LOANS PAYABLE- RELATED PARTY

6 Months Ended

Jan. 31, 2025

LOANS PAYABLE- RELATED PARTY

LOANS PAYABLE- RELATED PARTY

NOTE 8 – LOANS PAYABLE - RELATED PARTY

As of January 31, 2025, loans payable – related party consist of as follows;

	Principal		Maturity	Interest			January 31,		July 31,
	Amount		date	Rate			2024		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
Total loans payable								-		28,500
Less: current portion								-		(28,500	)
Long -term loans portion							$	-	$	-

During the six months ended January 31, 2024, one related party converted $500,000 of the amount due from the Company to four loan agreements with an interest rate of 9.5% annual with term of 30 years. During the six months ended January 31, 2024, the Company recognized interest of $7,917 and paid interest of $3,464.

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.

On August 1, 2024, the Company paid and settled the outstanding principal balance of $28,500 and interest payable of $3,958.