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LOANS PAYABLE
9 Months Ended
Apr. 30, 2022
LOANS PAYABLE  
NOTE 7 - LOANS PAYABLE

NOTE 7 – LOANS PAYABLE

 

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, 2022, there is $15,000 and $6,000 of principal and accrued interest, respectively, due on this loan. As of July 31, 2021, there is $15,000 and $4,875 of principal and accrued interest, respectively, due on this loan. This loan is currently in default.

 

On June 11, 2020, a third party loaned the Company $14,000. On March 3, 2021, the party loaned another $5,000 to the Company. During the nine months ended  April 30, 2022, the Company repaid $15,000 of the loan. The loan is unsecured, non-interest bearing and due on demand. As of April 30, 2022, there is a balance due of $4,000.

 

As of April 30, 2022, the Company owed $5,000 to a third party. The loan is unsecured, non-interest bearing and due on demand.

 

During the year ended July 31, 2020, a third party loaned the Company $15,000. The loan is unsecured, bears interest at 8% per annum and matures on September 1, 2021. During the nine months ended April 30, 2022, the note holder converted the $15,000 of principal and $2,400 of interest into 435,000 shares of common stock. As of April 30, 2022, the Company issued 174,000 shares of the stock, with the remaining 261,000 still due.

 

During the year ended July 31, 2020, a third party loaned the Company $60,000. The loan is unsecured, bears interest at 8% per annum and matures on September 1, 2021. As of April 30, 2022, there is $12,375 of interest accrued on this note. This note is in default.