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Promissory Notes
3 Months Ended
Apr. 30, 2016
Debt Disclosure [Abstract]  
Promissory Notes

Note 6 - Promissory Notes

 

On October 31, 2015, the Company entered into a promissory note agreement with a third party to settle outstanding payables. The note is for a total principal balance of $358,832, bearing interest at a rate of 10% and maturing in October 2017. The Company is required to prepay the note 10% of the net proceeds received upon the closing of a capital raise, except for, those transactions conducted with the Company’s Chief Executive Officer. The Company paid $173,373 toward the outstanding balance, a portion of which is 10% of the net proceeds from the final closing of the private placement in November 2015. As of April 30, 2016 and January 31, 2016, the outstanding balance on the note was $191,082 and $239,459, respectively.

 

In January 2016, the Company entered into a promissory note agreement with a third party to settle outstanding payables. The note is for a total principal balance of $116,003, bearing interest at a rate of 6% and maturing in October 2016. As of April 30, 2016 and January 31, 2016, the outstanding balance on the note was $66,003 and $97,116, respectively.

 

As of April 30, 2016 and January 31, 2016, the aggregate outstanding balance on the notes was $257,085 and $336,575, respectively.