Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 000-55994

THC Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Nevada		26-0164981
(State or other jurisdiction of incorporation)		(IRS Employer Identification Number)

11700 W Charleston Blvd. #73

Las Vegas, NV 89135

(Address of principal executive offices)

(833)-420-8428

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.

Title of each class	Trading Symbol	Name of each exchange on which registered
Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 12, 2024, the Company had 40,266,149 shares of common stock outstanding.

THC THERAPEUTICS INC.

INDEX

		Page
PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3
	Consolidated Balance Sheets at April 30, 2023 (unaudited), and July 31, 2023	3
	Consolidated Statement of Operations for the three and nine months ended April 30, 2024 and 2023 (unaudited)	4
	Consolidated Statement of Stockholders’ Equity (deficit) for the nine months ended April 30, 2024 and 2023 (unaudited)	5
	Consolidated Statement of Cash Flows for the nine months ended April 30, 2024 and 2023 (unaudited)	6
	Notes to Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risks	22
Item 4.	Controls and Procedures	22

PART II. OTHER INFORMATION		23

Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24

SIGNATURES		25

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THC THERAPEUTICS INC.

CONSOLIDATED BALANCE SHEETS

ASSETS	April 30, 2024 (Unaudited)			July 31, 2023 (Audited)
Current assets
Cash	$	849		$	10
Prepaid expenses		-			970
Total current assets		849			980

Intangible assets, net		10,964			12,010

Total assets		11,813			12,990

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable and accrued liabilities	$	2,105,922		$	1,936,637
Accrued expenses - related party		6,874			5,180
Advances from related parties		145,106			59,648
Notes payable, net		25,000			25,000
Convertible notes payable		576,028			576,028
Convertible notes payable- related party		130,761			130,761
Derivative liability		441,953			489,569
Total current liabilities		3,431,644			3,222,823

Total liabilities		3,431,644			3,222,823

Commitments and Contingencies (See note 7		100,000			100,000

Stockholders' deficit
Preferred stock; $0.001 par value; 6,747,500 shares authorized; 0 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively
Preferred A stock; $0.001 par value; 3,000,000 shares authorized; 826,000 and 226,000 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively		826			226
Preferred B stock; $0.001 par value; 16,500 shares authorized; 0 and 0 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively		-			-
Preferred C stock; $0.001 par value; 10,000 shares authorized; 412 and 300 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively		-			-
Common stock; $0.001 par value; 500,000,000 shares authorized; shares 40,266,149 and 34,146,149 issued and 38,866,149 and 32,746,149 outstanding as of April 30, 2024 and July 31, 2023, respectively		40,266			34,146
Treasury stock, at cost, 14,000,000 shares as of April 30, 2024 and July 31, 2023, respectively.		(97,500	)		(97,500	)
Stock payable		486,228			752,228
Stock receivable		(6,902,000	)		(6,902,000	)
Additional paid-in capital		41,906,132			41,327,012
Accumulated deficit		(38,953,783	)		(38,423,945	)
Total stockholders' deficit		(3,519,831	)		(3,309,833	)

Total liabilities and stockholders' deficit	$	11,813		$	12,990

The accompanying notes are an integral part of these unaudited financial statements.

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THC THERAPEUTICS INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

	For the Three Months Ended						For the Nine months ended
	April 30, 2024			April 30, 2023			April 30, 2024			April 30, 2023

Revenues	$	-		$	-		$	-		$	-

Cost of revenues		-			-			-			-

Gross profit		-			-			-			-

Operating expenses
Professional fees		148,415			7,659			186,113			229,206
Salaries and wages		222,000			46,937			315,875			140,812
General and administrative		9,283			3,424			18,079			69,243
Total operating expenses		379,698			58,020			520,067			439,261

Loss from operations		(379,698	)		(58,020	)		(520,067	)		(439,261	)

Other income (expense)
Gain (loss) on derivative liability		502,657			171,604			47,616			142,268
Gain on settlement of debt		-			-			-			2,310
Interest expense		(18,337	)		(19,229	)		(57,387	)		(59,412	)
Total other income (expense)		484,320			152,375			(9,771	)		85,166

Net income (loss)	$	104,622		$	94,355		$	(529,838	)	$	(354,095	)

Basic loss per common share	$	0.00		$	0.00		$	(0.02	)	$	(0.01	)

Basic weighted average common shares outstanding		38,334,816			32,746,149			34,581,842			32,746,149

The accompanying notes are an integral part of these unaudited financial statements.

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THC THERAPEUTICS INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT

(Unaudited)

	Preferred A Stock				Preferred B Stock				Preferred C Stock				Treasury Stock					Common Stock						Additional Paid-in		Stock			Stock			Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares			Amount			Capital		Payable			Receivable			Deficit			Deficit
Balance, July 31, 2023		226,000		226		-		-		300		-		1,400,000		(97,500	)		34,146,149			34,146			41,327,012		752,228			(6,902,000	)		(38,423,945	)		(3,309,833	)
Net loss		-		-		-		-		-		-		-		-			-			-			-		-			-			(62,485	)		(62,485	)
Balance, October 31, 2023		226,000		226		-		-		300		-		1,400,000		(97,500	)		34,146,149			34,146			41,327,012		752,228			(6,902,000	)		(38,486,430	)		(3,372,318	)
Shares issued for cash, net of issaunce cost		-		-		-		-		56		-		-		-			-			-			48,920		-			-			-			48,920
Net loss		-		-		-		-		-		-		-		-			-			-			-		-			-			(571,975	)		(571,975	)
Balance, January 31, 2024		226,000		226		-		-		356		-		1,400,000		(97,500	)		34,146,149			34,146			41,375,932		752,228			(6,902,000	)		(39,058,405	)		(3,895,373	)
Preferred shares issued for cash, net of issaunce cost		-		-		-		-		56		-		-		-			-			-			48,920		-			-			-			48,920
Shares issued for cash		-		-		-		-		-		-		-		-			6,120,000			6,120			259,880		(266,000	)		-			-			-
Shares issued for services		600,000		600		-		-		-		-		-		-			-			-			221,400		-			-			-			222,000
Net loss		-		-		-		-		-		-		-					-						-		-			-			104,622			104,622
Balance, April 30, 2024		826,000		826		-		-		412		-		1,400,000		(97,500	)		40,266,149			40,266			41,906,132		486,228			(6,902,000	)		(38,953,783	)		(3,519,831	)


Balance, July 31, 2022		226,000		226		-		-		300		-		1,400,000		(97,500	)		33,891,671			33,892			41,270,046		622,278			(6,902,000	)		(38,036,909	)		(3,109,967	)
Shares issued for services		-		-		-		-		-		-		-		-			700,000			700			20,580		-			-			-			21,280
Shares cancelled		-		-		-		-		-		-		-		-			(445,522	)		(446	)		446		-			-			-			-
Net loss		-		-		-		-		-		-		-		-			-			-			-		-			-			(2,134,302	)		(2,134,302	)
Balance, October 31, 2022		226,000		226		-		-		300		-		1,400,000		(97,500	)		34,146,149			34,146			41,291,072		622,278			(6,902,000	)		(40,171,211	)		(5,222,989	)
Shares issued for cash		-		-		-		-		-		-		-		-			-			-			-		100,000			-			-			100,000
Shares issued for services		-		-		-		-		-		-		-		-			-			-			35,940		29,950			-			-			65,890
Net loss		-		-		-		-		-		-		-		-			-			-			-		-			-			1,685,852			1,685,852
Balance, January 31, 2023		226,000		226		-		-		300		-		1,400,000		(97,500	)		34,146,149			34,146			41,327,012		752,228			(6,902,000	)		(38,485,359	)		(3,371,247	)
Net loss		-		-		-		-		-		-		-		-			-			-			-		-			-			94,355			94,355
Balance, April 30, 2023		226,000		226		-		-		300		-		1,400,000		(97,500	)		34,146,149			34,146			41,327,012		752,228			(6,902,000	)		(38,391,004	)		(3,276,892	)

The accompanying notes are an integral part of these unaudited financial statements.

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THC THERAPEUTICS INC.

CONSOLIDATED STATEMENT OF CASHFLOWS

(Unaudited)

	For the nine months ended
	April 30, 2024			April 30, 2023
Cash Flows from Operating Activities
Net loss	$	(529,838	)	$	(354,095	)
Adjustments to reconcile net loss to net cash used by operating activities:
Gain on change in derivative liabilities		(47,616	)		(142,268	)
Stock based compensation		222,000			87,170
Gain on settlement of debt		-			(2,310	)
Depreciation and amortization		1,046			1,042
Changes in operating assets and liabilities
Increase in inventory		-			25
Increase in prepaid assets		970			39,686
Increase in accounts payable		169,285			282,380
Increase in accounts payable related party		1,694			2,985
Net cash used in operating activities		(182,459	)		(85,385	)

Cash Flows provided by Financing Activities
Proceeds from related party advances		85,985			35,960
Payments on related party advances		(527	)		(50,592	)
Proceeds from sale of common stock		-			100,000
Proceeds from sale of preferred stock		97,840			-
Net cash provided by financing activities		183,298			85,368

Net increase (decrease) in Cash		839			(17	)

Beginning cash balance		10			32

Ending cash balance	$	849		$	15

Supplemental disclosure of cash flow information
Cash paid for interest	$	-		$	-
Cash paid for tax	$	-		$	-

SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Silver used to settle debt	$	-		$	152,785

The accompanying notes are an integral part of these unaudited financial statements.

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THC THERAPEUTICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND HISTORY

Description of business – THC Therapeutics, Inc. (referred to as the “Company”) is focused developing its patented product, the dHydronator®, a sanitizing herb dryer. The main function of the dHydronator is to greatly accelerate the drying time of a herb while sanitizing it. The dHydronator can be used to dry a variety of herbs, but it has been specifically tested for use with cannabis, and it can reduce the drying time for cannabis from 10-14 days to less than 14 hours.

History – The Company was incorporated in the State of Nevada on May 1, 2007, as Fairytale Ventures, Inc., and later changed its name to Aviation Surveillance Systems, Inc. and Harmonic Energy, Inc. On January 23, 2017, the Company changed its name to THC Therapeutics, Inc.

On May 30, 2017, the Company formed Genesis Float Spa LLC, a wholly-owned subsidiary, to market its float spa assets purchased for wellness centers. The Company’s health spa plans are part of the Company’s strategic focus on revenue generation and creating shareholder value.

On January 17, 2018, the Company changed its name to Millennium Blockchain Inc.

On September 28, 2018, the Company changed its name back to THC Therapeutics, Inc.

THC Therapeutics, Inc., together with its subsidiaries, shall herein be collectively referred to as the “Company.”

2. BASIS OF PRESENTATION AND GOING CONCERN

Basis of Presentation and Principles of Consolidation – The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Audited Financial Statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent Annual Audited Financial Statements have been omitted.

