Annual report pursuant to Section 13 and 15(d)

Note Payable

v3.19.3
Note Payable
12 Months Ended
Jul. 31, 2019
Debt Disclosure [Abstract]  
Note Payable

Note 6 – Note Payable

 

On March 22, 2019, the Company entered into a finance agreement with First Insurance Funding (“FIF”). Pursuant to the terms of the agreement, FIF loaned the Company the principal amount of $185,990, which would accrue interest at 6.25% per annum, to partially fund the payment of the premium of the Company’s Director & Officer insurance. The agreement requires the Company to make nine monthly payments of $21,207, including interest starting on April 18, 2019. At July 31, 2019, the outstanding balance related to this finance agreement was $83,760.