RELATED PARTIES |
9 Months Ended |
|---|---|
Apr. 30, 2025 | |
| RELATED PARTIES | |
| RELATED PARTIES | NOTE 3 - RELATED PARTIES
The Company uses warehouse and office space belonging to one of its stockholders. The stockholder does not charge the Company rent or other fees for the use of these facilities.
Four stockholders of the Company loaned a total of $62,750 to the Company at various times during the years ended July 31, 2010 through 2012. The loans carry interest rates from 8.00% to 12.00% and are due on demand. The balances on the loans are $62,750 at April 30, 2025 and July 31, 2024. Effective July 31, 2013, further interest accrual was waived by the noteholders. Accrued interest is $15,139 at April 30, 2025 and July 31, 2024.
One of the Company’s stockholders and a company owned by the stockholder advanced a total of $124,817 to the Company at various times between November 2012 and December 2020. On December 31, 2020, $124,217 of the balance of the advances was converted to a note payable to the stockholder. The note carries interest at a rate of 7.25% and is payable on demand. Accrued interest is $39,025 and $32,271 at April 30, 2025 and July 31, 2024, respectively. The balances on the advances and note payable are $139,676 and $130,367 at April 30, 2025 and July 31, 2024, respectively. The advances carry no interest.
Another stockholder of the Company paid invoices of the Company at various times between August 2018 and April 2025. The balances on these advances owed by the Company are $360,239 and $316,510 at April 30, 2025 and July 31, 2024, respectively. The advances carry no interest.
The above transactions are not necessarily what third parties would have agreed to. |