GOING CONCERN	12 Months Ended
Jul. 31, 2022
GOING CONCERN
GOING CONCERN	NOTE 3 – GOING CONCERN: The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. The Company has accumulated losses aggregating $4,434,069 and $4,334,370 as of July 31, 2022 and July 31, 2021, respectively, and has insufficient working capital to meet operating needs for the next twelve months, all of which raise substantial doubt about the Company’s ability to continue as a going concern. During the year ended July 31, 2022 the Company recorded a loss of $99,698, which included profit of $198,204 derived from the sale of its building, plus $10,000 from debt forgiveness, compared to a net loss of $140,462 for the year ended July 31, 2021, which include impairment of patents of $66,888 and loan forgiveness of $182,702. The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company is taking appropriate action to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) implementation of new business plan 2) focus on sales to minimize the need for capital at this stage; 3) raising equity financing; 4) continuous focus on reductions in cost where possible.

GOING CONCERN

12 Months Ended

Jul. 31, 2022

NOTE 3 – GOING CONCERN:

The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. The Company has accumulated losses aggregating $4,434,069 and $4,334,370 as of July 31, 2022 and July 31, 2021, respectively, and has insufficient working capital to meet operating needs for the next twelve months, all of which raise substantial doubt about the Company’s ability to continue as a going concern. During the year ended July 31, 2022 the Company recorded a loss of $99,698, which included profit of $198,204 derived from the sale of its building, plus $10,000 from debt forgiveness, compared to a net loss of $140,462 for the year ended July 31, 2021, which include impairment of patents of $66,888 and loan forgiveness of $182,702.

The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company is taking appropriate action to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) implementation of new business plan 2) focus on sales to minimize the need for capital at this stage; 3) raising equity financing; 4) continuous focus on reductions in cost where possible.

PEREGRINE INDUSTRIES INC 10-K