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SUBSEQUENT EVENTS
9 Months Ended
Apr. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

 

On May 19, 2023, RAC filed a complaint for breach of two promissory notes entered into with Fix Pads Holdings, LLC and for injunctive relief in the 11th Judicial Circuit Court in Miami-Dade County Florida, as well as an emergency motion for temporary injunction enjoining Fix Pads Holdings, LLC from selling, transferring, conveying or otherwise disposing of any real property assets pledged as collateral in relation to the two promissory notes entered into between RAC and Fix Pads. In addition to the injunctive relief sought above, RAC is also seeking damages for breach of the promissory notes. After RAC filed and served the lawsuit, Fix Pads removed the lawsuit to the United States District Court for the Southern District of Florida on May 24, 2023. As such, the case will now be proceeding in the Southern District of Florida. RAC has re-filed its motion for injunctive relief before the District Court. The motion is pending. Given the early stage of the proceedings, there are no additional developments to report at this time.

 

Management has evaluated subsequent events through April 30, 2023, the date on which the financial statements are available to be issued. All subsequent events requiring recognition as of April 30, 2023 have been incorporated into these consolidated financial statements.