Rivulet Media (RIVU) 10-Q 15 Dec 20 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Oct. 31, 2020	Dec. 03, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--07-31
Entity File Number	000-32201
Entity Registrant Name	Rivulet Media, Inc.
Entity Central Index Key	0001079282
Entity Tax Identification Number	33-0824714
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,020,171

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2020	Jul. 31, 2020
Current assets
Cash	$ 500,668	$ 18,281
Investment securities	16,518	10,436
Other prepaid expenses and current assets	21,612	2,945
Total current assets	538,798	31,662
Intellectual property	300	300
Project development costs, including $28,236 and $51,500 to related parties, at October 31, 2020 and July 31, 2020, respectively	886,684	134,413
Total assets	1,425,782	166,375
Current liabilities
Accounts payable and accrued expenses	67,197	170,972
Compensation and related expenses payable, including $90,000 and $90,000 to a related party, at October 31, 2020 and July 31, 2020, respectively	207,427	120,317
Unsecured promissory note payable to related party, including accrued interest payable of $56 at October 31, 2020	100,056
Convertible promissory note payable, including accrued interest payable of $427, at July 31, 2020		25,427
Total current liabilities	374,680	316,716
Non-current liabilities:
Secured multiple advance promissory note payable to related party, including accrued interest payable of $3,236 at October 31, 2020	803,236
Convertible promissory note payable, including accrued interest payable of $616 at October 31, 2020	100,616
Total liabilities	1,278,532	316,716
Stockholders' deficiency:
Preferred Stock, $0.0001 par value; authorized - 20,000,000 shares; issued and outstanding - 1,434 shares; Series B preferred stock, $0.0001 par value; authorized - 2,000,000 shares; issued and outstanding - 1,347 shares	202	202
Common stock, $0.0001 par value; authorized - 200,000,000 shares; issued and outstanding - 110,020,171 shares and 96,691,761 shares at October 31, 2020 and July 31, 2020, respectively	11,002	9,669
Additional paid-in capital	2,163,232	1,456,644
Common stock subscription receivable, related party	(482,600)	(550,000)
Accumulated deficit	(1,544,658)	(1,066,928)
Total members' equity	147,250	(150,341)
Total liabilities and members' equity	1,425,782	166,375
Series B Preferred Stock
Stockholders' deficiency:
Preferred Stock, $0.0001 par value; authorized - 20,000,000 shares; issued and outstanding - 1,434 shares; Series B preferred stock, $0.0001 par value; authorized - 2,000,000 shares; issued and outstanding - 1,347 shares	$ 72	$ 72

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2020	Jul. 31, 2020
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, issued	1,434	1,434
Preferred stock, outstanding	1,434	1,434
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, issued	110,020,171	96,691,761
Common stock, outstanding	110,020,171	96,691,761
Series B Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, issued	1,347	1,347
Preferred stock, outstanding	1,347	1,347

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS	3 Months Ended
	Oct. 31, 2020USD ($)$ / sharesshares
Income Statement [Abstract]
Revenues
General and administrative costs:
Officers, directors, affiliates and other related parties	232,239
Other costs	246,646
Sales and marketing	4,000
Total operating expenses	482,885
Loss from operations	(482,885)
Other income (expense)
Change in fair value of investment securities	6,082
Interest expense	(927)
Total other income (expense), net	5,155
Net loss	$ (477,730)
Loss per common share - basic and diluted | $ / shares	$ (0.01)
Weighted average number of common shares outstanding - basic and diluted | shares	91,401,511

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY) - 3 months ended Oct. 31, 2020 - USD ($)	Preferred StockSeries B Preferred Stock	Preferred Stock	Common Stock	Additional Paid-In Capital	Common Stock Subscription Receivable From Related Party	Accumulated Deficit	Total
Beginning Balance at Jul. 31, 2020	$ 72	$ 202	$ 9,669	$ 1,456,644	$ (550,000)	$ (1,066,928)	$ (150,341)
Beginning Balance (in shares) at Jul. 31, 2020	1,347	1,434	96,691,761
Payments received on common stock subscription receivable from related party					67,400		67,400
Conversion of unsecured convertible promissory note payable			$ 13	25,669			25,682
Conversion of unsecured convertible promissory note payable (in share)			128,410
Sales of common stock			$ 1,320	658,680			660,000
Sales of common stock (in share)			13,200,000
Stock-based compensation expense				22,239			22,239
Net loss						(477,730)	(477,730)
Ending Balance at Oct. 31, 2020	$ 72	$ 202	$ 11,002	$ 2,163,232	$ (482,600)	$ (1,544,658)	$ 147,250
Ending Balance (in shares) at Oct. 31, 2020	1,347	1,434	110,020,171

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	3 Months Ended
	Oct. 31, 2020USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (477,730)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	22,239
Change in fair value of investment in marketable securities	(6,082)
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(18,667)
Accounts payable and accrued expenses	(103,775)
Compensation and related expenses payable	87,110
Accrued interest payable	4,163
Net cash used in operating activities	(492,742)
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in project development costs	(752,271)
Net cash used in investing activities	(752,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	660,000
Proceeds from common stock subscriptions receivable	67,400
Proceeds from issuance of convertible promissory note payable	100,000
Proceeds from issuance of secured promissory note payable	800,000
Proceeds from issuance of unsecured promissory note payable	100,000
Net cash provided by financing activities	1,727,400
Net increase (decrease) in cash and cash equivalents	482,387
Cash - beginning of period	18,281
Cash - end of period	500,668
Supplemental disclosure of cash flow information
Interest paid
Taxes paid
NONCASH INVESTING AND FINANCING ACTIVITIES
Principal amount of convertible promissory note payable converted into common stock	$ 25,000

