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GOING CONCERN AND LIQUIDITY CONSIDERATIONS
6 Months Ended
Jan. 31, 2019
Going Concern and Liquidity Considerations [Abstract]  
GOING CONCERN AND LIQUIDITY CONSIDERATIONS

NOTE 3 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the six months ended January 31, 2019, the Company incurred a net loss of $664,705. As at January 31, 2019, the Company had an accumulated deficit of $12,000,144 and has earned no revenues since inception. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending July 31, 2019. However, until the Company engages in an active business or makes an acquisition the Company is likely to not be able to raise any debt or equity financing. The Company does not presently have the funds to pay the convertible notes which mature at various dates in 2020.

 

The ability of the Company to begin operations in its new business model is dependent upon, among other things, obtaining financing to commence operations and develop a business plan. The Company cannot give any assurance as to its ability to develop or acquire a business or to operate profitably.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.