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12. Subsequent Events
12 Months Ended
Jul. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

 

LPC

On October 22, 2021, we entered into a Securities Purchase Agreement (the “SPA”) with LPC pursuant to which we received $250,000 in cash from LPC and LPC received (i) 833,333 restricted shares of our common stock, (ii) an additional 666,667 restricted shares of our common stock as inducement shares, and (iii) 833,333 warrants exercisable at $0.50 per common share expiring in five years.

 

Tysadco Partners

On August 29, 2021, we entered into a Securities Purchase Agreement (the “SPA”) with Tysadco pursuant to which we entered into a $250,000 face value convertible promissory note which bears interest at a one-time rate of 8.0% applied to the face value and is due March 1, 2022. We received $250,000 net cash from the issuance of the promissory note and issued 200,000 inducement shares of common stock with a fair value of $76,000.

 

On October 18, 2021, we entered into a Securities Purchase Agreement (the “SPA”) with Tysadco pursuant to which we received $250,000 in cash from Tysadco and Tysadco received (i) 833,333 restricted shares of our common stock, (ii) an additional 666,667 restricted shares of our common stock as inducement shares, and (iii) 833,333 warrants exercisable at $0.50 per common share expiring in five years.

 

LPC Draws

In August and September 2021, we sold an additional 974,482 shares of our common stock to LPC for total proceeds $367,036. As of October 29, 2021, remaining purchase availability was $8,411,489 and remaining shares available were 16,143,566.

 

Name Change

At the annual shareholder meeting held September 14, 2021 the stockholders approved the proposal to change the name of the Company to “Odyssey Health, Inc.” and to grant the Board discretionary authority to amend our Certificate of Incorporation to effect the name change in the state of Nevada. The Officers of the Company have filed an amendment to the Certificate of Incorporation with the State of Nevada, and are awaiting approval from the Nevada Secretary of State.

 

Reverse Split

At the annual shareholder meeting held September 14, 2021 the stockholders approved the proposal to grant the Board discretionary authority to amend our Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of our Common Stock, par value $0.001 per share, such split to combine a whole number of outstanding shares of our Common Stock in a range of not less than two shares and not more than 30 shares, into one share of Common Stock at any time prior to January 31, 2022. The amendment did not change the number of authorized shares of Common Stock or Preferred Stock or the relative voting power of our stockholders. The number of authorized shares will not be reduced. The number of authorized but unissued shares of our Common Stock will materially increase and will be available for reissuance. We reserve the right not to effect any reverse stock split if the Board does not deem it to be in the best interests of our stockholders and the Board's decision as to whether and when to effect the reverse stock split will be based on a number of factors, including prevailing market conditions, existing and expected trading prices for our Common Stock, actual or forecasted results of operations, and the likely effect of such results on the market price of our Common Stock.

   

2021 Omnibus Stock Incentive Plan

At the annual shareholder meeting held September 14, 2021, the stockholders approved the Amended and Restated 2021 Omnibus Stock Incentive Plan. The purposes of the Amended and Restated 2021 Omnibus Stock Incentive Plan is to enable us to recruit and retain highly qualified employees, directors and consultants and to provide incentives for productivity and the opportunity to share in the our growth and value. Subject to certain adjustments, the maximum number of shares of common stock, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, cash or other stock-based awards that may be issued under the Amended and Restated 2021 Omnibus Stock Incentive Plan is 20,000,000.