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COMMON STOCK SUBSCRIBED
12 Months Ended
Jul. 31, 2022
Common Stock Subscribed  
COMMON STOCK SUBSCRIBED

NOTE 12 - COMMON STOCK SUBSCRIBED

 

On April 30, 2021, we entered into a common stock Subscription Agreement (the “SPA”) with an investor. Under the terms of the SPA, the investor agreed to purchase 2,000,000 shares of our common stock at a purchase price of $0.10 per share through a series of payments. The common stock subscription was recorded as Common stock subscribed and related Stock subscriptions receivable on our consolidated balance sheets. After receipt of $125,000 from the investor, on August 13, 2021 both the Company and the investor mutually agreed to settlement of the SPA for the amounts received and the issuance of the shares at the agreed upon price per share. At July 31, 2021, stock subscriptions receivable was $100,000 and is reflected as a contra equity item in our consolidated balance sheet.