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION The condensed consolidated financial statements of Rivulet Media, Inc., a Delaware corporation, including its wholly-owned subsidiaries (collectively, the “Company”), at October 31, 2020, and for the three months ended October 31, 2020 are unaudited. In the opinion of management of the Company, all adjustments, including normal recurring accruals, have been made that are necessary to present fairly the financial position of the Company as of October 31, 2020, and the results of its operations for the three months ended October 31, 2020, and its cash flows for the three months ended October 31, 2020. Operating results for the interim period presented are not necessarily indicative of the results to be expected for a full fiscal year. The consolidated balance sheet at July 31, 2020 has been derived from the Company’s audited consolidated financial statements at such date. The condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020, as filed with the SEC. Bio-Matrix Scientific Group, Inc. (“Bio-Matrix”) was organized on October 6, 1998 in the State of Delaware, originally under the name Tasco International, Inc, which was subsequently changed to Tasco Holdings International, Inc., and then to Bio-Matrix Scientific Group, Inc. in 2006. On May 26, 2020, Bio-Matrix’s name was further changed to Rivulet Media, Inc. 2019 Reverse Acquisition Transaction On July 31, 2019, Bio-Matrix acquired 100% of the share capital of Pine Hills, Inc., a Wyoming corporation, in exchange for the issuance of 4,080,000 common shares of Bio-Matrix, to Heather Cassady, the sole shareholder of Pine Hills, Inc. In conjunction with this transaction, all of the outstanding shares of Series AA and Series AAA Preferred Stock of Bio-Matrix were cancelled. Pine Hills was in the business of providing data storage and the archiving of corporate documents, and its operations subsequent to that date were nominal. Upon completion of the transaction, Heather Cassady owned approximately 54% of the voting capital stock of Bio-Matrix immediately after the transaction. For financial accounting purposes, this transaction was considered a reverse acquisition of Bio-Matrix by Pine Hills, Inc. and was treated as a recapitalization with Pine Hills, Inc. as the accounting acquirer. Pine Hills was liquidated on August 13, 2020. 2020 Change in Control Transaction On March 26, 2020, Debbie Rasmussen and Klusman Family Holdings (together, the “Buyers”) and David Koos and Heather Cassady (together, the “Sellers”) closed a Stock Purchase Agreement (the “SPA”) whereby Buyers purchased from Sellers 4,364,235 shares of the outstanding common stock of Bio-Matrix. This transaction resulted in a change in control of Bio-Matrix, based on the transfer of approximately 55.8% of the outstanding common shares of Bio-Matrix from Sellers to Buyers. The amount of consideration for the purchase of such common shares was $215,000, with the source of the consideration being a loan from an unaffiliated third party. As a condition of closing of the transaction, each director and officer of Bio-Matrix resigned from their position effective April 6, 2020, and Mike Witherill and Aaron Klusman were appointed as directors of Bio-Matrix to take office effective April 6, 2020. Additionally, effective April 6, 2020, Mr. Klusman was appointed Chairman and Chief Executive Officer of Bio-Matrix and Mr. Witherill was appointed Vice-Chairman and President of Bio-Matrix. At the closing of the transaction, Mike Witherill and Aaron Klusman, directly and indirectly, effectively owned the equivalent of 77,896,200 shares of common stock of Bio-Matrix, representing approximately 89.6% of the outstanding shares of common stock of Bio-Matrix. In conjunction with the change in control transaction, all current liabilities of Bio-Matrix, including accounts payable and notes payable to related and unrelated parties, plus accrued interest, aggregating $141,936, were paid by the Buyers through a contribution to capital to Bio-Matrix prior to the closing of the reverse acquisition transaction, which became effective on April 13, 2020. 2020 Reverse Acquisition Transaction On April 13, 2020, Bio-Matrix acquired 100% of the equity capital of Rivulet Films, Inc. (“Rivulet Films”), which was organized on February 11, 2020 in the State of Arizona, in exchange for the issuance of 79,155,765 shares of common stock of Bio-Matrix distributed on a pro rata basis to the shareholders of Rivulet Films. Rivulet Films is a development stage company involved in the arts, entertainment and recreation business. The current control shareholders of Bio-Matrix (consisting of Mike Witherill, Debbie Rasmussen (the wife of Mike Witherill), and Klusman Family Holdings (controlled by Aaron Klusman), through a series of orchestrated and interdependent transactions over a period of approximately three months, obtained effective control of Bio-Matrix (both a majority of the equity and the board of directors) and caused Rivulet Films to become a wholly-owned subsidiary of Bio-Matrix. Accordingly, for financial accounting purposes, this transaction was considered a reverse acquisition of Bio-Matrix by Rivulet Films and was treated as a recapitalization with Rivulet Films as the accounting acquiror and Bio-Matrix as the accounting acquiree. The financial statements presented herein consist of those of Rivulet Films for the period from February 11, 2020 (inception) through July 31, 2020, with the financial statements of Bio-Matrix included for the period from April 13, 2020 through July 31, 2020. The stockholders’ equity section of Bio-Matrix has been retroactively restated to reflect the accounting effect of the reverse acquisition transaction. All share and per share amounts presented herein also reflect the retroactive restatement of the stockholders’ equity section of Bio-Matrix. All costs associated with the reverse acquisition transaction were charged to expense as incurred. Changes in Capital Structure of Company On January 29, 2020, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the State of Delaware to (1) reduce the number of shares of common stock that the Company is authorized to issue from 16,000,000,000 shares to 100,000,000 shares, with no change in the $0.0001 per share par value; (2) effect a reverse stock split of the Company’s issued and outstanding shares of common stock and all classes of issued and outstanding preferred stock at an exchange ratio of one new share for every 2,000 old shares, with fractional shares of stock being rounded up to the nearest whole share. All share and per share amounts presented in these financial statements and footnotes for all periods presented have been retroactively restated to reflect the 1-for-2,000 reverse stock split. On May 26, 2020, the Company filed an Amended and Restated Certificate of Incorporation with the State of Delaware to (1) change the Company’s name to Rivulet Media, Inc.; (2) increase the number of shares of common stock that the Company is authorized to issue from 100,000,000 shares to 200,000,000 shares, par value $0.0001 per share, with the number of shares of preferred stock that the Company is authorized to issue remaining unchanged at 20,000,000 shares, par value $0.0001 per share; and (3) eliminate the class of Non-Voting Preferred Stock, of which 200,000 shares, par value $1.00 per share, had been authorized, of which none were outstanding. Formation of Subsidiaries In June 2020, the Company formed Borderline Productions LLC, an Arizona limited liability company, as a wholly-owned subsidiary of Rivulet Films for a documentary related to the life of former Arizona Sheriff Joe Arpaio. Production activities had commenced as of July 31, 2020. In June 2020, the Company formed PBP Productions LLC, an Arizona limited liability company, as a wholly-owned subsidiary of Rivulet Films for production activities related to the film “Please Baby Please”. Production activities began during September 2020. In August 2020, the Company formed Mistress Movie, LLC, an Arizona limited liability company, as a wholly-owned subsidiary of Rivulet Films for production activities related to a feature film. As of October 31, 2020, production activities had not commenced; production activities commenced during December 2020. In October 2020, the Company formed Into the Black Productions LLC, an Arizona limited liability company as wholly-owned subsidiary of Rivulet Films for production activities related to a documentary film. As of December 1, 2020, production activities had not commenced. The Company expects to continue to form special purpose subsidiaries to produce various films and music projects. Business The Company is engaged in the production, distribution and marketing of feature-length films, television series and mini-series, and television movies, from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company’s business activities are subject to significant risks and uncertainties, including the need for additional capital, as described below at “Going Concern”. Although the Company has commenced business operations at October 31, 2020, it does not have positive cash flows from operations and will be dependent on periodic infusions of capital to fund its operating requirements. At July 31, 2020, the Company had commenced production of a documentary related to the life of former Arizona Sheriff Joe Arpaio. During the three months ended October 31, 2020, the Company commenced the filming of its first film production, “Please Baby Please”. The Company subsequently commenced the filing of its second film production, “Mistress Movie”, in December 2020. Upon completion of a production, the Company expects to receive initial revenues from domestic and foreign distribution contracts. Going Concern The Company’s consolidated financial statements have been presented on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company has suffered losses from operations and negative operating cash flows since inception. During the three months ended October 31, 2020, the Company incurred a net loss of $477,730. The Company has financed its working capital requirements during this period primarily through the sale of its equity securities and the issuance of convertible debt. Accordingly, management has concluded that these matters raise substantial doubt about the Company’s ability to continue as a going concern. At October 31, 2020, the Company had limited cash resources available to fund its operations and will therefore need to raise additional funds in the short-term. The Company estimates that a significant amount of capital will be necessary over a sustained period of time to advance the development of the Company’s business activities to the point at which it can become commercially viable and self-sustaining. However, there can be no assurance that the Company will be successful in this regard. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the accompanying consolidated financial statements are issued. In addition, the Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the period from February 11, 2020 (inception) through July 31, 2020, has also expressed substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan, and to ultimately achieve sustainable operating revenues and profitability. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The development and expansion of the Company’s business subsequent to October 31, 2020 will be dependent on many factors, including the capital resources available to the Company. No assurances can be given that any future financing will be available or, if available, that they will be on terms that are satisfactory to the Company or adequate to fund the development and expansion of the Company’s business operations to a level that is commercially viable and self-sustaining. There is also significant uncertainty as to the affect that the coronavirus pandemic may have on the availability, amount and type of financing in the future. If cash resources are insufficient to satisfy the Company’s ongoing cash requirements, the Company would be required to scale back or discontinue its operations, obtain funds, if available, although there can be no certainty, through strategic alliances that may require the Company to relinquish rights to any assets, or to discontinue its operations entirely.