Mirage Energy (MRGE) 10-Q 3 Aug 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Apr. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Entity Registrant Name	MIRAGE ENERGY CORPORATION
Entity Central Index Key	0001623360
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Apr. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		462,230,684
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2020	Jul. 31, 2019
Current Assets
Cash and cash equivalents	$ 75,306	$ 70,456
Prepaid expenses	8,338	1,760
Total Current Assets	83,644	72,216
Property, plant and equipment, net	1,844	3,030
Other Assets
Deposits	6,921	6,921
Total Other Assets	6,921	6,921
TOTAL ASSETS	92,409	82,167
Current Liabilities
Accounts payable and accrued liabilities	859,490	660,352
Loan payable	127,844	127,844
Convertible debentures, net of unamortized discount	1,553,637	580,754
Accrued salaries and payroll taxes, related parties	1,782,792	1,861,936
Total Current Liabilities	4,323,763	3,230,886
Long-Term Liabilities
Loan payable	822	1,063
TOTAL LIABILITIES	4,324,585	3,231,949
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, 2020 and July 31, 2019	10,000	10,000
Common stock, par value $0.001, 900,000,000 shares authorized, 428,806,640 shares issued and outstanding as of April 30, 2020; 342,628,540 shares issued and outstanding as of July 31, 2019	428,806	406,886
Additional paid-in capital	3,735,446	2,986,180
Accumulated deficit	(8,406,328)	(6,552,748)
Accumulated other comprehensive loss	(100)	(100)
TOTAL STOCKHOLDERS' (DEFICIT)	(4,232,176)	(3,149,782)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 92,409	$ 82,167

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2020	Jul. 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, shares par value	$ 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
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	428,806,640	342,628,540
Common stock, shares outstanding	428,806,640	342,628,540

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
OPERATING EXPENSES
General and administrative expenses	$ 235,056	$ 220,655	$ 721,014	$ 655,336
Professional fees	13,717	24,907	69,563	79,597
Total Operating Expenses	248,773	245,562	790,577	734,933
LOSS BEFORE OPERATIONS	(248,773)	(245,562)	(790,577)	(734,933)
OTHER EXPENSE (INCOME)
Interest expense	26,586	39,557	69,630	37,036
Change in fair value of convertible debt	69,392	(953,852)	678,739	1,058,798
Penalty on convertible debt	314,633	0	314,634	267,250
Total Other Expense (Income)	410,611	(914,295)	1,063,003	1,363,084
INCOME (LOSS) BEFORE INCOME TAXES	(659,384)	668,733	(1,853,580)	(2,098,017)
NET INCOME (LOSS)	(659,384)	668,732	(1,853,580)	(2,098,017)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (659,384)	$ 668,733	$ (1,853,580)	$ (2,098,017)
Basic Income (Loss) per Common Share	$ 0	$ 0	$ 0	$ (0.01)
Weighted Average Common Shares Outstanding, Basic	423,375,776	367,662,091	418,864,811	363,104,279
Diluted Income (Loss) per Common Share	$ 0	$ 0	$ 0	$ (0.01)
Weighted Average Common Shares Outstanding, Diluted	423,375,776	369,364,648	418,864,811	363,104,279

