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RELATED PARTY TRANSACTIONS
6 Months Ended
Jan. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Note Payable

 

On July 15, 2014, a corporation controlled by an officer and director committed $75,000 Promissory Note in the form of an unsecured line of credit. Any unpaid balance was due December 31, 2015, and was extended to December 31, 2018, at an annual interest rate of 5% and may be prepaid without penalty. The Company concluded the note modification was not a significant change and is not treating it as an extinguishment. During the six months ended January 31, 2018 and 2017, net repayments under the line of credit to the Company were made in the amount of $0 and $3,483, respectively. As of January 31, 2018, the Company was obligated, for this interest bearing loan with a balance of $38,601 and accrued interest of $1,616. As of July 31, 2017, the Company was obligated, for this interest-bearing loan with a balance of $38,601 and accrued interest of $642. The Company plans to pay the loan and interest back as cash flows become available. The remaining balance available under the line of credit is $34,783 as of January 31, 2018. For the periods ended January 31, 2018 and 2017, the Company paid $0 and $1,631, respectively, in interest on this note payable.

 

Other

 

The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the founder of the Company to use at no charge.