Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2018 | Jun. 18, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Mirage Energy Corp | |
Entity Central Index Key | 1,623,360 | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --07-31 | |
Document Period End Date | Apr. 30, 2018 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Amendment Flag | false | |
Trading Symbol | mrge | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 329,882,379 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 5,182 | $ 11,776 |
Prepaid expenses | 540 | 1,559 |
Total Current Assets | 5,722 | 13,335 |
Property, plant and equipment, net | 5,007 | 6,192 |
Other Assets | ||
Deposits | 6,921 | 6,921 |
Total Other Assets | 6,921 | 6,921 |
TOTAL ASSETS | 17,650 | 26,448 |
Current Liabilities | ||
Loans payable, related parties | 165,877 | 208,678 |
Accounts payable and accrued liabilities | 422,598 | 337,384 |
Loan payable | 77,844 | |
Convertible notes | 243,000 | 33,000 |
Accrued salaries and payroll taxes, related parties | 1,285,567 | 854,553 |
Total Current Liabilities | 2,194,886 | 1,433,615 |
Long-Term Liabilities | ||
Loan payable | 50,000 | 50,000 |
TOTAL LIABILITIES | 2,244,886 | 1,483,615 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, par value $0.001, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding as of April 30, 2018 and July 31, 2017 | 10,000 | 10,000 |
Common stock, par value $0.001, 900,000,000 shares authorized, 324,516,064 shares issued and outstanding as of April 30, 2018; 310,190,456 shares issued and outstanding as of July 31, 2017 | 324,516 | 310,190 |
Additional paid-in capital | 325,146 | 66,101 |
Accumulated deficit | (2,886,798) | (1,843,358) |
Accumulated other comprehensive loss | (100) | (100) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (2,227,236) | (1,457,167) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 17,650 | $ 26,448 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2018 | Jul. 31, 2017 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 324,516,064 | 310,190,456 |
Common stock, shares outstanding | 324,516,064 | 310,190,456 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
OPERATING EXPENSES | ||||
General and administrative expenses | $ 208,854 | $ 467,278 | $ 748,466 | $ 913,129 |
Professional fees | 19,389 | 38,510 | 64,957 | 70,734 |
Total Operating Expenses | 228,243 | 505,788 | 813,423 | 983,863 |
LOSS BEFORE OPERATIONS | (228,243) | (505,788) | (813,423) | (983,863) |
OTHER EXPENSE | ||||
Interest expense | 115,227 | 3,014 | 230,017 | 6,122 |
Total Other Expense | 115,227 | 3,014 | 230,017 | 6,122 |
LOSS BEFORE INCOME TAXES | (343,470) | (508,802) | (1,043,440) | (989,985) |
NET LOSS | (343,470) | (508,802) | (1,043,440) | (989,985) |
OTHER COMPREHENSIVE LOSS | (100) | (100) | ||
TOTAL COMPREHENSIVE LOSS | $ (343,470) | $ (508,902) | $ (1,043,440) | $ (990,085) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Basic and Diluted Weighted Average Common Shares Outstanding | 316,567,075 | 310,152,928 | 313,795,366 | 191,961,783 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) | $ (1,043,440) | $ (990,085) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Depreciation expense | 1,185 | 1,186 |
Loss on change in fair value of convertible debt | 121,391 | |
Penalty on convertible debt | 83,500 | |
Issuance of stock for services and fees | 42,500 | 262,500 |
Changes in operating assets and liabilities | ||
Prepaid expenses | 1,019 | (4,084) |
Accounts payable | 185,679 | 46,991 |
Accrued expenses | 13,494 | 32,399 |
Accrued salaries and payroll taxes, related parties | 419,500 | 429,576 |
Net cash (used) in operating activities | (175,172) | (221,517) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loans to related party | (11,000) | |
Project development costs | (33,941) | |
Net cash (used) in investing activities | (44,941) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan, related party | 27,700 | 169,744 |
Repayments of loan, related party | (93,122) | |
Proceeds from sale of common stock | 25,000 | 20,000 |
Proceeds from convertible debt | 209,000 | |
Net cash provided by financing activities | 168,578 | 189,744 |
Effects on changes in foreign exchange rate | 1,026 | |
Net (decrease) in cash | (6,594) | (75,688) |