Statement of Stockholders (Defi

Statement of Stockholders (Deficit) (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated (Deficit)	Accumulated Other Comprehensive Loss
Balance, shares at Jul. 31, 2018		342,628,540	10,000,000
Balance, amount at Jul. 31, 2018	$ (2,405,977)	$ 342,628	$ 10,000	$ 580,540	$ (3,339,045)	$ (100)
Common shares issued for conversion of debt and interest, shares		11,691,502
Common shares issued for conversion of debt and interest, amount	222,718	$ 11,692	$ 0	211,026	0	0
Net loss	(406,896)	$ 0	$ 0	0	(406,896)	0
Balance, shares at Oct. 31, 2018		354,320,042	10,000,000
Balance, amount at Oct. 31, 2018	(2,590,155)	$ 354,320	$ 10,000	791,566	(3,745,941)	(100)
Balance, shares at Jul. 31, 2018		342,628,540	10,000,000
Balance, amount at Jul. 31, 2018	(2,405,977)	$ 342,628	$ 10,000	580,540	(3,339,045)	(100)
Net loss	(2,098,017)
Balance, shares at Apr. 30, 2019		394,409,327	10,000,000
Balance, amount at Apr. 30, 2019	(2,867,397)	$ 394,409	$ 10,000	2,165,357	(5,437,063)	(100)
Balance, shares at Oct. 31, 2018		354,320,042	10,000,000
Balance, amount at Oct. 31, 2018	(2,590,155)	$ 354,320	$ 10,000	791,566	(3,745,941)	(100)
Net loss	(2,359,855)	$ 0	$ 0	0	(2,359,854)	0
Sale of common stock, shares		5,000,000
Sale of common stock, amount	125,000	$ 5,000	$ 0	120,000	0	0
Balance, shares at Jan. 31, 2019		359,320,042	10,000,000
Balance, amount at Jan. 31, 2019	(4,825,009)	$ 359,320	$ 10,000	911,566	(6,105,795)	(100)
Common shares issued for conversion of debt and interest, shares		27,423,618
Common shares issued for conversion of debt and interest, amount	1,118,900	$ 27,423	$ 0	1,091,477	0	0
Net loss	668,732	$ 0	$ 0	0	668,732	0
Sale of common stock, shares		7,665,667
Sale of common stock, amount	169,980	$ 7,666	$ 0	162,314	0	0
Balance, shares at Apr. 30, 2019		394,409,327	10,000,000
Balance, amount at Apr. 30, 2019	(2,867,397)	$ 394,409	$ 10,000	2,165,357	(5,437,063)	(100)
Balance, shares at Jul. 31, 2019		406,886,489	10,000,000
Balance, amount at Jul. 31, 2019	(3,149,782)	$ 406,886	$ 10,000	2,986,180	(6,552,748)	(100)
Common shares issued for conversion of debt and interest, shares		4,830,016
Common shares issued for conversion of debt and interest, amount	352,591	$ 4,830	$ 0	347,761	0	0
Net loss	(427,157)	$ 0	$ 0	0	(427,157)	0
Sale of common stock, shares		2,000,000
Sale of common stock, amount	80,000	$ 2,000	$ 0	78,000	0	0
Common stock warrants issued and valued	6,595	$ 0	$ 0	6,595	0	0
Common shares issued for exercise of warrants, shares		3,696,973
Common shares issued for exercise of warrants, amount	0	$ 3,697	$ 0	(3,697)	0	0
Balance, shares at Oct. 31, 2019		417,413,478	10,000,000
Balance, amount at Oct. 31, 2019	(3,137,753)	$ 417,413	$ 10,000	3,414,839	(6,979,905)	(100)
Balance, shares at Jul. 31, 2019		406,886,489	10,000,000
Balance, amount at Jul. 31, 2019	(3,149,782)	$ 406,886	$ 10,000	2,986,180	(6,552,748)	(100)
Net loss	(1,853,580)
Balance, shares at Apr. 30, 2020		428,806,640	10,000,000
Balance, amount at Apr. 30, 2020	(4,232,176)	$ 428,806	$ 10,000	3,735,447	(8,406,328)	(100)
Balance, shares at Oct. 31, 2019		417,413,478	10,000,000
Balance, amount at Oct. 31, 2019	(3,137,753)	$ 417,413	$ 10,000	3,414,839	(6,979,905)	(100)
Net loss	(767,039)	$ 0	$ 0	0	(767,039)	0
Sale of common stock, shares		4,200,000
Sale of common stock, amount	147,000	$ 4,200	$ 0	142,800	0	0
Balance, shares at Jan. 31, 2020		421,613,478	10,000,000
Balance, amount at Jan. 31, 2020	(3,757,792)	$ 421,613	$ 10,000	3,557,639	(7,746,944)	(100)
Net loss	(659,384)	$ 0	$ 0	0	(659,384)	0
Sale of common stock, shares		3,083,334
Sale of common stock, amount	185,000	$ 3,084	$ 0	181,916	0	0
Common shares issued for exercise of warrants, shares		4,109,828
Common shares issued for exercise of warrants, amount	0	$ 4,109	$ 0	(4,109)	0	0
Balance, shares at Apr. 30, 2020		428,806,640	10,000,000
Balance, amount at Apr. 30, 2020	$ (4,232,176)	$ 428,806	$ 10,000	$ 3,735,447	$ (8,406,328)	$ (100)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (1,853,580)	$ (2,098,017)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Depreciation expense	1,186	1,186
Financing Fees	35,947	21,500
Loss on change in fair value of convertible debt	678,739	1,058,798
Penalty on convertible debt	314,634	267,250
