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RELATED PARTY TRANSACTIONS
12 Months Ended
Nov. 30, 2018
RELATED PARTY TRANSACTIONS  
NOTE 4 - RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are non-interest bearing, considered temporary in nature, and have not been formalized by a promissory note.

 

On November 1, 2017, the Company entered into a one-year office lease agreement with AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director, ending November 2, 2018. The location of the leased office space is 11724 Ventura Blvd Suite B, Studio City, California 91604. The lease states monthly rent due of $1,000. During the year ended November 30, 2018, the Company accrued $11,000 due to related party. As of November 30, 2018 and 2017, the Company has accrued lease expense due to related party of $8,000 and $1,000, respectively.

 

At November 30, 2018 and 2017, the Company owed $5,776 and $26,901, respectively, to AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director. The amount is unsecured, non-interest bearing and due on demand. During the year ended November 30, 2018 and 2017, the Company received proceeds of $7,026 and $16,651, respectively, from the related party. On March 5, 2018, the Company settled the loans totaling $28,151 plus $4,000 of accrued related party lease expense by the issuance of 387,623 shares of common stock valued at $484,529. As a result, the Company recorded a loss on settlement of debt of $452,378.