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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended April 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ________ to ________
Commission
file number: 001-36564
![](https://www.sec.gov/Archives/edgar/data/1584693/000149315224024375/form10-q_001.jpg)
Healthcare
Integrated Technologies, Inc.
(Exact
Name of Registrant as Specified in its Charter)
Nevada |
|
85-1173741 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
|
(I.R.S.
Employer
Identification
No.) |
311
S. Weisgarber Road
Knoxville,
TN 37919
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (865) 237-4448
Securities
registered pursuant to Section 12(b) of the Act: None
Securities
registered pursuant to section 12(g) of the Act:
Common
Stock, $0.001 par value
(Title
of class)
Indicate
by check mark if the Registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate
by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐
No ☒
Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12
months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☐ No ☒
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-Q or any amendment to this Form 10-Q. ☐
Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☐ |
(Do
not check if a smaller reporting company) |
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
Indicate
by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of June 20, 2024, there were 74,468,542 shares of common stock of the Registrant outstanding.
Documents
Incorporated by Reference: None.
TABLE
OF CONTENTS
Unless
the context clearly indicates otherwise, when used in this report “we,” “us,” “our,” “Healthcare
Integrated Technologies,” “Company,” or “our Company” refers to Healthcare Integrated Technologies, Inc.
and, if applicable, our subsidiaries.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning of the
Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Forward-looking statements discuss matters that are not historical facts. Because
they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,”
“estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,”
“plan,” “might,” “will,” “expect,” “predict,” “project,” “forecast,”
“potential,” “continue,” negatives thereof or similar expressions. These forward-looking statements are found
at various places throughout this Report and include information concerning: possible or assumed future results of our operations; business
strategies; future cash flows; financing plans; plans and objectives of management; any other statements regarding future operations,
future cash needs, business plans and future financial results; and any other statements that are not historical facts.
From
time to time, forward-looking statements are also included in our other periodic reports on Form 8-K, in our press releases, in our
presentations, on our website and in other materials released to the public. Any or all the forward-looking statements included in
this Report and in any other reports or public statements made by us are not guarantees of future performance and may turn out to be
inaccurate. These forward-looking statements represent our intentions, plans, expectations, assumptions, and beliefs about future
events and are subject to risks, uncertainties, and other factors. Many of those factors are outside of our control and could cause
actual results to differ materially from the results expressed or implied by those forward-looking statements. Considering these
risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a
different extent or at a different time than we have described. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking
statements concerning other matters addressed in this Report and attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this Report.
Except
to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether resulting from
new information, future events, a change in events, conditions, circumstances, or assumptions underlying such statements, or otherwise.
For
discussion of factors that we believe could cause our actual results to differ materially from expected and historical results see “ITEM
1A – RISK FACTORS” included in our most recent Annual Report on Form 10-K for the year ended July 31, 2023 as filed with
the United States Securities and Exchange Commission on November 13, 2023.
PART
I – FINANCIAL INFORMATION
Item
1. FINANCIAL STATEMENTS.
Index
to Financial Statements
HEALTHCARE
INTEGRATED TECHNOLOGIES, INC.
INTERIM
CONSOLIDATED BALANCE SHEETS
| |
April 30, 2024 | | |
July 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 30 | | |
$ | 411 | |
Accounts receivable, net | |
| 14,000 | | |
| - | |
Prepaid expenses | |
| 33,022 | | |
| 34,092 | |
Total current assets | |
| 47,052 | | |
| 34,503 | |
| |
| | | |
| | |
OTHER ASSETS: | |
| | | |
| | |
Intangibles, net | |
| 702,341 | | |
| 869,432 | |
Total assets | |
$ | 749,393 | | |
$ | 903,935 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 287,179 | | |
$ | 258,708 | |
Accounts payable and accrued expenses, related party | |
| 342,868 | | |
| 558,883 | |
Accounts payable and accrued expenses | |
| 342,868 | | |
| 558,883 | |
Payroll related liabilities | |
| 339,225 | | |
| 155,143 | |
Note payable, related party | |
| 390,673 | | |
| 372,069 | |
Notes payable | |
| 225,000 | | |
| 225,000 | |
Notes payable | |
| 225,000 | | |
| 225,000 | |
Total current and total liabilities | |
| 1,584,945 | | |
| 1,569,803 | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT: | |
| | | |
| | |
Common stock par value $0.001; 200,000,000 shares authorized; 73,218,542 and 68,016,167 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively | |
| 73,219 | | |
| 68,016 | |
Additional paid-in capital | |
| 15,302,276 | | |
| 14,878,282 | |
Accumulated deficit | |
| (16,211,047 | ) | |
| (15,612,166 | ) |
Total stockholders’ deficit | |
| (835,552 | ) | |
| (665,868 | ) |
Total liabilities and stockholders’ deficit | |
$ | 749,393 | | |
$ | 903,935 | |
See
accompanying notes to the interim consolidated financial statements.
HEALTHCARE
INTEGRATED TECHNOLOGIES, INC.
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
REVENUE, NET | |
$ | 60,283 | | |
$ | - | | |
$ | 82,052 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 128,082 | | |
| 161,161 | | |
| 370,236 | | |
| 487,776 | |
Stock-based compensation | |
| 78,361 | | |
| 92,843 | | |
| 104,196 | | |
| 243,005 | |
Amortization of intangibles | |
| 55,697 | | |
| 1,610 | | |
| 167,091 | | |
| 13,475 | |
Total operating expenses | |
| 262,140 | | |
| 255,614 | | |
| 641,523 | | |
| 744,256 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (201,857 | ) | |
| (255,614 | ) | |
| (559,471 | ) | |
| (744,256 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (13,361 | ) | |
| (118,930 | ) | |
| (39,410 | ) | |
| (351,648 | ) |
Change in fair value of derivative liability | |
| - | | |
| 128,014 | | |
| - | | |
| (11,617 | ) |
Total other income (expense) | |
| (13,361 | ) | |
| 9,084 | | |
| (39,410 | ) | |
| (363,265 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (215,218 | ) | |
$ | (246,530 | ) | |
$ | (598,881 | ) | |
$ | (1,107,521 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS PER COMMON SHARE | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | - | | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 71,481,879 | | |
| 43,697,382 | | |
| 69,320,088 | | |
| 43,121,977 | |
See
accompanying notes to the interim consolidated financial statements.
HEALTHCARE
INTEGRATED TECHNOLOGIES, INC.
INTERIM
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Nine Months Ended April 30, 2024 | |
| |
Common Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balances at July 31, 2023 | |
| 68,016,167 | | |
$ | 68,016 | | |
$ | 14,878,282 | | |
$ | (15,612,166 | ) | |
$ | (665,868 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| | | |
| | | |
| (383,663 | ) | |
| (383,663 | ) |
Shares issued for cash | |
| 1,000,000 | | |
| 1,000 | | |
| 99,000 | | |
| | | |
| 100,000 | |
Shares issued for services | |
| 1,100,000 | | |
| 1,100 | | |
| (1,100 | ) | |
| | | |
| - | |
Shares issued for loan modification | |
| 326,813 | | |
| 327 | | |
| (327 | ) | |
| | | |
| - | |
Stock-based compensation | |
| 282,031 | | |
| 282 | | |
| 25,553 | | |
| | | |
| 25,835 | |
Activity for the six months ended January 31, 2024 | |
| 2,708,844 | | |
| 2,709 | | |
| 123,126 | | |
| (383,663 | ) | |
| (257,828 | ) |
Balances | |
| 73,218,542 | | |
$ | 73,219 | | |
$ | 15,302,276 | | |
$ | (16,211,047 | ) | |
$ | (835,553 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| | | |
| | | |
| (215,218 | ) | |
| (215,218 | ) |
Issuance of shares for cash | |
| 2,250,000 | | |
| 2,250 | | |
| 222,750 | | |
| | | |
| 225,000 | |
Issuance of shares for loan modification | |
| 243,531 | | |
| 244 | | |
| (244 | ) | |
| | | |
| - | |
Stock-based compensation | |
| - | | |
| - | | |
| 78,362 | | |
| | | |
| 78,362 | |
Activity for the three months ended April 30, 2024 | |
| 2,493,531 | | |
| 2,494 | | |
| 300,867 | | |
| (215,218 | ) | |
| 88,144 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances at April 30, 2024 | |
| 73,218,542 | | |
$ | 73,219 | | |
$ | 15,302,276 | | |
$ | (16,211,047 | ) | |
$ | (835,552 | ) |
Balances | |
| 73,218,542 | | |
$ | 73,219 | | |
$ | 15,302,276 | | |
$ | (16,211,047 | ) | |
$ | (835,552 | ) |
| |
Nine Months Ended April 30, 2023 | |
| |
Common Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balances at July 31, 2022 | |
| 42,304,673 | | |
$ | 42,305 | | |
$ | 11,839,645 | | |
$ | (14,309,708 | ) | |
$ | (2,427,758 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| | | |
| | | |
| (860,991 | ) | |
| (860,991 | ) |
Shares issued for services | |
| 250,000 | | |
| 250 | | |
| | | |
| | | |
| 13,750 | |
Shares issued for the conversion of debt and related accrued interest | |
| 120,726 | | |
| 121 | | |
| 60,242 | | |
| | | |
| 60,363 | |
Stock-based compensation | |
| 154,662 | | |
| 154 | | |
| 189,323 | | |
| | | |
| 189,477 | |
Activity for the six months ended January 31, 2023 | |
| 525,388 | | |
| 525 | | |
| 263,065 | | |
| (860,991 | ) | |
| (597,401 | ) |
Balances | |
| 47,482,384 | | |
$ | 47,482 | | |
$ | 12,738,049 | | |
$ | (15,417,229 | ) | |
$ | (2,631,698 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| | | |
| | | |
| | | |
| (246,530 | ) | |
| (246,530 | ) |
Shares issued for cash | |
| 3,000,000 | | |
| 3,000 | | |
| 297,000 | | |
| | | |
| 300,000 | |
Shares issued for services | |
| 200,000 | | |
| 200 | | |
| 14,800 | | |
| | | |
| 15,000 | |
Shares issued for the conversion of debt and related accrued interest | |
| 254,446 | | |
| 254 | | |
| 126,969 | | |
| | | |
| 127,223 | |
Shares issued for note amendment fees | |
| 1,000,000 | | |
| 1,000 | | |
| 99,000 | | |
| | | |
| 100,000 | |
Stock-based compensation | |
| 197,877 | | |
| 198 | | |
| 97,570 | | |
| | | |
| 97,768 | |
Activity for the three months ended April 30, 2023 | |
| 4,652,323 | | |
| 4,652 | | |
| 635,339 | | |
| (246,530 | ) | |
| 393,461 | |
Activity | |
| 4,652,323 | | |
| 4,652 | | |
| 635,339 | | |
| (246,530 | ) | |
| 393,461 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances at April 30, 2023 | |
| 47,482,384 | | |
$ | 47,482 | | |
$ | 12,738,049 | | |
$ | (15,417,229 | ) | |
$ | (2,631,698 | ) |
Balances | |
| 47,482,384 | | |
$ | 47,482 | | |
$ | 12,738,049 | | |
$ | (15,417,229 | ) | |
$ | (2,631,698 | ) |
See
accompanying notes to the interim consolidated financial statements.
HEALTHCARE
INTEGRATED TECHNOLOGIES, INC.
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2024 | | |
2023 | |
| |
For
the Nine Months Ended April 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (598,881 | ) | |
$ | (1,107,521 | ) |
Adjustments to reconcile loss to net cash used in operating activities: | |
| | | |
| | |
Amortization | |
| 167,091 | | |
| 13,475 | |
Stock-based compensation | |
| 104,196 | | |
| 243,005 | |
Shares issued for services | |
| - | | |
| 15,000 | |
Shares issued for note amendment fees | |
| - | | |
| 100,000 | |
Amortization of debt discount | |
| - | | |
| 194,394 | |
Change in fair value of derivative liability | |
| - | | |
| 11,617 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, net | |
| (14,000 | ) | |
| - | |
Prepaid expenses and other current assets | |
| 1,070 | | |
| 2,561 | |
Accounts payable and accrued expenses | |
| 28,471 | | |
| 77,527 | |
Accounts payable and accrued expenses, related party | |
| (70,381 | ) | |
| 242,550 | |
Payroll related liabilities | |
| 184,082 | | |
| 129,827 | |
NET CASH USED BY OPERATING ACTIVITIES | |
| (198,352 | ) | |
| (77,565 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Cash paid for intangible assets | |
| - | | |
| (22,388 | ) |
NET CASH USED BY INVESTING ACTIVITIES | |
| - | | |
| (22,388 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common stock | |
| 325,000 | | |
| 300,000 | |
Repayment of short-term debt | |
| - | | |
| (150,000 | ) |
Proceeds from related party loans | |
| 72,030 | | |
| 94,401 | |
Payments of amounts owed to related parties | |
| (199,059 | ) | |
| (63,161 | ) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 197,971 | | |
| 181,240 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (381 | ) | |
| 81,287 | |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 411 | | |
| 1,051 | |
| |
| | | |
| | |
Cash and cash equivalents, end of period | |
$ | 30 | | |
$ | 82,338 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | 30,000 | |
| |
| | | |
| | |
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Capital expenditures included in payroll related liabilities | |
| | | |
$ | 82,998 | |
Capital expenditures from stock-based compensation | |
| | | |
$ | 57,991 | |
Shares issued for payment of convertible debt | |
| | | |
$ | 150,000 | |
Shares issued for payment of accrued expenses | |
| | | |
$ | 37,586 | |
See
accompanying notes to the interim consolidated financial statements.
HEALTHCARE
INTEGRATED TECHNOLOGIES, INC.
NOTES
TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
April
30, 2024
NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Healthcare
Integrated Technologies, Inc. and its subsidiaries (collectively the “Company,” “we,” “our” or “us”)
is a healthcare technology company based in Knoxville, Tennessee. We are creating a diversified spectrum of healthcare technology solutions
to integrate and automate the continuing care, home care and professional healthcare spaces.
Our
initial product, SafeSpace™ with AI Vision™, is an ambient fall detection solution designed for continuing care communities
and at home use. SafeSpace includes hardware devices utilizing RGB, radar and other sensor technology coupled with our internally developed
software to effectively monitor a person remotely. In continuing care communities, SafeSpace detects resident falls and generates alerts
to a centralized, intelligent dashboard without the use of wearable devices or any action by the resident. In the home, SafeSpace detects
falls and sends alerts directly to designated individuals.
We
recently introduced and are currently pilot testing two additional products - SafeFace™ and SafeGuard™. SafeFace provides
fully automated and ambient time and attendance reporting for facility staff, and an integrated and automatic agency invoice reconciliation
feature. SafeGuard is a novel fully ambient elopement detection and alerting system based on our facial recognition technology.
In
addition to our current product offerings, we are developing a home concierge healthcare service application to provide a virtual assisted
living experience for seniors, recently released postoperative patients and others. The concierge application will enable the consumer
to obtain home healthcare services and health and safety monitoring equipment to improve quality of life. We are also working to develop
a fully integrated solution for the professional healthcare community that integrates electronic health records, remote patient monitoring,
telehealth, and other items where integration is beneficial.
Basis
of Presentation
The
accompanying interim consolidated financial statements include those of Healthcare Integrated Technologies, Inc. and its subsidiaries,
after elimination of all intercompany accounts and transactions. We have prepared the accompanying interim consolidated financial statements
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to
the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain
all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management,
the accompanying interim consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring
accruals) to fairly present the financial position of the Company as of April 30, 2024 and the results of operations and cash flows for
the periods presented. The results of operations for the nine months ended April 30, 2024 are not necessarily indicative of the operating
results for the full fiscal year or any future period. These interim consolidated financial statements should be read in conjunction
with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
July 31, 2023 filed with the SEC on November 13, 2023.
Consolidation
Policy
Our
consolidated financial statements are consolidated in accordance with U.S. GAAP and include our accounts and the accounts of our wholly
owned subsidiaries. We eliminate all intercompany transactions from our financial results.
Business
Combinations
We
account for business combinations under the acquisition method of accounting. The acquisition method requires that the acquired assets
and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and that changes thereafter be
reflected in income (loss). The estimation of fair values of the assets and liabilities assumed involves several estimates and assumptions
that could differ materially from the actual amounts recorded. The results of the acquired businesses are included in our results from
operations beginning from the day of acquisition.
Risk
and Uncertainties
Factors
that could affect our future operating results and cause actual results to vary materially from management’s expectation include,
but are not limited to: our ability to maintain and secure adequate capital to fund our operations and fully develop our product(s);
our ability to source strong opportunities with sufficient risk adjusted returns; acceptance of the terms and conditions of our licenses
and/or the acceptance of our royalties and fees; the nature and extent of competition from other companies that may reduce market share
and create pressure on pricing and investment return expectations; changes in the projects in which we plan to invest which result from
factors beyond our control, including, but not limited to, a change in circumstances, capacity and economic impacts; changes in laws,
regulations, accounting, taxation, and other requirements affecting our operations and business. Negative developments in these or other
risk factors could have a significant adverse effect on our financial position, results of operations and cash flows.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those
estimates. We base our estimates on experience and various other assumptions that are believed to be reasonable under the circumstances.
We evaluate our estimates and assumptions on a regular basis and actual results may differ from those estimates.
Reclassifications
Certain
prior period amounts may be reclassified to conform to current period presentation with no changes to previously reported net loss or
stockholders’ deficit.
Cash
and Cash Equivalents
We
consider all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The balance at times may exceed federally insured limits. No loss has been experienced and management does not believe we are exposed
to any significant credit risk.
Accounts
Receivable
Accounts
receivable are stated at their historical carrying amount net of write-offs and allowance for uncollectible accounts. The Company has
not charged interest on its accounts receivable. We routinely assess the recoverability of all customer and other receivables to determine
their collectability based upon known bad debt risks and past loss history, customer payment practices and economic conditions and, if
necessary, will record a reserve when, based on the judgement of management, it is probable that a receivable will not be collected and
the amount of the reserve may be reasonably estimated. When collection is no longer pursued, we will charge uncollectable accounts receivable
against the reserve. The Company recognized no bad debt expense, write-offs, or recoveries for the nine months ended April 30, 2024 and
2023.
Concentration
of Credit Risk
Financial
instruments that potentially expose the Company to credit risk consist of demand deposits with a financial institution. The Company is
exposed to credit risk on its cash and cash equivalents in the event of default by the financial institution to the extent account balances
exceed the amount insured by the FDIC, which is $250,000. One (1) customer accounted for 100% of our consolidated accounts receivable
at April 30, 2024 and 100% of our consolidated revenue for the nine months ended April 30, 2024.
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as
follows:
Level
1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access
at the measurement date.
Level
2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability
(such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated
by market data by correlation or other means.
Level
3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions
about the assumptions that market participants would use in pricing the assets or liabilities.
Financial
instruments consist of cash and cash equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial
assets and current financial liabilities approximates their carrying value because of the short-term maturity of these financial instruments.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for major additions and improvements are capitalized
while minor replacements and maintenance and repairs, which do not improve or extend the life of such assets, are charged to operations
as incurred. Disposals are removed at cost less accumulated depreciation, and any resulting gain or loss is reflected in the interim
consolidated statements of operations. Depreciation is calculated using the straight-line method which depreciates the assets over the
estimated useful lives of the depreciable assets ranging from five to seven years.