Expenses paid by shareholder	16,611	15,296
Changes in operating assets and liabilities
Prepaid expenses	(6,578)	(474)
Accounts payable and accrued expenses	204,146	174,725
Accrued salaries and payroll taxes, related parties	(79,144)	383,662
Net cash (used) in operating activities	(688,039)	(176,074)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan, related party	1,000	0
Repayment of loan, related party	(17,611)	(185,697)
Repayment of loan, convertible note	0	(65,250)
Proceeds from sale of common stock	412,000	294,980
Proceeds from convertible debt	297,500	152,000
Net cash provided by financing activities	692,889	196,033
Net increase in cash	4,850	19,959
Cash and cash equivalents - beginning of period	70,456	13,480
Cash and cash equivalents - end of period	75,306	33,439
Supplemental Cash Flow Disclosures
Cash paid for interest	1,199	25,344
Cash payments for income taxes	0	0
Supplemental Non-Cash Activity Disclosures
Stock issued for convertible debt and interest	352,591	1,341,619
Proceeds from sale of convertible debt paid directly to vendor	0	20,000
Stock exercised for common stock warrants	$ 7,806	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Apr. 30, 2020
ORGANIZATION AND DESCRIPTION OF BUSINESS
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 Company’s fiscal year end is July 31.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Apr. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation 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 February 24, 2020. In February 2016, the FASB issued guidance regarding the accounting for leases on “Leases” (ASC 842). The Company will adopt ASC 842 effective August 1, 2020 after electing to defer one year as an Emerging Growth Company which requires lessees to recognize right-of-use (“ROU”) assets and liabilities for leases with lease terms of more than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The term of the existing lease on the office premises ends June 30, 2022. Refer to Note 6 below for further information on this lease. Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. 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. In the period of net loss, diluted EPS calculation is not deemed necessary as the effect would be anti-dilutive. As of April 30, 2020 and July 31, 2019, the Company has convertible notes with a total base principal of $532,500 and $53,000, respectively, which become convertible in 180 days. There is a potential for 14,608,566 shares if the principal of $532,500 were converted at April 30, 2020. These notes will have a dilutive effect on common stock for the three months ended April 30, 2020. The Company has 10,000,000 shares of Mirage’s Series A Preferred Stock which possess 20 votes per share and are convertible into 200,000,000 common shares. As of April 30, 2020, the Company has one common stock purchase warrant open and it has not been exercised. For each warrant, there are 164,062 warrant shares issued and outstanding which upon exercise could potentially be 4,353,221 common stock shares. 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, 2020
GOING CONCERN
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 $1,853,580 and had net cash used in operations of $688,039 for the nine months ended April 30, 2020 and had an accumulated deficit and working capital deficit of $8,406,328 and $4,240,119 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, 2020
DEBT
NOTE 4 - DEBT	As of April 30, 2020, the number of shares of common stock that can be issued for convertible debt as per Note 9 - Subsequent Events are 25,749,044. The other notes that were convertible at April 30, 2020 have not been converted. For the nine months ended April 30, 2020, there was a $678,739 loss on change in fair value of convertible debt. A summary of debt at April 30, 2020 and July 31, 2019 is as follows: Apr. 30, July 31, 2020 2019 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 was an accounts payable bill that was converted to a loan as per Note 7 - Commitments and Contingencies. This note is now in default as of April 16, 2018 and has a default interest of 17.5%. 