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Loans from Related Parties
3 Months Ended
Oct. 31, 2018
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Loan from Related Party

Note 3 - Loans from Related Parties

 

HDS received substantially all of its funding from a shareholder, who owned 98.9% of HDS prior to the acquisition of HDS by the Company. The loan is unsecured, matures on December 31, 2019 and accrued interest at 0.75% per annum through January 19, 2017, and bears no interest thereafter. Upon acquisition of HDS by the Company (see Note 8), the outstanding principal balance was $13,239,837 and total accrued interest of $191,869. This loan is subject to a call option (Note 8) which, if exercised, the principal and accrued interest through January 18, 2017 would be eliminated. The loan principal increased by $624,404 from January 19, 2017 through July 31, 2018 and did not change from July 31, 2018 to October 31, 2018. As of October 31, 2018, the outstanding principal balance was $13,864,241. Subsequent to period end the call option was exercised and the outstanding principal balance was eliminated (Note 13).