Intangible
Assets
Intangible
assets consist of patents, our website and the costs of software developed for internal use. Certain payroll and stock-based compensation
costs incurred are allocated to the intangible assets. We determine the amount of costs to be capitalized based on the time spent by
employees or outside contractors on the projects. Intangible assets are amortized over their expected useful life on a straight-line
basis. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining life is changed,
the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life. We did not recognize
any impairment losses during any of the periods presented.
Impairment
of Long-Lived Assets
Long-lived
assets such as property, equipment and identifiable intangibles are reviewed for impairment at least annually, or whenever facts and
circumstances indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used
are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value
of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable,
an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. The Company did not recognize
any impairment losses for any periods presented.
Derivative
Liability
Options,
warrants, convertible notes, or other contracts, if any, are evaluated to determine if those contracts, or embedded components of those
contracts, qualify as derivatives to be separately accounted for in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” (paragraph 815-10-05-4
and Section 815-40-25). The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market
each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statements
of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked
to fair value at the date of conversion, exercise, or cancellation and then the related fair value is reclassified to equity.
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated, and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
The
classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification
are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will
be classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument is expected
within 12 months of the balance sheet date.
The
Company adopted Section 815-40-15 of the FASB ASC (“Section 815-40-15”) to determine whether an instrument (or an
embedded feature) is indexed to the Company’s own stock. Section 815-40-15 provides that an entity should use a two-step approach
to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the
instrument’s contingent exercise and settlement provisions.
We
utilize a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of
the derivative liability at each balance sheet date. We record the change in the fair value of the derivative liability as other income
or expense in the consolidated statements of operations.
We
had no derivative assets or liabilities as of April 30, 2024 and July 31, 2023.
Related
Parties
The
Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant
to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any
specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners
of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
Revenue
Recognition
The
Company’s revenue recognition policy is to recognize revenue in accordance with ASC 606, “Revenue from Contracts with
Customers.” The Company follows the five-step model provided by ASC Topic 606 in order to recognize revenue in the following
manner: 1) Identify the contract; 2) Identify the performance obligations of the contract; 3) Determine the transaction price of the
contract; 4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue. An entity recognizes revenue for
the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to
be entitled in exchange for those goods or services.
Often
contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and
generally represent the distinct goods or services that are promised to the customer. Revenue is recognized net of any taxes collected
and subsequently remitted to governmental authorities. If we determine that we have not satisfied a performance obligation, we defer
recognition of the revenue until the performance obligation is satisfied. The agreements are generally non-cancellable or contain significant
penalties for early cancellation, although customers typically have the right to terminate their contracts for cause if we fail to perform
material obligations. However, if non-standard acceptance periods, non-standard performance criteria, or cancellation or right of refund
terms are required, revenue is recognized upon the satisfaction of such criteria.
Contract
Liabilities
The
Company receives payments from customers based upon contractual billing schedules. Contract liabilities include payments received in
advance of performance under the contract. Contract assets include amounts related to the Company’s contractual right to consideration
for completed performance obligations not yet invoiced. Our contract assets and liabilities are reported on an individual contract basis
at the end of each reporting period. Contract liabilities are classified as current or noncurrent based on the timing of when we expect
to recognize revenue. The Company expects to recognize all outstanding contract liabilities over the next 12 months.
Contract
Combination
The
Company may execute more than one contract or agreement with a single customer. The Company evaluates whether the agreements were negotiated
as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance
of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions
reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related
to those arrangements. The Company applied the revenue model to a portfolio of contracts with similar characteristics where we expected
that the financial statements would not differ materially from applying it to the individual contracts within that portfolio.
Advertising
and Marketing
Advertising
and marketing costs are expensed as incurred in accordance with ASC 720-35, “Advertising Costs.” We incurred advertising
and marketing costs of $5,864 and $5,418 for the nine months ended April 30, 2024 and 2023, respectively, which are included in selling,
general and administrative expenses on the interim consolidated financial statements.
Stock-Based
Compensation
The
Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation”
(“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It
defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation
cost for stock option plans, if any, in accordance with ASC 718.
Stock-based
payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of stock-based payment awards issued
to non-employees for services rendered have been recorded at the fair value of the stock-based payment, which is the more readily determinable
value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If
an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the
termination of service. Stock-based compensation expense is included in cost of goods sold or selling, general and administrative expenses,
depending on the nature of the services provided, in the interim consolidated statements of operations. Stock-based payments issued to
placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid-in capital.
The
Company recognizes all forms of stock-based payments, including stock option grants, warrants and restricted stock grants, at their fair
value on the grant date, which are based on the estimated number of awards that are expected to vest. See Note 9 - Stock-Based Compensation.
Income
Taxes
We
use the asset and liability method of accounting for income taxes in accordance with Topic 740, “Income Taxes”. Under
this method, income tax expense is recognized for the amount of: (1) taxes payable or refundable for the current year and (2) deferred
tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements
or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance
is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is
more likely than not some portion or all of the deferred tax assets will not be realized.
ASC
Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. ASC Topic 740-10-40 provides guidance on de-recognition, classification, interest and
penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting
periods presented.
Net
Loss Per Common Share
We
determine basic loss per share and diluted loss per share in accordance with the provisions of ASC 260, “Earnings Per Share.”
Basic loss per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average
number of common shares outstanding for the period. The calculation of diluted income loss per share is similar to that of basic earnings
per share, except the denominator is increased, if the earnings are positive, to include the number of additional common shares that
would have been outstanding if all potentially dilutive common shares had been exercised.
Recently
Adopted Accounting Pronouncements
On
August 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and
Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminates the existing troubled debt restructuring recognition and measurement
guidance, and instead aligns the accounting treatment to that of other loan modifications. The amendments enhance existing disclosure
requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial
difficulty. ASU 2022-02 also requires that entities disclose current-period gross write-offs by year of origination for financing receivables
and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial
statements.
Recent
Accounting Pronouncements
Management
has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”)
through the date these interim consolidated financial statements were available to be issued and found no recent accounting pronouncements
issued, but not yet effective, that when adopted, will have a material impact on the interim consolidated financial statements of the
Company.
NOTE
2 - GOING CONCERN
The
accompanying interim consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation
of the Company as a going concern. The Company had net losses of $598,881 for the nine months ended April 30, 2024 and $1,302,458 for
its most recent fiscal year ended July 31, 2023. As of April 30, 2024, the Company has a significant working capital deficit. We have
a history of losses, an accumulated deficit, have negative working capital and have not generated cash from our operations to support
a meaningful and ongoing business plan. It is management’s opinion that these conditions raise substantial doubt about the Company’s
ability to continue as a going concern.
In
view of these matters, our ability to continue as a going concern is dependent upon the continuing development, marketing and sales of
a viable product to achieve a level of profitability. We intend to finance our future development activities and our working capital
needs from the sale of private and public equity securities with additional funding from other traditional financing sources, including
term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. Although the Company
believes in the viability of management’s strategy to generate sufficient revenue, control costs and the ability to raise additional
capital, there can be no assurances to that effect. Therefore, the accompanying interim consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. The interim consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be
necessary should we be unable to continue as a going concern.
NOTE
3 - INTANGIBLES, NET
Intangibles,
net consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF INTANGIBLES ASSET
| |
April 30, 2024 | | |
July 31, 2023 | |
Developed Software | |
| 627,440 | | |
| 627,440 | |
Patents | |
| 258,422 | | |
| 258,422 | |
Website | |
| 8,785 | | |
| 8,785 | |
Intangibles, gross | |
| 8,785 | | |
| 8,785 | |
Less: accumulated amortization | |
| (192,306 | ) | |
| (25,215 | ) |
Total intangibles, net | |
$ | 702,341 | | |
$ | 869,432 | |
Amortization
expense for the nine months ended April 30, 2024 and 2023 was $167,091 and $13,475, respectively. Amortization expense for the nine months
ended April 30, 2023 includes $8,279 related to the abandonment of a patent during the period.
Intangibles
are amortized over their estimated useful lives of two (2) to twenty (20) years. As of April 30, 2024, the weighted average remaining
useful life of intangibles being amortized was approximately 7 years. We expect the remaining aggregate amortization expense for each
of the five succeeding years to be as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
| |
| | |
2024 | |
$ | 55,697 | |
2025 | |
| 222,788 | |
2026 | |
| 222,788 | |
2027 | |
| 13,641 | |
2028 | |
| 13,641 | |
Thereafter | |
| 173,786 | |
Total remaining expected amortization expense | |
$ | 702,341 | |
NOTE
4 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accounts payable | |
$ | 209,227 | | |
$ | 197,234 | |
Accrued expenses | |
| 5,800 | | |
| - | |
Accrued interest expense | |
| 72,152 | | |
| 61,474 | |
Accounts payable and accrued expenses | |
| 287,179 | | |
| 258,708 | |
| |
| | | |
| | |
Accounts payable, related party | |
| 201,790 | | |
| 328,819 | |
Accrued expenses, related party | |
| 141,078 | | |
| 230,064 | |
Accounts payable and accrued expenses, related party | |
| 342,868 | | |
| 558,883 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 630,047 | | |
$ | 817,591 | |
NOTE
5 - PAYROLL RELATED LIABILITIES
Payroll
related liabilities consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF PAYROLL RELATED LIABILITIES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accrued officers’ payroll | |
$ | 327,155 | | |
$ | 143,073 | |
Payroll taxes payable | |
| 12,070 | | |
| 12,070 | |
Total payroll related liabilities | |
$ | 339,225 | | |
$ | 155,143 | |
NOTE
6 - NOTE PAYABLE, RELATED PARTY
On
June 12, 2023, we issued a Promissory Note to Platinum Equity Advisors, LLC, a related party (the “Platinum Note 1”), in
the principal amount of $372,069. The Platinum Note is unsecured and bears interest at 10% per annum. The principal amount of the note
plus accrued interest of $18,604 was due in a single lump sum payment on December 12, 2023. We incurred no issuance cost on the transaction
and the proceeds were used to retire debt.
On
December 12, 2023 we issued a new promissory note to Platinum Equity Advisors, LLC in the principal amount of $390,673 (the “Platinum
Note 2”) as full payment of the Platinum Note 1 principal and accrued interest due on such date. The Platinum Note 2 is unsecured
and bears interest at 10% per annum. The principal amount of the note plus accrued interest of $19,534 is due in a single lump sum payment
on June 12, 2024. We incurred no issuance cost on the transaction.
Platinum
Equity Advisors, LLC is a related party, is our largest shareholder, and is owned 100% by the spouse of our CEO and Charman of our Board
of Directors.
At
April 30, 2024, the principal balance of the Platinum Note 2 remained $390,673 and accrued but unpaid interest was $15,193. The accrued
interest is included in Accounts payable and accrued expenses, related party on our interim consolidated balance sheets. The amounts
and terms of the related party transactions 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.
NOTE
7 - NOTES PAYABLE
We
had the following debt obligations reflected at their respective carrying values on our interim consolidated balance sheets as of April
30, 2024 and July 31, 2023:
SCHEDULE OF DEBT OBLIGATIONS
| |
April 30, 2024 | | |
July 31, 2023 | |
5% Convertible promissory notes | |
$ | 175,000 | | |
$ | 175,000 | |
Note payable to Acorn Management Partners, LLC | |
| 50,000 | | |
| 50,000 | |
Notes payable | |
$ | 225,000 | | |
$ | 225,000 | |
5%
Convertible Promissory Notes
On
various dates during the month of March 2018, we issued a series of 5% Convertible Promissory Notes (collectively, the “5% Notes”)
totaling $750,000 in net proceeds. We incurred no costs related to the issuance of the 5% Notes. The 5% Notes bear interest at the rate
of five percent (5%) per annum, compounded annually and matured one-year from the date of issuance. At April 30, 2024 and July 31, 2023,
accrued but unpaid interest on the 5% Notes was $60,982 and $52,555, respectively, which is included in “Accounts payable and accrued
expenses” on our interim consolidated balance sheets.
The
5% Notes are convertible into common shares of the Company at a fixed ratio of two shares of common stock per dollar amount of the face
value of the note. The principal terms under which the 5% Notes may be converted into common stock of the Company are as follows:
|
● |
At
the option of the holder, the outstanding principal amount of the note, and any accrued but unpaid interest due, may be converted
into the Company’s common stock at any time prior to the maturity date of the note. |
|
|
|
|
● |
The
outstanding principal amount of the note, and any accrued but unpaid interest due, will automatically be converted into the Company’s
common stock if at any time prior to the maturity date of the note, the Company concludes a sale of equity securities in a private
offering resulting in gross proceeds to the Company of at least $1,000,000. |
There
were no 5% Notes converted into shares of our common stock during the nine months ended April 30, 2024. 5% Notes with a face amount of
$150,000 and related accrued interest of $37,586 were converted into shares of our common stock during the year ended July 31, 2023.
At April 30, 2024, 5% Notes with a face amount of $175,000 and related accrued interest expense of $60,982 are currently in default and
are not convertible under the conversion terms. Management is currently negotiating amendments to the notes in default to extend the
maturity dates of such notes and to encourage note conversions.
Note
Payable to Acorn Management Partners, LLC
On
August 11, 2020 we agreed to repurchase 1,000,000 shares of our common stock from Acorn Management Partners, LLC (“AMP”).
As consideration for the share repurchase, we issued a $50,000 promissory note bearing interest a 6.0% per annum and due one-year from
the date of issuance (the “Acorn Note”). In the event we default under the terms of the Acorn Note, we are required to deliver
1,000,000 shares of our common stock back to AMP in full satisfaction of the obligation. AMP delivered the purchased shares directly
to the transfer agent on September 8, 2020 and immediately cancelled. At April 30, 2024 and July 31, 2023, accrued but unpaid interest
on the Acorn Note was $11,169 and $8,919, respectively, which is included in “Accounts payable and accrued expenses” on our
interim consolidated balance sheets. At April 30, 2024, the note and related accrued interest expense is in default. Management is currently
negotiating an amendment to the note to extend the maturity date.
NOTE
8 - COMMON STOCK
At
April 30, 2024 and July 31, 2023, we had 73,218,542
and 68,016,167
shares of common stock outstanding, respectively.
We issued 3,250,000
shares for cash, 1,100,000
shares for services, 570,344
shares for a loan modification fee, and 282,031
shares for the vesting of restricted stock grants
during the nine months ended April 30, 2024. During the fiscal year ended July 31, 2023, we issued 25,711,494
shares of common stock, of which 19,722,260
were issued for the payment of accrued expenses,
3,000,000
shares were issued for cash, 1,500,000
shares were issued for payment of note extension
fees, 664,062
shares were issued upon the vesting of restricted
stock grants, 450,000
shares were issued for services, and 375,172
shares were issued for the conversion of debt
and related accrued interest.
On
August 26, 2022, we executed a consulting agreement with G. Shayne Bench, individually, and Bucuti Investments, LLC, or assignee (“Bench”)
to provide business advisory services in analyzing, structuring, negotiating and effecting business combinations, and serving on our
Board of Directors. Pursuant to the terms of the agreement, we provided Bench a one (1) year restricted stock award of 846,093 shares,
which were valued at $0.0135 on the award date. The restricted stock award vest ratably, on a monthly basis, at the end of each month
of completed service. Vested common shares are issued on a quarterly basis in accordance with the Company’s quarterly reporting
periods. As of April 30, 2024, all 846,093 shares under the restricted stock award have been issued.
On
August 1, 2023, we issued 211,523 shares of common stock to a member of our Board of Directors as compensation for serving on the Board
and for providing certain other business advisory services. The shares were issued at an estimated value of $0.0135 per share.
On
October 19, 2023, we issued 500,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on October 19, 2022. The shares were issued to the consultant at an estimated value of $0.033 per share.
On
October 19, 2023, we issued 500,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on October 19, 2022. The shares were issued to the consultant at an estimated value of $0.033 per share.
On
November 1, 2023, we issued 70,508 shares of common stock to a member of our Board of Directors as compensation for serving on the Board
and for providing certain other business advisory services. The shares were issued at an estimated value of $0.0135 per share.
On
November 1, 2023, we issued 100,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on September 1, 2023. The shares were issued to the consultant at an estimated value of $0.024 per share.
On
December 8, 2023, we issued 326,813 shares of common stock to a previous lender pursuant to a make whole provision included as part of
a loan modification fee. The shares were issued at an estimated value of $0.0665 per share.
On
January 31, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in
net proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
February 9, 2024, we completed a private placement of 250,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $25,000. We incurred no cost related to the private placement.
On
March 7, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
March 22, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
April 16, 2024, we issued 243,531 shares of common stock to a previous lender pursuant to a make whole provision included as part of
a loan modification fee. The shares were issued at an estimated value of $0.0665 per share.
NOTE
9 - STOCK-BASED COMPENSATION
Our
stock-based compensation programs are long-term retention awards that are intended to attract, retain, and provide incentives for employees,
officers and directors, and to align stockholder and employee interest. We utilize grants of both stock options and warrants and restricted
stock to achieve those goals.
Summary
of Stock Options and Warrants
Our
stock-based compensation programs are long-term retention awards that are intended to attract, retain, and provide incentives for employees,
officers and directors, and to align stockholder and employee interest. We utilize grants of both stock options and warrants and restricted
stock to achieve those goals.
During
the nine months ended April 30, 2024, we recorded $76,482 of compensation expense related to stock options and warrants. During the nine
months ended April 30, 2023, we recorded $189,869 of compensation expense, net of capitalized expense of $57,991, related to stock options
and warrants. The grant date fair value of stock options and warrants during the nine months ended April 30, 2024 was $69,776. We granted
no stock options or warrants during the nine months ended April 30, 2023.
The
following table summarizes our options and warrant activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF OPTIONS AND WARRANTS ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
| |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | | |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | |
Balance at beginning of year | |
| 6,350,000 | | |
$ | 0.24 | | |
| 8,850,000 | | |
$ | 1.02 | |
Granted | |
| 1,250,000 | | |
| 0.07 | | |
| - | | |
| - | |
Canceled | |
| (1,250,000 | ) | |
| 0.23 | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| (2,500,000 | ) | |
| 3.00 | |
Balance at end of period | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,350,000 | | |
$ | 0.24 | |
Options and warrants exercisable | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,066,666 | | |
$ | 0.23 | |
Summary
of Restricted Stock Grants
During
the nine months ended April 30, 2024 and 2023, we recorded compensation expense related to restricted stock grants of $27,714 and $39,386,
respectively. The grant date fair value of restricted stock awards during the nine months ended April 30, 2024 and 2023 was $33,805 and
$76,422, respectively.
The
following table summarizes our restricted stock activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF RESTRICTED STOCK ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
Balance at beginning of period | |
| 2,282,031 | | |
| 100,000 | |
Granted | |
| 1,300,000 | | |
| 2,846,093 | |
Released | |
| (1,382,031 | ) | |
| (664,062 | ) |
Balance at end of period | |
| 2,200,000 | | |
| 2,282,031 | |
NOTE
10 - RELATED PARTY TRANSACTIONS
To
continue operations and meet operating cash requirements, we have periodically relied on short term loans from related parties, primarily
shareholders, until such time as our cash flow from operations meets our cash requirements, or we are able to obtain adequate financing
through sales of our equity securities and/or traditional debt financing. There is 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, 2024 and July 31, 2023, related parties were owed $201,790 and $328,819,
respectively, which are included in Accounts payable and accrued expenses, related party on the interim consolidated balance sheets (See
“Note 4 - Accounts Payable and Accrued Expenses”). 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 Charman of our Board of Directors. At April 30, 2024 and July 31, 2023, we owed Platinum Equity $125,886
and $225,000, 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 consolidated balance sheets (See “Note 4 - Accounts Payable and Accrued Expenses”).
