Document Entity Information
Document Entity Information - shares | 9 Months Ended | |
Apr. 30, 2020 | Jun. 09, 2020 | |
Document Entity Information | ||
Entity Registrant Name | Phoenix Plus Corp. | |
Entity Central Index Key | 0001785493 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2020 | |
Current Fiscal Year End Date | --07-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 331,917,500 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
NON CURRENT ASSETS | ||
Property, plant and equipment, net | $ 76,175 | |
Operating lease asset-right of use | 16,041 | |
Total Non Current Assets | 92,216 | |
CURRENT ASSETS | ||
Cash and cash equivalents | 1,668,869 | 2,291,534 |
Trade receivables | 28,198 | 10,204 |
Prepayments and deposits | 5,470 | 3,277 |
Subscription receivables | 197,810 | |
Total Current Assets | 1,702,537 | 2,502,825 |
TOTAL ASSETS | 1,794,753 | 2,502,825 |
CURRENT LIABILITIES | ||
Trade payable | 15,979 | |
Other payables and accrued liabilities | 23,356 | 15,286 |
Amount due to related parties | 6,464 | |
Operating lease liabilities | 14,578 | |
Total Current Liabilities | 53,913 | 21,750 |
NON-CURRENT LIABILITIES | ||
Operating lease liabilities | 2,555 | |
TOTAL LIABILITIES | 56,468 | 21,750 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding | ||
Common Shares, par value $0.0001; 1,000,000,000 shares authorized, 331,917,500 shares issued and outstanding as of April 30, 2020 and July 31, 2019 | 33,192 | 33,192 |
Additional paid in capital | 2,463,308 | 2,463,308 |
Accumulated deficit | (758,215) | (15,425) |
TOTAL STOCKHOLDERS' EQUITY | 1,738,285 | 2,481,075 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,794,753 | $ 2,502,825 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2020 | Jul. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 331,917,500 | 331,917,500 |
Common stock, shares outstanding | 331,917,500 | 331,917,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||||
REVENUE | $ 23,070 | $ 61,453 | ||
COST OF REVENUE | (7,151) | (38,865) | ||
GROSS PROFIT | 15,919 | 22,588 | ||
OTHER INCOME | 540 | 11,739 | ||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (174,206) | (12) | (777,117) | (12) |
LOSS BEFORE INCOME TAX | (157,747) | (12) | (742,790) | (12) |
INCOME TAX PROVISION | ||||
NET LOSS | (157,747) | (12) | (742,790) | (12) |
OTHER COMPREHENSIVE LOSS | ||||
TOTAL COMPREHENSIVE LOSS | $ (157,747) | $ (12) | $ (742,790) | $ (12) |
Net loss per share, basic and diluted: | $ 0 | $ 0 | $ (0.002) | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 331,917,500 | 100,000 | 331,917,500 | 100,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Nov. 04, 2018 | $ 10 | $ 10 | ||
Beginning balance, shares at Nov. 04, 2018 | 100,000 | |||
Issuance of share capital - founder's shares from March 29, 2019 to April 1, 2019 at $0.0001 per share | $ 29,990 | 29,990 | ||
Issuance of share capital - founder's shares from March 29, 2019 to April 1, 2019 at $0.0001 per share, shares | 299,900,000 | |||
Share issued in private placement completed on April 16, 2019 at $0.03 per share | $ 2,510 | 750,490 | 753,000 | |
Share issued in private placement completed on April 16, 2019 at $0.03 per share, shares | 25,100,000 | |||
Shares issued in private placement completed on May 10, 2019 at $0.10 per share | $ 200 | 199,800 | 200,000 | |
Shares issued in private placement completed on May 10, 2019 at $0.10 per share, shares | 2,000,000 | |||
Shares issued in private placement completed on June 18, 2019 at $0.20 per share | $ 207 | 413,293 | 413,500 | |
Shares issued in private placement completed on June 18, 2019 at $0.20 per share, shares | 2,067,500 | |||
Shares issued in private placement completed on July 25, 2019 at $0.40 per share | $ 275 | 1,099,725 | 1,100,000 | |
Shares issued in private placement completed on July 25, 2019 at $0.40 per share, shares | 2,750,000 | |||
Net loss for the period | (15,425) | (15,425) | ||
Ending balance at Jul. 31, 2019 | $ 33,192 | 2,463,308 | (15,425) | 2,481,075 |
Ending balance, shares at Jul. 31, 2019 | 331,917,500 | |||
Net loss for the period | (742,790) | (742,790) | ||
Ending balance at Apr. 30, 2020 | $ 33,192 | $ 2,463,308 | $ (758,215) | $ 1,738,285 |
Ending balance, shares at Apr. 30, 2020 | 331,917,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | Jul. 25, 2019 | Jun. 18, 2019 | May 10, 2019 | Apr. 16, 2019 | Apr. 01, 2019 |
Statement of Stockholders' Equity [Abstract] | |||||
