NOTE 7 – RELATED PARTY TRANSACTIONS	12 Months Ended
Jul. 31, 2021
Related Party Transactions [Abstract]
NOTE 7 – RELATED PARTY TRANSACTIONS	NOTE 7 – RELATED PARTY TRANSACTIONS A shareholder of the Company has paid certain expenses of the Company. These amounts are reflected as a loan payable to related party. The shareholder advanced $3,065 and $45,269 during the year ended July 31, 2021, and 2020, respectively. As of July 31, 2021, and July 31, 2020, there were $416,159 and $388,094 due to related parties, and a shareholder, respectively. The Company has consulting agreements with two of its shareholders to provide management and financial services that commenced on December 1, 2017. For the year ended July 31, 2021, and 2020 consulting fees paid were $285,157 and $130,437 respectively. The consulting fees are included as part of professional fees on the Company’s consolidated statements of operations. The Company on February 20, 2018, entered into a related party (that being Recommerce Group, Inc. and our former President and current Vice-President of Corporate Finance and a Director, is a principal in Recommerce Group, Inc.) note receivable in the amount of $1,034,000. The Company made an additional advance in the amount of $175,000 that is non-interest bearing. The note is payable and due on demand and bears interest at the rate of 10%. A total of $153,217 has been applied as payments against this Note. Interest expense in the amount of $87,036 and $87,037 for the year ended July 31, 2021, and 2020, respectively, has been recorded in the financial statements. On January 18, 2022, the Company entered into a Partnership Agreement with Medizone Bio, an entity with principal offices in Naples, Florida. Dr. Babak Ghalili, a director of the Company, is President of Medizone Bio. The Partnership Agreement provides for a 50/50 partnership for the production of biodegradable face masks, and medical supplies, such as personal protective equipment (PPE) and COVID-19 testing materials. Under the Partnership Agreement, Integrity Wellness is to provide an initial funding of $300,000 in financing for Medizone Bio to manufacture the first Medizone Bio products purchase order. This purchase order has a value of $1,200,000. The Company has borrowed the money for this purpose as described below. Integrity Wellness will provide the partnership with financing, marketing, sales distribution in wholesale, retail and direct-to-consumer (e.g., QVC, HSN, Amazon, etc.), financing for general working capital and purchase order financing, while Medizone Bio provides the partnership with a series of purchase orders. The net profits, if any, will be distributed between the partners in equal proportions. Integrity Wellness has issued a Promissory Note in the principal amount of $300,000 to 7X Enterprises, Inc. (“7X”) in exchange for 7X advancing $300,000 to Integrity Wellness for the purchase order financing for the initial purchase order of Medizone Bio. The Promissory Note bears interest at a rate of 10% per annum and is due upon demand from the holder. Dr. Babak Ghalili, a director of the Company, is President of 7X.

NOTE 7 – RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2021

NOTE 7 – RELATED PARTY TRANSACTIONS

A shareholder of the Company has paid certain expenses of the Company. These amounts are reflected as a loan payable to related party. The shareholder advanced $3,065 and $45,269 during the year ended July 31, 2021, and 2020, respectively. As of July 31, 2021, and July 31, 2020, there were $416,159 and $388,094 due to related parties, and a shareholder, respectively.

The Company has consulting agreements with two of its shareholders to provide management and financial services that commenced on December 1, 2017. For the year ended July 31, 2021, and 2020 consulting fees paid were $285,157 and $130,437 respectively. The consulting fees are included as part of professional fees on the Company’s consolidated statements of operations.

The Company on February 20, 2018, entered into a related party (that being Recommerce Group, Inc. and our former President and current Vice-President of Corporate Finance and a Director, is a principal in Recommerce Group, Inc.) note receivable in the amount of $1,034,000. The Company made an additional advance in the amount of $175,000 that is non-interest bearing. The note is payable and due on demand and bears interest at the rate of 10%. A total of $153,217 has been applied as payments against this Note. Interest expense in the amount of $87,036 and $87,037 for the year ended July 31, 2021, and 2020, respectively, has been recorded in the financial statements.

On January 18, 2022, the Company entered into a Partnership Agreement with Medizone Bio, an entity with principal offices in Naples, Florida. Dr. Babak Ghalili, a director of the Company, is President of Medizone Bio. The Partnership Agreement provides for a 50/50 partnership for the production of biodegradable face masks, and medical supplies, such as personal protective equipment (PPE) and COVID-19 testing materials. Under the Partnership Agreement, Integrity Wellness is to provide an initial funding of $300,000 in financing for Medizone Bio to manufacture the first Medizone Bio products purchase order. This purchase order has a value of $1,200,000. The Company has borrowed the money for this purpose as described below. Integrity Wellness will provide the partnership with financing, marketing, sales distribution in wholesale, retail and direct-to-consumer (e.g., QVC, HSN, Amazon, etc.), financing for general working capital and purchase order financing, while Medizone Bio provides the partnership with a series of purchase orders. The net profits, if any, will be distributed between the partners in equal proportions.

Integrity Wellness has issued a Promissory Note in the principal amount of $300,000 to 7X Enterprises, Inc. (“7X”) in exchange for 7X advancing $300,000 to Integrity Wellness for the purchase order financing for the initial purchase order of Medizone Bio. The Promissory Note bears interest at a rate of 10% per annum and is due upon demand from the holder. Dr. Babak Ghalili, a director of the Company, is President of 7X.

Cannagistics Inc. 10-K/A