BANK BORROWINGS

9 Months Ended

Apr. 30, 2024

BANK BORROWINGS

BANK BORROWINGS

NOTE 8 – BANK BORROWINGS

As of April 30, 2024, bank borrowings consists, as follows;

	Principal		Maturity	Interest			April 30,
	Amount		date	Rate			2024
Loan dated October 27,2023	$	114,800	11/1/2053		9.50	%	$	114,800
Loan dated October 27,2023		114,800	11/1/2053		9.50	%		114,800
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		85,227
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,989
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		21,034
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		2,488
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		13,600
Total loans payable								439,938
Less: unamortized debt discount								(25,419	)
Total								414,519
Less: current portion								(199,083	)
Long -term portion							$	215,436

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 nine months ended April 30,2024, the Company recognized interest of $11,115 amortization of debt discount of $244 and paid interest of $9,947.

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 nine months ended April 30, 2024, the Company borrowed $210,338, recognized interest of $3,087, amortization of debt issuance cost of $1,214 and paid interest of $1,961.

During the nine months ended April 30, 2024, the Company allocated interest of $6,350 from total interest of $14,202 related to the above loans to construction in progress.

The following table outlines maturities of our long-term loans payable, as of April 30, 2024:

	April 30,
	2024
Year ending July 31,
Remaining of 2024	$	16,400
2025		43,917
2026		42,075
2027		43,917
2028		43,917
Thereafter		826,805
		1,017,031
Imputed interest		(577,093	)
	$	439,938