Note 10 - Other Loans Payable

6 Months Ended

Jan. 31, 2021

Other Loans Payable [Member]

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

10:

         

OTHER LOANS PAYABLE

We applied for a Paycheck Protection Program loan and received the proceeds of

$277,250

(the “PPP Loan”) during Fiscal

2020.

During the

three

months ended

January 31, 2021,

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 PPP Loan of

$277,250

and accrued interest. As a result, we recognized a gain on extinguishment of the PPP Loan of

$278,617

during the

three

months ended

January 31, 2021.

During the

three

months ended

January 31, 2021,

in connection with the Goliad Land Purchase, we issued a promissory note with a principal amount of

$380,000

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.

During the

three

months ended

January 31, 2021,

we paid

$3,111

in cash for interest on the Promissory Note.

At

January 31, 2021,

other loans payable consisted of the following:

	January 31, 2021		July 31, 2020
Government loan payable	$	31,299	$	307,092
Promissory note payable		349,769		-
	$	381,068	$	307,092
Current portion
Government loan payable	$	31,299	$	-
Promissory note payable		186,830		-
	$	218,129	$	-
Non-current portion
Government loan payable	$	-	$	307,092
Promissory note payable		162,939		-
	$	162,939	$	307,092