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Going Concern – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

Management evaluated all relevant conditions and events that are reasonably known or reasonably knowable, in the aggregate, as of the date the consolidated financial statements are issued and determined that substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on the Company’s ability to generate revenues and raise capital. The Company has not generated sufficient revenues to provide sufficient cash flows to enable the Company to finance its operations internally. As of April 30, 2024, the Company had $849 cash on hand. At April 30, 2024, the Company has an accumulated deficit of $38,953,783. For the nine months ended April 30, 2024, the Company had a net loss of $529,838 and net cash used in operations of $182,459. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing.

Over the next twelve months management plans to use borrowings and security sales to mitigate the effects of cash flow deficits; however, no assurance can be given that debt or equity financing, if and when required, will be available. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and classification of liabilities that might be necessary should the Company be unable to continue existence.

Reclassification – Certain prior year amounts have been reclassified for consistency with the current period presentation. The Company reclassified shares repurchased by the Company is prior years and not cancelled from Common Stock and Additional Paid in Capital to Treasury Stock on the Consolidated Balance and Statement of Stockholders Deficit. This reclassification had no effect on the reported results of operations.

3. SUMMARY OF SIGNIFICANT POLICIES

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates used to review the Company’s, derivative liabilities, impairments and estimations of long-lived assets, revenue recognition on percentage of completion type contracts, allowances for uncollectible accounts, inventory valuation, and the valuations of non-cash capital stock issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

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Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term instruments with original maturities of six months or less to be cash equivalents. There were $849 and $10 in cash and no cash equivalents as of April 30, 2024 and July 31, 2023, respectively.

Concentration Risk

At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of April 30, 2024, the cash balance in excess of the FDIC limits was $0. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.

Revenue Recognition

We recognize revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which requires that five steps be followed in evaluating revenue recognition: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation.

The company has made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by the company from its customers (sales and use taxes, value added taxes, some excise taxes).

Revenues from the sale of products are recognized when title to the products are transferred to the customer and only when no further contingencies or material performance obligations are warranted, and thereby have earned the right to receive reasonably assured payments for products sold and delivered.

Fair Value of Financial Instruments

The carrying amounts reflected in the balance sheets for cash, accounts payable and accrued expenses approximate the respective fair values due to the short maturities of these items.

As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of July 31, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	489,569	$	489,569

As of July 31, 2023, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 486.12%.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of April 30, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	441,953	$	441,953

As of April 30, 2024, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 309.28%.

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The following tables provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended April 30, 2024:

	Amount
Balance July 31, 2023	$	489,569
Derivative reclassed to additional paid in capital		-
Change in fair market value of derivative liabilities		(47,616	)
Balance April 30, 2024	$	441,953

Goodwill and Intangible Assets

The Company follows Financial Accounting Standard Board’s (FASB) Codification Topic 350-10 (“ASC 350-10”), “Intangibles – Goodwill and Other.” According to this statement, goodwill and intangible assets with indefinite lives are no longer subject to amortization, but rather an annual assessment of impairment by applying a fair-value based test. Fair value for goodwill is based on discounted cash flows, market multiples and/or appraised values as appropriate. Under ASC 350-10, the carrying value of assets are calculated at the lowest level for which there are identifiable cash flows.

Long-Lived Assets

In accordance with the Financial Accounting Standards Board (“FASB”) Accounts Standard Codification (ASC) ASC 360-10, “Property, Plant and Equipment,” the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. During the nine months ending April 30, 2024 and 2023, the Company recorded an impairment expense of $0 and $0, respectively.

Income Taxes

The Company accounts for its income taxes in accordance with FASB Codification Topic ASC 740-10, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Stock-Based Compensation

The Company follows the guidelines in FASB Codification Topic ASC 718-10 “Compensation-Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values.

Earnings (Loss) Per Share

The Company reports earnings (loss) per share in accordance with FASB Codification Topic ASC 260-10 “Earnings Per Share.” Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted earnings (loss) per share has not been presented since the effect of the assumed exercise of options and warrants to purchase common shares (common stock equivalents) would have an anti-dilutive effect.

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expenses of $436 and $40,150 during the nine months ended April 30, 2024 and 2023, respectively.

4. INTANGIBLE ASSETS

Intangible assets consist of the following as of April 30, 2024 and July 31, 2023:

	April 30, 2024			July 31, 2023
Patents and patents pending	$	19,699		$	19,699
Trademarks		1,275			1,275
Website and domain names		15,098			15,098
Less: accumulated depreciation		(25,108	)		(24,062	)
Intangible assets, net	$	10,964		$	12,010

Amortization expense for the nine months ended April 30, 2024 and 2023, was $1,046 and $1,042 respectively.

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5. RELATED PARTY TRANSACTIONS

ADVANCES FROM RELATED PARTIES

Advances from related parties consist of the following as of April 30, 2024:

	Principal as of		Nine months ending April 30, 2024					Principal as of		Accrued interest balance As of
	July 31, 2023		Funds advanced		Funds repaid			April 30, 2024		April 30, 2024
B. Romanek, shareholder	$	59,648	$	742	$	(527	)	$	59,863	$	6,874
Scott Cox, CEO		-		85,243		-			85,243
TOTAL	$	59,648	$	85,985	$	(527	)	$	145,106	$	6,874

CONVERTIBLE NOTES PAYABLE RELATED PARTY

On May 1, 2019, we entered into a convertible promissory note pursuant to which we borrowed $200,000 from Harvey Romanek, the father of the Company’s Chief Executive Officer, Brandon Romanek. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on May 1, 2021. The note is convertible six months after the issuance date at the noteholder’s option into shares of our common stock at a Variable Conversion Price of 65% multiplied by the lowest Trading Price for the Common Stock during the ten (10) Trading Day period ending on the last complete Trading Day prior to the Conversion Date.

The Company recorded a debt discount in the amount of $200,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note.

Further, the Company recognized a derivative liability of $387,232 and an initial loss of $187,232 based on the Black-Scholes pricing model. As of April 30, 2024, the balance of the note was $130,761.

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6. CONVERTIBLE NOTES PAYABLE

Convertible Notes Payable at consists of the following:

	April 30,		July 31,
	2024		2023

On April 4, 2019, we entered into a master convertible promissory note pursuant to which we may borrow up to $250,000 in $50,000 tranches. On April 19, 2019, we borrowed the first tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On June 19, 2019, we borrowed the second tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On January 27, 2020, we borrowed the third tranche of $35,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $30,500. On January 31, 2019, the lender converted $9,532 of principle and $500 of fees into 16,500 shares of common stock. On December 12, 2020, the lender converted $9,700 of principle and $500 of fees into 34,000 shares of common stock. On February 10, 2020, the lender converted $10,156 of principle and $500 of fees into 120,000 shares of common stock. On March 24, 2020, the lender converted $7,628 of principle and $500 of fees into 160,000 shares of common stock. On April 13, 2020, the lender converted $7,900 of principle and $500 of fees into 300,000 shares of common stock. On April 28, 2020, the lender converted $5,084 of principle, $500 of fees, and $5,000 of interest into 588,000 shares of common stock. On May 26, 2020, the lender converted $13,000 of principle, and $500 of fees into 750,000 shares of common stock. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on April 4, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a variable conversion price equal to the lesser of (i) the lowest Trading Price during the previous twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the date of this Note or (ii) Variable Conversion Price of 60% multiplied by the lowest Trading Price for the Common Stock during the twenty-five (25) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. The Company recorded debt discounts in the amount of $135,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of each tranche of the Note to be amortized utilizing the effective interest method of accretion over the term of each tranche of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $465,748 and an initial loss of $335,248 based on the Black-Scholes pricing model.		72,000		72,000
Unamortized debt discount		-		-
Total, net of unamortized discount		72,000		72,000

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On June 20, 2019, we entered into a convertible promissory note pursuant to which we borrowed $291,108, net of an Original Issue Discount (“OID”) of $36,108 and investor legal expenses of $5,000 resulting in the Company receiving $250,000. On January 31, 2019, the lender converted $30,000 of principle into 170,940 shares of common stock. On March 27, 2020, the lender converted $30,000 of principle into 267,016 shares of common stock. On April 23, 2020, the lender converted $21,000 of principle into 210,108 shares of common stock. On April 23, 2020, the lender converted $30,000 of principle into 1,129,816 shares of common stock On May 28, 2020, the lender converted $35,000 of principle into 1,318,118 shares of common stock Interest under the convertible promissory note is 8% per annum, and the principal and all accrued but unpaid interest is due on June 20, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to $8.80 (the “Lender Conversion Price”). Additionally, after 6 months from the date the Company receives note funding, the noteholder has the right to demand whole or partial redemption of amounts owed to the noteholder under the note. Payments of redemption amounts by the Company to the noteholder can be made in cash or by converting the redemption amount into shares common stock of the Company, with such conversions occurring at the lower of (i) the Lender Conversion Price, or (ii) a price equal to the 65% of the two lowest Closing Trade Prices during the ten (10) Trading Day period immediately preceding the measurement date. The Company recorded a debt discount in the amount of $182,499 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $141,391 and an initial loss of $0 based on the Black-Scholes pricing model.	145,108	145,108
Unamortized debt discount	-	-
Total, net of unamortized discount	145,108	145,108
On February 20, 2020, we entered into a convertible promissory note pursuant to which we borrowed $135,680, net of an Original Issue Discount (“OID”) of $7,680 and investor legal expenses of $2,500 resulting in the Company receiving $125,500. On September 2, 2020, the lender converted $10,000 of principle into 242,718 shares of common stock On September 30, 2020, the lender converted $12,000 of principle into 476,190 shares of common stock On November 14, 2020, the lender converted $20,000 of principle into 938,967 shares of common stock. On December 1, 2020, the lender converted $20,000 of principle into 1,058,201 shares of common stock. The fair value of the derivative liability associated with the conversions for the year ended July 31, 2021 on the date of settlement of $16,244 was recorded to additional paid in capital. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on August 15, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $135,680 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $192,236 and an initial loss of $64,236 based on the Black-Scholes pricing model.	147,360	147,360
Unamortized debt discount	-	-
Total, net of unamortized discount	147,360	147,360

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On March 26, 2020, we entered into a convertible promissory note pursuant to which we borrowed $3,000, net of legal expenses of $3,000 resulting in the Company receiving $0. Interest under the convertible promissory note is 0% per annum, and the principal and all accrued but unpaid interest is due on March 26, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to the average of the closing trading prices of the common stock during the 3 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $3,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $1,500 and an initial loss of $1,500 based on the Black-Scholes pricing model.		3,000		3,000
Unamortized debt discount		-		-
Total, net of unamortized discount		3,000		3,000
On May 1, 2020, we entered into a convertible promissory note pursuant to which we borrowed $100,000, net of consulting expenses of $100,000 resulting in the Company receiving $0. During the year ended July 31, 2021, the Company made cash payments of $25,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on May 1, 2021. The note is convertible at any date after the effective date at the noteholder’s option into shares of our common stock at a conversion price equal to 65% of the average of the six lowest closing prices in the 10 trading days prior to the conversion. The Company recorded a debt discount in the amount of $64,888 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $64,888 based on the Black-Scholes pricing model.		75,000		75,000
Unamortized debt discount		-		-
Total, net of unamortized discount		75,000		75,000
On May 7, 2020, we entered into a convertible promissory note pursuant to which we borrowed $66,780, net of an Original Issue Discount (“OID”) of $3,780 and investor legal expenses of $3,000 resulting in the Company receiving $60,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on October 29, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $66,780 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $138,172 and an initial loss of $134,237 based on the Black-Scholes pricing model.		133,560		133,560
Unamortized debt discount		-		-
Total, net of unamortized discount		133,560		133,560
Total notes payable, net of unamortized discount	$	576,028	$	576,028

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7. COMMITMENTS AND CONTINGENCIES

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are not presently a party to any material litigation, nor to the knowledge of management is any litigation threatened against us, which may materially affect us, other than as set forth herein.

