BANK BORROWINGS

6 Months Ended

Jan. 31, 2025

BANK BORROWINGS

BANK BORROWINGS

NOTE 7 – BANK BORROWINGS

As of January 31, 2025, and July 31,2024, bank borrowings consist, as follows; 

	Principal		Maturity	Interest			January 31			July 31,
	Amount		date	Rate			2025			2024
Loan dated October 27, 2023	$	114,800	November 1, 2053		9.50	%	$	114,800		$	114,800
Loan dated October 27, 2023		114,800	November 1, 2053		9.50	%		114,800			114,800
Loan dated November 3, 2023		88,000	November 15, 2028		8.50	%		87,975			87,712
Loan dated November 3, 2023		88,000	November 15, 2028		8.50	%		87,990			87,726
Loan dated November 3, 2023		88,000	November 15, 2028		8.50	%		88,538			80,089
Loan dated November 3, 2023		88,000	November 15, 2028		8.50	%		87,453			44,153
Loan dated November 3, 2023		88,000	November 15, 2028		8.50	%		87,586			40,501
Loan dated July 26, 2024		109,500	August 1, 2054		8.63	%		109,172			109,500
Loan dated July 26, 2024		126,300	August 1, 2054		8.75	%		125,941			126,300
Loan dated July 26, 2024		131,200	August 1, 2054		9.13	%		130,846			131,200
Loan dated July 26, 2024		131,200	August 1, 2054		9.13	%		130,846			131,200
Total loans payable								1,165,947			1,067,981
Less: unamortized debt discount								(23,185	)		(24,675	)
Total								1,142,762			1,043,306
Less: current portion of loans payable								(432,204	)		(332,589	)
Long -term loans portion							$	710,558		$	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 six months ended January 31, 2025, and 2024, the Company borrowed $0 and $229,600, recognized interest of $10,996 and $5,737, amortization of debt discount of $242 and $126 and paid interest of $12,723 and $3,635, 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 six months ended January 31, 2025, and 2024, the Company borrowed $102,535 and $62,275, recognized interest of $20,031and $559, amortization of debt issuance cost of $1,247 and $603 and paid principal of $3,171 and $0 and interest of $ 17,312 and $153, respectively.

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 which the bank agrees with assignment and collateral of four homes, The Company accepted the terms and condition of four bank loans agreements.

During the six months ended January 31, 2025, the Company paid principal of $1,396 and recognized interest of $22,268 and paid interest of $18,560.

During the six months ended January 31, 2025, the Company allocated interest of $6,437 from total interest of $53,295 related to the above loans to construction in progress. 

The following table outlines maturities of our long-term loans payable, as of January 31, 2025: 

	January 31
	2025
Year ending July 31,
Remaining of 2025	$	495,134
2026		69,711
2027		69,711
2028		69,711
2029		69,711
Thereafter		1,805,631
		2,579,609
Imputed interest		(1,413,662	)
	$	1,165,947