NOTE 7 – RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2022

Related Party Transactions [Abstract]

NOTE 7 – RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

A shareholder of the Company has paid certain expenses of the Company. These amounts are reflected as a loan payable to related party. The shareholder advanced $11,406 and $3,065 during the nine months ended April 30, 2022, and April 30, 2021, respectively. As of April 30, 2022, and July 31, 2021, there were $594,331 and $416,159 due to related parties, and a shareholder, respectively.

The Company has consulting agreements with two of its shareholders to provide management and financial services that commenced on December 1, 2017. For the nine months ended April 30, 2022, and April 30, 2021, and consulting fees paid were $663,479 and $35,500 respectively. The consulting fees are included as part of professional fees on the Company’s consolidated statements of operations.

The Company on February 20, 2018, entered into a related party (that being Recommerce Group, Inc. and our former President and current Vice-President of Corporate Finance and a Director, is a principal in Recommerce Group, Inc.) note receivable in the amount of $1,034,000. The Company made an additional advance in the amount of $175,000 that is non-interest bearing. The note is payable and due on demand and bears interest at the rate of 10%. A total of $153,217 has been applied as payments against this Note. Interest expense in the amount of $65,277 and $65,277 for the nine months ended April 30, 2022, and April 30, 2021, respectively, has been recorded in the financial statements.