NOTE 5 – PROMISSORY NOTES

12 Months Ended

Jul. 31, 2021

NOTE 5 – PROMISSORY NOTES

Promissory notes payable as of July 31, 2021, and July 31, 2020, consisted of the following:

Description	July 31, 2021		July 31, 2020
Note payable dated March 8, 2018, matured March 8, 2019, bearing interest at 10% per annum.	$	30,000	$	30,000
Note payable dated July 18, 2018, matured July 18, 2019, bearing interest at 8% per annum.	$	135,000	$	135,000
Note payable dated February 4, 2020, matured February 4, 2021, bearing interest at 18% per annum.	$	5,000	$	5,000
Note payable dated June 6, 2021, matured June 6, 2022, bearing interest at 0% per annum.	$	200,000	$	0
Note payable dated June 6, 2021, matured June 6, 2022, bearing interest at 0% per annum.	$	150,000	$	0
Total	$	520,000	$	170,000
Less current portion of long-term debt	$	520,000	$	170,000
Total long-term debt		—		—

Interest expense for the year ended July 31, 2021, and 2020 was $14,700 and $17,350, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

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