Cover
Cover | 3 Months Ended |
Oct. 31, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Oct. 31, 2021 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --07-31 |
Entity File Number | 333-198808 |
Entity Registrant Name | MU YAN TECHNOLOGY GROUP CO., LIMITED |
Entity Central Index Key | 0001617351 |
Entity Tax Identification Number | 47-1549749 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | Room 1703B, Zhongzhou Building |
Entity Address, Address Line Two | No. 3088, Jintian Road, Futian District |
Entity Address, Address Line Three | Shenzhen City |
Entity Address, City or Town | Guangdong Province |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 518000 |
City Area Code | 86 |
Local Phone Number | 0755 8325-7679 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 307,430,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 437,665 | $ 1,092,575 |
Down payment to suppliers | 36,345 | 225,489 |
Amount due from related parties | 310,603 | 371,473 |
Other receivables | 390,421 | 479,739 |
Advance for vehicle purchase | 1,849,788 | |
Accounts receivable | 3,912 | 3,870 |
Inventory, net | 522,047 | 236,046 |
Held for sale assets | 2,243,852 | |
Total current assets | 1,700,993 | 6,502,832 |
Non-current assets | ||
Property, plant and equipment, net | 1,839,718 | 337,881 |
Operating lease right-of-use assets | 206,114 | 278,712 |
Total non-current assets | 2,045,832 | 616,593 |
Total assets | 3,746,825 | 7,119,425 |
Current liabilities | ||
Accounts payable | 5,175 | 320,224 |
Advance from customers | 9,389 | 176,465 |
Other payables | 196,034 | 232,265 |
Income tax payable | 22,528 | 21,691 |
Current operating lease liabilities | 206,114 | 278,712 |
Amount due to related parties | 2,554,100 | |
Total current liabilities | 439,240 | 3,583,457 |
Non-current liabilities | ||
Lease liabilities, non-current | ||
Total non-current liabilities | ||
Total liabilities | 439,240 | 3,583,457 |
Stockholders’ equity | ||
Common stock ($0.001 par value, 500,000,000 shares authorized, 307,430,000 shares issued and outstanding at October 31, 2021 and July 31, 2021, respectively) | 307,430 | 307,430 |
Additional paid-in capital | (263,298) | (263,298) |
Retained profits | 2,469,445 | 2,733,265 |
Statutory reserve | 485,415 | 485,415 |
Foreign currency translation reserve | 308,593 | 273,156 |
Total stockholders’ equity | 3,307,585 | 3,535,968 |
Total liabilities and stockholders’ equity | $ 3,746,825 | $ 7,119,425 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2021 | Jul. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, share issued | 307,430,000 | 307,430,000 |
Common stock, share outstanding | 307,430,000 | 307,430,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) | 3 Months Ended | |
Oct. 31, 2021USD ($)$ / sharesshares | Oct. 31, 2020USD ($)$ / sharesshares | |
Income Statement [Abstract] | ||
Revenues | $ 168,235 | $ 4,551,255 |
Cost of revenues | (25,658) | (1,955,934) |
Taxes and surcharges | (3,426) | (39,527) |
Gross profit | 139,151 | 2,555,794 |
Operating expenses | ||
Selling and marketing expenses | (525) | (141,005) |
General and Administrative Expenses | (490,421) | (326,233) |
Research and development expenses | (269,349) | (86,782) |
Total operating expenses | (760,295) | (554,020) |
Other income, net | 357,920 | 46 |
Profit (loss) before tax | (263,224) | 2,001,820 |
Income tax | (596) | (506,818) |
Net profit (loss) | (263,820) | 1,495,002 |
Foreign currency translation differences | 35,437 | 138,218 |
Total comprehensive profit (loss) for the period | $ (228,383) | $ 1,633,220 |
(Loss) earnings per share – basic and diluted | $ / shares | $ 0 | $ 0.01 |
Weighted average number of shares outstanding – Basic and diluted | shares | 307,430,000 | 307,430,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings Unrestricted [Member] | Retained Earnings Statutory Reserve [Member] | Foreign Currency Reserves [Member] | Total |
Beginning balance, value at Jul. 31, 2020 | $ 307,430 | $ (263,298) | $ 3,058,049 | $ 19,822 | $ 3,122,003 | |
Beginning balance, shares at Jul. 31, 2020 | 307,430,000 | |||||
Foreign currency translation | 138,218 | 138,218 | ||||
Net profit | 1,495,002 | 1,495,002 | ||||
Ending balance, value at Oct. 31, 2020 | $ 307,430 | (263,298) | 4,553,051 | 158,040 | 4,755,223 | |
Ending balance, shares at Oct. 31, 2020 | 307,430,000 | |||||
Beginning balance, value at Jul. 31, 2021 | $ 307,430 | (263,298) | 2,733,265 | 485,415 | 273,156 | 3,535,968 |
Beginning balance, shares at Jul. 31, 2021 | 307,430,000 | |||||
Foreign currency translation | 35,437 | 35,437 | ||||
Net profit | (263,820) | (263,820) | ||||
Ending balance, value at Oct. 31, 2021 | $ 307,430 | $ (263,298) | $ 2,469,445 | $ 485,415 | $ 308,593 | $ 3,307,585 |
Ending balance, shares at Oct. 31, 2021 | 307,430,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ (263,820) | $ 1,495,002 | |
Adjustments for: | |||
Depreciation | 50,127 | 14,856 | $ 83,134 |
Operating profit before working capital changes: | (213,693) | 1,509,858 | |
(Increase) decrease in: | |||
Accounts receivable | |||
Tax Payable | 596 | 303,302 | |
Other receivables | 129,545 | (2,957,626) | |
Advance for vehicle purchase | 1,714,936 | ||
Inventories | (280,915) | 532,432 | |
Held for sale assets | 2,248,098 | ||
Accrued expense and other payables | 23,066 | (5,916) | |
Accounts payable | (121,506) | 754,832 | |
Down payment to suppliers | 171,595 | 157,672 | |
Advance from customers | (167,494) | (1,581,657) | |
Amount due to a related party | (2,558,933) | 20,213 | |
Amount due from related parties | 64,333 | 547,428 | |
Net cash provided by (used in) operating activities | 1,009,628 | (719,462) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of property, plant and equipment | (1,674,569) | (2,339) | |
Net cash used in investing activities | (1,674,569) | (2,339) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Sale of common shares | |||
Net cash provided by financing activities | |||
Effect of exchange rate changes on cash and cash equivalents | 10,031 | 22,667 | |
Net decrease in cash and cash equivalents | (654,910) | (699,134) | |