On
December 12, 2023, we issued a Promissory Note to Platinum Equity in the principal amount of $390,673. The note, plus accrued interest,
is due on June 12, 2024. At April 30, 2024, accrued but unpaid interest on the note was $15,193 (See “Note 4 - Accounts Payable
and Accrued Expenses” and “Note 6 - Notes Payable, Related Party”). The amount and terms of the related
party loan may not necessarily be indicative of the amount and terms that would have been incurred had comparable transactions been entered
into with independent third parties.
NOTE
11 - COMMITMENTS AND CONTINGENCIES
Litigation
On
September 18, 2023, Apex Funding Source, LLC (the “Lender”) filed a lawsuit in the Supreme Court of the State of New
York, County of New York, naming Grasshopper Staffing, Inc. and Indeliving Holdings, Inc., both of which are wholly owned
subsidiaries of the Company, as defendants in the suit. The action against our wholly owned subsidiaries is due to an alleged
guarantee of a loan the Lender made to Blue Earth Resources, Inc. (“BERI”), an entity related to the Company through
common management control. The lawsuit is an action for BERI’s breach of a loan agreement and failure to pay $4,705,900
in principal and interest to the Lender when due. The lawsuit also named Scott M. Boruff, the CEO and Chairman of the
Company’s Board of Directors, and Platinum Equity Advisors, LLC, the Company’s largest principal shareholder that is
controlled by Julie Boruff, spouse of Scott M. Boruff, as defendants for their alleged guaranty of the BERI loan.
On
April 18, 2024, the Lender filed a motion seeking partial summary judgment on its First Cause of Action against BERI and its Second Cause
of Action against Scott M. Boruff in the amount of $4,705,900, plus their actual and reasonable attorneys’ fees. Neither the Company
nor its subsidiaries were included in the motion seeking partial summary judgment.
In
the event the Lender attempts to enforce the alleged guarantees against our subsidiaries, we believe we have valid defenses against such
an action. In addition, both subsidiaries previously discontinued their operations and currently have no assets. In the judgement of
the Company’s management, if the pending actions were adversely determined they would not have a material adverse effect on the
Company.
Employment
and Consulting Agreements
On
January 31, 2024, we entered into a Non-Employee Chief Executive Officer Engagement Agreement (the “Contract CEO Agreement”)
with Platinum Equity Advisors, LLC (“Platinum”) to provide the services of Scott M. Boruff as Chief Executive Officer and
Chairman of the Board of Directors of the Company for a term of three (3) years. Effective as of August 1, 2023, the Company shall pay
Platinum an annual base fee of $102,000. The initial base fee is intended to compensate Platinum for a time commitment of up to 1/3 of
the CEO’s time, attention, skill and best efforts to the Company. At the discretion of the Board of Directors, the base fee may
be increased to a maximum annual amount of $306,000 to better reflect the value of any future increases in the CEO’s time commitment
to the Company. If the Contract CEO Agreement is terminated by us without cause or by Platinum for good reason, we are obligated to pay
Platinum severance equal to three (3) months base fee and any other earned but unpaid compensation. In addition, if at any time during
the term of the Contract CEO Agreement Platinum is terminated by us without cause within two years after a Change in Control of our company,
or in the 90 days prior the Change in Control at the request of the acquiror, we are obligated to pay Platinum an amount equal to 2.99
times the annual base fee. “Change in Control” is defined in the Contract CEO Agreement to mean the acquisition by any person
of beneficial ownership of our securities representing greater than 50% of the combined voting power of our then outstanding voting securities.
Platinum is eligible for equity awards and other benefits as approved by the Board of Directors.
On
January 31, 2024, in connection with the appointment of Charles B. Lobetti, III as Chief Financial Officer of the Company, the Company
and Mr. Lobetti entered into an employment agreement (the “Lobetti Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Lobetti a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Lobetti for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Lobetti’s time commitment to the Company. In the event Mr.
Lobetti’s employment with the Company is terminated without cause, Mr. Lobetti shall be entitled to a severance payment equal to
his currently in effect base salary for one (1) full year. If Mr. Lobetti is terminated without cause within two (2) years of a change
in control upon request of the acquiror, Mr. Lobetti shall be entitled to a severance payment in an amount equal to 2.99 times the annualized
base salary he is then earning. In addition, Mr. Lobetti is eligible for equity awards and other benefits as approved by the Board of
Directors.
On
January 31, 2024, in connection with the appointment of Kenneth M. Greenwood as Chief Technology Officer of the Company, the Company and
Mr. Greenwood entered into an employment agreement (the “Greenwood Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Greenwood a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Greenwood for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Greenwood’s time commitment to the Company. In the event
Mr. Greenwood’s employment with the Company is terminated without cause, Mr. Greenwood shall be entitled to a severance payment
equal to his currently in effect base salary for one (1) full year. If Mr. Greenwood is terminated without cause within two (2) years
of a change in control upon request of the acquiror, Mr. Greenwood shall be entitled to a severance payment in an amount equal to 2.99
times the annualized base salary he is then earning. In addition, Mr. Greenwood is eligible for equity awards and other benefits as approved
by the Board of Directors.
On
January 31, 2024, in connection with the appointment of Susan A. Reyes, MD as Chief Medical Officer of the Company, the Company and Dr.
Reyes entered into an employment agreement (the “Reyes Employment Agreement”) with an initial term of three (3) years. Effective
as of August 1, 2023, the Company shall pay Dr. Reyes a base salary at the rate of $24,000 per annum. The initial base salary is intended
to compensate Dr. Reyes for a fractional devotion of her time, attention, skill and best efforts to the Company. At the discretion of
the Chief Executive Officer, the base salary may be increased to a maximum annual amount of $92,000 to better reflect the value of any
future increases in Dr. Reyes’ time commitment to the Company. In the event Dr. Reyes’ employment with the Company is terminated
without cause, Dr. Reyes shall be entitled to a severance payment equal to her currently in effect base salary for one (1) full year.
If Dr. Reyes is terminated without cause within two (2) years of a change in control upon request of the acquiror, Dr. Reyes shall be
entitled to a severance payment in an amount equal to 2.99 times the annualized base salary she is then earning. In addition, Dr. Reyes
is eligible for equity awards and other benefits as approved by the Board of Directors.
NOTE
12 - SUBSEQUENT EVENTS
On June 15, 2024, we entered into a Non-Employee Chief Strategy Officer Engagement Agreement (the “Contract CSO Agreement”)
with Ryan Hillis to provide the services of Chief Strategy Officer to the Company for a term of three (3) years. The Company shall pay
Mr. Hillis an annual base fee of $100,000, to be paid in equal monthly payments, and receive a grant of 1,000,000 shares of the Company’s
common stock as a signing bonus. In addition to the base fee and stock grant, Mr. Hillis will be paid a commission on certain new and
recurring business sales. Mr. Hillis is also eligible for discretionary bonuses, equity awards and other benefits as approved by the Board
of Directors. If the Contract CSO Agreement is terminated by us without cause, or by Mr. Hillis for good reason, we are obligated to pay
Mr. Hillis a severance equal to one month of base fee and any other earned but unpaid compensation.
We
evaluate subsequent events and transactions that occur after the balance sheet date for the period presented and up to the issuance
date of the financial statements. Based on our review, we did not identify any subsequent events other than those mentioned above
that would require adjustment to or disclosure in the interim consolidated financial statements.
Item
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
THE
FOLLOWING DISCUSSION OF OUR PLAN OF OPERATION AND RESULTS OF OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND
RELATED NOTES TO THE FINANCIAL STATEMENTS INCLUDED ELSEWHERE IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT
RELATE TO FUTURE EVENTS OR OUR FUTURE FINANCIAL PERFORMANCE. THESE STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER
FACTORS THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE
RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE RISKS AND OTHER
FACTORS INCLUDE, AMONG OTHERS, THOSE LISTED UNDER “FORWARD-LOOKING STATEMENTS” AND “RISK FACTORS” AND THOSE INCLUDED
ELSEWHERE IN THIS REPORT.
This
following discussion summarizes the significant factors affecting the interim consolidated financial statements, financial condition,
liquidity, and cash flows of Healthcare Integrated Technologies, Inc, for the nine months ended April 30, 2024 and 2023. The discussion
and analysis should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual
Report on Form 10-K for the year ended July 31, 2023 as filed with the SEC on November 13, 2023.
Executive
Overview
Healthcare
Integrated Technologies, Inc. and its subsidiaries is a healthcare technology company based in Knoxville, Tennessee. We are creating
a diversified spectrum of healthcare technology solutions to integrate and automate the continuing care, home care and professional healthcare
spaces.
Our
initial product, SafeSpace™ with AI Vision™, is an ambient fall detection solution designed for continuing care communities
and at home use. SafeSpace includes hardware devices utilizing RGB, radar and other sensor technology coupled with our internally developed
software to effectively monitor a person remotely. In continuing care communities, SafeSpace detects resident falls and generates alerts
to a centralized, intelligent dashboard without the use of wearable devices or any action by the resident. In the home, SafeSpace detects
falls and sends alerts directly to designated individuals.
We
recently introduced and are currently pilot testing two additional products - SafeFace™ and SafeGuard™. SafeFace provides
fully automated and ambient time and attendance reporting for facility staff, and an integrated and automatic agency invoice reconciliation
feature. SafeGuard is a novel fully ambient elopement detection and alerting system based on our facial recognition technology.
In
addition to our current product offerings, we are developing a home concierge healthcare service application to provide a virtual assisted
living experience for seniors, recently released postoperative patients, and others. The concierge application will enable the consumer
to obtain home healthcare services and health and safety monitoring equipment to improve quality of life. We are also working to develop
a fully integrated solution for the professional healthcare community that integrates electronic health records, remote patient monitoring,
telehealth, and other items where integration is beneficial.
Strategy
Our
mission is to grow a profitable healthcare technology company by focusing on our core product, continuing the development of our proprietary
software, and developing new uses and product lines for our technology. Our management team is focused on maintaining financial flexibility
and assembling the right complement of personnel and outside consultants required to successfully execute our mission.
Financial
and Operating Results
We
continue to utilize funds raised from the private sales of our common stock, issuance of debt, and short-term advances from related parties
to provide cash for our operations, which has allowed us to continue refining our initial product and readying it for pilot testing,
developing future product offerings and adding talented individuals to our management team and on a contract basis. Highlighted achievements
for the nine months ended April 30, 2024 include:
|
● |
We
continue to evaluate our two new products - SafeFace and SafeGuard. SafeFace provides fully automated and ambient time and attendance
reporting for facility staff, and an integrated and automatic agency invoice reconciliation feature. SafeGuard is a novel fully ambient
elopement detection and alerting system based on our facial recognition technology. |
|
|
|
|
● |
On
August 8, 2023, we announced a strategic alliance with Signature HealthCARE (“Signature”). The alliance aims to implement
a series of pilot programs during the coming fiscal year. The collaboration will involve several new proprietary, fully ambient AI-based
solutions to be pilot tested and deployed across multiple Signature senior living facilities. Signature is a family-based healthcare
company that offers integrated services in 10 states across the continuum of care, including skilled nursing, rehabilitation, assisted
living, memory care, home health, cognitive care, and telemedicine. |
|
|
|
|
● |
On
December 1, 2023 we entered into a contract with Signature to install our SafeFace AI-based proprietary software to automatically
track and trace every individual who enters a facility, photographing the individual as they enter the facility, and providing notifications
to the facility staff when that individual enters and exits the facility. The $266,000 contract covers 19 Signature facilities ($14,000
per facility) and is part of an infection control program funded by a grant Signature received from the State of Tennessee. The contract
expires on April 1, 2024 and the net revenue will be recognized over the contract period.
|
|
● |
On
December 1, 2023 we entered into a contract with Signature to install our SafeFace AI-based proprietary software to automatically
track and trace employees and agency staff as they enter and exit a facility. The data is used to track and compare billings to employee
and agency staff time input. Utilizing custom designed reports, Signature can identify discrepancies in employee reports and agency
staff invoices as part of a control process to prevent over and under billings. We entered into this contract under a contingent
fee arrangement whereby we receive 50% of any cost savings identified by the system. We did not recognize any revenue under this contract during the nine months
ended April 30, 2024. Due to the contingent nature of our fee arrangement,
we cannot accurately predict future revenue from this contract. The contract expires on November 30, 2024.
|
|
● |
In
February 2024, the Company entered into a non-binding letter of intent with Glass 8 Holdings LLC (“Glass 8”), a
Tennessee-based limited liability company that owns window businesses operating in Canada, to purchase 100% of the membership
interest of Glass 8 in exchange for the issuance of 8 million shares of the Company’s common stock and the assumption of a
$1.1 million loan. The spouse of our CEO controls a 37.775% membership interest in Glass 8. We were unable to move forward with the
acquisition of Glass 8 due to their inability to adequately respond to our due diligence requests. If circumstances change and a
definitive agreement is ultimately reached, the Company will file notice with the Securities and Exchange Commission on Form
8-K. |
Results
of Operations
Three
Months Ended April 30, 2024 Compared to the Three Months Ended April 30, 2023
Revenues
During
the three months ended April 30, 2024, we recognized $60,283 in revenue from our service agreement that ended April 1, 2024. We have
been unable to obtain extensions or additional agreements that would allow us to continue recognizing revenue in subsequent periods.
We had no revenue during the three months ended April 30, 2023.
Operating
Expenses
The
table below presents a comparison of our operating expenses for the three months ended April 30, 2024 and 2023:
| |
For the Three Months
Ended April 30, | | |
| |
| |
2024 | | |
2023 | | |
$ Variance | | |
%Variance | |
| |
| | |
| | |
| | |
| |
Officers’ salaries | |
$ | 86,861 | | |
$ | 124,125 | | |
$ | (37,264 | ) | |
| (30 | )% |
Professional fees | |
| 15,405 | | |
| 29,628 | | |
| (14,223 | ) | |
| (48 | )% |
Software development | |
| 7,006 | | |
| - | | |
| 7,006 | | |
| - | |
Travel and entertainment | |
| 13,499 | | |
| 256 | | |
| 13,243 | | |
| 5,173 | % |
Advertising and marketing | |
| 3,196 | | |
| 1,625 | | |
| 1,571 | | |
| 97 | % |
Other | |
| 2,115 | | |
| 5,527 | | |
| (3,412 | ) | |
| (62 | )% |
Total selling, general & administrative | |
| 128,082 | | |
| 161,161 | | |
| (33,079 | ) | |
| (21 | )% |
Stock-based compensation | |
| 78,361 | | |
| 92,843 | | |
| (14,482 | ) | |
| (16 | )% |
Amortization | |
| 55,697 | | |
| 1,610 | | |
| 54,087 | | |
| 3,359 | % |
Total Operating Expenses | |
$ | 262,140 | | |
$ | 255,614 | | |
$ | 6,526 | | |
| 3 | % |
Officers’
Salaries - Officers’ salaries decreased $37,264, or 30%, over 2023. The decrease is a result of the Company’s officers
accepting voluntary pay reductions to better reflect time commitments and reduce operating cost during the start-up phase.
Professional
Fees - Professional fees decreased $14,223, or 48%, over the same period in the prior year. The decrease from 2023 primarily results
from a $16,284 decrease in legal fees and a $5,000 decrease in the expense for outside consultants, which were partially offset by a
$2,000 increase in accounting fees and a $4,081 increase in patent related costs. The remaining difference results from a small net increase
in transfer agent and SEC filing costs.
Software
Development - Software development expenses increased $7,006 over 2023. Prior to this period, our internally developed software had
not been placed in service and software development cost were being capitalized.
Travel
and Entertainment - Travel and entertainment expenses increased $13,243 over the same period in the prior year. The increase in travel
and entertainment expenses is directly attributable to focused capital raising effort and actively evaluating acquisition opportunities
during the period.
Advertising
and Marketing - Advertising and marketing expenses increased $1,571 over 2023. The increase is primarily attributable to a $1,497
increase in expenses related to conferences and conventions during 2024.
Other
- Other expenses decreased $3,412, or 62%, over the same period in the prior year. The decrease from 2023 primarily results from
a $2,954 decrease in office expenses.
Stock-based
Compensation - Stock-based compensation expense decreased $14,482, or 16%, from the same period in the prior year. The decrease results
from a 2024 reduction in the amortization of the grant date fair value of employee stock options and restricted stock awards granted
to our CEO, CFO, CTO and CMO. The decreases were partially offset by the additional expense related to the issuance of restricted stock
awards and warrants to outside consultants.
Amortization
- Amortization expense increased $54,087 over 2023. The increase in amortization expense primarily relates to the amortization of
capitalized software development cost during the three months ended April 30, 2024 that had not yet been placed in service during the
prior period.
Other
Income (Expense)
The
table below presents a comparison of our other income (expense) for the three months ended April 30, 2024 and 2023:
| |
For the Three Months Ended April 30, | | |
| |
| |
2024 | | |
2023 | | |
$ Variance | | |
%Variance | |
| |
| | |
| | |
| | |
| |
Interest expense | |
$ | (13,361 | ) | |
$ | (118,930 | ) | |
$ | 105,569 | | |
| (89 | )% |
Change in fair value of derivative liability | |
| - | | |
| 128,014 | | |
| (128,014 | ) | |
| - | |
Total | |
$ | (13,361 | ) | |
$ | 9,084 | | |
$ | (22,445 | ) | |
| (247 | )% |
Interest
Expense - Interest expense decreased $105,569, or 89%, over the same period in the prior year. Interest expense decreased due to
a paydown and refinance of debt in June of 2023. The prior loan, which was in place during 2023, had a larger principal balance and associated
fees that were initially recorded as debt discount and were being amortized as a component of interest expense.
Change
in Fair Value of Derivative Liability – We had no derivative liability during the third quarter of fiscal 2024 and, accordingly,
no change in the fair value of derivative liability. The change in the fair value of derivative liability in 2023 was associated with
debt that was retired in June of 2023.
Nine
Months Ended April 30, 2024 Compared to the Nine Months Ended April 30, 2023
Revenues
During the nine months ended April 30, 2024, we recognized
$82,052 in revenue from our service agreement that ended April 1, 2024. We have been unable to obtain extensions or additional agreements
that would allow us to continue recognizing revenue in subsequent periods. We had no revenue during the nine months ended April 30, 2023.
Operating
Expenses
The
table below presents a comparison of our operating expenses for the nine months ended April 30, 2024 and 2023:
| |
For the Nine Months
Ended April 30, | | |
| |
| |
2024 | | |
2023 | | |
$ Variance | | |
%Variance | |
| |
| | |
| | |
| | |
| |
Officers’ salaries | |
$ | 260,582 | | |
$ | 372,418 | | |
$ | (111,836 | ) | |
| (30 | )% |
Professional fees | |
| 69,905 | | |
| 102,317 | | |
| (32,412 | ) | |
| (32 | )% |
Software development | |
| 15,287 | | |
| - | | |
| 15,287 | | |
| - | |
Travel and entertainment | |
| 14,551 | | |
| 792 | | |
| 13,759 | | |
| 1,737 | % |
Advertising and marketing | |
| 5,864 | | |
| 5,418 | | |
| 446 | | |
| 8 | % |
Other | |
| 4,047 | | |
| 6,831 | | |
| (2,784 | ) | |
| (41 | )% |
Total selling, general & administrative | |
| 370,236 | | |
| 487,776 | | |
| (117,540 | ) | |
| (24 | )% |
Stock-based compensation | |
| 104,196 | | |
| 243,005 | | |
| (138,809 | ) | |
| (57 | )% |
Amortization | |
| 167,091 | | |
| 13,475 | | |
| 153,616 | | |
| 1,140 | % |
Total Operating Expenses | |
$ | 641,523 | | |
$ | 744,256 | | |
$ | (102,733 | ) | |
| (14 | )% |
Officers’
Salaries - Officers’ salaries decreased $111,836, or 30%, over 2023. The decrease is a result of the Company’s officers
accepting voluntary pay reductions to better reflect time commitments and reduce operating cost during the start-up phase.
