Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2019 | Mar. 19, 2020 | |
Entity Registrant Name | Ameri Metro, Inc. (formerly Yellowwood) | |
Entity Central Index Key | 0001534155 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 000-54546 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | PA | |
Preferred Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 1,800,000 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 1,600,000 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 1,066,122,134 | |
Class C Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 65,834,670 | |
Class D Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 48,000,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 761 | $ 306 |
Prepaid expenses and deposits | 13,357 | 2,940 |
Total current assets | 14,118 | 3,246 |
Office equipment, net | 828 | 1,194 |
Total Assets | 14,946 | 4,440 |
Current liabilities | ||
Accounts payable and accrued expenses | 1,507,509 | 1,285,448 |
Accounts payable and accrued expenses - related party | 1,306,726 | 1,282,361 |
Accrued compensation expenses - related parties | 38,377,560 | 31,720,348 |
Loans payable - related parties | 1,050 | 979,795 |
Stock payable | 13,281 | 13,281 |
Total Current Liabilities | 41,206,126 | 35,281,233 |
Loans payable - related parties | 1,131,908 | |
Total Liabilities | 42,338,034 | 35,281,233 |
Commitments and contingencies (Note 7) | ||
Stockholders' Deficit | ||
Preferred stock, par value $.000001, 200,000,000 shares authorized, 1,800,000 shares issued and outstanding | 2 | 2 |
Additional paid in capital | 1,538,744,284 | 5,593,909 |
Stock subscriptions receivable | (1,533,197,000) | (47,000) |
Accumulated deficit | (47,871,479) | (40,824,793) |
Total Stockholders' Deficit | (42,323,088) | (35,276,793) |
Total Liabilities and Stockholders' Deficit | 14,946 | 4,440 |
Class A Common Stock [Member] | ||
Stockholders' Deficit | ||
Common stock | 2 | 2 |
Class B Common Stock [Member] | ||
Stockholders' Deficit | ||
Common stock | 1,007 | 991 |
Class C Common Stock [Member] | ||
Stockholders' Deficit | ||
Common stock | 48 | 48 |
Class D Common Stock [Member] | ||
Stockholders' Deficit | ||
Common stock | $ 48 | $ 48 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2019 | Jul. 31, 2018 |
Preferred stock, par value per share | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 1,800,000 | 1,800,000 |
Preferred stock, shares outstanding | 1,800,000 | 1,800,000 |
Class A Common Stock [Member] | ||
Common stock, par value per share | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 7,000,000 | 7,000,000 |
Common stock, shares issued | 1,600,000 | 1,600,000 |
Common stock, shares outstanding | 1,600,000 | 1,600,000 |
Class B Common Stock [Member] | ||
Common stock, par value per share | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 1,005,300,659 | 990,890,659 |
Common stock, shares outstanding | 1,005,300,659 | 990,890,659 |
Class C Common Stock [Member] | ||
Common stock, par value per share | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 48,000,000 | 48,000,000 |
Common stock, shares outstanding | 48,000,000 | 48,000,000 |
Class D Common Stock [Member] | ||
Common stock, par value per share | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 48,000,000 | 48,000,000 |
Common stock, shares outstanding | 48,000,000 | 48,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
OPERATING EXPENSES | ||||
General & administrative | $ 2,340,449 | $ 2,510,048 | $ 6,998,245 | $ 8,271,407 |
TOTAL OPERATING EXPENSES | 2,340,449 | 2,510,048 | 6,998,245 | 8,271,407 |
LOSS FROM OPERATIONS | (2,340,449) | (2,510,048) | (6,998,245) | (8,271,407) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (16,229) | (11,707) | (48,441) | (34,918) |
TOTAL OTHER INCOME (EXPENSE) | (16,229) | (11,707) | (48,441) | (34,918) |
NET LOSS | $ (2,356,678) | $ (2,521,755) | $ (7,046,686) | $ (8,306,325) |
LOSS PER SHARE (BASIC AND DILUTED) | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (BASIC AND DILUTED) | 1,104,990,659 | 1,088,490,659 | 1,100,373,077 | 1,088,490,659 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock Class A [Member] | Common Stock Class B [Member] | Common Stock Class C [Member] | Common Stock Class D [Member] | Additional Paid-in Capital [Member] | Stock Subscription Receivable [Member] | Accumulated Deficit [Member] | Total |
Balance at Jul. 31, 2017 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | $ 5,593,594 | $ (47,000) | $ (29,977,275) | $ (24,429,590) |
Balance, shares at Jul. 31, 2017 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Stock-based compensation | 106 | 106 | |||||||
Net loss | (3,292,716) | (3,292,716) | |||||||
Balance at Oct. 31, 2017 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,700 | (47,000) | (33,269,991) | (27,722,200) |
Balance, shares at Oct. 31, 2017 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Balance at Jul. 31, 2017 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,594 | (47,000) | (29,977,275) | (24,429,590) |
Balance, shares at Jul. 31, 2017 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Stock-based compensation | 250 | ||||||||
Net loss | (8,306,325) | ||||||||
Balance at Apr. 30, 2018 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,844 | (47,000) | (38,283,600) | (32,735,665) |
Balance, shares at Apr. 30, 2018 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Balance at Oct. 31, 2017 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,700 | (47,000) | (33,269,991) | (27,722,200) |
Balance, shares at Oct. 31, 2017 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Stock-based compensation | 75 | 75 | |||||||
Net loss | (2,491,854) | (2,491,854) | |||||||
Balance at Jan. 31, 2018 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,775 | (47,000) | (35,761,845) | (30,213,979) |
Balance, shares at Jan. 31, 2018 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Stock-based compensation | 69 | 69 | |||||||
Net loss | (2,521,755) | (2,521,755) | |||||||
Balance at Apr. 30, 2018 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,844 | (47,000) | (38,283,600) | (32,735,665) |
Balance, shares at Apr. 30, 2018 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Balance at Jul. 31, 2018 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,909 | (47,000) | (40,824,793) | (35,276,793) |
Balance, shares at Jul. 31, 2018 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Shares issued for option exercise | $ 14 | 1,533,149,986 | (1,533,150,000) | ||||||
Shares issued for option exercise, shares | 14,410,000 | ||||||||
Stock-based compensation | 166 | 166 | |||||||
Net loss | (2,338,060) | (2,338,060) | |||||||
Balance at Oct. 31, 2018 | $ 2 | $ 2 | $ 1,005 | $ 48 | $ 48 | 1,538,744,061 | (1,533,197,000) | (43,162,853) | (37,614,687) |
Balance, shares at Oct. 31, 2018 | 1,800,000 | 1,600,000 | 1,005,300,659 | 48,000,000 | 48,000,000 | ||||
Balance at Jul. 31, 2018 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,909 | (47,000) | (40,824,793) | $ (35,276,793) |
Balance, shares at Jul. 31, 2018 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Shares issued for option exercise, shares | 14,410,000 | ||||||||
Stock-based compensation | $ 391 | ||||||||
Net loss | (7,046,686) | ||||||||
Balance at Apr. 30, 2019 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | 5,593,844 | (47,000) | (38,283,600) | (42,323,088) |
Balance, shares at Apr. 30, 2019 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 | ||||
Balance at Oct. 31, 2018 | $ 2 | $ 2 | $ 1,005 | $ 48 | $ 48 | 1,538,744,061 | (1,533,197,000) | (43,162,853) | (37,614,687) |
Balance, shares at Oct. 31, 2018 | 1,800,000 | 1,600,000 | 1,005,300,659 | 48,000,000 | 48,000,000 | ||||
Shares issued for option exercise | $ 2 | 56 | 58 | ||||||
Shares issued for option exercise, shares | 2,000,000 | ||||||||
Stock-based compensation | 62 | 62 | |||||||
Net loss | (2,351,948) | (2,351,948) | |||||||
Balance at Jan. 31, 2019 | $ 2 | $ 2 | $ 1,007 | $ 48 | $ 48 | 1,538,744,179 | (1,533,197,000) | (45,514,801) | (39,966,515) |
Balance, shares at Jan. 31, 2019 | 1,800,000 | 1,600,000 | 1,007,300,659 | 48,000,000 | 48,000,000 | ||||
Stock-based compensation | 105 | 105 | |||||||
Net loss | (2,356,678) | (2,356,678) | |||||||
Balance at Apr. 30, 2019 | $ 2 | $ 2 | $ 991 | $ 48 | $ 48 | $ 5,593,844 | $ (47,000) | $ (38,283,600) | $ (42,323,088) |
Balance, shares at Apr. 30, 2019 | 1,800,000 | 1,600,000 | 990,890,659 | 48,000,000 | 48,000,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,046,686) | $ (8,306,325) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 366 | 395 |
Stock-based compensation | 391 | 250 |
Change in operating assets and liabilities: | ||
Prepaid expense and deposits | (10,417) | |
Accounts payable and accrued expenses | 222,061 | 868,079 |
Accounts payable and accrued expenses - related parties | 24,365 | 947,671 |
Accrued compensation expenses - related parties | 6,657,212 | 6,413,540 |