In the spring of 2021, the Company’s former CEO, Parker Mitchell, filed suit against the Company for wrongful termination (case no A-21-833007-C filed in the District Court Clark City, Nevada). The matter was subsequently settled on or about December 12, 2021 , and the case was dismissed on or about December 12,2021 . On December 12, 2021, the suit was settled for $100,000 which was recorded as a contingent liability as of July 31, 2021.

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8. STOCK WARRANTS

The following is a summary of warrant activity during the nine months ended April 30, 2024.

	Number of Shares		Weighted Average Exercise Price
Balance, July 31, 2023		4,210,379	$	1.26
Warrants granted and assumed		-	$	-
Warrants expired		-		-
Warrants canceled		-		-
Warrants exercised		-		-
Balance outstanding and exercisable, April 30, 2024		4,210,379	$	1.26

9. SHAREHOLDERS’ DEFICIT

As of April 30, 2024 and July 31, 2023, the Company had 40,266,149 and 34,146,149 shares of common stock issued and 38,866,149 and 32,746,149 outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 826,000 and 226,000 shares of Series A Preferred Stock issued and outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 0 and 0 shares of Series B Preferred Stock issued and outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 412 and 300 shares of Series C Preferred Stock issued and outstanding, respectively.

On November 17, 2023, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

On March 13, 2024, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

During the nine months ended April 30, 2024, the Company issued 6,120,000 shares of common stock for $266,000 cash, all of which was received during the year ended July 31, 2022 and was included in stock payable as of year-end.

During the nine months ended April 30, 2024, the Company issued 600,000 shares of Series A Preferred Stock for services valued at $222,000.

10. SUBSEQUENT EVENTS

On September 25, 2024, the Company sold 69 shares of Series C Preferred Stock for $64,000.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Rule 175 of the Securities Act of 1933, as amended, and Rule 3b-6 of the Securities Act of 1934, as amended, that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. Words such as “anticipate,” “expects,” “intends,” “plans,” “believes,” “seeks” and “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Form 10-K. Investors should carefully consider all of such risks before making an investment decision with respect to the Company’s stock. The following discussion and analysis should be read in conjunction with our consolidated financial statements and summary of selected financial data for THC Therapeutics, Inc. Such discussion represents only the best present assessment from our Management.

Overview

THC Therapeutics, Inc. (the “Company”), was incorporated in the State of Nevada on May 1, 2007, as Fairytale Ventures, Inc., and later changed its name to Aviation Surveillance Systems, Inc. and Harmonic Energy, Inc. On January 23, 2017, the Company changed its name to THC Therapeutics, Inc. THC Therapeutics, Inc., together with its subsidiaries, is collectively referred to herein as the “Company,” and “THC Therapeutics.”

The Company is focused on developing a sanitizing herb dryer, the dHydronator®, which has been specifically designed for the drying and sanitizing (i.e., reducing the bacterial count) of freshly harvested cannabis, and other herbs, flowers, and tea leaves.

Corporate History

THC Therapeutics, Inc., was incorporated in the State of Nevada on May 1, 2007, as Fairytale Ventures, Inc., and later changed its name to Aviation Surveillance Systems, Inc. and Harmonic Energy, Inc. On January 23, 2017, the Company changed its name to THC Therapeutics, Inc. On January 17, 2018, the Company changed its name to Millennium BlockChain Inc. On September 28, 2018, the Company changed its name back to THC Therapeutics, Inc.

The Company’s fiscal year end is July 31^st, its telephone number is (702) 602-8422, and the address of its principal executive office is 11700 W Charleston Blvd. #73, Las Vegas, Nevada, 89135.

Description of Business

The Company is focused on operations in the wellness industry. The Company is developing a sanitizing herb dryer, the dHydronator®, with multiple design, function, and usage patents. This innovative, laboratory-proven product is specifically designed for the drying and sanitizing (i.e., reducing the bacterial count by using ultraviolet light) of freshly harvested cannabis, and other herbs, flowers, and tea leaves. The dHydronator® can reduce moisture content of cannabis to 10-15% in only 10-14 hours. Traditional herbal drying times can take up to two weeks.

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Wellness Operations

THC Therapeutics is focused on the wellness industry, with plans to develop a patented herb dryer.

The Company is developing a sanitizing herb dryer, the dHydronator®, with multiple design, function, and usage patents. This innovative, laboratory-proven¹ product is specifically designed for the drying and sanitizing (i.e., reducing the bacterial count by using ultraviolet light) of freshly harvested cannabis, and other herbs, flowers, and tea leaves. The dHydronator® can reduce moisture content of cannabis to 10-15% in only 10-14 hours. Traditional herbal drying times can take up to two weeks. The dHydronator® can also significantly reduce the bacterial count of the cannabis during the drying process, but it will not eliminate all bacteria from the cannabis or other plant materials.

The Company has a functioning prototype of the dHydronator® similar in design to that shown below, which is now protected by a patent with the United States Patent and Trademark Office (see “Patent, Trademark, License & Franchise Restrictions and Contractual Obligations & Concessions” below), and once the Company has sufficient funds available, the Company plans to source parts for serial manufacturing and negotiate and secure serial manufacturing and assembly. The Company also plans to hire sales and marketing staff as funds are available.

More specifically, once we have at least $2,000,000 in in available cash flow or funds from other operations and if we receive the patent, we intend to engage in further development efforts as follows: (i) finalizing case design, with an estimated tooling expense of approximately $300,000-$500,000; manufacturing pre-production units for field testing and presentation to potential partners and distributors, with an estimated expense of $250,000; (iii) hiring a subject-matter expert and consultants or employees in the home herb garden and legal cannabis marketplace to manage the development and sales of herb dryer, with an estimated expense of $400,000 for 12 months; (iv) engaging in further detailed laboratory of our herb drying with respect to cannabis plants and home herb garden plants, with an estimated expense of $50,000 to $100,000 for 12 months; (v) establishing a relationship with a market research and/or marketing company to explore creative strategies, advertising concepts, and consumer opinion, explore applications of our intellectual property in the existing wholesale and retail distribution channels for home herb, garden products and legal cannabis markets, and determine the best path for sales, distribution and licensing of our intellectual property, with an estimated expense of $1,000,000 for 12 months.

¹Tests were conducted in 2016-2017 by independent cannabis-testing labs: first by CannLabs on the first-generation dHydronator® prototype, and later by Digipath Labs on the second-generation prototype. Optimal cannabis moisture content is 8-12%. The initial testing by CannLabs showed that (i) moisture content across five wet cannabis samples was reduced to an average moisture content of 13.81% with a standard deviation of 4.04% after 12 hours of drying, and 8.86% with a standard deviation of 2.25% after 16 hours of drying, and (ii) after autoclaving cannabis flowers to ensure sterility and then spiking multiple samples with 100 CFU of E. Coli and Salmonella bacteria and Aspergillus niger mold, testing for the presence of the bacteria and mold by both quantitative polymerase chain reaction (qPCR) and traditional plating methods, which testing concluded that the dHydronator® prototype eliminated or reduced the bacteria and mold contamination, but did not quantify the results. The subsequent testing by Digipath Labs on the second-generation prototype covered multiple strains and independent tests to confirm the prior findings. The strains tested were Lucy Diamond, Cotton Candy, Blue Dream, Kings Cut, Pot of Gold and Diablo. The optimal drying time was determined to be 10-14 hours in the first test. The Company’s proprietary sanitizing technology brought the failing TAC (total aerobic count) from over 300,000 CFU/g down to 78,000 CFU/g (anything less than 100,000 CFU/g is considered “passing”) in the second test. In the third test, after drying 14 hours and 15.5 hours in the dHydronator® and using the Company’s proprietary sanitizing technology for a longer period than required, the moisture content had been reduced from 80% (at 0 hours) to 10.89% (at 14 hours) and 8.83% (at 15.5 hours), the THCA% had been reduced from 21.2% (at 0 hours) to 17.26% (at 14 hours) and 18.26% (at 15.5 hours), and the TAC had been reduced from 210,000 CFU/g (at 0 hours) to 1,500 CFU/g (at 14 hours) and 500 CFU/g (at 15.5 hours). In the fourth experiment, after 12 hours and 15.5 hours of drying in the dHydronator® and using the proprietary sanitizing technology for a longer period than required, the moisture content had reduced from 80% to 12.00% (at 12 hours) and 7.44% (at 15.5 hours), the THCA% had been reduced from 21.2% to 20.08% (at 12 hours) and 19.43% (at 15.5 hours), and the TAC had been reduced from 190,000 CFU/g to 51,000 CFU/g (at 12 hours) and 2,300 CFU/g (at 15.5 hours). After 14 hours of drying, the moisture content had been reduced to 8.15%, the THCA% had been reduced to 19.82%, and the TAC had been reduced to 21,000 CFU/g. In the fifth test, prior moisture and THCA% results were tested, but this time using the Company’s proprietary sanitizing technology for a much shorter time period, using two samples of a different cannabis strain, and testing the expanded cannabinoid profile data of each sample, and after 12 hours of drying two different samples, moisture content for the two samples decreased from 74% and 74% to 9.17% and 9.90%, respectively, and THCA% increased from 14.45% and 14.94% before drying to 16.81% and 17.2%, respectively, after 12 hours of drying. Test six was a test of the same strain as test five but using a different lot of plant material, and moisture content decreased from 81% to 11.5% after 12 hours of drying, while TCHA% increased from 21.28% to 22.6% after 12 hours of drying. The seventh through ninth tests confirmed prior results.

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Competition

There are a number of commercial herb dryers sold by competitors, including Yofumo Technologies, which are already commercially available, and which have significant market share. There is no assurance that we will be able to compete effectively with any of these competitors.

