BANK BORROWINGS

3 Months Ended

Oct. 31, 2024

BANK BORROWINGS

BANK BORROWINGS

NOTE 7 – BANK BORROWINGS

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

	Principal		Maturity	Interest			October 31,			July 31,
	Amount		date	Rate			2024			2024
Loan dated October 27,2023	$	114,800	11/1/2053		9.50	%	$	114,800		$	114,800
Loan dated October 27,2023		114,800	11/1/2053		9.50	%		114,800			114,800
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,302			87,712
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,316			87,726
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,853			80,089
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,859			44,153
Loan dated November 3,2023		88,000	11/15/2028		8.50	%		87,862			40,501
Loan dated July 26,2024		109,500	8/1/2054		8.63	%		109,371			109,500
Loan dated July 26,2024		126,300	8/1/2054		8.75	%		126,157			126,300
Loan dated July 26,2024		131,200	8/1/2054		9.13	%		131,060			131,200
Loan dated July 26,2024		131,200	8/1/2054		9.13	%		131,060			131,200
Total loans payable								1,165,440			1,067,981
Less: unamortized debt discount								(23,930	)		(24,675	)
Total								1,141,510			1,043,306
Less: current portion of loans payable								(431,072	)		(332,589	)
Long -term loans portion							$	710,438		$	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 three months ended October 31, 2024, and 2023, the Company borrowed $0 and $215,110, recognized interest of $5,498 and $0, amortization of debt discount of $121 and $0 and paid interest of $5,453 and $0, respectively.

Loans dated November 3, 2023

These are construction loans (pre-mortgages) that are expected to convert to mortgage loans once the homes are completed.

During the three months ended October 31, 2024, the Company borrowed $99,258, recognized interest of $6,795, amortization of debt issuance cost of $623 and paid principal of $1,246 and interest of $8,448.

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.  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 three months ended October 31, 2024, the Company paid principal of $552 and recognized interest of $11,143 and paid interest of $7,431.

During the three months ended October 31, 2024, the Company allocated interest of $4,762 from total interest of $23,436 related to the above loans to construction in progress. 

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

	October 31,
	2024
Year ending July 31,
Remaining of 2025	$	664,967
2026		69,711
2027		69,711
2028		69,711
2029		69,711
Thereafter		1,805,630
		2,749,441
Imputed interest		(1,584,001	)
	$	1,165,440