Cover
Cover - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Oct. 26, 2021 | Jan. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Jul. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity File Number | 000-52362 | ||
Entity Registrant Name | Worldwide Strategies Inc | ||
Entity Central Index Key | 0001342792 | ||
Entity Tax Identification Number | 41-0946897 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 1961 NW 150 AVENUE, SUITE 205 | ||
Entity Address, City or Town | PEMBROKE PINES | ||
Entity Address, State or Province | FL | ||
Entity Address, Country | US | ||
Entity Address, Postal Zip Code | 33028 | ||
City Area Code | 844 | ||
Local Phone Number | 500-9974 | ||
Title of 12(g) Security | Common Stock, $0.001 Par Value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 545,344 | ||
Entity Common Stock, Shares Outstanding | 19,830,679 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Current Assets: | ||
Cash | $ 0 | $ 0 |
Total assets | 0 | 0 |
Current Liabilities: | ||
Accounts payable | 42,967 | 42,967 |
Accrued liabilities | 375,504 | 327,904 |
Convertible notes payable, in default | 452,406 | 452,406 |
Convertible notes payable. related party, in default | 40,000 | 40,000 |
Total current liabilities | 910,877 | 863,277 |
Long term notes payable - related party | 14,577 | 0 |
Total Liabilities | 925,454 | 863,277 |
Stockholders' deficit: | ||
Common stock, $.001 par value, 975,000,000 shares authorized 19,830,679 shares issued and outstanding as of July 31, 2021 and 2020, respectively | 19,831 | 19,831 |
Additional paid-in capital | 14,497,273 | 13,185,185 |
Accumulated deficit | (15,447,828) | (14,070,055) |
Total Stockholders' Deficit | (925,454) | (863,277) |
Total Liabilities and Stockholders' Deficit | 0 | 0 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock; $.001 par value; 25,000,000 shares authorized; Series A, 5,000,000 and 1,491,743 shares issued and outstanding as of July 31, 2021 and 2020, respectively; Series B, 270,000 shares issued and outstanding as of July 31, 2021 and 2020, respectively | 5,000 | 1,492 |
Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock; $.001 par value; 25,000,000 shares authorized; Series A, 5,000,000 and 1,491,743 shares issued and outstanding as of July 31, 2021 and 2020, respectively; Series B, 270,000 shares issued and outstanding as of July 31, 2021 and 2020, respectively | $ 270 | $ 270 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2021 | Jul. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 975,000,000 | 975,000,000 |
Common stock, shares issued | 19,830,679 | 19,830,679 |
Common stock, shares outstanding | 19,830,679 | 19,830,679 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, shares issued | 5,000,000 | 1,491,743 |
Preferred stock, shares outstanding | 5,000,000 | 1,491,743 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, shares issued | 270,000 | 270,000 |
Preferred stock, shares outstanding | 270,000 | 270,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating expenses: | ||
Other general and administrative expenses | $ 1,329,955 | $ 0 |
Total operating expenses | 1,329,955 | 0 |
Loss from operations | (1,329,955) | 0 |
Other expense: | ||
Interest expense | (47,818) | (47,677) |
Loss before income taxes | (1,377,773) | (47,677) |
Income tax provision | 0 | 0 |
Net loss | $ (1,377,773) | $ (47,677) |
Basic and diluted loss per share | $ (0.07) | $ 0 |
Basic and diluted weighted average common shares outstanding | 19,830,679 | 19,830,679 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) - USD ($) | Preferred Stock Series A | Preferred Stock Series B | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at Jul. 31, 2019 | 1,491,743 | 270,000 | 19,830,679 | |||
Beginning balance, value at Jul. 31, 2019 | $ 1,492 | $ 270 | $ 19,831 | $ 13,185,185 | $ (14,022,378) | $ (815,600) |
Net Loss | (47,677) | (47,677) | ||||
Ending balance, shares at Jul. 31, 2020 | 1,491,743 | 270,000 | 19,830,679 | |||
Ending balance, value at Jul. 31, 2020 | $ 1,492 | $ 270 | $ 19,831 | 13,185,185 | (14,070,055) | (863,277) |
Net Loss | (62,177) | (1,377,773) | ||||
Issuance of Preferred Stock for services - related party, shares | 3,508,257 | |||||
Issuance of Preferred Stock for services - related party, value | $ 3,508 | 1,312,088 | 1,315,596 | |||
Ending balance, shares at Jul. 31, 2021 | 5,000,000 | 270,000 | 19,830,679 | |||
Ending balance, value at Jul. 31, 2021 | $ 5,000 | $ 270 | $ 19,831 | $ 14,497,273 | $ (15,447,828) | $ (925,454) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,377,773) | $ (47,677) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock Based Compensation | 1,315,596 | 0 |
