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Related Party Transactions
12 Months Ended
Jul. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

For the years ended July 31, 2020 and 2019, total payments of $0 and $8,500, respectively, were made to Ivan Webb, CEO for consulting services. As of July 31, 2019, there was a $22,500 credited to accounts payable. During the year ended July 31, 2020, Mr. Webb agreed to forgive the full amount due to him. The $22,500 was credited to additional paid in capital.

 

For the years ended July 31, 2019 and 2018, total payments of $60,000 and $52,500, respectively, were made to Noel Schaefer, a Director of the Company, for consulting services. As of July 31, 2020 and 2019, there is $27,500 and $27,500 credited to accounts payable.

 

As of July 31, 2020, there is $2,200 credited to accounts payable for amounts due to Rachel Boulds, CFO, for consulting services.

 

During the year ended July 31, 2020, the Company sold 2,500,000 shares of common stock to a director for total cash proceeds of $80,000.

 

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.

 

On September 25, 2018, the Company executed a loan agreement with the wife of the CEO for $6,800. The loan was to be repaid by December 15, 2018, with an additional $680 to cover interest and fees. On October 10, 2018, the Company executed another loan agreement 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, 2020, the Company owes $23,210 on this loan. This loan is in default.

 

Victor Miranda, a 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.