Market Opportunity

The Company’s herb dryer, the dHydronator®, safely lowers moisture content and sanitizes without harm to the integrity of the plant. Our test results have been proven to dry cannabis in less than 14 hours verses up to 14 days using traditional drying methods. Test results indicate the removal of many surface germs and bacteria including powder mold, dust mites and spider mites from herbs, plants, the surface of glass or ceramic herbal tea accessories, and any other object that fits safely in the drying chamber. Therefore, we believe that our product will be attractive to the cannabis and home herb and garden product markets.

Marketing Strategy

We plan to attend regional cannabis-related trade shows and offer field testing to legal cannabis growers and suppliers in the United States and Canada initially, and throughout the world once the technology has been adopted in the regional market. We also plan to establish a relationship with a market research and marketing company to explore creative strategies, advertising concepts, consumer opinion, existing distribution and sales channels and potential licensing of our intellectual property, to determine the best path for sales and distribution. We also intend to hire subject matter expert consultants or employees in the legal cannabis and home herb marketplace to manage the development and sales of our products. Once our marketing experts identify an herbal or commercial agriculture niche or venue to enter or solicit, we will market to distributors and retailers via trade shows and direct contact.

Customers

Due to the nature of its business and its focus on development of its patent-pending herb dryer, the Company does not currently have any customers.

Patent, Trademark, License & Franchise Restrictions and Contractual Obligations & Concessions

The Company has acquired the exclusive intellectual property rights to the dHydronator® sanitizing plant dryer with improved convection flow from the Company’s CEO and Director, Brandon Romanek. Mr. Romanek’s father irrevocably assigned those intellectual property rights to Mr. Romanek in 2016. A trademark application for the mark “dHyrdonator” has been filed (serial no. 86874611), and a patent application was filed with the United States Patent and Trademark Office (“USPTO”), docket number 5503.101 (application nos. 15/467,722 and 62/312,327), for 20 separate herb dryer design, function, and usage patents. On or about July 20, 2018, the Company’s patent counsel received a Notification of Allowance from the USPTO, notifying the Company that the USPTO would be allowing all 20 claims, and on or about November 20, 2018, the USPTO granted the final patent (patent no. 10,132,56), the Company was subsequently notified of the patent grant, and the patent has been recorded with the USPTO as being assigned to the Company.

Governmental Regulations

We do not believe the dHydronator® will be subject to regulation by the U.S. Food and Drug Administration or any other government agency (other than pursuant to general laws governing truth in advertising or similar laws under the purview of the Federal Trade Commission). We believe that we are currently in compliance with all laws which govern our operations and have no current liabilities thereunder. Our intent is to maintain strict compliance with all relevant laws, rules and regulations.

Employees

As of April 30, 2024, the Company has 1 employee.

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Reports to Security Holders

The Company intends to furnish its stockholders with annual reports containing consolidated financial statements audited by its independent registered public accounting firm and to make available quarterly reports containing unaudited consolidated financial statements for each of the first three quarters of each year. The Company files Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K with the Securities and Exchange Commission in order to meet its timely and continuous disclosure requirements. The Company may also file additional documents with the Commission if those documents become necessary in the course of its operations.

The public may read and copy any materials that the Company files with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The site address is www.sec.gov.

Available Information

All reports of the Company filed with the SEC are available free of charge through the SEC’s website at www.sec.gov. In addition, the public may read and copy materials filed by the Company at the SEC’s Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. The public may also obtain additional information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.

Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and notes thereto for the three months ended April 30, 2024, and related management discussion herein.

Our financial statements are stated in U.S. Dollars and are prepared in accordance with generally accepted accounting principles of the United States (“GAAP”).

Going Concern Qualification

Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $38,953,783 since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern.

For the Three Months Ended April 30, 2024 and 2023:

Our operating results for the three months ended April 30, 2024 and 2023, and the changes between those periods for the respective items are summarized as follows:

	Three months ended
	April 30,						Change
	2024			2023			Amount			Percentage
Operating loss	$	(379,698	)	$	(58,020	)	$	(321,678	)		554	%
Other income	$	484,320		$	152,375		$	331,945		(218%)
Net income (loss)	$	104,622		$	94,355		$	10,267			11	%

Revenues

We did not earn any revenues during the three months ending April 30, 2024 and 2023, respectively. We do not anticipate earning significant revenues until such time that we have fully developed our business strategy and launched sales of our dHydronator® product.

Operating Income (Loss)

Our loss from operations increased to $379,698 during the three months ending April 30, 2024, from an operating loss of $58,020 in the comparative period ending April 30, 2023. The following table presents operating expenses for the three-month periods ending April 30, 2024 and 2023:

	Three months ended
	April 30,				Change
	2024		2023		Amount		Percentage
Professional fees	$	148,415	$	7,659	$	140,756		1,838	%
Salaries and wages		222,000		46,937		175,063		373	%
General and administrative expenses		9,283		3,424		5,859		171	%
Total operating expenses	$	379,698	$	58,020	$	146,615		554	%

We realized an increase of $140,756 in professional expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, which was primarily the result of an increase in legal and accounting fees. We realized an increase of $175,063 in Salaries and wages expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, which was primarily the result of an increase in stock-based compensation. We realized an increase of $5,859 in general and administrative expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, primarily due to an increase in travel costs.

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Other Income (Expense)

The following table presents other income and expenses for the three months ended April 30, 2024 and 2023:

	Three months ended
	April 30,						Change
	2024			2023			Amount			Percentage
Gain/(loss) on change in derivative liability	$	502,657		$	171,604		$	331,053			193	%
Gain on settlement of debt		-			-			-		-		%
Interest Expense		(18,337	)		(19,229	)		(892	)	(5		%)
Total other income (expense)	$	484,320		$	152,375		$	331,945			218	%

Gain on change in derivative liability increased by $331,053 during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, due to change in derivative liabilities caused by fluctuations in the price of our common stock between reporting periods. Interest expense decreased by $892 during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, due to related party debt settled with physical silver assets.

Net income (loss)

Net income increased to $104,622 during the three months ended April 30, 2024, from a net income of $94,355 in the same period in the prior fiscal year due to the factors discussed above.

For the Nine Months Ended April 30, 2024 and 2023:

Our operating results for the nine months ended April 30, 2024 and 2023, and the changes between those periods for the respective items are summarized as follows:

	Nine months ended
	April 30,						Change
	2024			2023			Amount			Percentage
Operating loss	$	(520,067	)	$	(439,261	)	$	(80,806	)		18	%
Other expense	$	(9,771	)	$	85,166		$	(94,937	)	(111		%)
Net income (loss)	$	(529,838	)	$	(354,095	)	$	(175,743	)		50	%

Revenues

We did not earn any revenues during the nine months ending April 30, 2024 and 2023, respectively. We do not anticipate earning significant revenues until such time that we have fully developed our business strategy and launched sales of our dHydronator® product.

Operating Income (Loss)

Our loss from operations increased to $520,067 during the nine months ending April 30, 2024, from an operating loss of $439,261 in the comparative period ending April 30, 2023. The following table presents operating expenses for the nine-month periods ending April 30, 2024 and 2023:

	Nine months ended
	April 30,				Change
	2024		2023		Amount			Percentage
Professional fees	$	186,113	$	229,206	$	(43,093	)		(18	)%
Salaries and wages		315,875		140,812		175,063			124	%
General and administrative expenses		18,079		69,243		(51,164	)		(74	)%
Total operating expenses	$	520,067	$	439,261	$	(80,806	)		18	%

We realized a decrease of $43,093 in professional expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, which was primarily the result of a decrease in consulting fees. We realized an increase of $175,063 in Salaries and wages expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, which was primarily the result of an increase in stock-based compensation. We realized a decrease of $51,164 in general and administrative expenses during the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, primarily due to a decrease in advertising costs.

Other Income (Expense)

The following table presents other income and expenses for the nine months ended April 30, 2024 and 2023:

	Nine months ended
	April 30,						Change
	2024			2023			Amount			Percentage
Gain/(loss) on change in derivative liability	$	47,616		$	142,268		$	(94,652	)		(67	)%
Gain on settlement of debt		-			2,310			(2,310	)		(100	)%
Interest Expense		(57,387	)		(59,412	)		(2,025	)		(3	)%
Total other income (expense)	$	(9,771	)	$	85,166		$	(94,937	)		(111	%)

Gain on change in derivative liability decreased by $94,652 during the nine months ended April 30, 2024, as compared to the same period in the prior fiscal year, due to change in derivative liabilities caused by fluctuations in the price of our common stock between reporting periods. Interest expense decreased by $2,025 during the nine months ended April 30, 2024, as compared to the same period in the prior fiscal year, due to a reduction in debt.

Net income (loss)

Net loss increased to $(529,838) during the nine months ended April 30, 2024, from a net loss of $(354,095) in the same period in the prior fiscal year due to the factors discussed above.

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Liquidity and Capital Resources

Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through sales of our herb dryer and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.

Working Capital

The following table presents our working capital position as of April 30, 2024 and July 31, 2023:

	April 30			July 31,
	2024			2023
Cash and cash equivalents	$	849		$	10
Prepaid expenses		-			970
Current assets	$	849		$	980
Current liabilities		3,431,644			3,222,823
Working capital deficit	$	(3,430,795	)	$	(3,221,843	)

The change in working capital during the nine months ended April 30, 2023, was primarily due to an increase in current liabilities due to an increase in derivative liabilities as well as an increase in accounts payable. Current assets also decreased primarily due to amortization of prepaid expenses.

Cash Flow

We fund our operations with cash received from advances from officers and related parties, debt, and issuances of equity.

The following tables presents our cash flow for the nine months ended April 30, 2024 and 2023:

	Nine months ended
	April 30,
	2024			2023
Cash Flows Used in Operating Activities	$	(182,459	)	$	(85,385	)
Cash Flows Used in Investing Activities		-			-
Cash Flows Provided by Financing Activities		183,298			85,368
Net increase (decrease) in Cash During Period	$	839		$	(17	)

Cash Flows from Operating Activities

We did not generate positive cash flows from operating activities for the nine months ended April 30, 2024.

For the nine months ended April 30, 2024, net cash flows used in operating activities consisted of $(529,838), decreased primarily by stock-based compensation of $222,000, an increase in accounts payable of $169,285 and gain on change in derivative liabilities of $47,616.

Cash Flows from Investing Activities

For the nine months ended April 30, 2024 and 2023, no cashflows were used in investing activities.