Accrued liabilities | 47,600 | 47,677 |
Net cash used in operating activities | (14,577) | 0 |
Cash flows from financing activities: | ||
Related party loans | 14,577 | 0 |
Net cash provided by financing activities | 14,577 | 0 |
Net increase in cash | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 0 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
1. Organization and Basis of Pr
1. Organization and Basis of Presentation | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Organization and Basis of Presentation Worldwide Strategies Incorporated (“WWSG” or the “Company”) was incorporated under the laws of the State of Nevada on April 6, 1998 and ceased operations in 2015. The Company fully impaired all assets since the shutdown of its operations in 2015. On May 7, 2019, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC (“Custodian”) as custodian for Worldwide Strategies Incorporated., proper notice having been given to the officers and directors of Worldwide Strategies Incorporated with no opposition. On July 10, 2019, the Company filed a Certificate of Reinstatement with the state of Nevada. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
2. Summary of significant accou
2. Summary of significant accounting policies | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2 – Summary of Significant Accounting Policies Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the years ended July 31, 2021 and 2020. Excluded from the weighted average common shares outstanding amount is convertible preferred stock equivalent to 279,323,394 common shares and convertible debt equivalent to 44,771,429 common shares as the effect of these on the computation of net loss per share would have been anti-dilutive. Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fair Value of Financial Instruments On August 1, 2012, the Company adopted ASC 820, Fair Value Measurements and Disclosures · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The following tables represent our assets and liabilities by level measured at fair value on a recurring basis at July 31, 2021 and July 31, 2020: Fair Value Measurements at July 31, 2021 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Fair Value Measurements at July 31, 2020 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Reclassifications Certain reclassifications have been made to the prior year presentation to conform to the current year presentation. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
3. Going Concern
3. Going Concern | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3- Going Concern For the years ended July 31, 2021 and 2020 we incurred net losses of approximately $1.4 million and $48,000 respectively. As of July 31, 2021, we had no cash on hand and current liabilities of $0.9 million. As of July 31, 2020, we had no cash on hand and current liabilities of $0.9 million. These losses combined with our current liabilities cast significant doubt on the company’s ability to operate under the going concern. The Company filed a Registration Statement which was declared effective on August 20, 2021. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock. The failure to achieve the necessary levels of profitability or obtaining additional funding would be detrimental to the Company. |
4. Related Party Transactions
4. Related Party Transactions | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions The Company’s CFO has provided office space at no cost to the Company. Our CEO and CFO incurred expenses on behalf of the Company amounting to $14,577 during the years ending July 31, 2021. As of July 31, 2021 total amounts due to our CEO and CFO are $14,577. These amounts are due on December 31, 2022 and bear interest at eight percent per annum. On June 7, 2021 the Company issued an aggregate of 3,508,257 shares of our convertible Series A preferred stock to our founders, Adam Laufer, Pavan Charan and Dr. Sandra Kaufmann, as founder stock in connection with the reorganization of our business. As of July 31, 2021 and 2020, the Company had a convertible promissory note in the principal outstanding balance of $40,000, payable to a shareholder. Such note bears interest at nine percent per annum with a maturity date of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.01 per share. As of July 31, 2021 and 2020, our founders owned 270,000 shares of convertible Class B preferred stock. |
5. Convertible Notes Payable
