RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the years ended July 31, 2024, and 2023, the Company's shareholders paid operating expenses of $16,889 and $38,710 on behalf of the Company, respectively. The advances are unsecure, due on demand and non-bearing interest. 

During the years ended July 31, 2024, and 2023, the Company’s related party advanced $808,700 and $2,670,300 to the Company. The advances are unsecure, due on demand and non-bearing interest.

During the years ended July 31, 2024, and 2023, the Company’s officers advanced $0 and $282,000 to the Company and the Company repaid $29,922 and 73,600, respectively. The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays.

During the years ended July 31, 2024, and 2023, the Company’s related parties advanced $300,000 and $2,100,000 and the Company repaid $100,000 and $1,300,000, 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 years ended July 31, 2024, and 2023, the Company recognized and paid interest expenses of $21,920 and $137,360, respectively.

During the year ended July 31, 2024, one related party assigned $500,000 of his amount due from the Company to another related party.

During the year ended July 31, 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.  In July 2024, the Company settled principal of $471,500 (see Note 9). During the year ended July 31, 2024, the Company recognized interest of $31,172 and paid interest of $27,213.

During the year ended July 31,2024, one related party assigned $498,200 obtained loans from the bank to the Company. The loan was utilized for settlement of $471,500 another related party loan (see Note 8) and payment of the Company’s operating expenses of $26,700.

During the year ended July 31, 2024, the Company allocated interest of $25,297 from total interest of $53,092 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.

As of July 31, 2024, and 2023, the Company had due to related parties of $1,106,000 and $3,726,222, respectively.