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DUE TO RELATED PARTIES
3 Months Ended
Oct. 31, 2022
Related Party Transactions [Abstract]  
DUE TO RELATED PARTIES

NOTE 4 – DUE TO RELATED PARTIES

 

During the three months ended October 31, 2022 and 2021, the former and current shareholders of the Company advanced $16,067 and $17,753 for working capital purpose, respectively.

 

During the three months ended October 31, 2022 and 2021, the Company repaid $0 and $1,202 due to a former shareholder of the Company, respectively.

 

On August 26, 2021 and pursuant to the Stock Purchase Agreement dated on August 6, 2021 (see Note 1 - Change of control), Chuah Su Mei, the Company’s former Chief Executive Officer, President and Director and all other former officers forgave all amounts due to them from the Company. In regard to this forgiveness, the Company recognized debt forgiveness by related parties of $349,716 as additional paid-in-capital.

 

During the three months ended October 31, 2022, the Company accrued $45,900 for the compensation of its CEO and five directors. During the three months ended October 31, 2022, the Company paid compensation of $11,500 to the five directors. As of October 31, 2022, and July 31, 2022, the Company owed $76,200 and $41,800 unpaid compensation to the CEO and five directors, respectively, which was included in accounts payable and accrued liabilities.

 

As of October 31, 2022, and July 31, 2022, the Company owed $210,955 and $194,888 to related parties, respectively. These loans were unsecured, non-interest bearing, and due on demand.

 

Preferred Stock

 

The Company has 20,000,000 authorized preferred shares with a par value of $0.0001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes.

 

There were no shares of preferred stock issued and outstanding as of October 31, 2022, and July 31, 2022.

 

Common Stock

 

The Company has 100,000,000 authorized common shares with a par value of $0.0001 per share.

 

As of October 31, 2022, and July 31, 2022, there were 2,450,148 shares of common stock issued and outstanding.