Cover
Cover | 9 Months Ended |
Apr. 30, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Apr. 30, 2022 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --07-31 |
Entity File Number | 000-52879 |
Entity Registrant Name | MOTOS AMERICA INC. |
Entity Central Index Key | 0001409175 |
Entity Tax Identification Number | 39-2060052 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 510 South 200 West |
Entity Address, Address Line Two | Suite 110 |
Entity Address, City or Town | Salt Lake City |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84101 |
City Area Code | 801 |
Local Phone Number | 386 6700 |
Title of 12(g) Security | Common Stock, par value $0.001 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 821,610,070 |
BALANCE SHEET (Unaudited)
BALANCE SHEET (Unaudited) - USD ($) | Apr. 30, 2022 | Jul. 31, 2021 |
Current Assets: | ||
Cash | $ 1,838,345 | $ 542 |
Other Current Assets | 6,540,531 | 0 |
Accounts Receivable | 86,846 | 0 |
Total Current Assets | 8,465,722 | 542 |
Fixed Assets | 1,723,687 | 0 |
Total Other Assets | 1,007,543 | 0 |
Total Assets | 11,196,952 | 542 |
Current Liabilities: | ||
Accounts Payable | 623,794 | 85,956 |
Other Payable and Accrued Liabilities | 3,121,996 | 967,189 |
Amount due to Related Party | 0 | 1,248,070 |
Current tax liabilities | 0 | 21,199 |
Total Current Liabilities | 3,745,790 | 2,322,414 |
Long-Term Liabilities | ||
Deferred tax | 0 | 9,236 |
Series A Convertible Bonds | 1,650,000 | 0 |
Series A Convertible Debentures | 1,500,000 | 0 |
Series B Convertible Bonds | 365,000 | 0 |
Other Long Term Debt | 356,832 | 0 |
Total Long-Term Liabilities | 3,871,832 | 9,236 |
Total Liabilities | 7,617,622 | 2,331,650 |
Shareholders’ Equity: | ||
Common Stock | 821,610 | 593,610 |
Preferred Stock | 10,000 | 0 |
Series A Warrants | 34 | |
Additional paid-in capital | 27,215,085 | 4,958,781 |
Accumulated loss | (26,833,638) | (7,667,225) |
Other comprehensive loss | 2,366,239 | (216,274) |
Total Owners’ Equity | 3,579,330 | (2,331,108) |
Total Liabilities and Owners ‘Equity | $ 11,196,952 | $ 542 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 6,918,699 | $ 0 | $ 6,921,344 | $ 0 |
Cost of Revenue | 5,490,034 | 0 | 5,490,034 | 0 |
Gross Margin | 1,428,665 | 0 | 1,431,310 | 0 |
Other Income | 0 | 1,919 | 0 | (10,588) |
General and Administrative Expense | (1,954,640) | (6,501) | (2,277,048) | (22,200) |
Gain (Loss Before Tax) | (525,975) | (4,582) | (845,738) | (32,788) |
Net Additions or Decreases for operations | 158,405 | 0 | 158,405 | 0 |
Tax | 0 | 0 | 0 | 0 |
Net Loss | (367,570) | (4,582) | (687,333) | (32,788) |
Transitional Adjustment | 0 | 25,730 | 0 | (78,136) |
Total Comprehensive Income (Loss) | $ (367,570) | $ 21,148 | $ (687,333) | $ (110,924) |
Income (Loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding | 750,158,000 | 593,610,070 | 720,145,000 | 593,610,070 |
STATEMENT OF SHAREHOLDER EQUITY
STATEMENT OF SHAREHOLDER EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance, value at Jul. 31, 2020 | $ 593,610 | $ 4,958,781 | $ (196,823) | |
Shares, Outstanding, Beginning Balance at Jul. 31, 2020 | 593,610,070 | 0 | ||
Net loss for the period | (28,722) | |||
Translation Adjustment | ||||
Ending balance, value at Jul. 31, 2021 | $ 593,610 | 4,958,781 | (7,667,225) | |
Shares, Outstanding, Ending Balance at Jul. 31, 2021 | 593,610,070 | 0 | ||
Net loss for the period | (24,887,015) | |||
Other comprehensive gain (loss) | 0 | 0 | 0 | 0 |
Common Stock Issued | $ 10,000 | 20,753,304 | ||
Stock Issued During Period, Shares, New Issues | 10,000,000 | |||
Ending balance, value at Oct. 31, 2021 | $ 593,610 | $ 10,000 | 25,712,085 | (26,322,906) |
Shares, Outstanding, Ending Balance at Oct. 31, 2021 | 593,610,070 | 10,000,000 | ||
Beginning balance, value at Jul. 31, 2021 | $ 593,610 | 4,958,781 | (7,667,225) | |
Shares, Outstanding, Beginning Balance at Jul. 31, 2021 | 593,610,070 | 0 | ||
Ending balance, value at Apr. 30, 2022 | $ 821,610 | $ 10,000 | 27,215,085 | (26,833,638) |
Shares, Outstanding, Ending Balance at Apr. 30, 2022 | 821,610,070 | 10,000,000 | ||
Beginning balance, value at Oct. 31, 2021 | $ 593,610 | $ 10,000 | 25,712,085 | (26,322,906) |