Professional
Fees - Professional fees decreased $32,412, or 32%, over the same period in the prior year. The decrease from 2023 primarily results
from a $18,750 decrease in the expense for outside consultants, $17,151 decrease in legal fees and a $3,016 decrease in accounting fees,
which were partially offset by a $6,878 increase in patent related costs. The remaining difference results from a small net decrease
in transfer agent and SEC filing costs.
Software
Development - Software development expenses increased $15,287 over 2023. Prior to this period, our internally developed software
had not been placed in service and software development cost were being capitalized.
Travel
and Entertainment - Travel and entertainment expenses increased $13,759 over the same period in the prior year. The increase in travel
and entertainment expenses is directly attributable to focused capital raising effort and actively evaluating acquisition opportunities
during the period.
Other
- Other expenses decreased $2,784, or 41%, over the same period in the prior year. The decrease from 2023 primarily results from
a $2,443 decrease in office expenses.
Stock-based
Compensation - Stock-based compensation expense decreased $138,809, or 57%, from the same period in the prior year. The decrease
results from a 2024 reduction in the amortization of the grant date fair value of employee stock options and restricted stock awards
granted to our CEO, CFO, CTO and CMO. The decreases were partially offset by the additional expense related to the issuance of restricted
stock awards and warrants to outside consultants.
Amortization
- Amortization expense increased $153,616 over 2023. The increase in amortization expense primarily relates to the amortization of
capitalized software development cost during the nine months ended April 30, 2024 that had not yet been placed in service during the
prior period.
Other
Income (Expense)
The
table below presents a comparison of our other income (expense) for the nine months ended April 30, 2024 and 2023:
| |
For the Nine Months Ended April 30, | | |
| |
| |
2024 | | |
2023 | | |
$ Variance | | |
%Variance | |
| |
| | |
| | |
| | |
| |
Interest expense | |
$ | (39,410 | ) | |
$ | (351,648 | ) | |
$ | (312,238 | ) | |
| (89 | )% |
Change in fair value of derivative liability | |
| - | | |
| (11,617 | ) | |
| (11,617 | ) | |
| - | |
Total | |
$ | (39,410 | ) | |
$ | (363,265 | ) | |
$ | (323,855 | ) | |
| (89 | )% |
Interest
Expense - Interest expense decreased $312,238, or 89%, over the same period in the prior year. Interest expense decreased due to
a paydown and refinance of debt in June of 2023. The prior loan, which was in place during 2023, had a larger principal balance and associated
fees that were initially recorded as debt discount and were being amortized as a component of interest expense.
Change
in Fair Value of Derivative Liability – We had no derivative liability during the first quarter of fiscal 2024 and, accordingly,
no change in the fair value of derivative liability. The change in the fair value of the derivative liability in 2023 was associated
with debt that was retired in June of 2023.
Liquidity
and Capital Resources
Working
Capital
The
following table summarizes our working capital for the interim period ended April 30, 2024 and fiscal year ended July 31, 2023:
| |
April 30, 2024 | | |
July 31, 2023 | |
Current assets | |
$ | 47,052 | | |
$ | 34,503 | |
Current liabilities | |
| (1,584,945 | ) | |
| (1,569,803 | ) |
Working capital deficiency | |
$ | (1,537,893 | ) | |
$ | (1,535,300 | ) |
Current
assets for the interim period ended April 30, 2024 increased $12,549 as compared to the fiscal year ended July 31, 2023. The increase
is primarily due to an increase in accounts receivable related to the new Signature contract.
Current
liabilities for the interim period ended April 30, 2024 increased $15,142 as compared to the fiscal year ended July 31, 2023. The increase
is due to a $28,471 increase in accounts payable and accrued expenses, a $184,082 increase in payroll related liabilities as we continue
to accrue officer compensation, and a $18,604 increase in notes payable to related parties, which were offset by a $216,015
reduction in short-term loans and accrued expenses owed to related parties.
Net
Cash Used by Operating Activities
We
currently do not have a recurring revenue source and will continue to have negative cash flow from operations for the near future. The
factors in determining operating cash flows are largely the same as those that affect net earnings, except for non-cash expenses such
as depreciation and amortization, stock-based compensation, and cash received from deferred revenue, which affect earnings but do not
affect operating cash flow. Net cash used by operating activities was $198,352 and $77,565 for the nine months ended April 30, 2024 and
2023, respectively. as compared to net cash used by operating activities of $77,565 for the nine months ended April 30, 2023. The $120,787
increase in net cash used by operating activities during 2024 is attributable to a $202,436 decrease in the adjusted net loss from operations
that is offset by a $323,223 decrease in changes in operating assets and liabilities from the 2023 amounts. The $202,436 decrease in
the adjusted net loss from operations primarily results from a $82,052 increase in revenues and a $111,836 decrease in officer’s
compensation. The $323,223 decrease in changes in operating assets and liabilities primarily results from $302,643 in payments to related
parties that significantly reduced short-term related party loans and accrued expenses.
Net
Cash Used by Investing Activities
Net
cash used by investing activities was $-0- and $22,388 for the nine months ended April 30, 2024 and 2023, respectively. The amount is
generally comprised of cash paid for the filing of patent applications and for the development of software for our internal use.
Net
Cash Provided by Financing Activities
Net
cash provided by financing activities was $197,971 for the nine months ended April 30, 2024, which represents a $16,731 increase over
the same period of 2023. The 2024 increase primarily resulted from a $150,000 decrease in principal reduction payments on short term
debt, that was partially offset by a $135,898 increase in payments to related parties for amounts owed for short-term loans and accrued
expenses.
At
this time, we cannot provide investors with any assurance that we will be able to obtain sufficient funding from debt financings and/or
the sale of our equity securities to meet our obligations over the next twelve months. We are likely to continue using short-term loans
from management to meet our short-term funding needs. We have no material commitments for capital expenditures as of April 30, 2024.
Going
Concern Qualification
We
have a history of losses, an accumulated deficit, negative working capital and have not generated cash from operations to support a meaningful
and ongoing business plan. Our Independent Registered Public Accounting Firm has included a “Going Concern Qualification”
in their report for the years ended July 31, 2023 and 2022. The foregoing raises substantial doubt about the Company’s ability
to continue as a going concern. We intend on financing our future activities and working capital needs largely from the sale of private
and/or public equity securities with additional funding from other traditional financing sources, including term notes, until such time
that funds provided by operations are sufficient to fund working capital requirements. There is no guarantee that additional capital
or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to us. The
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The “Going
Concern Qualification” might make it substantially more difficult to raise capital.
Critical
Accounting Policies and Estimates
Our
interim consolidated financial statements and related public financial information are based on the application of U.S. GAAP. U.S. GAAP
requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on
the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in
our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates
and underlying accounting assumptions adhere to U.S. GAAP and are consistently and conservatively applied. We base our estimates on historical
experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially
from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation
of our financial statements.
Our
significant accounting policies are summarized in Note 1 of our interim consolidated financial statements.
There
have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” included in our July 31, 2023 Annual Report.
We
believe the following critical policies impact our more significant judgments and estimates used in preparation of our interim consolidated
financial statements.
Business
Combinations
We
account for business combinations under the acquisition method of accounting. The acquisition method requires that the acquired assets
and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and that changes thereafter be
reflected in income (loss). The estimation of fair values of the assets and liabilities assumed involves several estimates and assumptions
that could differ materially from the actual amounts recorded. The results of the acquired businesses are included in our results from
operations beginning from the day of acquisition.
Risk
and Uncertainties
Factors
that could affect our future operating results and cause actual results to vary materially from management’s expectation include,
but are not limited to: our ability to maintain and secure adequate capital to fund our operations and fully develop our product(s);
our ability to source strong opportunities with sufficient risk adjusted returns; acceptance of the terms and conditions of our licenses
and/or the acceptance of our royalties and fees; the nature and extent of competition from other companies that may reduce market share
and create pressure on pricing and investment return expectations; changes in the projects in which we plan to invest which result from
factors beyond our control, including, but not limited to, a change in circumstances, capacity and economic impacts; changes in laws,
regulations, accounting, taxation, and other requirements affecting our operations and business. Negative developments in these or other
risk factors could have a significant adverse effect on our financial position, results of operations and cash flows.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimates. We base our estimates on experience and various other assumptions that are believed to be reasonable under the circumstances.
We evaluate our estimates and assumptions on a regular basis and actual results may differ from those estimates.
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as
follows:
Level
1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the
measurement date.
Level
2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets
or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as
interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market
data by correlation or other means.
Level
3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions
about the assumptions that market participants would use in pricing the assets or liabilities.
Financial
instruments consist of cash and cash equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial
assets and current financial liabilities approximates their carrying value because of the short-term maturity of these financial instruments.
Intangible
Assets
Intangible
assets consist of patents, our website and the costs of software developed for internal use. Certain payroll and stock-based compensation
costs incurred are allocated to the intangible assets. We determine the amount of costs to be capitalized based on the time spent by
employees or outside contractors on the projects. Intangible assets are amortized over their expected useful life on a straight-line
basis. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining life is changed,
the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life.
Impairment
of Long-Lived Assets
Long-lived
assets such as property, equipment and identifiable intangibles are reviewed for impairment at least annually or whenever facts and circumstances
indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used are recognized
based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets,
if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable, an impairment
loss is recognized for the difference between the carrying amount and fair value of the asset.
Derivative
Liability
Options,
warrants, convertible notes, or other contracts, if any, are evaluated to determine if those contracts, or embedded components of those
contracts, qualify as derivatives to be separately accounted for in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” (paragraph 815-10-05-4
and Section 815-40-25). The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market
each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statements
of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked
to fair value at the date of conversion, exercise, or cancellation and then the related fair value is reclassified to equity.
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated, and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
The
classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification
are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will
be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument
is expected within 12 months of the balance sheet date.
The
Company adopted Section 815-40-15 of the FASB ASC (“Section 815-40-15”) to determine whether an instrument (or an
embedded feature) is indexed to the Company’s own stock. Section 815-40-15 provides that an entity should use a two- step approach
to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the
instrument’s contingent exercise and settlement provisions.
We
utilize a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of
the derivative at each balance sheet date. We record the change in the fair value of the derivative as other income or expense in the
consolidated statements of operations.
Revenue
Recognition
Revenue
is recognized under ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method. Under
this method, the Company follows the five-step model provided by ASC Topic 606 in order to recognize revenue in the following manner:
1) Identify the contract; 2) Identify the performance obligations of the contract; 3) Determine the transaction price of the contract;
4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue. An entity recognizes revenue for the transfer
of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in
exchange for those goods or services.
Often
contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and
generally represent the distinct goods or services that are promised to the customer. Revenue is recognized net of any taxes collected
and subsequently remitted to governmental authorities. If we determine that we have not satisfied a performance obligation, we defer
recognition of the revenue until the performance obligation is satisfied. The agreements are generally non-cancellable or contain significant
penalties for early cancellation, although customers typically have the right to terminate their contracts for cause if we fail to perform
material obligations. However, if non-standard acceptance periods, non-standard performance criteria, or cancellation or right of refund
terms are required, revenue is recognized upon the satisfaction of such criteria.
Contract
Liabilities
The
Company receives payments from customers based upon contractual billing schedules. Contract liabilities include payments received in
advance of performance under the contract. Contract assets include amounts related to the Company’s contractual right to consideration
for completed performance obligations not yet invoiced. Our contract assets and liabilities are reported on an individual contract basis
at the end of each reporting period. Contract liabilities are classified as current or noncurrent based on the timing of when we expect
to recognize revenue. The Company expects to recognize all outstanding contract liabilities over the next 12 months.
Contract
Combination
The
Company may execute more than one contract or agreement with a single customer. The Company evaluates whether the agreements were negotiated
as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance
of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions
reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related
to those arrangements. The Company applied the revenue model to a portfolio of contracts with similar characteristics where we expected
that the financial statements would not differ materially from applying it to the individual contracts within that portfolio.
Stock-Based
Compensation
The
Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation”
(“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It
defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation
cost for stock option plans, if any, in accordance with ASC 718.
Stock-based
payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of stock-based payment awards issued
to non-employees for services rendered have been recorded at the fair value of the stock-based payment, which is the more readily determinable
value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If
an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the
termination of service. Stock-based compensation expenses are included in cost of goods sold or selling, general and administrative expenses,
depending on the nature of the services provided, in the consolidated statements of operations. Stock-based payments issued to placement
agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid in capital.
The
Company recognizes all forms of stock-based payments, including stock option grants, warrants and restricted stock grants, at their fair
value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.
Capital
Resources
We
had no material commitments for capital expenditures as of April 30, 2024.
Off-Balance
Sheet Arrangements
The
Company has no off-balance sheet arrangements as of April 30, 2024.
Item
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We
do not hold any market risk sensitive instruments. We consider our interest rate risk exposure to be minimal as a result of fixing interest
rates on 100% of our debt. At April 30, 2024, there was no floating rate debt that would expose us to market fluctuations in interest
rates.
Item
4. CONTROLS AND PROCEDURES.
Disclosure
Controls and Procedures
Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer,
we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in
Rules 13a-15(e) under the Securities Exchange Act of 1934, as amended, at the end of the period covered by this report (the “Evaluation
Date”). In conducting its evaluation, management considered the material weaknesses described below in Management’s Report
on Internal Control over Financial Reporting.
Based
on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of the Evaluation Date we did not
maintain disclosure controls and procedures that were effective in providing reasonable assurances that information required to be disclosed
in our reports filed under the Securities Exchange act of 1934 was recorded, processed, summarized and reported within the time periods
prescribed by SEC rules and regulations, and that such information was accumulated and communicated to our management to allow timely
decisions regarding required disclosure.
Our
management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures
will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute,
assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that
there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations
in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns
can occur because of simple error or mistake. The design of any system of controls is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential
future conditions.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act,
during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. LEGAL PROCEEDINGS.
On
September 18, 2023, Apex Funding Source, LLC (the “Lender”) filed a lawsuit in the Supreme Court of the State of New
York, County of New York, naming Grasshopper Staffing, Inc. and Indeliving Holdings, Inc., both of which are wholly owned
subsidiaries of the Company, as defendants in the suit. The action against our wholly owned subsidiaries is due to an alleged
guarantee of a loan the Lender made to Blue Earth Resources, Inc. (“BERI”), an entity related to the Company through
common management control. The lawsuit is an action for BERI’s breach of a loan agreement and failure to pay $4,705,900 in
principal and interest to the Lender when due. The lawsuit also named Scott M. Boruff, the CEO and Chairman of the Company’s
Board of Directors, and Platinum Equity Advisors, LLC, the Company’s largest principal shareholder that is controlled by Julie
Boruff, spouse of Scott M. Boruff, as defendants for their alleged guaranty of the BERI loan. On April 18, 2024, the Lender filed a
motion seeking partial summary judgment on its First Cause of Action against BERI and its Second Cause of Action against Scott M.
Boruff in the amount of $4,705,900, plus their actual and reasonable attorneys’ fees. Neither the Company nor its subsidiaries
were included in the motion seeking partial summary judgment. In the event the Lender attempts to enforce the alleged guarantees
against our subsidiaries, we believe we have valid defenses against such an action. In addition, both subsidiaries previously
discontinued their operations and currently have no assets. In the judgement of the Company’s management, if the pending
actions were adversely determined they would not have a material adverse effect on the Company.
Item
1A. RISK FACTORS.
Not
required for emerging growth companies.
Item
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
January 31, 2024, we issued 1,000,000 shares of our common stock at a price of $0.10 per share to an accredited investor resulting in
net proceeds to the Company of $100,000. We incurred no cost related to the private transaction. The net proceeds were used for working
capital. The issuance of the shares was exempt from registration under the Securities Act of 1933 in reliance on an exemption provided
by Section 4(a)2 of that act.
On
February 9, 2024, we issued 250,000 shares of our common stock at a price of $0.10 per share to an accredited investor resulting in net
proceeds to the Company of $25,000. We incurred no cost related to the private transaction. The net proceeds were used for working capital.
The issuance of the shares was exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section
4(a)2 of that act.
On
March 7, 2024, we issued 1,000,000 shares of our common stock at a price of $0.10 per share to an accredited investor resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private transaction. The net proceeds were used for working capital.
The issuance of the shares was exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section
4(a)2 of that act.
On
March 22, 2024, we issued 1,000,000 shares of our common stock at a price of $0.10 per share to an accredited investor resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private transaction. The net proceeds were used for working capital.
The issuance of the shares was exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section
4(a)2 of that act.
Item
3. DEFAULTS UPON SENIOR SECURITIES.
On
various dates during the month of March 2018 we issued a series of 5% Convertible Promissory Notes (collectively, the “5% Notes”)
totaling $750,000 in face amount. The 5% Notes bear interest at the rate of five percent (5%) per annum, compounded annually, and initially
matured one-year from the date of issuance. As of March 18, 2024, 5% Notes with face amounts totaling $575,000 have been converted into
common stock of the Company. 5% Notes with face amounts totaling $175,000 have matured and are currently in default for non-payment of
principal and related accrued interest of $62,611 as of the filing date of this interim report.
On
August 11, 2020 we agreed to repurchase 1,000,000 shares of our common stock from Acorn Management Partners, LLC (“AMP”).
As consideration for the share repurchase, we issued a $50,000 promissory note bearing interest a 6.0% per annum and due one-year from
the date of issuance (the “AMP Note”). The AMP Note was subsequently amended to extend the maturity date to March 31, 2023.
In the event of default, we are required to deliver 1,000,000 shares of our common stock back to AMP in full satisfaction of the obligation.
The AMP Note is currently in default for non-payment of the principal amount of $50,000 and related accrued interest of $11,261 as of
the filing date of this report.
Item
4. MINE SAFETY DISCLOSURES
Not
applicable.
Item
5. OTHER INFORMATION
None.