Cash and cash equivalents at beginning of period | 1,092,575 | 864,860 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 437,665 | 165,726 | $ 864,860 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Income tax paid | 200,916 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 206,114 | $ 470,135 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND ORGANIZATION | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF THE BUSINESS AND ORGANIZATION | NOTE 1. DESCRIPTION OF THE BUSINESS AND ORGANIZATION Mu Yan Technology Group Co., Limited, formerly Lepota Inc. (“MYTG” or the “Company”), is a US holding company incorporated in Nevada on December 9, 2013. Our primary business originally was in the import of cosmetics into the Russian Federation and distribution of the products through shops and drugstores. However, since August 12, 2020, we have been engaged in the mobile advertisement backpack business. The Company’s current address is Room 1703B, Zhongzhou Building, No. 3088, Jintian Road, Futian District Shenzhen City, Guangdong Province, People’s Republic of China 518000 On February 18, 2020, as a result of a private transaction, 5,000,000 53.8% holder of the voting rights of the Company at the time 67.3% 257,160 On April 14, 2020, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to amend the Articles of Incorporation of the Company by increasing the authorized common stock of the Company from 75,000,000 500,000,000 Mu Yan Technology Holding Co., Ltd (“Mu Yan Samoa”) was incorporated in the Independent State of Samoa on April 2, 2020. Mu Yan Samoa, together with its subsidiaries, is engaged in the mobile advertisement backpack business. Mu Yan (Hong Kong) Technology Co., Limited, (“Mu Yan HK”), a wholly-owned subsidiary of Mu Yan Samoa, was incorporated in Hong Kong on January 10, 2020. On June 1, 2020, Mu Yan Samoa entered into an equity transfer agreement with the shareholder of Mu Yan HK, under which Mu Yan Samoa agreed to pay total consideration of HKD 1,000 128 100% Mu Yan (Shenzhen) Media Technology Co., Ltd. (“Mu Yan WFOE”), a wholly-owned subsidiary of Mu Yan HK, was incorporated in the PRC on June 10, 2020. Mu Yan (Shenzhen) Digital Technology Co., Ltd. (“Mu Yan Shenzhen”) was incorporated in the PRC on September 30, 2019 and became a wholly-owned subsidiary of Mu Yan WFOE on July 1, 2020. Mu Yan Shenzhen sells its mobile advertisement backpacks to consumers in the PRC and worldwide and operates primarily out of the PRC. Mu Yan Shenzhen was controlled by the same owner immediately prior to its acquisition by Mu Yan HK. As these transactions are between entities under common control, the Company has reported the results of operations for the periods in a manner similar to a pooling of interests and has consolidated financial results since the initial date in which the above companies were under common control. Assets and liabilities were combined on their carrying values and no recognition of goodwill was made. On August 12, 2020, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”), with Mu Yan Samoa and shareholders who together own shares constituting 100% 300,000,000 98% |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the balances and results of operations of the Company. The consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). The accompanying consolidated financial statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Control exists when the Company has the power over the entity, exposure or rights to variable returns from involvement in the entity and the ability to use power over the entity to affect returns through its power over the entity. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Economic and Political Risks The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and by the general state of the PRC economy. Because all of our operations are conducted in the PRC through our wholly-owned subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our shares. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad and rates and methods of taxation. Foreign Currency Translation The Company’s reporting currency is the U.S. dollar and the functional currency is the Chinese Renminbi (“RMB”). All assets and liabilities are translated at exchange rates at the balance sheet date, revenue and expenses are translated at the average yearly exchange rates and equity is translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of equity. Transactions in currencies other than the functional currencies during the period are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Exchange gains and losses are recognized in the statements of operations. The exchange rates utilized are as follows: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the three As of and for the three Period-end CNY¥ : US$1 exchange rate 6.39 6.58 Period-average CNY¥ : US$1 exchange rate 6.45 6.80 No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date and revenue and expenses in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s financial statements include the valuation allowance for deferred tax assets, economic lives and impairment of property, plant and equipment, allowance for doubtful accounts, etc. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods. Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). 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; and 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). At October 31, 2021, the Company has no financial assets or liabilities subject to recurring fair value measurements. The Company’s financial instruments include cash, accounts receivable, advances to suppliers, other receivables, held for sale assets, accounts payable, other payables, taxes payable and related party receivables or payables. Management estimates that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value of amounts with related parties is not practicable to estimate due to the related party nature of the underlying transactions. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. All cash and cash equivalents relate to cash on hand and cash at the bank as of October 31, 2021 and July 31, 2021. The RMB is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for foreign currencies through banks that are authorized to conduct foreign exchange business. Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. No Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost, determined on a weighted average basis, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. When inventories are sold, their carrying amount is charged to expense in the period in which the revenue is recognized. Write-downs for declines in net realizable value or for losses of inventories are recognized as an expense in the period the impairment or loss occurs. The Company made no Held for sale assets Held for sale assets are stated at the lower of their cost or fair value less cost to sell. A gain is recognized for any subsequent increase in fair value less cost to sell, but recognized gains may not exceed the cumulative losses previously recognized. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property, plant and equipment are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES PROPERTY PLANT AND EQUIPMENT Motor vehicles 4 10 Office equipment 3 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to the statement of income as incurred, whereas significant renewals and betterments are capitalized. Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of property, plant and equipment, such as an evidence of obsolescence or physical damage of an asset or significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of property, plant and equipment in the statement of income where the carrying amount of the asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company did no Operating leases The Company determines if an arrangement contains a lease at inception. The Company elected the practical expedient, for all asset classes, to account for each lease component of a contract and its associated non-lease components as a single lease component, rather than allocating a standalone value to each component of a lease. For purposes of calculating operating lease obligations under the standard, the Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company’s leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The discount rate used to measure a lease obligation is usually the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate that represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Revenue recognition Recognition of revenue Revenue is generated through the sale of goods and rendering services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligations when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Contract liabilities A contract liability is the obligation to transfer goods to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Company’s contract liabilities comprise advances from customers, which are recognized as revenue when the Company performs under the contract. The balances of advances from customers as of October 31, 2021 and July 31, 2021 are $ 9,389 176,465 For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules. Other income and other expenses Other income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements. Research and development expenses Research and development expenses include payroll, employee benefits and other operating expenses associated with research and platform development. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Company did not capitalize any qualifying development costs in the accompanying consolidated financial statements. Earnings per share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share,” which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the reporting period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retrospectively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. The Company had no Share capital Incremental costs directly attributable to the issue of shares are recognized as a deduction from equity. Related party balances and transactions A related party is generally defined as: (i) any person that holds the Company’s securities, including such person’s immediate family, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the consolidated financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Income taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Company does no The Company is governed by the Income Tax Laws of the PRC. The PRC federal statutory tax rate is 25% The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three months ended October 31, 2021 and the three months ended October 31, 2020. The Company’s effective tax rate differs from the PRC federal statutory rate primarily due to non-deductible expenses, temporary differences and preferential tax treatment. Recently issued and adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements.” This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement on its financial statements. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended |
Oct. 31, 2021 | |
Receivables [Abstract] | |
OTHER RECEIVABLES | NOTE 3. OTHER RECEIVABLES Other receivables consisted of the following: SUMMARY OF OTHER RECEIVABLES October 31, 2021 July 31, 2021 Rental deposit $ 54,576 $ 53,989 Pending input VAT $ 1,390 $ 74,340 Prepaid legal service fee $ 50,000 $ 5,250 Advance for R&D service fee $ 118,096 $ 292,064 Others $ 166,359 $ 54,096 Total $ 390,421 $ 479,739 The Company leases an office and paid an amount equal to two months’ rent as a security deposit. On April 22, 2021, the Company prepaid $ 118,096 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Oct. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4. INVENTORIES Inventories consist of the following: SCHEDULE OF INVENTORY October 31, 2021 July 31, 2021 Raw materials $ 324,622 $ 138,852 Finished goods $ 197,425 $ 97,194 Total inventories $ 522,047 $ 236,046 There is no |
HELD FOR SALE ASSETS
HELD FOR SALE ASSETS | 3 Months Ended |
Oct. 31, 2021 | |
Held For Sale Assets | |
HELD FOR SALE ASSETS | NOTE 5. HELD FOR SALE ASSETS Held for sale assets relate to IT servers acquired during the year ended July 31, 2021. On May 10, 2021, the Company entered into a contract with Mr. Zhao Lixin, the Company’s CEO, to sell these IT servers to him for $ 2,554,100 |