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. The most significant estimates to be made by management in the preparation of the consolidated financial statements relate to revenues realized and costs incurred for films and television programs; valuing equity instruments issued; the realization of deferred tax assets; accruals for contingent liabilities; impairment assessments for investments in films and television programs, equity investments and intangible assets. Film, Television Programs, and Music Production Costs Film, television program, and music production costs are capitalized in accordance with Accounting Standards Codification 926, Entertainment - Films. Capitalized amounts are stated at the lower of cost, less accumulated amortization, or fair value. These costs represent capitalized costs for the production of films and other entertainment projects. In addition to the films, television programs and music that the Company may produce, costs of productions in development are capitalized as development costs and are transferred to production costs when the project is set for production. Films, television programs and music in development include costs of acquiring film rights to books, stage plays or original screenplays and costs to adapt such projects, as well as amounts paid to musical artists. Projects in development are written off if they are determined not to be recoverable, and are evaluated for impairment at each reporting period. Once a project is released to consumers, the capitalized costs are amortized on an individual project basis in the proportion that the current revenue for each project bears to the estimated remaining unrecognized revenue to be received from all sources for each project as of the beginning of the current fiscal year. Revenue and cost forecasts are periodically reviewed by management and revised when warranted. The carrying value of film costs are reviewed for impairment each reporting period on a project-by-project basis. If events or changes in circumstance indicate that the fair value of the capitalized costs on a specific project is less than the carrying value, an impairment charge is recognized in the amount by which the unamortized costs exceed the project’s fair value. The Company has not completed any projects as of October 31, 2020 and has not recognized any impairment charges. Revenue Recognition Film and Television Program Revenues The Company’s film and television program business is expected to generate revenues principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international market places. Revenue will be recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services or goods. Revenues do not include taxes collected from customers on behalf of taxing authorities, such as sales tax and value-added tax. Licensing Arrangements. Fixed Fee or Minimum Guarantees: Sales or Usage Based Royalties: Revenues by Market or Product Line. ● Theatrical. ● Home Entertainment. ● Digital Media. Digital Transaction Revenue Sharing Arrangements: Licenses of Content to Digital Platforms: ● Packaged Media. ● Television . ● International. ● Other. Revenues from the licensing of film and television content and the sales and licensing of music will be recognized when the content has been delivered and the license period has begun, as discussed above. Revenues from the licensing of symbolic intellectual property (i.e., licenses of motion pictures or television characters, brands, storylines, themes or logos) will be recognized over the corresponding license term. Commissions will be recognized as such services are provided. Deferred Revenue. Payment terms are expected to vary by location and type of customer and the nature of the licensing arrangement, however, other than multi-year license arrangements; payments will generally be due within 60 days after revenue is recognized. For certain multi-year licensing arrangements, primarily in the television, digital media, and international markets, payments may be due over a longer period. When the Company expects the period between fulfillment of the Company’s performance obligation and the receipt of payment to be greater than a year, a significant financing component will be present. In these cases, such payments will be discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Company, at contract inception. The significant financing component will be recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. The Company does not assess contracts with deferred payments for significant financing components if, at contract inception, the Company expects the period between fulfillment of the performance obligation and subsequent payment to be one year or less. In other cases, customer payments may be made in advance of when the Company fulfills its performance obligation and recognizes revenue. This may primarily occur under television production contracts, in which payments may be received as the production progresses, international motion picture contracts, where a portion of the payments are received prior to the completion of the movie and prior to license rights start dates, and pay television contracts with multiple windows with a portion of the revenues deferred until the subsequent exploitation windows commence. These arrangements will not contain significant financing components because the reason for the payment structure is not for the provision of financing to the Company, but rather to mitigate the Company’s risk of customer non-performance and incentivize the customer to exploit the Company’s content. Cash The Company maintains its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”). The Company may periodically have cash balances in banks in excess of FDIC insurance limits. The Company has not experienced any losses to date resulting from this practice. Investment in Marketable Securities The Company’s investment in marketable securities consists primarily of corporate equities with a quoted market price that are classified as trading securities. Marketable securities are stated at fair value as determined by the closing price of each security at each balance sheet date. Unrealized gains and losses on these securities are included in operations for the applicable period. Concentration of Risk The Company may periodically contract with consultants and vendors to provide services related to the Company’s business activities. Agreements for these services may be for a specific time period or for a specific project or task. Costs and expenses incurred that represented 10% or more of costs for the three months ended October 31, 2020 consist of legal fees of $57,145 incurred with the Company’s corporate law firm, which represented 12% of total general and administrative costs for such period and audit fees of $64,661 incurred with the Company corporate auditor, which represented 14% of total general and administrative cost for such period. Income Taxes The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Alternatively, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. The Company’s wholly-owned subsidiary, Rivulet Films, converted from a pass-through limited liability corporation to a “C” corporation effective April 13, 2020. As the Company’s net operating losses in the respective jurisdictions in which it operates have yet to be utilized, all previous tax years remain open to examination by the respective taxing authorities. The Company had no unrecognized tax benefits as of October 31, 2020 and does not anticipate any material amount of unrecognized tax benefits within the next 12 months. The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of October 31, 2020, the Company had no uncertain tax positions, and will continue to evaluate for uncertain tax positions in subsequent periods. In future periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense. Stock-Based Compensation The Company periodically issues common stock and stock options to officers, directors, employees, contractors and consultants for services rendered. Options vest and expire according to terms established at the issuance date of each grant. Stock grants, which are generally time vested, are measured at the grant date fair value and charged to operations ratably over the vesting period. The Company accounts for stock-based payments to officers, directors, employees, contractors and consultants by measuring the cost of services received in exchange for equity awards utilizing the grant date fair value of the awards, with the cost recognized as compensation expense over the period during which the individual is required to perform services in exchange for the award, which is generally over the vesting period of the award. The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock. Estimated volatility is based on the historical volatility of the Company’s common stock over an appropriate calculation period, or, if not available, by reference to the volatility of a representative sample of comparable public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of the common stock is determined by reference to the quoted market price of the Company’s common stock on the grant date. The Company recognizes the fair value of stock-based compensation awards in in the Company’s consolidated statements of operations. Through October 31, 2020, stock-based compensation costs have been included in general and administrative costs. The Company issues new shares of common stock to satisfy stock option exercises. Fair Value of Financial Instruments The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds and are measured using present value pricing models. The Company will determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company will perform an analysis of the assets and liabilities at each reporting period end. The Company’s financial instruments include investment in marketable securities, prepaid expenses, deposits, accounts payable, accrued expenses, and due to related parties. The estimated fair value of these instruments approximates their respective carrying amounts due to the short-term nature of these instruments. Earnings (Loss) Per Share The Company’s computation of earnings (loss) per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible notes payable, convertible preferred stock and stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because convertible debt and stock options outstanding were anti-dilutive. At October 31, 2020 the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive. Convertible Promissory Note 125,770 Common stock subscription receivable 9,652,000 Common stock options 9,000,000 Total 18,777,770 The 9,652,000 shares of common stock associated with the outstanding common stock subscription receivable at October 31, 2020 have been excluded from the calculation of basic and diluted EPS. Weighted average common shares outstanding has been retroactively restated for all periods presented to reflect the accounting effect of the 2020 Reverse Acquisition Transaction (see Note 1). Property and Equipment Property and equipment will be recorded at cost. Major improvements are capitalized, while maintenance and repairs that do not improve or extend the useful life of the respective assets are charged to expense as incurred. Gains and losses from disposition of property and equipment will be included in income and expense when realized. Depreciation of property and equipment will be provided using the straight-line method over an estimated useful life of three years. The Company will recognize depreciation of property and equipment in the Company’s consolidated statement of operations. Leases Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”) requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. ASU 2016-02 requires recognition in the statement of operations of a single lease cost that is calculated as a total cost of the lease allocated over the lease term, generally on a straight-line basis. ASU 2016-02 excludes short-term operating leases with a lease term of 12 months or less at the commencement date, and that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company did not have any leases within the scope of ASU 2016-02 at October 31, 2020. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities measure credit losses for most financial assets, including accounts and notes receivable. ASU 2016-13 will replace the current “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the provisions of ASU 2016-13 as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which ASU 2016-13 is effective. ASU 2016-13 will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The adoption of ASU 2019-12 is not expected to have any impact on the Company’s consolidated financial statement presentation or disclosures subsequent to its adoption. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06). ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Management has not yet evaluated the effect that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures subsequent to its adoption. Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