Cash Flows from Financing Activities

For the nine months ended April 30, 2024, we received $85,985 from related parties, and 97,840 from proceeds of sale of preferred stock, and $(527) for net repayments on related party advances.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

The Securities and Exchange Commission defines the term “disclosure controls and procedures” to mean the company’s controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a simple system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC’s rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective to provide reasonable assurance of achieving the objectives of timely alerting them to material information required to be included in our periodic SEC reports and of ensuring that such information is recorded, processed, summarized and reported with the time periods specified. Our chief executive officer and chief financial officer also concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report to provide reasonable assurance of the achievement of these objectives.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 of the Exchange Act that occurred during the quarter ended April 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

On or about January 5, 2021, another Company lender, Iliad Research and Trading, L.P. (“Iliad”), sent a demand letter to the Company regarding the Company’s alleged default under its promissory note issued to Iliad. The Company retained litigation counsel in Nevada and responded, and Iliad sued the Company in the fall of 2021 in Utah, where Iliad is domiciled (case no. 210000342 filed in the Third Judicial Court of Salt Lake City, Utah). In December of 2021, the Company was improperly served, Iliad subsequently received a default judgment, and the Company then filed a motion to set aside the judgment, which motion was granted by the court on or about May 9, 2022. The Company intends to vigorously defend the action, and on or about May 31, 2022, removed the case to United States District Court for the District of Utah (case no. 2:22-cv-00367-DAO). The Company subsequently filed a motion to stay arbitration as demanded by Iliad and filed an Answer and Counterclaim against Iliad. The case was later remanded back to Utah state court, and the judge ordered the matter to be arbitrated. In 2023, the parties agreed to have Paul Moxley arbitrate the dispute. In the arbitration, the Company is both defending against Iliad’s claims and pursuing counterclaims against Iliad. The matter was previously scheduled for trial in February 2024, but the parties are in the process of identifying new 2024 trial dates. The Company also filed a renewed motion to stay arbitration. On January 31, 2024, the Company and Iliad entered into a Settlement Agreement and Mutual Release to fully settle all disputes related to the Case and the Arbitration.

ITEM 1A. RISK FACTORS.

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

On November 17, 2023, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

On March 13, 2024, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

On February 7, 2024, the Company issued 6,120,000 shares of common stock for $266,000 cash, all of which was received during the year ended July 31, 2022 and was included in stock payable as of year-end.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

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ITEM 6. EXHIBITS.

Exhibit		Description

3.1		Bylaws (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.1 thereto)

3.2		Articles of Incorporation filed May 1, 2007 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.2 thereto)

3.3		Articles of Amendment filed January 23, 2017 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.3 thereto)

3.4		Articles of Amendment filed January 17, 2018 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.4 thereto)

3.5		Certificate of Designation for Series A Preferred Stock filed January 24, 2017 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.5 thereto)

3.6		Certificate of Designation for Series B Preferred Stock May 12, 2017 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.6 thereto)

3.7		Amended Certificate of Designation for Series B Preferred Stock filed June 5, 2017 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.7 thereto)

3.8		Articles of Amendment filed September 28, 2018 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 3.8 thereto)

10.1		Asset Purchase Agreement with Brandon Romanek dated January 20, 2017 (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 10.1 thereto)

10.2		Patent Assignment by and between Harvey Romanek and Brandon Romanek dated November 7, 2016 (incorporated by reference to Registration Statement on Form 10/A filed on October 4, 2019; File No. 000-55994; Exhibit 10.2 thereto)

10.3		Patent Assignment Confirmation and Release by Brandon Romanek (incorporated by reference to Registration Statement on Form 10/A filed on October 4, 2019; File No. 000-55994; Exhibit 10.3 thereto)

10.4		Patent Assignment Confirmation and Release by Harvey Romanek (incorporated by reference to Registration Statement on Form 10/A filed on October 4, 2019; File No. 000-55994; Exhibit 10.4 thereto)

10.5		Asset Purchase Agreement with Urban Oasis Float Center, LLC dated June 1, 2017 (incorporated by reference to Registration Statement on Form 10/A filed on April 8, 2019; File No. 000-55994; Exhibit 10.2 thereto)

10.6		Amended Employment Agreement with Brandon Romanek February 1, 2019 (incorporated by reference to Form 10/A filed on August 22, 2019, File No. 000-55994; Exhibit 10.4 thereto)

10.7		Employment Agreement with Joshua Halford dated June 15, 2019 (incorporated by reference to Registration Statement on Form 10/A filed on July 8, 2019; File No. 000-55994; Exhibit 10.5 thereto)

21		Subsidiaries (incorporated by reference to Registration Statement on Form 10 filed on October 19, 2018; File No. 000-55994; Exhibit 21 thereto)

31.1*		Certification of Principal Executive Officer and Principal Accounting Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Principal Executive Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63

101.INS**		Inline XBRL Instance Document

101.SCH**		Inline XBRL Taxonomy Extension Schema Document

101.CAL**		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

____________

* Filed herewith.

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THC THERAPEUTICS, INC.

Date: November 12, 2024	By:	/s/ Scott Cox
		Scott Cox
		Interim Chief Executive Officer

nullnull

Cover - shares	9 Months Ended
Cover - shares	Apr. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Entity Registrant Name	THC Therapeutics, Inc.
Entity Central Index Key	0001404935
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Apr. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		40,266,149
Entity File Number	000-55994
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	26-0164981
Entity Address Address Line 1	11700 W Charleston Blvd. #73
Entity Address City Or Town	Las Vegas
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89135
City Area Code	833
Local Phone Number	420-8428
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2024	Jul. 31, 2023
Current assets
Cash	$ 849	$ 10
Prepaid expenses	0	970
Total current assets	849	980
Intangible assets, net	10,964	12,010
Total assets	11,813	12,990
Current liabilities
Accounts payable and accrued liabilities	2,105,922	1,936,637
Accrued expenses - related party	6,874	5,180
Advances from related parties	145,106	59,648
Notes payable, net	25,000	25,000
Convertible notes payable	576,028	576,028
Convertible notes payable- related party	130,761	130,761
Derivative liability	441,953	489,569
Total current liabilities	3,431,644	3,222,823
Total liabilities	3,431,644	3,222,823
Commitments and Contingencies (See note 7	100,000	100,000
Stockholders' deficit
Common stock; $0.001 par value; 500,000,000 shares authorized; shares 40,266,149 and 34,146,149 issued and 38,866,149 and 32,746,149 outstanding as of April 30, 2024 and July 31, 2023, respectively	40,266	34,146
Treasury stock, at cost, 1,400,0000 shares as of April 30, 2024 and July 31, 2023, respectively.	(97,500)	(97,500)
Stock payable	486,228	752,228
Stock receivable	(6,902,000)	(6,902,000)
Additional paid-in capital	41,906,132	41,327,012
Accumulated deficit	(38,953,783)	(38,423,945)
Total stockholders' deficit	(3,519,831)	(3,309,833)
Total liabilities and stockholders' deficit	11,813	12,990
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	826	226
Series B Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	0	0
Series C Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2024	Jul. 31, 2023
Common Stock, Shares Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	40,266,149	34,146,149
Common Stock, Shares Outstanding	38,866,149	32,746,149
Preferred Stock, Par Value	$ 0.001	$ 0.01
Preferred Stock, Shares Authorized	6,747,500	6,747,500
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Treasury stock, at cost	14,000,000	14,000,000
Series A Preferred Stock [Member]
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	3,000,000	30,000,000
Preferred Stock, Shares Issued	826,000	226,000
Preferred Stock, Shares Outstanding	826,000	226,000
Series B Preferred Stock [Member]
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	16,500	16,500
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series C Preferred Stock [Member]
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000	10,000
Preferred Stock, Shares Issued	412	300
Preferred Stock, Shares Outstanding	412	300

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Cost of revenues	0	0	0	0
Gross profit	0	0	0	0
Operating expenses
Professional fees	148,415	7,659	186,113	229,206
Salaries and wages	222,000	46,937	315,875	140,812
General and administrative	9,283	3,424	18,079	69,243
Total operating expenses	379,698	58,020	520,067	439,261
Loss from operations	(379,698)	(58,020)	(520,067)	(439,261)
Other income (expense)
Gain (loss) on derivative liability	502,657	171,604	47,616	142,268
Gain on settlement of debt	0	0	0	2,310
Interest expense	(18,337)	(19,229)	(57,387)	(59,412)
Total other income (expense)	484,320	152,375	(9,771)	85,166
Net income (loss)	$ 104,622	$ 94,355	$ (529,838)	$ (354,095)
Basic loss per common share	$ 0.00	$ 0.00	$ (0.02)	$ (0.01)
Basic weighted average common shares outstanding	38,334,816	32,746,149	34,581,842	32,746,149

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Treasury Stock	Preferred A Stocks	Preferred B Stock	Preferred C Stock	Common Stock	Additional Paid-In Capital	Stock Payable	Stock Receivable	Accumulated Deficit
Balance, shares at Jul. 31, 2022		1,400,000	226,000		300	33,891,671
Balance, amount at Jul. 31, 2022	$ (3,109,967)	$ (97,500)	$ 226	$ 0	$ 0	$ 33,892	$ 41,270,046	$ 622,278	$ (6,902,000)	$ (38,036,909)
Shares issued for services, shares						700,000
Shares issued for services, amount	21,280	0	0	0	0	$ 700	20,580	0	0	0
Shares cancelled, shares						(445,522)
Shares cancelled, amount	0	0	0	0	0	$ (446)	446	0	0	0
Net loss	(2,134,302)	$ 0	$ 0	0	$ 0	$ 0	0	0	0	(2,134,302)
Balance, shares at Oct. 31, 2022		1,400,000	226,000		300	34,146,149
Balance, amount at Oct. 31, 2022	(5,222,989)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,291,072	622,278	(6,902,000)	(40,171,211)
Balance, shares at Jul. 31, 2022		1,400,000	226,000		300	33,891,671
Balance, amount at Jul. 31, 2022	(3,109,967)	$ (97,500)	$ 226	0	$ 0	$ 33,892	41,270,046	622,278	(6,902,000)	(38,036,909)
Net loss	(354,095)
Balance, shares at Apr. 30, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Apr. 30, 2023	(3,276,892)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,391,004)
Balance, shares at Oct. 31, 2022		1,400,000	226,000		300	34,146,149
Balance, amount at Oct. 31, 2022	(5,222,989)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,291,072	622,278	(6,902,000)	(40,171,211)
Net loss	1,685,852	0	0	0	0	0	0	0	0	1,685,852
Shares issued for cash	100,000	0	0	0	0	0	0	100,000	0	0
Shares issued for services	65,890	$ 0	$ 0	0	$ 0	$ 0	35,940	29,950	0	0
Balance, shares at Jan. 31, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Jan. 31, 2023	(3,371,247)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,485,359)
Net loss	94,355	$ 0	$ 0	0	$ 0	$ 0	0	0	0	94,355
Balance, shares at Apr. 30, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Apr. 30, 2023	(3,276,892)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,391,004)
Balance, shares at Jul. 31, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Jul. 31, 2023	(3,309,833)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,423,945)
Net loss	(62,485)	$ 0	$ 0	0	$ 0	$ 0	0	0	0	(62,485)
Balance, shares at Oct. 31, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Oct. 31, 2023	(3,372,318)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,486,430)
Balance, shares at Jul. 31, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Jul. 31, 2023	(3,309,833)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,423,945)
Net loss	(529,838)
Balance, shares at Apr. 30, 2024		1,400,000	826,000		412	40,266,149
Balance, amount at Apr. 30, 2024	(3,519,831)	$ (97,500)	$ 826	0	$ 0	$ 40,266	41,906,132	486,228	(6,902,000)	(38,953,783)
Balance, shares at Oct. 31, 2023		1,400,000	226,000		300	34,146,149
Balance, amount at Oct. 31, 2023	(3,372,318)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,327,012	752,228	(6,902,000)	(38,486,430)
Net loss	(571,975)	0	0	0	$ 0	0	0	0	0	(571,975)
Shares issued for cash, net of issaunce cost, shares					56
Shares issued for cash, net of issaunce cost, amount	48,920	$ 0	$ 0	0	$ 0	$ 0	48,920	0	0	0
Balance, shares at Jan. 31, 2024		1,400,000	226,000		356	34,146,149
Balance, amount at Jan. 31, 2024	(3,895,373)	$ (97,500)	$ 226	0	$ 0	$ 34,146	41,375,932	752,228	(6,902,000)	(39,058,405)
Shares issued for services, shares			600,000
Shares issued for services, amount	222,000	0	$ 600	0	0	0	221,400	0	0	0
Net loss	104,622		0	0	$ 0		0	0	0	104,622
Preferred shares issued for cash, net of issaunce cost, shares					56
Preferred shares issued for cash, net of issaunce cost, amount	48,920	0	0	0	$ 0	$ 0	48,920	0	0	0
Shares issued for cash, shares						6,120,000
Shares issued for cash, amount	0	$ 0	$ 0	0	$ 0	$ 6,120	259,880	(266,000)	0	0
Balance, shares at Apr. 30, 2024		1,400,000	826,000		412	40,266,149
Balance, amount at Apr. 30, 2024	$ (3,519,831)	$ (97,500)	$ 826	$ 0	$ 0	$ 40,266	$ 41,906,132	$ 486,228	$ (6,902,000)	$ (38,953,783)