DOWN PAYMENTS TO SUPPLIERS
DOWN PAYMENTS TO SUPPLIERS | 3 Months Ended |
Oct. 31, 2021 | |
Brokers and Dealers [Abstract] | |
DOWN PAYMENTS TO SUPPLIERS | NOTE 6. DOWN PAYMENTS TO SUPPLIERS The Company has made advances to third-party suppliers. These advances are down payments according to the purchase agreements made to expedite the delivery and preferential prices for the materials and the parts for the goods that the Company sells. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Oct. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT October 31, 2021 July 31, 2021 Motor vehicles $ 1,955,200 $ 402,957 Office equipment $ 51,962 $ 50,534 Less: accumulated depreciation $ (167,443 ) $ (115,610 ) Total $ 1,839,718 $ 337,881 During the three months ended October 31, 2021, the Company acquired a motor vehicle costing $ 1,547,861 878 1,548,739 50,127 83,134 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES Enterprise income tax (“EIT”) The Company was incorporated under the laws of the State of Nevada and is subject to the United States federal income tax. No provision for income taxes in the United States has been made as the Company had no United States taxable income for the three months ended October 31, 2021 and the year ended July 31, 2021. The Company operates in the PRC and files tax returns in PRC jurisdictions. The Company’s subsidiary formed in the Independent State of Samoa is not subject to tax on its income or capital gains. In addition, upon payment of dividends by the Company to its shareholders, no withholding tax is imposed. The Company’s subsidiary formed in Hong Kong is subject to a profits tax rate of 16.5% The Company operates in the PRC and files tax returns in PRC jurisdictions. Income generated and operations in the PRC are subject to a tax rate of 25% The full realization of the tax benefit associated with a carry forward depends predominantly upon the Company’s ability to generate taxable income during the carry forward period. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The reconciliation of income taxes computed at the PRC federal statutory tax rate applicable in the PRC, to income tax expenses are as follows: SCHEDULE OF FEDERAL STATUTORY TAX RATE INCOME TAX EXPENSES For the three months For the year PRC statutory tax rate 25 % 25 % Expenses not deductible - % 3 % Valuation allowance (24 )% 46 % Income tax expense 1 % 74 % For the three months For the year PRC statutory tax rate 25 % 25 % Computed expected (expenses)/benefits $ (70,636 ) $ 153,926 Expenses not deductible $ 596 $ 18,190 Valuation allowance $ 70,636 $ 282,959 Income tax expense $ 596 $ 455,075 Value added tax (“VAT”) Pursuant to the Provisional Regulations on Value-Added Tax of the PRC and its implementation regulations, unless otherwise stipulated by relevant laws and regulations, any entity or individual engaged in the sales of goods, provision of processing, repairs and replacement services and importation of goods into China is generally required to pay a value-added tax, or VAT, for revenues generated from sales of products, while qualified input VAT paid on taxable purchases can be offset against such output VAT. According to the Announcement on Relevant Policies for Deepening Value-added Tax Reform jointly promulgated by the Chinese Ministry of Finance, the State Administration of Taxation and the General Administration of Customs, which became effective on April 1, 2019, the taxable goods previously subject to VAT rates of 16% 10% 13% 9% 13% |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 3 Months Ended |
Oct. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | NOTE 9. RELATED PARTIES TRANSACTIONS The Company had the following balances with related parties: SCHEDULE OF AMOUNT DUE FROM RELATED PARTIES (a) Amount due from related parties Relationship For the three months For the year Hang Zhou Huo Bao Bao AD and Media Co. Ltd. Common shareholder of Winning Match Int’l Co., Ltd which is one of the shareholders of Mu Yan Samoa $ 140,830 $ 139,315 Bang Bi Tuo (Shen Zhen) Technology Co., LTD. Mr Zhao Lixin, CEO of this entity $ 169,773 $ 232,158 The balances with related parties are unsecured, non-interest bearing and repayable on demand. SCHEDULE OF AMOUNT DUE TO A RELATED PARTY (b) Amount due to a related party For the three months For the year Zhao Lixin Mr Zhao Lixin, CEO of this entity $ - $ 2,554,100 The balance with related party is unsecured, non-interest bearing and repayable on demand. SCHEDULE OF RELATED PARTIES TRANSACTIONS (c) Transactions Trade in nature For the three months For the year Service provided by Hang Zhou Huo Bao Bao AD and Media Co. Ltd. $ - $ 91,410 Cash advance to related parties Bang Bi Tuo (Shen Zhen) Technology Co., Ltd. $ 22,516 $ 228,493 Repayment from related parties Bang Bi Tuo (Shen Zhen) Technology Co., Ltd. $ 86,849 $ 914,099 |
RESERVES
RESERVES | 3 Months Ended |
Oct. 31, 2021 | |
Reserves | |
RESERVES | NOTE 10. RESERVES Statutory reserve In accordance with the relevant laws and regulations of the PRC, the company established in the PRC is required to transfer 10% of its annual profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the reserve balance reaches 50% of the company’s paid-up capital. 485,415 485,415 Currency translation reserve The currency translation reserve represents translation differences arising from translation of foreign currency financial statements into the Company’s functional currency. |
LEASES
LEASES | 3 Months Ended |
Oct. 31, 2021 | |
Leases | |