Cash flows used in operating activities | (152,708) | (76,390) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party loans | 153,163 | 76,931 |
Cash flows provided by financing activities | 153,163 | 76,931 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 455 | 541 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 306 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 761 | 541 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Ameri Metro, Inc. (“Ameri Metro” and the “Company”) was formed to engage primarily in high-speed rail for passenger and freight transportation and related transportation projects. The Company initially intends to develop a Midwest high-speed rail system for passengers and freight. Currently the Company is engaged in raising capital and entering into relationships in furtherance of its planned activities. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of the Company. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s financial statements filed with the Securities and Exchange Commission (“SEC”) on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the unaudited interim condensed consolidated financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited interim condensed consolidated statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2018 as reported in Form 10-K, have been omitted. Principles of Consolidation The consolidated financial statements present the financial position, results of operations and cash flows for Ameri Metro and its wholly-owned subsidiary, Global Transportation & Infrastructure, Inc. (“GTI”). Intercompany transactions and balances have been eliminated in consolidation. The financial position, results of operations and cash flows as of, and for the period reported include only the results of operations for Ameri Metro as GTI was inactive for the period from December 1, 2010 to April 30, 2019. Participating Profits Interest As at April 30, 2019, the Company has a 25% participating profits interest in sixteen related entities. The remaining 75% participating profits interest (and 100% voting control) is owned by the Company’s majority shareholder. These entities have had no operations, assets, or liabilities, and as of April 30, 2019, the Company’s participating profits interest in these companies was $0. Use of Estimates The preparation of financial statements in conformity with U.S. 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 revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates. Income (Loss) Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Due to loss for the period ended April 30, 2019 and 2018, the outstanding options are anti-dilutive. As a result, the computations of net loss per common shares is the same for both basic and fully diluted common stock. Potentially dilutive securities, which include 13,700,000 and 22,000,000 stock options as at April 30, 2019, and 2018, have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been antidilutive. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Apr. 30, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. As at April 30, 2019, the Company has a working capital deficiency of $41,192,008 and has accumulated losses of $47,871,479 since inception. The ability of Ameri Metro to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and on-going operations; however, there can be no assurance the Company will be successful in these efforts. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - RELATED PARTIES | 9 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - RELATED PARTIES | NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES – RELATED PARTIES As of April 30, 2019, $38,377,560 (July 31, 2018 - $31,720,348) is accrued in relation to various employment agreements, directorship agreements and audit committee agreements as described in Note 8. At April 30, 2019, the Company is indebted to the majority shareholder for $1,306,726 (July 31, 2018 - $1,282,361) for accrued interest of $57,720 on related party loans and $1,249,006 of consulting fees owed. |
LOANS PAYABLE - RELATED PARTIES
LOANS PAYABLE - RELATED PARTIES | 9 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
LOANS PAYABLE - RELATED PARTIES | NOTE 4 – LOANS PAYABLE – RELATED PARTIES As of April 30, 2019, $1,131,908 (July 31, 2018 - $978,745) is due to the majority shareholder and due on April 30, 2021, with an interest rate of 3% per annum. At April 30, 2019, accrued interest on these loans is $58,027 (July 31, 2018 - $33,662), which is included in accounts payable and accrued expenses – related parties. At April 30, 2019, the Company is indebted to three directors of the Company for $1,050 (July 31, 2018 - $1,050) for expenditures incurred on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. |
STOCK PAYABLE
STOCK PAYABLE | 9 Months Ended |
Apr. 30, 2019 | |
Stock Payable [Abstract] | |
STOCK PAYABLE | NOTE 5 – STOCK PAYABLE Effective October 2, 2014, the Company entered into an employment agreement with Mr. Shah Mathias (the Company’s founder and a majority shareholder) for the Head of Mergers and Acquisitions and Business Development, and as non-board member President (See Note 7). According to the agreement, the Company agreed to issue stock options of 1.2% of all authorized stock capitalization to Mr. Shah Mathias at the time of appointment. In addition, the Company agreed to issue shares of common stock equal to 10% of any shares issued under a public offering pursuant to a Form S-1 registration statement; and if shares are issued at such time to any other party Mr. Shah Mathias is to be issued an equal amount of shares. As of April 30, 2019, the Company has not completed its public offering pursuant to a Form S-1 registration statement. On April 3, 2015, the Company amended the employment agreement to eliminate the requirement to issue stock options of 1.2% of all authorized stock capitalization and, instead, agreed to issue Mr. Shah Mathias a total of 1.2% of Class A and Class B shares of common stock, and 1% of Class C and D shares of common stock at the time of the amendment. As of April 30, 2019, the Company has issued 48,000,000 shares of Class D common stock and 43,200,000 shares of Class C common stock pursuant to the employment agreement, and recorded $13,281 of stock payable for unissued stock consisting of 84,000 unissued Class A common stock, 4,800,000 unissued Class B common stock, and 48,000,000 unissued Class D Stock. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Apr. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | NOTE 6 – CAPITAL STOCK On August 20, 2018, the Company reserved 100,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. 2015 Equity Incentive Plan. The shares are being administered by HSRF Statutory Trust on behalf of the Company. Upon exercise of stock options granted pursuant to the 2015 Equity Incentive Plan, HSRF Statutory Trust will issue the relevant employee, director or consultant shares from trust. On August 20, 2018, the Company reserved 100,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. 2018 Equity Incentive Plan. The shares are being administered by HSRF Statutory Trust on behalf of the Company. Upon exercise of stock options granted pursuant to the 2018 Equity Incentive Plan, HSRF Statutory Trust will issue the relevant employee, director or consultant shares from trust. On September 18, 2018, the Company reserved 150,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. Trust, for the purpose of any future purchases of commodities, supplies, equipment and other tangible items for current and future projects. The shares are being administered by the HSRF Statutory Trust on behalf of the Company and will be issued out of trust when the Company deems it appropriate to issue Class B shares of common stock for these purchases. On October 1, 2018, the Company reserved 18,000,000 each of Class C and Class D shares of common stock in the name of the Ameri Metro, Inc. Trust. The shares are being administered by HSRF Statutory Trust and reserved on behalf of the shareholders for future dividend disbursement. On October 23, 2018, Shah Mathias transferred 200,000,000 of his personal Class B Ameri Metro shares to the HSRF Statutory Trust. The transfer would permit the possible future purchase of equipment and services from designated vendors and suppliers. The transferred shares remain in Mr. Mathias’ control. On October 12, 2018, the Company issued 3,600,000 shares of Class B common stock to 3 officers and directors of the Company pursuant to the exercise of stock options granted on March 3, 2015 with an exercise price of $42 per share. The shares were issued from the 2015 Equity Incentive Plan reserved shares. At April 30, 2019, the $151,200,000 proceeds receivable upon the exercise of the options had yet to be received and was recorded as stock subscriptions receivable. On October 12, 2018, the Company issued 7,200,000 shares of Class B common stock to 6 officers and directors of the Company pursuant to the exercise of stock options granted on November 1, 2016 