Item
6. EXHIBITS
*
Filed Herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
Healthcare
Integrated Technologies, Inc. |
|
|
Date:
June 20, 2024 |
|
|
|
By:
|
/s/
Scott M. Boruff |
|
|
Scott
M. Boruff |
|
|
President,
Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
Healthcare
Integrated Technologies, Inc. |
|
|
Date:
June 20, 2024 |
|
|
|
By: |
/s/
Charles B. Lobetti, III |
|
|
Charles
B. Lobetti, III |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit 10.5
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Scott M. Boruff, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q (this “Report”) of Healthcare Integrated Technologies, Inc. (the “Registrant”);
|
|
|
|
|
2. |
Based
on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this Report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in
this Report; |
|
|
|
|
4. |
The
Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this Report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; |
|
|
|
|
d) |
disclosed
in this Report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; |
|
5. |
The
Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent function): |
|
a) |
all
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal controls over financial reporting. |
Date:
June 20, 2024 |
By: |
/s/
Scott M. Boruff |
|
|
Scott
M. Boruff |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Charles B. Lobetti, III, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q (this “Report”) of Healthcare Integrated Technologies, Inc. (the “Registrant”);
|
|
|
|
|
2. |
Based
on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this Report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in
this Report; |
|
|
|
|
4. |
The
Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this Report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; |
|
|
|
|
d) |
disclosed
in this Report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; |
|
5. |
The
Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent function): |
|
a) |
all
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal controls over financial reporting. |
Date:
June 20, 2024 |
By: |
/s/
Charles B. Lobetti, III |
|
|
Charles
B. Lobetti, III |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY
ACT OF 2002
In
connection with the Quarterly Report of Healthcare Integrated Technologies, Inc. (the “Company”), on Form 10-Q for the period
ended April 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Scott M. Boruff,
Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
June 20, 2024 |
By: |
/s/
Scott M. Boruff |
|
|
Scott
M. Boruff |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY
ACT OF 2002
In
connection with the Quarterly Report of Healthcare Integrated Technologies, Inc. (the “Company”), on Form 10-Q for the period
ended April 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Charles B. Lobetti,
III, Chief Financial Officer of the Company, certifies, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
June 20, 2024 |
By: |
/s/
Charles B. Lobetti, III |
|
|
Charles
B. Lobetti, III |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
v3.24.1.1.u2
Cover - shares
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Apr. 30, 2024 |
Jun. 20, 2024 |
Cover [Abstract] |
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Entity File Number |
001-36564
|
|
Entity Registrant Name |
Healthcare
Integrated Technologies, Inc.
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|
Entity Central Index Key |
0001584693
|
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Entity Tax Identification Number |
85-1173741
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Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
311
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v3.24.1.1.u2
Interim Consolidated Balance Sheets - USD ($)
|
Apr. 30, 2024 |
Jul. 31, 2023 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 30
|
$ 411
|
Accounts receivable, net |
14,000
|
|
Prepaid expenses |
33,022
|
34,092
|
Total current assets |
47,052
|
34,503
|
OTHER ASSETS: |
|
|
Intangibles, net |
702,341
|
869,432
|
Total assets |
749,393
|
903,935
|
CURRENT LIABILITIES: |
|
|
Payroll related liabilities |
339,225
|
155,143
|
Total current and total liabilities |
1,584,945
|
1,569,803
|
STOCKHOLDERS’ DEFICIT: |
|
|
Common stock par value $0.001; 200,000,000 shares authorized; 73,218,542 and 68,016,167 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively |
73,219
|
68,016
|
Additional paid-in capital |
15,302,276
|
14,878,282
|
Accumulated deficit |
(16,211,047)
|
(15,612,166)
|
Total stockholders’ deficit |
(835,552)
|
(665,868)
|
Total liabilities and stockholders’ deficit |
749,393
|
903,935
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued expenses |
287,179
|
258,708
|
Notes payable |
225,000
|
225,000
|
Related Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued expenses |
342,868
|
558,883
|
Notes payable |
$ 390,673
|
$ 372,069
|
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v3.24.1.1.u2
Interim Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Apr. 30, 2024 |
Jul. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
73,218,542
|
68,016,167
|
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73,218,542
|
68,016,167
|
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- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Interim Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
REVENUE, NET |
$ 60,283
|
|
$ 82,052
|
|
OPERATING EXPENSES: |
|
|
|
|
Selling, general and administrative |
128,082
|
161,161
|
370,236
|
487,776
|
Stock-based compensation |
78,361
|
92,843
|
104,196
|
243,005
|
Amortization of intangibles |
55,697
|
1,610
|
167,091
|
13,475
|
Total operating expenses |
262,140
|
255,614
|
641,523
|
744,256
|
OPERATING LOSS |
(201,857)
|
(255,614)
|
(559,471)
|
(744,256)
|
OTHER INCOME (EXPENSE): |
|
|
|
|
Interest expense |
(13,361)
|
(118,930)
|
(39,410)
|
(351,648)
|
Change in fair value of derivative liability |
|
128,014
|
|
(11,617)
|
Total other income (expense) |
(13,361)
|
9,084
|
(39,410)
|
(363,265)
|
NET LOSS |
$ (215,218)
|
$ (246,530)
|
$ (598,881)
|
$ (1,107,521)
|
NET LOSS PER COMMON SHARE |
|
|
|
|
Net loss per common share - basic |
|
$ (0.01)
|
$ (0.01)
|
$ (0.03)
|
Net loss per common share - diluted |
|
$ (0.01)
|
$ (0.01)
|
$ (0.03)
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
|
|
|
|
Weighted average number of common shares outstanding - basic |
71,481,879
|
43,697,382
|
69,320,088
|
43,121,977
|
Weighted average number of common shares outstanding - diluted |
71,481,879
|
43,697,382
|
69,320,088
|
43,121,977
|
X |
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v3.24.1.1.u2
Interim Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balances at Jul. 31, 2022 |
$ 42,305
|
$ 11,839,645
|
$ (14,309,708)
|
$ (2,427,758)
|
Balance, shares at Jul. 31, 2022 |
42,304,673
|
|
|
|
Net loss |
|
|
(860,991)
|
(860,991)
|
Shares issued for services |
$ 250
|
|
|
13,750
|
Shares issued for services, shares |
250,000
|
|
|
|
Stock-based compensation |
$ 154
|
189,323
|
|
189,477
|
Stock-based compensation, shares |
154,662
|
|
|
|
Activity |
$ 525
|
263,065
|
(860,991)
|
(597,401)
|
Activity, shares |
525,388
|
|
|
|
Shares issued for the conversion of debt and related accrued interest |
$ 121
|
60,242
|
|
60,363
|
Shares issued for the conversion of debt and related accrued interest, shares |
120,726
|
|
|
|
Balances at Jan. 31, 2023 |
$ 47,482
|
12,738,049
|
(15,417,229)
|
(2,631,698)
|
Balance, shares at Jan. 31, 2023 |
47,482,384
|
|
|
|
Balances at Jul. 31, 2022 |
$ 42,305
|
11,839,645
|
(14,309,708)
|
(2,427,758)
|
Balance, shares at Jul. 31, 2022 |
42,304,673
|
|
|
|
Net loss |
|
|
|
(1,107,521)
|
Balances at Apr. 30, 2023 |
$ 47,482
|
12,738,049
|
(15,417,229)
|
(2,631,698)
|
Balance, shares at Apr. 30, 2023 |
47,482,384
|
|
|
|
Balances at Jul. 31, 2022 |
$ 42,305
|
11,839,645
|
(14,309,708)
|
(2,427,758)
|
Balance, shares at Jul. 31, 2022 |
42,304,673
|
|
|
|
Net loss |
|
|
|
$ (1,302,458)
|
Shares issued for cash, shares |
3,000,000
|
|
|
25,711,494
|
Shares issued for services, shares |
450,000
|
|
|
|
Balances at Jul. 31, 2023 |
$ 68,016
|
14,878,282
|
(15,612,166)
|
$ (665,868)
|
Balance, shares at Jul. 31, 2023 |
68,016,167
|
|
|
|
Balances at Jan. 31, 2023 |
$ 47,482
|
12,738,049
|
(15,417,229)
|
(2,631,698)
|
Balance, shares at Jan. 31, 2023 |
47,482,384
|
|
|
|
Net loss |
|
|
(246,530)
|
(246,530)
|
Shares issued for cash |
$ 3,000
|
297,000
|
|
300,000
|
Shares issued for cash, shares |
3,000,000
|
|
|
|
Shares issued for services |
$ 200
|
14,800
|
|
15,000
|
Shares issued for services, shares |
200,000
|
|
|
|
Stock-based compensation |
$ 198
|
97,570
|
|
97,768
|
Stock-based compensation, shares |
197,877
|
|
|
|
Activity |
$ 4,652
|
635,339
|
(246,530)
|
393,461
|
Activity, shares |
4,652,323
|
|
|
|
Shares issued for the conversion of debt and related accrued interest |
$ 254
|
126,969
|
|
127,223
|
Shares issued for the conversion of debt and related accrued interest, shares |
254,446
|
|
|
|
Shares issued for note amendment fees |
$ 1,000
|
99,000
|
|
100,000
|
Shares issued for note amendment fees, shares |
1,000,000
|
|
|
|
Balances at Apr. 30, 2023 |
$ 47,482
|
12,738,049
|
(15,417,229)
|
(2,631,698)
|
Balance, shares at Apr. 30, 2023 |
47,482,384
|
|
|
|
Balances at Jul. 31, 2023 |
$ 68,016
|
14,878,282
|
(15,612,166)
|
(665,868)
|
Balance, shares at Jul. 31, 2023 |
68,016,167
|
|
|
|
Net loss |
|
|
(383,663)
|
(383,663)
|
Shares issued for cash |
$ 1,000
|
99,000
|
|
100,000
|
Shares issued for cash, shares |
1,000,000
|
|
|
|
Shares issued for services |
$ 1,100
|
(1,100)
|
|
|
Shares issued for services, shares |
1,100,000
|
|
|
|
Issuance of shares for loan modification |
$ 327
|
(327)
|
|
|
Issuance of shares for loan modification , shares |
326,813
|
|
|
|
Stock-based compensation |
$ 282
|
25,553
|
|
25,835
|
Stock-based compensation, shares |
282,031
|
|
|
|
Activity |
$ 2,709
|
123,126
|
(383,663)
|
(257,828)
|
Activity, shares |
2,708,844
|
|
|
|
Balances at Jan. 31, 2024 |
$ 73,219
|
15,302,276
|
(16,211,047)
|
(835,553)
|
Balance, shares at Jan. 31, 2024 |
73,218,542
|
|
|
|
Balances at Jul. 31, 2023 |
$ 68,016
|
14,878,282
|
(15,612,166)
|
(665,868)
|
Balance, shares at Jul. 31, 2023 |
68,016,167
|
|
|
|
Net loss |
|
|
|
(598,881)
|
Shares issued for cash, shares |
3,250,000
|
|
|
|
Shares issued for services, shares |
1,100,000
|
|
|
|
Balances at Apr. 30, 2024 |
$ 73,219
|
15,302,276
|
(16,211,047)
|
(835,552)
|
Balance, shares at Apr. 30, 2024 |
73,218,542
|
|
|
|
Balances at Jan. 31, 2024 |
$ 73,219
|
15,302,276
|
(16,211,047)
|
(835,553)
|
Balance, shares at Jan. 31, 2024 |
73,218,542
|
|
|
|
Net loss |
|
|
(215,218)
|
(215,218)
|
Shares issued for cash |
$ 2,250
|
222,750
|
|
225,000
|
Shares issued for cash, shares |
2,250,000
|
|
|
|
Issuance of shares for loan modification |
$ 244
|
(244)
|
|
|
Issuance of shares for loan modification , shares |
243,531
|
|
|
|
Stock-based compensation |
|
78,362
|
|
78,362
|
Activity |
$ 2,494
|
300,867
|
(215,218)
|
88,144
|
Activity, shares |
2,493,531
|
|
|
|
Balances at Apr. 30, 2024 |
$ 73,219
|
$ 15,302,276
|
$ (16,211,047)
|
$ (835,552)
|
Balance, shares at Apr. 30, 2024 |
73,218,542
|
|
|
|
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v3.24.1.1.u2
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jul. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Net loss |
$ (215,218)
|
$ (246,530)
|
$ (383,663)
|
$ (860,991)
|
$ (598,881)
|
$ (1,107,521)
|
$ (1,302,458)
|
Adjustments to reconcile loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Amortization |
55,697
|
1,610
|
|
|
167,091
|
13,475
|
|
Stock-based compensation |
78,361
|
92,843
|
|
|
104,196
|
243,005
|
|
Shares issued for services |
|
|
|
|
|
15,000
|
|
Shares issued for note amendment fees |
|
|
|
|
|
100,000
|
|
Amortization of debt discount |
|
|
|
|
|
194,394
|
|
Change in fair value of derivative liability |
|
(128,014)
|
|
|
|
11,617
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
|
|
(14,000)
|
|
|
Prepaid expenses and other current assets |
|
|
|
|
1,070
|
2,561
|
|
Accounts payable and accrued expenses |
|
|
|
|
28,471
|
77,527
|
|
Accounts payable and accrued expenses, related party |
|
|
|
|
(70,381)
|
242,550
|
|
Payroll related liabilities |
|
|
|
|
184,082
|
129,827
|
|
NET CASH USED BY OPERATING ACTIVITIES |
|
|
|
|
(198,352)
|
(77,565)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Cash paid for intangible assets |
|
|
|
|
|
(22,388)
|
|
NET CASH USED BY INVESTING ACTIVITIES |
|
|
|
|
|
(22,388)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
325,000
|
300,000
|
|
Repayment of short-term debt |
|
|
|
|
|
(150,000)
|
|
Proceeds from related party loans |
|
|
|
|
72,030
|
94,401
|
|
Payments of amounts owed to related parties |
|
|
|
|
(199,059)
|
(63,161)
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
|
|
197,971
|
181,240
|
|
Net change in cash and cash equivalents |
|
|
|
|
(381)
|
81,287
|
|
Cash and cash equivalents, beginning of period |
|
|
$ 411
|
$ 1,051
|
411
|
1,051
|
1,051
|
Cash and cash equivalents, end of period |
$ 30
|
$ 82,338
|
|
|
30
|
82,338
|
$ 411
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
|
30,000
|
|
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Capital expenditures included in payroll related liabilities |
|
|
|
|
|
82,998
|
|
Capital expenditures from stock-based compensation |
|
|
|
|
|
57,991
|
|
Shares issued for payment of convertible debt |
|
|
|
|
|
150,000
|
|
Shares issued for payment of accrued expenses |
|
|
|
|
|
$ 37,586
|
|
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Healthcare
Integrated Technologies, Inc. and its subsidiaries (collectively the “Company,” “we,” “our” or “us”)
is a healthcare technology company based in Knoxville, Tennessee. We are creating a diversified spectrum of healthcare technology solutions
to integrate and automate the continuing care, home care and professional healthcare spaces.
Our
initial product, SafeSpace™ with AI Vision™, is an ambient fall detection solution designed for continuing care communities
and at home use. SafeSpace includes hardware devices utilizing RGB, radar and other sensor technology coupled with our internally developed
software to effectively monitor a person remotely. In continuing care communities, SafeSpace detects resident falls and generates alerts
to a centralized, intelligent dashboard without the use of wearable devices or any action by the resident. In the home, SafeSpace detects
falls and sends alerts directly to designated individuals.
We
recently introduced and are currently pilot testing two additional products - SafeFace™ and SafeGuard™. SafeFace provides
fully automated and ambient time and attendance reporting for facility staff, and an integrated and automatic agency invoice reconciliation
feature. SafeGuard is a novel fully ambient elopement detection and alerting system based on our facial recognition technology.
In
addition to our current product offerings, we are developing a home concierge healthcare service application to provide a virtual assisted
living experience for seniors, recently released postoperative patients and others. The concierge application will enable the consumer
to obtain home healthcare services and health and safety monitoring equipment to improve quality of life. We are also working to develop
a fully integrated solution for the professional healthcare community that integrates electronic health records, remote patient monitoring,
telehealth, and other items where integration is beneficial.
Basis
of Presentation
The
accompanying interim consolidated financial statements include those of Healthcare Integrated Technologies, Inc. and its subsidiaries,
after elimination of all intercompany accounts and transactions. We have prepared the accompanying interim consolidated financial statements
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to
the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain
all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management,
the accompanying interim consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring
accruals) to fairly present the financial position of the Company as of April 30, 2024 and the results of operations and cash flows for
the periods presented. The results of operations for the nine months ended April 30, 2024 are not necessarily indicative of the operating
results for the full fiscal year or any future period. These interim consolidated financial statements should be read in conjunction
with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
July 31, 2023 filed with the SEC on November 13, 2023.
Consolidation
Policy
Our
consolidated financial statements are consolidated in accordance with U.S. GAAP and include our accounts and the accounts of our wholly
owned subsidiaries. We eliminate all intercompany transactions from our financial results.
Business
Combinations
We
account for business combinations under the acquisition method of accounting. The acquisition method requires that the acquired assets
and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and that changes thereafter be
reflected in income (loss). The estimation of fair values of the assets and liabilities assumed involves several estimates and assumptions
that could differ materially from the actual amounts recorded. The results of the acquired businesses are included in our results from
operations beginning from the day of acquisition.
Risk
and Uncertainties
Factors
that could affect our future operating results and cause actual results to vary materially from management’s expectation include,
but are not limited to: our ability to maintain and secure adequate capital to fund our operations and fully develop our product(s);
our ability to source strong opportunities with sufficient risk adjusted returns; acceptance of the terms and conditions of our licenses
and/or the acceptance of our royalties and fees; the nature and extent of competition from other companies that may reduce market share
and create pressure on pricing and investment return expectations; changes in the projects in which we plan to invest which result from
factors beyond our control, including, but not limited to, a change in circumstances, capacity and economic impacts; changes in laws,
regulations, accounting, taxation, and other requirements affecting our operations and business. Negative developments in these or other
risk factors could have a significant adverse effect on our financial position, results of operations and cash flows.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those
estimates. We base our estimates on experience and various other assumptions that are believed to be reasonable under the circumstances.
We evaluate our estimates and assumptions on a regular basis and actual results may differ from those estimates.
Reclassifications
Certain
prior period amounts may be reclassified to conform to current period presentation with no changes to previously reported net loss or
stockholders’ deficit.
Cash
and Cash Equivalents
We
consider all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The balance at times may exceed federally insured limits. No loss has been experienced and management does not believe we are exposed
to any significant credit risk.
Accounts
Receivable
Accounts
receivable are stated at their historical carrying amount net of write-offs and allowance for uncollectible accounts. The Company has
not charged interest on its accounts receivable. We routinely assess the recoverability of all customer and other receivables to determine
their collectability based upon known bad debt risks and past loss history, customer payment practices and economic conditions and, if
necessary, will record a reserve when, based on the judgement of management, it is probable that a receivable will not be collected and
the amount of the reserve may be reasonably estimated. When collection is no longer pursued, we will charge uncollectable accounts receivable
against the reserve. The Company recognized no bad debt expense, write-offs, or recoveries for the nine months ended April 30, 2024 and
2023.
Concentration
of Credit Risk
Financial
instruments that potentially expose the Company to credit risk consist of demand deposits with a financial institution. The Company is
exposed to credit risk on its cash and cash equivalents in the event of default by the financial institution to the extent account balances
exceed the amount insured by the FDIC, which is $250,000. One (1) customer accounted for 100% of our consolidated accounts receivable
at April 30, 2024 and 100% of our consolidated revenue for the nine months ended April 30, 2024.
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as
follows:
Level
1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access
at the measurement date.
Level
2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability
(such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated
by market data by correlation or other means.
Level
3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions
about the assumptions that market participants would use in pricing the assets or liabilities.
Financial
instruments consist of cash and cash equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial
assets and current financial liabilities approximates their carrying value because of the short-term maturity of these financial instruments.
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for major additions and improvements are capitalized
while minor replacements and maintenance and repairs, which do not improve or extend the life of such assets, are charged to operations
as incurred. Disposals are removed at cost less accumulated depreciation, and any resulting gain or loss is reflected in the interim
consolidated statements of operations. Depreciation is calculated using the straight-line method which depreciates the assets over the
estimated useful lives of the depreciable assets ranging from five to seven years.
