XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
LOANS PAYABLE
12 Months Ended
Jul. 31, 2022
LOANS PAYABLE  
LOANS PAYABLE

NOTE 6 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 July 31, 2022, there is $15,000 and $6,375 of principal and accrued interest, respectively, due on this loan. As of July 31, 2021, there was $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 year ended July 31, 2022, the Company repaid $15,000 of the loan. The loan is unsecured, non-interest bearing and due on demand. As of July 31, 2022, there is a balance due of $4,000.

 

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. On September 30, 2021, the note holder converted the $15,000 of principal and $2,400 of interest into 435,000 shares of common stock.

 

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 July 31, 2022, there is $13,585 of interest accrued on this note. This note is in default.