Balances with Related Parties

6 Months Ended

Feb. 28, 2021

BALANCES WITH RELATED PARTIES

	Note	February 28, 2021		August 31, 2020

Amount due to a shareholder
Ace Vantage Investments Limited	(c)	$	238,658	$	173,796

Amount due to a related company
Century Crown Investments Limited
- Other payable			55,195		56,317
- Rental payable	(b)		36,000		-
	(a)(c)	$	91,195	$	56,317

(a)

Mr. Roy Kong Hoi Chan, the Company’s President, is a director of and ultimately holding 50% interest in Century Crown Investments Limited. Century Crown Investments Limited is a wholly-owned subsidiary of Ace Vantage Investments Limited.

(b)

On August 20, 2020, the Company has entered into a sub-lease agreement with Century Crown Investments Limited for office space in Hong Kong for the period of one year from September 1, 2020 at $6,000 per month. For the three months ended February 28, 2021 and February 29, 2020, the Company recorded $18,000 and nil rental expenses to Century Crown Investments Limited, respectively. For the six months ended February 28, 2021 and February 29, 2020, the Company recorded $36,000 and nil rental expenses to Century Crown Investments Limited, respectively.

(c)

The balances with the shareholder and related company detailed above as of February 28, 2021 and August 31, 2020 are unsecured, non-interest bearing and repayable on demand.

For the three and six months ended February 28, 2021, the Company recorded $37,388 (HK$291,626) and $49,151 (HK$383,378) service fees to High Flyers Info Limited, respectively. The executive director of the Company, Mark Ko Chiu Yip, was also a director of High Flyers Info Limited for the period from May 7, 2020 to September 15, 2020.

Included in the accounts payable $22,589 and $2,371 as of February 28, 2021 and August 31, 2020, respectively, were payable to High Flyers Info Limited.

TEMIR CORP. 10-Q