CONSOLIDATED STATEMENT OF CASHFLOWS (Unaudited) - USD ($)	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash Flows from Operating Activities
Net loss	$ (529,838)	$ (354,095)
Adjustments to reconcile net loss to net cash used by operating activities:
Gain on change in derivative liabilities	(47,616)	(142,268)
Stock based compensation	222,000	87,170
Gain on settlement of debt	0	(2,310)
Depreciation and amortization	1,046	1,042
Changes in operating assets and liabilities
Increase in inventory	0	25
Increase in prepaid assets	970	39,686
Increase in accounts payable	169,285	282,380
Increase in accounts payable related party	1,694	2,985
Net cash used in operating activities	(182,459)	(85,385)
Cash Flows provided by Financing Activities
Proceeds from related party advances	85,985	35,960
Payments on related party advances	(527)	(50,592)
Proceeds from sale of common stock	0	100,000
Proceeds from sale of preferred stock	97,840	0
Net cash provided by financing activities	183,298	85,368
Net increase (decrease) in Cash	839	(17)
Beginning cash balance	10	32
Ending cash balance	849	15
Supplemental disclosure of cash flow information
Cash paid for interest	0	0
Cash paid for tax	0	0
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Silver used to settle debt	$ 0	$ 152,785

DESCRIPTION OF BUSINESS AND HISTORY

9 Months Ended

Apr. 30, 2024

DESCRIPTION OF BUSINESS AND HISTORY

DESCRIPTION OF BUSINESS AND HISTORY

1. DESCRIPTION OF BUSINESS AND HISTORY

On January 17, 2018, the Company changed its name to Millennium Blockchain Inc.

On September 28, 2018, the Company changed its name back to THC Therapeutics, Inc.

THC Therapeutics, Inc., together with its subsidiaries, shall herein be collectively referred to as the “Company.”

BASIS OF PRESENTATION AND GOING CONCERN

9 Months Ended

Apr. 30, 2024

BASIS OF PRESENTATION AND GOING CONCERN

BASIS OF PRESENTATION AND GOING CONCERN

2. BASIS OF PRESENTATION AND GOING CONCERN

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

SUMMARY OF SIGNIFICANT POLICIES

9 Months Ended

Apr. 30, 2024

SUMMARY OF SIGNIFICANT POLICIES

SUMMARY OF SIGNIFICANT POLICIES

3. SUMMARY OF SIGNIFICANT POLICIES

Use of Estimates

Cash and Cash Equivalents

Concentration Risk

Revenue Recognition

Fair Value of Financial Instruments

The carrying amounts reflected in the balance sheets for cash, accounts payable and accrued expenses approximate the respective fair values due to the short maturities of these items.

The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of July 31, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	489,569	$	489,569

As of July 31, 2023, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 486.12%.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of April 30, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	441,953	$	441,953

As of April 30, 2024, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 309.28%.

	Amount
Balance July 31, 2023	$	489,569
Derivative reclassed to additional paid in capital		-
Change in fair market value of derivative liabilities		(47,616	)
Balance April 30, 2024	$	441,953

Goodwill and Intangible Assets

Long-Lived Assets

Income Taxes

Stock-Based Compensation

Earnings (Loss) Per Share

Advertising Costs

INTANGIBLE ASSETS

9 Months Ended

Apr. 30, 2024

INTANGIBLE ASSETS

INTANGIBLE ASSETS

4. INTANGIBLE ASSETS

Intangible assets consist of the following as of April 30, 2024 and July 31, 2023:

	April 30, 2024			July 31, 2023
Patents and patents pending	$	19,699		$	19,699
Trademarks		1,275			1,275
Website and domain names		15,098			15,098
Less: accumulated depreciation		(25,108	)		(24,062	)
Intangible assets, net	$	10,964		$	12,010

Amortization expense for the nine months ended April 30, 2024 and 2023, was $1,046 and $1,042 respectively.

RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS

ADVANCES FROM RELATED PARTIES

Advances from related parties consist of the following as of April 30, 2024:

	Principal as of		Nine months ending April 30, 2024					Principal as of		Accrued interest balance As of
	July 31, 2023		Funds advanced		Funds repaid			April 30, 2024		April 30, 2024
B. Romanek, shareholder	$	59,648	$	742	$	(527	)	$	59,863	$	6,874
Scott Cox, CEO		-		85,243		-			85,243
TOTAL	$	59,648	$	85,985	$	(527	)	$	145,106	$	6,874

CONVERTIBLE NOTES PAYABLE RELATED PARTY

CONVERTIBLE NOTES PAYABLE

9 Months Ended

Apr. 30, 2024

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE

6. CONVERTIBLE NOTES PAYABLE

Convertible Notes Payable at consists of the following:

	April 30,		July 31,
	2024		2023

On April 4, 2019, we entered into a master convertible promissory note pursuant to which we may borrow up to $250,000 in $50,000 tranches. On April 19, 2019, we borrowed the first tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On June 19, 2019, we borrowed the second tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On January 27, 2020, we borrowed the third tranche of $35,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $30,500. On January 31, 2019, the lender converted $9,532 of principle and $500 of fees into 16,500 shares of common stock. On December 12, 2020, the lender converted $9,700 of principle and $500 of fees into 34,000 shares of common stock. On February 10, 2020, the lender converted $10,156 of principle and $500 of fees into 120,000 shares of common stock. On March 24, 2020, the lender converted $7,628 of principle and $500 of fees into 160,000 shares of common stock. On April 13, 2020, the lender converted $7,900 of principle and $500 of fees into 300,000 shares of common stock. On April 28, 2020, the lender converted $5,084 of principle, $500 of fees, and $5,000 of interest into 588,000 shares of common stock. On May 26, 2020, the lender converted $13,000 of principle, and $500 of fees into 750,000 shares of common stock. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on April 4, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a variable conversion price equal to the lesser of (i) the lowest Trading Price during the previous twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the date of this Note or (ii) Variable Conversion Price of 60% multiplied by the lowest Trading Price for the Common Stock during the twenty-five (25) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. The Company recorded debt discounts in the amount of $135,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of each tranche of the Note to be amortized utilizing the effective interest method of accretion over the term of each tranche of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $465,748 and an initial loss of $335,248 based on the Black-Scholes pricing model.		72,000		72,000
Unamortized debt discount		-		-
Total, net of unamortized discount		72,000		72,000

On June 20, 2019, we entered into a convertible promissory note pursuant to which we borrowed $291,108, net of an Original Issue Discount (“OID”) of $36,108 and investor legal expenses of $5,000 resulting in the Company receiving $250,000. On January 31, 2019, the lender converted $30,000 of principle into 170,940 shares of common stock. On March 27, 2020, the lender converted $30,000 of principle into 267,016 shares of common stock. On April 23, 2020, the lender converted $21,000 of principle into 210,108 shares of common stock. On April 23, 2020, the lender converted $30,000 of principle into 1,129,816 shares of common stock On May 28, 2020, the lender converted $35,000 of principle into 1,318,118 shares of common stock Interest under the convertible promissory note is 8% per annum, and the principal and all accrued but unpaid interest is due on June 20, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to $8.80 (the “Lender Conversion Price”). Additionally, after 6 months from the date the Company receives note funding, the noteholder has the right to demand whole or partial redemption of amounts owed to the noteholder under the note. Payments of redemption amounts by the Company to the noteholder can be made in cash or by converting the redemption amount into shares common stock of the Company, with such conversions occurring at the lower of (i) the Lender Conversion Price, or (ii) a price equal to the 65% of the two lowest Closing Trade Prices during the ten (10) Trading Day period immediately preceding the measurement date. The Company recorded a debt discount in the amount of $182,499 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $141,391 and an initial loss of $0 based on the Black-Scholes pricing model.	145,108	145,108
Unamortized debt discount	-	-
Total, net of unamortized discount	145,108	145,108
On February 20, 2020, we entered into a convertible promissory note pursuant to which we borrowed $135,680, net of an Original Issue Discount (“OID”) of $7,680 and investor legal expenses of $2,500 resulting in the Company receiving $125,500. On September 2, 2020, the lender converted $10,000 of principle into 242,718 shares of common stock On September 30, 2020, the lender converted $12,000 of principle into 476,190 shares of common stock On November 14, 2020, the lender converted $20,000 of principle into 938,967 shares of common stock. On December 1, 2020, the lender converted $20,000 of principle into 1,058,201 shares of common stock. The fair value of the derivative liability associated with the conversions for the year ended July 31, 2021 on the date of settlement of $16,244 was recorded to additional paid in capital. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on August 15, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $135,680 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $192,236 and an initial loss of $64,236 based on the Black-Scholes pricing model.	147,360	147,360
Unamortized debt discount	-	-
Total, net of unamortized discount	147,360	147,360

