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SUBSEQUENT EVENTS
9 Months Ended
Apr. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

 

The Company performed an evaluation of subsequent events through the date of filing of these consolidated financial statements with the SEC. There were no material subsequent events which affected, or could affect, the amounts or disclosures in the consolidated financial statements, other than those as described below.

 

Sale of Common Stock

 

On May 5, 2021, the Company sold 2,000,000 shares of common stock to an existing shareholder at $0.10 per share for total proceeds of $200,000.

 

On May 14, 2021, the Company sold 250,000 shares of common stock to an existing shareholder at $0.10 per share for total proceeds of $25,000.

 

Issuance of Promissory Notes

 

On May 3, 2021 the Company issued a short-term unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, for $15,000, with interest at 10% per annum. The note matures on November 3, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date.

 

On May 6, 2021, the Company issued a short-term promissory note to Cross Entertainment, LLC, a related party, for $70,000, without interest, with a scheduled maturity date of July 31, 2021.

 

On May 11, 2021, the Company issued a short-term promissory note to Cross Entertainment, LLC, a related party, for $25,000, without interest, with a scheduled maturity date of June 30, 2021.

 

On May 12, 2021, the Company issued a short-term promissory note to Cross Entertainment, LLC, a related party, for $50,000, without interest, with a scheduled maturity date of June 30, 2021.

 

On May 13, 2021, the Company issued a short-term promissory note to Cross Entertainment, LLC, a related party, for $13,000, without interest, with a scheduled maturity date of June 30, 2021.

 

On May 28, 2021 the Company issued a short-term unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, for $35,000, with interest at 10% per annum. The note matures on July 31, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date.

 

On June 2, 2021, the Company issued a short-term unsecured promissory note to Lawrence M. Silver, who is an approximate 9% shareholder of the Company, for $90,933, with interest at 10% per annum. The note matures July 31, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date.

 

On June 14, 2021 the Company issued a short-term unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, for $25,000, with interest at 10% per annum. The note matures on July 31, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date.

 

Payments of Promissory Notes

 

On May 5, 2021 the Company paid $8,000 on the short-term promissory note to Cross Entertainment, LLC, originally dated January 29, 2021.

 

On May 5, 2021 and May 6, 2021, the Company paid $70,000 and $50,000, respectively, on the short-term promissory notes to Lawrence M. Silver originally dated January 5, 2021 and February 11, 2021.