net loss and comprehensive loss | (14,648) | |||
Balance at Feb. 29, 2020 | $ 10,800 | 92,106 | (308,952) | (206,046) |
Balance, shares at Feb. 29, 2020 | 10,800,000 | |||
Balance at Nov. 30, 2019 | $ 10,800 | 92,106 | (300,882) | (197,976) |
Balance, shares at Nov. 30, 2019 | 10,800,000 | |||
Net loss and comprehensive loss | (8,070) | (8,070) | ||
Balance at Feb. 29, 2020 | $ 10,800 | 92,106 | (308,952) | (206,046) |
Balance, shares at Feb. 29, 2020 | 10,800,000 | |||
Balance at Aug. 31, 2020 | $ 10,800 | 92,106 | (328,686) | (225,780) |
Balance, shares at Aug. 31, 2020 | 10,800,000 | |||
Net loss and comprehensive loss | (6,163) | (6,163) | ||
Balance at Nov. 30, 2020 | $ 10,800 | 92,106 | (334,849) | (231,943) |
Balance, shares at Nov. 30, 2020 | 10,800,000 | |||
Balance at Aug. 31, 2020 | $ 10,800 | 92,106 | (328,686) | (225,780) |
Balance, shares at Aug. 31, 2020 | 10,800,000 | |||
Net loss and comprehensive loss | (14,785) | |||
Balance at Feb. 28, 2021 | $ 10,800 | 98,282 | (343,471) | (234,389) |
Balance, shares at Feb. 28, 2021 | 10,800,000 | |||
Balance at Nov. 30, 2020 | $ 10,800 | 92,106 | (334,849) | (231,943) |
Balance, shares at Nov. 30, 2020 | 10,800,000 | |||
Equity portion on convertible debt issued | 6,176 | 6,176 | ||
Net loss and comprehensive loss | (8,622) | (8,622) | ||
Balance at Feb. 28, 2021 | $ 10,800 | $ 98,282 | $ (343,471) | $ (234,389) |
Balance, shares at Feb. 28, 2021 | 10,800,000 |
Interim Condensed Statements _2
Interim Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Feb. 28, 2021 | Nov. 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Feb. 28, 2021 | Feb. 29, 2020 | Aug. 31, 2020 | Aug. 31, 2019 | |
Cash Flows from (used in) Operating Activities | ||||||||
Net Loss | $ (8,622) | $ (6,163) | $ (8,070) | $ (6,578) | $ (14,785) | $ (14,648) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||
Amortization | 907 | |||||||
Interest on notes and convertible notes payable | 7,101 | 6,669 | ||||||
Accretion on convertible notes payable | 1,101 | 800 | $ 1,600 | $ 1,600 | ||||
Increase (decrease) in operating assets and liabilities | ||||||||
Prepaid expense | (28,500) | 1,124 | ||||||
Accounts payable | 332 | (6,150) | ||||||
Accrued liabilities | (7,200) | (6,750) | ||||||
Net Cash used in Operating Activities | (41,951) | (18,150) | ||||||
Cash Flows from Financing Activities | ||||||||
Proceeds from convertible notes issued | 40,000 | 25,000 | ||||||
Net Cash provided by Financing Activities | 40,000 | 25,000 | ||||||
Cash Flows used in Investment Activities | ||||||||
Intangible assets | ||||||||
Net Cash used in Investment Activities | ||||||||
Increase (Decrease) in Cash | (1,951) | 6,850 | ||||||
Cash at Beginning of Year | $ 2,223 | $ 714 | 2,223 | 714 | 714 | |||
Cash at End of Year | $ 272 | $ 7,564 | 272 | 7,564 | $ 2,223 | $ 714 | ||
Supplemental cash flow information | ||||||||
Interest paid | ||||||||
Taxes paid |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Feb. 28, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and nature of operations Globe Net Wireless Corp. (“the Company”) was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early development stage since its formation and has realized limited revenues from its planned operations. The Company has been engaged in the development of a telecommunication business to provide internet and related services to both consumers and businesses currently in under serviced or unserviced areas at real broadband speeds through the proprietary wireless technology it acquired. The Company has also engaged in the development of the TextPro Connect app and the BizPro app. These are utility services apps specifically designed for the mobile business market. Subsequent to the year-end, management decided to expand the Company’s focus and identify and assess new projects for acquisition purposes that are more global in nature and technology-based. The Company has chosen an August 31 year-end. |