with an exercise price of $42 per share. The shares were issued from the 2015 Equity Incentive Plan reserved shares. At April 30, 2019, the $302,400,000 proceeds receivable upon the exercise of the options had yet to be received and was recorded as stock subscriptions receivable. On October 12, 2018, the Company issued 2,000,000 shares of Class B common stock to a consultant of the Company pursuant to subscription agreement entered on February 7, 2018. The shares were issued from the 2015 Equity Incentive Plan reserved shares. At April 30, 2019, the $503,750,000 of proceeds receivable for the sale of the shares had yet to be received and was recorded as stock subscriptions receivable. On October 12, 2018, the Company issued 10,000 shares of Class B common stock to a consultant of the Company pursuant to the exercise of stock options granted on October 11, 2018 with an exercise price of $460 per share. The shares were issued from the 2015 Equity Incentive Plan reserved shares. At April 30, 2019, the $4,600,000 proceeds receivable upon the exercise of the options had yet to be received and was recorded as stock subscriptions receivable. October 12, 2018, the Company issued 1,600,000 shares of Class B common stock to two officers and directors of the Company pursuant to the exercise of stock options granted on August 30, 2018 with an exercise price of $357 per share. The shares were issued from the 2015 Equity Incentive Plan reserved shares. At April 30, 2019, the $571,199,998 proceeds receivable upon the exercise of the options had yet to be received and was recorded as stock subscriptions receivable. On November 5, 2018, the Company issued 2,000,000 shares of Class B common stock with a fair value of $500 to two officers and directors of the Company for services pursuant to directorship agreements dated August 30, 2018. The shares were issued from the 2015 Equity Incentive Plan reserved shares. The shares vest 285,714 per year for seven years. During the period ended April 30, 2019, the Company recorded $93 for the vested portion of the shares, leaving $407 of unvested compensation expense to be recognized in future periods. On January 10, 2019 the Company issued 25,000 Class B common shares with a fair value of $6 from the 2015 Equity Incentive Plan reserved shares and 25,000 Class B common shares with a fair value of $6 from the 2018 Equity Incentive Plan reserved shares for services rendered. On January 10, 2019 the Company issued 40,000 Class B common shares from the 2015 Equity Incentive Plan reserved shares to a Director for shares he should have received during a prior 4:1 stock split. On January 10, 2019 the Company transferred 10,000,000 Class B common shares from the 2015 Equity Incentive Plan reserved shares to the Ameri Metro North American Pension/HSRF Statutory Trust for future employee benefit programs. On January 10, 2019 the Company transferred 10,000,000 Class B common shares from the 2015 Equity Incentive Plan reserved shares to the Ameri Metro Universal Pension/HSRF Statutory Trust for future employee benefit programs. On January 10, 2019 the Company transferred 10,000,000 Class B common shares from the 2018 Equity Incentive Plan reserved shares to the Ameri Metro North American Pension/HSRF Statutory Trust for future employee benefit programs. On January 10, 2019 the Company transferred 10,000,000 Class B common shares from the 2018 Equity Incentive Plan reserved shares to the Ameri Metro Universal Pension/HSRF Statutory Trust for future employee benefit programs. On January 10, 2019 the Company issued 10,000,000 Class B common shares from the Ameri Metro Inc. Trust reserved shares to the Ameri Metro North American Pension/HSRF Statutory Trust for future employee benefit programs. On January 10, 2019 the Company issued 10,000,000 Class B common shares from the Ameri Metro Inc. Trust reserved shares to the Ameri Metro Universal Pension/HSRF Statutory Trust for future employee benefit programs. |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | NOTE 7 – STOCK OPTIONS On March 8, 2016, the Company adopted a stock option plan named 2016 Equity Incentive Plan, the purpose of which is to help the Company secure and retain the services of employees, directors and consultants, provide incentives to exert maximum efforts for the success of the Company and any affiliate and provide a means by which the eligible recipients may benefit from increases in value of the common stock. On March 8, 2016, the Company granted 8,000,000 stock options to 4 officers and directors of the Company, exercisable at $42 per share and expire on March 8, 2026. The 8,000,000 options vest according to the following schedule: 3,200,000 options vest immediately and 800,000 vest annually for the next 6 years. The weighted average grant date fair value of stock options granted was $0.00009 per share. On June 12, 2019, the Company amended the vesting terms through a Directors’ Resolution so that the remaining 2,400,000 unvested options will vest on November 1 instead of March 8 of each subsequent year. On January 5, 2020, the Company amended the vesting terms of the remaining options and the vesting date was changed to August 30 of each subsequent year. During the nine months ended April 30, 2019 and 2018, the Company recorded stock-based compensation of $49 and $75, respectively, on the consolidated statement of operations as directors fees. On November 1, 2016, the Company granted 14,000,000 stock options to 7 officers and directors of the Company, exercisable at $42 per share and expire on November 1, 2026. The 14,000,000 options vest according to the following schedule: 5,600,000 options vest immediately and 1,400,000 vest annually for the next 6 years. On June 12, 2019, the Company amended the vesting terms through a Directors’ Resolution so that 1,400,000 options originally vesting on November 1, 2018 are to be vested on October 12, 2018. On October 12, 2018, 7,200,000 shares were issued upon the exercise of the stock options. On January 5, 2020, the Company amended the vesting terms of the remaining options and the vesting date was changed to August 30 of each subsequent year. Furthermore, the exercise price was amended to $565 per share for all options vesting on or after August 30, 2019. The weighted average grant date fair value of stock options granted was $0.00009 per share. During the nine months ended April 30, 2019 and 2018, the Company recorded stock-based compensation of $109 and $175, respectively, on the consolidated statement of operations as directors fees. On February 7, 2018, the Company granted 2,000,000 stock options to a consultant of the Company, exercisable at various prices per share and expire on May 1, 2022. The exercise prices are as follows: 250,000 options at $60 per share, 350,000 options at $225 per share, 300,000 options at $250 per share, 300,000 options at $275 per share, 300,000 options at $300 per share, 500,000 options at $325 per share. On June 12, 2019, the Company amended the vesting terms so that all 2,000,000 options vested by October 12, 2018. On October 12, 2018, 2,000,000 shares that vested pursuant to the amendment were issued. The weighted average grant date fair value of stock options granted was $0.000005 per share. During the nine months ended April 30, 2019, the Company recorded stock-based compensation of $4 on the consolidated statement of operations. On August 30, 2018, the Company granted 4,000,000 stock options to two officers and directors of the Company, exercisable at $357 per share and expire on August 30, 2028. The 4,000,000 options vest according to the following schedule: 1,600,000 options vest immediately, and 800,000 vest annually for the next 6 years. The weighted average grant date fair value of stock options granted was $0.000008 per share. On January 5, 2020, the exercise price was amended to $565 per share for all options vesting on or after August 30, 2019. During the nine months ended April 30, 2019, the Company recorded stock-based compensation of $123 on the consolidated statement of operations. On August 30, 2018, the Company granted 100,000 stock options to a consultant of the Company, exercisable at $515 per share and expire on August 30, 2028. The 100,000 options vest according to the following schedule: 40,000 options vest immediately, and 10,000 vest annually for the next 6 years. On October 11, 2018, the Company issued 10,000 shares upon the exercise of stock option. On January 5, 2020, the exercise price was amended to $565 per share for all options vesting on or after August 30, 2019. The weighted average grant date fair value of stock options granted was $0.000009 per share. During the nine months ended April 30, 2019, the Company recorded stock-based compensation of $1 on the consolidated statement of operations. A summary of the Company’s stock option activity is as follows: Number of Options Weighted Average Exercise Price $ Weighted Average Remaining Contractual Term Aggregate Intrinsic Value $ Outstanding, July 31, 2018 22,000,000 42.00 8.02 – Granted 4,100,000 359.51 Exercised (14,410,000) 106.39 Outstanding, April 30, 2019 13,700,000 99.99 7.64 – The fair value of each option granted was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended April 30, 2019 Nine Months Ended April 30, 2018 Expected dividend yield 0% 0% Expected volatility 150% 150% Expected life (in years) 10 10 Risk-free interest rate 1.83% 1.83% At April 30, 2019, there was $386 of unrecognized compensation costs related to non-vested stock-based compensation arrangements granted under the Plan. There was $nil intrinsic value associated with the outstanding stock options at April 30, 2019. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES Related and Non-related Party Agreements The Company has entered into agreements with related and non-related parties for identified projects. As of July 31, 2018 and through March 19, 2020, the Company has no commitments or obligations under these agreements due to lack of financing and the need for a feasibility study before each project is begun. The Company will be committed to perform agreed upon services once feasibility study is complete and financing is available. On September 30, 2018, the Company entered into a memorandum of understanding (“MOU”) to purchase 100% of Air Cyprus Aviation Limited (ACA) in exchange for £9,500,000. An amendment to the MOU was signed to cause the MOU to become binding which is subject to government regulatory approval. Employee Agreements The Company has entered into an employment agreement with the Chief Executive Officer (“CEO”) Debra Mathias with an effective date of April 21, 2014. The term of the employment agreements is 3 years, with an annual base salary of $1,200,000. On April 21, 2017, the agreement was extended to April 21, 2021. The Company has signed an employment agreement with Mr. Shah Mathias (Company Founder) for the Head of Mergers and Acquisitions and Business Development, and as non-board member President, with an effective date of October 2, 2014. The term of the employment agreement is 20 years, with an annual base salary of $1,200,000 and ten percent (10%) of any revenue producing contract entered into by the Company while the Company Founder is in office, while holding any position under any title, and five percent (5%) of any such revenue producing contract afterward, for the benefit of the Company Founder or his estate, for a period of twenty (20) years. The Company Founder is also eligible to earn an annual bonus award of up to 100% of the annual base salary. In addition, the Company Founder is entitled to receive shares of the Company’s common stock (See Note 4). The Company has entered into an employment agreement with the Chief Engineer with an effective date of December 3, 2014. The term of the employment agreement is 3 years, with an annual base salary of $175,000. The Chief Engineer is also entitled to 1,000,000 shares of Class “B” common stock as a signing bonus. On December 30, 2014, the Company issued 1,000,000 shares of Class “B” common stock to the Chief Engineer. The Company has entered into a directorship agreement with a Director of the Company with an effective date of The Company entered into an employment agreement with the Chief General Counsel with an effective date of August 4, 2015. The term of the employment agreement is 3 years, with an annual base of $500,000. On March 17, 2016, the term of the agreement was extended to July 31, 2021. The Company entered into thirteen directorship agreements with thirteen Directors of the Company. The initial term of the directorship agreements is one year, with an annual base salary of $150,000. Each of the thirteen directors is also entitled to 1,000,000 shares of Class B common stock. On March 17, 2016, the term of the agreements was extended to July 31, 2021. On October 19, 2016, the Company appointed three individuals as Directors of the Company and the Audit Committee. On August 30, 2018, two new individuals were appointed to replace the two original individuals as Directors of the Company and the Audit Committee. The annual compensation for each of the individuals is $120,000. The Company has entered into an employment agreement with the President of the Company with an effective date of November 1, 2016. The term of the employment agreement is 3 years, with an annual base salary of $650,000. The Company has entered into an employment agreement with the Chief Risk Officer of the Company with an effective date of November 1, 2016. The term of the employment agreement is 3 years, with an annual base salary of $500,000. The Company has entered into an employment agreement with the Vice CEO of the Company with an effective date of November 1, 2016. The term of the employment agreement is 3 years, with an annual base salary of $750,000. The Company has entered into an employment agreement with the Treasurer of the Company with an effective date of November 1, 2016. The term of the employment agreement is 3 years, with an annual base salary of $600,000. The Company has entered into an employment agreement with the Non-Executive General Manager of the Company with an effective date of November 1, 2016. The term of the employment agreement is 3 years, with an annual base salary of $160,000. As of April 30, 2019, and July 31, 2018, total accrued compensation expenses to related parties were $38,377,560 and $31,720,348, respectively. Operating Lease On April 30, 2014, the Company terminated its existing office space lease, and entered into a new month-to-month rent agreement for office space. The new agreement which commenced on November 1, 2015, calls for monthly rent payments of $1,440. The terminated lease agreement has not been resolved as to payment of existing amounts due or as to any early termination fees. According to the lease agreement, the Company’s unpaid rental balance shall bear interest until paid at a rate equal to the prime rate of interest charged by the M&T Bank, plus 2 percent. Late payment charge is $25 per day beginning with the first day following the due date. As of January 31, 2019, the Company recorded unpaid rent expense of $27,753 (July 31, 2018 - $27,753) and accrued interest and late fee of $150,122 (July 31, 2018 - $136,780). Legal Proceedings On September 14, 2017, the Company received a letter from Zimmerman & Associates, on behalf of J. Harold Hatchett, III and Ronald Silberstein, claiming breach of contract, wrongful termination, and wrongful violations of the Business Corporations Act, and knowingly inaccurate SEC Reporting against the Company and the board of directors. The Company plans to work amicably to come to a settlement. The Company received lawsuit on June 13, 2017 by Estate of Robert A. Berry Esq. (decedent, Oct 22, 2015), plaintiff (the “Plaintiff Estate”). The Plaintiff Estate asserted a claim for $50,000 and 11,000 common class “B” shares of the Company relating to shares and accrued stipend beginning 2015. The Company, in 2015, had previously booked the liability of $50,000 without interest accruing and issued the 11,000 shares of common class “B” stock of the Company to decedent Robert A. Berry Esq. Company anticipates paying the $50,000 when the Company raises capital. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES At January 31, 2019 and July 31, 2018, the Company’s deferred tax assets consisted of principally net operating loss carry forwards. The material reconciling items between the tax benefit computed at the statutory rate and the actual benefit recognized in the financial statements consisted of accrued expenses and the change in the valuation allowance during the applicable period. The Company has recorded a 100% valuation allowance as management is uncertain that the Company will realize the deferred tax assets. The Company has filed its federal and state tax returns for the years ended July 31, 2018 and 2017. The Net operating losses (“NOLs”) for these years will not be available to reduce future taxable income until the returns are filed. Assuming these returns are filed, as of April 30, 2019, the Company had approximately $8.1 million of federal and state net operating losses that may be available to offset future taxable income. The net operating loss carryforwards will begin to expire in 2030 unless utilized. The tax years 2017 and 2018 remain open to examination by the major taxing jurisdictions to which the Company is subject. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the 2017 Tax Cuts and Jobs Act ("2017 Tax Reform"). The 2017 Tax Reform significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. The Company has reasonably estimated the effects of the 2017 Tax Reform and recorded provisional amounts in the consolidated financial statements. This amount is primarily comprised of the re-measurement of federal net deferred tax assets resulting from the permanent reduction in the U.S. statutory corporate tax rate to 21%, from 34%. A rate of 21% is utilized for the period. The Company will continue to monitor additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, so we may make adjustments to the provisional amounts (if any). However, management's opinion is that future adjustments due to the 2017 Tax Reform should not have a material impact on the Company's provision for income taxes. The Company has a full allowance against the deferred tax asset and as a result there was no impact to income tax expense for the periods ended April 30, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS The Company has evaluated all transactions through the financial statement issuance date for subsequent event disclosure consideration. On June 17, 2019 the Company issued 1,200,000 Class B common shares from the 2015 Equity Incentive Plan reserved shares to a Director per November 1, 2016 Equity Agreement. On June 20, 2019, the Company reserved an additional 200,000,000 Class B shares of common stock in the name of Ameri Metro, Inc. 2015 Equity Incentive Plan. The shares are being administered by HSRF Statutory Trust on behalf of the Company. Upon exercise of stock options granted pursuant to the 2015 Equity Incentive Plan, HSRF Statutory Trust will issue the relevant employee, director or consultant shares from trust. On June 29, 2019 the Company issued a total of 53,931,475 Class B common shares from the 2015 Equity Incentive Plan reserved shares held by HSRF Statutory Trust to (1) the sixteen related entities discussed in Note 1 to obtain a 25% ownership interest with no voting rights in each of the sixteen related entities and (2) to a project in order to obtain a 10% participating profits interest in the project. The Company’s majority shareholder obtains the remaining 90% participating profits interest in that project. Effective September 1, 2019, the annual base salary for the Company Founder, CFO and COO was increased to $1,500,000, $500,000 and $500,000 respectively. On January 5, 2020, the Company amended the employment agreement the Company entered with the Company Founder. Pursuant to the amendment, the annual base salary is increased to $1,500,000 commencing September 1, 2019 and the Company Founder shall be entitled to receive shares of the Company’s Class B common stock equal to 12% of the authorized number of shares or 480,000,000 shares. At no other time in the future will the Founder receive any additional shares of any class, other than additional shares resulting from future stock splits or granted by the Board of Directors. On January 5, 2020, the Company extended the term of the directorship agreements the Company entered with the CFO and COO till July 31, 2021. On January 5, 2020, the Company amended the terms of the outstanding options as follows: i) to change the vesting date for all options vesting on November 1 to August 30, and ii) to modify the exercise price for all options vesting on or after August 30, 2019 to $565 per share. On January 6, 2020, the Company registered HSRF Statutory Trust as the trustee for Ameri Metro Inc. Trust, Ameri Metro North America Pension Plan, Ameri Metro Universal Pension Plan, Ameri Metro Inc. 2018 Equity Incentive Plan and Ameri Metro 2015 Equity Incentive Plan. The related entity Slater and West Inc. along with the Ameri Metro Inc. Compensation Committee will act as oversight board of each entity. The Company has no jurisdiction or authority over the entities. On January 7, 2020, the Company increased the voting rights of its Class A common stock to 40,000:1. On January 7, 2020, the Company increased the number of authorized shares of its Class B common stock to 10,000,000,000 shares. On January 7, 2020, the Company created 40 series of Class C common stock for the purpose of equity participation in forty infrastructure projects. The Company increased the number of authorized shares of its Class C common stock to 8,000,000,000 shares, of which 7,500,000,000 shares are allocated evenly to the 40 series. On January 7, 2020, the Company created 40 series of Class D common stock for the purpose of equity participation in forty infrastructure projects. The Company increased the number of authorized shares of its Class D common stock to 8,000,000,000 shares, of which 7,500,000,000 shares are allocated evenly to the 40 series. On January 7, 2020, the Company reserved 37,500,000 shares in each series of Class C common stock in the name of the Ameri Metro, Inc. Trust. The shares are being administered by HSRF Statutory Trust and reserved on behalf of the shareholders for future acquisition, joint venture, and other project related expenses. The related entity Slater and West Inc. along with the Ameri Metro Inc. Compensation Committee will act as oversight board of each entity. The Company has no jurisdiction or authority over the entities. On January 7, 2020, the Company reserved 37,500,000 shares in each series of Class D common stock in the name of the Ameri Metro, Inc. Trust. The shares are being administered by HSRF Statutory Trust and reserved on behalf of the shareholders for future acquisition, joint venture, and other project related expenses. The related entity Slater and West Inc. along with the Ameri Metro Inc. Compensation Committee will act as oversight board of each entity. The Company has no jurisdiction or authority over the entities. On January 7, 2020, the Company reserved another 200,000,000 shares of Class B common stock in the name of the Ameri Metro, Inc. The shares are being administered by HSRF Statutory Trust on behalf of the Company. The related entity Slater and West Inc. along with the Ameri Metro Inc. Compensation Committee will act as oversight board of each entity. The Company has no jurisdiction or authority over the entities. On January 7, 2020, the Company issued a stock dividend of 14,273,490 shares of Class C common stock from the Ameri Metro, Inc. Trust reserved shares. On January 14, 2020, the Company issued 300,000,000 options to Penndel Land Company,a company owned by Company Founder, for approximately $1,370,000 of loans and accrued interest owed to the Company’s Founder as at December 31, 2019. These options are exercisable at various prices per share and expire on January 14, 2030. The exercise prices are as follows: 50,000,000 options at $665 per share, 50,000,000 options at $698 per share, 50,000,000 options at $735 per share, 50,000,000 options at $771 per share, 50,000,000 options at $810 per share, 50,000,000 options at $851 per share. On January 15, 2020, the Company issued 2,400,000 shares of Class B common stock upon the exercise of stock options. On January 18, 2020, the Company granted 2,000,000 stock options to a director of the Company, exercisable at $665 per share and expire on January 18, 2030. The 2,000,000 options vest according to the following schedule: 1,400,000 options vest immediately, 200,000 options vest on August 30, 2020, 200,000 options vest on August 30, 2021, and 200,000 options vest on August 30, 2022. The exercise price of the 600,000 options vesting on August 30, 2020, 2021 and 2022 are subject to re-set. On January 31, 2020, the Company approved a 100% stock dividend to all shareholders of Class B common stock at par. On February 18, 2020, the Company issued 3,561,180 shares of Class C common stock to acquire 2% of Global Infrastructure Bank. On March 19, 2020, the Company issued 1,200,000 shares of Class B common stock upon the exercise of stock options. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Ameri Metro, Inc. (“Ameri Metro” and the “Company”) was formed to engage primarily in high-speed rail for passenger and freight transportation and related transportation projects. The Company initially intends to develop a Midwest high-speed rail system for passengers and freight. Currently the Company is engaged in raising capital and entering into relationships in furtherance of its planned activities. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of the Company. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s financial statements filed with the Securities and Exchange Commission (“SEC”) on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the unaudited interim condensed consolidated financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited interim condensed consolidated statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2018 as reported in Form 10-K, have been omitted. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements present the financial position, results of operations and cash flows for Ameri Metro and its wholly-owned subsidiary, Global Transportation & Infrastructure, Inc. (“GTI”). Intercompany transactions and balances have been eliminated in consolidation. The financial position, results of operations and cash flows as of, and for the period reported include only the results of operations for Ameri Metro as GTI was inactive for the period from December 1, 2010 to April 30, 2019. |
