XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.3
Note 7 - Commitments and Contingencies
12 Months Ended
Jul. 31, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 7 COMMITMENTS AND CONTINGENCIES

 

On April 13, 2021, the Company entered into an agreement with Foster S. Zeiders, one of the owners of the Calihoma Partners LLC (“Fosters’). Per the terms of the agreement Foster will transfer to NMEX Natural Gas LLC, (a subsidiary of the Company still to be created), all of his interest, including but not limited to a 35% back-in after payout interest in Calihoma Partners LLC which has 60% ownership in West Lenapah Project including the assets and project definition as described in the agreement. Foster agreed to transfer one hundred (100%) percent of his membership interests in Calihoma Partners LLC, in exchange for 5,000,000 shares of common stock to be issued to him and an additional 5,000,000 shares to be issued pursuant to a specified timeframe.

 

During the initial period of this Agreement if either party hereto for reasonable cause determines that membership interests in Calihoma Partners LLC should no longer be held by NMEX Natural Gas LLC. Foster shall exchange his shares in Northern for the membership interests in NMEX Natural Gas LLC, and Northern will convey such membership interests to Foster in exchange for his stock in Northern, and NMEX Natural Gas LLC shall become wholly owned by Foster. Foster shall serve as Manager of NMEX Natural Gas LLC until Northern determines to convey the interest in Calihoma Partners or one year whichever is shorter. As of July 31, 2023, the initial 5,000,000 shares of common stock were issued but not outstanding, however, 4,750,000 shares will be returned to the Company.