4. ACCOUNTS RECEIVABLE |
9 Months Ended | |||||||||||||||
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Oct. 31, 2023 | ||||||||||||||||
Notes | ||||||||||||||||
4. ACCOUNTS RECEIVABLE | 4.Accounts Receivable
Accounts receivables are stated at their carrying values, net of a reserve for doubtful accounts. For the six months ended July 31, 2023, the Company rendered services to Streamline USA, Inc. (“Streamline” or “SLI”). This created a Nonmonetary Exchange Invoice for $30,000. Consequently, the Company entered into a Nonmonetary Exchange Agreement with Streamline USA, Inc. as depicted below:
·The Company is to provide to Streamline USA, Inc. the equivalent of Thirty Thousand Dollars ($30,000) in Artificial Intelligence (AI) technology time (the “AI Time Credit").
·The Company offsets “Accounts Receivable due from” and “SLI Note Payable due to” until the full amount of $30,000 is counterbalanced.
·The $30,000 is to be counterbalanced by the total loan offset amounts which are equivalent to loan repayments from Streamline USA, Inc. to Glidelogic Corp. to suffice the SLI Note Payable.
For the nine months ended October 31, 2023, the total loan offset amounts were $6,678 (as portrayed below). Therefore, as of October 31, 2023, the Company had accounts receivable of $3,416 which resulted from the above total loan offset amounts that are deemed as loan repayments to the SLI Note Payable.
As of October 31, 2023, the SLI Note Payable has been fully paid with a portion of the nonmonetary exchange invoice amount stated above. The remaining portion of the nonmonetary exchange invoice amount is $3,416. Moreover, this remaining amount of $3,416 is an Accounts Receivable to be counterbalanced by future dealings with Streamline USA, Inc. |