XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party Transactions
6 Months Ended
Jan. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

 

On April 16, 2017, the Company executed a promissory note for $15,000 with a shareholder. The note matures in two years and interest is set at $3,000 for the full two years. As of January 31, 2019, there is $13,500 and $1,125 of principal and accrued interest, respectively, due on this loan.

 

For the six months ended January 31, 2019 and for the year ended July 31, 2018, total payments of $7,500 and $56,500, respectively were made to an officer of the Company for consulting services.

 

For the six months ended January 31, 2019 and for the year ended July 31, 2018, total payments of $22,500 and $26,500, respectively were made to directors of the Company for consulting services.

 

On July 31, 2018, Winona Webb, the wife of Ivan Webb, CEO, loaned the Company $25,000 for general operating expenses. This loan was repaid on August 2, 2018 with an additional $5,000 for interest and a loan fee. On August 3, 2018, Mrs. Webb loaned the Company $30,000 which was repaid on August 21, 2018. On September 25, 2018, the Company executed a loan agreement with Mrs. Webb for $6,800. The loan is to be repaid by December 15, 2018, with an additional $680 to cover interest and fees. On October 10, 2018, the Company executed a loan agreement with Mrs. Webb for $15,000. The loan is to be repaid by December 15, 2018, with an additional $1,500 to cover interest and fees. As of January 31, 2019, the Company owes Mrs. Webb $20,930 and $2,180 of principal and interest, respectively.