LEASES | NOTE 11. LEASES In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Effective July 1, 2020, the Company adopted this standard, resulting in the recognition of right-of-use assets of $ 206,114 206,114 The adoption of the new lease guidance did not have a material impact on the Company’s results of operations or liquidity, but resulted in the recognition of operating lease liabilities and operating lease right-of-use assets on its balance sheets. Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company has a lease for the office in Shenzhen, PRC, under an operating lease expiring in June 2022 78,679 70,153 There are no residual value guarantees and no restrictions or covenants imposed by the lease. As of October 31, 2021, the Company has $ 206,114 206,114 Nil Significant assumptions and judgments made as part of the adoption of this new lease standard include determining (i) whether a contract contains a lease, (ii) whether a contract involves an identified asset, and (iii) which party to the contract directs the use of the asset. The discount rates used to calculate the present value of lease payments were determined based on hypothetical borrowing rates available to the Company over terms similar to the lease terms. The Company’s future minimum payments under long-term non-cancelable operating leases are as follows: SCHEDULE OF LONG TERM NON CANCELABLE OPERATING LEASES October 31,2021 Within 1 year $ 209,802 After 1 year but within 5 years $ - Total lease payments $ 209,802 Less: imputed interest $ (3,688 ) Total lease obligations $ 206,114 Less: current obligations $ (206,114 ) Long-term lease obligations $ - Other information: SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES For the three months ended October 31, 2021 October 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 78,676 $ 71,618 Right-of-use assets obtained in exchange for operating lease liabilities $ 206,114 $ 470,135 Remaining lease term for operating lease (years) 1 2 Weighted average discount rate for operating lease 4.75 % 4.75 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Oct. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS No subsequent events. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the balances and results of operations of the Company. The consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and in conformity with generally accepted accounting principles in the U.S. (“US GAAP”). The accompanying consolidated financial statements are presented on the basis that the Company is a going concern. The going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Control exists when the Company has the power over the entity, exposure or rights to variable returns from involvement in the entity and the ability to use power over the entity to affect returns through its power over the entity. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. |
Economic and Political Risks | Economic and Political Risks The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and by the general state of the PRC economy. Because all of our operations are conducted in the PRC through our wholly-owned subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our shares. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad and rates and methods of taxation. |
Foreign Currency Translation | Foreign Currency Translation The Company’s reporting currency is the U.S. dollar and the functional currency is the Chinese Renminbi (“RMB”). All assets and liabilities are translated at exchange rates at the balance sheet date, revenue and expenses are translated at the average yearly exchange rates and equity is translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of equity. Transactions in currencies other than the functional currencies during the period are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Exchange gains and losses are recognized in the statements of operations. The exchange rates utilized are as follows: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the three As of and for the three Period-end CNY¥ : US$1 exchange rate 6.39 6.58 Period-average CNY¥ : US$1 exchange rate 6.45 6.80 No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date and revenue and expenses in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s financial statements include the valuation allowance for deferred tax assets, economic lives and impairment of property, plant and equipment, allowance for doubtful accounts, etc. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods. |
Fair Value Measurement | Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). 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; and 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). At October 31, 2021, the Company has no financial assets or liabilities subject to recurring fair value measurements. The Company’s financial instruments include cash, accounts receivable, advances to suppliers, other receivables, held for sale assets, accounts payable, other payables, taxes payable and related party receivables or payables. Management estimates that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value of amounts with related parties is not practicable to estimate due to the related party nature of the underlying transactions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. All cash and cash equivalents relate to cash on hand and cash at the bank as of October 31, 2021 and July 31, 2021. The RMB is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for foreign currencies through banks that are authorized to conduct foreign exchange business. |
Accounts Receivable | Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. No |
Inventories | Inventories Inventories consist of raw materials and finished goods and are stated at the lower of cost, determined on a weighted average basis, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. When inventories are sold, their carrying amount is charged to expense in the period in which the revenue is recognized. Write-downs for declines in net realizable value or for losses of inventories are recognized as an expense in the period the impairment or loss occurs. The Company made no |
