1 Doughnut, 8 Pieces

You and 3 of your friends are exhausted and over-worked after a very long day. When you walked back home, you realize that you forgot to cut the large doughnut that the 4 of you share. Each person only has the energy to have one slice using a knife, and you need 8 pieces for the four of you. However, unlike usual, one person decided to have the doughnut later and went to sleep.

Now, the remaining 3 of you have to use 3 cuts to make eight pieces.

Is it possible to do this?