Cash and cash equivalents - beginning of period | 11,776 | 76,165 |
Cash and cash equivalents - end of period | 5,182 | 477 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 2,714 | 54 |
Cash payments for income taxes | ||
Supplemental Non-Cash Flow Disclosures | ||
Net assets assumed in reverse merger | 40,288 | |
Expenses paid by shareholder | 22,621 | |
Stock issued for convertible interest | 3,745 | |
Stock issued for convertible debt | $ 202,126 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | Mirage Energy Corporation (formerly Bridgewater Platforms Inc.) (the Company) is a Nevada corporation incorporated on May 6, 2014. On May 20, 2014, the Company incorporated a Canadian subsidiary known as Bridgewater Construction Ltd. in Ontario in association with its construction business. Mirage Energy Corporation is based at 900 Isom Rd Suite 306, San Antonio, TX 78216. The Companys fiscal year end is July 31. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s 10-K filed with the Securities and Exchange Commission on November 30, 2017. Earnings or Loss per Share: The Company accounts for earnings per share pursuant to ASC 260, Earnings per Share, which requires disclosure on the financial statements of "basic" and "diluted" earnings (loss) per share. Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to convertible debt, stock options and warrants for each year. There are 10,000,000 shares of preferred stock that are convertible into 200,000,000 shares of common stock. As of April 30, 2018, the number of shares of common stock that can be issued for convertible debt as per Note 9 - Subsequent Events are 1,720,482. The other notes were not convertible at April 30, 2018. Basis of Consolidation These financial statements include the accounts of the Company and its wholly owned subsidiaries, 4Ward Resources, Inc., Cenote Energy, S. de R.L. de C.V., WPF Transmission, Inc., and WPF Mexico Pipelines, S. de R.L. de C.V. All material intercompany balances and transactions have been eliminated. Financial Instruments The Company’s notes that have become convertible are subject to ASC Topic 480, “Distinguishing Liabilities from Equity,” as the debt is a mostly fixed amount to be settled with a variable number of shares. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had a net loss of $1,043,440 and had net cash used in operations of $175,172 for the nine months ended April 30, 2018 and had an accumulated deficit and working capital deficit of $2,886,798 and $2,189,164 at that date. The Company has not established an ongoing source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability to continue as a going concern. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the Company may include, but not be limited to: sales of equity instruments; traditional financing, such as loans; sale of participation interests and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
DEBT
DEBT | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4 - DEBT | A summary of debt at April 30, 2018 and July 31, 2017 is as follows: April 30, July 31, 2018 2017 Notes payables related party, unsecured, interest bearing at 5% rate per annum, on demand $ 165,877 $ 187,600 Note, unsecured interest bearing at 2% per annum, due July 9, 2020 50,000 50,000 Note, unsecured interest bearing at 7.5% per annum, due April 15, 2018. This note is now in default as of April 16, 2018 and has a default interest of 17.5% 77,844 - Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 28, 2017 in the amount of $33,000 with fees of $3,000 and cash proceeds of $30,000, convertible at December 25, 2017 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of March 30, 2018. This note defaulted on November 15, 2017 and a default penalty of $16,500 was added to the note for a total of $49,500 and incurred default interest rate of 22%. During January and February 2018, $49,500 of this debt plus $1,980 in interest was converted and the Company issued 5,024,243 shares of common stock with a fair value of $110,708 in payment leaving no balance due. The convertible note had a net change in fair value of $59,227. - 33,000 Convertible debenture, unsecured, interest bearing at 12% per annum, issued August 22, 2017 in the