Basis of Presentation - Going C
Basis of Presentation - Going Concern Uncertainties | 6 Months Ended |
Feb. 28, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation - Going Concern Uncertainties | 2. Basis of presentation - Going concern uncertainties These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit. The Company has accumulated a deficit of $343,235 since inception September 4, 2009, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Company’s ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment in order to support existing operations and expand the range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all. |
Interim Reporting and Significa
Interim Reporting and Significant Accounting Policies | 6 Months Ended |
Feb. 28, 2021 | |
Accounting Policies [Abstract] | |
Interim Reporting and Significant Accounting Policies | 3. Interim reporting and significant accounting policies The interim condensed financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s August 31, 2020 annual financial statements. Operating results for the six months period ended February 28, 2021 are not necessarily indicative of the results that can be expected for the year ended August 31, 2021. There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the year ended August 31, 2020. Recently issued accounting pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Feb. 28, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible assets Intangible assets represent payments made to third parties for the development of utility software applications (“apps”). The assets have been amortized over 3 years on a straight-line basis. As of August 31, 2020, the assets have been fully amortized. August 31, 2020 Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 8,333 $ - Biz Pro App 1,913 1,913 - Total $ 10,246 $ 10,246 $ - |
Notes and Interest Payable
Notes and Interest Payable | 6 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Notes and Interest payable | 5. Notes and interest payable There are four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. Interest has not been paid and is classified with accrued liabilities for financial statement purposes. The principal and interest owing as of February 28, 2021 and as of August 31, 2020: February 28, 2021 August 31, 2020 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 3,784 $ 5,000 $ 3,586 October 4, 2011 5,000 3,764 5,000 3,566 November 4, 2011 10,000 7,461 10,000 7,064 December 3, 2012 10,000 6,595 10,000 6,198 $ 30,000 $ 21,604 $ 30,000 $ 20,414 |
Convertible Notes and Interest
Convertible Notes and Interest Payable | 6 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes and Interest Payable | 6. Convertible notes and interest payable All convertible notes payable are unsecured and due on demand. Except as noted below, no amount was allocated to the conversion feature as, at the time of issue, there was no beneficial conversion feature or the note could not readily be converted into cash. A summary of convertible notes and interest outstanding is as follows: Face Value Conversion Rate Interest rate Accrued Interest Carrying Value Feb 28 2021 Total Aug 31 2020 Total $ 20,000 $ 0.100 10 % $ 7,742 $ 20,000 $ 27,742 $ 26,751 $ 20,000 $ 0.5625 8 % 7,422 20,000 27,422 26,627 $ 20,000 $ 0.5625 8 % 6,930 6,932 13,862 12,270 (a) $ 3,500 $ 0.035 8 % 457 3,500 3,957 3,817 $ 25,000 $ 0.020 8 % 5,810 25,000 30,810 29,819 $ 25,000 $ 0.024 8 % 2,526 25,000 27,526 26,534 $ 30,500 $ 0.005 8 % 15,046 30,500 45,546 44,336 $ 25,000 $ 0.020 - - 25,000 25,000 25,000 $ 47,500 $ 0.017 - - 47,500 47,500 17,500 $ 10,000 $ 0.017 - -0 4,125 4,125 - (b) $ 226,500 $ 45,933 $ 204,050 $ 253,490 $ 212,654 a) This note for $20,000 was issued on October 31, 2016 when the market price per share was $1.48. The conversion feature was valued at $20,000. