RELATED PARTY CONVERTIBLE DEBT |
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Apr. 30, 2025 | |||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||
| RELATED PARTY CONVERTIBLE DEBT |
NOTE 9 - RELATED PARTY CONVERTIBLE DEBT Related party convertible notes from continued operations On August 22, 2019, the Company entered into a convertible note with a related party in the amount of $12,000. Principal of $4,500 has been repaid. The note will convert into Common Stock at the Company's option and bears interest at a rate of 6% annually, to be expensed at the time of conversion. The interest on this convertible note has been waived by the lender. As of April 30, 2025 and July 31, 2024, the balance of this note was $7,500. On August 24, 2019, the Company entered into two convertible notes with two related parties (who were former partners in 1stPoint Communications, LLC) in the amounts of $12,000 and $6,000 respectively. Both notes bear interest at a rate of 6% annually and any interest may be accrued as either cash or stock at the option of the Company. The interest on these convertible notes has been waived by the lender. The convertible notes convert at a 20% discount to market on the date of the proposed conversion, at the option of the Company or lender. As of April 30, 2025 the balances of these notes were $12,000 and $6,000. As of July 31, 2024 the balances of these notes were $12,000 and $6,000. On April 20, 2020, the Company entered into a convertible note with a former Chief Financial Officer of the Company in the amount of $36,300 with an original maturity date of April 20, 2024. The convertible note bears interest at a rate of 6% annually. The convertible note converts at a 20% discount to market on the date of the proposed conversion, at the option of the Company or lender. The interest on this note has been waived by the lender. As of April 30, 2025 and July 31, 2024, the balance of this note was $36,300. On February 26, 2021, the Company entered into a convertible note (the "February 2021 Convertible Note") with a related party in the amount of $25,000. The note bears interest at a rate of 6%, compounded monthly and payable upon repayment or conversion. Interest has been waived by the lender. The convertible note converts at a 20% discount to market on the date of the proposed conversion, at the option of the Company or lender. The note has been amended several times, with an additional $1,386,807 loaned during the nine months ended April 30, 2025. As of April 30, 2025 and July 1, 2024, the balance of this note was $2,630,800 and $1,243,993, respectively. As of April 30, 2025 and July 31, 2024, all of the related party payables are reported as current liabilities in the Consolidated Balance Sheet and all interest and maturity dates have been waived by the holders of all convertible notes from all related parties. As of April 30, 2025 and July 31, 2024, related parties convertible debt consisted of the following:
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