NOTE 4 –ASSETS/LIABILITIES HELD FOR SALE

On October 13, 2016, the Company entered into a spin-off agreement (the “Spin-Off Agreement”) with Steampunk Wizards Ltd., the Company’s wholly owned subsidiary and a company incorporated pursuant to the laws of Malta (“Steampunk”), and Praefidi Holdings Limited (the “Buyer”), an entity organized under the laws of Malta and owned by Brendon Grunewald. Pursuant to the Spin-Off Agreement, the Buyer shall receive all of the issued and outstanding capital stock of Steampunk and the Company shall receive $2,000 as purchase price. The Buyer shall become the sole equity owner of the Steampunk and the Company shall have no further interest in Steampunk.

The following table shows the results of operations of Steampunk for fiscal years 2016 and 2015 which are included in the loss from discontinued operations:

				October 27,
	For the Years Ended			2014 (Inception) to
	July 31,			July 31,
	2016			2015
Operating expenses
Development costs	$	145,002		$	-
Impairment		-			224,723
Office and miscellaneous		199,932			207,710
Professional fees		21,822			47,641

Other Income (expense)
Interest expenses		7,077			1,450
Other income		(5,908	)		(7,487	)

Total loss from discontinued operation	$	367,925		$	474,037

The following table summarizes the carrying amounts of the assets and liabilities held for sale,

			July 31,
	Note		2016		2015
Assets held for sale
Cash and cash equivalents			$	339	$	53,472
Prepaid expenses and other deposits				4,808		12,670
Other current assets		5		13,698		7,282
Property and equipment, net		6		12,764		4,807
Total assets held for sale			$	31,609	$	78,231

Liabilities held for sale
Accounts payable and accrued liabilities		7	$	21,590	$	47,773
Due to related parities		9		92,379		22,114
Short-term loans		8		138,757		228,756
Total liabilities held for sale			$	252,726	$	298,643