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Related Party Transactions
12 Months Ended
Jul. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

For the years ended July 31, 2019 and 2018, total payments of $8,500 and $56,500, respectively, were made to Ivan Webb, CEO for consulting services. As of July 31, 2019, there is $22,500 credited to accounts payable.

 

For the years ended July 31, 2019 and 2018, total payments of $52,500 and $26,500, respectively, were made to Noel Schaefer, a Director of the Company, for consulting services. As of July 31, 2019, there is $27,500 credited to accounts payable.

 

For the years ended July 31, 2019 and 2018, total payments of $0 and $4,000, respectively were made to Howard Siegel, a Director of the Company, for consulting services

 

On July 31, 2018, the wife of the 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 was to be repaid by December 15, 2018, with an additional $1,500 to cover interest and fees. As of July 31, 2019, the Company owes Mrs. Webb $20,930 and $2,180 of principal and interest, respectively. Amounts due on these loans are currently in default.

 

During the fiscal year ended July 31, 2018 the Company acquired from Ivan Webb, CEO of the Company, the oil and gas rights to two oil and gas leases located in Callahan County, Texas known as the Carter and Foster leases for total consideration of $1.00.

 

On July 31, 2019, Ivan Webb, CEO, agreed to assume a $15,000 liability due to Renaissance Oil & Gas Inc. that had been paid for the reworking of the S O Curry #1 well. The assumption of the liability was credited to additional paid in capital.

 

Victor Miranda, the former Chief Financial Officer and Director of the Company is also President and owner of Labrador Capital SAPI DE CV (“Labrador”), a major shareholder of the Company owning 8.8% of its issued and outstanding shares. The Company has entered into a Memorandum of Understanding with Labrador to jointly pursue developing real estate projects in Mexico.  As of the date of this report no projects have been identified to jointly pursue.  In the event of a decision to go forward with Labrador, Victor Miranda will abstain from voting to avoid any conflict of interest.