Participating Profits Interest | Participating Profits Interest As at April 30, 2019, the Company has a 25% participating profits interest in sixteen related entities. The remaining 75% participating profits interest (and 100% voting control) is owned by the Company’s majority shareholder. These entities have had no operations, assets, or liabilities, and as of April 30, 2019, the Company’s participating profits interest in these companies was $0. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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 revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates. |
Income (Loss) Per Share | Income (Loss) Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Due to loss for the period ended April 30, 2019 and 2018, the outstanding options are anti-dilutive. As a result, the computations of net loss per common shares is the same for both basic and fully diluted common stock. Potentially dilutive securities, which include 13,700,000 and 22,000,000 stock options as at April 30, 2019, and 2018, have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Summary of Stock Option Activity | A summary of the Company’s stock option activity is as follows: Number of Options Weighted Average Exercise Price $ Weighted Average Remaining Contractual Term Aggregate Intrinsic Value $ Outstanding, July 31, 2018 22,000,000 42.00 8.02 – Granted 4,100,000 359.51 Exercised (14,410,000) 106.39 Outstanding, April 30, 2019 13,700,000 99.99 7.64 – |
Schedule of Fair Value of Each Option Granted Weighted Average Assumptions | The fair value of each option granted was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended April 30, 2019 Nine Months Ended April 30, 2018 Expected dividend yield 0% 0% Expected volatility 150% 150% Expected life (in years) 10 10 Risk-free interest rate 1.83% 1.83% |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Participating profits interest in sixteen related entities | 25.00% | |
Participating profits interest | $ 0 | |
Potentially dilutive securities stock options excluded from computation of diluted net loss per share | 13,700,000 | 22,000,000 |
Majority Shareholder [Member] | ||
Related Party Transaction [Line Items] | ||
Participating profits interest in sixteen related entities | 75.00% | |
Percentage of voting control | 100.00% |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Going Concern [Abstract] | ||
Working capital deficiency | $ 41,192,008 | |
Accumulated losses | $ 47,871,479 | $ 40,824,793 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - RELATED PARTIES (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Accrued compensation expenses - related parties | $ 38,377,560 | $ 31,720,348 |
Indebted amount | 1,050 | 979,795 |
Accrued interest | 58,027 | 33,662 |
Majority Shareholder [Member] | ||
Indebted amount | 1,306,726 | $ 1,282,361 |
Accrued interest | 57,720 | |
Consulting fees | $ 1,249,006 |
LOANS PAYABLE - RELATED PARTI_2
LOANS PAYABLE - RELATED PARTIES (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Related Party Transaction [Line Items] | ||
Due to majority shareholder | $ 1,131,908 | $ 978,745 |
Accrued interest | 58,027 | 33,662 |
Unsecured, non-interest bearing and due on demand [Member] | ||
Related Party Transaction [Line Items] | ||
Due to three directors | $ 1,050 | $ 1,050 |
Due on April 30, 2021 [Member] | ||
Related Party Transaction [Line Items] | ||
Interest rate | 3.00% |
STOCK PAYABLE (Details)
STOCK PAYABLE (Details) - USD ($) | Apr. 03, 2015 | Oct. 02, 2014 | Apr. 30, 2019 |
Stock payable for unissued stock | $ 13,281 | ||
Class D Common Stock [Member] | |||
Shares issued under employment agreement | 48,000,000 | ||
Unissued stock | 48,000,000 | ||
Class C Common Stock [Member] | |||
Shares issued under employment agreement | 43,200,000 | ||
Class A Common Stock [Member] | |||
Unissued stock | 84,000 | ||
Class B Common Stock [Member] | |||
Unissued stock | 4,800,000 | ||
Mr. Shah Mathias [Member] | |||
Percentage of stock options issued under employment agreement | 1.20% | ||
Percentage of common stock issued under employment agreement | 10.00% | ||
Mr. Shah Mathias [Member] | Class A and Class B shares of common stock after amendment [Member] | |||
Percentage of stock options issued under employment agreement | 1.20% | ||
Percentage of common stock issued under employment agreement | 1.20% | ||
Mr. Shah Mathias [Member] | Class C and Class D shares of common stock after amendment [Member] | |||
Percentage of common stock issued under employment agreement | 1.00% |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) | Jan. 10, 2019 | Nov. 05, 2018 | Oct. 12, 2018 | Oct. 12, 2018 | Oct. 11, 2018 | Oct. 03, 2018 | Feb. 07, 2018 | Oct. 23, 2018 | Sep. 18, 2018 | Aug. 30, 2018 | Aug. 20, 2018 | Apr. 30, 2019 |
Three Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Proceeds from exercise of options | $ 151,200,000 | |||||||||||
Six Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Proceeds from exercise of options | 302,400,000 | |||||||||||
Consultant [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 2,000,000 | 10,000 | ||||||||||
Proceeds from exercise of options | 503,750,000 | |||||||||||
Exercisable price per share | $ 460 | $ 460 | $ 515 | |||||||||
Expiration date | May 1, 2022 | Aug. 30, 2028 | ||||||||||
Options vested | 100,000 | |||||||||||
Consultant One[Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Proceeds from exercise of options | $ 4,600,000 | |||||||||||
Two Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Exercisable price per share | $ 357 | $ 93 | ||||||||||
Expiration date | Aug. 30, 2028 | |||||||||||
Options vested | 4,000,000 | |||||||||||
Options unvested | 407 | |||||||||||
Class B Common Stock [Member] | Three Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 3,600,000 | |||||||||||
Exercisable price per share | $ 42 | $ 42 | ||||||||||
Class B Common Stock [Member] | Six Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 7,200,000 | |||||||||||
Exercisable price per share | $ 42 | $ 42 | ||||||||||
Class B Common Stock [Member] | Consultant [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 2,000,000 | |||||||||||
Expiration date | Feb. 7, 2018 | |||||||||||
Class B Common Stock [Member] | Consultant One[Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 10,000 | |||||||||||
Exercisable price per share | $ 460 | 460 | ||||||||||
Class B Common Stock [Member] | Two Officers and directors [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 2,000,000 | 1,600,000 | ||||||||||
Proceeds from exercise of options | $ 571,199,998 | |||||||||||
Common stock fair value | $ 500 | |||||||||||
Exercisable price per share | $ 357 | $ 357 | ||||||||||
Options vested | 285,714 | |||||||||||
Options vested year | 7 years | |||||||||||
Class C Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 43,200,000 | |||||||||||
Class D Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 48,000,000 | |||||||||||
Personal Class B Ameri Metro shares to the HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares transferred of Shah Mathias | 200,000,000 | |||||||||||
Ameri Metro, Inc. 2015 Equity Incentive Plan [Member] | Class B Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 100,000,000 | |||||||||||
Ameri Metro, Inc. 2018 Equity Incentive Plan [Member] | Class B Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 100,000,000 | |||||||||||
Ameri Metro, Inc. trust [Member] | Class B Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 150,000,000 | |||||||||||
Ameri Metro, Inc. trust [Member] | Class B Common Stock [Member] | Ameri Metro North American Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 | |||||||||||
Ameri Metro, Inc. trust [Member] | Class B Common Stock [Member] | Ameri Metro Universal Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 | |||||||||||
Ameri Metro, Inc. trust [Member] | Class C Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 18,000,000 | |||||||||||
Ameri Metro, Inc. trust [Member] | Class D Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 18,000,000 | |||||||||||
2015 Equity Incentive Plan [Member] | Class B Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 25,000 | |||||||||||
Common stock fair value | $ 6 | |||||||||||
2015 Equity Incentive Plan [Member] | Class B Common Stock [Member] | Ameri Metro North American Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 | |||||||||||
2015 Equity Incentive Plan [Member] | Class B Common Stock [Member] | Ameri Metro Universal Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 | |||||||||||
2015 Equity Incentive Plan [Member] | Class B Common Stock [Member] | Director [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued | 40,000 | |||||||||||
Stock split | prior 4:1 | |||||||||||
2018 Equity Incentive Plan [Member] | Class B Common Stock [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Stock Reserved | 25,000 | |||||||||||
Common stock fair value | $ 6 | |||||||||||
2018 Equity Incentive Plan [Member] | Class B Common Stock [Member] | Ameri Metro North American Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 | |||||||||||
