Quarterly report pursuant to Section 13 or 15(d)

Loan Payable

v3.20.2
Loan Payable
9 Months Ended
May 31, 2020
Debt Disclosure Abstract  
Loan Payable

19.

Loan Payable

 

 

 

 

We have applied for, and received, governmental assistance related to the COVID-19 pandemic. As of May 31, 2020 there are two Canadian governmental programs that currently provide:

 

 

 

 

A Canadian dollar loan of C$40,000 under the Canada Emergency Business Account (CEBA) program. The loan is a 0% interest bearing loan with no principle payments and if repaid before December 31, 2022 will result in a loan forgiveness of 25% (up to C$10,000). The loan can be converted into a 3-year term loan at 5% annual interest paid monthly effective January 1, 2023.

 

 

 

 

Canada Emergency Wage Subsidy (CEWS) program that provides a subsidy of 75% of wages for up to 24 weeks retroactive from March 15 2020, to August 29, 2020. During the nine months ended May 31, 2020, the Company received $15,272 in subsidies from the CEWS program which is recognized as a recovery of wages and salaries in profit and loss.