CHANGE IN CONTROL AND REVERSE R

CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS	3. CHANGE IN CONTROL AND REVERSE ACQUISITION TRANSACTIONS The change in control transaction effective March 26, 2020 and the reverse acquisition transaction effective April 13, 2020 are described at Note 1. A summary of the current assets acquired from Bio-Matrix and the stockholders’ equity accounts adjusted as a result of the reverse acquisition transaction effective as of April 13, 2020 is presented below. There were no liabilities assumed in conjunction with the reverse acquisition transaction. In conjunction with the change in control transaction, all current liabilities of Bio-Matrix, including accounts payable and notes payable to related and unrelated parties, plus accrued interest, aggregating $141,936, were paid by the Buyers through a contribution to capital to Bio-Matrix prior to the closing of the reverse acquisition transaction, which became effective on April 13, 2020. All amounts recorded were at historical (predecessor) cost basis. Current assets acquired: Cash $ 572 Investment in marketable securities 8,797 Total current assets $ 9,369 Adjustment to stockholders’ deficiency: Preferred stock (1,434 shares issued) $ 202 Series B preferred stock (1,347 shares issued) 72 Common stock (7,810,996 shares issued) 781 Additional paid-in capital 8,314 Shares issued in reverse acquisition transaction $ 9,369

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES	3 Months Ended
	Oct. 31, 2020
Cash and Cash Equivalents [Abstract]
INVESTMENT IN MARKETABLE SECURITIES	4. INVESTMENT IN MARKETABLE SECURITIES On April 13, 2020, in conjunction with the reverse acquisition (see Notes 1 and 3), the Company recorded an initial investment in marketable securities as presented below. The Company’s investment in marketable securities consists primarily of corporate equities with a quoted market price that are classified as trading securities at October 31, 2020 and July 31, 2020. Marketable securities are stated at fair value as determined by the closing price of each security at each balance sheet date. Unrealized gains and losses on these securities are included in operations for the applicable period. Change in Fair Value For the Number Three Months of Fair Value at Ended Shares July 31, 2020 October 31, 2020 October 31, 2020 Common Shares of Entest Group, Inc. (ENTI) 66,667 $ 260 $ 526 $ 267 Common Shares of Regen Biopharma, Inc. (RGBP) 29,076,665 5,814 11,630 5,815 Series A Preferred Shares of Regen Biopharma, Inc. (RGBPP) 2,907,666 4,362 4,362 - Total $ 10,436 $ 16,518 $ 6,082

INTELLECTUAL PROPERTY

INTELLECTUAL PROPERTY	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
INTELLECTUAL PROPERTY	5. INTELLECTUAL PROPERTY At July 31, 2020, intellectual property consisted of rights for various program and property rights. The agreements underlying these rights were entered into with related parties during February 2020. The Company issued 62,531,965 shares of common stock in exchange for assignment of such rights. As such rights were acquired from related parties, the Company recorded such rights at their historical (predecessor) cost basis reflecting an aggregate value of $300.

ARPAIO LIFE STORY RIGHTS AGREEM

ARPAIO LIFE STORY RIGHTS AGREEMENT	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
ARPAIO LIFE STORY RIGHTS AGREEMENT	6. ARPAIO LIFE STORY RIGHTS AGREEMENT On May 20, 2020, the Company and Joseph M. Arpaio (“Arpaio”), who served as the 36th Sheriff of Maricopa County, Arizona for 24 years, from 1993 to 2017, entered into a Life Story Rights Agreement (the “Arpaio Agreement”), pursuant to which the Company was granted an exclusive option to acquire the motion picture, television, home-video, allied, subsidiary, and ancillary rights to Arpaio’s life story, including his name, likeness, and biography. The rights to be granted upon exercise of the option include the right to write, produce, distribute, advertise, publicize, and record soundtracks for one or more motion pictures, including remakes and sequels. The option period extends for 12 months, with a 12-month extension at the Company’s option. Prior to exercise of the option, the Company may prepare screenplays and budgets, and engage in other customary development and pre-production activities. Arpaio will be entitled to a consulting fee of $10,000, payable within 10 days of the earlier of exercise of the option or commencement of principal photography of the first motion picture produced under the Arpaio Agreement. If the option is not exercised, this fee does not become due and payable. Additionally, as consideration for the rights granted under the Arpaio Agreement, Arpaio will be entitled to compensation of $20,000 for each 30 minutes that the motion picture(s) is/are expected to run (payable pro-rata at $675 per minute), payable upon the earlier of exercise of the option or commencement of principal photography of the first motion picture produced under the Arpaio Agreement.

PROJECT DEVELOPMENT COSTS

PROJECT DEVELOPMENT COSTS	3 Months Ended
	Oct. 31, 2020
Research and Development [Abstract]
PROJECT DEVELOPMENT COSTS	7. PROJECT DEVELOPMENT COSTS At October 31, 2020, the Company had one documentary film in development related to the Arpaio Agreement (see Note 6) and one feature film in development. Development costs to date are summarized as follows: Balance at July 31, 2020 $ 134,413 Additions 752,271 Transferred to production costs — Charged to operations — Balance at October 31, 2020 $ 886,684 Included in such costs at October 31, 2020 are pre-production costs of $7,037 related to a film that began filming in December 2020. During the three months ended October 31, 2020, the Company paid producer fees to an officer of the Company aggregating $25,000, which are accounted for as project development costs in the accompanying consolidated balance sheet.

