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Note 10 - Other Loans Payable | 12 Months Ended
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Jul. 31, 2021
Other Loans Payable [Member] |
Notes to Financial Statements |
Long-term Debt [Text Block] | NOTE 10: OTHER LOANS PAYABLE During Fiscal 2020, our Canadian subsidiary received a loan of $29,842 ( CA$40,000 ) through the Canada Emergency Business Account (“CEBA Loan”) program, which provides financial relief for Canadian small businesses during the COVID- 19 pandemic. During Fiscal 2021, we repaid CA$30,000 of the CEBA Loan, 75% of the total CEBA Loan principal before its initial term date on December 31, 2022 and received a CEBA Loan Closure Confirmation for forgiveness of CA$10,000. As a result, we recognized a gain on extinguishment of the CEBA Loan of $7,759 during Fiscal 2021. During Fiscal 2020, we applied for a Paycheck Protection Program loan and received the proceeds of $277,250 (the “PPP Loan”). During Fiscal 2021, we received a Notice of Paycheck Protection Program Forgiveness Payment from the Small Business Administration regarding the approval of our application for forgiveness of the PPP Loan of $277,250 and accrued interest. As a result, we recognized a gain on extinguishment of the PPP Loan of $278,617 during Fiscal 2021. During Fiscal 2021, in connection with the Goliad Land Purchase, we issued a promissory note with a principal amount of $380,000 to a landowner (the “Promissory Note”). The Promissory Note carries an interest rate of 5% per annum with principal and interest payable in 24 monthly installments with a maturity date of November 1, 2022. We may prepay the Promissory Note in any amount at any time before the maturity date without penalty. During Fiscal 2021, we paid $10,831 in cash for interest on the Promissory Note. As at July 31, 2021, other loans payable consisted of the following:
|  | July 31, 2021 |  |  | July 31, 2020 |
Government loan payable |  | $ | - |  |  | $ | 307,092 |
Promissory note payable |  |  | 257,462 |  |  |  | - |
|  | $ | 257,462 |  |  | $ | 307,092 |
Current portion |  |  |  |  |  |  |  |
Government loan payable |  | $ | - |  |  | $ | - |
Promissory note payable |  |  | 191,510 |  |  |  | - |
|  | $ | 191,510 |  |  | $ | - |
Non-current portion |  |  |  |  |  |  |  |
Government loan payable |  | $ | - |  |  | $ | 307,092 |
Promissory note payable |  |  | 65,952 |  |  |  | - |
|  | $ | 65,952 |  |  | $ | 307,092 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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