amount of $38,000 with fees of $3,000 and cash proceeds of $35,000, convertible at February 18, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of May 30, 2018. This note defaulted on November 15, 2017 and a default penalty of $19,000 was added to the note for a total of $57,000 and incurred default interest rate of 22%. During March 2018, $45,000 of this debt was converted and the Company issued 8,251,365 shares of common stock with a fair value of $95,164 in payment leaving a principal balance of $12,000 of which fair market value was recorded at April 30, 2018 as $24,000. The convertible note has a net change in fair value of $62,164. 24,000 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued December 4, 2017 in the amount of $53,000 with fees of $3,000 and cash proceeds of $50,000, convertible at June 2, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of September 15, 2018. This note defaulted on March 25, 2018 and a default penalty of $26,500 was added to the note for a total of $79,500 and incurred default interest rate of 22%. As of April 30, 2018, $0 of this debt was converted and the Company issued no shares of common stock leaving a principal balance of $79,500. This note becomes convertible on June 2, 2018. 79,500 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued January 5, 2018 in the amount of $75,000 with an original issue discount of $2,000 and cash proceeds of $73,000, convertible at July 4, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of January 5, 2019. This note is in default and incurred default interest rate of 18%. The Company has not received any notice of default and associated default penalties remain unassessed by Lender. 75,000 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued February 26, 2018 in the amount of $43,000 with fees of $3,000 and cash proceeds of $40,000, convertible at August 25, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of November 30, 2018. This note defaulted on March 25, 2018 and a default penalty of $21,500 was added to the note for a total of $64,500 and incurred default interest rate of 22%. As of April 30, 2018, $0 of this debt was converted and the Company issued no shares of common stock leaving a principal balance of $64,500. This note becomes convertible on August 25, 2018. 64,500 - Loan payable related party, unsecured, non-interest bearing, on demand - 21,078 Total Debt 536,721 291,678 Less: Current Maturities 486,721 241,678 Total Long-Term Debt $ 50,000 $ 50,000 At the date each convertible instrument becomes convertible it is subject to ASC Topic 480, “Distinguishing Liabilities from Equity,” since the debt is a mostly fixed amount to be settled with a variable number of shares. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS | As of April 30, 2018, the CEO and two other members of management and one other employee had earned accrued unpaid salary in the amount of $1,238,250 as of April 30, 2018. Accrued salaries of $1,238,250 combined with accrued payroll taxes of $47,317 for a total accrued related party salaries and payroll tax of $1,285,567 for the period from June 2015 until April 30, 2018. Also, Mr. Michael Ward, President, was owed $21,078 at July 31, 2017 which has decreased to $0 as of April 30, 2018 resulting from additional $27,700 of cash proceeds, expenses paid of $22,621, and repayments of $71,399. Additionally, a company owned by the spouse of the CEO provided a loan of $165,877 and $187,600 respectively, to 4Ward Resources, Inc. for the period ended April 30, 2018 and year ended July 31, 2017. Due to partial payments totaling $21,723, the balance has decreased to a total loan amount of $165,877. |
LEASES
