Discontinued Operations

6 Months Ended

Jan. 31, 2017

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

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, former director of the Company. 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 Steampunk and the Company shall have no further interest in Steampunk.

During the six months ended January 31, 2017, the Company recorded a gain on the sale of $200,528. The Company has no continuing involvement in the operations of Steampunk. The sale of Steampunk qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of Steampunk’ operations from its Statements of Operations and Comprehensive Income (Loss) to present this business in discontinued operations.

The following table shows the results of operations of Steampunk for the six months ended January 31, 2017 and 2016 which are included in the gain (loss) from discontinued operations:

	Six Months Ended
	January 31,
	2017			2016
Revenues	$	-		$	-
Advertising and marketing		-			-
Consulting fees		-			-
Development costs		-			(98,931	)
Management fees		-			(46,810	)
Office and miscellaneous		(498	)		(99,208	)
Professional fees		-			(15,015	)
Rents		-			-
Interest expenses		-			(2,514	)
Gain on sale of investment		200,528			-
Other income		-			4,910
Total Income (Expense)		200,030			(257,568	)
Gain (Loss) from Discontinued Operation, Net of Tax Benefits	$	200,030		$	(257,568	)

The following table shows the carrying amounts of the major classes of assets and liabilities associated with the steampunk as of the October 13, 2016.

	October 13,
	2016
Cash overdraft	$	529
Prepaid expenses and other deposits		(4,752	)
Other current assets		(13,538	)
Property and equipment, net		(12,614	)
Accounts payable and accrued liabilities		15,787
Due to related parities		233,602
Net assets and liabilities		219,014
Accumulated other comprehensive loss		(20,486	)
Consideration received in cash		2,000
Gain on sale of investment	$	200,528

The following table presents the carrying amounts of the major classes of assets and liabilities associated with Steampunk reported as discontinued operations and classified as held for sale on our accompanying balance sheets.

	January 31,		July 31,
	2017		2016
Assets held for sale
Cash and cash equivalents	$	-	$	339
Prepaid expenses and other deposits		-		4,808
Other current assets		-		13,698
Property and equipment, net		-		12,764
Total assets held for sale	$	-	$	31,609
Liabilities held for sale
Accounts payable and accrued liabilities	$	-	$	21,590
Due to related parities		-		92,379
Short-term loans		-		138,757
Total liabilities held for sale	$	-	$	252,726