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SHARE-BASED EXPENSES
9 Months Ended
Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE- BASED EXPENSES
NOTE 4 -SHARE-BASED EXPENSES
 
ASC 718 Compensation – Stock Compensation prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired.  Transactions include incurring liabilities, or issuing or offering to issue shares, options,  and other equity instruments such as employee stock ownership plans and stock appreciation rights.  Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).
 
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable:  (a) the goods or services received; or (b) the equity instruments issued.  The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.
 
On October 16, 2014, the Company granted Robert Faber, the former sole officer and director of the Company an option (the Option) to purchase all, or any portion of, 200,000 shares of common stock at $1.25 per common stock pursuant to an Option Agreement. Mr. Faber’s Option expired on April 16, 2016 without being exercised.
 
On October 16, 2014, the Company also granted Binyamin Gordon an option to purchase all, or any portion of, 2,500,000 shares of common stock at $1.25 per common stock pursuant to an Option Agreement. Mr. Gordon’s options expired on April 16, 2016 without being exercised.
 
During the period ending April 30, 2015, the Company recorded $5,191,122 share-based expenses on the above granted options based on the following assumptions:
 
Annualized volatility – 123.73%
Risk-free interest rate – 0.23%
Expected life – 18 months
Dividend yield – nil
Share price - $2.70 per share
Exercise price - $1.25 per share
 
At April 30, 2016, the Company had no options outstanding.