77,844 77,844 Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 12, 2018 in the amount of $18,000 with fees of $0 and cash proceeds of $18,000 which was paid directly to the vendor in the year ended July 31, 2018, convertible at December 9, 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 March 30, 2019. This note became convertible on December 9, 2018. This note defaulted on November 14, 2018 and a default penalty of $9,000 was added to the note for a total of $27,000 and incurred default interest rate of 22%. The convertible note had a net change in fair value of $25,111. 52,111 54,702 Convertible debenture, unsecured, interest bearing at 10% per annum, issued November 13, 2018 in the aggregate principal amount of $105,000 and total cash proceeds of $90,000 to be funded in three (3) tranches. The principal sum due shall be prorated based on the consideration actually paid. For each tranche paid, the Company will have to provide 164,062 warrant shares for holder to purchase for a total of 492,186 warrants which are equal to 492,186 shares. During the 3rd th st 114,238 339,552 Convertible debenture, unsecured, interest bearing at 12% per annum, issued May 1, 2019 in the amount of $103,500 with fees of $3,500, cash proceeds of $100,000, convertible at October 28, 2019 with conversion price at a discount rate of 49% 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 February 28, 2020. This note was convertible on October 28, 2019. The note defaulted on November 16, 2019 and a default penalty of $51,750 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $167,888. 323,138 103,500 Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 27, 2019 in the amount of $83,000 with fees of $3,000, cash proceeds of $80,000, convertible at December 24, 2019 with conversion price at a discount rate of 49% 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 April 15, 2020. This note was convertible on December 24, 2019. The note defaulted on November 16, 2019 and a default penalty of $41,500 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $134,635. 259,134 83,000 Convertible debenture, unsecured, interest bearing at 12% per annum, issued August 12, 2019 in the amount of $73,000 with fees of $3,000, cash proceeds of $70,000, convertible at February 8, 2020 with conversion price at a discount rate of 49% 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, 2020. This note was convertible on February 8, 2020. The note defaulted on November 16, 2019 and a default penalty of $36,500 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $118,414. 227,914 - Convertible debenture, unsecured, interest bearing at 12% per annum, issued September 24, 2019 in the amount of $55,000 with fees of $3,000, cash proceeds of $52,000, convertible at March 22, 2020 with conversion price at a discount rate of 49% 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 July 15, 2020. This note became convertible on March 22, 2020. The convertible note had a net change in fair value of $59,477. 114,477 - Convertible debenture, unsecured, interest bearing at 8% per annum, issued September 12, 2019 in the amount of $82,500 with fees of $9,500 and cash proceeds of $73,000, convertible at March 10, 2020 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 conversion date; maturity date of July 12, 2020. This note was convertible on March 10, 2020. The note defaulted on November 16, 2019 and a default penalty of $83,692 was added to the note and incurred default interest rate of 24%. The convertible note had a net change in fair value of $65,945. 232,137 - Convertible debenture, unsecured, interest bearing at 8% per annum, issued September 12, 2019 in the amount of $82,500 with fees of $9,500 and cash proceeds of $73,000, convertible at March 10, 2020 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 conversion date; maturity date of July 12, 2020. This note was convertible on March 10, 2020. The note defaulted on November 16, 2019 and a default penalty of $83,692 was added to the note and incurred default interest rate of 24%. The convertible note had a net change in fair value of $65,945. 232,137 - Remaining unpaid portion due AT&T regarding cell phone installments 822 1,063 Total Debt 1,683,952 709,661 Less: Current Maturities 1,683,130 708,598 Total Long-Term Debt $ 822 $ 1,063

