LOANS PAYABLE- RELATED PARTY

6 Months Ended

Jan. 31, 2024

LOANS PAYABLE- RELATED PARTY

LOANS PAYABLE- RELATED PARTY

NOTE 9 – LOANS PAYABLE- RELATED PARTY

As of January 31, 2024, loans payable – related party consist of as follows;

	Principal		Maturity	Interest			January 31,
	Amount		date	Rate			2024
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%	$	125,000
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		125,000
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		125,000
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		125,000
Total loans payable								500,000
Less: current portion								-
Long -term loans portion							$	500,000

The monthly payment of $3,958 for the 360 months to be applied to interest, and thereafter, the principal and any unpaid interest due on December 1, 2053.

During the six months ended January 31, 2024, the Company recognized interest of $7,917 and paid interest of $3,464.

During the six months ended January 31, 2024, the Company allocated interest of $4,069  from total interest of $7,917 related to the above loans to construction in progress.

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

	January 31,
	2024
Year ending July 31,
Remaining of 2024	$	28,203
2025		47,500
2026		47,500
2027		47,500
2028		47,500
Thereafter		1,707,292
		1,925,495
Imputed interest		(1,425,495	)
	$	500,000