On March 26, 2020, we entered into a convertible promissory note pursuant to which we borrowed $3,000, net of legal expenses of $3,000 resulting in the Company receiving $0. Interest under the convertible promissory note is 0% per annum, and the principal and all accrued but unpaid interest is due on March 26, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to the average of the closing trading prices of the common stock during the 3 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $3,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $1,500 and an initial loss of $1,500 based on the Black-Scholes pricing model.		3,000		3,000
Unamortized debt discount		-		-
Total, net of unamortized discount		3,000		3,000
On May 1, 2020, we entered into a convertible promissory note pursuant to which we borrowed $100,000, net of consulting expenses of $100,000 resulting in the Company receiving $0. During the year ended July 31, 2021, the Company made cash payments of $25,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on May 1, 2021. The note is convertible at any date after the effective date at the noteholder’s option into shares of our common stock at a conversion price equal to 65% of the average of the six lowest closing prices in the 10 trading days prior to the conversion. The Company recorded a debt discount in the amount of $64,888 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $64,888 based on the Black-Scholes pricing model.		75,000		75,000
Unamortized debt discount		-		-
Total, net of unamortized discount		75,000		75,000
On May 7, 2020, we entered into a convertible promissory note pursuant to which we borrowed $66,780, net of an Original Issue Discount (“OID”) of $3,780 and investor legal expenses of $3,000 resulting in the Company receiving $60,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on October 29, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $66,780 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $138,172 and an initial loss of $134,237 based on the Black-Scholes pricing model.		133,560		133,560
Unamortized debt discount		-		-
Total, net of unamortized discount		133,560		133,560
Total notes payable, net of unamortized discount	$	576,028	$	576,028

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Apr. 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

7. COMMITMENTS AND CONTINGENCIES

STOCK WARRANTS

9 Months Ended

Apr. 30, 2024

STOCK WARRANTS

STOCK WARRANTS

8. STOCK WARRANTS

The following is a summary of warrant activity during the nine months ended April 30, 2024.

	Number of Shares		Weighted Average Exercise Price
Balance, July 31, 2023		4,210,379	$	1.26
Warrants granted and assumed		-	$	-
Warrants expired		-		-
Warrants canceled		-		-
Warrants exercised		-		-
Balance outstanding and exercisable, April 30, 2024		4,210,379	$	1.26

SHAREHOLDERS DEFICIT

9 Months Ended

Apr. 30, 2024

SHAREHOLDERS DEFICIT

SHAREHOLDERS' DEFICIT

9. SHAREHOLDERS’ DEFICIT

As of April 30, 2024 and July 31, 2023, the Company had 40,266,149 and 34,146,149 shares of common stock issued and 38,866,149 and 32,746,149 outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 826,000 and 226,000 shares of Series A Preferred Stock issued and outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 0 and 0 shares of Series B Preferred Stock issued and outstanding, respectively.

As of April 30, 2024 and July 31, 2023, the Company had 412 and 300 shares of Series C Preferred Stock issued and outstanding, respectively.

On November 17, 2023, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

On March 13, 2024, the Company sold 56 shares of Series C Preferred Stock for $48,920, net of $5,080 in offering cost.

During the nine months ended April 30, 2024, the Company issued 600,000 shares of Series A Preferred Stock for services valued at $222,000.

SUBSEQUENT EVENTS

9 Months Ended

Apr. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

On September 25, 2024, the Company sold 69 shares of Series C Preferred Stock for $64,000.

SUMMARY OF SIGNIFICANT POLICIES (Policies)

9 Months Ended

Apr. 30, 2024

SUMMARY OF SIGNIFICANT POLICIES

Use of Estimates

Cash and Cash Equivalents

Concentration Risk

Revenue Recognition

Fair Value of Financial Instruments

The carrying amounts reflected in the balance sheets for cash, accounts payable and accrued expenses approximate the respective fair values due to the short maturities of these items.

The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of July 31, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	489,569	$	489,569

As of July 31, 2023, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 486.12%.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of April 30, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	441,953	$	441,953

As of April 30, 2024, the Company’s stock price was $0.003, risk-free discount rate of 5.48% and volatility of 309.28%.

	Amount
Balance July 31, 2023	$	489,569
Derivative reclassed to additional paid in capital		-
Change in fair market value of derivative liabilities		(47,616	)
Balance April 30, 2024	$	441,953

Goodwill and Intangible Assets

Long-Lived Assets

Income Taxes

Stock-Based Compensation

Earnings (Loss) Per Share

Advertising Costs

SUMMARY OF SIGNIFICANT POLICIES (Table)

9 Months Ended

Apr. 30, 2024

SUMMARY OF SIGNIFICANT POLICIES

Schedule of fair value of assets and liabilities

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	489,569	$	489,569

	Level 1		Level 2		Level 3		Total
Assets
Liabilities
Derivative Financial Instruments	$	-	$	-	$	441,953	$	441,953

Fair value assets and liabilities measured on recurring basis

	Amount
Balance July 31, 2023	$	489,569
Derivative reclassed to additional paid in capital		-
Change in fair market value of derivative liabilities		(47,616	)
Balance April 30, 2024	$	441,953

INTANGIBLE ASSETS (Tables)

9 Months Ended

Apr. 30, 2024

INTANGIBLE ASSETS

Schedule of intangible assets

	April 30, 2024			July 31, 2023
Patents and patents pending	$	19,699		$	19,699
Trademarks		1,275			1,275
Website and domain names		15,098			15,098
Less: accumulated depreciation		(25,108	)		(24,062	)
Intangible assets, net	$	10,964		$	12,010

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Apr. 30, 2024

RELATED PARTY TRANSACTIONS

Schedule of advances from related affiliate

	Principal as of		Nine months ending April 30, 2024					Principal as of		Accrued interest balance As of
	July 31, 2023		Funds advanced		Funds repaid			April 30, 2024		April 30, 2024
B. Romanek, shareholder	$	59,648	$	742	$	(527	)	$	59,863	$	6,874
Scott Cox, CEO		-		85,243		-			85,243
TOTAL	$	59,648	$	85,985	$	(527	)	$	145,106	$	6,874

CONVERTIBLE NOTES PAYABLE (Tables)

9 Months Ended

Apr. 30, 2024

CONVERTIBLE NOTES PAYABLE

Schedule Of convertible notes payable

	April 30,		July 31,
	2024		2023

On April 4, 2019, we entered into a master convertible promissory note pursuant to which we may borrow up to $250,000 in $50,000 tranches. On April 19, 2019, we borrowed the first tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On June 19, 2019, we borrowed the second tranche of $50,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $43,000. On January 27, 2020, we borrowed the third tranche of $35,000, net of debt issuance costs and investor legal fees of $7,000, resulting in the Company receiving $30,500. On January 31, 2019, the lender converted $9,532 of principle and $500 of fees into 16,500 shares of common stock. On December 12, 2020, the lender converted $9,700 of principle and $500 of fees into 34,000 shares of common stock. On February 10, 2020, the lender converted $10,156 of principle and $500 of fees into 120,000 shares of common stock. On March 24, 2020, the lender converted $7,628 of principle and $500 of fees into 160,000 shares of common stock. On April 13, 2020, the lender converted $7,900 of principle and $500 of fees into 300,000 shares of common stock. On April 28, 2020, the lender converted $5,084 of principle, $500 of fees, and $5,000 of interest into 588,000 shares of common stock. On May 26, 2020, the lender converted $13,000 of principle, and $500 of fees into 750,000 shares of common stock. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on April 4, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a variable conversion price equal to the lesser of (i) the lowest Trading Price during the previous twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the date of this Note or (ii) Variable Conversion Price of 60% multiplied by the lowest Trading Price for the Common Stock during the twenty-five (25) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. The Company recorded debt discounts in the amount of $135,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of each tranche of the Note to be amortized utilizing the effective interest method of accretion over the term of each tranche of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $465,748 and an initial loss of $335,248 based on the Black-Scholes pricing model.		72,000		72,000
Unamortized debt discount		-		-
Total, net of unamortized discount		72,000		72,000

On June 20, 2019, we entered into a convertible promissory note pursuant to which we borrowed $291,108, net of an Original Issue Discount (“OID”) of $36,108 and investor legal expenses of $5,000 resulting in the Company receiving $250,000. On January 31, 2019, the lender converted $30,000 of principle into 170,940 shares of common stock. On March 27, 2020, the lender converted $30,000 of principle into 267,016 shares of common stock. On April 23, 2020, the lender converted $21,000 of principle into 210,108 shares of common stock. On April 23, 2020, the lender converted $30,000 of principle into 1,129,816 shares of common stock On May 28, 2020, the lender converted $35,000 of principle into 1,318,118 shares of common stock Interest under the convertible promissory note is 8% per annum, and the principal and all accrued but unpaid interest is due on June 20, 2020. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to $8.80 (the “Lender Conversion Price”). Additionally, after 6 months from the date the Company receives note funding, the noteholder has the right to demand whole or partial redemption of amounts owed to the noteholder under the note. Payments of redemption amounts by the Company to the noteholder can be made in cash or by converting the redemption amount into shares common stock of the Company, with such conversions occurring at the lower of (i) the Lender Conversion Price, or (ii) a price equal to the 65% of the two lowest Closing Trade Prices during the ten (10) Trading Day period immediately preceding the measurement date. The Company recorded a debt discount in the amount of $182,499 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $141,391 and an initial loss of $0 based on the Black-Scholes pricing model.	145,108	145,108
Unamortized debt discount	-	-
Total, net of unamortized discount	145,108	145,108
On February 20, 2020, we entered into a convertible promissory note pursuant to which we borrowed $135,680, net of an Original Issue Discount (“OID”) of $7,680 and investor legal expenses of $2,500 resulting in the Company receiving $125,500. On September 2, 2020, the lender converted $10,000 of principle into 242,718 shares of common stock On September 30, 2020, the lender converted $12,000 of principle into 476,190 shares of common stock On November 14, 2020, the lender converted $20,000 of principle into 938,967 shares of common stock. On December 1, 2020, the lender converted $20,000 of principle into 1,058,201 shares of common stock. The fair value of the derivative liability associated with the conversions for the year ended July 31, 2021 on the date of settlement of $16,244 was recorded to additional paid in capital. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on August 15, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $135,680 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. Further, the Company recognized a derivative liability of $192,236 and an initial loss of $64,236 based on the Black-Scholes pricing model.	147,360	147,360
Unamortized debt discount	-	-
Total, net of unamortized discount	147,360	147,360