Intangible
Assets
Intangible
assets consist of patents, our website and the costs of software developed for internal use. Certain payroll and stock-based compensation
costs incurred are allocated to the intangible assets. We determine the amount of costs to be capitalized based on the time spent by
employees or outside contractors on the projects. Intangible assets are amortized over their expected useful life on a straight-line
basis. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining life is changed,
the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life. We did not recognize
any impairment losses during any of the periods presented.
Impairment
of Long-Lived Assets
Long-lived
assets such as property, equipment and identifiable intangibles are reviewed for impairment at least annually, or whenever facts and
circumstances indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used
are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value
of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable,
an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. The Company did not recognize
any impairment losses for any periods presented.
Derivative
Liability
Options,
warrants, convertible notes, or other contracts, if any, are evaluated to determine if those contracts, or embedded components of those
contracts, qualify as derivatives to be separately accounted for in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” (paragraph 815-10-05-4
and Section 815-40-25). The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market
each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statements
of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked
to fair value at the date of conversion, exercise, or cancellation and then the related fair value is reclassified to equity.
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated, and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
The
classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification
are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will
be classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument is expected
within 12 months of the balance sheet date.
The
Company adopted Section 815-40-15 of the FASB ASC (“Section 815-40-15”) to determine whether an instrument (or an
embedded feature) is indexed to the Company’s own stock. Section 815-40-15 provides that an entity should use a two-step approach
to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the
instrument’s contingent exercise and settlement provisions.
We
utilize a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of
the derivative liability at each balance sheet date. We record the change in the fair value of the derivative liability as other income
or expense in the consolidated statements of operations.
We
had no derivative assets or liabilities as of April 30, 2024 and July 31, 2023.
Related
Parties
The
Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant
to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any
specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners
of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
Revenue
Recognition
The
Company’s revenue recognition policy is to recognize revenue in accordance with ASC 606, “Revenue from Contracts with
Customers.” The Company follows the five-step model provided by ASC Topic 606 in order to recognize revenue in the following
manner: 1) Identify the contract; 2) Identify the performance obligations of the contract; 3) Determine the transaction price of the
contract; 4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue. An entity recognizes revenue for
the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to
be entitled in exchange for those goods or services.
Often
contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and
generally represent the distinct goods or services that are promised to the customer. Revenue is recognized net of any taxes collected
and subsequently remitted to governmental authorities. If we determine that we have not satisfied a performance obligation, we defer
recognition of the revenue until the performance obligation is satisfied. The agreements are generally non-cancellable or contain significant
penalties for early cancellation, although customers typically have the right to terminate their contracts for cause if we fail to perform
material obligations. However, if non-standard acceptance periods, non-standard performance criteria, or cancellation or right of refund
terms are required, revenue is recognized upon the satisfaction of such criteria.
Contract
Liabilities
The
Company receives payments from customers based upon contractual billing schedules. Contract liabilities include payments received in
advance of performance under the contract. Contract assets include amounts related to the Company’s contractual right to consideration
for completed performance obligations not yet invoiced. Our contract assets and liabilities are reported on an individual contract basis
at the end of each reporting period. Contract liabilities are classified as current or noncurrent based on the timing of when we expect
to recognize revenue. The Company expects to recognize all outstanding contract liabilities over the next 12 months.
Contract
Combination
The
Company may execute more than one contract or agreement with a single customer. The Company evaluates whether the agreements were negotiated
as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance
of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions
reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related
to those arrangements. The Company applied the revenue model to a portfolio of contracts with similar characteristics where we expected
that the financial statements would not differ materially from applying it to the individual contracts within that portfolio.
Advertising
and Marketing
Advertising
and marketing costs are expensed as incurred in accordance with ASC 720-35, “Advertising Costs.” We incurred advertising
and marketing costs of $5,864 and $5,418 for the nine months ended April 30, 2024 and 2023, respectively, which are included in selling,
general and administrative expenses on the interim consolidated financial statements.
Stock-Based
Compensation
The
Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation”
(“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It
defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation
cost for stock option plans, if any, in accordance with ASC 718.
Stock-based
payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of stock-based payment awards issued
to non-employees for services rendered have been recorded at the fair value of the stock-based payment, which is the more readily determinable
value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If
an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the
termination of service. Stock-based compensation expense is included in cost of goods sold or selling, general and administrative expenses,
depending on the nature of the services provided, in the interim consolidated statements of operations. Stock-based payments issued to
placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid-in capital.
The
Company recognizes all forms of stock-based payments, including stock option grants, warrants and restricted stock grants, at their fair
value on the grant date, which are based on the estimated number of awards that are expected to vest. See Note 9 - Stock-Based Compensation.
Income
Taxes
We
use the asset and liability method of accounting for income taxes in accordance with Topic 740, “Income Taxes”. Under
this method, income tax expense is recognized for the amount of: (1) taxes payable or refundable for the current year and (2) deferred
tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements
or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance
is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is
more likely than not some portion or all of the deferred tax assets will not be realized.
ASC
Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. ASC Topic 740-10-40 provides guidance on de-recognition, classification, interest and
penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting
periods presented.
Net
Loss Per Common Share
We
determine basic loss per share and diluted loss per share in accordance with the provisions of ASC 260, “Earnings Per Share.”
Basic loss per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average
number of common shares outstanding for the period. The calculation of diluted income loss per share is similar to that of basic earnings
per share, except the denominator is increased, if the earnings are positive, to include the number of additional common shares that
would have been outstanding if all potentially dilutive common shares had been exercised.
Recently
Adopted Accounting Pronouncements
On
August 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and
Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminates the existing troubled debt restructuring recognition and measurement
guidance, and instead aligns the accounting treatment to that of other loan modifications. The amendments enhance existing disclosure
requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial
difficulty. ASU 2022-02 also requires that entities disclose current-period gross write-offs by year of origination for financing receivables
and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial
statements.
Recent
Accounting Pronouncements
Management
has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”)
through the date these interim consolidated financial statements were available to be issued and found no recent accounting pronouncements
issued, but not yet effective, that when adopted, will have a material impact on the interim consolidated financial statements of the
Company.
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v3.24.1.1.u2
GOING CONCERN
|
9 Months Ended |
Apr. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
2 - GOING CONCERN
The
accompanying interim consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation
of the Company as a going concern. The Company had net losses of $598,881 for the nine months ended April 30, 2024 and $1,302,458 for
its most recent fiscal year ended July 31, 2023. As of April 30, 2024, the Company has a significant working capital deficit. We have
a history of losses, an accumulated deficit, have negative working capital and have not generated cash from our operations to support
a meaningful and ongoing business plan. It is management’s opinion that these conditions raise substantial doubt about the Company’s
ability to continue as a going concern.
In
view of these matters, our ability to continue as a going concern is dependent upon the continuing development, marketing and sales of
a viable product to achieve a level of profitability. We intend to finance our future development activities and our working capital
needs from the sale of private and public equity securities with additional funding from other traditional financing sources, including
term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. Although the Company
believes in the viability of management’s strategy to generate sufficient revenue, control costs and the ability to raise additional
capital, there can be no assurances to that effect. Therefore, the accompanying interim consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. The interim consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be
necessary should we be unable to continue as a going concern.
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v3.24.1.1.u2
INTANGIBLES, NET
|
9 Months Ended |
Apr. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLES, NET |
NOTE
3 - INTANGIBLES, NET
Intangibles,
net consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF INTANGIBLES ASSET
| |
April 30, 2024 | | |
July 31, 2023 | |
Developed Software | |
| 627,440 | | |
| 627,440 | |
Patents | |
| 258,422 | | |
| 258,422 | |
Website | |
| 8,785 | | |
| 8,785 | |
Intangibles, gross | |
| 8,785 | | |
| 8,785 | |
Less: accumulated amortization | |
| (192,306 | ) | |
| (25,215 | ) |
Total intangibles, net | |
$ | 702,341 | | |
$ | 869,432 | |
Amortization
expense for the nine months ended April 30, 2024 and 2023 was $167,091 and $13,475, respectively. Amortization expense for the nine months
ended April 30, 2023 includes $8,279 related to the abandonment of a patent during the period.
Intangibles
are amortized over their estimated useful lives of two (2) to twenty (20) years. As of April 30, 2024, the weighted average remaining
useful life of intangibles being amortized was approximately 7 years. We expect the remaining aggregate amortization expense for each
of the five succeeding years to be as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
| |
| | |
2024 | |
$ | 55,697 | |
2025 | |
| 222,788 | |
2026 | |
| 222,788 | |
2027 | |
| 13,641 | |
2028 | |
| 13,641 | |
Thereafter | |
| 173,786 | |
Total remaining expected amortization expense | |
$ | 702,341 | |
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v3.24.1.1.u2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
9 Months Ended |
Apr. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
4 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accounts payable | |
$ | 209,227 | | |
$ | 197,234 | |
Accrued expenses | |
| 5,800 | | |
| - | |
Accrued interest expense | |
| 72,152 | | |
| 61,474 | |
Accounts payable and accrued expenses | |
| 287,179 | | |
| 258,708 | |
| |
| | | |
| | |
Accounts payable, related party | |
| 201,790 | | |
| 328,819 | |
Accrued expenses, related party | |
| 141,078 | | |
| 230,064 | |
Accounts payable and accrued expenses, related party | |
| 342,868 | | |
| 558,883 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 630,047 | | |
$ | 817,591 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.1.u2
PAYROLL RELATED LIABILITIES
|
9 Months Ended |
Apr. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
PAYROLL RELATED LIABILITIES |
NOTE
5 - PAYROLL RELATED LIABILITIES
Payroll
related liabilities consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF PAYROLL RELATED LIABILITIES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accrued officers’ payroll | |
$ | 327,155 | | |
$ | 143,073 | |
Payroll taxes payable | |
| 12,070 | | |
| 12,070 | |
Total payroll related liabilities | |
$ | 339,225 | | |
$ | 155,143 | |
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v3.24.1.1.u2
NOTE PAYABLE, RELATED PARTY
|
9 Months Ended |
Apr. 30, 2024 |
Note Payable Related Party |
|
NOTE PAYABLE, RELATED PARTY |
NOTE
6 - NOTE PAYABLE, RELATED PARTY
On
June 12, 2023, we issued a Promissory Note to Platinum Equity Advisors, LLC, a related party (the “Platinum Note 1”), in
the principal amount of $372,069. The Platinum Note is unsecured and bears interest at 10% per annum. The principal amount of the note
plus accrued interest of $18,604 was due in a single lump sum payment on December 12, 2023. We incurred no issuance cost on the transaction
and the proceeds were used to retire debt.
On
December 12, 2023 we issued a new promissory note to Platinum Equity Advisors, LLC in the principal amount of $390,673 (the “Platinum
Note 2”) as full payment of the Platinum Note 1 principal and accrued interest due on such date. The Platinum Note 2 is unsecured
and bears interest at 10% per annum. The principal amount of the note plus accrued interest of $19,534 is due in a single lump sum payment
on June 12, 2024. We incurred no issuance cost on the transaction.
Platinum
Equity Advisors, LLC is a related party, is our largest shareholder, and is owned 100% by the spouse of our CEO and Charman of our Board
of Directors.
At
April 30, 2024, the principal balance of the Platinum Note 2 remained $390,673 and accrued but unpaid interest was $15,193. The accrued
interest is included in Accounts payable and accrued expenses, related party on our interim consolidated balance sheets. The amounts
and terms of the related party transactions 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.
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NOTES PAYABLE
|
9 Months Ended |
Apr. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
7 - NOTES PAYABLE
We
had the following debt obligations reflected at their respective carrying values on our interim consolidated balance sheets as of April
30, 2024 and July 31, 2023:
SCHEDULE OF DEBT OBLIGATIONS
| |
April 30, 2024 | | |
July 31, 2023 | |
5% Convertible promissory notes | |
$ | 175,000 | | |
$ | 175,000 | |
Note payable to Acorn Management Partners, LLC | |
| 50,000 | | |
| 50,000 | |
Notes payable | |
$ | 225,000 | | |
$ | 225,000 | |
5%
Convertible Promissory Notes
On
various dates during the month of March 2018, we issued a series of 5% Convertible Promissory Notes (collectively, the “5% Notes”)
totaling $750,000 in net proceeds. We incurred no costs related to the issuance of the 5% Notes. The 5% Notes bear interest at the rate
of five percent (5%) per annum, compounded annually and matured one-year from the date of issuance. At April 30, 2024 and July 31, 2023,
accrued but unpaid interest on the 5% Notes was $60,982 and $52,555, respectively, which is included in “Accounts payable and accrued
expenses” on our interim consolidated balance sheets.
The
5% Notes are convertible into common shares of the Company at a fixed ratio of two shares of common stock per dollar amount of the face
value of the note. The principal terms under which the 5% Notes may be converted into common stock of the Company are as follows:
|
● |
At
the option of the holder, the outstanding principal amount of the note, and any accrued but unpaid interest due, may be converted
into the Company’s common stock at any time prior to the maturity date of the note. |
|
|
|
|
● |
The
outstanding principal amount of the note, and any accrued but unpaid interest due, will automatically be converted into the Company’s
common stock if at any time prior to the maturity date of the note, the Company concludes a sale of equity securities in a private
offering resulting in gross proceeds to the Company of at least $1,000,000. |
There
were no 5% Notes converted into shares of our common stock during the nine months ended April 30, 2024. 5% Notes with a face amount of
$150,000 and related accrued interest of $37,586 were converted into shares of our common stock during the year ended July 31, 2023.
At April 30, 2024, 5% Notes with a face amount of $175,000 and related accrued interest expense of $60,982 are currently in default and
are not convertible under the conversion terms. Management is currently negotiating amendments to the notes in default to extend the
maturity dates of such notes and to encourage note conversions.
Note
Payable to Acorn Management Partners, LLC
On
August 11, 2020 we agreed to repurchase 1,000,000 shares of our common stock from Acorn Management Partners, LLC (“AMP”).
As consideration for the share repurchase, we issued a $50,000 promissory note bearing interest a 6.0% per annum and due one-year from
the date of issuance (the “Acorn Note”). In the event we default under the terms of the Acorn Note, we are required to deliver
1,000,000 shares of our common stock back to AMP in full satisfaction of the obligation. AMP delivered the purchased shares directly
to the transfer agent on September 8, 2020 and immediately cancelled. At April 30, 2024 and July 31, 2023, accrued but unpaid interest
on the Acorn Note was $11,169 and $8,919, respectively, which is included in “Accounts payable and accrued expenses” on our
interim consolidated balance sheets. At April 30, 2024, the note and related accrued interest expense is in default. Management is currently
negotiating an amendment to the note to extend the maturity date.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
COMMON STOCK
|
9 Months Ended |
Apr. 30, 2024 |
Equity [Abstract] |
|
COMMON STOCK |
NOTE
8 - COMMON STOCK
At
April 30, 2024 and July 31, 2023, we had 73,218,542
and 68,016,167
shares of common stock outstanding, respectively.
We issued 3,250,000
shares for cash, 1,100,000
shares for services, 570,344
shares for a loan modification fee, and 282,031
shares for the vesting of restricted stock grants
during the nine months ended April 30, 2024. During the fiscal year ended July 31, 2023, we issued 25,711,494
shares of common stock, of which 19,722,260
were issued for the payment of accrued expenses,
3,000,000
shares were issued for cash, 1,500,000
shares were issued for payment of note extension
fees, 664,062
shares were issued upon the vesting of restricted
stock grants, 450,000
shares were issued for services, and 375,172
shares were issued for the conversion of debt
and related accrued interest.
On
August 26, 2022, we executed a consulting agreement with G. Shayne Bench, individually, and Bucuti Investments, LLC, or assignee (“Bench”)
to provide business advisory services in analyzing, structuring, negotiating and effecting business combinations, and serving on our
Board of Directors. Pursuant to the terms of the agreement, we provided Bench a one (1) year restricted stock award of 846,093 shares,
which were valued at $0.0135 on the award date. The restricted stock award vest ratably, on a monthly basis, at the end of each month
of completed service. Vested common shares are issued on a quarterly basis in accordance with the Company’s quarterly reporting
periods. As of April 30, 2024, all 846,093 shares under the restricted stock award have been issued.
On
August 1, 2023, we issued 211,523 shares of common stock to a member of our Board of Directors as compensation for serving on the Board
and for providing certain other business advisory services. The shares were issued at an estimated value of $0.0135 per share.
On
October 19, 2023, we issued 500,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on October 19, 2022. The shares were issued to the consultant at an estimated value of $0.033 per share.
On
October 19, 2023, we issued 500,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on October 19, 2022. The shares were issued to the consultant at an estimated value of $0.033 per share.
On
November 1, 2023, we issued 70,508 shares of common stock to a member of our Board of Directors as compensation for serving on the Board
and for providing certain other business advisory services. The shares were issued at an estimated value of $0.0135 per share.
On
November 1, 2023, we issued 100,000 shares of common stock to a consultant pursuant to the terms of a consulting agreement entered into
on September 1, 2023. The shares were issued to the consultant at an estimated value of $0.024 per share.
On
December 8, 2023, we issued 326,813 shares of common stock to a previous lender pursuant to a make whole provision included as part of
a loan modification fee. The shares were issued at an estimated value of $0.0665 per share.
On
January 31, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in
net proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
February 9, 2024, we completed a private placement of 250,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $25,000. We incurred no cost related to the private placement.
On
March 7, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
March 22, 2024, we completed a private placement of 1,000,000 shares of our common stock at a price of $0.10 per share resulting in net
proceeds to the Company of $100,000. We incurred no cost related to the private placement.
On
April 16, 2024, we issued 243,531 shares of common stock to a previous lender pursuant to a make whole provision included as part of
a loan modification fee. The shares were issued at an estimated value of $0.0665 per share.
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- DefinitionThe entire disclosure for equity.
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v3.24.1.1.u2
STOCK-BASED COMPENSATION
|
9 Months Ended |
Apr. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
9 - STOCK-BASED COMPENSATION
Our
stock-based compensation programs are long-term retention awards that are intended to attract, retain, and provide incentives for employees,
officers and directors, and to align stockholder and employee interest. We utilize grants of both stock options and warrants and restricted
stock to achieve those goals.
Summary
of Stock Options and Warrants
Our
stock-based compensation programs are long-term retention awards that are intended to attract, retain, and provide incentives for employees,
officers and directors, and to align stockholder and employee interest. We utilize grants of both stock options and warrants and restricted
stock to achieve those goals.
During
the nine months ended April 30, 2024, we recorded $76,482 of compensation expense related to stock options and warrants. During the nine
months ended April 30, 2023, we recorded $189,869 of compensation expense, net of capitalized expense of $57,991, related to stock options
and warrants. The grant date fair value of stock options and warrants during the nine months ended April 30, 2024 was $69,776. We granted
no stock options or warrants during the nine months ended April 30, 2023.
The
following table summarizes our options and warrant activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF OPTIONS AND WARRANTS ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
| |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | | |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | |
Balance at beginning of year | |
| 6,350,000 | | |
$ | 0.24 | | |
| 8,850,000 | | |
$ | 1.02 | |
Granted | |
| 1,250,000 | | |
| 0.07 | | |
| - | | |
| - | |
Canceled | |
| (1,250,000 | ) | |
| 0.23 | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| (2,500,000 | ) | |
| 3.00 | |
Balance at end of period | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,350,000 | | |
$ | 0.24 | |
Options and warrants exercisable | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,066,666 | | |
$ | 0.23 | |
Summary
of Restricted Stock Grants
During
the nine months ended April 30, 2024 and 2023, we recorded compensation expense related to restricted stock grants of $27,714 and $39,386,
respectively. The grant date fair value of restricted stock awards during the nine months ended April 30, 2024 and 2023 was $33,805 and
$76,422, respectively.
