Quarterly report pursuant to Section 13 or 15(d)

Note Payable

Note Payable
3 Months Ended
Oct. 31, 2022
Debt Disclosure [Abstract]  
Note Payable

Note 5—Note Payable


On July 11, 2022, the Company entered into a finance agreement with AFCO Premium Credit LLC (“AFCO”). Pursuant to the terms of the agreement, AFCO loaned the Company the principal amount of $1,027,986, which would accrue interest at 5.248% per annum, to partially fund the payment of the premium of the Company’s Director & Officer insurance. The agreement requires the Company to make eleven monthly payments of $95,923, including interest starting on July 18, 2022. At October 31, 2022, the outstanding balance related to this finance agreement was $659,870.