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Apr. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 5 - RELATED PARTY TRANSACTIONS	As of April 30, 2020, the CEO and two other members of management and one other employee had earned accrued unpaid salary in the amount of $1,717,275. Accrued salaries of $1,717,275 combined with accrued payroll taxes of $65,517 for a total accrued related party salaries and payroll tax of $1,782,792 for the period from June 2015 until April 30, 2020. Also, Mr. Michael Ward, President, provided $1,000 directly to the Company with an additional $16,611 owed for monies outlaid on behalf of the Company for a total loan amount of $17,611 which was netted for $17,611 in payments received leaving a net due Mr. Ward of $0 at April 30, 2020. During the year ended July 31, 2019, Mr. Ward had a previous balance due of $2,229 with an additional $24,898 of expenses paid which increased the total amount due to $27,127 less repayments of $27,127.

LEASES

LEASES	9 Months Ended
	Apr. 30, 2020
LEASES
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 was for three (3) years beginning July 1, 2016. On July 1, 2019, the Company entered into a First Amendment to Lease Agreement at same location. The landlord continues to hold $6,921 as security which is to be returned at the end of the new lease. The new Lease Period is three (3) years beginning July 1, 2019. 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 seven (7) months of this thirty-six (36) month lease, no such additional charges have been made. The Company has incurred rent expense in the amount of $63,679 and $83,974 for the nine months ended April 30, 2020 and for the year ended July 31, 2019, respectively. Below is the schedule of rent for the remaining Lease term as of April 30, 2020. Year Ending Amount July 31, 2020 $ 14,151 July 31, 2021 84,906 July 31, 2022 84,906 Total Remaining Base Rent $ 183,963

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Apr. 30, 2020
COMMITMENTS AND CONTINGENCIES
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, 2020. Interest will continue accruing after April 30, 2020 until it is paid. 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.

