v3.25.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Apr. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

 

In connection with the acquisition of OL on May 31, 2022, the Company acquired an existing Right-of-Use operating lease for office space. The lease had an initial term of two (2) years at $500 per month. The lease does not contain any renewal options.

 

During the period September 1, 2021 through May 31, 2022 no rent was due. The Company is required to pay a total of $7,500 over a fifteen-month (15) period from June 1, 2022 through August 31, 2023.

 

Beginning September 1, 2023, the lease was renewed under the same terms on a month-to-month basis. The lease was cancelled in May 2024.

 

The Company is leasing the office space from a family member of OL’s Chief Executive Officer.

 

At April 30, 2025 and July 31, 2024, the Company had no financing leases as defined in ASC 842, “Leases.”

 

The tables below present information regarding the Company’s operating lease assets and liabilities at April 30, 2025 and July 31, 2024:

 

   April 30, 2025   July 31, 2024 
Assets          
           
Operating lease - right-of-use asset - non-current  $-   $- 
           
Liabilities          
           
Operating lease liability  $-   $- 
           
Weighted-average remaining lease term (years)   -    - 
           
Weighted-average discount rate   0%   0%

 

 

The Company had the following operating lease costs for the nine months ended April 30, 2025 and 2024, respectively.

 

   April 30, 2025   April 30, 2024 
Operating lease costs          
           
Amortization of right-of-use operating lease asset  $-   $278 
Lease liability expense in connection with obligation repayment   -    3 
Total operating lease costs  $-   $281 
           
Supplemental cash flow information related to operating leases was as follows:          
           
Operating cash outflows from operating lease (obligation payment)  $-   $498 
Right-of-use asset obtained in exchange for new operating lease liability  $-   $- 

 

Student-Athlete Licensing Agreements

 

The Company entered into several agreements with student athletes related to the sale of NFT and related collectibles.

 

There may be initial sales as well as resales of these products. The Company and the student-athlete have agreed to split the revenue from the initial sale. Additionally, the Company will pay the student-athlete a commission for any resales.

 

At April 30, 2025 and July 31, 2024, respectively, the Company owed a nominal amount to various student-athletes, which has been included as a component of accounts payable and accrued expenses in the unaudited consolidated balance sheets. Pursuant to the agreement associated with the transition to current management on April 9, 2025, a portion of the proceeds from the sale of 426,501,851 common shares were utilized to repay the nominal amounts due to the various student-athletes.