Document and Entity Information
Document and Entity Information - $ / shares | Jun. 15, 2018 | Apr. 30, 2018 | Jul. 31, 2017 |
Details | |||
Registrant Name | HAMMER FIBER OPTICS HOLDINGS CORP. | ||
Registrant CIK | 1,539,680 | ||
SEC Form | 10-Q | ||
Period End date | Apr. 30, 2018 | ||
Fiscal Year End | --07-31 | ||
Trading Symbol | hmmr | ||
Tax Identification Number (TIN) | 981,032,170 | ||
Number of common stock shares outstanding | 52,543,162 | ||
Filer Category | Smaller Reporting Company | ||
Amendment Description | Restated | ||
Amendment Flag | true | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Incorporation, State Country Name | NEVADA | ||
Entity Address, Address Line One | 311 Broadway | ||
Entity Address, City or Town | Point Pleasant Beach | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 8,742 | ||
City Area Code | 844 | ||
Local Phone Number | 413-2600 | ||
Common Stock, Shares, Issued | 60,503,341 | 60,503,341 | 60,503,341 |
Entity Listing, Par Value Per Share | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (April 30, 2018 restated and unaudited) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Assets, Current | ||
Cash and cash equivalents | $ 1,580 | $ 528,380 |
Accounts Receivable, net | 33,012 | 7,488 |
Other Assets, Current | 33,729 | 44,791 |
Assets, Current | 68,321 | 580,659 |
Property, Plant and Equipment, Net | 4,784,386 | 5,005,016 |
Intangible Assets, Net (Excluding Goodwill) | 18,934 | 18,934 |
Notes receivable, long-term | 235,000 | 235,000 |
Total other assets | 5,038,320 | 5,258,950 |
Assets | 5,106,641 | 5,839,609 |
Liabilities, Current | ||
Accounts Payable, Current | 266,558 | 111,612 |
Unearned Revenue | 128,000 | 6,905 |
Notes Payable | 3,624,067 | 0 |
Current portion of long-term notes payable - related parties | 103,000 | 1,210,000 |
Accrued interest | 200,332 | 107,094 |
Liabilities, Current | 4,321,957 | 1,435,611 |
Notes payable - related party | 0 | 2,394,567 |
Liabilities | 4,321,957 | 3,830,178 |
Stockholders' Equity Attributable to Parent | ||
Common Stock, Value, Issued | 60,503 | 60,503 |
Treasury stock | 0 | 0 |
Additional Paid in Capital | 13,980,120 | 10,625,287 |
Retained Earnings (Accumulated Deficit) | (13,255,939) | (8,676,359) |
Stockholders' Equity Attributable to Parent | 784,684 | 2,009,431 |
Liabilities and Equity | $ 5,106,641 | $ 5,839,609 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (April 30, 2018 restated and unaudited) - Parenthetical - $ / shares | Apr. 30, 2018 | Jul. 31, 2017 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 60,503,341 | 60,503,341 |
Common Stock, Shares, Outstanding | 52,536,495 | 51,960,948 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (unaudited and restated) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (4,579,580) | $ (3,739,373) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Treasury stock issued for services | 1,218,223 | 0 |
Depreciation expense | 849,901 | 630,639 |
Changes in operating assets and liabilities: | ||
Current assets | 11,062 | 12,184 |
Accounts receivable | (25,524) | 0 |
Accounts payable | 93,196 | (632,020) |
Accrued interest | 93,238 | 102,165 |
Increase in Unearned Revenue | 128,000 | 0 |
Net cash used in operating activities | (2,211,484) | (3,626,405) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (567,521) | (538,607) |
Cash in lieu of Note Receivable | 0 | 65,000 |
Net cash used in investing activities | (567,521) | (473,607) |
Cash flows from financing activities: | ||
Proceeds from loans payable | 103,000 | 0 |
Proceeds from loans payable - related party | 20,000 | 310,000 |
Repayment of loans payable | (6,905) | (28,147) |
Repayment of loans payable - related party | (500) | 0 |
Proceeds from subscription of treasury stock held by subsidiary | 2,136,610 | 3,329,243 |
Net cash provided by financing activities | 2,252,205 | 3,611,096 |
Net increase (decrease) in cash | (526,800) | (488,916) |
Cash and cash equivalents | 528,380 | 563,754 |
Cash and cash equivalents | 1,580 | 74,838 |
Supplemental Cash Flow Information | ||
Interest Paid | 175,000 | 130,791 |
Income Taxes Paid, Net | 8,044 | 7,362 |
Cash Flow, Noncash Investing and Financing Activities Disclosure | ||
