Related Party Transactions

3 Months Ended

Oct. 31, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

During the three months ended October 31, 2021 and 2020, the Company provided VoIP Hosted and fiber services to a Company owned by one of the T3 Communications, Inc., Board Member’s for $46,150 and $39,769, respectively.

In November 2020, as a result of the of the acquisition of ActiveServe’s asset, the two sellers became related parties as they continued to be involved as consultants to manage the customer relationship, the Company will pay on an annual basis $90,000 to each the consultants. As of October 31, 2021, there’s no balance outstanding under the consulting agreements. In addition, part of the Purchase Price is payable in 8 equal quarterly payments to the sellers. During the three months ended October 31, 2021, the Company paid $134,131 of the principal balance outstanding. The total principal outstanding on the notes as of October 31, 2021, and July 31, 2021, were $1,000,160 and $1,134,291, respectively. Subsequently, on November 29, 2021, the Company paid $39,000 for the total balance that was held in escrow.