AMERI METRO, INC. (FORMERLY YELLOWWOOD), 10-Q filed on 6/16/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
9 Months Ended
Apr. 30, 2021
Jun. 14, 2021
Entity Registrant Name Ameri Metro, Inc. (formerly Yellowwood)  
Entity Central Index Key 0001534155  
Document Type 10-Q  
Document Period End Date Apr. 30, 2021  
Amendment Flag false  
Current Fiscal Year End Date --07-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2021  
Entity Current Reporting Status No  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity File Number 000-54546  
Entity Interactive Data Current No  
Entity Incorporation State Country Code DE  
Preferred Stock [Member]    
Entity Common Stock, Shares Outstanding   1,800,000
Class A Common Stock [Member]    
Entity Common Stock, Shares Outstanding   1,684,000
Class B Common Stock [Member]    
Entity Common Stock, Shares Outstanding   4,289,637,844
Class C Common Stock [Member]    
Entity Common Stock, Shares Outstanding   191,051,320
Class D Common Stock [Member]    
Entity Common Stock, Shares Outstanding   114,000,000
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2021
Jul. 31, 2020
Current assets    
Cash $ 8,112 $ 28,396
Prepaid expenses and deposits 34,940
Funding receivable 10
Master consulting fee asset 0
Total Current Assets 8,122 63,336
Office equipment, net 18 311
Total Assets 8,140 63,647
Current liabilities    
Accounts payable and accrued expenses 2,512,971 1,901,011
Accrued expenses - related parties 1,252,307 1,251,807
Accrued compensation expenses - related parties 54,780,893 49,974,956
Loans payable - related parties 335,563 253,897
Bond indenture obligation 10
Deferred revenue 0
Total Liabilities 58,881,744 53,381,671
Stockholders' Deficit    
Preferred stock, par value $.000001, 200,000,000 shares authorized, 1,800,000 shares issued and outstanding 2 2
Additional paid in capital 247,303,957,909 237,463,587,140
Stock subscription receivable (247,297,597,000) (237,457,597,000)
Accumulated deficit (65,239,111) (59,311,348)
Total Stockholders' Deficit (58,873,604) (53,318,024)
Total Liabilities and Stockholders' Deficit 8,140 63,647
Class A Common Stock [Member]    
Stockholders' Deficit    
Common stock 2 2
Class B Common Stock [Member]    
Stockholders' Deficit    
Common stock 4,289 2,939
Class C Common Stock [Member]    
Stockholders' Deficit    
Common stock 191 145
Class D Common Stock [Member]    
Stockholders' Deficit    
Common stock $ 114 $ 96
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Apr. 30, 2021
Jul. 31, 2020
Preferred stock, par value per share $ 0.000001 $ 0.000001
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares issued 1,800,000 1,800,000
Preferred stock, shares outstanding 1,800,000 1,800,000
Class A Common Stock [Member]    
Common stock, par value per share $ 0.000001 $ 0.000001
Common stock, shares authorized 7,000,000 7,000,000
Common stock, shares issued 1,684,000 1,684,000
Common stock, shares outstanding 1,684,000 1,684,000
Class B Common Stock [Member]    
Common stock, par value per share $ 0.000001 $ 0.000001
Common stock, shares authorized 10,000,000,000 10,000,000,000
Common stock, shares issued 4,289,637,844 4,289,637,844
Common stock, shares outstanding 4,289,637,844 4,289,637,844
Class C Common Stock [Member]    
Common stock, par value per share $ 0.000001 $ 0.000001
Common stock, shares authorized 8,000,000,000 8,000,000,000
Common stock, shares issued 191,051,230 191,051,230
Common stock, shares outstanding 191,051,230 191,051,230
Class D Common Stock [Member]    
Common stock, par value per share $ 0.000001 $ 0.000001
Common stock, shares authorized 8,000,000,000 8,000,000,000
Common stock, shares issued 114,000,000 114,000,000
Common stock, shares outstanding 114,000,000 114,000,000
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2021
Apr. 30, 2020
Operating Expenses        
General & Administrative $ 328,658 $ 2,642,773 $ 5,923,709 $ 7,667,633
Total Operating Expenses 328,658 2,642,773 5,923,709 7,667,633
Loss From Operations (328,658) (2,642,773) (5,923,709) (7,667,633)
Other Expense        
Interest expenses (320) (8,574) (1,604) (42,647)
Other income / loss   (2,450)
Gain on settelement of debt   1,354,610
Total Other (Expense) Gain (320) (8,574) (4,054) 1,311,963
Net Loss $ (328,978) $ (2,651,347) $ (5,927,763) $ (6,355,670)
Net Loss Per Share - Basic & Diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted Average Common Shares Outstanding - Basic & Diluted 3,935,807,000 2,194,529,151 3,855,322,000 1,502,792,760
v3.21.1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock Class A [Member]
Common Stock Class B [Member]
Common Stock Class C [Member]
Common Stock Class D [Member]
Additional Paid-in Capital [Member]
Stock Subscription Receivable [Member]
Accumulated Deficit [Member]
Total
Balance at Jul. 31, 2019 $ 2 $ 2 $ 1,063 $ 48 $ 48 $ 1,589,157,814 $ (1,583,597,000) $ (50,225,784) $ (44,663,807)
Balance, shares at Jul. 31, 2019 1,800,000 1,600,000 1,062,522,134 48,000,000 48,000,000        
Stock-based compensation $ 480 119,818 119,818
Stock-based compensation, shares 480,000,000        
Shares issued for option exercise $ 303 228,673,999,697 (228,673,999,697)
Shares issued for option exercise, shares 303,600,000        
Shares issued for amended opportunity license agreement $ 3 866 869
Shares issued for amended opportunity license agreement 3,475,248        
Stock options issued for debt settlement $ 15 3,677 (3,692)
Stock options issued for debt settlement, shares 14,769,480        
Shares issued for investment in related entity $ 3 805 808
Shares issued for investment in related entity, shares 3,230,520        
Shares re-issued for deposit $ 11 (11)
Shares re-issued for deposit, shares 11,292,240        
Stock Dividend $ 1,068 477,463   (465,229) 13,300
Stock Dividend, shares 1,065,879,277        
Net Loss (6,355,670) (6,355,670)
Balance at Apr. 30, 2020 $ 2 $ 2 $ 2,926 $ 66 $ 48 230,263,760,129 (230,257,597,000) (57,050,375) (50,884,202)
Balance, shares at Apr. 30, 2020 1,800,000 1,600,000 2,926,768,899 66,000,000 48,000,000        
Balance at Jul. 31, 2020 $ 2 $ 2 $ 2,939 $ 145 $ 96 237,463,587,140 (237,457,597,000) (59,311,348) (53,318,024)
Balance, shares at Jul. 31, 2020 1,800,000 1,684,000 2,939,018,899 145,045,680 96,000,000        
Opening Equity AJE           905     905
Stock-based compensation 106 $ 106
Stock-based compensation, shares        
Shares issued for option exercise, shares                
Issuance of Class B shares at par $ 1,348 (1,348)
Issuance of Class B shares at par, shares 1,348,218,945        
Issuance of Class C shares at par $ 23 (23)
Issuance of Class C shares at par, shares 23,000,000        
Issuance of Class C shares at par $ 23 (23)
Issuance of Class C shares at par, shares 23,000,000        
Issuance of Class D shares at par $ 18 (18)
Issuance of Class D shares at par, shares 18,000,000        
Shares issued to officers for cash $ 2 9,839,999,998 (9,840,000,000)
Shares issued to officers for cash, shares 2,400,000        
Conversion of shares for debt 339,515 339,515
Conversion of shares for debt, shares 5,640        
Stock Options Issued 31,658 31,658
Net Loss (5,927,763) (5,927,763)
Balance at Apr. 30, 2021 $ 2 $ 2 $ 4,289 $ 191 $ 114 $ 247,303,597,908 $ (247,297,597,000) $ (65,239,111) $ (58,873,604)
Balance, shares at Apr. 30, 2021 1,800,000 1,684,000 4,289,637,844 191,051,320 114,000,000        
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Apr. 30, 2021
Apr. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,927,763) $ (6,355,670)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 293 310
Stock-based compensation 31,765 120,298
Impairment of investment in related companies 1,677
Gain on settlement of debt (1,354,610)
Change in operating assets and liabilities:    
Prepaid expense and deposits 34,940 (13,773)
Accounts payable and accrued expenses 611,960 267,961
Accounts payable and accrued expenses - related parties 500 15,505
Accrued compensation expenses - related parties 4,805,937 7,016,771
Due to related parties 18,915
Cash flows used in operating activities (442,368) (282,616)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from related party loans 433,494 305,573
Repayment of related party loans (11,410) (21,430)
Cash flows provided by financing activities 422,084 284,143
NET (DECREASE) INCREASE IN CASH (20,284) 1,527
CASH, BEGINNING OF YEAR 28,396 315
CASH, END OF PERIOD 8,112 1,842
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid
Income taxes paid
NON CASH TRANSACTION:    
Settlement of Related Party Debt for Equity $ 339,515
v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Apr. 30, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Ameri Metro, Inc. (“Ameri Metro”, “our” and the “Company”) was formed to engage primarily in high-speed rail for passenger and freight transportation and related transportation projects.  The Company initially intends to develop a Midwest high-speed rail system for passengers and freight.  

