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Subsequent Events
3 Months Ended
Oct. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS  

  

Amendment to Credit Agreement

 

On November 22, 2023 (with effect from November 2, 2023), the Verve Cloud Nevada Parties, Digerati and Post Road entered into a Second Forbearance Agreement, Amendment to Loan Documents and Limited Consent, which (a) extends the maturity date of our Term Loan C Note with Post Road from November 2, 2023, to December 31, 2023, (b) provides that Post Road and the other lenders under the Credit Agreement shall forbear through December 31, 2023 from exercising their rights and remedies under the loan documents and applicable law with respect to (i) certain existing events of default under the loan documents and (ii) certain events of default that are expected to arise before December 31, 2023, and (c) amends certain provisions of the Credit Agreement and the other loan documents to allow the company to incur up to an additional $2,000,000 of working capital financing. 

 

Promissory Note Extensions

 

Subsequent to October 31, 2023, the Company amended its past due promissory notes with 3BRT Investments, LP, Skynet Telecom, LLC, Tysadco Partners, LLC, Clearthink Capital Partners, LLC, Jerry and Lisa Morris Revocable Trust Dated November 18, 2002, Jeffrey Posner, Jefferson Street Capital, LLC, MGR Limited Partnership, LGH Investments, LLC, Lucas Ventures, LLC, Blue Ocean Investments, LLC, Graham A. Gardner, FirstFire Global Opportunities Fund, LLC, Platinum Point Capital, LLC, Mast Hill Fund, LP, and Post Road Group (collectively, the Lenders) to extend the maturity dates to December 31, 2023 (the “forbearance termination date”). The Lenders agreed to forbear from exercising any rights and remedies they may have under the conditions of their respective notes until the forbearance termination date. 

 

Conversion of Amounts Owed to Vendor into Equity

 

On November 9, 2023, one of our vendors converted $120,000 of amounts owed to them by the Company into 1,255,230 shares of common stock.