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LOAN PAYABLE
3 Months Ended
Oct. 31, 2024
LOAN PAYABLE  
LOAN PAYABLE

NOTE 9 – LOAN PAYABLE

 

On July 31, 2024, the Company purchased land for the purpose of future construction of 7-8 duplex apartments in amount of $120,000. The Company signed a mortgage and warranty deed agreement with the seller for unpaid purchase price of $50,000, with 5% interest per annum, principal and interest being due and payable in 2 annual installments of $25,000 plus interest, beginning July 31, 2025, and the final instalment being July 31, 2026. During the three months ended October 31, 2024, the Company recognized interest of $630.

 

During the three months ended October 31, 2024, the Company allocated interest of $128 from total interest of $630 related to the above loan to construction in progress.

 

As of October 31, 2024, the Company had principal due of $50,000.