CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS

3. CHANGE IN CONTROL AND REVERSE ACQUISITION TRANSACTIONS

The change in control transaction effective March 26, 2020 and the reverse acquisition transaction effective April 13, 2020 are described at Note 1.

A summary of the current assets acquired from Bio-Matrix and the stockholders’ equity accounts adjusted as a result of the reverse acquisition transaction effective as of April 13, 2020 is presented below. There were no liabilities assumed in conjunction with the reverse acquisition transaction. In conjunction with the change in control transaction, all current liabilities of Bio-Matrix, including accounts payable and notes payable to related and unrelated parties, plus accrued interest, aggregating $141,936, were paid by the Buyers through a contribution to capital to Bio-Matrix prior to the closing of the reverse acquisition transaction, which became effective on April 13, 2020. All amounts recorded were at historical (predecessor) cost basis. 

Current assets acquired:
Cash	$	572
Investment in marketable securities		8,797
Total current assets	$	9,369
Adjustment to stockholders’ deficiency:
Preferred stock (1,434 shares issued)	$	202
Series B preferred stock (1,347 shares issued)		72
Common stock (7,810,996 shares issued)		781
Additional paid-in capital		8,314
Shares issued in reverse acquisition transaction	$	9,369