Share price | $ 0.40 | $ 0.20 | $ 0.10 | $ 0.03 | $ 0.0001 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net loss | $ (157,747) | $ (12) | $ (742,790) | $ (15,425) | $ (12) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation | 38,088 | ||||
Operating lease expenses | 10,731 | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivables | (17,994) | ||||
Accounts payable | 15,979 | ||||
Other payables and accrued liabilities | (7,094) | 2,786 | |||
Other receivables and prepayment | (2,193) | ||||
Amount due from director | (10) | ||||
Amount due to related party | (6,464) | ||||
Operating lease liabilities | (9,639) | ||||
Net cash (used in)/ generated from operating activities | (721,376) | 2,764 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchase of property, plant and equipment | (114,263) | ||||
Net cash used in investing activities | (114,263) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceed from sale of common stock | 941,850 | ||||
Subscriptions receivables | 212,974 | ||||
Net cash provided by financing activities | 212,974 | 941,850 | |||
Effect of exchange rate changes on cash and cash equivalents | |||||
Net decrease in cash and cash equivalents | (622,665) | 944,614 | |||
Cash and cash equivalents, beginning of period | 2,291,534 | ||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,668,869 | $ 944,614 | 1,668,869 | $ 2,291,534 | 944,614 |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||||
Income taxes paid | |||||
Interest paid |
Description of Business and Org
Description of Business and Organization | 9 Months Ended |
Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Phoenix Plus Corp. was incorporated on November 5, 2018 under the laws of the state of Nevada. The Company, through its subsidiaries, engaged in providing technical consultancy on solar power system and consultancy on green energy solution, and also focused on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products) and technologies for a wide range of applications including electrical power production. On March 18, 2019, the Company acquired 100% of the equity interests in Phoenix Plus Corp. (herein referred as the “Malaysia Company”), a private limited company incorporated in Labuan, Malaysia. On July 25, 2019, Phoenix Plus Corp., a Malaysia Company acquired Phoenix Plus International Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 share of ordinary share of US$1 each Investment holding 2. Phoenix Plus International Limited Hong Kong / March 19, 2019 1 ordinary share of HKD$1 Providing technical consultancy on solar power system and consultancy on green energy solution |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries for the period ended April 30, 2020 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp. and Phoenix Plus International Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted July 31 as its fiscal year end. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Property, Plant and equipment Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Leasehold improvement 21 months (over remaining lease term) Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended April 30, 2020, the Company incurred a net loss of $742,790 and has generated revenue of $61,453 .These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the Nine Months 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.14 Period-average MYR : US$1 exchange rate 4.19 4.12 Period-end HKD$ : US$1 exchange rate 7.75 7.84 Period-average HKD$ : US$1 exchange rate 7.80 7.84 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: Leases Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Common Stock
Common Stock | 9 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Common Stock | 3. COMMON STOCK On November 5, 2018, the founder of the Company, Mr. Fong Teck Kheong subscribed 100,000 restricted common shares of the Company at a par value of $0.0001 per share for the Company’s initial working capital. On March 25, 2019, Mr. Fong Teck Kheong further subscribed 119,900,000 restricted common shares of the Company at a par value of $0.0001 per share for additional working capital of $11,990. Between March 28, 2019 to April 1, 2019, the others founder of the Company, subscribed 180,000,000 restricted common shares of the Company at a par value of $0.0001 per share, for total additional working capital of $18,000. Between April 9, 2019 to April 16, 2019, the Company has issued 25,100,000 restricted common shares of the Company at $0.03 per share, for a total consideration of $753,000. Between April 25, 2019 to May 10, 2019, the Company has issued 2,000,000 restricted common shares of the Company at $0.10 per share, for a total consideration of $200,000. Between May 11, 2019 to June 18, 2019, the Company has issued 2,067,500 restricted common shares of the Company at $0.20 per share, for a total consideration of $413,500. Between May 20, 2019 to July 25, 2019, the Company has issued 2,750,000 restricted common shares of the Company at $0.40 per share, for a total consideration of $1,100,000. As of April 30, 2020, the Company has an issued and outstanding common share of 331,917,500. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of April 30, 2020 are summarized below: As of As of Leasehold improvement $ 114,263 $ - Accumulated depreciation (38,088 ) $ - Total $ 76,175 $ - These leasehold improvement include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. The leasehold improvement have completed on September 2019. Depreciation expense arise from leasehold improvement was $38,088 from August 1, 2019 to April 30, 2020. |
Prepayments and Deposits
Prepayments and Deposits | 9 Months Ended |
Apr. 30, 2020 | |
Prepayments And Deposits | |
Prepayments and Deposits | 5. PREPAYMENTS AND DEPOSITS Prepayments and deposits consisted of the following at April 30, 2020 and July 31, 2019: As of As of Prepayment and deposits $ 5,470 $ 3,277 Total prepayments and deposits $ 5,470 $ 3,277 |
Trade Payable
Trade Payable | 9 Months Ended |
Apr. 30, 2020 | |
Trade Payable | |
Trade Payable | 6. TRADE PAYABLE Prepayments and deposits consisted of the following at April 30, 2020 and July 31, 2019: As of As of (audited) Trade payable $ 15,979 $ - Total trade payable $ 15,979 $ - |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 9 Months Ended |
Apr. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 7. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following at April 30, 2020 and July 31, 2019: As of As of Accrued audit fees $ 5,406 $ 12,500 Other payable and accrued liabilities $ 2,786 $ 2,786 Share subscriptions received in advance $ 15,164 $ - Total payables and accrued liabilities $ 23,356 $ 15,286 |
Revenue
Revenue | 9 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 8. REVENUE For the period ended April 30, 2020, .the Company has revenue arise from the following: For the nine For the nine Consultancy service provided $ 61,453 $ - $ 61,453 $ - |
Other Revenue
Other Revenue | 9 Months Ended |
Apr. 30, 2020 | |
Other Revenue | |
Other Revenue | 9. OTHER REVENUE For the period ended April 30, 2020, .the Company has revenue arise from the following: For the nine For the nine Gain from foreign exchange arise from bank remittance transaction $ 11,739 $ - $ 11,739 $ - |
Income Taxes
Income Taxes | 9 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES For the Nine Months ended April 30, 2020, the local (United States) and foreign components of income/ (loss) before income taxes were comprised of the following: Nine Months ended Tax jurisdictions from: Local $ (330,054 ) Foreign, representing - Labuan (52,157 ) - Hong Kong $ (360,579 ) Loss before income tax $ (742,790 ) The provision for income taxes consisted of the following: For the period ended Current: - Local $ - - Foreign - Deferred: - Local - - Foreign - Income tax expense $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Seychelles, Hong Kong and Shanghai, PRC that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of April 30, 2020 the operations in the United States of America incurred $360,122 of cumulative net operating losses which can be carried forward indefinitely to offset a maximum of 80% future taxable income. The Company has provided for a full valuation allowance of $75,626 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Labuan Under the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit. Hong Kong Phoenix Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. |
Lease Right-of-Use Asset and Le
