LOAN RECEIVABLE	3 Months Ended
Jul. 31, 2022
LOAN RECEIVABLE
LOAN RECEIVABLE	NOTE 4 – LOAN RECEIVABLE On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022 with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable of $672,960 as follows: (1) a pre-payment on July 22, 2022 of pro-rated interest for the period from July 22, 2022 through July 30, 2022 in the amount of $2,212; (2) a pre-payment of interest on August 1, 2022 for the period from August 1, 2022 through September 30, 2022 in the amount of $13,496; and then (3) monthly payments of interest only beginning on October 1, 2022 and continuing on the 1st day of each month thereafter until all principal and accrued interest are paid in full by July 1, 2023. The note is secured by mortgages or deeds of trust on property valued at $1,121,600. Consideration for the note was paid in part by the Company in the amount of $328,626 and in part by a third party investor in the amount of $328,626. During the year ended July 31, 2022, the Company recorded interest income of $1,106 and deferred interest income of $6,748 as of July 31, 2022.

LOAN RECEIVABLE

3 Months Ended

Jul. 31, 2022

NOTE 4 – LOAN RECEIVABLE

On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022 with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable of $672,960 as follows: (1) a pre-payment on July 22, 2022 of pro-rated interest for the period from July 22, 2022 through July 30, 2022 in the amount of $2,212; (2) a pre-payment of interest on August 1, 2022 for the period from August 1, 2022 through September 30, 2022 in the amount of $13,496; and then (3) monthly payments of interest only beginning on October 1, 2022 and continuing on the 1st day of each month thereafter until all principal and accrued interest are paid in full by July 1, 2023. The note is secured by mortgages or deeds of trust on property valued at $1,121,600.

Consideration for the note was paid in part by the Company in the amount of $328,626 and in part by a third party investor in the amount of $328,626.

During the year ended July 31, 2022, the Company recorded interest income of $1,106 and deferred interest income of $6,748 as of July 31, 2022.