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RELATED PARTY TRANSACTIONS
6 Months Ended
Jan. 31, 2021
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 in the form of an unsecured line of credit evidenced by a promissory note bearing interest at an annual rate of 5%. On December 31, 2019, the line of credit increased to $150,000 and was extended to December 31, 2021 and may be prepaid without penalty. The Company concluded the note modification was not a significant change and is not treating it as an extinguishment. During the six months ended January 31, 2021, the Company borrowed $10,450 and repayments under the line of credit to the Company were made in the amount of $0. As of January 31, 2021, the Company was obligated, for this interest-bearing loan with a balance of $116,251 and accrued interest of $13,897. The remaining balance available under the line of credit is $33,749 as of January 31, 2021. For the six months ended January 31, 2021 and 2020, the Company recorded interest expense of $2,853 and $2,294, respectively, and paid $0 in interest on this note payable.

 

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.