LEASES | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - LEASES | On June 9, 2016, the Company entered into a Lease Agreement for its San Antonio, Texas office lease location. The Lease Period is for three (3) years beginning July 1, 2016. The Company shall pay as additional rent all other sums of money as shall become due and payable by them under this Lease. To date after twenty-two (22) months of this thirty-six (36) month lease, no such additional charges have been made. Below is the schedule of rent for the remaining Lease term as of April 30, 2018. Year Amount 2018 $ 13,503 2019 $ 83,045 Total Remaining Base Rent $ 96,548 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 7 - COMMITMENTS AND CONTINGENCIES | The Company committed to eighteen (18) months of Acquisition of Pipeline Rights of Way to Marcos y Asociados with a total amount of $77,844 which was due April 15, 2018 and not paid as of April 30, 2018. From time to time, the Company may become a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there are no current matters that would have a material effect on the Company’s financial position or results of operations. In January, the Company entered into consulting agreements with two consultants with total consideration of 1,000,000 shares of common stock valued at $42,500. These shares were issued in March 2018. |
EQUITY
EQUITY | 9 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Note 9 - EQUITY | In January, the Company entered into consulting agreements with two consultants with total consideration of 1,000,000 shares of common stock valued at $42,500. These shares were issued in March 2018 and are fully vested when they were issued. The term of both agreements shall be for a period of six months. On March 21, 2018, the Company offered and sold Fifty Thousand (50,000) shares of common stock to Michael Liska valued at $0.50 per share for $25,000. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 9 - SUBSEQUENT EVENTS | The Company evaluated events occurring subsequent to April 30, 2018, identifying those that are required to be disclosed as follows: On May 9, 2018, PowerUp Lending Group Ltd. converted principal in the amount of $8,000 of the $38,000 note issued August 22, 2017 that was defaulted to $57,000 for 963,855 shares of common stock. On May 14, 2018, PowerUp Lending Group Ltd. converted the remaining principal $4,000 of the $38,000 note issued August 22, 2017 that was defaulted to $57,000 along with $2,280 of accrued interest for 756,627 shares of common stock. On June 7, 2018, PowerUp Lending Group Ltd. converted principal in the amount of $15,000 of the $53,000 note issued December 4, 2017 that was defaulted to $79,500 for 1,562,500 shares of common stock. On June 11, 2018, PowerUp Lending Group Ltd. converted principal in the amount of $20,000 of the $53,000 note issued December 4, 2017 that was defaulted to $79,500 for 2,083,333 shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Apr. 30, 2018 | |
Summary Of Significant Accounting Policies Policies | |
Earnings or Loss per Share | The Company accounts for earnings per share pursuant to ASC 260, Earnings per Share, which requires disclosure on the financial statements of "basic" and "diluted" earnings (loss) per share. Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to convertible debt, stock options and warrants for each year. There are 10,000,000 shares of preferred stock that are convertible into 200,000,000 shares of common stock. As of April 30, 2018, the number of shares of common stock that can be issued for convertible debt as per Note 9 - Subsequent Events are 1,720,482. The other notes were not convertible at April 30, 2018. |
Basis of Consolidation | These financial statements include the accounts of the Company and its wholly owned subsidiaries, 4Ward Resources, Inc., Cenote Energy, S. de R.L. de C.V., WPF Transmission, Inc., and WPF Mexico Pipelines, S. de R.L. de C.V. All material intercompany balances and transactions have been eliminated. |
Financial Instruments | The Companys notes that have become convertible are subject to ASC Topic 480, Distinguishing Liabilities from Equity, as the debt is a mostly fixed amount to be settled with a variable number of shares. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Debt Tables | |