PROMISSORY NOTES PAYABLE

PROMISSORY NOTES PAYABLE	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
PROMISSORY NOTES PAYABLE	8. PROMISSORY NOTES PAYABLE SHORT-TERM NOTES PAYABLE On June 9, 2020, the Company issued a 90-day unsecured convertible promissory note in the amount of $25,000, with interest at 12% interest per annum and maturing on September 7, 2020. The unsecured convertible promissory note was convertible into shares of common stock of the Company at $0.20 per share, which was in excess of the closing market price of the Company’s common stock on June 9, 2020 of $0.07 per share. On August 31, 2020, the principal balance of the unsecured convertible promissory note of $25,000, plus accrued interest payable of $682, was repaid through conversion into 128,410 shares of common stock. On October 29, 2020, the Company issued a six-month unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, in the amount of $100,000, with interest at 10% per annum. The note matures on April 29, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date. As of October 31, 2020, accrued interest related to the unsecured promissory note was $56. LONG-TERM NOTES PAYABLE On September 16, 2020, the Company issued a two-year unsecured convertible promissory note in the amount of $100,000, with interest at 5% per annum and maturing on September 15, 2022. The note is convertible into shares of common stock of the Company at $0.80 per share, which was in excess of the closing market price of the Company’s common stock on September 16, 2020 of $0.26 per share. If the closing price of the Company’s common stock reaches $1.20 per share or greater, the outstanding principal and all accrued interest on this note shall automatically convert into common stock at the specified conversion rate. As of October 31, 2020, accrued interest payable related to the unsecured convertible promissory note payable was $616. On October 7, 2020, Rivulet Films, Inc., a wholly-owned subsidiary of the Company (“Rivulet Films”), issued a multiple advance promissory note (the “Note”) to Lawrence Silver, an approximate 11% shareholder of the Company, in the amount of $1,000,000, with interest at 10% per annum. The Note matures on October 6, 2022, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date. The Note is secured by a first lien security interest on all of the assets of Rivulet Films (including its equity interest in PBP Productions LLC), personal guarantees of the Company’s officers, Michael Witherill and Aaron Klusman, and a corporate guarantee of the Company. Rivulet Films is required to use borrowings under the Note primarily to pay production costs associated with the movie production currently entitled “Please Baby Please”. Borrowings under this Note may be repaid at any time and reborrowed until the maturity date. Rivulet Films is required to apply any other funds received by it for the purpose of film financing and then any excess proceeds to pay any principal and interest owing under this Note. As of October 31, 2020, principal borrowings outstanding under the Note were $800,000, and related accrued interest was $3,236, which has been capitalized as project development cost (see Note 7).

