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OTHER RELATED PARTY TRANSACTIONS
9 Months Ended
May 31, 2024
OTHER RELATED PARTY TRANSACTIONS  
OTHER RELATED PARTY TRANSACTIONS

NOTE 7 – OTHER RELATED PARTY TRANSACTIONS

 

As of May 31, 2024, the Company owes $41,674 (August 31, 2023 - $127,011) to the CEO for cash advanced to the Company for working capital. The debt is unsecured, non-interest bearing and has no terms of repayment.

 

As of May 31, 2024, the Company owes $1,441 (August 31, 2023 - $9,750) to the CEO of a wholly-owned subsidiary for cash advanced to the Company for working capital. The debt is unsecured, non-interest bearing and has no terms of repayment.

 

As of May 31, 2024, the company owes $2,510,500 (August 31, 2023 - $0) to a Director for cash advanced to the Company to pay for the Financial Guarantee Insurance on the $195M Zanzibar Clean Energy Park Loan Facility. The debt is unsecured, non-interest bearing and is to be repaid within 30 days or when the loan closes plus a transaction fee of $1,500,000.

 

During the nine months ended May 31, 2024, the Company accrued $90,000 in fees to the CEO of the Company and repaid $100,000. The Company owes $80,000 to the CEO at May 31, 2024 ($90,000 – August 31, 2023).

 

During the nine months ended May 31, 2024, the Company accrued $30,000 in fees to the President and repaid $12,500. The Company owes $102,500 to the President at May 31, 2024 ($86,500 – August 31, 2023).

 

During the nine months ended May 31, 2024, the Company accrued $45,000 in fees to the CEO of a wholly owned subsidiary. The Company owes $125,000 to the CEO at May 31, 2024 ($90,000 – August 31, 2023).

 

During the nine months ended May 31, 2024, the Company accrued $12,000 in fees to the former Chief Financial Officer and repaid $2,000. The Company owes $18,750 to the Chief Financial Officer at May 31, 2024 ($10,750 – August 31, 2023).

 

During the nine months ended May 31, 2024, the Company accrued $12,000 in fees to the Corporate Secretary and repaid $4,000. The Company owes $18,700 to the Corporate Secretary at May 31, 2024 ($11,500 – August 31, 2023).

 

During the nine months ended May 31, 2024, the Company accrued $54,000 in compensation to the new CFO. The Company owes $54,000 to the CFO at May 31, 2024.