LOANS PAYABLE

6 Months Ended

Jan. 31, 2024

LOANS PAYABLE

LOANS PAYABLE

NOTE 8 – LOANS PAYABLE

As of January 31, 2024, loans payable consists, as follows;

	Maturity	Interest			January 31,
	date	Rate			2024
Loan dated October 27, 2023	11/1/2053		9.50	%	$	114,800
Loan dated October 27, 2023	11/1/2053		9.50	%		114,800
Loan dated November 3, 2023	11/15/2028		8.50	%		27,567
Loan dated November 3, 2023	11/15/2028		8.50	%		27,244
Loan dated November 3, 2023	11/15/2028		8.50	%		2,488
Loan dated November 3, 2023	11/15/2028		8.50	%		2,488
Loan dated November 3, 2023	11/15/2028		8.50	%		2,488
Total loans payable						291,875
Less: unamortized debt discount and issuance cost						(26,148	)
Total						265,727
Less: current portion of loans payable						(50,410	)
Long -term loans portion					$	215,317

Loans dated October 27, 2023

The monthly payment of $909 for the first 120 months to be applied to interest, and thereafter, will be in the amount of $1,070 for principal and interest.

During the six months ended January 31,2024, the Company recognized interest of $5,737 amortization of debt discount of $126 and paid interest of $3,635.

Loans dated November 3, 2023

These are construction loans (pre-mortgage) that are expected to convert to mortgage loans once the homes are completed.

During the six months ended January 31, 2024, the Company borrowed $62,275, recognized interest of $559, amortization of debt issuance cost of $603 and paid interest of $153.

During the six months ended January 31, 2024, the Company allocated interest of $3,236 from total interest of $6,296  related to the above loans to construction in progress.

The following table outlines maturities of our long-term loans payable, as of January 31, 2024:

	January 31,
	2024
Year ending July 31,
Remaining of 2024	$	15,630
2025		28,357
2026		27,811
2027		28,357
2028		28,357
Thereafter		686,588
		815,100
Imputed interest		(523,225	)
	$	291,875