RELATED PARTY TRANSACTIONS

6 Months Ended

Jan. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

As discussed in Notes 1 and 4, as part of the change of control, the Company realized a gain on disposal of subsidiary and debt forgiveness to our former CEO, which was recorded to additional paid in capital.

As discussed in Notes 4 and 5, related parties contributed in the purchase of our private placement offering and purchase of warrants.

As discussed in Note 3, the Oregon dealerships were purchased from our CEO during August 2021.

Put Option

On December 31, 2021, the Company issued to our CEO, a put option to sell or put up to 200,000 shares at the price of $7.50 per share ($1,500,000). The put option is exercisable at any time during the four (4) year period, beginning on December 1, 2023 and ending on December 1, 2027. As of July 31, 2022, the Company has not recognized a liability for the option as it is currently not exercisable.

Due to Related Party

As of January 31, 2022, the Company was obligated to our CEO, for an unsecured, non-interest-bearing due on demand loan with a balance of $485,330. As of July 31, 2021, the Company was obligated to the former management for $1,248,070, which was forgiven in 2022 as a part of the change of control.