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At February 28, 2021, the unamortized discount was $13,068 (August 31, 2020 - $13,867). February 28, 2021 August 31, 2020 Principal Interest Principal Interest Proceeds on issue $ 20,000 - $ 20,000 - Value assigned to conversion feature 20,000 - 20,000 - Value of convertible note payable at issuance - - - - Accretion charges $ 6,933 - $ 6,133 - Interest - $ 6,930 - $ 6,137 Balance, convertible note payable, end of period $ 6,933 $ 6,930 $ 6,133 $ 6,137 b) This note for $10,000 was issued on January 20, 2021 when the market price per share was $0.0275. The conversion feature was valued at $6,176. At February 28, 2021, the unamortized discount was $5,875. February 28, 2021 Principal Proceeds on issue $ 10,000 Value assigned to conversion feature 6,176 Value of convertible note payable at issuance 3,824 Accretion charges $ 301 Interest - Balance, convertible note payable, end of period $ 4,125 |
Common Stock
Common Stock | 6 Months Ended |
Feb. 28, 2021 | |
Equity [Abstract] | |
Common Stock | 7. Common stock There were no changes to the number of common shares issued and outstanding as at February 28, 2021 and as of the year ended August 31, 2020. There were no warrants or stock options outstanding as of February 28, 2021 and as of August 31, 2020. |
Interim Reporting and Signifi_2
Interim Reporting and Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 28, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Feb. 28, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | August 31, 2020 Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 8,333 $ - Biz Pro App 1,913 1,913 - Total $ 10,246 $ 10,246 $ - |
Notes and Interest Payable (Tab
Notes and Interest Payable (Tables) | 6 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes and Interest Payable | The principal and interest owing as of February 28, 2021 and as of August 31, 2020: February 28, 2021 August 31, 2020 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 3,784 $ 5,000 $ 3,586 October 4, 2011 5,000 3,764 5,000 3,566 November 4, 2011 10,000 7,461 10,000 7,064 December 3, 2012 10,000 6,595 10,000 6,198 $ 30,000 $ 21,604 $ 30,000 $ 20,414 |
Convertible Notes and Interes_2
Convertible Notes and Interest Payable (Tables) | 6 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes and Interest Outstanding | A summary of convertible notes and interest outstanding is as follows: Face Value Conversion Rate Interest rate Accrued Interest Carrying Value Feb 28 2021 Total Aug 31 2020 Total $ 20,000 $ 0.100 10 % $ 7,742 $ 20,000 $ 27,742 $ 26,751 $ 20,000 $ 0.5625 8 % 7,422 20,000 27,422 26,627 $ 20,000 $ 0.5625 8 % 6,930 6,932 13,862 12,270 (a) $ 3,500 $ 0.035 8 % 457 3,500 3,957 3,817 $ 25,000 $ 0.020 8 % 5,810 25,000 30,810 29,819 $ 25,000 $ 0.024 8 % 2,526 25,000 27,526 26,534 $ 30,500 $ 0.005 8 % 15,046 30,500 45,546 44,336 $ 25,000 $ 0.020 - - 25,000 25,000 25,000 $ 47,500 $ 0.017 - - 47,500 47,500 17,500 $ 10,000 $ 0.017 - -0 4,125 4,125 - (b) $ 226,500 $ 45,933 $ 204,050 $ 253,490 $ 212,654 a) This note for $20,000 was issued on October 31, 2016 when the market price per share was $1.48. The conversion feature was valued at $20,000. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At February 28, 2021, the unamortized discount was $13,068 (August 31, 2020 - $13,867). b) This note for $10,000 was issued on January 20, 2021 when the market price per share was $0.0275. The conversion feature was valued at $6,176. At February 28, 2021, the unamortized discount was $5,875. |