The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute our business plan.

The following transactions changed the corporate operating structure of the Company during the nine months ended April 30, 2021:

On February 18, 2020, the Company issued 3,230,520 shares of Class C common stock to acquire 2% of Susquehanna Mortgage Bankers Corp. (formerly Global Infrastructure SP Bankers).   On April 28, 2020, by consent of the Company’s Board of directors, the Company agree to issue 23,000,000 shares of Original Class C common stock to acquire an additional 23% in Susquehanna Mortgage Bankers Corp.  The intent is to become a licensed Commercial & Residential lender, an entity supervised by the State banking commission.  Once licensed, it will then apply for a Fintech mortgage lender with the U.S. Office of Currency Control to become a licensed lender under the U.S. Federal Reserve system.  On September 18, 2020, the Company issued 23,000,000 shares of Original Class C common stock to Susquehanna Mortgage Bankers.

On April 28, 2020, by consent of the Company’s Board of directors, the Company agreed to issue 23,000,000 shares of the Original Class C common stock to acquire 25% ownership interest in Ann Charles International Airport. The Company is the developer of this project.  On September 18, 2020, the Company issued 23,000,000 shares of Original Class C common stock to Ann Charles International Airport.

On September 18, 2020, the CEO of the Company transferred 102,600,000 shares of Class B common stock from his personal holdings to 20 related entities in which the Company holds a 25% ownership interest in 19 of the 20 related entities and 10% interest in one of the related entities.  

On September 18, 2020, the Company reserved 400,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. Trust, for the purpose of any future purchases of commodities, supplies, equipment and other tangible items for current and future projects.  The shares are being administered by the HSRF Statutory Trust on behalf of the Company and will be issued out of trust when the Company deems it appropriate to issue Class B shares of common stock for these purchases.

As a result of the previous transactions, the Company has a 25% participating profits interest in nineteen related entities and a 10% participating profit in one other entity. These entities have not commenced substantial operations or revenue producing activities.

On December 8, 2020, Atlantic Energy & Utility Products, Inc. a related party of the Company, entered into an agreement with Bayelsa Oil Company Limited to extract 70 million barrels of oil from the OPL 240 asset. The related entity and Bayelsa Oil Company Limited will create a joint venture to raise approximately $300.55MM to further develop the OPL 240 asset.  Ameri Metro, Inc. holds a 25% non-controlling interest in Atlantic Energy & Utility Products, Inc.

