Acquisition and Pro Forma Financial Information for Open Locker, Inc (Tables)

9 Months Ended

Apr. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets and Liabilities Effective on Acquisition

The table below summarizes the preliminary estimated fair value of the assets acquired and the liabilities assumed at the effective acquisition date during the year ended July 31, 2022.

Consideration
Common stock (12,500,002 shares of common stock ($0.41/share)) (1)	$	5,142,001
Fair value of consideration transferred		5,142,001
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash		13,328
Total assets acquired		13,328
Accounts payable and accrued expenses		114,725
Total liabilities assumed		114,725
Total identifiable net liabilities		(101,397	)
Amount to allocate to intangible asset and goodwill		5,243,398
Less: allocation for identifiable intangible asset (intellectual property)		2,299,524
Less: allocation for goodwill		2,943,874
	$	-

(1) Fair value of common stock issued was determined based upon recent cash offerings with third parties. In connection with the purchase of OL, there were no additional transaction costs incurred.