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DEPOSIT FOR ASSET ACQUISITION
12 Months Ended
Jul. 31, 2025
DEPOSIT FOR ASSET ACQUISITION  
DEPOSIT FOR ASSET ACQUISITION

NOTE 4 – DEPOSIT FOR ASSET ACQUISITION

 

On February 1, 2024, the Company’s board of directors authorized the CEO to issue up to 7,000,000 shares of restricted common stock in the completion of various acquisitions of his identification and approval. Pursuant to Binding Letter of Understanding signed on February 7, 2024, the Company signed a Letter of Intent (‘LOI”) with an entity named “Kilgore Industrial “on July 23, 2024, for asset acquisition by issuance 5,000,000 shares of common stock (was issued on February 6, 2024) and 2,000,000 shares of common stock will be due on closing of agreement. According to LOI dated July 23, 2024, the parties agreed to execute the Asset Purchase Agreement on or before August 23, 2024, and the closing of the proposed transaction will take place as soon as thereafter as all conditions to the transaction are satisfied or waived, but not later than November 22, 2024.

 

On February 6, 2024, the Company issued 5,000,000 shares of common stock to Jeffery Carl Kilgore, principal of Kilgore Industrial, valued at $7,500,000 at market prices on issuance date in connection with assets purchase agreement of an entity and payment of $48,000 in March 2024. The acquisition was not completed, and the Company recognized an impairment loss of $7,548,000 for the year ended July 31,2024.