On February 8, 2021, the Ameri Metro Inc Board of Directors voted to proceed with the creation of a wholly-owned subsidiary "Africa High Speed Rail and Infrastructure Development Co." for projects located on the African continent. The wholly-owned subsidiary will also apply for listing on the Nigerian Stock Exchange (NSE) in the near future.

On February 10, 2021, the Board of Directors approved the transfer of Global Infrastructure and Development Company in the UK as a wholly owned subsidiary of the Company.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s consolidated financial statements filed with the Securities and Exchange Commission (“SEC”) on Form 10-K.  In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the unaudited interim condensed consolidated financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited interim condensed consolidated statements do not include all of the information and notes required by U.S. GAAP for complete financial statements.  Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the most recent fiscal year 2020 as reported in Form 10-K, have been omitted.

Principles of Consolidation

The consolidated financial statements present the financial position, results of operations and cash flows for Ameri Metro and its wholly-owned subsidiaries, Global Transportation & Infrastructure, Inc. (“GTI”); Africa High Speed Rail and Infrastructure Development Co. and Global Infrastructure and Development Company. Intercompany transactions and balances have been eliminated in consolidation.

The financial position, results of operations and cash flows as of, and for the period reported include the results of operations for Ameri Metro and its subsidiaries.

Participating Profits Interest

As at April 30, 2021, the Company has a 25% participating profits interest in nineteen related entities and a 10% participating profit in one other entity. The remaining participating profits interest (and 100% voting control) is owned by the Company’s majority shareholder. These entities have had no operations, assets, or liabilities, and as of April 30, 2021, the Company’s participating profits interest in these companies was $0.

Use of Estimates

The preparation of 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 financial statements and the reported amounts of revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.


Revenue Recognition

 

We will recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). We recognize our contracts in our financial statements upon determining that it creates enforceable rights and obligations and the funding to complete our projects are probable.

 

The Company will recognize revenue based on the following agreements for each project:

 

Master Consulting Agreement Exhibit 10.24: The Company shall be compensated for arranging financing and developing the sponsorship mechanism for the Project by a specific fee equal to one and one half percent (1.5%) of the face amount of the each master trust indenture. All fees are deemed earned upon delivery of each master trust indenture documents and or recordation of same in any public record. However, the Company has conservatively determined under ASC 606 that the revenues will not be recognized until the cash from the bond indentures is received and is ready to be transferred to the sponsor projects.

 

Master Agreement for Construction Exhibit 10.15: The Company will earn cost plus forty percent (40%), plus two percent (2%) over the adjustment for the increase in inflation. Construction contract is based upon 97% of the face amount of each Master Trust Indenture over course of construction period. The Company will also receive three percent (3%) of the face amount of the contract upon the bond funding for the initial phase of the project; and a subsequent payment of an additional two percent (2%) of the face amount of the contract upon mobilization of the project. These percentages shall apply to the first phase and to all subsequent phases of the project.

 

The cost plus forty percent, plus the 2% inflation adjustment will be recognized over the expected term of the contract on a percentage of completion basis.

 

The 3% will be recognized at the time of the bond funding as the Company has no other performance obligations.

 

The 2% mobilization fee will be recognized at that time the project is mobilized.

 

The Company will also generate revenues through Susquehanna Mortgage Bankers and Penn Insurance Services. The Company currently has no activity related to these two entities. The revenues will be recorded based on the Master Consulting Agreement of 1.5%, Credit Enhancement Fees of 3.0%, Financial Guarantee Fees of 3%, Lender Fee of 1.5%, Origination / Underwriting Fee of 1.5% and Service Fees of 0.5%. All of the fees will be recognized once all services have been completed.

The Company has submitted $44.5 Billion shovel ready projects to a large financial institution for funding. They expect that these projects will be financed over the next twelve months, which will allow management to commence the projects and recognize revenue.

Income (Loss) Per Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Due to loss for the period ended April 30, 2021 and 2020, the outstanding options are anti-dilutive. As a result, the computations of net loss per common shares is the same for both basic and fully diluted common stock. Potentially dilutive securities, which includes 23,630,000 stock options as at April 30, 2021, have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been antidilutive.

Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes”. The pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, “Income Taxes”. The pronouncement also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 will be effective for us beginning in the first quarter of fiscal 2021, with early adoption permitted. We have evaluated the impact of the new FASB standard and determine that it will not have a material impact on our consolidated financial statements.

v3.21.1
GOING CONCERN
9 Months Ended
Apr. 30, 2021
Going Concern [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenues since inception, management’s business strategy involves commencing of various economic development projects and closing of acquisitions that are expected to be profitable subject to the availability of financing to make these projects and acquisitions commercially successful. As at April 30, 2020, the Company has a working capital deficit of approximately $58.874 million and has accumulated losses of $65,239,111 since inception. The ability of the Company to continue as a going concern is dependent on our ability to generate cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations.

Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and on-going operations; however, there can be no assurance the Company will be successful in these efforts. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.

v3.21.1
ACCRUED COMPENSATION AND ACCRUED EXPENSES - RELATED PARTIES
9 Months Ended
Apr. 30, 2021
Payables and Accruals [Abstract]  
ACCRUED COMPENSATION AND ACCRUED EXPENSES - RELATED PARTIES

NOTE 3 – ACCRUED COMPENSATION AND ACCRUED EXPENSES – RELATED PARTIES

As of April 30, 2021, $56,033,200 (July 31, 2020 - $51,226,763) is accrued in relation to various employment agreements, directorship agreements and audit committee agreements.

v3.21.1
LOANS PAYABLE - RELATED PARTY
9 Months Ended
Apr. 30, 2021
Related Party Transactions [Abstract]  
LOANS PAYABLE - RELATED PARTY

NOTE 4 – LOANS PAYABLE – RELATED PARTY

As of April 30, 2021, $335,562 (July 31, 2020 - $253,897) is due to the majority shareholder as he paid expenses on behalf of the Company.  The amount is unsecured, bears interest at 1% per annum and is due on demand.