The
following table summarizes our restricted stock activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF RESTRICTED STOCK ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
Balance at beginning of period | |
| 2,282,031 | | |
| 100,000 | |
Granted | |
| 1,300,000 | | |
| 2,846,093 | |
Released | |
| (1,382,031 | ) | |
| (664,062 | ) |
Balance at end of period | |
| 2,200,000 | | |
| 2,282,031 | |
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Apr. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
10 - RELATED PARTY TRANSACTIONS
To
continue operations and meet operating cash requirements, we have periodically relied on short term loans from related parties, primarily
shareholders, until such time as our cash flow from operations meets our cash requirements, or we are able to obtain adequate financing
through sales of our equity securities and/or traditional debt financing. There is 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, 2024 and July 31, 2023, related parties were owed $201,790 and $328,819,
respectively, which are included in Accounts payable and accrued expenses, related party on the interim consolidated balance sheets (See
“Note 4 - Accounts Payable and Accrued Expenses”). 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 Charman of our Board of Directors. At April 30, 2024 and July 31, 2023, we owed Platinum Equity $125,886
and $225,000, 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 consolidated balance sheets (See “Note 4 - Accounts Payable and Accrued Expenses”).
On
December 12, 2023, we issued a Promissory Note to Platinum Equity in the principal amount of $390,673. The note, plus accrued interest,
is due on June 12, 2024. At April 30, 2024, accrued but unpaid interest on the note was $15,193 (See “Note 4 - Accounts Payable
and Accrued Expenses” and “Note 6 - Notes Payable, Related Party”). The amount and terms of the related
party loan may not necessarily be indicative of the amount and terms that would have been incurred had comparable transactions been entered
into with independent third parties.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Apr. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
11 - COMMITMENTS AND CONTINGENCIES
Litigation
On
September 18, 2023, Apex Funding Source, LLC (the “Lender”) filed a lawsuit in the Supreme Court of the State of New
York, County of New York, naming Grasshopper Staffing, Inc. and Indeliving Holdings, Inc., both of which are wholly owned
subsidiaries of the Company, as defendants in the suit. The action against our wholly owned subsidiaries is due to an alleged
guarantee of a loan the Lender made to Blue Earth Resources, Inc. (“BERI”), an entity related to the Company through
common management control. The lawsuit is an action for BERI’s breach of a loan agreement and failure to pay $4,705,900
in principal and interest to the Lender when due. The lawsuit also named Scott M. Boruff, the CEO and Chairman of the
Company’s Board of Directors, and Platinum Equity Advisors, LLC, the Company’s largest principal shareholder that is
controlled by Julie Boruff, spouse of Scott M. Boruff, as defendants for their alleged guaranty of the BERI loan.
On
April 18, 2024, the Lender filed a motion seeking partial summary judgment on its First Cause of Action against BERI and its Second Cause
of Action against Scott M. Boruff in the amount of $4,705,900, plus their actual and reasonable attorneys’ fees. Neither the Company
nor its subsidiaries were included in the motion seeking partial summary judgment.
In
the event the Lender attempts to enforce the alleged guarantees against our subsidiaries, we believe we have valid defenses against such
an action. In addition, both subsidiaries previously discontinued their operations and currently have no assets. In the judgement of
the Company’s management, if the pending actions were adversely determined they would not have a material adverse effect on the
Company.
Employment
and Consulting Agreements
On
January 31, 2024, we entered into a Non-Employee Chief Executive Officer Engagement Agreement (the “Contract CEO Agreement”)
with Platinum Equity Advisors, LLC (“Platinum”) to provide the services of Scott M. Boruff as Chief Executive Officer and
Chairman of the Board of Directors of the Company for a term of three (3) years. Effective as of August 1, 2023, the Company shall pay
Platinum an annual base fee of $102,000. The initial base fee is intended to compensate Platinum for a time commitment of up to 1/3 of
the CEO’s time, attention, skill and best efforts to the Company. At the discretion of the Board of Directors, the base fee may
be increased to a maximum annual amount of $306,000 to better reflect the value of any future increases in the CEO’s time commitment
to the Company. If the Contract CEO Agreement is terminated by us without cause or by Platinum for good reason, we are obligated to pay
Platinum severance equal to three (3) months base fee and any other earned but unpaid compensation. In addition, if at any time during
the term of the Contract CEO Agreement Platinum is terminated by us without cause within two years after a Change in Control of our company,
or in the 90 days prior the Change in Control at the request of the acquiror, we are obligated to pay Platinum an amount equal to 2.99
times the annual base fee. “Change in Control” is defined in the Contract CEO Agreement to mean the acquisition by any person
of beneficial ownership of our securities representing greater than 50% of the combined voting power of our then outstanding voting securities.
Platinum is eligible for equity awards and other benefits as approved by the Board of Directors.
On
January 31, 2024, in connection with the appointment of Charles B. Lobetti, III as Chief Financial Officer of the Company, the Company
and Mr. Lobetti entered into an employment agreement (the “Lobetti Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Lobetti a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Lobetti for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Lobetti’s time commitment to the Company. In the event Mr.
Lobetti’s employment with the Company is terminated without cause, Mr. Lobetti shall be entitled to a severance payment equal to
his currently in effect base salary for one (1) full year. If Mr. Lobetti is terminated without cause within two (2) years of a change
in control upon request of the acquiror, Mr. Lobetti shall be entitled to a severance payment in an amount equal to 2.99 times the annualized
base salary he is then earning. In addition, Mr. Lobetti is eligible for equity awards and other benefits as approved by the Board of
Directors.
On
January 31, 2024, in connection with the appointment of Kenneth M. Greenwood as Chief Technology Officer of the Company, the Company and
Mr. Greenwood entered into an employment agreement (the “Greenwood Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Greenwood a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Greenwood for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Greenwood’s time commitment to the Company. In the event
Mr. Greenwood’s employment with the Company is terminated without cause, Mr. Greenwood shall be entitled to a severance payment
equal to his currently in effect base salary for one (1) full year. If Mr. Greenwood is terminated without cause within two (2) years
of a change in control upon request of the acquiror, Mr. Greenwood shall be entitled to a severance payment in an amount equal to 2.99
times the annualized base salary he is then earning. In addition, Mr. Greenwood is eligible for equity awards and other benefits as approved
by the Board of Directors.
On
January 31, 2024, in connection with the appointment of Susan A. Reyes, MD as Chief Medical Officer of the Company, the Company and Dr.
Reyes entered into an employment agreement (the “Reyes Employment Agreement”) with an initial term of three (3) years. Effective
as of August 1, 2023, the Company shall pay Dr. Reyes a base salary at the rate of $24,000 per annum. The initial base salary is intended
to compensate Dr. Reyes for a fractional devotion of her time, attention, skill and best efforts to the Company. At the discretion of
the Chief Executive Officer, the base salary may be increased to a maximum annual amount of $92,000 to better reflect the value of any
future increases in Dr. Reyes’ time commitment to the Company. In the event Dr. Reyes’ employment with the Company is terminated
without cause, Dr. Reyes shall be entitled to a severance payment equal to her currently in effect base salary for one (1) full year.
If Dr. Reyes is terminated without cause within two (2) years of a change in control upon request of the acquiror, Dr. Reyes shall be
entitled to a severance payment in an amount equal to 2.99 times the annualized base salary she is then earning. In addition, Dr. Reyes
is eligible for equity awards and other benefits as approved by the Board of Directors.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
9 Months Ended |
Apr. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
12 - SUBSEQUENT EVENTS
On June 15, 2024, we entered into a Non-Employee Chief Strategy Officer Engagement Agreement (the “Contract CSO Agreement”)
with Ryan Hillis to provide the services of Chief Strategy Officer to the Company for a term of three (3) years. The Company shall pay
Mr. Hillis an annual base fee of $100,000, to be paid in equal monthly payments, and receive a grant of 1,000,000 shares of the Company’s
common stock as a signing bonus. In addition to the base fee and stock grant, Mr. Hillis will be paid a commission on certain new and
recurring business sales. Mr. Hillis is also eligible for discretionary bonuses, equity awards and other benefits as approved by the Board
of Directors. If the Contract CSO Agreement is terminated by us without cause, or by Mr. Hillis for good reason, we are obligated to pay
Mr. Hillis a severance equal to one month of base fee and any other earned but unpaid compensation.
We
evaluate subsequent events and transactions that occur after the balance sheet date for the period presented and up to the issuance
date of the financial statements. Based on our review, we did not identify any subsequent events other than those mentioned above
that would require adjustment to or disclosure in the interim consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying interim consolidated financial statements include those of Healthcare Integrated Technologies, Inc. and its subsidiaries,
after elimination of all intercompany accounts and transactions. We have prepared the accompanying interim consolidated financial statements
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to
the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain
all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management,
the accompanying interim consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring
accruals) to fairly present the financial position of the Company as of April 30, 2024 and the results of operations and cash flows for
the periods presented. The results of operations for the nine months ended April 30, 2024 are not necessarily indicative of the operating
results for the full fiscal year or any future period. These interim consolidated financial statements should be read in conjunction
with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
July 31, 2023 filed with the SEC on November 13, 2023.
|
Consolidation Policy |
Consolidation
Policy
Our
consolidated financial statements are consolidated in accordance with U.S. GAAP and include our accounts and the accounts of our wholly
owned subsidiaries. We eliminate all intercompany transactions from our financial results.
|
Business Combinations |
Business
Combinations
We
account for business combinations under the acquisition method of accounting. The acquisition method requires that the acquired assets
and liabilities, including contingencies, be recorded at fair value determined on the acquisition date and that changes thereafter be
reflected in income (loss). The estimation of fair values of the assets and liabilities assumed involves several estimates and assumptions
that could differ materially from the actual amounts recorded. The results of the acquired businesses are included in our results from
operations beginning from the day of acquisition.
|
Risk and Uncertainties |
Risk
and Uncertainties
Factors
that could affect our future operating results and cause actual results to vary materially from management’s expectation include,
but are not limited to: our ability to maintain and secure adequate capital to fund our operations and fully develop our product(s);
our ability to source strong opportunities with sufficient risk adjusted returns; acceptance of the terms and conditions of our licenses
and/or the acceptance of our royalties and fees; the nature and extent of competition from other companies that may reduce market share
and create pressure on pricing and investment return expectations; changes in the projects in which we plan to invest which result from
factors beyond our control, including, but not limited to, a change in circumstances, capacity and economic impacts; changes in laws,
regulations, accounting, taxation, and other requirements affecting our operations and business. Negative developments in these or other
risk factors could have a significant adverse effect on our financial position, results of operations and cash flows.
|
Use of Estimates |
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those
estimates. We base our estimates on experience and various other assumptions that are believed to be reasonable under the circumstances.
We evaluate our estimates and assumptions on a regular basis and actual results may differ from those estimates.
|
Reclassifications |
Reclassifications
Certain
prior period amounts may be reclassified to conform to current period presentation with no changes to previously reported net loss or
stockholders’ deficit.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
We
consider all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The balance at times may exceed federally insured limits. No loss has been experienced and management does not believe we are exposed
to any significant credit risk.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable are stated at their historical carrying amount net of write-offs and allowance for uncollectible accounts. The Company has
not charged interest on its accounts receivable. We routinely assess the recoverability of all customer and other receivables to determine
their collectability based upon known bad debt risks and past loss history, customer payment practices and economic conditions and, if
necessary, will record a reserve when, based on the judgement of management, it is probable that a receivable will not be collected and
the amount of the reserve may be reasonably estimated. When collection is no longer pursued, we will charge uncollectable accounts receivable
against the reserve. The Company recognized no bad debt expense, write-offs, or recoveries for the nine months ended April 30, 2024 and
2023.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially expose the Company to credit risk consist of demand deposits with a financial institution. The Company is
exposed to credit risk on its cash and cash equivalents in the event of default by the financial institution to the extent account balances
exceed the amount insured by the FDIC, which is $250,000. One (1) customer accounted for 100% of our consolidated accounts receivable
at April 30, 2024 and 100% of our consolidated revenue for the nine months ended April 30, 2024.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as
follows:
Level
1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access
at the measurement date.
Level
2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability
(such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated
by market data by correlation or other means.
Level
3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions
about the assumptions that market participants would use in pricing the assets or liabilities.
Financial
instruments consist of cash and cash equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial
assets and current financial liabilities approximates their carrying value because of the short-term maturity of these financial instruments.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Expenditures for major additions and improvements are capitalized
while minor replacements and maintenance and repairs, which do not improve or extend the life of such assets, are charged to operations
as incurred. Disposals are removed at cost less accumulated depreciation, and any resulting gain or loss is reflected in the interim
consolidated statements of operations. Depreciation is calculated using the straight-line method which depreciates the assets over the
estimated useful lives of the depreciable assets ranging from five to seven years.
|
Intangible Assets |
Intangible
Assets
Intangible
assets consist of patents, our website and the costs of software developed for internal use. Certain payroll and stock-based compensation
costs incurred are allocated to the intangible assets. We determine the amount of costs to be capitalized based on the time spent by
employees or outside contractors on the projects. Intangible assets are amortized over their expected useful life on a straight-line
basis. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining life is changed,
the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life. We did not recognize
any impairment losses during any of the periods presented.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived
assets such as property, equipment and identifiable intangibles are reviewed for impairment at least annually, or whenever facts and
circumstances indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used
are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value
of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable,
an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. The Company did not recognize
any impairment losses for any periods presented.
|
Derivative Liability |
Derivative
Liability
Options,
warrants, convertible notes, or other contracts, if any, are evaluated to determine if those contracts, or embedded components of those
contracts, qualify as derivatives to be separately accounted for in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” (paragraph 815-10-05-4
and Section 815-40-25). The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market
each balance sheet date and recorded as either an asset or a liability. The change in fair value is recorded in the consolidated statements
of operations as other income or expense. Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked
to fair value at the date of conversion, exercise, or cancellation and then the related fair value is reclassified to equity.
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated, and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
The
classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed
at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification
are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will
be classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument is expected
within 12 months of the balance sheet date.
The
Company adopted Section 815-40-15 of the FASB ASC (“Section 815-40-15”) to determine whether an instrument (or an
embedded feature) is indexed to the Company’s own stock. Section 815-40-15 provides that an entity should use a two-step approach
to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the
instrument’s contingent exercise and settlement provisions.
We
utilize a binomial option pricing model to compute the fair value of the derivative liability and to mark to market the fair value of
the derivative liability at each balance sheet date. We record the change in the fair value of the derivative liability as other income
or expense in the consolidated statements of operations.
We
had no derivative assets or liabilities as of April 30, 2024 and July 31, 2023.
|
Related Parties |
Related
Parties
The
Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant
to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any
specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is
under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities
for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value
Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners
of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from
fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies
of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other
to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
|
Revenue Recognition |
Revenue
Recognition
The
Company’s revenue recognition policy is to recognize revenue in accordance with ASC 606, “Revenue from Contracts with
Customers.” The Company follows the five-step model provided by ASC Topic 606 in order to recognize revenue in the following
manner: 1) Identify the contract; 2) Identify the performance obligations of the contract; 3) Determine the transaction price of the
contract; 4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue. An entity recognizes revenue for
the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to
be entitled in exchange for those goods or services.
Often
contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and
generally represent the distinct goods or services that are promised to the customer. Revenue is recognized net of any taxes collected
and subsequently remitted to governmental authorities. If we determine that we have not satisfied a performance obligation, we defer
recognition of the revenue until the performance obligation is satisfied. The agreements are generally non-cancellable or contain significant
penalties for early cancellation, although customers typically have the right to terminate their contracts for cause if we fail to perform
material obligations. However, if non-standard acceptance periods, non-standard performance criteria, or cancellation or right of refund
terms are required, revenue is recognized upon the satisfaction of such criteria.
|
Contract Liabilities |
Contract
Liabilities
The
Company receives payments from customers based upon contractual billing schedules. Contract liabilities include payments received in
advance of performance under the contract. Contract assets include amounts related to the Company’s contractual right to consideration
for completed performance obligations not yet invoiced. Our contract assets and liabilities are reported on an individual contract basis
at the end of each reporting period. Contract liabilities are classified as current or noncurrent based on the timing of when we expect
to recognize revenue. The Company expects to recognize all outstanding contract liabilities over the next 12 months.
|
Contract Combination |
Contract
Combination
The
Company may execute more than one contract or agreement with a single customer. The Company evaluates whether the agreements were negotiated
as a package with a single objective, whether the amount of consideration to be paid in one agreement depends on the price and/or performance
of another agreement, or whether the goods or services promised in the agreements represent a single performance obligation. The conclusions
reached can impact the allocation of the transaction price to each performance obligation and the timing of revenue recognition related
to those arrangements. The Company applied the revenue model to a portfolio of contracts with similar characteristics where we expected
that the financial statements would not differ materially from applying it to the individual contracts within that portfolio.
|
Advertising and Marketing |
Advertising
and Marketing
Advertising
and marketing costs are expensed as incurred in accordance with ASC 720-35, “Advertising Costs.” We incurred advertising
and marketing costs of $5,864 and $5,418 for the nine months ended April 30, 2024 and 2023, respectively, which are included in selling,
general and administrative expenses on the interim consolidated financial statements.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation”
(“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It
defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation
cost for stock option plans, if any, in accordance with ASC 718.
Stock-based
payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of stock-based payment awards issued
to non-employees for services rendered have been recorded at the fair value of the stock-based payment, which is the more readily determinable
value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If
an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the
termination of service. Stock-based compensation expense is included in cost of goods sold or selling, general and administrative expenses,
depending on the nature of the services provided, in the interim consolidated statements of operations. Stock-based payments issued to
placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid-in capital.
The
Company recognizes all forms of stock-based payments, including stock option grants, warrants and restricted stock grants, at their fair
value on the grant date, which are based on the estimated number of awards that are expected to vest. See Note 9 - Stock-Based Compensation.
|
Income Taxes |
Income
Taxes
We
use the asset and liability method of accounting for income taxes in accordance with Topic 740, “Income Taxes”. Under
this method, income tax expense is recognized for the amount of: (1) taxes payable or refundable for the current year and (2) deferred
tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements
or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance
is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is
more likely than not some portion or all of the deferred tax assets will not be realized.
ASC
Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. ASC Topic 740-10-40 provides guidance on de-recognition, classification, interest and
penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting
periods presented.
|
Net Loss Per Common Share |
Net
Loss Per Common Share
We
determine basic loss per share and diluted loss per share in accordance with the provisions of ASC 260, “Earnings Per Share.”
Basic loss per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average
number of common shares outstanding for the period. The calculation of diluted income loss per share is similar to that of basic earnings
per share, except the denominator is increased, if the earnings are positive, to include the number of additional common shares that
would have been outstanding if all potentially dilutive common shares had been exercised.
|
Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
On
August 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and
Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminates the existing troubled debt restructuring recognition and measurement
guidance, and instead aligns the accounting treatment to that of other loan modifications. The amendments enhance existing disclosure
requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial
difficulty. ASU 2022-02 also requires that entities disclose current-period gross write-offs by year of origination for financing receivables
and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial
statements.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Management
has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”)
through the date these interim consolidated financial statements were available to be issued and found no recent accounting pronouncements
issued, but not yet effective, that when adopted, will have a material impact on the interim consolidated financial statements of the
Company.
