XML 20 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Due to Related Parties
6 Months Ended
Jan. 31, 2017
Due to Related Parties [Abstract]  
DUE TO RELATED PARTIES

NOTE 4 – DUE TO RELATED PARTIES

 

On October 6, 2016, the Company entered into the debt conversion agreement with the former Chief Executive Officer (“CEO”) and shareholder of the Company. The former CEO is owed $120,000 (“Debt”) as payment for preciously unpaid salary and accrued expense from January 2015 to January 2016 to convert into shares of the Company’s common stock. During the six months ended January 31, 2017, Debt of $120,000 was converted into shares of common stock, at a price per share of 0.047, for an aggregate number of 2,553,191 shares. As of January 31, 2017 and July 31, 2016, the Company owed $0 and $120,000 to the former CEO and shareholder.

 

During the six months ended January 31, 2017, the Company had a change of control, pursuant to which former shareholders paid $118,640 for outstanding accounts payable. The $118,640 was immediately forgiven and recorded as contributed capital pursuant conditions of the change of control.

 

During the year ended July 31, 2016, a shareholder of the Company made vendor payments of $11,824 directly on behalf of the Company. As of January 31, 2017 and July 31, 2016, the Company owed $11,824 to a shareholder of the Company. This loan is non-interest bearing and due on demand.