On March 26, 2020, we entered into a convertible promissory note pursuant to which we borrowed $3,000, net of legal expenses of $3,000 resulting in the Company receiving $0. Interest under the convertible promissory note is 0% per annum, and the principal and all accrued but unpaid interest is due on March 26, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to the average of the closing trading prices of the common stock during the 3 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $3,000 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $1,500 and an initial loss of $1,500 based on the Black-Scholes pricing model.		3,000		3,000
Unamortized debt discount		-		-
Total, net of unamortized discount		3,000		3,000
On May 1, 2020, we entered into a convertible promissory note pursuant to which we borrowed $100,000, net of consulting expenses of $100,000 resulting in the Company receiving $0. During the year ended July 31, 2021, the Company made cash payments of $25,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on May 1, 2021. The note is convertible at any date after the effective date at the noteholder’s option into shares of our common stock at a conversion price equal to 65% of the average of the six lowest closing prices in the 10 trading days prior to the conversion. The Company recorded a debt discount in the amount of $64,888 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $64,888 based on the Black-Scholes pricing model.		75,000		75,000
Unamortized debt discount		-		-
Total, net of unamortized discount		75,000		75,000
On May 7, 2020, we entered into a convertible promissory note pursuant to which we borrowed $66,780, net of an Original Issue Discount (“OID”) of $3,780 and investor legal expenses of $3,000 resulting in the Company receiving $60,000. Interest under the convertible promissory note is 10% per annum, and the principal and all accrued but unpaid interest is due on October 29, 2021. The note is convertible at any date after the issuance date at the noteholder’s option into shares of our common stock at a conversion price equal to 71% of the average of the 2 lowest trading prices of the common stock during the 10 completed trading days prior to conversion date. The Company recorded a debt discount in the amount of $66,780 in connection with the original issuance discount, offering costs and initial valuation of the derivative liability related to the embedded conversion option of the Note to be amortized utilizing the effective interest method of accretion over the term of the Note. The aggregate debt discount has been accreted and charged to interest expenses as a financing expense in the amount of $0 during the year ended July 31, 2023. Further, the Company recognized a derivative liability of $138,172 and an initial loss of $134,237 based on the Black-Scholes pricing model.		133,560		133,560
Unamortized debt discount		-		-
Total, net of unamortized discount		133,560		133,560
Total notes payable, net of unamortized discount	$	576,028	$	576,028

STOCK WARRANTS (Tables)

9 Months Ended

Apr. 30, 2024

STOCK WARRANTS

Schedule of summary of warrant activity

	Number of Shares		Weighted Average Exercise Price
Balance, July 31, 2023		4,210,379	$	1.26
Warrants granted and assumed		-	$	-
Warrants expired		-		-
Warrants canceled		-		-
Warrants exercised		-		-
Balance outstanding and exercisable, April 30, 2024		4,210,379	$	1.26

BASIS OF PRESENTATION AND GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Jul. 31, 2022
BASIS OF PRESENTATION AND GOING CONCERN
Accumulated deficit	$ (38,953,783)						$ (38,953,783)		$ (38,423,945)
Net loss	104,622	$ (571,975)	$ (62,485)	$ 94,355	$ 1,685,852	$ (2,134,302)	(529,838)	$ (354,095)
Cash	$ 849			$ 15			849	15	$ 10	$ 32
Net cash used in operating activities							$ (182,459)	$ (85,385)

SUMMARY OF SIGNIFICANT POLICIES (Details ) - USD ($)	Apr. 30, 2024	Jul. 31, 2023
Derivative Financial Instruments	$ 441,953	$ 489,569
Level 2 [Member]
Derivative Financial Instruments	0	0
Level 3 [Member]
Derivative Financial Instruments	441,953	489,569
Level 1 [Member]
Derivative Financial Instruments	$ 0	$ 0

SUMMARY OF SIGNIFICANT POLICIES (Details 1)	9 Months Ended
SUMMARY OF SIGNIFICANT POLICIES (Details 1)	Apr. 30, 2024 USD ($)
SUMMARY OF SIGNIFICANT POLICIES
Beginning balance	$ 489,569
Derivative reclassed to additional paid in capital	0
Change in fair market value of derivative liabilities	47,616
Balance ending	$ 441,953

SUMMARY OF SIGNIFICANT POLICIES (Details Narrative) - USD ($)	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023	Jul. 31, 2022
SUMMARY OF SIGNIFICANT POLICIES
Cash and cash equivalents	$ 849	$ 15	$ 10	$ 32
Volatility	309.28%		486.12%
Cash in excess of FDIC limit	$ 0
Risk-free discount rate	5.48%		5.48%
Stock price	$ 0.003		$ 0.003
Impairment expense	$ 0	0
Advertising expenses	$ 436	$ 40,150

INTANGIBLE ASSETS (Details) - USD ($)	Apr. 30, 2024	Jul. 31, 2023
Less: accumulated depreciation	$ (25,108)	$ (24,062)
Intangible assets, net	10,964	12,010
Patents and Patents Pending [Member]
Intangible assets, gross	19,699	19,699
Trademarks [Member]
Intangible assets, gross	1,275	1,275
Website And Domain Names [Member]
Intangible assets, gross	$ 15,098	$ 15,098

INTANGIBLE ASSETS (Details Narrative) - USD ($)	9 Months Ended
INTANGIBLE ASSETS (Details Narrative) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
INTANGIBLE ASSETS
Amortization expense	$ 1,046	$ 1,042

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Apr. 30, 2024	Jul. 31, 2023
Principal [Member]
B. Romanek, shareholder	$ 59,863	$ 59,648
Scott Cox, CEO	85,243	0
TOTAL	145,106	$ 59,648
Funds Advance [Member]
B. Romanek, shareholder	742
Scott Cox, CEO	85,243
TOTAL	85,985
Funds Repaid [Member]
B. Romanek, shareholder	(527)
Scott Cox, CEO	0
TOTAL	(527)
Accrued Interest [Member]
B. Romanek, shareholder	6,874
Scott Cox, CEO	0
TOTAL	$ 6,874

RELATED PARTY TRANSACTIONS (Details Narrative)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative)	Apr. 30, 2024 USD ($) integer	Jul. 31, 2023 USD ($)
Convertible notes payable- related party	$ 130,761	$ 130,761
Black Scholes Option Pricing Model [Member]
Initial loss	187,232
Recognized derivative liability	$ 387,232
May 1 2019 [Member]
Advances from related parties bear interest rate	10.00%
Convertible promissory note	$ 200,000
Variable conversion rate	65.00%
Due date	May 01, 2021
Advances due within, days \| integer	10
Debt discount	$ 200,000

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Apr. 30, 2024	Jul. 31, 2023
Convertible Notes Payable, Net	$ 576,028	$ 576,028
Convertible Promissory Note One [Member]
Convertible Notes Payable Current	72,000	72,000
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	72,000	72,000
Convertible Promissory Note Two [Member]
Convertible Notes Payable Current	145,108	145,108
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	145,108	145,108
Convertible Promissory Note Three [Member]
Convertible Notes Payable Current	147,360	147,360
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	147,360	147,360
Convertible Promissory Note Four [Member]
Convertible Notes Payable Current	3,000	3,000
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	3,000	3,000
Convertible Promissory Note Five [Member]
Convertible Notes Payable Current	75,000	75,000
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	75,000	75,000
Convertible Promissory Note Six [Member]
Convertible Notes Payable Current	133,560	133,560
Unamortized Debt Discount	0	0
Total, Net Of Unamortized Discount	$ 133,560	$ 133,560

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Apr. 30, 2024	Jul. 31, 2023	Jul. 31, 2021
COMMITMENTS AND CONTINGENCIES
Contingent liability	$ 100,000	$ 100,000	$ 100,000

STOCK WARRANTS (Details) - Stock Warrants[Member]	9 Months Ended
STOCK WARRANTS (Details) - Stock Warrants[Member]	Apr. 30, 2024 $ / shares shares
Outstanding, beginning balance \| shares	4,210,379
Options granted and assumed \| shares	0
Options expired \| shares	0
Options canceled \| shares	0
Options exercised \| shares	0
Outstanding, ending balance \| shares	4,210,379
Weighted average exercise price, beginning balance \| $ / shares	$ 1.26
Weighted average exercise price, options granted and assumed \| $ / shares	0
Weighted average exercise price, options expired \| $ / shares	0
Weighted average exercise price, options canceled \| $ / shares	0
Weighted average exercise price, options exercised \| $ / shares	0
Weighted average exercise price, ending balance \| $ / shares	$ 1.26

SHAREHOLDERS DEFICIT (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
SHAREHOLDERS DEFICIT (Details Narrative) - USD ($)	Mar. 13, 2024	Nov. 17, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Common Stock, Shares Issued			40,266,149		34,146,149
Common Stock, Share Outstanding			38,866,149		32,746,149
Preferred Stock, Shares Issued			0		0
Proceeds from Sale of Preferred Stock			$ 97,840	$ 0
Common stock issued during period, shares			6,120,000
Common stock issued during period, amount			$ 266,000
Preferred Stock, Shares Outstanding			0		0
Series B Preferred Stock [Member]
Preferred Stock, Shares Issued			0		0
Preferred Stock, Shares Outstanding			0		0
Series C Preferred Stock [Member]
Preferred Stock, Shares Issued			412		300
Proceeds from Sale of Preferred Stock	$ 48,920	$ 48,920
Number of shares sold	56	56
Preferred Stock, Shares Outstanding			412		300
Offering Cost	$ 5,080	$ 5,080
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued			826,000		226,000
Preferred Stock, Shares Issued services amount			$ 222,000
Preferred Stock, Shares Issued services			600,000
Preferred Stock, Shares Outstanding			826,000		226,000
Common Stocks [Member]
Common Stock, Shares Issued			40,266,149		34,146,149
Common Stock, Share Outstanding			38,866,149		32,746,149

SUBSEQUENT EVENTS (Details Narrative) - USD ($)		1 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Mar. 13, 2024	Sep. 25, 2024	Nov. 17, 2023	Apr. 30, 2024	Apr. 30, 2023
Proceeds from sale of preferred stock				$ 97,840	$ 0
Series C Preferred Stock [Member]
Number of shares sold	56		56
Proceeds from sale of preferred stock	$ 48,920		$ 48,920
Series C Preferred Stock [Member] \| Subsequent Event [Member]
Number of shares sold		69
Proceeds from sale of preferred stock		$ 64,000

THC Therapeutics (CE) (USOTC:THCT)
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STOCK WARRANTS (Details) - Stock Warrants[Member]	9 Months Ended
STOCK WARRANTS (Details) - Stock Warrants[Member]	Apr. 30, 2024 $ / shares shares
Outstanding, beginning balance \| shares	4,210,379
Options granted and assumed \| shares	0
Options expired \| shares	0
Options canceled \| shares	0
Options exercised \| shares	0
Outstanding, ending balance \| shares	4,210,379
Weighted average exercise price, beginning balance \| $ / shares	$ 1.26
Weighted average exercise price, options granted and assumed \| $ / shares	0
Weighted average exercise price, options expired \| $ / shares	0
Weighted average exercise price, options canceled \| $ / shares	0
Weighted average exercise price, options exercised \| $ / shares	0
Weighted average exercise price, ending balance \| $ / shares	$ 1.26

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