Related Party Transactions | 3. Related Party Transactions Stock Purchase Agreement On August 29, 2017, the Company and the former President of the Company entered into a stock purchase agreement (“Stock Purchase Agreement”) with the CEO and the CFO of the Company (collectively, the “Purchasers”). Pursuant to the Stock Purchase Agreement, the Purchasers have agreed to purchase 7,000,000 shares from the former President of the Company and 78,770,000 shares from the Company for a purchase price of $50,000 and $300,000, respectively. In connection with the Stock Purchase Agreement, the former President of the Company has received $350,000, of which $50,000 was for the sale of his shares to the Purchasers and $300,000 was from the sale of common stock by the Company. The proceeds of $300,000 from the issuance of common stock of the Company was directed to the former President of the Company in full settlement of all company’s debts owed to the former President and in consideration of settling any claims against the Company by the former President of the Company. Due to related parties (a) As of April 30, 2018 and July 31, 2017, the Company was indebted $0 and $80, respectively, to a relative of the former President of the Company for advances and expenses incurred on behalf of the Company. The amount was included in accounts payable and was non-interest bearing, unsecured, and due on demand. (b) As of April 30, 2018 and July 31, 2017, the Company was indebted $0 and $296,753, respectively, to the former President of the Company, for advances and expenses incurred on behalf of the Company. The amount was included in due to related parties and was non-interest bearing, unsecured, and due on demand. (c) During the nine months ended April 30, 2018, MIG Network & Consultancy Sdn Berhad (the “MIG Network and Consultancy”), a Malaysian company of which both the CEO and CFO of the Company are the major shareholders, has advanced in an aggregate amount of RM$442,460, equivalent to $112,829, and $1,715 to the Company for working capital purpose. The advances were unsecured, interest free, and due on demand. As of April 30, 2018 and July 31, 2017, there were $114,544 and $0 advances outstanding, respectively. Donated Capital During the nine months ended April 30, 2018 and 2017, the Company recognized a total of $1,000 and $9,000 for donated services, respectively. During the nine months ended April 30, 2018 and 2017, the Company also recognized a total of $500 and $4,500 for donated rent provided by the former President of the Company, respectively. As of April 30, 2018 and July 31, 2017, the donated capital was $187,381 and $185,881, respectively. |