Note 15 - Subsequent Events

3 Months Ended

Oct. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 1 5 : SUBSEQUENT EVENT S

Subsequent to

October 31, 2020,

we received a Notice of Paycheck Protection Program Forgiveness Payment from the Small Business Administration regarding the approval of our application for forgiveness of our Paycheck Protection Program loan of

$277,250

(the “PPP Loan”); for which we applied for and received the proceeds during Fiscal

2020.

  We will recognize a gain on extinguishment of the PPP Loan during the

three

months ending

January 31, 2021.

Subsequent to

October 31, 2020,

we purchased

100

acres of land within our Goliad Project located in Goliad County, Texas, for total consideration of

$487,995.

In connection with this land purchase, we entered into a promissory note with a principal amount of

$380,000

due to

Mar

G B Ranch LLC (the “Promissory Note”).  The Promissory Note carries an interest rate of

5%

per annum with principal and interest payable in

24

monthly installments with a maturity date of

November 1, 2022. 

We

may

prepay the Promissory Note in any amount at any time before the maturity date without penalty or premium.