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COMMON STOCK
12 Months Ended
Jul. 31, 2019
Stockholders' Equity Note [Abstract]  
COMMON STOCK

NOTE 7 - COMMON STOCK

 

Authorized Common Stock

 

The Company has authorized 300,000,000 shares of common stock at par value of $0.001 per share. Each share of common stock entitles the holder to one vote on any matter on which action of the stockholders of the corporation is sought.

 

Issuance of Common Stock

 

There were 79,792,286 and 78,542,286 shares of common stock issued and outstanding as of July 31, 2019 and 2018, respectively.

 

On March 19, 2018, the Company issued (a) 17,500,000 shares of common stock, with a fair market value at issuance of $980,000, to the then current chief executive officer and sole director pursuant to his employment agreement (see Note 5), and (b) 7,500,000 shares of common stock, with a fair market value at issuance of $420,000, to a consultant pursuant to a consulting agreement (see Note 5).

 

On March 16, 2018, the Company’s former chief executive officer and sole director and the former chief financial officer resigned from their respective positions. In connection with their resignations, on March 22, 2018, the Company entered into release agreements pursuant to which the Company agreed to issue 1,500,000 shares of common stock to the former chief executive officer and sole director valued at $84,000, and to pay $25,000 to the former chief financial officer in full satisfaction of any obligations, including obligations under their employment agreements and deferred stock agreements, the Company had to them. As a result of the release agreements, an aggregate amount of $145,271 due to the former chief financial officer at July 31, 2017 was satisfied by the payment of $25,000 to the former chief financial officer and a gain on the settlement of debt of $120,271 was recorded as other income for the year ended July 31, 2018; an aggregate amount of $538,156 due to the former chief executive officer and sole director at July 31, 2017 was satisfied with the issuance of the common stock amounted to $84,000 to the former chief executive officer and sole director and a gain on the settlement of former director’s debt of $454,156 was recorded as additional paid-in capital for the year ended July 31, 2018.

 

During the year ended July 31, 2019, the Company issued 1,250,000 shares, to a consultant for the consulting service of $225,000.

 

As of July 31, 2019 and 2018, the Company had no options and warrants outstanding.