Held for sale assets | Held for sale assets Held for sale assets are stated at the lower of their cost or fair value less cost to sell. A gain is recognized for any subsequent increase in fair value less cost to sell, but recognized gains may not exceed the cumulative losses previously recognized. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property, plant and equipment are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES PROPERTY PLANT AND EQUIPMENT Motor vehicles 4 10 Office equipment 3 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to the statement of income as incurred, whereas significant renewals and betterments are capitalized. |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Whenever there is an indication showing a permanent decrease in the amount of property, plant and equipment, such as an evidence of obsolescence or physical damage of an asset or significant changes in the manner in which an asset is used or is expected to be used, the Company shall recognize loss on decrease in value of property, plant and equipment in the statement of income where the carrying amount of the asset is higher than the recoverable amount. The Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company did no |
Operating leases | Operating leases The Company determines if an arrangement contains a lease at inception. The Company elected the practical expedient, for all asset classes, to account for each lease component of a contract and its associated non-lease components as a single lease component, rather than allocating a standalone value to each component of a lease. For purposes of calculating operating lease obligations under the standard, the Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company’s leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The discount rate used to measure a lease obligation is usually the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate that represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. |
Revenue recognition | Revenue recognition Recognition of revenue Revenue is generated through the sale of goods and rendering services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligations when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Contract liabilities A contract liability is the obligation to transfer goods to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Company’s contract liabilities comprise advances from customers, which are recognized as revenue when the Company performs under the contract. The balances of advances from customers as of October 31, 2021 and July 31, 2021 are $ 9,389 176,465 For all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all service revenue contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules. Other income and other expenses Other income and other expenses are recognized on an accrual basis in accordance with the substance of the relevant agreements. |
Research and development expenses | Research and development expenses Research and development expenses include payroll, employee benefits and other operating expenses associated with research and platform development. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Company did not capitalize any qualifying development costs in the accompanying consolidated financial statements. |
Earnings per share | Earnings per share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share,” which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the reporting period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retrospectively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. The Company had no |
Share capital | Share capital Incremental costs directly attributable to the issue of shares are recognized as a deduction from equity. |
Related party balances and transactions | Related party balances and transactions A related party is generally defined as: (i) any person that holds the Company’s securities, including such person’s immediate family, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the consolidated financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. |
Income taxes | Income taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Company does no The Company is governed by the Income Tax Laws of the PRC. The PRC federal statutory tax rate is 25% The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three months ended October 31, 2021 and the three months ended October 31, 2020. The Company’s effective tax rate differs from the PRC federal statutory rate primarily due to non-deductible expenses, temporary differences and preferential tax treatment. |
Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements.” This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This Accounting Standards Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is in the process of evaluating the impact of the adoption of this pronouncement on its financial statements. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FOREIGN CURRENCY TRANSLATION | Transactions in currencies other than the functional currencies during the period are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Exchange gains and losses are recognized in the statements of operations. The exchange rates utilized are as follows: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the three As of and for the three Period-end CNY¥ : US$1 exchange rate 6.39 6.58 Period-average CNY¥ : US$1 exchange rate 6.45 6.80 |
SCHEDULE OF ESTIMATED USEFUL LIVES PROPERTY PLANT AND EQUIPMENT | Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property, plant and equipment are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES PROPERTY PLANT AND EQUIPMENT Motor vehicles 4 10 Office equipment 3 years |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Receivables [Abstract] | |
SUMMARY OF OTHER RECEIVABLES | Other receivables consisted of the following: SUMMARY OF OTHER RECEIVABLES October 31, 2021 July 31, 2021 Rental deposit $ 54,576 $ 53,989 Pending input VAT $ 1,390 $ 74,340 Prepaid legal service fee $ 50,000 $ 5,250 Advance for R&D service fee $ 118,096 $ 292,064 Others $ 166,359 $ 54,096 Total $ 390,421 $ 479,739 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | Inventories consist of the following: SCHEDULE OF INVENTORY October 31, 2021 July 31, 2021 Raw materials $ 324,622 $ 138,852 Finished goods $ 197,425 $ 97,194 Total inventories $ 522,047 $ 236,046 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT October 31, 2021 July 31, 2021 Motor vehicles $ 1,955,200 $ 402,957 Office equipment $ 51,962 $ 50,534 Less: accumulated depreciation $ (167,443 ) $ (115,610 ) Total $ 1,839,718 $ 337,881 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF FEDERAL STATUTORY TAX RATE INCOME TAX EXPENSES | The reconciliation of income taxes computed at the PRC federal statutory tax rate applicable in the PRC, to income tax expenses are as follows: SCHEDULE OF FEDERAL STATUTORY TAX RATE INCOME TAX EXPENSES For the three months For the year PRC statutory tax rate 25 % 25 % Expenses not deductible - % 3 % Valuation allowance (24 )% 46 % Income tax expense 1 % 74 % For the three months For the year PRC statutory tax rate 25 % 25 % Computed expected (expenses)/benefits $ (70,636 ) $ 153,926 Expenses not deductible $ 596 $ 18,190 Valuation allowance $ 70,636 $ 282,959 Income tax expense $ 596 $ 455,075 |