2018 Equity Incentive Plan [Member] | Class B Common Stock [Member] | Ameri Metro Universal Pension/HSRF Statutory Trust [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Shares issued for employee benefit programs from Equity Incentive Plan reserved shares | 10,000,000 |
STOCK OPTIONS (Narrative) (Deta
STOCK OPTIONS (Narrative) (Details) - USD ($) | Oct. 12, 2018 | Oct. 11, 2018 | Feb. 07, 2018 | Nov. 02, 2016 | Mar. 08, 2016 | Aug. 30, 2018 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | Jan. 18, 2020 | Jan. 14, 2020 | Jan. 05, 2020 | Jun. 12, 2019 | Jul. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock options granted | 4,100,000 | ||||||||||||||||||
Stock-based compensation | $ 105 | $ 62 | $ 166 | $ 69 | $ 75 | $ 106 | $ 391 | $ 250 | |||||||||||
Unrecognized compensation costs related to non-vested stock-based compensation | 386 | 386 | |||||||||||||||||
Intrinsic value associated with outstanding stock options | |||||||||||||||||||
4 Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock options granted | 8,000,000 | ||||||||||||||||||
Exercisable price per share | $ 42 | ||||||||||||||||||
Expiration date | Mar. 8, 2026 | ||||||||||||||||||
Options vested | 8,000,000 | ||||||||||||||||||
Weighted average grant date fair value of stock options granted | $ 0.00009 | ||||||||||||||||||
Stock-based compensation | 49 | 75 | |||||||||||||||||
4 Officers and directors [Member] | Options vest immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 3,200,000 | ||||||||||||||||||
4 Officers and directors [Member] | Vest annually for the next 6 years [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 800,000 | ||||||||||||||||||
7 Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock options granted | 14,000,000 | ||||||||||||||||||
Exercisable price per share | $ 42 | ||||||||||||||||||
Expiration date | Nov. 1, 2026 | ||||||||||||||||||
Options vested | 14,000,000 | ||||||||||||||||||
Shares issued | 7,200,000 | ||||||||||||||||||
Weighted average grant date fair value of stock options granted | $ 0.00009 | ||||||||||||||||||
Stock-based compensation | 109 | $ 175 | |||||||||||||||||
7 Officers and directors [Member] | Options vest immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 5,600,000 | ||||||||||||||||||
7 Officers and directors [Member] | Vest annually for the next 6 years [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 1,400,000 | ||||||||||||||||||
Consultant [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock options granted | 2,000,000 | 100,000 | |||||||||||||||||
Exercisable price per share | $ 460 | $ 515 | |||||||||||||||||
Expiration date | May 1, 2022 | Aug. 30, 2028 | |||||||||||||||||
Options vested | 100,000 | ||||||||||||||||||
Shares issued | 2,000,000 | 10,000 | |||||||||||||||||
Weighted average grant date fair value of stock options granted | $ 0.000005 | $ 0.000009 | |||||||||||||||||
Stock-based compensation | $ 4 | ||||||||||||||||||
Consultant [Member] | Exercise price [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 250,000 | ||||||||||||||||||
Exercisable price per share | $ 60 | ||||||||||||||||||
Consultant [Member] | Exercise price one [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 350,000 | ||||||||||||||||||
Exercisable price per share | $ 225 | ||||||||||||||||||
Consultant [Member] | Exercise price two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 300,000 | ||||||||||||||||||
Exercisable price per share | $ 250 | ||||||||||||||||||
Consultant [Member] | Exercise price three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 300,000 | ||||||||||||||||||
Exercisable price per share | $ 275 | ||||||||||||||||||
Consultant [Member] | Exercise price four [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 300,000 | ||||||||||||||||||
Exercisable price per share | $ 300 | ||||||||||||||||||
Consultant [Member] | Exercise price five [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 500,000 | ||||||||||||||||||
Exercisable price per share | $ 325 | ||||||||||||||||||
Consultant [Member] | Options vest immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 40,000 | ||||||||||||||||||
Consultant [Member] | Vest annually for the next 6 years [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 10,000 | ||||||||||||||||||
Two Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock options granted | 4,000,000 | ||||||||||||||||||
Exercisable price per share | $ 357 | $ 93 | $ 93 | ||||||||||||||||
Expiration date | Aug. 30, 2028 | ||||||||||||||||||
Options vested | 4,000,000 | ||||||||||||||||||
Options unvested | 407 | 407 | |||||||||||||||||
Weighted average grant date fair value of stock options granted | $ 0.000008 | ||||||||||||||||||
Stock-based compensation | $ 123 | ||||||||||||||||||
Two Officers and directors [Member] | Options vest immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 1,600,000 | ||||||||||||||||||
Two Officers and directors [Member] | Vest annually for the next 6 years [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 800,000 | ||||||||||||||||||
Consultant One[Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Stock-based compensation | $ 1 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercisable price per share | $ 565 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 665 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price one [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 698 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 735 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 771 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price four [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 810 | ||||||||||||||||||
Subsequent Event [Member] | Exercise price five [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercise prices | 50,000,000 | ||||||||||||||||||
Exercisable price per share | $ 851 | ||||||||||||||||||
Subsequent Event [Member] | Options vest immediately [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 1,400,000 | ||||||||||||||||||
Subsequent Event [Member] | 4 Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options unvested | 2,400,000 | ||||||||||||||||||
Subsequent Event [Member] | 7 Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 1,400,000 | ||||||||||||||||||
Subsequent Event [Member] | Consultant [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercisable price per share | 565 | ||||||||||||||||||
Options vested | 2,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Two Officers and directors [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Exercisable price per share | $ 565 |
STOCK OPTIONS (Schedule of Summ
STOCK OPTIONS (Schedule of Summary of Stock Option Activity) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Jul. 31, 2018 | |
Number of Options | ||
Outstanding | 22,000,000 | |
Granted | 4,100,000 | |
Exercised | (14,410,000) | |
Outstanding | 13,700,000 | 22,000,000 |
Weighted Average Exercise Price | ||
Outstanding | $ 42 | |
Granted | 359.51 | |
Exercised | 106.39 | |
Outstanding | $ 99.99 | $ 42 |
Weighted Average Remaining Contractual Term | ||
Outstanding | 8 years 3 months 11 days | 8 years 7 days |
Aggregate Intrinsic Value | ||
Outstanding |
STOCK OPTIONS (Schedule of Fair
STOCK OPTIONS (Schedule of Fair Value of Each Option Granted Weighted Average Assumptions) (Details) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 150.00% | 150.00% |
Expected life (in years) | 10 years | 10 years |
Risk-free interest rate | 1.83% | 1.83% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Jun. 13, 2017USD ($)shares | Nov. 02, 2016USD ($) | Nov. 01, 2015USD ($) | Aug. 04, 2015USD ($)shares | Dec. 03, 2014USD ($)shares | Oct. 02, 2014USD ($) | Aug. 30, 2018USD ($) | Apr. 21, 2017 | Mar. 17, 2016 | Jul. 24, 2015shares | Jun. 30, 2015USD ($)shares | Dec. 30, 2014shares | Apr. 21, 2014USD ($) | Apr. 30, 2019USD ($) | Sep. 30, 2018GBP (£) | Jul. 31, 2018USD ($) |
Accrued compensation expenses | $ 38,377,560 | $ 31,720,348 | ||||||||||||||
Monthly rent | $ 1,440 | |||||||||||||||
Late payment charge | $ 25 | |||||||||||||||
Unpaid rent expense | 27,753 | 27,753 | ||||||||||||||
Accrued interest on rent | $ 150,122 | |||||||||||||||
Accrued late fee | $ 136,780 | |||||||||||||||
Asserted claim in cash | $ 50,000 | |||||||||||||||
Amount of liability without accrued interest | 50,000 | |||||||||||||||
Libility amount anticipation to raise capital | $ 50,000 | |||||||||||||||
Class B Common Stock [Member] | ||||||||||||||||
Asserted claim in shares | shares | 11,000 | |||||||||||||||
Issue of shares against claim | shares | 11,000 | |||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 1,200,000 | |||||||||||||||
Extended date | Apr. 21, 2021 | |||||||||||||||
Mr. Shah Mathias [Member] | ||||||||||||||||
Term of Employment agreement | 20 years | |||||||||||||||
Amount of Annual base salary | $ 1,200,000 | |||||||||||||||
Percentage of revenue holding position | 10.00% | |||||||||||||||