Details of transactions between the Company and related parties are disclosed below:

 

 

April 30,

 

 

April 30,

 

 

 

2021

 

 

2020

 

 

 

$

 

 

$

 

The following balances were carried out with related parties:

 

 

 

 

 

 

Officer payroll

 

3,381,765

 

 

5,103,385

 

Director fees

 

975,000

 

 

1,462,747

 

Audit committee fees

 

180,000

 

 

270,000

v3.21.1
CAPITAL STOCK
9 Months Ended
Apr. 30, 2021
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK

NOTE 5 – CAPITAL STOCK

On September 18, 2020, the Company issued the 23,000,000 shares of Original Class C common stock to Susquehanna Mortgage Bankers Corp. (formerly Global Infrastructure SP Bankers).

On September 18, 2020, the Company issued the 23,000,000 shares of Original Class C common stock to Ann Charles International Airport.

On September 18, 2020, the CEO of the Company transferred 102,600,000 shares of Class B common stock from his personal holdings to 20 related entities in which the Company holds a 25% ownership interest in 19 of the 20 related entities and 10% interest in one of the related entities.  

On September 18, 2020, the Company reserved 400,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. Trust, for the purpose of any future purchases of commodities, supplies, equipment and other tangible items for current and future projects.  The shares are being administered by the HSRF Statutory Trust on behalf of the Company and will be issued out of trust when the Company deems it appropriate to issue Class B shares of common stock for these purchases.

On September 18, 2020, the Company issued 2,400,000 shares of Class B common stock at $4,100 per share from the 2015 Equity Incentive Plan reserved shares to 12 directors and officers of the Company, of which $9,840,000,000 proceeds is recorded as stock subscription receivable.

On October 1, 2018, the Company issued 18,000,000 each of Class C and Class D shares of common stock in the name of Ameri Metro, Inc. The shares are being administered by HSRF Statutory Trust and reserved on behalf of the shareholders for future dividend disbursement.

On November 5, 2018, the Company issued 2,000,000 shares of Class B common stock with a fair value of $500 to two officers and directors of the Company for services pursuant to directorship agreements dated August 30, 2018.  The shares were issued from the 2015 Equity Incentive Plan reserved shares.  The shares vest 285,714 per year for seven years. As of the year ended July 31, 2020, the shares were fully vested.

On December 28, 2020, the majority shareholder converted approximately $339,000 in debt owed to one of his related companies for a fixed conversion price of $60 which provided him with 5,640 Class C shares.

v3.21.1
STOCK OPTIONS
9 Months Ended
Apr. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 6 – STOCK OPTIONS

On March 8, 2016, the Company adopted a stock option plan named 2015 Equity Incentive Plan, the purpose of which is to help the Company secure and retain the services of employees, directors and consultants, provide incentives to exert maximum efforts for the success of the Company and any affiliate and provide a means by which the eligible recipients may benefit from increases in value of the common stock.  

During the three months ended April 30, 2021 and 2020, the Company recorded stock-based compensation of $31,658 and $65 on the consolidated statement of operations for all stock based compensation.

During the nine months ended April 30, 2021 and 2020, the Company recorded stock-based compensation of $31,765 and $65 on the consolidated statement of operations for all stock based compensation.

On June 12, 2019, the Company amended Equity Incentive Plans, Subscription Agreements and Equity Agreements so that options issued after June 12, 2019 would have a strike price equal to the market price at that grant date.

A summary of the Company’s stock option activity is as follow:

 

 

Number of Options

Weighted Average Exercise Price

$

Weighted Average Remaining

Contractual Term

Aggregate Intrinsic Value

$

 

 

 

 

 

Outstanding, July 31, 2020

10,890,000

435.75

19.65

 

 

 

 

 

Granted

 12,740,000

435.75

30

Exercised

 

 

 

 

 

Outstanding, April 30, 2021

23,630,000

435.75

25.23

Exercisable, April 30, 2021

21,630,000

435.75

25.23

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

Nine Months

Ended

April 30,

2021

Nine Months

Ended

April 30,

2020

Expected dividend yield

0%

0%

Expected volatility

150%

150%

Expected life (in years)

30

30

Risk-free interest rate

1.84%

1.82%

 

 

 

The options issued to officers and directors have an indefinite life. The Company has adjusted the expected life of the options to 30 years in the current quarter.

 

All Officer and Director Stock Options and Share Based Compensation are fully vested.

 

At April 30, 2021, there was $- of unrecognized compensation costs related to non-vested stock-based compensation arrangements granted under the Plan. There was nil intrinsic value associated with the outstanding stock options at April 30, 2021.

v3.21.1
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Related and Non-related Party Agreements

The Company has entered into agreements with related and non-related parties for identified projects. As of April 30, 2021 and through May 14, 2021, the Company has no commitments or obligations under these agreements due to lack of financing which is in process. The Company will be committed to perform agreed upon services once the financings are completed. The Company has completed most of the feasibility studies for each project.

On June 25, 2019, the Company amended the Opportunity License Agreements it entered with 16 related entities.  The amendment clarifies ownership, voting rights, and distribution of profits for the Company and the Company founder.  The amendment also provides that the Company will purchase non-controlling interest of each of the sixteen entities and the Portus de Jewel project.  On June 29, 2019, the Company issued 33,931,475 shares of Class B common stock from the 2015 Incentive Plan which equal to 25% of the Founder’s shares in 15 of the 16 entities and 20,000,000 shares of Class B common stock from the 2015 Incentive Plan which equal to 10% of the Founder’s shares in the Portus de Jewel project.  During the year ended July 31, 2019, the Company recorded an impairment of $8,483 and opportunity license fees of $5,000 which are included in general and administrative expense.   

