XML 56 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Related Party Promisory Notes (Details) - USD ($)
1 Months Ended 6 Months Ended 12 Months Ended
Nov. 17, 2020
Feb. 27, 2020
May 01, 2018
Jan. 31, 2021
Jul. 31, 2020
Related Party Promisory Notes (Textual)          
Principal outstanding $ 30,000     $ 30,000 $ 30,000
Debt conversion, description   The Company entered into an unsecured promissory note for $70,000 with an effective annual interest rate of 12% and a maturity date of May 1, 2020. Subsequently, the note holder agreed to extend the maturity date until August 31, 2020. In addition, the Company agreed to pay the lender in services provided by the Company, and any unpaid principal and accrued interest will be paid in cash. During the six months ended January 31, 2020 and January 31, 2021, the Company provided VoIP Hosted and fiber services of $88,035 and $84,697, respectively. On August 3, 2020, the promissory note was paid in full. The total principal outstanding as of January 31, 2021 and July 31, 2020 were $0 and $16,298, respectively.      
Unsecured promissory note   $ 70,000      
Total principal outstanding       152,634  
T3 Communications, Inc. [Member]          
Related Party Promisory Notes (Textual)          
Promissory note     $ 275,000    
Interest rate     8.08%    
Unamortized discount       0 6,300
Interest and principal payment     $ 6,000    
Debt instrument, description of variable rate basis     The promissory note is guaranteed to the lender by 15% of the stock owned by T3 in its Florida operations, T3 Communications, Inc., the secured interest will continue until the principal balance is paid in full.    
Warrants terms     3 years    
Exercise price     $ 0.50    
Interest expense       6,300 10,386
Fair market value of warrants     $ 26,543    
Principal outstanding       0 $ 152,634
Purchase of warrants     100,000    
ActivePBX Asset Purchase [Member]          
Related Party Promisory Notes (Textual)          
Purchase price, description The aggregate purchase price for the Purchased Assets was $2,555,000 in cash, subject to adjustment as provided therein (the “Purchase Price”). $1,190,000 of the Purchase Price was payable at closing, with $50,000 of such amount being withheld by T3 Florida for a period of 12 months to cover part of potential future indemnification obligations of Seller to T3 Florida due to Seller’s breaches, if any, of any representations and warranties made to T3 Florida by Seller under the Purchase Agreement, and $40,000 of such amount being credited to T3 Florida against a payment in that amount made by T3 Florida to Seller pursuant to the Second Amendment to Letter of Intent between Seller and T3 Florida dated as of October 15, 2020.        
Purchase price payment, description Part of the Purchase Price is payable in 8 equal quarterly payments of $136,250, subject to T3 Florida achieving quarterly post-purchase recurring revenues under monthly contracts or subscriptions from the acquired customer base, excluding charges for taxes, regulatory fees, additional set-up fees, equipment purchases or lease, and consulting fees.        
Purchase price $ 275,000        
Payment obligation 1,140,000        
Total principal outstanding       $ 1,415,000  
Payment on annual basis $ 90,000