Shares, Outstanding, Beginning Balance at Oct. 31, 2021 | 593,610,070 | 10,000,000 | ||
Net loss for the period | (143,162) | |||
Common Stock Issued | $ 27,000 | 153,000 | ||
Stock Issued During Period, Shares, New Issues | 27,000,000 | |||
Ending balance, value at Jan. 31, 2022 | $ 620,610 | $ 10,000 | 25,865,085 | (26,466,068) |
Shares, Outstanding, Ending Balance at Jan. 31, 2022 | 620,610,070 | 10,000,000 | ||
Net loss for the period | (367,570) | |||
Common Stock Issued | $ 201,000 | 1,350,000 | ||
Stock Issued During Period, Shares, New Issues | 201,000,000 | |||
Ending balance, value at Apr. 30, 2022 | $ 821,610 | $ 10,000 | $ 27,215,085 | $ (26,833,638) |
Shares, Outstanding, Ending Balance at Apr. 30, 2022 | 821,610,070 | 10,000,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jul. 31, 2021 | |
Cash Flows from Operating Activities: | |||||
Net Loss | $ (367,570) | $ (4,582) | $ (687,333) | $ (32,788) | |
Adjustment: | |||||
Gain on Disposal of PPE | 0 | 375 | |||
Foreign translation reserve | 0 | (78,136) | |||
Other current assets | (1,336,164) | 0 | |||
Accounts receivable | (86,846) | 0 | |||
Accounts payable | 537,838 | 3,980 | |||
Other payable and accrued liabilities | 2,154,807 | 56,750 | |||
Due to Related Party | (1,248,070) | 49,817 | |||
Tax liability | (21,199) | 0 | |||
Net cash provided by operations | (686,967) | (2) | |||
Cash Flows from Investing Activities: | |||||
Fixed Assets | (1,723,687) | 0 | |||
Purchase of other assets | (1,007,543) | 0 | |||
Net cash used in investing activities | (2,731,230) | 0 | |||
Cash Flows from Financing Activities | |||||
Series A Convertible Bonds | 1,650,000 | 0 | |||
Series A Convertible Debentures | 1,500,000 | 0 | |||
Series B Convertible Bonds | 365,000 | 0 | |||
Common stock | 1,731,000 | 0 | |||
Preferred stock | 10,000 | ||||
Net cash provided by financing activities | 5,256,000 | 0 | |||
Net increase (decrease) in cash | 1,837,803 | (2) | |||
Cash at Beginning of Period | 542 | 544 | $ 544 | ||
Cash at End of Period | $ 1,838,345 | $ 542 | $ 1,838,345 | $ 542 | $ 542 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION The Company was incorporated under the laws of the State of Nevada on April 25, 2007 under the name “Contact Minerals Corp.”, and later changed its name to Weconnect Tech International, Inc. In November, 2021 the Company filed Articles of Amendment with the State of Nevada whereby it changed its name to “Motos America Inc.” The Company’s business office is located at 510 South 200 West, Suite 110 Salt Lake City, Utah 84101. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentrations of Credit Risk The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. It continually monitors banking relationships and consequently have not experienced any losses in the accounts. The Company believes it is not exposed to any significant credit risk on cash. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Inventories Inventories are valued at the lower of cost or net realizable value. In general cost is determined by applying either the first in first out (FIFO) or percentages mark-up to the selling price valuations for the inventory item. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. Allowances is made for obsolete, slow moving and defective inventories. All of the Company’s inventories consists of merchandise held for sale. Net Income (loss) per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There are no Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. Comprehensive Income ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying statements of stockholders’ equity consists of changes in unrealized gains and losses on foreign currency translation and cumulative net change in the fair value of available-for-sale investments held at the balance sheet date. This comprehensive income is not included in the computation of income tax expense or benefit. Accounts Receivable Accounts receivable, which generally have thirty-day terms are recognized and carried at original invoice amount, less an allowance for uncollectible amounts, if applicable. The Company maintains an allowance for doubtful accounts at a level considered adequate to provide for potential uncollectible receivables. The level of this allowance is evaluated by management based on collection experience and other factors affecting the accounts such as customer relationship and market factors. Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future year. Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritize the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying amounts of accounts payable, advances payable and short-term loans approximate their fair value due to short term maturities. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. Foreign Currency Conversion Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of other comprehensive income. The Company has not to, the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | GOING CONCERN The previous financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has begun a more normal course of business, and anticipates that a Going Concern caveat will be removed from its next audit. As of April 30, 2022, the Company suffered an accumulated deficit of $ 26,833,638 367,570 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were available to be issued and has determined that certain material subsequent events require disclosure in these financial statements: 1. The Company authorized a 1 for 300 share reverse split of its common shares, which will be effective on the 16 th rd |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. It continually monitors banking relationships and consequently have not experienced any losses in the accounts. The Company believes it is not exposed to any significant credit risk on cash. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. In general cost is determined by applying either the first in first out (FIFO) or percentages mark-up to the selling price valuations for the inventory item. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. Allowances is made for obsolete, slow moving and defective inventories. All of the Company’s inventories consists of merchandise held for sale. |
Net Income (loss) per Common Share | Net Income (loss) per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There are no |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. |
Comprehensive Income | Comprehensive Income ASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying statements of stockholders’ equity consists of changes in unrealized gains and losses on foreign currency translation and cumulative net change in the fair value of available-for-sale investments held at the balance sheet date. This comprehensive income is not included in the computation of income tax expense or benefit. |
Accounts Receivable | Accounts Receivable Accounts receivable, which generally have thirty-day terms are recognized and carried at original invoice amount, less an allowance for uncollectible amounts, if applicable. The Company maintains an allowance for doubtful accounts at a level considered adequate to provide for potential uncollectible receivables. The level of this allowance is evaluated by management based on collection experience and other factors affecting the accounts such as customer relationship and market factors. |
Taxes | Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future year. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritize the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The carrying amounts of accounts payable, advances payable and short-term loans approximate their fair value due to short term maturities. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Foreign Currency Conversion | Foreign Currency Conversion Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of other comprehensive income. The Company has not to, the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Apr. 30, 2022USD ($)shares | |
Accounting Policies [Abstract] | |
Cash Equivalents, at Carrying Value | $ | $ 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Retained Earnings (Accumulated Deficit) | $ 26,833,638 | $ 26,833,638 | $ 7,667,225 | ||
Net Income (Loss) Attributable to Parent | $ 367,570 | $ 4,582 | $ 687,333 | $ 32,788 |