Employee Agreements

The Company has entered into material agreements with its Officers and Directors for more information on these contracts please see the Company’s July 31, 2020 Form 10-K.

The Company has entered into an employment agreement with the Chief Operations Officer of the Company with an effective date of August 30, 2018.  The term of the employment agreement is three years, with an annual base salary of $425,000. Effective September 1, 2019, the Chief Operations Officer’s annual base salary is increased to $500,000.  

The Company has entered into an employment agreement with the Chief Financial Officer of the Company with an effective date of August 30, 2018.  The term of the employment agreement is three years, with an annual base salary of $375,000.  Effective September 1, 2019, the Chief Financial Officer’s annual base salary is increased to $500,000.

As of April 30, 2021 and July 31, 2020, total accrued compensation expenses to related parties related to the above employment agreements were $54,780,893 and $49,974,956, respectively. As of April 30, 2021 and July 31, 2020, the Company has accrued payroll taxes of $1,533,141 and $1,401,084, respectively, related to the accrued compensation expenses. The board of directors have stopped accruing compensation for officers and directors as of February 1, 2021.

Operating Lease

On April 30, 2014, the Company terminated its existing office space lease, and entered into a new month-to-month rent agreement for office space. The new agreement which commenced on November 1, 2015, calls for monthly rent payments of $1,440. The terminated lease agreement has not been resolved as to payment of existing amounts due or as to any early termination fees. According to the lease agreement, the Company’s unpaid rental balance shall bear interest until paid at a rate equal to the prime rate of interest charged by the M&T Bank, plus 2 percent. Late payment charge is $25 per day beginning with the first day following the due date. As of April 30, 2021, and July 31, 2020, the Company recorded accrued interest and late fee of $170,060 and $163,389, respectively.

Legal Proceedings

On September 14, 2017, the Company received a letter from Zimmerman & Associates, on behalf of J. Harold Hatchett, III and Ronald Silberstein, claiming breach of contract, wrongful termination, and wrongful violations of the Business Corporations Act, and knowingly inaccurate SEC Reporting against the Company and the board of directors. The Company plans to work amicably to come to a settlement. As of April 30, 2021 and July 31, 2020, the Company has accrued $1,263,870 and $1,295,120 in salaries for each of J. Harold Hatchett III and Ronald Silberstein, respectively for each period.

The Company received a lawsuit on June 13, 2017 by Estate of Robert A. Berry Esq. (decedent, Oct 22, 2015), plaintiff (the “Plaintiff Estate”). The Plaintiff Estate asserted a claim for $50,000 and 11,000 common class “B” shares of the Company relating to shares and accrued stipend beginning 2015. The Company, in 2015, had previously booked the liability of $50,000 without interest accruing and issued the 11,000 shares of common class “B” stock of the Company to decedent Robert A. Berry Esq.  The Company anticipates paying the $50,000 when our capital raise is completed.  

v3.21.1
INCOME TAXES
9 Months Ended
Apr. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 8 – INCOME TAXES

At April 30, 2021 and July 31, 2020, the Company’s deferred tax assets consisted of principally net operating loss carry forwards. The material reconciling items between the tax benefit computed at the statutory rate and the actual benefit recognized in the financial statements consisted of accrued expenses and the change in the valuation allowance during the applicable period. The Company has recorded a 100% valuation allowance as management is uncertain that the Company will realize the deferred tax assets.

The Company has filed its federal and state tax returns for the year ended July 31, 2020 and has filed its federal and state tax returns for the year ended July 31, 2019. The Net operating losses (“NOLs”) for these years will not be available to reduce future taxable income until the returns are filed. Assuming these returns are filed, as of April 30, 2021, the Company had approximately $10.9 million of federal and state net operating losses that may be available to offset future taxable income. The net operating loss carryforwards will begin to expire in 2021 unless utilized.

The tax years 2013 to 2020 remain open to examination by the major taxing jurisdictions to which the Company is subject.

v3.21.1
SUBSEQUENT EVENTS
9 Months Ended
Apr. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

We have evaluated subsequent events through June 14, 2021, the date on which the accompanying condensed consolidated financial statements were available to be issued. Based upon its evaluation, management has determined that no subsequent events have occurred that would require recognition in the accompanying condensed consolidated financial statements or disclosures in the notes thereto, except as follows:

 

To mitigate the impact of novel coronavirus 2019 (“COVID-19”), we have taken measures to promote the safety and security of our employees while complying with various government mandates, including work-from-home arrangements and social-distancing initiatives to reduce the transmission of COVID-19.

 

The COVID-19 pandemic has had a negative impact on our results of operations and financial performance for the first of 2020, and we expect it will continue to have a negative impact on our revenue, earnings and cash flows into 2021. Accordingly, current results and financial condition discussed herein may not be indicative of future operating results and trends.

v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Apr. 30, 2021
Accounting Policies [Abstract]  
Nature of Business

Nature of Business

Ameri Metro, Inc. (“Ameri Metro”, “our” and the “Company”) was formed to engage primarily in high-speed rail for passenger and freight transportation and related transportation projects.  The Company initially intends to develop a Midwest high-speed rail system for passengers and freight.  

The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute our business plan.

The following transactions changed the corporate operating structure of the Company during the nine months ended April 30, 2021:

On February 18, 2020, the Company issued 3,230,520 shares of Class C common stock to acquire 2% of Susquehanna Mortgage Bankers Corp. (formerly Global Infrastructure SP Bankers).   On April 28, 2020, by consent of the Company’s Board of directors, the Company agree to issue 23,000,000 shares of Original Class C common stock to acquire an additional 23% in Susquehanna Mortgage Bankers Corp.  The intent is to become a licensed Commercial & Residential lender, an entity supervised by the State banking commission.  Once licensed, it will then apply for a Fintech mortgage lender with the U.S. Office of Currency Control to become a licensed lender under the U.S. Federal Reserve system.  On September 18, 2020, the Company issued 23,000,000 shares of Original Class C common stock to Susquehanna Mortgage Bankers.

