LOANS PAYABLE- RELATED PARTY

12 Months Ended

Jul. 31, 2024

LOANS PAYABLE- RELATED PARTY

LOANS PAYABLE- RELATED PARTY

NOTE 9 – LOANS PAYABLE- RELATED PARTY

As of July 31, 2024, loans payable – related party consist of as follows;

	Principal		Maturity	Interest			July 31,
	Amount		date	Rate			2024
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%	$	22,500
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		6,000
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		-
Loan dated December 1,2023	$	125,000	12/1/2053		9.50	%		-
Total loans payable								28,500
Less: current portion								(28,500	)
Long -term loans portion							$	-

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 year ended July 31, 2024, the Company recognized interest of $31,172 and paid interest of $27,213.

On July 29,2024, the Company settled $471,500 principal of loans (see Note 8) and the remaining balance of $28,500 was repaid on August 1,2024.

During the year ended July 31, 2024, the Company allocated interest of $12,752 from interest of $31,172 related to the above loans to construction in progress.

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

Year ending July 31,
2025	$	32,953
Thereafter		-
		32,953
Imputed interest		(4,453	)
	$	28,500