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Convertible Debt
9 Months Ended
Apr. 30, 2018
Debt Disclosure [Abstract]  
CONVERTIBLE DEBT

NOTE 6 – CONVERTIBLE DEBT

 

On August 22, 2013 the Company entered into a $50,000 Convertible Loan Agreement with an un-related party. The Loan and interest is convertible into Units at $0.08 per Unit with each Unit consisting of one common share of the Company and ½ warrant with each full warrant exercisable for one year to purchase one common share at $0.30 per share. The Loan shall bear interest at the rate of Eight Percent (8%) per annum, payable on maturity, calculated on the principal amount of the Loan outstanding. On July 10, 2014, a further $35,000 was received from the same unrelated party under the same terms. As of April 30, 2018, there is $85,000 and $33,983 of principal and accrued interest, respectively, due on this loan.

 

On April 16, 2017, the Company executed a promissory note for $15,000 with a third party. The note matures in two years and interest is set at $3,000 for the full two years. As of April 30, 2018, there is $13,500 and $1,500 of principal and accrued interest, respectively, due on this loan.

 

On October 20, 2017, the Company executed a convertible promissory note for $25,000 with a third party. The note accrues interest at 6%, matures in two years and is convertible into shares of common stock at maturity, at a minimum of $0.10 per share, at the option of the holder. As of April 30, 2018, there is $867 of accrued interest due on this loan.