RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2021

RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

On March 19, 2018, the Company entered into a one-year employment agreement with the former chief executive officer, who was also the sole director, pursuant to which the Company issued to him 17,500,000 shares of common stock, valued at $980,000, and agreed to pay him $164,706 to cover the federal income tax on the value of the stock and the tax payment. The shares are fully vested. As of July 31, 2021 and 2020, $164,706 was reflected as an amount due to related parties.

During the years ended July 31, 2021 and 2020, our shareholders paid operating expenses of $41,036 and $28,610 on behalf of the Company, respectively.

The following table sets forth the amounts due to related parties at July 31, 2021 and 2020:

	July 31,		July 31,
	2021		2020
Due to former chief executive officer pursuant to executive employment agreement	$	164,706	$	164,706
Due to shareholders		69,646		28,610
	$	234,352	$	193,316

On August 14, 2019, the Company entered into an employment agreement with our CEO and agreed to issue 3,000,000 shares for compensation. The term of agreement is 1 year. The Company recorded stock-based compensation of $120,000 during the year ended July 31, 2020 (see Note 7).