RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

9 Months Ended

Apr. 30, 2023

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

During the nine-month ended April 30, 2023, the Company determined that its previously issued financial statements for the nine-month ended April 30, 2022, contained errors in the accounting treatment of the recognition of Minority Interest in the Stockholders’ Equity.

The correction had the following impact on previously reported balances as of and for the nine-month ended April 30, 2022:

Balance Sheet, Stockholder’s Equity, April 30, 2022:

	Previously Reported		Adjustment			Restated
	$		$			$
Stockholder’s Equity
Common stock: $0.0001 par value, 500,000,000 authorized, 100,608,200 issued and outstanding as of April 30, 2023 and July 31, 2022, respectively		31,561		(21,501)	(1)		10,061
Additional paid in capital		32,949		607,746	(2)		640,695
Accumulated deficit		(365,649)		(314,466)	(3)		(680,160)
Minority interest		301,511		(271,780)	(4)		29,731
Total Stockholder’s Equity:		327					327

1.)Related to over-recording of common stock.

2.)Adjustment to paid in capital.

3.)Adjustment to accumulated deficit.

4.)Related to incorrect recognition of minority interest.

Statement of Comprehensive Loss, Consolidated Net Loss, Nine Months Ended April 30, 2022:

	Previously Reported		Adjustment		Restated
	$		$		$
Net loss attributable to minority interest		(275,150)	(15,581)	(1)		(290,731)
Net loss attributable to Limitless		(342,058)	15,581	(2)		(326,477)
Consolidated net loss		(617,208)				(617,208)

1.)Related to correction of minority interest.

2.)Related to correction of minority interest.