RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 4 - 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 were issued. On September 30, 2021, the Company obtained the default judgment cancelling the 17,500,000 shares of common stock and extinguishing the contractual obligation for the payment of $164,706 anticipated tax related to issuance of common stock to the former chief executive officer. As a result, the Company recorded the cancellation of 17,500,000 shares of common stock and extinguishment of due to related party of $164,706 as additional paid in capital during the nine months ended April 30, 2022.

During the nine months ended April 30, 2022 and 2021, our shareholders paid operating expenses of $80,720 and $19,500 on behalf of the Company, respectively.

The following table sets forth the amounts due to related parties at April 30, 2022 and July 31, 2021:

	April 30,		July 31,
	2022		2021
Due to former chief executive officer pursuant to executive employment agreement	$	-	$	164,706
Due to shareholders		150,366		69,646
	$	150,366	$	234,352