STOCKHOLDERS' DEFICIENCY

STOCKHOLDERS' DEFICIENCY	3 Months Ended
	Oct. 31, 2020
Equity [Abstract]
STOCKHOLDERS' DEFICIENCY	9. STOCKHOLDERS’ EQUITY (DEFICIENCY) Preferred Stock The Company is authorized to issue a total of 20,000,000 shares of preferred stock, par value $0.0001 per share. In conjunction with the reverse acquisition transaction (see Note 1), the Company recorded issued and outstanding preferred stock of Bio-Matrix consisting of 1,434 shares of Preferred Stock with a carrying value of $202 and 1,347 shares of Series B Preferred Stock with a carrying value of $72. The class of Non-Voting Preferred Stock, of which 200,000 shares, par value $1.00 per share, had been authorized, of which none were outstanding, were eliminated effective May 26, 2020. Common Stock The Company is authorized to issue a total of 200,000,000 shares of common stock, par value $0.0001 per share. During the period from February 11, 2020 (inception) through March 31, 2020, Rivulet Films entered into four common stock subscription agreements aggregating $700,000. Three of the subscriptions receivable aggregating $150,000 for 5,023,800 shares of common stock were paid in April 2020. The remaining $550,000 of subscriptions receivable from Blue Scout Enterprises LLC ("Blue Scout"), a related party, to purchase 11,000,000 shares of common stock was presented as a reduction to stockholders' deficiency in the accompanying consolidated balance sheet at July 31, 2020. The $550,000 subscription receivable from Blue Scout dated February 11, 2020 for 11,000,000 shares of common stock is unsecured and provides for interest at 2% per annum, with interest and principle due on March 7, 2023. Interest income is being recognized on a cash basis as and when received by the Company. Interest income through October 31, 2020 that had not been recognized by the Company was $7,753. On August 24, 2020, a principal payment of $17,400 was received with respect to the $550,000 common stock subscription receivable, as a result of which 348,000 shares of common stock were issued. On September 2, 2020, a principal payment of $20,000 was received with respect to the $550,000 common stock subscription receivable, as a result of which 400,000 shares of common stock were issued. On September 16, 2020, a principal payment of $30,000 was received with respect to the $550,000 common stock subscription receivable, as a result of which 600,000 shares of common stock were issued. On October 14, 2020, Blue Scout entered into assignment agreements with its respective LLC members to distribute such equity interests through note agreements secured by the underlying common shares, based on the original purchase price of $0.05 per share. As a result of this distribution of equity interests in the subscription receivable, a director of the Company and an employee of the Company received 1,000,000 shares and 400,000 shares, respectively. During the three months ended October 31, 2020, the Company sold 12,200,000 shares of common stock to existing shareholders at $0.05 per share for total proceeds of $610,000. On September 30, 2020, the Company sold 1,000,000 shares of common stock to an unrelated party at $0.05 per share for total proceeds of $50,000. Additional information with respect to shares of common stock issued is provided at Notes 1 and 5.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION On May 26, 2020, the Board of Directors of the Company approved and adopted the 2020 Equity Incentive Plan, with an aggregate of 16,000,000 shares issuable under the plan, with a ten-year expiration, and providing that options for no more than 10,000,000 shares be granted as Incentive Stock Options. As of October 31, 2020, stock options for 9,000,000 shares of common stock had been granted. The Company periodically issues common stock and stock options to officers, directors and consultants for services rendered. Options vest and expire according to terms established at the issuance date of each grant. Stock grants, which are generally time vested, are measured at the grant date fair value and charged to operations ratably over the vesting period. The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and can be affected by several variables, the most significant of which are the expected life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock. Estimated volatility is based on the historical volatility of the Company’s common stock over an appropriate calculation period, or, if not available, by reference to the volatility of a representative sample of comparable public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of the common stock is determined by reference to the quoted market price of the Company’s common stock on the grant date. For stock options issued during the three months ended October 31, 2020, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions: Risk-free interest rate 0.34 % Expected dividend yield 0 % Expected volatility 37.85 % Expected life 5 years Stock-based compensation cost for the three months ended October 31, 2020 was $22,239. A summary of stock option activity during the three months ended October 31, 2020 is presented below. Number of Weighted Weighted Stock options outstanding at July 31, 2020 9,000,000 $ 0.10 Granted 9,000,000 0.10 Exercised — — Expired — — Stock options outstanding at October 31, 2020 9,000,000 $ 0.10 10.00 Stock options exercisable at October 31, 2020 5,000,000 $ 0.10 10.00 Total deferred compensation expense for the outstanding value of unvested stock options was approximately $94,500 as of October 31, 2020, which will be recognized subsequent to October 31, 2020 over a weighted-average period of approximately 1.75 years. The intrinsic value of exercisable but unexercised in-the-money stock options at October 31, 2020 was approximately $1,200,000 based on a fair market value of $0.34 per share on October 31, 2020. The Company expects to satisfy such stock obligations through the issuance of authorized but unissued shares of common stock.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Oct. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS During the three months ended October 31, 2020, the Company paid producer fees to an officer totaling $25,000, which were accounted for as project development costs in the accompanying consolidated balance sheet at October 31, 2020 (see Note 8). Information with respect to the collection of common stock subscriptions receivable from related parties is provided at Note 9. Information with respect to employee compensation is provided at Note 12.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Lease Commitments On May 1, 2020, the Company entered into a short-term lease assignment with an unrelated party for office space in Gilbert, Arizona through December 31, 2020 at the rate of approximately $800 per month. During the three months ended October 31, 2020, the Company charged $2,448 to operations with respect to this lease assignment. Employment Agreements On May 27, 2020, the Company, and Paris Film, Inc. and Rob Paris (together, the “Employee”) entered into an Employment Agreement (the “Paris Agreement” and together with the Arpaio Agreement, the “Agreements”), pursuant which the Company agreed to employ Employee in the position of President of Rivulet Films, a subsidiary of the Company. The employment of the Employee began on June 1, 2020, for a guaranteed term of six months, following which time the employment relationship may be terminated with or without good cause or for any reason or no reason by either the Employee or the Company. The Employee will be paid $10,000 per month commencing June 1, 2020 through November 30, 2020, which shall be guaranteed by the Company. Additionally, upon execution of the Paris Agreement, the Company issued stock options to purchase 9,000,000 shares of common stock at an exercise price of $0.10 per share, which was the fair market value of the Company’s common stock on such date, of which options for 5,000,000 shares vested on May 27, 2020, options for 2,000,000 shares will vest on June 1, 2021, and the remaining options for 2,000,000 shares will vest on June 1, 2022. The fair value of these stock options, as calculated pursuant to the Black-Scholes option-pricing model, was determined to be $300,227 ($0.03336 per share), of which $166,793 was attributable to the stock options fully-vested on May 27, 2020 and was therefore was charged to operations on that date. The remaining unvested portion of the fair value of the stock options will be charged to operations ratably from May 27, 2020 through June 1, 2022. During the three months ended October 31, 2020, the Company recorded a charge to operations of $22,239 with respect to these stock options. The Employee will also have the right to participate in all equity stock option plans and programs established for employees by Rivulet Films in all aspects and benefit to that of any other similarly situated C-suite employee of Rivulet Films, including its Chief Executive Officer. Rivulet Films will also provide the Employee with other benefits, such as bonuses, perk packages, preferred stock positions, box office bonuses, and back-end/contingent compensation made generally available to similarly situated employees, including its Chief Executive Officer. The Employee will be attached as producer, subject to a separate producer agreement to be negotiated, to all projects sourced by Employee during the term of his employment. The Paris Agreement subjects the Employee to certain restrictive covenants and a standard confidentiality provision. During the three months ended October 31, 2020, the Company recorded a charge to operations of $30,000 with respect to the cash portion of the Paris Agreement. In connection with the employment, to the extent controlled by the Employee and so long as the Employee remains attached to each project in perpetuity, the Employee grants to Rivulet Films a right of first refusal to all rights, title, and interest to the film projects known as “Please Baby Please” and “Acolyte”, as well as to all other film, story, or other production concepts which the Employee creates, develops, or otherwise originates during the term of employment and not passed on by Rivulet Films. On August 12, 2020, the Company, and Michael J. Witherill entered into an Employment Agreement with respect to his positions as President, Chief Financial Officer, Principal Accounting Officer, and a member of the Board of Directors of the Company. Mr. Witherill will devote his full time and attention to his duties, and will receive an annual salary of $360,000, payable in accordance with the Company’s standard payroll practices, provided that such amount may be deferred as determined by Mr. Witherill or the Board of Directors as needed to cover other Company expenses. Mr. Witherill is permitted to serve as a director of not for profit and for profit businesses that do not compete with the Company. During the three months ended October 31, 2020, the Company recorded a charge to operations of $90,000 with respect to this Employment Agreement. On August 14, 2020, the Company and Aaron Klusman entered into an Employment Agreement with respect to his positions as Chief Executive Officer and a member of the Board of Directors. Mr. Klusman is to devote as much time and attention to his duties as is necessary, and will receive an annual salary of $360,000, payable in accordance with the Company’s standard payroll practices, provided that such amount may be deferred as determined by Mr. Klusman or the Board of Directors as needed to cover other Company expenses. Mr. Klusman is permitted to purchase, sell, oversee, manage, and develop real estate properties and projects; and serve as a director of not for profit and for profit businesses that do not compete with the Company. During the three months ended October 31, 2020, the Company recorded a charge to operations of $90,000 with respect to this Employment Agreement. Both Mr. Witherill and Mr. Klusman (together, the “Executives”) will be eligible for a quarterly and an annual discretionary bonus as periodically established by the Board of Directors based upon metrics that will be established by the Board of Directors in its sole discretion. The Executives are also eligible to participate in and receive stock options under the Company’s 2020 Equity Incentive Plan. The Employment Agreements provide that notwithstanding anything to the contrary in the Company’s existing or future incentive plans or any award agreement, upon a Change of Control, as defined in the Employment Agreements, all of the Executives’ outstanding unvested equity-based awards shall, at their option, vest and become immediately exercisable and unrestricted. The employment of the Executives under the Employment Agreements commenced effective April 1, 2020, and will continue for two years, subject to successive one-year renewals. Each Executive will be an “at-will” employee. Either the Executive or the Company may terminate his employment with or without cause, for any reason or no reason, and at any time. The Executives are each subject to standard confidentiality provisions and a non-compete, non-solicitation covenant for a one-year period following termination of employment. Legal Matters The Company may, from time to time, be involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business, which are not expected to have a material adverse effect upon the Company’s financial statements. As of October 31, 2020, the Company was not a party to any pending or threatened legal proceedings. Impact of Novel Coronavirus (COVID-19) on the Company’s Business Operations The global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities, as businesses and governments have taken broad actions to mitigate this public health crisis. Although the Company has not experienced any significant disruption to its business to date, these conditions could significantly negatively impact the Company’s business in the future. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and guidance become available. The extent to which the COVID-19 outbreak ultimately impacts the Company’s business, future revenues, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity and longevity, the actions to curtail the virus and treat its impact (including an effective vaccine), and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, the Company may be at risk of experiencing a significant impact to its business as a result of the global economic impact, including any economic downturn or recession that has occurred or may occur in the future. There is also significant uncertainty as to the effect that the coronavirus may have on the amount and type of financing available to the Company in the future.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	13. INCOME TAXES During the three months ended October 31, 2020, the Company did not provide any provision for income taxes, as the Company incurred losses during such period. Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded a full valuation allowance against its deferred tax assets as the Company believes it is more likely than not that the deferred tax assets will not be realized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Oct. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Proceeds on Multiple Advance Promissory Note Subsequent to October 31, 2020, Rivulet Films borrowed an additional $150,000 under the Multiple Advance Promissory Note (see Note 8), increasing the Company’s total borrowings under this Note to $950,000. Issuance of Promissory Notes On November 10, 2020, the Company issued a three-month unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, in the amount of $200,000, with interest at 5% per annum. The note matures on February 8 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date. On December 10, 2020, the Company issued a three-month unsecured promissory note to Daniel Crosser, who is an approximate 13% shareholder of the Company, in the amount of $160,000, with interest at 5% per annum. The proceeds under this promissory note were received by the Company in November 2020. The note matures on March 10, 2021, with the principal balance outstanding, plus accrued but unpaid interest, being due and payable on the maturity date. Sale of Common Stock On November 20, 2020, the Company sold 1,000,000 shares of common stock to a convertible promissory note holder at $0.10 per share for total proceeds of $100,000. On November 30, 2020, the Company sold an aggregate of 2,200,000 shares of common stock to two existing note holders and shareholders at $0.10 per share for total proceeds of $220,000. On December 3, 2020, the Company entered into a Subscription Agreement to sell 4,800,000 shares of common stock to an unrelated party at $0.10 per share for total proceeds of $480,000 which was subsequently received by the Company in late November and early December 2020. 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 above.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Oct. 31, 2020
