BANK BORROWINGS

12 Months Ended

Jul. 31, 2024

BANK BORROWINGS

BANK BORROWINGS

NOTE 8 – BANK BORROWINGS

As of July 31, 2024, bank borrowings consist, as follows;

	Principal		Maturity	Interest			July 31,
	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	%		87,712
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,726
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		80,089
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		44,153
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		40,501
Loan dated July 26,2024		109,500	8/1/2054		8.63	%		109,500
Loan dated July 26,2024		126,300	8/1/2054		8.75	%		126,300
Loan dated July 26,2024		131,200	8/1/2054		9.13	%		131,200
Loan dated July 26,2024		131,200	8/1/2054		9.13	%		131,200
Total loans payable								1,067,981
Less: unamortized debt discount								(24,675	)
Total								1,043,306
Less: current portion of loans payable								(332,589	)
Long -term loans portion							$	710,717

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 year ended July 31, 2024, the Company recognized interest of $16,612 amortization of debt discount of $365 and paid interest of $14,541.

Loans dated November 3, 2023

These are construction lines of credit loan (pre-mortgages) that are expected to convert to mortgage loans once the homes are completed. The lines of credit are for a period of five years and the Company has the option of monthly payment of $771.

During the year ended July 31, 2024, the Company borrowed $340,742, recognized interest of $9,795, amortization of debt issuance cost of $1,837 and paid principal of $562 and interest of $7,016.

Loans dated July 26, 2024

On July 26,2024, the Company’s Interim Chief Executive Officer (ICEO) obtained four loans (totally $498,200) for settlement of loans payable -related party for amounts of $471,500 (see Note 9).  On July 31,2024, the Company and ICEO entered into an assignment agreement, and the Company accepted the terms and condition of four loans agreements.

During the year ended July 31,2024, the Company recognized and paid interest of $372.

During the year ended July 31, 2024, the Company allocated interest of $9,703 from interest of $26,779 related to the above loans to construction in progress.

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

	July 31,
	2024
Year ending July 31,
2025		538,885
2026		69,711
2027		69,711
2028		69,711
Thereafter		1,878,262
		2,626,280
Imputed interest		(1,558,299	)
	$	1,067,981