RELATED PARTIES |
9 Months Ended |
|---|---|
May 31, 2024 | |
| RELATED PARTIES | |
| RELATED PARTIES | 14. RELATED PARTIES
The Board of Directors has adopted a written related party transaction policy. This policy applies to all transactions that qualify for disclosure. Information about transactions involving related persons is reviewed by management. Related persons include Company directors and executive officers, as well as their immediate family members. If a related person has a direct or indirect material interest in any Company transaction, then management would decide whether or not to approve or ratify the transaction.
Related party advances
Amounts due to related parties were $303,849 and $210,667 as of May 31, 2024 and August 31, 2023, respectively. These amounts are considered a current liability and are amounts not necessarily what third parties would have agreed to. These related party notes payable carry a 10% interest rate. Interest expense for the three months and nine months ended May 31, 2024 is $2,123 and $5,115, respectively. Interest expense for the three months and nine months ended May 31, 2023 was $0. |