Cautionary Statement Regarding Forward-Looking Statements

This report contains "forward-looking statements" within the meaning of 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"). The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "could," "project," "predict," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements.

Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under "Risk Factors" in our Registration Statement on Form 10-K for the year ended July 31, 2021 filed by the Company with the Securities and Exchange Commission (the "SEC") on October 29, 2021.

These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. These statements are based upon our opinions and estimates as of the date they are made. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this report and you are urged to consider all such risks and uncertainties. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved.





General Overview



Results of operations

Three months ended April 30, 2022 compared to the three months ended April 30, 2021





Net Loss

For the three months ended April 30, 2022 and 2021 we incurred net losses of approximately $18,200 and $22,200 respectively.





Revenue

For the three months ended April 30, 2022 and 2021, we generated no revenue.





Expenses

For the three months ended April 30, 2022 we incurred expenses of approximately $18,200 of which approximately $5,800 was primarily related to professional fees and $12,400 was primarily related to interest expense.

For the three months ended April 30, 2021 we incurred expenses of approximately $22,200 of which approximately $10,300 was primarily related to professional fees and $11,900 was primarily related to interest expense.











  11

Nine months ended April 30, 2022 compared to the nine months ended April 30, 2021





Net Loss

For the nine months ended April 30, 2022 and 2021 we incurred net losses of approximately $60,100 and $46,600 respectively.





Revenue

For the nine months ended April 30, 2022 and 2021, we generated no revenue.





Expenses

For the nine months ended April 30, 2022 we incurred expenses of approximately $60,100 of which approximately $23,000 was primarily related to professional fees and $37,100 was primarily related to interest expense.

For the nine months ended April 30, 2021 incurred expenses of approximately $46,600 of which approximately $10,900 was primarily related to professional fees and $35,700 was primarily related to interest expense.





Financial condition

Liquidity and Capital Resources

Currently, we rely on our management to provide us with the capital needed to run our business on a day-to-day basis.

For the nine months ended April 30, 2022 we incurred net losses of approximately $60,100. As of April 30, 2022 we had no cash on hand and current liabilities of $1 million.

We will seek additional funds through equity or debt financing, collaborative or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and we do not anticipate that existing shareholders will provide any portion of our future financing requirements.

No assurance can be given that additional financing will be available when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, we may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company.

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