Short-Term Loans Held for Sale

12 Months Ended

Jul. 31, 2016

Short-Term Loans Held for Sale [Abstract]

SHORT-TERM LOANS HELD FOR SALE

NOTE 8 – SHORT-TERM LOANS HELD FOR SALE

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

	July 31,		July 31,
	2016		2015
Short-term loans from Deep Blue Trading	$	97,448	$	64,026
Short-term loans from Galloway Financial Services		41,309		-
Loans from Steampunk Wizards Inc.		-		164,730
	$	138,757	$	228,756

During the year ended July 31, 2016 and the period ended July 31, 2015, the Company accrued interest of $8,533 and $1,387, respectively.

The Deep Blue Trading loans are secured, bear interest rate of 7% per annum and are payable, together with interest, within one year from date of grant. Of the total balance $97,448 to Deep Blue Trading, the Company is in default for $52,773 as at July 31, 2016. One of the shareholders of the Company is a director in Deep Blue Trading.

The Galloway Financial Services (“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. As at July 31, 2016 and 2015, the Company owed $41,309 and $0, respectively, to Galloway. One of the shareholders of the Company is a director in Galloway.

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 July 31, 2016.