Purchase of property and equipment with accounts payable | $ 61,750 | $ 157,982 |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE A Hammer W The April 30 r w v |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Reclassifications Costs incurred during the three and nine-month periods ended April 30, 2017, and previously recorded as Cost of Sales, have been reclassified as Operations and Maintenance expenses in the comparable periods in 2018. Use of estimates The f f Cash and cash equivalents Cash Property and equipment Property Impairment of long-lived assets The Notes Receivable These Indefinite lived intangible assets The y y The Capitalized software costs Costs Revenue recognition The Revenue is recorded net of discounts provided to customers. Discounts applied during the three and nine month periods ended April 30, 2018 were $4,200 and $17,467, respectively. The r y r Income taxes The T f f f Fair value measurements The T V The ASC y Level Level Level Consolidation of financial statements Hammer W Basic and Diluted Earnings (Loss) per Common Share The r r y y Recent accounting pronouncements The on |
NOTE 3 - NOTES RECEIVABLE
NOTE 3 - NOTES RECEIVABLE | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 3 - NOTES RECEIVABLE | NOTE 3 NOTES RECEIVABLE During y The Company had entered into a loan agreement during the year ended July 2016 with Zena Capital, LLC for an aggregate amount of $1,000,000. Payments of $250,000 had been made against the loan however the loan was in default as of July 31, 2017. The Company recorded a reserve against the outstanding balance of $750,000 in July 2017. Payments totaling $289,000 were received during the nine months ended April 30, 2018 and were recorded as Other Income. |
NOTE 4 - INDEFINITE LIVED INTAN
NOTE 4 - INDEFINITE LIVED INTANGIBLE ASSETS | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 4 - INDEFINITE LIVED INTANGIBLE ASSETS | NOTE 4 INDEFINITE LIVED INTANGIBLE ASSETS The |
NOTE 5 - RELATED PARTY TRANSACT
NOTE 5 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE 5 RELATED PARTY TRANSACTIONS On During y T y The y y |
NOTE 6 - CONVERTIBLE DEBT
NOTE 6 - CONVERTIBLE DEBT | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 6 - CONVERTIBLE DEBT | NOTE 6 CONVERTIBLE DEBT On February 12, 2018 the Company entered into an agreement for a convertible promissory note for the sum of $103,000. The note accrues interest at a rate of 12 percent per annum due at maturity. The note matures nine months from issuance date. Prepayment of the note is subject to a premium charge based on the amount of days prepaid before the maturity date. The conversion aspect of the note allows conversion into the Companys common stock at a discount of 37 percent of the stocks market price. The holder shall have the right after 180 days to convert all or part of the note at their discretion. |
NOTE 7 - DEFERRED REVENUE
NOTE 7 - DEFERRED REVENUE | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 7 - DEFERRED REVENUE | NOTE 7 DEFERRED REVENUE On February 5, 2018 the Company entered into a customer service agreement with a third party for the licensing of a designated channel on the Companys TV media platform. The agreement covers the licensing and support services to be provided in perpetuity to the customer to display their own created media over the platform. The total amount of the agreement is $239,000 with 50% of the contract, or $119,500, collected by April 30, 2018 over several installment. Commencement of the work did not begin until the 50% retainer was received. The Company is set to the deliver the services in six months and will collect the balance upon receipt, however the customer retains the rights to prepay the final balance in advance. The Company has recorded the cumulative transaction of $119,500 as unearned revenue as the service has yet to be provided and the licensing has yet to take effect. On March 1, 2018 the Company entered into a service order agreement with a customer in the amount of $8,500. The service is schedule to be provided in July and work has not yet begun on the project. The Company has recorded unearned revenue for this transaction in the amount of $8,500 for the three months ended April 30, 2018. |
NOTE 8 - STOCKHOLDERS' EQUITY
