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RELATED PARTY TRANSACTIONS
12 Months Ended
Jul. 31, 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 at an annual interest rate of 5%. On April 15, 2019, the line of credit increased up to $100,000 and was extended to December 31, 2019. The Company concluded the note modification was not a significant change and is not treating it as an extinguishment. During the years ended July 31, 2019 and 2018, the Company borrowed $27,000 and $14,500 from a corporation controlled by an officer and director. As of July 31, 2019 and 2018, the Company was obligated, for this interest bearing loan with a balance of $80,101 and $53,101, and accrued interest of $6,238 and $2,734, respectively. For the years ended July 31, 2019 and 2018, the Company did not pay interest under the line of credit to the Company. 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 July 31, 2019.

 

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.