Percentage of revenue benefit afterwards holding position | 5.00% | |||||||||||||||
Percentage of eligiblity of bonus | 100.00% | |||||||||||||||
Chief Engineer [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 175,000 | |||||||||||||||
Chief Engineer [Member] | Class B Common Stock [Member] | ||||||||||||||||
Number of shares issued in Signing bonus | shares | 1,000,000 | 1,000,000 | ||||||||||||||
Director [Member] | ||||||||||||||||
Term of Employment agreement | 1 year | |||||||||||||||
Amount of Annual base salary | $ 150,000 | |||||||||||||||
Extended date | Jul. 31, 2021 | |||||||||||||||
Director [Member] | Class B Common Stock [Member] | ||||||||||||||||
Number of shares issued in Signing bonus | shares | 1,000,000 | 1,000,000 | ||||||||||||||
Chief General Counsel [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 500,000 | |||||||||||||||
Extended date | Jul. 31, 2021 | |||||||||||||||
Thirteen Directors [Member] | ||||||||||||||||
Term of Employment agreement | 1 year | |||||||||||||||
Amount of Annual base salary | $ 150,000 | |||||||||||||||
Extended date | Jul. 31, 2021 | |||||||||||||||
Thirteen Directors [Member] | Class B Common Stock [Member] | ||||||||||||||||
Number of shares issued in Signing bonus | shares | 1,000,000 | |||||||||||||||
Two Directors [Member] | ||||||||||||||||
Amount of Annual base salary | $ 120,000 | |||||||||||||||
President [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 650,000 | |||||||||||||||
Chief Risk Officer [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 500,000 | |||||||||||||||
Vice CEO [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 750,000 | |||||||||||||||
Treasurer [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 600,000 | |||||||||||||||
Non-Executive General Manager [Member] | ||||||||||||||||
Term of Employment agreement | 3 years | |||||||||||||||
Amount of Annual base salary | $ 160,000 | |||||||||||||||
Memorandum of understanding [Member] | ||||||||||||||||
Percentage of purchase of Air Cyprus Aviation | 100.00% | |||||||||||||||
Exchange amount in purchase of Air Cyprus Aviation | £ | £ 9,500,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Dec. 22, 2017 | Apr. 30, 2019 | |
Percentage of valuation allowance as management is uncertain that Company will realize the deferred tax assets | 100.00% | |
Federal and state net operating losses | $ 8.1 | |
Federal and state net operating losses expiration period | Jul. 31, 2030 | |
Tax rate | 21.00% | |
Minimum [Member] | ||
Tax rate | 21.00% | |
Maximum [Member] | ||
Tax rate | 34.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Jan. 15, 2020 | Jan. 14, 2020 | Jan. 07, 2020 | Jan. 05, 2020 | Sep. 02, 2019 | Jan. 10, 2019 | Oct. 03, 2018 | Mar. 19, 2020 | Feb. 18, 2020 | Jan. 31, 2020 | Jan. 18, 2020 | Dec. 31, 2019 | Jun. 29, 2019 | Jun. 20, 2019 | Jun. 17, 2019 | Sep. 18, 2018 | Apr. 30, 2019 | Jul. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||||||||||
Stock options granted | 4,100,000 | |||||||||||||||||
Participating profits interest in sixteen related entities | 25.00% | |||||||||||||||||
August 30, 2020 [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Options vested | 200,000 | |||||||||||||||||
August 30, 2021 [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Options vested | 200,000 | |||||||||||||||||
August 30, 2022 [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Options vested | 200,000 | |||||||||||||||||
August 30, 2020, 2021 and 2022 [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Options vested | 600,000 | |||||||||||||||||
Majority Shareholder [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Participating profits interest in sixteen related entities | 75.00% | |||||||||||||||||
Class B Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 4,000,000,000 | 4,000,000,000 | ||||||||||||||||
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 25,000 | |||||||||||||||||
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | Director [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 40,000 | |||||||||||||||||
Common Stock, Voting Rights | prior 4:1 | |||||||||||||||||
Class B Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 150,000,000 | |||||||||||||||||
Class A Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 7,000,000 | 7,000,000 | ||||||||||||||||
Class C Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 43,200,000 | |||||||||||||||||
Authorized number of shares | 4,000,000,000 | 4,000,000,000 | ||||||||||||||||
Class C Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 18,000,000 | |||||||||||||||||
Class D Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 48,000,000 | |||||||||||||||||
Authorized number of shares | 4,000,000,000 | 4,000,000,000 | ||||||||||||||||
Class D Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 18,000,000 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercisable price per share | $ 565 | |||||||||||||||||
Participating profits interest in sixteen related entities | 25.00% | |||||||||||||||||
Percentage of participating profits interest | 10.00% | |||||||||||||||||
Subsequent Event [Member] | Options vest immediately [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Options vested | 1,400,000 | |||||||||||||||||
Subsequent Event [Member] | Exercise price [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 665 | |||||||||||||||||
Subsequent Event [Member] | Exercise price one [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 698 | |||||||||||||||||
Subsequent Event [Member] | Exercise price two [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 735 | |||||||||||||||||
Subsequent Event [Member] | Exercise price three [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 771 | |||||||||||||||||
Subsequent Event [Member] | Exercise price four [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 810 | |||||||||||||||||
Subsequent Event [Member] | Exercise price five [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Exercise prices | 50,000,000 | |||||||||||||||||
Exercisable price per share | $ 851 | |||||||||||||||||
Subsequent Event [Member] | Company Founder [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Annual base salary | $ 1,500,000 | |||||||||||||||||
Subsequent Event [Member] | Chief Financial Officer [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Annual base salary | $ 1,500,000 | 500,000 | ||||||||||||||||
Subsequent Event [Member] | Chief Operating Office [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Annual base salary | $ 500,000 | |||||||||||||||||
Subsequent Event [Member] | Majority Shareholder [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Percentage of participating profits interest | 90.00% | |||||||||||||||||
Subsequent Event [Member] | Penndel Land Company [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 300,000,000 | |||||||||||||||||
Expiration date | Jan. 14, 2030 | |||||||||||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Loans and accrued interest | $ 1,370,000 | |||||||||||||||||
Stock options granted | 2,000,000 | |||||||||||||||||
Exercisable price per share | $ 665 | |||||||||||||||||
Expiration date | Jan. 18, 2030 | |||||||||||||||||
Options vested | 2,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 2,400,000 | 1,200,000 | 3,561,180 | |||||||||||||||
Authorized number of shares | 10,000,000,000 | 480,000,000 | ||||||||||||||||
Percentage of authorized number of shares | 12.00% | |||||||||||||||||
Percentage of common stock to acquire | 2.00% | |||||||||||||||||
Percentage stock dividend | 100.00% | |||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 1,200,000 | |||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | HSRF Statutory Trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares issued | 53,931,475 | |||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | Ameri Metro, Inc. 2015 Equity Incentive Plan [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 200,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 200,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Common Stock, Voting Rights | 40,000:1 | |||||||||||||||||
Subsequent Event [Member] | Series 40 of Class C common stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 7,500,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class C Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 8,000,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class C Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 37,500,000 | |||||||||||||||||
Shares issued | 14,273,490 | |||||||||||||||||
Subsequent Event [Member] | Class D Common Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 8,000,000,000 | |||||||||||||||||
Subsequent Event [Member] | Class D Common Stock [Member] | Ameri Metro, Inc. trust [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Shares reserved | 37,500,000 | |||||||||||||||||
Subsequent Event [Member] | Series 40 of Class D common stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Authorized number of shares | 7,500,000,000 |