LOANS PAYABLE- RELATED PARTY

9 Months Ended

Apr. 30, 2024

LOANS PAYABLE- RELATED PARTY

LOANS PAYABLE- RELATED PARTY

NOTE 9 – LOANS PAYABLE- RELATED PARTY

As of April 30, 2024, loans payable – related party consist of as follows;

	Principal		Maturity	Interest			April 30,
	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 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 $8,849 from total interest of $19,792 related to the above loans to construction in progress.

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

	April 30,
	2024
Year ending July 31,
Remaining of 2024	$	16,328
2025		47,500
2026		47,500
2027		47,500
2028		47,500
Thereafter		1,707,292
		1,913,620
Imputed interest		(1,413,620	)
	$	500,000