On April 28, 2020, by consent of the Company’s Board of directors, the Company agreed to issue 23,000,000 shares of the Original Class C common stock to acquire 25% ownership interest in Ann Charles International Airport. The Company is the developer of this project.  On September 18, 2020, the Company issued 23,000,000 shares of Original Class C common stock to Ann Charles International Airport.

On September 18, 2020, the CEO of the Company transferred 102,600,000 shares of Class B common stock from his personal holdings to 20 related entities in which the Company holds a 25% ownership interest in 19 of the 20 related entities and 10% interest in one of the related entities.  

On September 18, 2020, the Company reserved 400,000,000 Class B shares of common stock in the name of the Ameri Metro, Inc. Trust, for the purpose of any future purchases of commodities, supplies, equipment and other tangible items for current and future projects.  The shares are being administered by the HSRF Statutory Trust on behalf of the Company and will be issued out of trust when the Company deems it appropriate to issue Class B shares of common stock for these purchases.

As a result of the previous transactions, the Company has a 25% participating profits interest in nineteen related entities and a 10% participating profit in one other entity. These entities have not commenced substantial operations or revenue producing activities.

On December 8, 2020, Atlantic Energy & Utility Products, Inc. a related party of the Company, entered into an agreement with Bayelsa Oil Company Limited to extract 70 million barrels of oil from the OPL 240 asset. The related entity and Bayelsa Oil Company Limited will create a joint venture to raise approximately $300.55MM to further develop the OPL 240 asset.  Ameri Metro, Inc. holds a 25% non-controlling interest in Atlantic Energy & Utility Products, Inc.

On February 8, 2021, the Ameri Metro Inc Board of Directors voted to proceed with the creation of a wholly-owned subsidiary "Africa High Speed Rail and Infrastructure Development Co." for projects located on the African continent. The wholly-owned subsidiary will also apply for listing on the Nigerian Stock Exchange (NSE) in the near future.

On February 10, 2021, the Board of Directors approved the transfer of Global Infrastructure and Development Company in the UK as a wholly owned subsidiary of the Company.

Basis of Presentation

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 8 of Regulation S-X, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s consolidated financial statements filed with the Securities and Exchange Commission (“SEC”) on Form 10-K.  In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the unaudited interim condensed consolidated financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited interim condensed consolidated statements do not include all of the information and notes required by U.S. GAAP for complete financial statements.  Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the most recent fiscal year 2020 as reported in Form 10-K, have been omitted.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements present the financial position, results of operations and cash flows for Ameri Metro and its wholly-owned subsidiaries, Global Transportation & Infrastructure, Inc. (“GTI”); Africa High Speed Rail and Infrastructure Development Co. and Global Infrastructure and Development Company. Intercompany transactions and balances have been eliminated in consolidation.

The financial position, results of operations and cash flows as of, and for the period reported include the results of operations for Ameri Metro and its subsidiaries.

Participating Profits Interest
Use of Estimates

Use of Estimates

The preparation of 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 financial statements and the reported amounts of revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

Revenue Recognition

Revenue Recognition

 

We will recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). We recognize our contracts in our financial statements upon determining that it creates enforceable rights and obligations and the funding to complete our projects are probable.

 

The Company will recognize revenue based on the following agreements for each project:

 

Master Consulting Agreement Exhibit 10.24: The Company shall be compensated for arranging financing and developing the sponsorship mechanism for the Project by a specific fee equal to one and one half percent (1.5%) of the face amount of the each master trust indenture. All fees are deemed earned upon delivery of each master trust indenture documents and or recordation of same in any public record. However, the Company has conservatively determined under ASC 606 that the revenues will not be recognized until the cash from the bond indentures is received and is ready to be transferred to the sponsor projects.

 

Master Agreement for Construction Exhibit 10.15: The Company will earn cost plus forty percent (40%), plus two percent (2%) over the adjustment for the increase in inflation. Construction contract is based upon 97% of the face amount of each Master Trust Indenture over course of construction period. The Company will also receive three percent (3%) of the face amount of the contract upon the bond funding for the initial phase of the project; and a subsequent payment of an additional two percent (2%) of the face amount of the contract upon mobilization of the project. These percentages shall apply to the first phase and to all subsequent phases of the project.

 

The cost plus forty percent, plus the 2% inflation adjustment will be recognized over the expected term of the contract on a percentage of completion basis.

 

The 3% will be recognized at the time of the bond funding as the Company has no other performance obligations.

 

The 2% mobilization fee will be recognized at that time the project is mobilized.

 

The Company will also generate revenues through Susquehanna Mortgage Bankers and Penn Insurance Services. The Company currently has no activity related to these two entities. The revenues will be recorded based on the Master Consulting Agreement of 1.5%, Credit Enhancement Fees of 3.0%, Financial Guarantee Fees of 3%, Lender Fee of 1.5%, Origination / Underwriting Fee of 1.5% and Service Fees of 0.5%. All of the fees will be recognized once all services have been completed.

The Company has submitted $44.5 Billion shovel ready projects to a large financial institution for funding. They expect that these projects will be financed over the next twelve months, which will allow management to commence the projects and recognize revenue.

