RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the nine months ended April 30, 2024, and 2023, the Company's shareholders paid operating expenses of $16,889 and $38,710 on behalf of the Company.  The advances are unsecure, due on demand and non-bearing interest.

During the nine months ended April 30, 2024, and 2023, the Company’s officers advanced $0 and $170,000 to the Company, and the Company repaid $29,922 and $36,800, respectively. The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays. During the nine months ended April 30, 2024 and 2023, the Company paid interest of $1,840 and $3,680, respectively.

During the nine months ended April 30, 2024, and 2023, the Company’s related parties advanced $382,700 and $2,377,300 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 nine months ended April 30, 2024, and 2023, the Company’s related parties advanced $300,000 and $1,492,000 and the Company repaid $100,000 and $840,000, 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 nine months ended April 30, 2024, and 2023, the Company recognized and paid interest expenses of $20,080 and $84,000, respectively.

During the nine months ended April 30, 2024, one related party assigned $500,000 of his amount due from the Company to another related party.

During the nine months ended April 30, 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 nine months ended April 30, 2024, the Company recognized interest of $19,792 and paid interest of $15,338.

During the nine months ended April 30, 2024, the Company allocated interest of $18,650 from total interest of $41,712 related to the above loans to construction in progress.

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.