EQUITY

EQUITY	9 Months Ended
	Apr. 30, 2020
EQUITY
NOTE 8 - EQUITY	During the nine months ended April 30, 2020, the Company issued 4,830,016 shares of common stock for conversion of convertible notes on August 16, 2019 totaling $58,250 with a fair value of $320,813 for the debt and a fair value of $31,778 for the interest totaling $352,591. Also, the Company issued a total of 7,806,801 shares of common stock as a cashless exercise of common stock warrants. On October 16, 2019 and February 10, 2020, Crown Bridge Partners, LLC exercised the right to purchase 3,696,973 and 4,109,828 shares of common stock, respectively, per the Common Stock Warrants that were issued with the November 13, 2018 note. On August 5, 2019, Crown Bridge Partners, LLC funded a third tranche of $35,000 and in which the Company will have to provide 164,062 warrant shares for holder to purchase. For the nine months ended April 30, 2020, the Company sold 9,283,334 shares of common stock to investors for cash proceeds of $412,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Apr. 30, 2020
SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS	The Company evaluated events occurring subsequent to April 30, 2020, identifying those that are required to be disclosed as follows: In December 2019, a novel coronavirus disease (“COVID-19”) was reported and in January 2020, the World Health Organization (“WHO”) declared it a Public Health Emergency of International Concern. On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. While the Company did not incur significant disruptions to its operations during the first quarter of 2020 from COVID-19, it is unable at this time to predict the impact that COVID-19 will have on its business, financial position and operating results in future periods due to numerous uncertainties and is closely monitoring the impact of the pandemic on all aspects of its business. Beginning April 1, 2020, it became more difficult to schedule business trips to Mexico for the purpose of continuing our efforts to complete final documentation for our Mexican projects as certain portions of the government were not available at all times due to the COVID-19. In May 2020, Power Up Lending Group Ltd. converted the principal amount of the $103,500 note issued May 1, 2019 that was defaulted to $155,250 along with $6,210 of accrued interest for 5,919,247 shares of common stock. In June 2020, the Company offered and sold 7,675,000 shares of common stock at $0.04 per share for $307,000. In June 2020, Power Up Lending Group Ltd. converted the principal amount of the $83,000 note issued June 27, 2019 that was defaulted to $124,500 along with $14,767 of accrued interest for 5,936,367 shares of common stock. In July 2020, Jefferson Street Capital LLC converted the principal amount of the $82,500 note issued September 18, 2019 that was defaulted to $166,192 along with $27,861 of accrued interest for 8,018,722 shares of common stock. In July 2020, Crown Bridge Partners, LLC converted the principal amount of the $35,000 note issued November 13, 2018 that was defaulted to $52,500 along with $3,500 accrued interest and $500 in fees for 3,165,266 shares of common stock. In July 2020, Power Up Lending Group Ltd. converted the principal amount of the $73,000 note issued August 12, 2019 that was defaulted to $109,500 along with $12,935 of accrued interest for 1,774,519 shares of common stock. In July 2020, Power Up Lending Group Ltd. converted the principal amount of the $55,000 note issued September 24, 2019 for 934,923 shares of common stock.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	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 February 24, 2020. In February 2016, the FASB issued guidance regarding the accounting for leases on “Leases” (ASC 842). The Company will adopt ASC 842 effective August 1, 2020 after electing to defer one year as an Emerging Growth Company which requires lessees to recognize right-of-use (“ROU”) assets and liabilities for leases with lease terms of more than twelve months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The term of the existing lease on the office premises ends June 30, 2022. Refer to Note 6 below for further information on this lease.
Net Income (Loss) Per Share of Common Stock	The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. 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. In the period of net loss, diluted EPS calculation is not deemed necessary as the effect would be anti-dilutive. As of April 30, 2020 and July 31, 2019, the Company has convertible notes with a total base principal of $532,500 and $53,000, respectively, which become convertible in 180 days. There is a potential for 14,608,566 shares if the principal of $532,500 were converted at April 30, 2020. These notes will have a dilutive effect on common stock for the three months ended April 30, 2020. The Company has 10,000,000 shares of Mirage’s Series A Preferred Stock which possess 20 votes per share and are convertible into 200,000,000 common shares. As of April 30, 2020, the Company has one common stock purchase warrant open and it has not been exercised. For each warrant, there are 164,062 warrant shares issued and outstanding which upon exercise could potentially be 4,353,221 common stock shares.
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.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Apr. 30, 2020
DEBT
Schedule of debt	Apr. 30, July 31, 2020 2019 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 was an accounts payable bill that was converted to a loan as per Note 7 - Commitments and Contingencies. This note is now in default as of April 16, 2018 and has a default interest of 17.5%. 77,844 77,844 Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 12, 2018 in the amount of $18,000 with fees of $0 and cash proceeds of $18,000 which was paid directly to the vendor in the year ended July 31, 2018, convertible at December 9, 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 March 30, 2019. This note became convertible on December 9, 2018. This note defaulted on November 14, 2018 and a default penalty of $9,000 was added to the note for a total of $27,000 and incurred default interest rate of 22%. The convertible note had a net change in fair value of $25,111. 52,111 54,702 Convertible debenture, unsecured, interest bearing at 10% per annum, issued November 13, 2018 in the aggregate principal amount of $105,000 and total cash proceeds of $90,000 to be funded in three (3) tranches. The principal sum due shall be prorated based on the consideration actually paid. For each tranche paid, the Company will have to provide 164,062 warrant shares for holder to purchase for a total of 492,186 warrants which are equal to 492,186 shares. During the 3rd th st 114,238 339,552 Convertible debenture, unsecured, interest bearing at 12% per annum, issued May 1, 2019 in the amount of $103,500 with fees of $3,500, cash proceeds of $100,000, convertible at October 28, 2019 with conversion price at a discount rate of 49% 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 February 28, 2020. This note was convertible on October 28, 2019. The note defaulted on November 16, 2019 and a default penalty of $51,750 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $167,888. 323,138 103,500 Convertible debenture, unsecured, interest bearing at 12% per annum, issued June 27, 2019 in the amount of $83,000 with fees of $3,000, cash proceeds of $80,000, convertible at December 24, 2019 with conversion price at a discount rate of 49% 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 April 15, 2020. This note was convertible on December 24, 2019. The note defaulted on November 16, 2019 and a default penalty of $41,500 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $134,635. 259,134 83,000 Convertible debenture, unsecured, interest bearing at 12% per annum, issued August 12, 2019 in the amount of $73,000 with fees of $3,000, cash proceeds of $70,000, convertible at February 8, 2020 with conversion price at a discount rate of 49% 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, 2020. This note was convertible on February 8, 2020. The note defaulted on November 16, 2019 and a default penalty of $36,500 was added to the note and incurred default interest rate of 22%. The convertible note had a net change in fair value of $118,414. 227,914 - Convertible debenture, unsecured, interest bearing at 12% per annum, issued September 24, 2019 in the amount of $55,000 with fees of $3,000, cash proceeds of $52,000, convertible at March 22, 2020 with conversion price at a discount rate of 49% 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 July 15, 2020. This note became convertible on March 22, 2020. The convertible note had a net change in fair value of $59,477. 114,477 - Convertible debenture, unsecured, interest bearing at 8% per annum, issued September 12, 2019 in the amount of $82,500 with fees of $9,500 and cash proceeds of $73,000, convertible at March 10, 2020 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 conversion date; maturity date of July 12, 2020. This note was convertible on March 10, 2020. The note defaulted on November 16, 2019 and a default penalty of $83,692 was added to the note and incurred default interest rate of 24%. The convertible note had a net change in fair value of $65,945. 232,137 - Convertible debenture, unsecured, interest bearing at 8% per annum, issued September 12, 2019 in the amount of $82,500 with fees of $9,500 and cash proceeds of $73,000, convertible at March 10, 2020 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 conversion date; maturity date of July 12, 2020. This note was convertible on March 10, 2020. The note defaulted on November 16, 2019 and a default penalty of $83,692 was added to the note and incurred default interest rate of 24%. The convertible note had a net change in fair value of $65,945. 232,137 - Remaining unpaid portion due AT&T regarding cell phone installments 822 1,063 Total Debt 1,683,952 709,661 Less: Current Maturities 1,683,130 708,598 Total Long-Term Debt $ 822 $ 1,063