Summary Of Significant Accounting Policies
Basis of Preparation	Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”).
Consolidation	Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. The most significant estimates to be made by management in the preparation of the consolidated financial statements relate to revenues realized and costs incurred for films and television programs; valuing equity instruments issued; the realization of deferred tax assets; accruals for contingent liabilities; impairment assessments for investments in films and television programs, equity investments and intangible assets.
Film, Television Programs, and Music Production Costs	Film, Television Programs, and Music Production Costs Film, television program, and music production costs are capitalized in accordance with Accounting Standards Codification 926, Entertainment - Films. Capitalized amounts are stated at the lower of cost, less accumulated amortization, or fair value. These costs represent capitalized costs for the production of films and other entertainment projects. In addition to the films, television programs and music that the Company may produce, costs of productions in development are capitalized as development costs and are transferred to production costs when the project is set for production. Films, television programs and music in development include costs of acquiring film rights to books, stage plays or original screenplays and costs to adapt such projects, as well as amounts paid to musical artists. Projects in development are written off if they are determined not to be recoverable, and are evaluated for impairment at each reporting period. Once a project is released to consumers, the capitalized costs are amortized on an individual project basis in the proportion that the current revenue for each project bears to the estimated remaining unrecognized revenue to be received from all sources for each project as of the beginning of the current fiscal year. Revenue and cost forecasts are periodically reviewed by management and revised when warranted. The carrying value of film costs are reviewed for impairment each reporting period on a project-by-project basis. If events or changes in circumstance indicate that the fair value of the capitalized costs on a specific project is less than the carrying value, an impairment charge is recognized in the amount by which the unamortized costs exceed the project’s fair value. The Company has not completed any projects as of October 31, 2020 and has not recognized any impairment charges.
Revenue Recognition	Revenue Recognition Film and Television Program Revenues The Company’s film and television program business is expected to generate revenues principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international market places. Revenue will be recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services or goods. Revenues do not include taxes collected from customers on behalf of taxing authorities, such as sales tax and value-added tax. Licensing Arrangements. Fixed Fee or Minimum Guarantees: Sales or Usage Based Royalties: Revenues by Market or Product Line. ● Theatrical. ● Home Entertainment. ● Digital Media. Digital Transaction Revenue Sharing Arrangements: Licenses of Content to Digital Platforms: ● Packaged Media. ● Television . ● International. ● Other. Revenues from the licensing of film and television content and the sales and licensing of music will be recognized when the content has been delivered and the license period has begun, as discussed above. Revenues from the licensing of symbolic intellectual property (i.e., licenses of motion pictures or television characters, brands, storylines, themes or logos) will be recognized over the corresponding license term. Commissions will be recognized as such services are provided. Deferred Revenue. Payment terms are expected to vary by location and type of customer and the nature of the licensing arrangement, however, other than multi-year license arrangements; payments will generally be due within 60 days after revenue is recognized. For certain multi-year licensing arrangements, primarily in the television, digital media, and international markets, payments may be due over a longer period. When the Company expects the period between fulfillment of the Company’s performance obligation and the receipt of payment to be greater than a year, a significant financing component will be present. In these cases, such payments will be discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Company, at contract inception. The significant financing component will be recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. The Company does not assess contracts with deferred payments for significant financing components if, at contract inception, the Company expects the period between fulfillment of the performance obligation and subsequent payment to be one year or less. In other cases, customer payments may be made in advance of when the Company fulfills its performance obligation and recognizes revenue. This may primarily occur under television production contracts, in which payments may be received as the production progresses, international motion picture contracts, where a portion of the payments are received prior to the completion of the movie and prior to license rights start dates, and pay television contracts with multiple windows with a portion of the revenues deferred until the subsequent exploitation windows commence. These arrangements will not contain significant financing components because the reason for the payment structure is not for the provision of financing to the Company, but rather to mitigate the Company’s risk of customer non-performance and incentivize the customer to exploit the Company’s content.
Cash	Cash The Company maintains its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”). The Company may periodically have cash balances in banks in excess of FDIC insurance limits. The Company has not experienced any losses to date resulting from this practice.
Investment in Marketable Securities	Investment in Marketable Securities The Company’s investment in marketable securities consists primarily of corporate equities with a quoted market price that are classified as trading securities. Marketable securities are stated at fair value as determined by the closing price of each security at each balance sheet date. Unrealized gains and losses on these securities are included in operations for the applicable period.
Concentration of Risk	Concentration of Risk The Company may periodically contract with consultants and vendors to provide services related to the Company’s business activities. Agreements for these services may be for a specific time period or for a specific project or task. Costs and expenses incurred that represented 10% or more of costs for the three months ended October 31, 2020 consist of legal fees of $57,145 incurred with the Company’s corporate law firm, which represented 12% of total general and administrative costs for such period and audit fees of $64,661 incurred with the Company corporate auditor, which represented 14% of total general and administrative cost for such period.
Income Taxes	Income Taxes The Company accounts for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, the Company recognizes deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of its recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Alternatively, should the Company determine that it would not be able to realize all or part of its deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. The Company’s wholly-owned subsidiary, Rivulet Films, converted from a pass-through limited liability corporation to a “C” corporation effective April 13, 2020. As the Company’s net operating losses in the respective jurisdictions in which it operates have yet to be utilized, all previous tax years remain open to examination by the respective taxing authorities. The Company had no unrecognized tax benefits as of October 31, 2020 and does not anticipate any material amount of unrecognized tax benefits within the next 12 months. The Company accounts for uncertainties in income tax law under a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns as prescribed by GAAP. The tax effects of a position are recognized only if it is “more-likely-than-not” to be sustained by the taxing authority as of the reporting date. If the tax position is not considered “more-likely-than-not” to be sustained, then no benefits of the position are recognized. As of October 31, 2020, the Company had no uncertain tax positions, and will continue to evaluate for uncertain tax positions in subsequent periods. In future periods, any interest and penalties related to uncertain tax positions will be recognized as a component of income tax expense.
Stock Based Compensation	Stock-Based Compensation The Company periodically issues common stock and stock options to officers, directors, employees, contractors and consultants for services rendered. Options vest and expire according to terms established at the issuance date of each grant. Stock grants, which are generally time vested, are measured at the grant date fair value and charged to operations ratably over the vesting period. The Company accounts for stock-based payments to officers, directors, employees, contractors and consultants by measuring the cost of services received in exchange for equity awards utilizing the grant date fair value of the awards, with the cost recognized as compensation expense over the period during which the individual is required to perform services in exchange for the award, which is generally over the vesting period of the award. The fair value of stock options granted as stock-based compensation is determined utilizing the Black-Scholes option-pricing model, and is affected by several variables, the most significant of which are the life of the equity award, the exercise price of the stock option as compared to the fair market value of the common stock on the grant date, and the estimated volatility of the common stock. Estimated volatility is based on the historical volatility of the Company’s common stock over an appropriate calculation period, or, if not available, by reference to the volatility of a representative sample of comparable public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of the common stock is determined by reference to the quoted market price of the Company’s common stock on the grant date. The Company recognizes the fair value of stock-based compensation awards in in the Company’s consolidated statements of operations. Through October 31, 2020, stock-based compensation costs have been included in general and administrative costs. The Company issues new shares of common stock to satisfy stock option exercises.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds and are measured using present value pricing models. The Company will determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company will perform an analysis of the assets and liabilities at each reporting period end. The Company’s financial instruments include investment in marketable securities, prepaid expenses, deposits, accounts payable, accrued expenses, and due to related parties. The estimated fair value of these instruments approximates their respective carrying amounts due to the short-term nature of these instruments.
Earnings (Loss) per share	Earnings (Loss) Per Share The Company’s computation of earnings (loss) per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible notes payable, convertible preferred stock and stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because convertible debt and stock options outstanding were anti-dilutive. At October 31, 2020 the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive. Convertible Promissory Note 125,770 Common stock subscription receivable 9,652,000 Common stock options 9,000,000 Total 18,777,770 The 9,652,000 shares of common stock associated with the outstanding common stock subscription receivable at October 31, 2020 have been excluded from the calculation of basic and diluted EPS. Weighted average common shares outstanding has been retroactively restated for all periods presented to reflect the accounting effect of the 2020 Reverse Acquisition Transaction (see Note 1).
Property and Equipment	Property and Equipment Property and equipment will be recorded at cost. Major improvements are capitalized, while maintenance and repairs that do not improve or extend the useful life of the respective assets are charged to expense as incurred. Gains and losses from disposition of property and equipment will be included in income and expense when realized. Depreciation of property and equipment will be provided using the straight-line method over an estimated useful life of three years. The Company will recognize depreciation of property and equipment in the Company’s consolidated statement of operations.
Leases	Leases Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”) requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. ASU 2016-02 requires recognition in the statement of operations of a single lease cost that is calculated as a total cost of the lease allocated over the lease term, generally on a straight-line basis. ASU 2016-02 excludes short-term operating leases with a lease term of 12 months or less at the commencement date, and that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company did not have any leases within the scope of ASU 2016-02 at October 31, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities measure credit losses for most financial assets, including accounts and notes receivable. ASU 2016-13 will replace the current “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the provisions of ASU 2016-13 as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which ASU 2016-13 is effective. ASU 2016-13 will be effective for the Company for interim and annual reporting periods beginning after December 15, 2022. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and enhances and simplifies various aspects of the income tax accounting guidance in ASC 740. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The adoption of ASU 2019-12 is not expected to have any impact on the Company’s consolidated financial statement presentation or disclosures subsequent to its adoption. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06). ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Management has not yet evaluated the effect that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures subsequent to its adoption. Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Oct. 31, 2020
Summary Of Significant Accounting Policies Tables Abstract
Schedule of Outstanding Securities	At October 31, 2020 the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive. Convertible Promissory Note 125,770 Common stock subscription receivable 9,652,000 Common stock options 9,000,000 Total 18,777,770