Schedule of debt | April 30, July 31, 2018 2017 Notes payables related party, unsecured, interest bearing at 5% rate per annum, on demand $ 165,877 $ 187,600 Note, unsecured interest bearing at 2% per annum, due July 9, 2020 50,000 50,000 Note, unsecured interest bearing at 7.5% per annum, due April 15, 2018. This note is now in default as of April 16, 2018 and has a default interest of 17.5% 77,844 - Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 28, 2017 in the amount of $33,000 with fees of $3,000 and cash proceeds of $30,000, convertible at December 25, 2017 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of March 30, 2018. This note defaulted on November 15, 2017 and a default penalty of $16,500 was added to the note for a total of $49,500 and incurred default interest rate of 22%. During January and February 2018, $49,500 of this debt plus $1,980 in interest was converted and the Company issued 5,024,243 shares of common stock with a fair value of $110,708 in payment leaving no balance due. The convertible note had a net change in fair value of $59,227. - 33,000 Convertible debenture, unsecured, interest bearing at 12% per annum, issued August 22, 2017 in the amount of $38,000 with fees of $3,000 and cash proceeds of $35,000, convertible at February 18, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of May 30, 2018. This note defaulted on November 15, 2017 and a default penalty of $19,000 was added to the note for a total of $57,000 and incurred default interest rate of 22%. During March 2018, $45,000 of this debt was converted and the Company issued 8,251,365 shares of common stock with a fair value of $95,164 in payment leaving a principal balance of $12,000 of which fair market value was recorded at April 30, 2018 as $24,000. The convertible note has a net change in fair value of $62,164. 24,000 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued December 4, 2017 in the amount of $53,000 with fees of $3,000 and cash proceeds of $50,000, convertible at June 2, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of September 15, 2018. This note defaulted on March 25, 2018 and a default penalty of $26,500 was added to the note for a total of $79,500 and incurred default interest rate of 22%. As of April 30, 2018, $0 of this debt was converted and the Company issued no shares of common stock leaving a principal balance of $79,500. This note becomes convertible on June 2, 2018. 79,500 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued January 5, 2018 in the amount of $75,000 with an original issue discount of $2,000 and cash proceeds of $73,000, convertible at July 4, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of January 5, 2019. This note is in default and incurred default interest rate of 18%. The Company has not received any notice of default and associated default penalties remain unassessed by Lender. 75,000 - Convertible debenture, unsecured, interest bearing at 12% per annum,, issued February 26, 2018 in the amount of $43,000 with fees of $3,000 and cash proceeds of $40,000, convertible at August 25, 2018 with conversion price at a discount rate of 45% of market price which is the average of the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date, maturity date of November 30, 2018. This note defaulted on March 25, 2018 and a default penalty of $21,500 was added to the note for a total of $64,500 and incurred default interest rate of 22%. As of April 30, 2018, $0 of this debt was converted and the Company issued no shares of common stock leaving a principal balance of $64,500. This note becomes convertible on August 25, 2018. 64,500 - Loan payable related party, unsecured, non-interest bearing, on demand - 21,078 Total Debt 536,721 291,678 Less: Current Maturities 486,721 241,678 Total Long-Term Debt $ 50,000 $ 50,000 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Leases Tables | |
Schedule of rent for the remaining Lease term | Year Amount 2018 $ 13,503 2019 $ 83,045 Total Remaining Base Rent $ 96,548 |
ORGANIZATION AND DESCRIPTION 18
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | 9 Months Ended |
Apr. 30, 2018 | |
Organization And Description Of Business Details Narrative | |
Date of incorporation | May 6, 2014 |
State of incorporation | Nevada |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Apr. 30, 2018shares |
Common stock share reserve for future issuance | 200,000,000 |
Convertible preferred stock | 10,000,000 |
Convertible Debt [Member] | |
Common stock share reserve for future issuance | 1,720,482 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2017 | |
Going Concern Details Narrative | |||||
Net loss | $ (343,470) | $ (508,802) | $ (1,043,440) | $ (989,985) | |
Net cash used in operations | (175,172) | $ (221,517) | |||