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Apr. 30, 2020
LEASES
Schedule of rent for the remaining Lease term	Year Ending Amount July 31, 2020 $ 14,151 July 31, 2021 84,906 July 31, 2022 84,906 Total Remaining Base Rent $ 183,963

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Narrative) - USD ($)	9 Months Ended
	Apr. 30, 2020	Jul. 31, 2019
Convertible note	$ 532,500	$ 53,000
Convertible note, maturity Period	180 days
Common stock shares issued upon conversion, shares	14,608,566
Common stock shares issued upon conversion, amount	$ 532,500
Common stock shares issued upon conversion of preferred stock, shares	4,830,016
Series A Preferred Stock [Member]
Common stock shares issued upon conversion, shares	10,000,000
Common stock shares issued upon conversion of preferred stock, shares	200,000,000
Preferred stock, number of vote per share Description	Series A Preferred Stock which possess 20 votes per share
One Purchase Warrants [Member]
Warrants issued, shares	164,062
Warrants Outstanding, shares	4,353,221

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
GOING CONCERN
Net (loss)	$ (659,384)	$ (767,039)	$ (427,157)	$ 668,732	$ (2,359,855)	$ (406,896)	$ (1,853,580)	$ (2,098,017)
Net cash (used) in operating activities							(688,039)	$ (176,074)
Accumulated deficit	(8,406,328)						(8,406,328)		$ (6,552,748)
Working capital deficit	$ (4,240,119)						$ (4,240,119)

DEBT (Details)

DEBT (Details) - USD ($)	Apr. 30, 2020	Jul. 31, 2019
Remaining unpaid portion due AT&T regarding cell phone installments	$ 822	$ 1,063
Total Debt	1,683,952	709,661
Less: Current Maturities	1,683,130	708,598
Total Long-Term Debt	822	1,063
Notes Payable 1 [Member]
Total Debt	50,000	50,000
Notes Payable 2 [Member]
Total Debt	77,844	77,844
Convertible Debt [Member]
Total Debt	52,111	54,702
Convertible Debt 1 [Member]
Total Debt	114,238	339,552
Convertible Debt 2 [Member]
Total Debt	323,138	103,500
Convertible Debt 3 [Member]
Total Debt	259,134	83,000
Convertible Debt 4 [Member]
Total Debt	227,914	0
Convertible Debt 5 [Member]
Total Debt	114,477	0
Convertible Debt 6 [Member]
Total Debt	232,137	0
Convertible Debt 7 [Member]
Total Debt	$ 232,137	$ 0

DEBT (Details Narrative)

DEBT (Details Narrative)	9 Months Ended
	Apr. 30, 2020USD ($)shares
DEBT
Loss due to change in fair value of convertible debt | $	$ (678,739)
Common stock, shares issuable upon debt conversion | shares	25,749,044

