DEBT (Tables)

9 Months Ended

Apr. 30, 2021

	April 30,		July 31,
	2021		2020
Note, unsecured interest bearing at 2% per annum, due July 9, 2020	$	50,000	$	50,000
Note, unsecured interest bearing at 7.5% per annum, due April 15, 2018. This was an accounts payable bill that was converted to a loan as per Note 7 Commitments and Contingencies. This note is now in default as of April 16, 2018 and has a default interest of 17.5%.		77,844		77,844
Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 12, 2018 in the amount of $18,000 with fees of $0 and cash proceeds of $18,000 which was paid directly to the vendor in the year ended July 31, 2018, convertible at December 9, 2018 with conversion price at a discount rate of 45% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of March 30, 2019. This note became convertible on December 9, 2018. This note defaulted on November 14, 2018 and a default penalty of $9,000 was added to the note for a total of $27,000 and incurred default interest rate of 22%. The convertible note had a net gain on change in fair value of $24,122.		45,252		69,374
Convertible debenture, unsecured, interest bearing at 8% per annum, issued September 12, 2019 in the amount of $82,500 with fees of $9,500 and cash proceeds of $73,000, convertible at March 10, 2020 with conversion price at a discount rate of 45% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of July 12, 2020. This note was convertible on March 10, 2020. The note defaulted on November 16, 2019 and a default penalty of $83,692 was added to the note and incurred default interest rate of 24%. At time of conversion in August 2020, it was determined no default was added. During the month of August 2020, $82,500 of this debt plus $5,867 in interest was converted and the Company issued 2,564,695 shares of common stock with a fair value of $470,214 for the debt and a fair value of $33,235 for the interest totaling $503,449. The convertible note had a loss in net change in fair value of $257,737.		-		211,977
Convertible debenture, unsecured, interest bearing at 10% per annum, issued September 21, 2020 in the amount of $153,000 with fees of $3,000 and cash proceeds of $150,000, convertible at March 20, 2021 with conversion price at a discount rate of 39% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of July 21, 2021. This note defaulted on November 4, 2020 and a default penalty of $76,500 was added to the note for a total of $229,500. The note became immediately convertible. The convertible note had a loss in net change in fair value of $117,313.		346,813		-
Convertible debenture, unsecured, interest bearing at 10% per annum, issued October 12, 2020 in the amount of $68,000 with fees of $3,000 and cash proceeds of $65,000, convertible at April 10, 2021 with conversion price at a discount rate of 39% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of August 12, 2021. This note defaulted on November 4, 2020 and a default penalty of $34,000 was added to the note for a total of $102,000. The note became immediately convertible. The convertible note had a loss in net change in fair value of $52,139.		154,139		-
Convertible debenture, unsecured, interest bearing at 10% per annum, issued December 9, 2020 in the amount of $55,500 with fees of $3,500 and cash proceeds of $52,000, convertible at June 7, 2021 with conversion price at a discount rate of 39% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of September 9, 2021. This note defaulted on December 21, 2020 and a default penalty of $27,750 was added to the note for a total of $83,250. The note became immediately convertible. The convertible note had a loss in net change in fair value of $42,555.		125,805		-
Convertible debenture, unsecured, interest bearing at 10% per annum, issued January 12, 2021 in the amount of $53,500 with fees of $3,500 and cash proceeds of $50,000, convertible at July 11, 2021 with conversion price at a discount rate of 39% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of November 12, 2021. This note defaulted on March 23, 2021 and a default penalty of $26,750 was added to the note for a total of $80,250. The note became immediately convertible. The convertible note had a loss in net change in fair value of $41,021.		121,271		-
Convertible debenture, unsecured, interest bearing at 10% per annum, issued March 9, 2021 in the amount of $53,500 with fees of $3,500 and cash proceeds of $50,000, convertible at July 11, 2021 with conversion price at a discount rate of 39% of market price which is the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to conversion date; maturity date of January 9, 2022.		53,500		-
Remaining unpaid portion due AT&T regarding cell phone installments		1,637		1,234
Total Debt		976,261		410,429
Less: Current Maturities		974,624		409,195
Total Long-Term Debt	$	1,637	$	1,234

Mirage Energy Corp 10-Q