Income (Loss) Per Share

Income (Loss) Per Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Due to loss for the period ended April 30, 2021 and 2020, the outstanding options are anti-dilutive. As a result, the computations of net loss per common shares is the same for both basic and fully diluted common stock. Potentially dilutive securities, which includes 23,630,000 stock options as at April 30, 2021, have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been antidilutive.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes”. The pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, “Income Taxes”. The pronouncement also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 will be effective for us beginning in the first quarter of fiscal 2021, with early adoption permitted. We have evaluated the impact of the new FASB standard and determine that it will not have a material impact on our consolidated financial statements.

v3.21.1
LOANS PAYABLE - RELATED PARTY (Tables)
9 Months Ended
Apr. 30, 2021
Related Party Transactions [Abstract]  
Schedule of Transactions Between Company and Related Parties

Details of transactions between the Company and related parties are disclosed below:

 

 

April 30,

 

 

April 30,

 

 

 

2021

 

 

2020

 

 

 

$

 

 

$

 

The following balances were carried out with related parties:

 

 

 

 

 

 

Officer payroll

 

3,381,765

 

 

5,103,385

 

Director fees

 

975,000

 

 

1,462,747

 

Audit committee fees

 

180,000

 

 

270,000

v3.21.1
STOCK OPTIONS (Tables)
9 Months Ended
Apr. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Summary of Stock Option Activity

A summary of the Company’s stock option activity is as follow:

 

 

Number of Options

Weighted Average Exercise Price

$

Weighted Average Remaining

Contractual Term

Aggregate Intrinsic Value

$

 

 

 

 

 

Outstanding, July 31, 2020

10,890,000

435.75

19.65

 

 

 

 

 

Granted

 12,740,000

435.75

30

Exercised

 

 

 

 

 

Outstanding, April 30, 2021

23,630,000

435.75

25.23

Exercisable, April 30, 2021

21,630,000

435.75

25.23

Schedule of Fair Value of Each Option Granted Weighted Average Assumptions

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

Nine Months

Ended

April 30,

2021

Nine Months

Ended

April 30,

2020

Expected dividend yield

0%

0%

Expected volatility

150%

150%

Expected life (in years)

