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RELATED PARTY TRANSACTIONS
9 Months Ended
Apr. 30, 2019
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. On April 15, 2019, the line of credit increased to $100,000 and was extended to December 31, 2019, 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 nine months ended April 30, 2019, the Company borrowed $27,000 and repayments under the line of credit to the Company were made in the amount of $0. As of April 30, 2019, the Company was obligated, for this interest bearing loan with a balance of $80,101 and accrued interest of $5,228. 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 $19,899 as of April 30, 2019. For the nine months ended April 30, 2019 and 2018, the Company paid $0 and $0, 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, who is also the CEO and President, of the Company to use at no charge.