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SUBSEQUENT EVENTS
6 Months Ended
Jan. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

 

The Company performed an evaluation of subsequent events through the date of filing of these consolidated financial statements with the SEC. There were no material subsequent events which affected, or could affect, the amounts or disclosures in the consolidated financial statements, other than those as described below.

 

Sale of Common Stock

 

On February 24, 2021, the Company sold 1,000,000 shares of common stock to an existing shareholder at $0.10 per share for total proceeds of $100,000.

 

On February 26, 2021, the Company sold 500,000 shares of common stock to an existing shareholder at $0.10 per share for total proceeds of $50,000.

 

On March 11, 2021, the Company sold 3,000,000 shares of common stock to an existing shareholder at $0.10 per share for total proceeds of $300,000.

 

Issuance of Promissory Notes

 

On February 11, 2021, the Company issued a short-term promissory note to Lawrence M. Silver, who is an approximate 9% shareholder of the Company, in the amount of $100,000, without interest, with a scheduled maturity date of June 30, 2021.

 

Increase in Compensation Arrangement

 

Effective March 1, 2021, the compensation under the Paris Agreement was increased from $10,000 to $15,000 per month (see Note 12).