Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation
This Annual Report contains forward-looking statements. Our actual results could differ materially from those set forth because of general economic conditions and changes in the assumptions used in making such forward-looking statements. The following discussion and analysis of our financial condition and results of operations should be read together with the audited consolidated financial statements and accompanying notes and the other financial information appearing elsewhere in this Annual Report. See “Cautionary Note Regarding Forward Looking Statements” above.
Results of Operations
Year ended July 31, 2023 as compared to year ended July 31, 2022
Revenues. During the years ended July 31, 2023 and 2022, the Company had no revenues.
Cost of Revenues. During the years ended July 31, 2023 and 2022, the Company had no cost of revenues.
Operating Expenses. During the year ended July 31, 2023, the Company incurred operating expenses of $302,199 consisting primarily of shares issued for services and compensation expense. During the year ended July 31, 2022, the Company incurred operating expenses of $285,731 consisting primarily of shares issued for services and compensation expense. The increase in operating expenses in 2023 from 2022 was due primarily to shares and warrants issued for services.
Other Income (Expenses) . During the year ended July 31, 2023, the Company incurred other income(expense) $(275,577) consisting of interest expense, derivative liability losses, investment losses, a gain on the sale of oil and gas properties and other income. During the year ended July 31, 2022, the Company incurred other income(expense) $88,692 consisting of interest expense, derivative liability gains and other income.
Net Losses . As a result of the above, the Company incurred a net loss of $577,776, for the year ended July 31, 2023, as compared to a net loss of $197,039 for the year ended July 31, 2022.
Liquidity and Capital Resources at July 31, 2023
We have incurred losses since inception of our business and at July 31, 2023, we had an accumulated deficit of $8,637,251. As of July 31, 2023, we had cash of $324 and negative working capital of $1,161,282.
To date, we have funded our operations through short-term debt and equity financing. During the year ended July 31, 2023, the Company received $50,815, less $20,863 in payments, from related parties, as well as $35,000 received from third parties.
Summary of Significant Accounting Policies
See Note 2 to the Consolidated Financial Statements included in Item 8 of this Annual Report.
Off-balance Sheet Arrangements
None.
