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TERMINATION OF PROPERTY ACQUISITION AGREEMENT
3 Months Ended
Jan. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
TERMINATION OF PROPERTY ACQUISITION AGREEMENT

NOTE 13 – TERMINATION OF PROPERTY ACQUISITION AGREEMENT

 

On August 28, 2023, the Company entered into a Purchase and Sale Agreement (the “PSA”) with TCF Elrod, LLC. Pursuant to the PSA, the Company agreed to purchase property located in Harris County, Texas, including real property, improvements, development rights, and a lease. The purchase price for the property was $10,800,000. In connection with the PSA, the Company deposited $100,000 in earnest money, which was applied towards the purchase price of the sale proceeds as planned. Although the earnest money was non-refundable, the PSA provided for return of the deposit under certain conditions, including the failure to satisfy specific contingencies. When such conditions were not met, the Company chose to exercise its right to terminate the PSA. As a result, TCF Elrod, LLC refunded the $100,000 earnest money deposit to the Company on December 4, 2023.