Subsequent Events

6 Months Ended

Jan. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 16 - Subsequent Events 

On February 2, 2021, NGIO issued 100,000 shares of the Company’s Series A Super Voting Preferred Stock (the “Super Voting Preferred Stock”) to Generex in exchange for 300,000,000 shares of the Company’s common stock, which were immediately cancelled upon such exchange. The NGIO Preferred Stock entitles the holder thereof to 3,000 votes per share, which vote along with the common stockholders on all matters put before the NGIO common stockholders. The NGIO Preferred stock have no dividend, liquidation or conversion rights and are not subject to redemption.

On February 1, 2020, the company fully converted a promissory note with a balance of $90,000 of principal and $9,490 of interest into 255,104 shares of common stock.

On February 8, 2021, Generex and NGIO, received a wire transfer of Two Million Dollars ($2,000,000) towards its COVID-19 vaccine development initiatives from its China Partners (as defined below) pursuant to the Ii-Key Innovative Vaccine Development Agreement signed November 13, 2020, as amended by the extension terms signed December 15, 2020 (collectively the “Agreement”), with Beijing Youfeng International Consulting Co., Ltd (“BYIC”), National Institute for Viral Disease Control and Prevention, Chinese Centre for Disease Control and Prevention (“NIVDC”) and Beijing Guoxin Haixiang Equity Investment Partnership (“BGHEIP” and together with BYIC and NIVDC, the “China Partners”).

To date Generex has received a total of $3,100,000 from the China Partners, broken down as follows:

1. $100,000 “Performance Guarantee Fee” payment.

2. $3,000,000 towards its COVID-19 vaccine development initiatives.

On February 17, 2021, the Company entered into a Securities Purchase Agreement with an investor pursuant to which the Company sold a convertible promissory note bearing interest at 8% per annum with a 12-month maturity date in the aggregate principal amount of $1,689,500. The purchase price of the Note was $1,425,000 and the remaining $264,500 of principal amount represented original issue discount, along with the issuance of 201,072 shares of the Company’s common stock, as inducement shares. Pursuant to the Securities Purchase Agreement, the Company also sold to the Investor warrants to purchase up to an aggregate 1,407,917 shares of common stock.

On February 19, 2021, the Company fully satisfied a judgment related to the creditor Discover Growth Fund, LLC (“Discover”) with a cash payment totaling $2,253,312; no stock was exchanged to satisfy this judgment.

On February 24, 2021, the Company issued 750,000 shares of common stock to Oasis for net proceeds of $271,874.

On March 4, 2021, the Company issued 750,000 shares of common stock to Oasis for net proceeds of $175,964 which went directly towards repaying an outstanding note with Oasis.

On March 9, 2021, the Company issued 500,000 shares of common stock to Oasis $144,224 which went directly towards repaying an outstanding note with Oasis.