RELATED PARTIES TRANSACTIONS (T
RELATED PARTIES TRANSACTIONS (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF AMOUNT DUE FROM RELATED PARTIES | The Company had the following balances with related parties: SCHEDULE OF AMOUNT DUE FROM RELATED PARTIES (a) Amount due from related parties Relationship For the three months For the year Hang Zhou Huo Bao Bao AD and Media Co. Ltd. Common shareholder of Winning Match Int’l Co., Ltd which is one of the shareholders of Mu Yan Samoa $ 140,830 $ 139,315 Bang Bi Tuo (Shen Zhen) Technology Co., LTD. Mr Zhao Lixin, CEO of this entity $ 169,773 $ 232,158 |
SCHEDULE OF AMOUNT DUE TO A RELATED PARTY | The balances with related parties are unsecured, non-interest bearing and repayable on demand. SCHEDULE OF AMOUNT DUE TO A RELATED PARTY (b) Amount due to a related party For the three months For the year Zhao Lixin Mr Zhao Lixin, CEO of this entity $ - $ 2,554,100 |
SCHEDULE OF RELATED PARTIES TRANSACTIONS | The balance with related party is unsecured, non-interest bearing and repayable on demand. SCHEDULE OF RELATED PARTIES TRANSACTIONS (c) Transactions Trade in nature For the three months For the year Service provided by Hang Zhou Huo Bao Bao AD and Media Co. Ltd. $ - $ 91,410 Cash advance to related parties Bang Bi Tuo (Shen Zhen) Technology Co., Ltd. $ 22,516 $ 228,493 Repayment from related parties Bang Bi Tuo (Shen Zhen) Technology Co., Ltd. $ 86,849 $ 914,099 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Leases | |
SCHEDULE OF LONG TERM NON CANCELABLE OPERATING LEASES | The Company’s future minimum payments under long-term non-cancelable operating leases are as follows: SCHEDULE OF LONG TERM NON CANCELABLE OPERATING LEASES October 31,2021 Within 1 year $ 209,802 After 1 year but within 5 years $ - Total lease payments $ 209,802 Less: imputed interest $ (3,688 ) Total lease obligations $ 206,114 Less: current obligations $ (206,114 ) Long-term lease obligations $ - |
SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES | Other information: SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES For the three months ended October 31, 2021 October 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 78,676 $ 71,618 Right-of-use assets obtained in exchange for operating lease liabilities $ 206,114 $ 470,135 Remaining lease term for operating lease (years) 1 2 Weighted average discount rate for operating lease 4.75 % 4.75 % |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND ORGANIZATION (Details Narrative) | Aug. 12, 2020shares | Jun. 02, 2020USD ($) | Jun. 02, 2020HKD ($) | Feb. 18, 2020USD ($)shares | Oct. 31, 2021USD ($)shares | Oct. 31, 2020USD ($) | Jul. 31, 2021shares | Apr. 14, 2020shares | Apr. 13, 2020shares |
BusinessDescriptionLineItems [Line Items] | |||||||||
Increasing common stock authorized | 500,000,000 | 500,000,000 | 500,000,000 | 75,000,000 | |||||
Foreign currency translation adjustment | $ 128 | $ 1,000 | $ 35,437 | $ 138,218 | |||||
Ownership interest | 100.00% | 100.00% | |||||||
Share Exchange Agreement [Member] | Mu Yan Samoa & Shareholders [Member] | |||||||||
BusinessDescriptionLineItems [Line Items] | |||||||||
Percentage of common stock issued and outstanding | 100.00% | ||||||||
Share Exchange Agreement [Member] | Mu Yan Samoa [Member] | |||||||||
BusinessDescriptionLineItems [Line Items] | |||||||||
Percentage of common stock issued and outstanding | 98.00% | ||||||||
Shares issued for acquisition, shares | 300,000,000 | ||||||||
Rene Lawrence [Member] | Private Placement [Member] | |||||||||
BusinessDescriptionLineItems [Line Items] | |||||||||
Sale of stock private transaction | 5,000,000 | ||||||||
Percentage of issued and outstanding share capital | 67.30% | ||||||||
Fully-diluted basis | $ | $ 257,160 | ||||||||
Zhao Lixin [Member] | |||||||||
BusinessDescriptionLineItems [Line Items] | |||||||||
Common stock voting rights | 53.8% holder of the voting rights of the Company at the time |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Oct. 31, 2021 | Oct. 31, 2020 |
Period-end RMB: US$1 Exchange Rate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate | 6.39 | 6.58 |
Period-average RMB: US$1 Exchange Rate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate | 6.45 | 6.80 |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES PROPERTY PLANT AND EQUIPMENT (Details) | 3 Months Ended |
Oct. 31, 2021 | |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 4 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 10 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated lives | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jul. 31, 2021 | |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Allowance for obsolete finished goods | 0 | 0 |
Impairment of long lived assets | 0 | 0 |
Advances from customers | $ 9,389 | $ 176,465 |
Potentially dilutive shares | 0 | |
Unrecognized tax benefit | $ 0 | |
Federal statutory tax rate | 25.00% | 25.00% |
SUMMARY OF OTHER RECEIVABLES (D
SUMMARY OF OTHER RECEIVABLES (Details) - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 390,421 | $ 479,739 |
Rental Deposit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 54,576 | 53,989 |
Pending Input VAT [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,390 | 74,340 |
Prepaid Legal Service Fee [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 50,000 | 5,250 |
Amount for R & D Service Fee [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 118,096 | 292,064 |
Others [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 166,359 | $ 54,096 |
