STOCKHOLDERS EQUITY

12 Months Ended

Jul. 31, 2023

Stockholders' Equity (Deficit)

STOCKHOLDERS' EQUITY

NOTE 5 - STOCKHOLDERS’ EQUITY

 Preferred Stock 

The Company has authorized 50,000,000 shares of preferred stock with a par value of $0.0001 per share. No preferred stock was designated, issued or outstanding as of July 31, 2023 and 2022.

Common Stock

The Company has authorized 550,000,000 shares of common stock with a par value of $0.0001 per share.

On December 6, 2022, the Company entered into a share surrender agreement with two shareholders, who are also directors of the Company, whereby they voluntarily surrendered 6,000,000 shares of common stock to the Company to be held as treasury stock. The shares of common stock were originally issued as founders shares on May 21, 2014, at par value and therefore upon surrender there was no gain or loss. 

During the year ended July 31, 2023, the Company entered into a common stock purchase agreement with an investor for the issuance of 200,000 shares of restricted common stock at a price of $1.00 per share. On April 28, 2023, the Company issued 200,000 shares of common stock.  

During the year ended July 31, 2023, the Company issued 2,000,000 shares of restricted common stock to two directors for $2,000. Due to the issuance of these shares to related parties at par value, the company recognized stock-based compensation of $7,018,000 , based on the closing share price of the company’s common stock on the date of grant.

As of July 31, 2022, there were 39,210,000 shares of common stock issued and outstanding.

As of July 31, 2023, there were 41,410,000 shares of common stock issued and 35,410,000 shares of common stock outstanding.

Treasury stock

The Company records treasury stock at cost. Treasury stock is comprised of shares of common stock purchased by the Company at par value. As of July 31, 2023, the Company had 6,000,000 shares of treasury stock valued at $600.