DUE TO SHAREHOLDER

12 Months Ended

Jan. 31, 2024

Related Party Transactions [Abstract]

DUE TO SHAREHOLDER

DUE TO SHAREHOLDER

The Company has a credit facility with its majority shareholder, whereby, the credit facility provides the principal amount up to $800,000 as amended on April 26, 2024, of financing to the Company for working capital purposes. Amounts outstanding under the credit facility accrue interest at an annual rate of 11% and mature in December 2027. As of January 31, 2024 and January 31, 2023, respectively, principal and interest outstanding under the credit facility totaled $1,122,285 and $1,018,202, including principal of $630,111 and $595,112 respectively, and accrued interest of $492,174 and $423,090, respectively. Interest expense related to the credit facility was $69,084 and $64,223 for the twelve months ended January 31, 2024 and 2023 respectively.