Schedule of Debt Conversion | February 28, 2021 August 31, 2020 Principal Interest Principal Interest Proceeds on issue $ 20,000 - $ 20,000 - Value assigned to conversion feature 20,000 - 20,000 - Value of convertible note payable at issuance - - - - Accretion charges $ 6,933 - $ 6,133 - Interest - $ 6,930 - $ 6,137 Balance, convertible note payable, end of period $ 6,933 $ 6,930 $ 6,133 $ 6,137 February 28, 2021 Principal Proceeds on issue $ 10,000 Value assigned to conversion feature 6,176 Value of convertible note payable at issuance 3,824 Accretion charges $ 301 Interest - Balance, convertible note payable, end of period $ 4,125 |
Basis of Presentation - Going_2
Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ (343,471) | $ (328,686) |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) | 6 Months Ended |
Feb. 28, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets amortization period | 3 years |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) | Aug. 31, 2020USD ($) |
Intangible Assets, Costs | $ 10,246 |
Intangible Assets, Accumulated Amortization | 10,246 |
Intangible Assets, Net | |
Text Pro App [Member] | |
Intangible Assets, Costs | 8,333 |
Intangible Assets, Accumulated Amortization | 8,333 |
Intangible Assets, Net | |
Biz Pro App [Member] | |
Intangible Assets, Costs | 1,913 |
Intangible Assets, Accumulated Amortization | 1,913 |
Intangible Assets, Net |
Notes and Interest Payable (Det
Notes and Interest Payable (Details Narrative) - Unsecured Debt [Member] - Notes | Feb. 28, 2021 | Aug. 31, 2020 |
Number of notes payable | 4 | |
Debt interest rate | 8.00% | 8.00% |
Notes and Interest Payable - Sc
Notes and Interest Payable - Schedule of Notes and Interest Payable (Details) - Notes Payable [Member] - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
Principal | $ 30,000 | $ 30,000 |
Interest | 21,604 | 20,414 |
September 16, 2011 [Member] | ||
Principal | 5,000 | 5,000 |
Interest | 3,784 | 3,586 |
October 4, 2011 [Member] | ||
Principal | 5,000 | 5,000 |
Interest | 3,764 | 3,566 |
November 4, 2011 [Member] | ||
Principal | 10,000 | 10,000 |
Interest | 7,461 | 7,064 |
December 3, 2012 [Member] | ||
Principal | 10,000 | 10,000 |
Interest | $ 6,595 | $ 6,198 |
Convertible Notes and Interes_3
Convertible Notes and Interest Payable - Schedule of Convertible Notes and Interest Outstanding (Details) - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 | |
Face Value | $ 226,500 | ||
Accrued Interest | 45,933 | ||
Carrying Value | 204,050 | ||
Total, Net | 253,490 | $ 212,654 | |
Convertible Notes and Interest Payable One [Member] | |||
Face Value | $ 20,000 | ||
Conversion Rate | $ 0.100 | ||
Interest rate | 10.00% | ||
Accrued Interest | $ 7,742 | ||
Carrying Value | 20,000 | ||
Total, Net | 27,742 | 26,751 | |
Convertible Notes and Interest Payable Two [Member] | |||
Face Value | $ 20,000 | ||
Conversion Rate | $ 0.5625 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 7,422 | ||
Carrying Value | 20,000 | ||
Total, Net | 27,422 | 26,627 | |
Convertible Notes and Interest Payable Three [Member] | |||
Face Value | $ 20,000 | ||
Conversion Rate | $ 0.5625 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 6,930 | ||
Carrying Value | 6,932 | ||
Total, Net | 13,862 | 12,270 | [1] |
Convertible Notes and Interest Payable Four [Member] | |||
Face Value | $ 3,500 | ||
Conversion Rate | $ 0.035 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 457 | ||
Carrying Value | 3,500 | ||
Total, Net | 3,957 | 3,817 | |
Convertible Notes and Interest Payable Five [Member] | |||
Face Value | $ 25,000 | ||
Conversion Rate | $ 0.020 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 5,810 | ||
Carrying Value | 25,000 | ||
Total, Net | 30,810 | 29,819 | |
Convertible Notes and Interest Payable Six [Member] | |||
Face Value | $ 25,000 | ||
Conversion Rate | $ 0.024 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 2,526 | ||