NOTE 8 - STOCKHOLDERS' EQUITY | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 8 - STOCKHOLDERS' EQUITY | NOTE 8 STOCKHOLDERS EQUITY Treasury Stock In certain y W (Treasury Shares), f During the year ended July 31, 2017, Hammer W and y r During the nine months ended April 30, 2018, the Company received cash of $2,136,609 from the sale of 438,247 Treasury Shares sold to third parties. Additionally, on September 18, 2017, the Company issued 74,000 treasury shares to third parties for services provided . The Company valued these shares using the closing quoted price of the Companys common stock on the date of issuance ($12.75). This resulted in compensation expense of $943,500 . The Company also issued 63,300 Treasury Shares to third parties for services provided , on February 9, 2018. The Company valued these shares using the closing quoted price of the Companys common stock on the date of issuance ($4.34). This resulted in compensation expense of $274,723 . As a result of these transactions, the Company has a balance of 7,966,846 treasury shares as of April 30, 2018. Preferred Stock During r f |
NOTE 9 - GOING CONCERN
NOTE 9 - GOING CONCERN | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 9 - GOING CONCERN | NOTE 9 GOING CONCERN The f The The |
NOTE 10 - RESTATEMENT
NOTE 10 - RESTATEMENT | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 10 - RESTATEMENT | NOTE 10 - RESTATEMENT This amended Form 10-Q for the quarterly period ended January 31, 2018 addresses an unrecorded Administrative and General Expense for treasury stock issued to third parties for services rendered. The effect of such misstatement for the nine months ended, and as of January 31, 2018, as described in Note 8, on the financial statements presented herein is as follows: As Originally As Effect of Reported Adjusted Change Condensed Consolidated Balance Sheets Additional Paid-in Capital $ 13,038,932 $ 13,980,120 $ 941,188 Accumulated Deficit $ (12,314,752) $ (13,255,939) $ (941,187) Condensed Consolidated Statements of Operations General and administrative expenses $ 2,659,242 $ 3,602,742 $ 943,500 Operations and Maintenance $ 300,327 $ 298,014 $ (2,313) Total Operating Expenses $ 3,809,470 $ 4,750,657 $ 941,187 Loss from Operations $ (3,662,945) $ (4,606,445) $ (943,500) Net loss $ (3,638,393) $ (4,579,580) $ (941,187) Loss per share - basic and diluted $ (0.05) $ (0.09) $ (0.04) Condensed Consolidated Statement of Cash Flows Net loss $ (3,361,357) $ (4,579,580) $ (1,218,223) Treasury stock issued for services $ - $ 1,218,223 $ 1,218,223 |
NOTE 11 - SUBSEQUENT EVENTS
NOTE 11 - SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 11 - SUBSEQUENT EVENTS | NOTE 11SUBSEQUENT EVENTS Subsequent |
NOTE 2 - SUMMARY OF SIGNIFICA16
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Basis of presentation | Basis of presentation The |
NOTE 2 - SUMMARY OF SIGNIFICA17
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Reclassifications (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Reclassifications | Reclassifications Costs incurred during the three and nine-month periods ended April 30, 2017, and previously recorded as Cost of Sales, have been reclassified as Operations and Maintenance expenses in the comparable periods in 2018. |
NOTE 2 - SUMMARY OF SIGNIFICA18
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of estimates (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Use of estimates | Use of estimates The f f |
NOTE 2 - SUMMARY OF SIGNIFICA19
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and cash equivalents (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Cash and cash equivalents | Cash and cash equivalents Cash |
NOTE 2 - SUMMARY OF SIGNIFICA20
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and equipment (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Property and equipment | Property and equipment Property |
NOTE 2 - SUMMARY OF SIGNIFICA21
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Impairment of long-lived assets (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Impairment of long-lived assets | Impairment of long-lived assets The |
NOTE 2 - SUMMARY OF SIGNIFICA22
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Notes receivable (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Notes receivable | Notes Receivable These |
NOTE 2 - SUMMARY OF SIGNIFICA23
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Indefinite-lived intangible assets (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Indefinite-lived intangible assets | Indefinite lived intangible assets The y y The |