5. Convertible Notes Payable | 12 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Note 5 – Convertible Notes Payable The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $200,450 as of July 31, 2021 and 2020, respectively. Interest on these notes range from nine to ten percent per annum and such notes had maturity dates of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.01 per share. Included in the balance outstanding is $40,000 that is due to a related party. The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $157,945 as of July 31, 2021 and 2020, respectively. Interest on these notes range from eight to ten percent per annum and such notes had maturity dates of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.04 per share. The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $50,000 as of July 31, 2021 and 2020, respectively. Interest on these notes are 8% per annum and such notes had maturity date of March 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into non-restricted common stock in an amount equal to the total sum due, based on a mutually agreed discount (not to exceed 50%) to the then market price. The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $44,711 as of July 31, 2021 and 2020, respectively. Interest on these notes are 10% per annum and such notes had maturity dates ranging from July 31, 2015 to December 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.07 per share. The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $39,000 as of July 31, 2021 and 2020, respectively. Interest on these notes are 10% per annum and such notes had maturity dates ranging from July 31, 2015 to December 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.10 per share. Accrued interest on such notes total $375,504 and $327,904 as of July 31, 2021 and 2020, respectively and are included within accrued liabilities on the accompanying balance sheet. Based on the maturity dates of the promissory notes, all promissory notes are in default. |
6. Shareholders' Equity
6. Shareholders' Equity | 12 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Note 6 – Shareholders’ Equity Preferred stock The Company has two classes of preferred stock and is authorized to issue 25,000,000 shares of $.001 par value preferred stock. The Company's Board of Directors may divide and issue the preferred shares in series. Each Series, when issued, shall be designated to distinguish them from the shares of all other series. The relative rights and preferences of these series include preference of dividends, redemption terms and conditions, amount payable upon shares of voluntary or involuntary liquidation, terms and condition of conversion as well as voting powers. Series A Preferred Stock On December 15, 2008 the Company filed a certificate of designation with the Nevada Secretary of State, in which it was designated and authorized to issue 5,000,000 shares of Convertible Series A Preferred Stock at a par value of $0.001. Each share of Series A Preferred Stock is convertible into 6.25 shares of common stock at the election of the holder. Each Series A share is entitled to 6.25 votes in any vote of the common stock holders. Series A shares are redeemable by the Company at $.50 per share with 15 days written notice. Series A shares are entitled to a 5% dividend preference and a participation interest in the remaining 95% dividend. On June 7, 2021 the Company issued an aggregate of 3,508,257 shares of our convertible Series A preferred stock to our founders, Adam Laufer, Pavan Charan and Dr. Sandra Kaufmann, as founder stock in connection with the reorganization of our business. The Company recorded $1.3 million as stock compensation in relation to the issuance of the Series A preferred stock based upon the fair value of such shares. Series B Preferred Stock On July 10, 2019 the Company filed a certificate of designation with the Nevada Secretary of State, in which it was designated and authorized to issue 5,000,000 shares of Convertible Series B Preferred Stock at a par value of $0.001. Each share of Series B Preferred Stock is convertible into 1,000 shares of common stock at the election of the holder. On July 10, 2019, the Company filed a Certificate of Reinstatement with the state of Nevada and issued to the Custodian 270,000 shares of Convertible Series B preferred stock to satisfy all outstanding obligations and debts owed to Custodian for costs associated with the custodianship proceedings, and all expenses incurred by the custodian in reinstating the company under Nevada state law, and settling all outstanding balances with the company’s transfer agent. These shares were valued using the underlying stock price at the date of issuance which resulted in the Company recording stock compensation expense of $5.4 million. Common stock As of July 31, 2021 and 2020, the Company was authorized to issue 975,000,000 and 33,333,333 shares of common stock respectively. On May 26, 2021, the Company increased the authorized amount of common stock to be issued to 975,000,000. Total shares outstanding at July 31, 2021 and 2020 were 19,830,679, respectively. |
