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Note Payable - Related Party
3 Months Ended
Oct. 31, 2019
Related Party Transactions [Abstract]  
Note Payable - Related Party

NOTE 4 – NOTE PAYABLE – RELATED PARTY

 

In January 2013, Bigfoot Project Investments, Inc. executed a promissory note in the amount of $484,029 as part of the asset transfer agreement for the transfer of all assets held by Searching for Bigfoot, Inc. In August 2013, the Company increased the balance of the promissory note by $489 to add an asset that was not included in the original transfer. The note is subject to annual interest of 4%. The unpaid principal and the accrued interest are payable in full on January 31, 2018.

 

The holder of the note has agreed to allow the note to be renewed for another year making the current maturity date, January 31, 2020. The Company was able to pay $36,476 toward the principal of the loan during the period ended October 31, 2018. The Company was able to pay $9,456 towards the principal of the loan during the period ended October 31, 2019. The Company also issued 50,000,000 shares of Series A Convertible Preferred stock in exchange for $50,000 of principal on the note. As of October 31, 2019, and July 31, 2019, the outstanding balance on the note was $376,438 and $435,894, respectively.

 

Interest expense for the three months ended October 31, 2019 and 2018 was $4,724 and $4,724, respectively.