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RELATED PARTY TRANSACTIONS
12 Months Ended
Jul. 31, 2020
RELATED PARTY TRANSACTIONS  
NOTE 3 - RELATED PARTY TRANSACTIONS

NOTE 3 - 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 December 31, 2019, the line of credit increased up to $150,000 and was extended to December 31, 2021, and maybe prepaid without penalty. 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, 2020 and 2019, the Company borrowed $25,700 and $27,000 from a corporation controlled by an officer and director. As of July 31, 2020, and 2019, the Company was obligated, for this interest-bearing loan with a balance of $105,801 and $80,101, and accrued interest of $11,044 and $6,238, respectively. For the years ended July 31, 2020 and 2019, the Company did not pay interest under the line of credit to the Company and recorded interest expenses of $4,806 and $3,504, respectively. The remaining balance available under the line of credit is $44,199 as of July 31, 2020.

 

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.