Property and Equipment

12 Months Ended

Jul. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 5 – Property and Equipment

Property and equipment, net consisted of the following:

	July 31,			July 31,
	2020			2019
Computers and technological assets	$	53,314		$	163,168
Machinery and equipment		329,977			386,929
Furniture and fixtures		18,725			73,227
Leasehold Improvements		16,596			16,596
		418,612			639,920
Less accumulated depreciation		(204,944	)		(139,927	)
	$	213,668		$	499,993

Depreciation expense related to property and equipment amounted to $177,868 and $170,605 for the years ended July 31, 2020 and 2019, respectively.

With respect to a change in the operations of the Veneto business unit, the Company closed its offices and reduced the number of active computer servers and disposed of excess related equipment, furniture and fixtures. For the year ended July 31, 2020, the Company disposed of $302,217 of gross assets and recorded the net book value as a $189,364 loss on the disposal of assets contained in of General and Administration during the year ending July 31, 2020.