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v3.24.1.1.u2
INTANGIBLES, NET (Tables)
|
9 Months Ended |
Apr. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLES ASSET |
Intangibles,
net consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF INTANGIBLES ASSET
| |
April 30, 2024 | | |
July 31, 2023 | |
Developed Software | |
| 627,440 | | |
| 627,440 | |
Patents | |
| 258,422 | | |
| 258,422 | |
Website | |
| 8,785 | | |
| 8,785 | |
Intangibles, gross | |
| 8,785 | | |
| 8,785 | |
Less: accumulated amortization | |
| (192,306 | ) | |
| (25,215 | ) |
Total intangibles, net | |
$ | 702,341 | | |
$ | 869,432 | |
|
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE |
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
| |
| | |
2024 | |
$ | 55,697 | |
2025 | |
| 222,788 | |
2026 | |
| 222,788 | |
2027 | |
| 13,641 | |
2028 | |
| 13,641 | |
Thereafter | |
| 173,786 | |
Total remaining expected amortization expense | |
$ | 702,341 | |
|
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v3.24.1.1.u2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Apr. 30, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Accounts
payable and accrued expenses consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accounts payable | |
$ | 209,227 | | |
$ | 197,234 | |
Accrued expenses | |
| 5,800 | | |
| - | |
Accrued interest expense | |
| 72,152 | | |
| 61,474 | |
Accounts payable and accrued expenses | |
| 287,179 | | |
| 258,708 | |
| |
| | | |
| | |
Accounts payable, related party | |
| 201,790 | | |
| 328,819 | |
Accrued expenses, related party | |
| 141,078 | | |
| 230,064 | |
Accounts payable and accrued expenses, related party | |
| 342,868 | | |
| 558,883 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 630,047 | | |
$ | 817,591 | |
|
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v3.24.1.1.u2
PAYROLL RELATED LIABILITIES (Tables)
|
9 Months Ended |
Apr. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
SCHEDULE OF PAYROLL RELATED LIABILITIES |
Payroll
related liabilities consisted of the following at April 30, 2024 and July 31, 2023:
SCHEDULE OF PAYROLL RELATED LIABILITIES
| |
April 30, 2024 | | |
July 31, 2023 | |
Accrued officers’ payroll | |
$ | 327,155 | | |
$ | 143,073 | |
Payroll taxes payable | |
| 12,070 | | |
| 12,070 | |
Total payroll related liabilities | |
$ | 339,225 | | |
$ | 155,143 | |
|
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v3.24.1.1.u2
NOTES PAYABLE (Tables)
|
9 Months Ended |
Apr. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT OBLIGATIONS |
We
had the following debt obligations reflected at their respective carrying values on our interim consolidated balance sheets as of April
30, 2024 and July 31, 2023:
SCHEDULE OF DEBT OBLIGATIONS
| |
April 30, 2024 | | |
July 31, 2023 | |
5% Convertible promissory notes | |
$ | 175,000 | | |
$ | 175,000 | |
Note payable to Acorn Management Partners, LLC | |
| 50,000 | | |
| 50,000 | |
Notes payable | |
$ | 225,000 | | |
$ | 225,000 | |
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Apr. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF OPTIONS AND WARRANTS ACTIVITY |
The
following table summarizes our options and warrant activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF OPTIONS AND WARRANTS ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
| |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | | |
Number of
Options and
Warrants | | |
Weighted
Average
Exercise
Price | |
Balance at beginning of year | |
| 6,350,000 | | |
$ | 0.24 | | |
| 8,850,000 | | |
$ | 1.02 | |
Granted | |
| 1,250,000 | | |
| 0.07 | | |
| - | | |
| - | |
Canceled | |
| (1,250,000 | ) | |
| 0.23 | | |
| - | | |
| - | |
Expired | |
| - | | |
| - | | |
| (2,500,000 | ) | |
| 3.00 | |
Balance at end of period | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,350,000 | | |
$ | 0.24 | |
Options and warrants exercisable | |
| 6,350,000 | | |
$ | 0.21 | | |
| 6,066,666 | | |
$ | 0.23 | |
|
SCHEDULE OF RESTRICTED STOCK ACTIVITY |
The
following table summarizes our restricted stock activity for the nine months ended April 30, 2024 and fiscal year ended July 31, 2023:
SCHEDULE OF RESTRICTED STOCK ACTIVITY
| |
April 30, 2024 | | |
July 31, 2023 | |
Balance at beginning of period | |
| 2,282,031 | | |
| 100,000 | |
Granted | |
| 1,300,000 | | |
| 2,846,093 | |
Released | |
| (1,382,031 | ) | |
| (664,062 | ) |
Balance at end of period | |
| 2,200,000 | | |
| 2,282,031 | |
|
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v3.24.1.1.u2
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jul. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
Net loss |
$ 215,218
|
$ 246,530
|
$ 383,663
|
$ 860,991
|
$ 598,881
|
$ 1,107,521
|
$ 1,302,458
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
SCHEDULE OF INTANGIBLES ASSET (Details) - USD ($)
|
Apr. 30, 2024 |
Jul. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Less: accumulated amortization |
$ (192,306)
|
$ (25,215)
|
Total intangibles, net |
702,341
|
869,432
|
Computer Software, Intangible Asset [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangibles, gross |
627,440
|
627,440
|
Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangibles, gross |
258,422
|
258,422
|
Website [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangibles, gross |
$ 8,785
|
$ 8,785
|
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INTANGIBLES, NET (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization expense |
$ 55,697
|
$ 1,610
|
$ 167,091
|
$ 13,475
|
Intangible asset, weighted average useful life |
|
|
7 years
|
|
Minimum [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Intangible asset, useful life |
2 years
|
|
2 years
|
|
Maximum [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Intangible asset, useful life |
20 years
|
|
20 years
|
|
Patents [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization expense |
|
|
|
$ 8,279
|
X |
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v3.24.1.1.u2
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Apr. 30, 2024 |
Jul. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total accounts payable and accrued expenses |
$ 630,047
|
$ 817,591
|
Nonrelated Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts payable |
209,227
|
197,234
|
Accrued expenses |
5,800
|
|
Accrued interest expense |
72,152
|
61,474
|
Accounts payable and accrued expenses |
287,179
|
258,708
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts payable |
201,790
|
328,819
|
Accrued expenses |
141,078
|
230,064
|
Accounts payable and accrued expenses |
$ 342,868
|
$ 558,883
|
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v3.24.1.1.u2
NOTE PAYABLE, RELATED PARTY (Details Narrative) - USD ($)
|
Dec. 12, 2023 |
Jun. 12, 2023 |
Apr. 30, 2024 |
Aug. 01, 2023 |
Platinum Equity Advisors LLC [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Ownership percentage |
100.00%
|
|
|
100.00%
|
Platinum Equity Advisors LLC [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Promissory note principal amount |
$ 390,673
|
$ 372,069
|
$ 390,673
|
|
Interest rate |
10.00%
|
10.00%
|
|
|
Accrued interest |
$ 19,534
|
$ 18,604
|
$ 15,193
|
|
Maturity date |
Jun. 12, 2024
|
Dec. 12, 2023
|
|
|
X |
- DefinitionEffective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
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v3.24.1.1.u2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
1 Months Ended |
9 Months Ended |
12 Months Ended |
Aug. 11, 2020 |
Mar. 31, 2018 |
Apr. 30, 2024 |
Jul. 31, 2023 |
Acorn Management Partners LLC [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt interest rate |
6.00%
|
|
|
|
Unpaid interest |
|
|
$ 11,169
|
$ 8,919
|
Stock repurchased during period, shares |
1,000,000
|
|
|
|
Stock repurchased during period, value |
$ 50,000
|
|
|
|
Debt instrument, term |
1 year
|
|
|
|
5% Convertible Promissory Notes [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Proceeds from convertible debt |
|
$ 750,000
|
|
|
Debt interest rate |
|
5.00%
|
5.00%
|
5.00%
|
Maturity description |
|
matured one-year from the date of issuance.
|
|
|
Unpaid interest |
|
|
$ 60,982
|
$ 52,555
|
Conversion, description |
|
The
5% Notes are convertible into common shares of the Company at a fixed ratio of two shares of common stock per dollar amount of the face
value of the note.
|
|
|
Debt instrument, description |
|
The
outstanding principal amount of the note, and any accrued but unpaid interest due, will automatically be converted into the Company’s
common stock if at any time prior to the maturity date of the note, the Company concludes a sale of equity securities in a private
offering resulting in gross proceeds to the Company of at least $1,000,000.
|
|
|
Debt instrument, face amount |
|
|
|
150,000
|
Accrued interest expense |
|
|
|
$ 37,586
|
5% Convertible Promissory Notes [Member] | Debt Default [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt interest rate |
|
|
5.00%
|
|
Debt instrument, face amount |
|
|
$ 175,000
|
|
Accrued interest expense |
|
|
$ 60,982
|
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v3.24.1.1.u2
COMMON STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 16, 2024 |
Mar. 22, 2024 |
Mar. 07, 2024 |
Feb. 09, 2024 |
Jan. 31, 2024 |
Dec. 08, 2023 |
Nov. 01, 2023 |
Oct. 19, 2023 |
Aug. 01, 2023 |
Aug. 26, 2022 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Apr. 30, 2024 |
Jul. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
73,218,542
|
|
|
|
73,218,542
|
68,016,167
|
Private placement of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,711,494
|
Restricted stock award, shares |
|
|
|
|
|
|
|
|
|
846,093
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
|
|
$ 0.0135
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
70,508
|
|
211,523
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 0.0135
|
|
$ 0.0135
|
|
|
|
|
|
|
|
Consultant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
100,000
|
500,000
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 0.024
|
$ 0.033
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
846,093
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
|
|
|
|
2,250,000
|
3,000,000
|
1,000,000
|
|
3,250,000
|
3,000,000
|
Shares issued during the period for services |
|
|
|
|
|
|
|
|
|
|
|
200,000
|
1,100,000
|
250,000
|
1,100,000
|
450,000
|
Modification fee, shares |
243,531
|
|
|
|
|
326,813
|
|
|
|
|
243,531
|
|
326,813
|
|
|
|
Stock issued for conversion of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
375,172
|
Shares issued, price per share |
$ 0.0665
|
|
|
|
|
$ 0.0665
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
1,000,000
|
1,000,000
|
250,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
$ 0.10
|
$ 0.10
|
$ 0.10
|
$ 0.10
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
Proceeds from issuance of private placement |
|
$ 100,000
|
$ 100,000
|
$ 25,000
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Notes Payable Other Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
Common Stock [Member] | Vesting of Stock Grant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modification fee, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
570,344
|
|
Restricted stock award, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
282,031
|
664,062
|
Common Stock [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private placement of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,722,260
|
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v3.24.1.1.u2
SCHEDULE OF OPTIONS AND WARRANTS ACTIVITY (Details) - Stock Options and Warrants [Member] - $ / shares
|
9 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Jul. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of options and warrants, beginning balance |
6,350,000
|
8,850,000
|
Weighted average exercise price, beginning balance |
$ 0.24
|
$ 1.02
|
Number of shares, options and warrants granted |
1,250,000
|
|
Weighted average exercise price, granted |
$ 0.07
|
|
Number of shares, options and warrants canceled |
(1,250,000)
|
|
Weighted average exercise price, canceled |
$ 0.23
|
|
Number of shares, options and warrants expired |
|
(2,500,000)
|
Weighted average exercise price, expired |
|
$ 3.00
|
Number of options and warrants, ending balance |
6,350,000
|
6,350,000
|
Weighted average exercise price, ending balance |
$ 0.21
|
$ 0.24
|
Number of options and warrants exercisable, ending balance |
6,350,000
|
6,066,666
|
Weighted average exercise price, exercisable, ending balance |
$ 0.21
|
$ 0.23
|
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v3.24.1.1.u2
SCHEDULE OF RESTRICTED STOCK ACTIVITY (Details) - shares
|
9 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Jul. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Balance at beginning of period |
2,282,031
|
100,000
|
Granted |
1,300,000
|
2,846,093
|
Released |
(1,382,031)
|
(664,062)
|
Balance at end of period |
2,200,000
|
2,282,031
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Jul. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Stock-based compensation expense |
$ 78,361
|
$ 92,843
|
$ 104,196
|
$ 243,005
|
|
Restricted stock options, fair value |
|
|
1,300,000
|
|
2,846,093
|
Stock Options and Warrants [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Stock-based compensation expense |
|
|
$ 76,482
|
189,869
|
|
Net of capitalized expense |
|
|
|
$ 57,991
|
|
Fair value of stock options and warrants, grant |
|
|
69,776
|
0
|
|
Restricted Stock [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Stock-based compensation expense |
|
|
$ 27,714
|
$ 39,386
|
|
Restricted stock options, fair value |
|
|
33,805
|
76,422
|
|
X |
- DefinitionAmount of cost capitalized for award under share-based payment arrangement.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
Dec. 12, 2023 |
Jun. 12, 2023 |
Apr. 30, 2024 |
Aug. 01, 2023 |
Jul. 31, 2023 |
Contract CEO Agreement [Member] | Platinum Equity Advisors LLC [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ 125,886
|
|
$ 225,000
|
Platinum Equity Advisors LLC [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership percentage |
100.00%
|
|
|
100.00%
|
|
Related Party [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts payable related parties, current |
|
|
201,790
|
|
328,819
|
Accounts payable and accrued liabilities |
|
|
342,868
|
|
$ 558,883
|
Platinum Equity Advisors LLC [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Promissory note principal amount |
$ 390,673
|
$ 372,069
|
390,673
|
|
|
Maturity date |
Jun. 12, 2024
|
Dec. 12, 2023
|
|
|
|
Accrued unpaid interest |
$ 19,534
|
$ 18,604
|
$ 15,193
|
|
|
X |
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
Apr. 18, 2024 |
Jan. 31, 2024 |
Sep. 18, 2023 |
Litigation |
$ 4,705,900
|
|
$ 4,705,900
|
Scott M. Boruff [Member] | Contract CEO Agreement [Member] |
|
|
|
Base salary description |
|
we entered into a Non-Employee Chief Executive Officer Engagement Agreement (the “Contract CEO Agreement”)
with Platinum Equity Advisors, LLC (“Platinum”) to provide the services of Scott M. Boruff as Chief Executive Officer and
Chairman of the Board of Directors of the Company for a term of three (3) years. Effective as of August 1, 2023, the Company shall pay
Platinum an annual base fee of $102,000. The initial base fee is intended to compensate Platinum for a time commitment of up to 1/3 of
the CEO’s time, attention, skill and best efforts to the Company. At the discretion of the Board of Directors, the base fee may
be increased to a maximum annual amount of $306,000 to better reflect the value of any future increases in the CEO’s time commitment
to the Company. If the Contract CEO Agreement is terminated by us without cause or by Platinum for good reason, we are obligated to pay
Platinum severance equal to three (3) months base fee and any other earned but unpaid compensation. In addition, if at any time during
the term of the Contract CEO Agreement Platinum is terminated by us without cause within two years after a Change in Control of our company,
or in the 90 days prior the Change in Control at the request of the acquiror, we are obligated to pay Platinum an amount equal to 2.99
times the annual base fee. “Change in Control” is defined in the Contract CEO Agreement to mean the acquisition by any person
of beneficial ownership of our securities representing greater than 50% of the combined voting power of our then outstanding voting securities.
Platinum is eligible for equity awards and other benefits as approved by the Board of Directors.
|
|
Annual base salary |
|
$ 102,000
|
|
Annual maximum salary |
|
$ 306,000
|
|
Mr Lobetti [Member] | Employment Agreement [Member] |
|
|
|
Base salary description |
|
in connection with the appointment of Charles B. Lobetti, III as Chief Financial Officer of the Company, the Company
and Mr. Lobetti entered into an employment agreement (the “Lobetti Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Lobetti a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Lobetti for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Lobetti’s time commitment to the Company. In the event Mr.
Lobetti’s employment with the Company is terminated without cause, Mr. Lobetti shall be entitled to a severance payment equal to
his currently in effect base salary for one (1) full year. If Mr. Lobetti is terminated without cause within two (2) years of a change
in control upon request of the acquiror, Mr. Lobetti shall be entitled to a severance payment in an amount equal to 2.99 times the annualized
base salary he is then earning. In addition, Mr. Lobetti is eligible for equity awards and other benefits as approved by the Board of
Directors.
|
|
Annual base salary |
|
$ 102,000
|
|
Annual maximum salary |
|
$ 255,000
|
|
Mr Greenwood [Member] | Employment Agreement [Member] |
|
|
|
Base salary description |
|
in connection with the appointment of Kenneth M. Greenwood as Chief Technology Officer of the Company, the Company and
Mr. Greenwood entered into an employment agreement (the “Greenwood Employment Agreement”) with an initial term of three (3)
years. Effective as of August 1, 2023, the Company shall pay Mr. Greenwood a base salary at the rate of $102,000 per annum. The initial
base salary is intended to compensate Mr. Greenwood for a devotion of up to forty percent (40%) of his time, attention, skill and best
efforts to the Company. At the discretion of the Chief Executive Officer, the base salary may be increased to a maximum annual amount
of $255,000 to better reflect the value of any future increases in Mr. Greenwood’s time commitment to the Company. In the event
Mr. Greenwood’s employment with the Company is terminated without cause, Mr. Greenwood shall be entitled to a severance payment
equal to his currently in effect base salary for one (1) full year. If Mr. Greenwood is terminated without cause within two (2) years
of a change in control upon request of the acquiror, Mr. Greenwood shall be entitled to a severance payment in an amount equal to 2.99
times the annualized base salary he is then earning. In addition, Mr. Greenwood is eligible for equity awards and other benefits as approved
by the Board of Directors.
|
|
Annual base salary |
|
$ 102,000
|
|
Annual maximum salary |
|
$ 255,000
|
|
Dr Reyes [Member] | Employment Agreement [Member] |
|
|
|
Base salary description |
|
in connection with the appointment of Susan A. Reyes, MD as Chief Medical Officer of the Company, the Company and Dr.
Reyes entered into an employment agreement (the “Reyes Employment Agreement”) with an initial term of three (3) years. Effective
as of August 1, 2023, the Company shall pay Dr. Reyes a base salary at the rate of $24,000 per annum. The initial base salary is intended
to compensate Dr. Reyes for a fractional devotion of her time, attention, skill and best efforts to the Company. At the discretion of
the Chief Executive Officer, the base salary may be increased to a maximum annual amount of $92,000 to better reflect the value of any
future increases in Dr. Reyes’ time commitment to the Company. In the event Dr. Reyes’ employment with the Company is terminated
without cause, Dr. Reyes shall be entitled to a severance payment equal to her currently in effect base salary for one (1) full year.
If Dr. Reyes is terminated without cause within two (2) years of a change in control upon request of the acquiror, Dr. Reyes shall be
entitled to a severance payment in an amount equal to 2.99 times the annualized base salary she is then earning. In addition, Dr. Reyes
is eligible for equity awards and other benefits as approved by the Board of Directors.
|
|
Annual base salary |
|
$ 24,000
|
|
Annual maximum salary |
|
$ 92,000
|
|
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Healthcare Integrated Te... (PK) (USOTC:HITC)
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