NOTE 2 - SUMMARY OF SIGNIFICA24
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Capitalized software costs (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Capitalized software costs | Capitalized software costs Costs |
NOTE 2 - SUMMARY OF SIGNIFICA25
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue recognition (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Revenue recognition | Revenue recognition The Revenue is recorded net of discounts provided to customers. Discounts applied during the three and nine month periods ended April 30, 2018 were $4,200 and $17,467, respectively. The r y r |
NOTE 2 - SUMMARY OF SIGNIFICA26
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income taxes (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Income taxes | Income taxes The T f f f |
NOTE 2 - SUMMARY OF SIGNIFICA27
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair value measurements (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Fair value measurements | Fair value measurements The T V The ASC y Level Level Level |
NOTE 2 - SUMMARY OF SIGNIFICA28
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Consolidation of financial statements (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Consolidation of financial statements | Consolidation of financial statements Hammer W |
NOTE 2 - SUMMARY OF SIGNIFICA29
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Earnings (Loss) per Common Share (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Basic and Diluted Earnings (Loss) per Common Share | Basic and Diluted Earnings (Loss) per Common Share The r r y y |
NOTE 2 - SUMMARY OF SIGNIFICA30
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent accounting pronouncements (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Policies | |
Recent accounting pronouncements | Recent accounting pronouncements The on |
NOTE 3 - NOTES RECEIVABLE (Deta
NOTE 3 - NOTES RECEIVABLE (Details) | 9 Months Ended |
Apr. 30, 2018USD ($) | |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
MEK Investments Inc. | |
Financing Receivable, Gross | $ 235,000 |
Debt Instrument, Maturity Date | Jun. 30, 2018 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
NOTE 4 - INDEFINITE LIVED INT32
NOTE 4 - INDEFINITE LIVED INTANGIBLE ASSETS (Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Details | ||
Intangible Assets, Net (Excluding Goodwill) | $ 18,934 | $ 18,934 |
NOTE 5 - RELATED PARTY TRANSA33
NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Jul. 31, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |
Family member of a member of the Company's Board of Directors | ||
Related Party Transaction, Date | Oct. 9, 2016 | |
Related Party Transaction, Description of Transaction | Company entered into a short-term loan agreement with a family member of a member of the Company’s Board of Directors | |
Related Party Transaction, Amounts of Transaction | $ 100,000 | |
Related Party Transaction, Rate | 3.00% | |
Revenue from Related Parties | $ 210,000 | |
Long-term Debt | $ 310,000 | |
Promissory Note with related party | ||
Related Party Transaction, Description of Transaction | Company entered into two promissory notes with a related party | |
Long-term Debt | $ 2,294,067 | $ 2,294,067 |
Related Party Transaction, Terms and Manner of Settlement | terms consist of ten principal and interest payments due quarterly | |
Interest Payable | $ 137,052 | 69,594 |
Promissory Note with related party - 1 | ||
Related Party Transaction, Amounts of Transaction | 2,400,000 | |
Promissory Note with related party - 2 | ||
Related Party Transaction, Amounts of Transaction | 1,000,000 | |
Long-term Debt | $ 1,000,000 | $ 1,000,000 |
Debt Instrument, Maturity Date | Jun. 9, 2018 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
NOTE 6 - CONVERTIBLE DEBT (Deta
NOTE 6 - CONVERTIBLE DEBT (Details) | 9 Months Ended |
Apr. 30, 2018USD ($) | |
Details | |
Debt Instrument, Description | convertible promissory note |
Debt Instrument, Face Amount | $ 103,000 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Payment Terms | due at maturity |
Debt Instrument, Convertible, Terms of Conversion Feature | conversion into the Company’s common stock at a discount of 37 percent of the stock’s market price |
NOTE 7 - DEFERRED REVENUE (Deta
NOTE 7 - DEFERRED REVENUE (Details) | Apr. 30, 2018USD ($) |
Transaction 1 | |
