DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

6 Months Ended

Jan. 31, 2023

Related Party Transactions [Abstract]

DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

NOTE 4 – DUE TO RELATED PARTIES AND RELATED PARTY TRANSACTIONS

Due to related parties consist of:

	January 31,		July 31,
	2023		2022
Due to Zhigang Pei, Tianci chief executive officer from August 26, 2021 to January 27, 2023	$	220,909	$	194,888
Due to RQS Capital Limited, an entity which by its acquisition of 80,000 shares of the Company’s Series A Preferred Stock on January 27,2023 has voting control of the Company		30,000		–
TOTAL	$	250,909	$	194,888

These liabilities are unsecured, non-interest bearing, and due on demand.

On August 26, 2021, pursuant to a Stock Purchase Agreement dated on August 6, 2021, 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 quarter ended October 31, 2021.

Employment agreements and director retainer agreements

On August 27, 2021, the Company executed three employment agreements and three director retainer agreements with its officers and directors. The agreements have terms of 3 years and each provide for monthly compensation in amounts ranging from $1,300 per month to $3,900 per month.

For the six months ended January 31, 2023 and 2022, we accrued management compensation expenses of $90,500 and $76,500, respectively. These amounts are included in “general and administrative expenses” in the accompanying condensed statement of operations.