Lease Right-of-Use Asset and Lease Liabilities | 9 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Lease Right-of-Use Asset and Lease Liabilities | 11. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after August 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of August 1, 2019, the Company recognized approximately US$26,823, lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of August 1, 2019, with discounted rate of 3.3% adopted from CIMB Bank Berhad’s fixed deposit rate as a reference for discount rate. A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The initial recognition of operating lease right and lease liability as follow: Gross lease payable $ 27,632 Less: imputed interest (860 ) Initial recognition as of August 1, 2019 $ 26,772 As of April 30, 2020 operating lease right of use asset as follow: Initial recognition as of August 1, 2019 $ 26,772 Accumulated amortization (10,266 ) Foreign exchange translation loss (465 ) Balance as of April 30, 2020 $ 16,041 As of April 30, 2020, operating lease liability as follow: Initial recognition as of August 1, 2019 $ 26,772 Less: gross repayment (9,900 ) Add: imputed interest 535 Foreign exchange translation gain (274 ) Balance as of April 30, 2020 $ 17,133 Less: lease liability current portion (14,578 ) Lease liability non-current portion $ 2,555 For the nine months ended April 30, 2020, the amortization of the operating lease right of use asset are $10,266. Maturities of operating lease obligation as follow: Year ending July 31, 2020 (3 months) $ 3,249 July 31, 2021 (11 months) 13,884 Total $ 17,133 Other information: Nine Months ended April 30, 2020 2019 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 9,639 $ - Right-of-use assets obtained in exchange for operating lease liabilities 16,041 Remaining lease term for operating lease (years) 1.42 - Weighted average discount rate for operating lease 3.3 % - Lease expenses were $3,593 and $10,801 during the three and nine Months ended April 30, 2020, respectively. The Company adopt ASC 842 on and after August 1, 2019 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after April 30, 2020 up through the date June 2, 2020 was the Company presented these audited consolidated financial statements. From February 17, 2020, the Company received US$15,164 from 1 investors, being the subscription for 15,000 of the company’s common shares during the Initial Public Offering (IPO) stage. The IPO process of the company is currently still ongoing and has yet to be closed. As of April 30, 2020, the subscribed shares have yet to be allotted to the investors, and the proceed is recorded as subscriptions received in advance in the balance sheet. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries for the period ended April 30, 2020 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp. and Phoenix Plus International Limited. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted July 31 as its fiscal year end. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Revenue Recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Property, Plant and Equipment | Property, Plant and equipment Property, Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Leasehold improvement 21 months (over remaining lease term) Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Going Concern | Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended April 30, 2020, the Company incurred a net loss of $742,790 and has generated revenue of $61,453 .These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. |
Net Income/(Loss) Per Share | Net income/(loss) per share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Foreign Currencies Translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the Nine Months 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.14 Period-average MYR : US$1 exchange rate 4.19 4.12 Period-end HKD$ : US$1 exchange rate 7.75 7.84 Period-average HKD$ : US$1 exchange rate 7.80 7.84 |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: |
Leases | Leases Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, |
Recent Accounting Pronouncements | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities Consolidation The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Description of Business and O_2
Description of Business and Organization (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Details of Company's Subsidiary | Details of the Company’s subsidiary: Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 share of ordinary share of US$1 each Investment holding 2. Phoenix Plus International Limited Hong Kong / March 19, 2019 1 ordinary share of HKD$1 Providing technical consultancy on solar power system and consultancy on green energy solution |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life of Property and Equipment | Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Leasehold improvement 21 months (over remaining lease term) |