7. Income Taxes
7. Income Taxes | 12 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 - Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, which requires use of the liability method. FASB ASC Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. As of July 31, 2021, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. The Company has approximately $5.1 million and $3.7 million of federal net operating loss carry forwards at July 31, 2021 and 2020, respectively. In addition, the Company had gross deferred tax assets of $1.0 million and $0.8 million as of July 31, 2021 and 2020 for which a full valuation allowance has provided. Based on the available objective evidence, including the Company's history of losses, management believes it is more likely than not, the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at July 31, 2021 and 2020. The Company had no uncertain tax positions as of July 31, 2021 and 2020. |
8. Subsequent Events
8. Subsequent Events | 12 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events On May 29, 2021, we entered into a binding letter of intent (the “LOI”) with Fitwell Limited a company organized under the laws of the United Kingdom (“Fitwell”) to acquire Fitwell and its fitness and nutrition app, that same letter of intent expired, pursuant to the terms therein on July 29, 2021. Subsequent thereto, on September 24, 2021, we entered into a contingent Stock Purchase Agreement (the “Agreement”) with Fitwell pursuant to which we have agreed to acquire one hundred percent of issued and outstanding shares of Fitwell for a purchase price of $1,000,000 payable in cash and our common stock. Worldwide Strategies will pay an aggregate cash purchase price of $500,000 and will issue shares of the Registrant’s common stock valued at $500,000 with the price per share being the price that we price our shares for sale in our planned Regulation A+ offering (“the Offering”), notwithstanding, the price of the offering, the price per share of the shares to be issued to Fitwell shall not exceed a per share price of $0.40. The acquisition is contingent on our conducting a Regulation A+ offering, wherein we raise a minimum of $2,000,000 (the “Offering”). The Fitwell shareholders will receive the cash component of our purchase price from the proceeds of our Offering and the shares to be issued shall be issued subsequent to the closing of the Offering. In connection with the Buyer’s acquisition of the Business, the Buyer and the Seller will enter into customary transition services and other ancillary arrangements. The Agreement also contains representations, warranties, covenants, indemnification obligations and closing conditions which are customary for transactions of this nature. The Buyer and the Seller have the right to terminate the Agreement prior to the closing under certain circumstances, including, without limitation: (i) by mutual written consent; (ii) by either the Buyer or the Seller if the closing has not occurred on or before the date that is 90 days following the qualification of the Registrant’s offering by the Securities and Exchange Commission; (iii) by the Seller if the Offering does not raise a minimum of $2,000,000 in proceeds or (iv) by either the Buyer or the Seller if a material breach occurs and is not cured within the required amount of time. |
2. Summary of significant acc_2
2. Summary of significant accounting policies (Policies) | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Loss per Common Share | Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the years ended July 31, 2021 and 2020. Excluded from the weighted average common shares outstanding amount is convertible preferred stock equivalent to 279,323,394 common shares and convertible debt equivalent to 44,771,429 common shares as the effect of these on the computation of net loss per share would have been anti-dilutive. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments On August 1, 2012, the Company adopted ASC 820, Fair Value Measurements and Disclosures · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The following tables represent our assets and liabilities by level measured at fair value on a recurring basis at July 31, 2021 and July 31, 2020: Fair Value Measurements at July 31, 2021 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Fair Value Measurements at July 31, 2020 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
