SHORT-TERM LOANS

9 Months Ended

Apr. 30, 2016

NOTE 7 – SHORT-TERM LOANS

The Company’s short-term loans consist of the following:

	April 30,		July 31,
	2016		2015
Short-term loans from Deep Blue Trading	$	99,848	$	64,026
Short-term loans from Galloway Financial		25,177		-
Loans from Steampunk Wizards Inc.		-		164,730
	$	125,025	$	228,756

The Deep Blue Trading loans are secured, bears interest rate of 7% per annum and are payable, together with interest, within one year from date of grant. Of the total balance $99,848 to Deep Blue Trading, the Company is in default for $45,776 as at April 30, 2016. The Galloway loans were borrowed from a shareholder, who has approximately 1% of the Company’s common shares. The Galloway loans are unsecured, bears interest rate of 7% per annum and are payable, together with interest, within one year from date of grant. During the three and nine months ended April, 2016, the Company accrued interest of $2,088 and $4,826, respectively.

On July 16, 2015, Steampunk Wizards, Inc. entered into a share exchange agreement with Malta Co. The exchange was closed on August 21, 2015. As a result of the exchange of Malta Co. became a wholly owned subsidiary of Steampunk Wizards, Inc. Prior to the closing, Steampunk Wizards, Inc. advanced $164,730 (EUR 145,000) to the Malta Co. The advance was unsecured, non-interest bearing and reclassified as inter-company loans during the period ended April 30, 2016.