Carrying Value | 25,000 | ||
Total, Net | 27,526 | 26,534 | |
Convertible Notes and Interest Payable Seven [Member] | |||
Face Value | $ 30,500 | ||
Conversion Rate | $ 0.005 | ||
Interest rate | 8.00% | ||
Accrued Interest | $ 15,046 | ||
Carrying Value | 30,500 | ||
Total, Net | 45,546 | 44,336 | |
Convertible Notes and Interest Payable Eight [Member] | |||
Face Value | $ 25,000 | ||
Conversion Rate | $ 0.020 | ||
Interest rate | |||
Accrued Interest | |||
Carrying Value | 25,000 | ||
Total, Net | 25,000 | 25,000 | |
Convertible Notes and Interest Payable Nine [Member] | |||
Face Value | $ 47,500 | ||
Conversion Rate | $ 0.017 | ||
Interest rate | |||
Accrued Interest | |||
Carrying Value | 47,500 | ||
Total, Net | 47,500 | 17,500 | |
Convertible Notes and Interest Payable Ten [Member] | |||
Face Value | $ 10,000 | ||
Conversion Rate | $ 0.017 | ||
Interest rate | |||
Accrued Interest | |||
Carrying Value | 4,125 | ||
Total, Net | $ 4,125 | [2] | |
[1] | This note for $20,000 was issued on October 31, 2016 when the market price per share was $1.48. The conversion feature was valued at $20,000. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At February 28, 2021, the unamortized discount was $13,068 (August 31, 2020 - $13,867). | ||
[2] | This note for $10,000 was issued on January 20, 2021 when the market price per share was $0.0275. The conversion feature was valued at $6,176. At February 28, 2021, the unamortized discount was $5,875. |
Convertible Notes and Interes_4
Convertible Notes and Interest Payable - Schedule of Convertible Notes and Interest Outstanding (Details) (Parenthetical) - USD ($) | Jan. 20, 2021 | Oct. 31, 2016 | Feb. 28, 2021 | Feb. 29, 2020 | Aug. 31, 2020 | Aug. 31, 2019 |
Proceeds from issuance of convertible note | $ 10,000 | $ 20,000 | $ 40,000 | $ 25,000 | ||
Market price per share | $ 0.0275 | $ 1.48 | ||||
Debt conversion feature | $ 6,176 | $ 20,000 | $ 20,000 | $ 20,000 | ||
Accretion on convertible notes payable | 1,101 | $ 800 | 1,600 | 1,600 | ||
October 31, 2016 [Member] | ||||||
Debt conversion feature | 20,000 | $ 20,000 | ||||
Unamortized discount | 13,068 | $ 13,867 | ||||
January 20, 2021 [Member] | ||||||
Debt conversion feature | 6,176 | |||||
Unamortized discount | $ 5,875 |
Convertible Notes and Interes_5
Convertible Notes and Interest Payable - Schedule of Debt Conversion (Details) - USD ($) | Jan. 20, 2021 | Oct. 31, 2016 | Feb. 28, 2021 | Aug. 31, 2020 | Aug. 31, 2019 |
Value assigned to conversion feature, principal | $ 6,176 | $ 20,000 | $ 20,000 | $ 20,000 | |
October 31, 2016 [Member] | |||||
Proceeds on issue, principal | $ 20,000 | 20,000 | |||
Value assigned to conversion feature, principal | 20,000 | 20,000 | |||
Value of convertible note payable at issuance, principal | |||||
Accretion charges, principal | 6,933 | 6,133 | |||
Interest, principal | |||||
Balance, convertible note payable, end of period, principal | 6,933 | 6,133 | |||
Proceeds on issue, interest | |||||
Value assigned to conversion feature, interest | |||||
Value of convertible note payable at issuance, interest | |||||
Accretion charges, interest | |||||
Interest, interest | 6,930 | 6,137 | |||
Balance, convertible note payable, end of period, interest | 6,930 | $ 6,137 | |||
January 20, 2021 [Member] | |||||
Proceeds on issue, principal | 10,000 | ||||
Value assigned to conversion feature, principal | 6,176 | ||||
Value of convertible note payable at issuance, principal | 3,824 | ||||
Accretion charges, principal | 301 | ||||
Interest, principal | |||||
Balance, convertible note payable, end of period, principal | $ 4,125 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - shares | Feb. 28, 2021 | Aug. 31, 2020 |
Equity [Abstract] | ||
Warrants outstanding | ||
Stock options outstanding |