CHANGE IN CONTROL AND REVERSE_2

CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS (Tables)	3 Months Ended
	Oct. 31, 2020
Change In Control And Reverse Recapitalization Transactions
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Current assets acquired: Cash $ 572 Investment in marketable securities 8,797 Total current assets $ 9,369 Adjustment to stockholders’ deficiency: Preferred stock (1,434 shares issued) $ 202 Series B preferred stock (1,347 shares issued) 72 Common stock (7,810,996 shares issued) 781 Additional paid-in capital 8,314 Shares issued in reverse acquisition transaction $ 9,369

INVESTMENT IN MARKETABLE SECU_2

INVESTMENT IN MARKETABLE SECURITIES (Tables)	3 Months Ended
	Oct. 31, 2020
Investment In Marketable Securities
Schedule of Investment in Marketable Securities	Unrealized gains and losses on these securities are included in operations for the applicable period. Change in Fair Value For the Number Three Months of Fair Value at Ended Shares July 31, 2020 October 31, 2020 October 31, 2020 Common Shares of Entest Group, Inc. (ENTI) 66,667 $ 260 $ 526 $ 267 Common Shares of Regen Biopharma, Inc. (RGBP) 29,076,665 5,814 11,630 5,815 Series A Preferred Shares of Regen Biopharma, Inc. (RGBPP) 2,907,666 4,362 4,362 - Total $ 10,436 $ 16,518 $ 6,082

PROJECT DEVELOPMENT COSTS (Tabl

PROJECT DEVELOPMENT COSTS (Tables)	3 Months Ended
	Oct. 31, 2020
Research and Development [Abstract]
Schedule of Project Development Cost	Development costs to date are summarized as follows: Balance at July 31, 2020 $ 134,413 Additions 752,271 Transferred to production costs — Charged to operations — Balance at October 31, 2020 $ 886,684

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Oct. 31, 2020
Notes to Financial Statements
Schedule of Stock Option Assumptions	For stock options issued during the three months ended October 31, 2020, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions: Risk-free interest rate 0.34 % Expected dividend yield 0 % Expected volatility 37.85 % Expected life 5 years
Schedule of Stock Option Activity	A summary of stock option activity during the three months ended October 31, 2020 is presented below. Number of Weighted Weighted Stock options outstanding at July 31, 2020 9,000,000 $ 0.10 Granted 9,000,000 0.10 Exercised — — Expired — — Stock options outstanding at October 31, 2020 9,000,000 $ 0.10 10.00 Stock options exercisable at October 31, 2020 5,000,000 $ 0.10 10.00

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Oct. 31, 2020shares
Convertible Promissory Note
Shares Outstanding	125,770
Common Stock Subscription Receivable From Related Party
Shares Outstanding	9,652,000
Common Stock Options
Shares Outstanding	9,000,000
Securities [Member]
Shares Outstanding	18,777,770

CHANGE IN CONTROL AND REVERSE_3

CHANGE IN CONTROL AND REVERSE RECAPITALIZATION TRANSACTIONS (Details) - USD ($)	Oct. 31, 2020	Jul. 31, 2020	Apr. 13, 2020
Preferred stock	$ 202	$ 202
Common stock	11,002	9,669
Additional paid-in capital	2,163,232	1,456,644
Adjustment to stockholders' equity (deficiency)	147,250	(150,341)
Series B Preferred Stock
Preferred stock	$ 72	$ 72
Bio-Matrix Scientific Group, Inc
Cash			$ 572
Investment securities			8,797
Total current assets			9,369
Preferred stock			202
Common stock			781
Additional paid-in capital			8,314
Adjustment to stockholders' equity (deficiency)			9,369
Bio-Matrix Scientific Group, Inc | Series B Preferred Stock
Preferred stock			$ 72

INVESTMENT SECURITIES (Details)

INVESTMENT SECURITIES (Details) - USD ($)	3 Months Ended
	Oct. 31, 2020	Jul. 31, 2020	Apr. 13, 2020
Fair Value	$ 16,518	$ 10,436
Change in Fair Value for the Period	6,082
Common Shares of Entest Group, Inc. (ENTI)
Investment Owned, Balance, Shares			66,667
Fair Value	526	260
Change in Fair Value for the Period	267
Common Shares of Regen Biopharma, Inc. (RGBP)
Investment Owned, Balance, Shares			29,076,665
Fair Value	11,630	5,814
Change in Fair Value for the Period	5,815
Series A Preferred Shares of Regen Biopharma, Inc. (RGBPP)
Investment Owned, Balance, Shares			290,766
Fair Value	$ 4,362	$ 4,362

PROJECT DEVELOPMENT COSTS (Deta

PROJECT DEVELOPMENT COSTS (Details)	3 Months Ended
	Oct. 31, 2020USD ($)
Project Development Costs
Beginning Balance	$ 134,413
Additions	752,271
Transferred to production costs
Charged to operations
Ending Balance	$ 886,684

STOCKHOLDERS' EQUITY (DEFICIENC

STOCKHOLDERS' EQUITY (DEFICIENCY) (Details Narrative) - USD ($)	Oct. 31, 2020	Jul. 31, 2020
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, issued	1,434	1,434
Preferred stock, outstanding	1,434	1,434
Preferred stock Value	$ 202	$ 202
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, issued	110,020,171	96,691,761
Common stock, outstanding	110,020,171	96,691,761
Series B Preferred Stock
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, issued	1,347	1,347
Preferred stock, outstanding	1,347	1,347
Preferred stock Value	$ 72	$ 72

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - Stock Option [Member]	3 Months Ended
	Oct. 31, 2020USD ($)
Risk-free interest rate	34.00%
Expected dividend yield	$ 0
Expected volatility	37.85%
Expected life	5 years

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 2) - Stock Option [Member] - $ / shares	3 Months Ended
	Oct. 31, 2020	Jul. 31, 2020
Number of Shares
Beginning Balance	9,000,000
Granted	9,000,000
Exercised
Expired
Exercisable at end of period		5,000,000
Weighted Average Exercise Price
Beginning Balance	$ 0.10
Granted	0.10
Exercised
Expired
Exercisable at end of period		$ 0.10
Weighted Average Remaining Contractual Life Ending Balance	10 years
Weighted Average Remaining Contractual Life Exercisable at end of period	10 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	3 Months Ended
	Oct. 31, 2020USD ($)
Related Party Transactions
Producer fees	$ 25,000