Unearned Revenue | $ 119,500 |
NOTE 8 - STOCKHOLDERS' EQUITY_
NOTE 8 - STOCKHOLDERS' EQUITY: Treasury Stock (Details) | 9 Months Ended |
Apr. 30, 2018USD ($)shares | |
Treasury Stock, Shares | shares | 7,966,846 |
In July 2016 | |
Equity Method Investment, Additional Information | certain shareholders of the Company contributed 9,291,670 restricted shares of their common stock to the Company’s wholly-owned subsidiary, Hammer Wireless Corporation |
During the year ended July 31, 2017 | |
Equity Method Investment, Additional Information | Hammer Wireless sold 749,277 of the treasury shares to third parties |
During the nine months ended April 30, 2018 | |
Equity Method Investment, Additional Information | Company received cash of $2,136,609 from the sale of 438,247 Treasury Shares |
On September 18, 2017 | |
Equity Method Investment, Additional Information | Company issued 74,000 treasury shares to third parties for services provided |
Share-based Compensation | $ 943,500 |
On February 9, 2018 | |
Equity Method Investment, Additional Information | Company also issued 63,300 Treasury Shares to third parties for services provided |
Share-based Compensation | $ 274,723 |
NOTE 8 - STOCKHOLDERS' EQUITY37
NOTE 8 - STOCKHOLDERS' EQUITY: Preferred Stock (Details) - $ / shares | 9 Months Ended | ||
Apr. 30, 2018 | Jul. 31, 2017 | Jul. 19, 2016 | |
Common Stock, Shares, Outstanding | 52,536,495 | 51,960,948 | 60,503,341 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
During the year ended July 31, 2016 | |||
Equity Method Investment, Additional Information | Company issued an additional 759,619 Class A shares and 992,481 Class B shares for proceeds of $3,140,094 |
NOTE 10 - RESTATEMENT (Details)
NOTE 10 - RESTATEMENT (Details) - USD ($) | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2017 | |
Condensed Consolidated Balance Sheets | |||
Additional Paid in Capital | $ 13,980,120 | $ 10,625,287 | |
Retained Earnings (Accumulated Deficit) | (13,255,939) | $ (8,676,359) | |
Condensed Consolidated Statement of Cash Flows | |||
Net Income (Loss) | (4,579,580) | $ (3,739,373) | |
Treasury stock issued for services | 1,218,223 | $ 0 | |
Scenario, Previously Reported | |||
Condensed Consolidated Balance Sheets | |||
Additional Paid in Capital | 13,038,932 | ||
Retained Earnings (Accumulated Deficit) | (12,314,752) | ||
Condensed Consolidated Statements of Operations | |||
General and administrative | 2,659,242 | ||
Maintenance Costs | 300,327 | ||
Total operating expenses | 3,809,470 | ||
Operating Income (Loss) | $ (3,662,945) | ||
Loss per common share - basic and diluted | $ (0.05) | ||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | $ (3,638,393) | ||
Condensed Consolidated Statement of Cash Flows | |||
Net Income (Loss) | (3,361,357) | ||
Treasury stock issued for services | 0 | ||
Scenario, Adjustment | |||
Condensed Consolidated Balance Sheets | |||
Additional Paid in Capital | 13,980,120 | ||
Retained Earnings (Accumulated Deficit) | (13,255,939) | ||
Condensed Consolidated Statements of Operations | |||
General and administrative | 3,602,742 | ||
Maintenance Costs | 298,014 | ||
Total operating expenses | 4,750,657 | ||
Operating Income (Loss) | $ (4,606,445) | ||
Loss per common share - basic and diluted | $ (0.09) | ||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | $ (4,579,580) | ||
Condensed Consolidated Statement of Cash Flows | |||
Net Income (Loss) | (4,579,580) | ||
Treasury stock issued for services | 1,218,223 | ||
Restatement Adjustment | |||
Condensed Consolidated Balance Sheets | |||
Additional Paid in Capital | 941,188 | ||
Retained Earnings (Accumulated Deficit) | (941,187) | ||
Condensed Consolidated Statements of Operations | |||
General and administrative | 943,500 | ||
Maintenance Costs | (2,313) | ||
Total operating expenses | 941,187 | ||
Operating Income (Loss) | $ (943,500) | ||
Loss per common share - basic and diluted | $ (0.04) | ||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | $ (941,187) | ||
Condensed Consolidated Statement of Cash Flows | |||
Net Income (Loss) | (1,218,223) | ||
Treasury stock issued for services | $ 1,218,223 |
NOTE 11 - SUBSEQUENT EVENTS (De
NOTE 11 - SUBSEQUENT EVENTS (Details) | 9 Months Ended |
Apr. 30, 2018 | |
Event 1 | |
Subsequent Event, Description | Company received cash of $10,001 from the sale of 6,667 Treasury Shares |