Note 5 - Loans Payable |
9 Months Ended |
|---|---|
Apr. 30, 2025 | |
| Notes to Financial Statements | |
| Debt Disclosure [Text Block] |
NOTE 5 — LOANS PAYABLE
On April 16, 2017, the Company executed a promissory note for $15,000 with a third party. The note matures in two years and interest is set at $3,000 for the full two years. As of July 31, 2024, there is $15,000 and $9,375 of principal and accrued interest, respectively, due on this loan. As of April 30, 2025, there was $15,000 and $10,500 of principal and accrued interest, respectively, due on this loan. This loan is currently in default.
On June 11, 2020, a third party loaned the Company $14,000. On March 3, 2021, the party loaned another $5,000 to the Company. During the year ended July 31, 2022, the Company repaid $15,000 of the loan. During the year ended July 31, 2023, the Company borrowed an additional $7,000. The loan is unsecured, non-interest bearing and due on demand. As of April 30, 2025, there is a balance due of $11,000.
During the year ended July 31, 2020, a third party loaned the Company $60,000. The loan is unsecured, bears interest at 8% per annum and matures on September 1, 2021. On April 30, 2025, the Company and the third party entered into a debt settlement agreement, whereby the parties agreed to settle the outstanding principal and interest for $30,000 in cash and 1,137,900 shares of common stock at $0.05 per share. As of July 31, 2024, there is $60,000 and $23,265 of principal and accrued interest, respectively, due on this loan. As of April 30, 2025, there is $30,000 and $0 of principal and interest accrued on this note. As of April 30, 2025, the shares have not yet been issued by the transfer agent and are disclosed as common stock to be issued.
On June 1, 2023, the Company issued a Promissory Note to Golden Sands Exploration Inc, for $85,000. The note bears interest at 6% and matures on June 1, 2026. Interest is to be paid quarterly with the first payment due on or before September 1, 2023. As of July 31, 2024, there is $85,000 and $886 of principal and accrued interest, respectively, due on this loan. As of April 30, 2025, there is $85,000 and $898 of principal and accrued interest, respectively, due on this loan. |