OTHER RECEIVABLES (Details Narr
OTHER RECEIVABLES (Details Narrative) | Apr. 22, 2021USD ($) |
Third Party [Member] | Research and Development Arrangement [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Prepaid expense | $ 118,096 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 324,622 | $ 138,852 |
Finished goods | 197,425 | 97,194 |
Total inventories | $ 522,047 | $ 236,046 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jul. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory allowance | $ 0 | $ 0 |
HELD FOR SALE ASSETS (Details N
HELD FOR SALE ASSETS (Details Narrative) - Mr. Zhao Lixin [Member] | May 10, 2021USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
IT servers acquired description | On May 10, 2021, the Company entered into a contract with Mr. Zhao Lixin, the Company’s CEO, to sell these IT servers to him for $2,554,100. The IT servers were delivered to Mr. Zhao on August 10, 2021. |
Assets held for sale | $ 2,554,100 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Motor vehicles | $ 1,955,200 | $ 402,957 |
Office equipment | 51,962 | 50,534 |
Less: accumulated depreciation | (167,443) | (115,610) |
Total | $ 1,839,718 | $ 337,881 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 50,127 | $ 14,856 | $ 83,134 |
Motor Vehicle [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquired office equipment | 1,547,861 | ||
One Desktop Computers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquired office equipment | 878 | ||
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquired office equipment | $ 1,548,739 |
SCHEDULE OF FEDERAL STATUTORY T
SCHEDULE OF FEDERAL STATUTORY TAX RATE INCOME TAX EXPENSES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
PRC statutory tax rate | 25.00% | 25.00% | |
Expenses not deductible | 3.00% | ||
Valuation allowance | (24.00%) | 46.00% | |
Income tax expense | 1.00% | 74.00% | |
Computed expected (expenses)/benefits | $ (70,636) | $ 153,926 | |
Expenses not deductible | 596 | 18,190 | |
Valuation allowance | 70,636 | 282,959 | |
Income tax expense | $ 596 | $ 506,818 | $ 455,075 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Apr. 02, 2019 | Oct. 31, 2021 | Jul. 31, 2021 |
Operating Loss Carryforwards [Line Items] | |||
Income tax rate | 1.00% | 74.00% | |
Sales of goods value added tax | 13.00% | ||
HONG KONG | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax rate | 16.50% | ||
PRC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax rate | 25.00% | ||
State Administration of Taxation [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Value added tax rate | 16.00% | ||
Lower value added tax rate | 13.00% | ||
General Administration of Customs [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Value added tax rate | 10.00% | ||
Lower value added tax rate | 9.00% |
SCHEDULE OF AMOUNT DUE FROM REL
SCHEDULE OF AMOUNT DUE FROM RELATED PARTIES (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Jul. 31, 2021 | |
Hang Zhou Huo Bao Bao AD and Media Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties relationship description | Common shareholder of Winning Match Int’l Co., Ltd which is one of the shareholders of Mu Yan Samoa | |
Amount due from related parties | $ 140,830 | $ 139,315 |
Bang Bi Tuo Shen Zhen Technology Co LTD [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties relationship description | Mr Zhao Lixin, CEO of this entity | |
Amount due from related parties | $ 169,773 | $ 232,158 |
SCHEDULE OF AMOUNT DUE TO A REL
SCHEDULE OF AMOUNT DUE TO A RELATED PARTY (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Jul. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Amount due to a related party | $ 2,554,100 | |
Zhao Lixin [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to a related party description | Mr Zhao Lixin, CEO of this entity | |
Amount due to a related party | $ 2,554,100 |
SCHEDULE OF RELATED PARTIES TRA
SCHEDULE OF RELATED PARTIES TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jul. 31, 2021 | |
Bang Bi Tuo Shen Zhen Technology Co LTD [Member] | ||
Related Party Transaction [Line Items] | ||
Cash advance to related parties | $ 22,516 | $ 228,493 |
Repayment from related parties | 86,849 | 914,099 |
Service [Member] | Hang Zhou Huo Bao Bao AD and Media Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Trade in nature, purchase | $ 91,410 |
RESERVES (Details Narrative)
RESERVES (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Jul. 31, 2021 | |
Reserves | ||
Statutory reserve description | In accordance with the relevant laws and regulations of the PRC, the company established in the PRC is required to transfer 10% of its annual profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the reserve balance reaches 50% of the company’s paid-up capital. | |
Statutory reserve | $ 485,415 | $ 485,415 |
SCHEDULE OF LONG TERM NON CANCE
SCHEDULE OF LONG TERM NON CANCELABLE OPERATING LEASES (Details) - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 | Jul. 02, 2020 |
Leases | |||
Within 1 year | $ 209,802 | ||
After 1 year but within 5 years | |||
Total lease payments | 209,802 | ||
Less: imputed interest | (3,688) | ||
Total lease obligations | 206,114 | $ 206,114 | |
Less: current obligations | (206,114) | $ (278,712) | |
Long-term lease obligations |
SCHEDULE OF MEASUREMENT OF LEAS
SCHEDULE OF MEASUREMENT OF LEASE LIABILITIES (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Leases | ||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease | $ 78,676 | $ 71,618 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 206,114 | $ 470,135 |
Remaining lease term for operating lease (years) | 1 year | 2 years |
Weighted average discount rate for operating lease | 4.75% | 4.75% |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | Jul. 02, 2020 | |
Leases | ||||
Right-of-use assets | $ 206,114 | $ 278,712 | $ 206,114 | |
Operating lease liabilities | $ 206,114 | $ 206,114 | ||
Lease expiration description | expiring in June 2022 | |||
Rent expense | $ 78,679 | $ 70,153 | ||
Operating lease liabilities current | 206,114 | 278,712 | ||
Operating lease liabilities non-current |