30

30

Risk-free interest rate

1.84%

1.82%

v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
1 Months Ended 9 Months Ended
Dec. 08, 2020
Sep. 18, 2020
Apr. 28, 2020
Feb. 18, 2020
Apr. 30, 2021
Related Party Transaction [Line Items]          
Participating profits interest         25.00%
Participating profits interest         $ 0
Potentially dilutive securities stock options excluded from computation of diluted net loss per share         23,630,000
Description of agreement On December 8, 2020, Atlantic Energy & Utility Products, Inc. a related party of the Company, entered into an agreement with Bayelsa Oil Company Limited to extract 70 million barrels of oil from the OPL 240 asset.        
Description of joint venture The related entity and Bayelsa Oil Company Limited will create a joint venture to raise approximately $300.55MM to further develop the OPL 240 asset.        
Revenue recognition         The revenues will be recorded based on the Master Consulting Agreement of 1.5%, Credit Enhancement Fees of 3.0%, Financial Guarantee Fees of 3%, Lender Fee of 1.5%, Origination / Underwriting Fee of 1.5% and Service Fees of 0.5%
Amount of funding         $ 44,500,000,000
Atlantic Energy & Utility Products, Inc [Member]          
Related Party Transaction [Line Items]          
Ownership percentage of non controlling interest 25.00%        
Class B Common Stock [Member]          
Related Party Transaction [Line Items]          
Shares reserved   400,000,000      
Susquehanna Mortgage Bankers Corp [Member] | Class C Common Stock [Member]          
Related Party Transaction [Line Items]          
Percentage to acquire ownership interest     23.00% 2.00%  
Shares issued under acquisition   23,000,000 23,000,000 3,230,520  
Ann Charles International Airport [Member] | Class C Common Stock [Member]          
Related Party Transaction [Line Items]          
Percentage to acquire ownership interest     25.00%    
Shares issued under acquisition   23,000,000 23,000,000    
Majority Shareholder [Member]          
Related Party Transaction [Line Items]          
Percentage to acquire ownership interest         10.00%
Participating profits interest, voting control         100.00%
Chief Executive Officer [Member] | Class B Common Stock [Member]          
Related Party Transaction [Line Items]          
Shares transferred to twenty related entities   102,600,000      
Chief Executive Officer [Member] | Class B Common Stock [Member] | 19 of the 20 related entities [Member]          
Related Party Transaction [Line Items]          
Percentage to acquire ownership interest   25.00%      
Chief Executive Officer [Member] | Class B Common Stock [Member] | One of related entities [Member]          
Related Party Transaction [Line Items]          
Percentage to acquire ownership interest   10.00%      
Nineteen related entities [Member]          
Related Party Transaction [Line Items]          
Participating profits interest, percentage         25.00%
One other entity [Member]          
Related Party Transaction [Line Items]          
Participating profits interest, percentage         10.00%
v3.21.1
GOING CONCERN (Details) - USD ($)
Apr. 30, 2021
Jul. 31, 2020
Going Concern [Abstract]    
Working capital deficiency $ 58,874,000  
Accumulated losses $ 65,239,111 $ 59,311,348
v3.21.1
ACCRUED COMPENSATION AND ACCRUED EXPENSES - RELATED PARTIES (Details) - USD ($)
Apr. 30, 2021
Jul. 31, 2020
Payables and Accruals [Abstract]    
Accrued compensation expenses - related parties $ 54,780,893 $ 49,974,956
v3.21.1
LOANS PAYABLE - RELATED PARTY (Narrative) (Details) - USD ($)
Apr. 30, 2021
Jul. 31, 2020
Related Party Transactions [Abstract]    
Due to majority shareholder $ 335,562 $ 253,897
Interest rate 1.00%  
v3.21.1
LOANS PAYABLE - RELATED PARTY (Schedule of Transactions Between Company and Related Parties) (Details) - USD ($)
9 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Related Party Transactions [Abstract]    
Officer payroll $ 3,381,765 $ 5,103,385
Director fees 975,000 1,462,747
Audit committee fees $ 180,000 $ 270,000
v3.21.1
CAPITAL STOCK (Details) - USD ($)
1 Months Ended 9 Months Ended
Nov. 05, 2018
Oct. 01, 2018
Dec. 28, 2020
Sep. 18, 2020
Apr. 28, 2020
Feb. 18, 2020
Apr. 30, 2021
Capital Unit [Line Items]              
Shares issued, value            
Majority Shareholder [Member]              
Capital Unit [Line Items]              
Debt conversion     $ 339,000        
Debt conversion price     $ 60        
Class C Common Stock [Member] | Ameri Metro, Inc. [Member]              
Capital Unit [Line Items]              
Shares issued   18,000,000          
Class C Common Stock [Member] | Majority Shareholder [Member]              
Capital Unit [Line Items]              
Shares issued     5,640        
Class B Common Stock [Member]              
Capital Unit [Line Items]              
Shares reserved       400,000,000      
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | 12 directors and officers [Member]              
Capital Unit [Line Items]              
Shares issued       2,400,000      
Shares issued, value       $ 9,840,000,000      
Shares issued price per share       $ 4,100      
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | 2 Officers and directors [Member]              
Capital Unit [Line Items]              
Shares issued 2,000,000            
Shares issued, value $ 500            
Options vested 285,714            
Options vested year 7 years            
Class B Common Stock [Member] | Chief Executive Officer [Member]              
Capital Unit [Line Items]              
Shares transferred to twenty related entities       102,600,000      
Class B Common Stock [Member] | Chief Executive Officer [Member] | 19 of the 20 related entities [Member]              
Capital Unit [Line Items]              
Percentage to acquire ownership interest in related entity       25.00%      
Class B Common Stock [Member] | Chief Executive Officer [Member] | One of related entities [Member]              
Capital Unit [Line Items]              
Percentage to acquire ownership interest in related entity       10.00%      
Class D Common Stock [Member] | Ameri Metro, Inc. [Member]              
Capital Unit [Line Items]              
Shares issued   18,000,000          
Susquehanna Mortgage Bankers Corp [Member] | Class C Common Stock [Member]              
Capital Unit [Line Items]              
Shares issued under acquisition       23,000,000 23,000,000 3,230,520  
Percentage to acquire ownership interest in related entity         23.00% 2.00%  
Ann Charles International Airport [Member] | Class C Common Stock [Member]              
Capital Unit [Line Items]              
Shares issued under acquisition       23,000,000 23,000,000    
Percentage to acquire ownership interest in related entity         25.00%    
v3.21.1
STOCK OPTIONS (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2021
Apr. 30, 2020
Jul. 31, 2020
Share-based Payment Arrangement [Abstract]          
Stock-based compensation $ 31,658 $ 65 $ 31,765 $ 120,298  
Expected life of options 30 years        
Unrecognized compensation costs related to non-vested stock-based compensation $ 0   0    
Intrinsic value associated with outstanding stock options    
v3.21.1
STOCK OPTIONS (Schedule of Summary of Stock Option Activity) (Details) - USD ($)
9 Months Ended 12 Months Ended
Apr. 30, 2021
Jul. 31, 2020
Number of Options    
Outstanding 10,890,000  
Granted 12,740,000  
Exercised  
Outstanding 23,630,000 10,890,000
Exercisable 21,630,000  
Weighted Average Exercise Price    
Outstanding $ 435.75  
Granted 435.75  
Exercised  
Outstanding 435.75 $ 435.75
Exercisable $ 435.75  
Weighted Average Remaining Contractual Term    
Outstanding 25 years 2 months 23 days 19 years 7 months 24 days
Granted 30 years  
Exercisable 25 years 2 months 23 days  
Aggregate Intrinsic Value    
Outstanding  
Granted  
Exercised  
Outstanding
Exercisable  
v3.21.1
STOCK OPTIONS (Schedule of Fair Value of Each Option Granted Weighted Average Assumptions) (Details)
9 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Share-based Payment Arrangement [Abstract]    
Expected dividend yield 0.00% 0.00%
Expected volatility 150.00% 150.00%
Expected life (in years) 30 years 30 years
Risk-free interest rate 1.84% 1.82%
v3.21.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
1 Months Ended 12 Months Ended
Sep. 01, 2019
Jun. 13, 2017
Nov. 01, 2015
Jun. 29, 2019
Aug. 30, 2018
Jul. 31, 2019
Apr. 30, 2021
Jul. 31, 2020
Impairment of Investments           $ 8,483    
Opportunity license fees           $ 5,000    
Accrued compensation expenses             $ 54,780,893 $ 49,974,956
Accrued payroll taxes             1,533,141 1,401,084
Monthly rent     $ 1,440          
Late payment charge     $ 25          
Accrued interest on rent             $ 170,060 163,389
Asserted claim in cash   $ 50,000            
Amount of liability without accrued interest   50,000            
Libility amount anticipation to raise capital   $ 50,000            
Participating profits interest in sixteen related entities             25.00%  
Chief Operations Officer [Member]                
Term of Employment agreement         3 years      
Amount of Annual base salary $ 500,000       $ 425,000      
Chief Financial Officer [Member]                
Term of Employment agreement         3 years      
Amount of Annual base salary $ 500,000       $ 375,000      
J Harold Hatchett III [Member]                
Accrued compensation expenses             $ 1,263,870 $ 1,295,120
Class B Common Stock [Member]                
Asserted claim in shares   11,000            
Issue of shares against claim   11,000            
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | Sixteen Related Entities [Member]                
Number of shares issued in Signing bonus       33,931,475        
Participating profits interest in sixteen related entities       25.00%        
Class B Common Stock [Member] | 2015 Equity Incentive Plan [Member] | Portus de Jewel project [Member]                
Number of shares issued in Signing bonus       20,000,000        
Percentage of participating profits interest       10.00%        
v3.21.1
INCOME TAXES (Narrative) (Details)
$ in Millions
9 Months Ended
Apr. 30, 2021
USD ($)
Income Tax Disclosure [Abstract]  
Percentage of valuation allowance as management is uncertain that Company will realize the deferred tax assets 100.00%
Federal and state net operating losses $ 10.9
Federal and state net operating losses expiration period Apr. 30, 2021