RELATED PARTY TRANSACTIONS

6 Months Ended

Jan. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the six months ended January 31, 2024, and 2023, the Company's shareholders paid operating expenses of $16,889 and $33,780 on behalf of the Company.  The advances are unsecured, due on demand and non-bearing interest.

During the six months ended January 31, 2024, and 2023, the Company’s related parties advanced $157,700 and $1,716,000 to the Company, and the Company repaid $265,889 and $0, respectively. The advances are unsecure, due on demand and non-bearing interest.

During the six months ended January 31, 2024, and 2023, the Company’s related parties advanced $300,000 and $900,000 and the Company repaid $79,922 and $420,000, respectively. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the six months ended January 31, 2024, and 2023, the Company recognized and paid interest expenses of $16,920 and $42,000, respectively.

During the six months ended January 31, 2024, one related party assigned $500,000 of his amount due from the Company to another related party.

During the six months ended January 31, 2024, one related party converted $500,000 of the amount due from the Company to four loan agreements with an interest rate of 9.5% annual with term of 30 years (see Note 9). During the six months ended January 31, 2024, the Company recognized interest of $7,917 and paid interest of $3,464.

On January 17, 2024, the Company’s Board of Directors approved the settlement of $2,850,000 due to one related party in exchange of issuance of 11,400,000 shares of common stock.

During the six months ended January 31, 2024, the Company allocated interest of $8,695 from total interest of $16,920 related to the above loans to construction in progress.