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Note 11 - Subsequent Events
9 Months Ended
Apr. 30, 2026
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 11 — SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were issued and has determined that there are the following material subsequent events to disclose in these unaudited financial statements.

 

Subsequent to April 30, 2026, Mr. Miranda loaned the Company $25,000, pursuant to the terms of his LOC with the Company.

 

On May 25, 2026, the Company entered into an unsecured promissory note with Jonathan Hansen pursuant to which Mr. Hansen agreed to lend the Company up to $15,000, together with any additional amounts invoiced by Mr. Hansen’s law firm on behalf of the Company prior to the maturity date. The note bears interest at 12% per annum, with interest accruing beginning June 20, 2026, and all outstanding principal, accrued interest, and unpaid fees becoming due upon the earlier of the third anniversary of the note. The note may be prepaid at any time without penalty and is unsecured.

 

On May 26, 2026, the Company entered into an Amended Settlement and Promissory Note Agreement with Golden Sands Exploration Inc. related to an outstanding promissory note with a principal balance of $85,000. Under the amended terms, the creditor agreed to extend the repayment period through June 1, 2027, and the outstanding balance will accrue interest at 8% per annum from June 1, 2026 through June 1, 2027. The amended agreement requires an interest payment of $1,275 on or before June 1, 2026, followed by principal payments of $20,000 due on or before August 15, 2026, December 1, 2026, and March 1, 2027, with the remaining $25,000 balance due on or before June 1, 2027, together with accrued interest. The Company may prepay outstanding amounts without penalty.

 

On June 2, 2026, the Company entered into a Memorandum of Understanding with R.A. Miller Energy, Inc. ("RAM") regarding the acquisition of a 5.4165 net mineral acre leasehold interest located in Sections 27 and 34, Township 2 North, Range 3 West, and Section 3, Township 1 North, Range 3 West, Garvin County, Oklahoma, associated with the proposed Bosworth 0203 1H-27X well.

 

Pursuant to the agreement, the Company agreed to acquire the leasehold interest for total consideration of $21,666, consisting of (i) $10,833 in cash payable on or before July 31, 2026, and (ii) $10,833 payable in 216,660 shares of the Company's common stock.

 

On May 29, 2026, Mr. Miranda converted $402,000 and $12,942, of principal and interest, respectively, into 8,298,833 shares of common stock.