Notes Payable – Related Parties and Debt Forgiveness (Tables)

12 Months Ended

Jul. 31, 2022

Debt Disclosure [Abstract]

Schedule of Notes Payable Related Parties

The following represents a summary of the Company’s notes payable – related parties, key terms, and outstanding balances at July 31, 2022 and 2021 respectively:

	Note Payable				Note Payable				Note Payable
Terms	Related Parties				Related Party				Related Party
Issuance date of notes		Prior to 2018				June 29, 2021				July 9, 2021
Maturity date		Due on demand				June 28, 2022		A		June 28, 2022		A
Interest rate		12%				12%				12%
Collateral		Unsecured				Unsecured				Unsecured
														Total
Principal	$	112,167			$	25,000			$	25,000			$	162,167
Balance - July 31, 2020	$	112,167			$	-			$	-			$	112,167
Proceeds from issuance of notes		-				25,000				25,000				50,000
Balance - July 31, 2021		112,167				25,000				25,000				162,167
Forgiveness of note payable		(112,167	)	B		-				-				(112,167	)
Stock issued in conversion of note payable						(25,000	)	C		(25,000	)	C		(50,000	)
Balance - July 31, 2022	$	-			$	-			$	-			$	-

A Due on the earlier of June 28, 2022, or the date which the Company raises at least $200,000 from investors.

B These notes were forgiven by the debt holders in February 2022. Total principal and accrued interest totaled $155,743. Since these transactions occurred with related parties, gain on debt forgiveness was recorded as an increase to additional paid-in capital. See Note 5.

C The Company issued 135,450 shares of common stock, having a fair value of $106,274, to settle the outstanding principal and related accrued interest of $54,180 on these notes payable - related parties, resulting in a loss on debt extinguishment of $52,094. See Note 5.