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GOING CONCERN AND LIQUIDITY CONSIDERATIONS
9 Months Ended
Apr. 30, 2020
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 nine months ended April 30, 2020, the Company incurred a net loss of $217,903. As of April 30, 2020, the Company had an accumulated deficit of $12,570,985 and has earned no revenues since inception and was not engaged in an active business. In order to continue as a going concern, the Company will need, among other things, additional capital resources. In addition, convertible notes in the principal amount of $500,000, which are held by the Company’s sole director and officer have matured as to $350,000 at April 30, 2020 and the balance is due on various dates through June 1, 2020.  The Company does not presently have the funds to pay these notes.  Although management plans to seek to raise necessary funding through equity financing arrangements, any such financing may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ended July 31, 2020. However, until the Company engages in an active business or makes an acquisition the Company is not likely to be able to raise any significant debt or equity financing.

 

The ability of the Company to begin operations in any new business is dependent upon, among other things, obtaining financing to commence operations and develop a business plan or making an acquisition. 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.