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Notes Payable
 9 Months Ended
Apr. 30, 2024
Debt Disclosure [Abstract]  
Notes Payable

Note 4 – Notes Payable

 

The following represents a summary of the Company’s notes payable at April 30, 2024 and July 31, 2023:

 

Issue Date

Date

 

Maturity

Date

 

Interest

Rate

  

Default

Interest Rate

   Collateral  April 30, 2024   July 31, 2023 
                       
August 2023  August 2024   10%   20%  Unsecured  $150,000   $- 
November 2023  November 2024   10%   20%  Unsecured   50,000    -1
December 2023  December 2024   10%   20%  Unsecured   25,000    -2
April 2024  April 2025   10%   20%  Unsecured   25,000    -3
                    250,000    - 
                           
                Less: unamortized debt discount   (43,860)   - 
                              
                Notes payable - net  $206,140   $- 

 

 

OPENLOCKER HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2024

(UNAUDITED)

 

1- In connection with the issuance of this $50,000 note, the Company also issued 100,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $21,890, based upon the quoted trading price ($0.2189/share) and is being amortized over the life of the note.

 

2- In connection with the issuance of this $25,000 note, the Company also issued 125,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $25,000, based upon the quoted trading price ($0.20/share) and is being amortized over the life of the note.

 

3- In connection with the issuance of this $25,000 note, the Company also issued 100,000 shares of common stock. The issuance of the common stock was considered a debt discount. The fair value of the common stock was $20,000, based upon the quoted trading price ($0.20/share) and is being amortized over the life of the note.

 

See Note 6.

 

The Company had the following activity related to its notes payable during the nine months ended April 30, 2024:

 

Balance - July 31, 2023  $- 
Proceeds   250,000 
Stock issued as debt discount   (66,890)
Amortization of debt discount   23,030 
Balance - April 30, 2024  $206,140