RELATED PARTY TRANSACTIONS |
9 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 11 - RELATED PARTY TRANSACTIONS
The Company has periodically obtained loans from related parties, primarily shareholders for which there are no formal written commitment for continued support by shareholders or others. Amounts loaned primarily relate to amounts paid to vendors. The loans are considered temporary in nature and have not been formalized by any written agreement. As of April 30, 2026 and July 31, 2025, related parties were owed $ and $2,339, respectively, which are included in Accounts payable and accrued expenses, related party on the consolidated balance sheets (See Note 7 - Accounts Payable and Accrued Expenses, Related Party). The amounts owed are payable on demand and carry no interest. The amounts and terms of the related party loans may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.
For compensation after August 1, 2023, we entered into a Non-Employee Chief Executive Officer Engagement Agreement (the “Contract CEO Agreement”) with Platinum Equity Advisors, LLC (“Platinum Equity”), a related party, to provide the services of our CEO and Chairman of the Board of Directors. Platinum Equity Advisors, LLC is a related party, is our largest shareholder, and is owned 100% by the spouse of our CEO and Chairman of our Board of Directors. At April 30, 2026 and July 31, 2025, we owed Platinum Equity $0 and $5,492, respectively, for amounts related to the Contract CEO Agreement. The amount owed is included in Accounts payable and accrued expenses, related party on the interim condensed consolidated balance sheets (See Note 7 - Accounts Payable and Accrued Expenses, Related Party).
For the nine months ending April 30, 2026, the Company recognized $61,359 in office rent expense included in “Selling, general and administrative” on our consolidated statements of operations related to a month-to-month sublease agreement for use of certain office space. There was $25,577 in office rent expense recognized for the nine months ending April 30, 2025. The lease expires April 30, 2028. The month to month sublease arrangement was with an entity related to the Company through common management. Effective May 1, 2026, the Company entered into a lease agreement for the same office space in its own name. The lease has a two-year term, requires monthly payments of $5,434, and expires on April 30, 2028.
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