2. Summary of significant acc_3
2. Summary of significant accounting policies (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Assets and liabilities measured at fair value | Fair Value Measurements at July 31, 2021 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Fair Value Measurements at July 31, 2020 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – |
2. Summary of significant acc_4
2. Summary of significant accounting policies (Details - Fair value measurements) - Fair Value Measurements Recurring [Member] - Convertible Debt [Member] - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Fair Value Inputs Level 1 [Member] | ||
Convertible debt fair value | $ 0 | $ 0 |
Total liabilities | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Convertible debt fair value | 492,406 | 492,406 |
Total liabilities | 492,406 | 492,406 |
Fair Value Inputs Level 3 [Member] | ||
Convertible debt fair value | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
2. Summary of significant acc_5
2. Summary of significant accounting policies (Details Narrative) - shares | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Convertible Preferred Stock [Member] | ||
Antidilutive shares | 279,323,394 | 279,323,394 |
Convertible Debt [Member] | ||
Antidilutive shares | 44,771,429 | 44,771,429 |
3. Going Concern (Details Narra
3. Going Concern (Details Narrative) - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ (1,377,773) | $ (47,677) | |
Cash | 0 | 0 | $ 0 |
Current liabilities | $ 910,877 | $ 863,277 |
4. Related Party Transactions (
4. Related Party Transactions (Details Narrative) - USD ($) | 10 Months Ended | 12 Months Ended | |
Jun. 07, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | |
Costs paid by related parties | $ 14,577 | $ 0 | |
Convertible promissory note | 452,406 | 452,406 | |
CEO and CFO [Member] | |||
Costs paid by related parties | 14,577 | ||
Due to related parties | $ 14,577 | ||
Interest rate | 8.00% | ||
Maturity date | Dec. 31, 2022 | ||
Payable to a shareholder [Member] | |||
Convertible promissory note | $ 40,000 | $ 40,000 | |
Founders [Member] | Series A Preferred Stock [Member] | |||
Stock issued for reorganization, shares | 3,508,257 |
5. Convertible Notes Payable (D
5. Convertible Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Convertible notes payable | $ 452,406 | $ 452,406 |
Accrued interest | 375,504 | 327,904 |
Convertible Note 1 [Member] | ||
Convertible notes payable | $ 200,450 | 160,750 |
Debt maturity date | Jul. 31, 2015 | |
Interest rate range | 9-10% | |
Convertible Note 1 [Member] | Due to Related Party [Member] | ||
Convertible notes payable | $ 40,000 | |
Convertible Note 2 [Member] | ||
Convertible notes payable | $ 157,945 | 157,945 |
Debt maturity date | Jul. 31, 2015 | |
Interest rate range | 8-10% | |
Convertible Note 3 [Member] | ||
Convertible notes payable | $ 50,000 | 50,000 |
Debt maturity date | Mar. 31, 2015 | |
Interest rate range | 8% | |
Convertible Note 4 [Member] | ||
Convertible notes payable | $ 44,711 | 44,711 |
Debt maturity date | Dec. 31, 2015 | |
Interest rate range | 10% | |
Convertible Note 5 [Member] | ||
Convertible notes payable | $ 39,000 | $ 39,000 |
Debt maturity date | Dec. 31, 2015 | |
Interest rate range | 10% |
6. Shareholders' Equity (Detail
6. Shareholders' Equity (Details Narrative) - USD ($) | 10 Months Ended | 12 Months Ended | ||
Jun. 07, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||
Stock based compensation | $ 1,315,596 | $ 0 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 5,000,000 | |||
Preferred stock, convertible terms | 6.25 | |||
Conversion price | $ 0.50 | |||
Dividend preference | 5.00% | |||
Series A Preferred Stock [Member] | Founders [Member] | ||||
Stock based compensation | $ 1,300,000 | |||
Stock issued for reorganization, shares | 3,508,257 | |||
Series B Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 5,000,000 | |||
Preferred stock, convertible terms | 1,000 | |||
Stock based compensation | $ 5,400,000 |
7. Income Taxes (Details Narrat
7. Income Taxes (Details Narrative) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 5,100,000 | $ 3,700,000 |
Deferred tax assets, gross | 1,000,000 | 800,000 |
Deferred tax asset valuation allowance | $ 1,000,000 | $ 800,000 |