Accumulated deficit | (2,886,798) | (2,886,798) | $ (1,843,358) | ||
Working capital deficit | $ (2,189,164) | $ (2,189,164) |
DEBT ( Details)
DEBT ( Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Loan payable related party, unsecured, non-interest bearing, on demand | $ 21,078 | |
Total Debt | 536,721 | 291,678 |
Less: Current Maturities | 486,721 | 241,678 |
Total Long-Term Debt | 50,000 | 50,000 |
Notes Payable [Member] | ||
Total Debt | 165,877 | 187,600 |
Notes Payable 1 [Member] | ||
Total Debt | 50,000 | 50,000 |
Notes Payable 2 [Member] | ||
Total Debt | 77,844 | |
Convertible Debt [Member] | ||
Total Debt | 33,000 | |
Convertible Debt 1 [Member] | ||
Total Debt | 24,000 | |
Convertible Debt 2 [Member] | ||
Total Debt | 79,500 | |
Convertible Debt 3 [Member] | ||
Total Debt | 75,000 | |
Convertible Debt 4 [Member] | ||
Total Debt | $ 64,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2018 | Jul. 31, 2017 | |
Accrued salaries | $ 1,238,250 | |
Accrued payroll taxes | 47,317 | |
Accrued salaries and payroll taxes, related parties | 1,285,567 | $ 854,553 |
Partial payments | 21,723 | |
Loans payable, related parties | 165,877 | 208,678 |
President And Ceo [Member] | ||
Accrued unpaid salaries | 1,238,250 | |
Mr. Michael Ward [Member] | ||
Due to related parties | 21,078 | |
Due to related parties, increase | 0 | |
Cash proceeds | 27,700 | |
Payment of expense | 22,621 | |
Repayments of related parties | 71,399 | |
Spouse Of CEO [Member] | ||
Proceeds from loan | $ 165,877 | $ 187,600 |
LEASES (Details)
LEASES (Details) | Apr. 30, 2018USD ($) |
Leases Details | |
2,018 | $ 13,503 |
2,019 | 83,045 |
Total Remaining Base Rent | $ 96,548 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 9 Months Ended |
Apr. 30, 2018 | |
Leases Details Narrative | |
Lease agreement description | Lease Period is for three (3) years beginning July 1, 2016. The Company shall pay as additional rent all other sums of money as shall become due and payable by them under this Lease. To date after twenty-two (22) months of this thirty-six (36) month lease, no such additional charges have been made. Below is the schedule of rent for the remaining Lease term as of April 30, 2018. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Jul. 31, 2017 | |
Common stock share reserve for future issuance | 200,000,000 | |
Common stock value | $ 324,516 | $ 310,190 |
Consulting Agreements [Member] | ||
Common stock share reserve for future issuance | 1,000,000 | |
Common stock value | $ 42,500 | |
Marcos Y Asociados [Member] | ||
Acquisition description | The Company committed to eighteen (18) months of Acquisition of Pipeline Rights of Way to Marcos y Asociados with a total amount of $77,844.00 which was due April 15, 2018 and not paid as of April 30, 2018 | |
Commitment and contingencies acquisition amount | $ 77,844 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) | 1 Months Ended | 9 Months Ended | |
Mar. 21, 2018USD ($)$ / sharesshares | Apr. 30, 2018USD ($)Numbershares | Jul. 31, 2017USD ($) | |
Common stock share reserve for future issuance | shares | 200,000,000 | ||
Common stock value | $ | $ 324,516 | $ 310,190 | |
Michael Liska [Member] | |||
Common stock shares sold | shares | 50,000 | ||
Share price | $ / shares | $ 0.50 | ||
Common stock value sold | $ | $ 25,000 | ||
Consulting Agreements [Member] | |||
Common stock share reserve for future issuance | shares | 1,000,000 | ||
Common stock value | $ | $ 42,500 | ||
Term of agreements | P6M | ||
Number of consultants | Number | 2 |
SUBSEQUENT EVENTS ( Details Nar
SUBSEQUENT EVENTS ( Details Narrative) - USD ($) | Jun. 11, 2018 | Jun. 07, 2018 | May 14, 2018 | May 09, 2018 | Apr. 30, 2018 | Dec. 04, 2017 | Aug. 22, 2017 | Jul. 31, 2017 |
Convertible debt | $ 243,000 | $ 33,000 | ||||||
PowerUp Lending Group Ltd [Member] | ||||||||
Convertible debt | $ 53,000 | $ 38,000 | ||||||
Subsequent Event [Member] | PowerUp Lending Group Ltd [Member] | ||||||||
Convertible debt, converted amount | $ 20,000 | $ 15,000 | $ 4,000 | $ 8,000 | ||||
Accrued interest in default | 2,280 | |||||||
Debt default | $ 79,500 | $ 79,500 | $ 57,000 | $ 57,000 | ||||
Debt conversion converted instrument, shares issued | 2,083,333 | 1,562,500 | 756,627 | 963,855 |