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jul. 31, 2019
Accrued salaries and payroll taxes, related parties	$ 1,782,792		$ 1,861,936
Loan payable related party, unsecured, non-interest bearing, on demand	822		1,063
Payment of related party debt	17,611	$ 185,697
Mr. Michael Ward [Member]
Related party debt, total	17,611
Related party debt	1,000
Additional related party debt	16,611
Loan payable related party, unsecured, non-interest bearing, on demand	0		2,229
Payment of related party debt	(27,127)
Additional expenses related to debt	27,127		$ 24,898
From June 2015 until April 30, 2020 [Member] | CEO And Two Other AndOneOtherEmployee [Member]
Accrued salaries and payroll taxes, related parties	1,782,792
Accrued salaries	1,717,275
Accrued payroll taxes	$ 65,517

LEASES (Details)

LEASES (Details)	Apr. 30, 2020USD ($)
LEASES
July 31, 2020	$ 14,151
July 31, 2021	84,906
July 31, 2022	84,906
Total Remaining Base Rent	$ 183,963

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Apr. 30, 2020	Jul. 31, 2019
LEASES
Lease agreement description	On June 9, 2016, the Company entered into a Lease Agreement for its San Antonio, Texas office lease location. The Lease Period was for three (3) years beginning July 1, 2016. On July 1, 2019, the Company entered into a First Amendment to Lease Agreement at same location. The landlord continues to hold $6,921 as security which is to be returned at the end of the new lease. The new Lease Period is three (3) years beginning July 1, 2019. 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 seven (7) months of this thirty-six (36) month lease, no such additional charges have been made.
Rent expense	$ 63,679	$ 83,974

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - Marcos Y Asociados [Member]	9 Months Ended
	Apr. 30, 2020USD ($)
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 which was due April 15, 2018 and not paid as of April 30, 2020. Interest will continue accruing after April 30, 2020 until it is paid.
Commitment and contingencies acquisition amount	$ 77,844

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Aug. 05, 2019	Apr. 30, 2020	Apr. 30, 2019	Feb. 10, 2020	Oct. 16, 2019
Debt conversion converted amount, fair value		$ 320,813
Debt conversion converted amount, principal		$ 58,250
Debt conversion converted instrument, shares issued		4,830,016
Total convertabile debt amount		$ 352,591
Debt conversion converted amount, accrued interest		31,778
Proceeds from related party debt		$ 1,000	$ 0
JSJ Investment [Member]
Common stock shares sold to related party		9,283,334
Proceeds from sale of stock		$ 412,000
Crown Bridge Partners LLC [Member] | Third Tranche [Member]
Proceeds from related party debt	$ 35,000
Common stock shares issuable upon exercise of warrants	164,062
Crown Bridge Partners LLC [Member] | Common stock warrants [Member]
Common stock shares issued upon exercise of convertible securities		7,806,801
Common stock shares issuable upon exercise of warrants/rights exercised				4,109,828	3,696,973

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended			9 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020
Debt converted into common stock				14,608,566
Subsequent Event [Member]
Common stock, sale of stock, value		$ 307,000
Common stock, sale of stock, number of shares issued in transaction		7,675,000
Common stock, sale of stock, per share		$ 0.04
Subsequent Event [Member] | Crown Bridge Partners LLC [Member]
Debt converted into common stock	3,165,266
Convertible debt, converted amount	$ 35,000
Debt defaulted	52,500
Accreued interest	$ 3,500
Subsequent Event [Member] | Jefferson Street Capital LLC [Member]
Debt converted into common stock	8,018,722
Convertible debt, converted amount	$ 82,500
Debt defaulted	166,192
Accreued interest	$ 27,861
Subsequent Event [Member] | Power Up Lending Group Ltd. [Member]
Debt converted into common stock	1,774,519	5,936,367	5,919,247
Convertible debt, converted amount	$ 73,000	$ 83,000	$ 103,500
Debt defaulted	109,500	124,500	155,250
Accreued interest	$ 12,935	$ 14,767	$ 6,210
Subsequent Event [Member] | PowerUp Lending Group Ltd One [Member]
Debt converted into common stock	934,923
Convertible debt, converted amount	$ 55,000