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RELATED PARTY TRANSACTIONS
12 Months Ended
Jul. 31, 2022
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 10 RELATED PARTY TRANSACTIONS

 

For the Years ended July 31, 2022 and 2021, total payments of $71,000 and $60,000, respectively, were made to Noel Schaefer, a Director of the Company, for consulting services. As of July 31, 2022, and 2021 there is $26,500 and $32,500 credited to accounts payable.

 

As of July 31, 2022 and 2021, there is $1,900 and $2,200, respectively, credited to accounts payable for amounts due to Rachel Boulds, CFO, for consulting services.

 

On September 25, 2018, the Company executed a loan agreement with Winona Webb, the wife of the Ivan Webb, 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. On January 30, 2022, Mr. Webb assumed the obligation from Ms. Webb to pay all interest and principal due totaling $31,917. The Company then agreed to convert the amount into 1,000,000 shares of common stock.

On January 28, 2022, Mr. Webb, purchased 2,000,000 shares of common stock for $60,000.

 

On July 27, 2022, Mr. Webb assumed the obligation to pay $23,175 of accrued liabilities previously incurred on one of the Company’s prior projects. The Company then agreed to convert the amount into 579,350 shares of common stock.

 

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.

 

During the year ended July 31, 2021, Mr. Miranda purchased 600,000 shares of common stock at $0.03 per share for $18,000. The 600,000 shares were issued in September 2021.

 

During the year ended July 31, 2022, Mr. Miranda purchased 2,933,333 shares of common stock at $0.03 per share for $88,000.