Nature of Operations |
3 Months Ended |
|---|---|
Oct. 31, 2023 | |
| Notes | |
| Nature of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS
Limitless Projects Inc. (the “Company”) was incorporated in the state of Wyoming on November 18, 2020 (“Inception”). The Company is in the business of developing computer software systems and mobile device applications. The Company’s fiscal year-end is July 31. The Company, through a subsidiary, holds the sole and exclusive license to develop, market, and sell a ride-hailing and food delivery computer and mobile device application known as “WarpSpeed Taxi” in the United States, as well as title to employee monitoring software that balances employer concerns regarding employee efficiency and productivity with employee privacy, known as Privacy and Value.
The Company entered into an Asset Purchase and Joint Venture agreement dated March 15, 2021, as amended, whereby a third party has agreed to purchase a 50% interest in the Privacy and Value software for:
1.)$10,000 upon execution of the agreement, which has been paid; and
2.)an amount equal to the estimation of the value of the 50% interest in Privacy and Value based upon an independent business valuation, less the $10,000 payment, which amount shall be no less than $50,000 and no more than $250,000 and is due by June 15, 2021.
The third party failed to make the payment due June 15, 2021, and the agreement has been terminated. |