Schedule of Foreign Currency Translation | Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: As of and for the Nine Months 2020 2019 Period-end MYR : US$1 exchange rate 4.29 4.14 Period-average MYR : US$1 exchange rate 4.19 4.12 Period-end HKD$ : US$1 exchange rate 7.75 7.84 Period-average HKD$ : US$1 exchange rate 7.80 7.84 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment as of April 30, 2020 are summarized below: As of As of Leasehold improvement $ 114,263 $ - Accumulated depreciation (38,088 ) $ - Total $ 76,175 $ - |
Prepayments and Deposits (Table
Prepayments and Deposits (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Prepayments And Deposits | |
Schedule of Prepayments and Deposits | Prepayments and deposits consisted of the following at April 30, 2020 and July 31, 2019: As of As of Prepayment and deposits $ 5,470 $ 3,277 Total prepayments and deposits $ 5,470 $ 3,277 |
Trade Payable (Tables)
Trade Payable (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Trade Payable | |
Schedule of Prepayments and Deposits in Trade Payable | Prepayments and deposits consisted of the following at April 30, 2020 and July 31, 2019: As of As of (audited) Trade payable $ 15,979 $ - Total trade payable $ 15,979 $ - |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | Other payables and accrued liabilities consisted of the following at April 30, 2020 and July 31, 2019: As of As of Accrued audit fees $ 5,406 $ 12,500 Other payable and accrued liabilities $ 2,786 $ 2,786 Share subscriptions received in advance $ 15,164 $ - Total payables and accrued liabilities $ 23,356 $ 15,286 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue | For the period ended April 30, 2020, .the Company has revenue arise from the following: For the nine For the nine Consultancy service provided $ 61,453 $ - $ 61,453 $ - |
Other Revenue (Tables)
Other Revenue (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Other Revenue | |
Schedule of Other Revenue | For the period ended April 30, 2020, .the Company has revenue arise from the following: For the nine For the nine Gain from foreign exchange arise from bank remittance transaction $ 11,739 $ - $ 11,739 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Local and Foreign Components of Income (Loss) Before Income Tax | For the Nine Months ended April 30, 2020, the local (United States) and foreign components of income/ (loss) before income taxes were comprised of the following: Nine Months ended Tax jurisdictions from: Local $ (330,054 ) Foreign, representing - Labuan (52,157 ) - Hong Kong $ (360,579 ) Loss before income tax $ (742,790 ) |
Schedule of Provision for Income Tax | The provision for income taxes consisted of the following: For the period ended Current: - Local $ - - Foreign - Deferred: - Local - - Foreign - Income tax expense $ - |
Lease Right-of-Use Asset and _2
Lease Right-of-Use Asset and Lease Liabilities (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Schedule of Initial Recognition of Operating Lease Right and Lease Liability | The initial recognition of operating lease right and lease liability as follow: Gross lease payable $ 27,632 Less: imputed interest (860 ) Initial recognition as of August 1, 2019 $ 26,772 |
Schedule of Operating Lease Right of Use Asset | As of April 30, 2020 operating lease right of use asset as follow: Initial recognition as of August 1, 2019 $ 26,772 Accumulated amortization (10,266 ) Foreign exchange translation loss (465 ) Balance as of April 30, 2020 $ 16,041 |
Schedule of Operating Lease Liability | As of April 30, 2020, operating lease liability as follow: Initial recognition as of August 1, 2019 $ 26,772 Less: gross repayment (9,900 ) Add: imputed interest 535 Foreign exchange translation gain (274 ) Balance as of April 30, 2020 $ 17,133 Less: lease liability current portion (14,578 ) Lease liability non-current portion $ 2,555 |
Schedule of Maturities of Operating Lease Obligation | Maturities of operating lease obligation as follow: Year ending July 31, 2020 (3 months) $ 3,249 July 31, 2021 (11 months) 13,884 Total $ 17,133 |
Schedule of Other Information | Other information: Nine Months ended April 30, 2020 2019 (unaudited) (unaudited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 9,639 $ - Right-of-use assets obtained in exchange for operating lease liabilities 16,041 Remaining lease term for operating lease (years) 1.42 - Weighted average discount rate for operating lease 3.3 % - |
Description of Business and O_3
Description of Business and Organization (Details Narrative) | Mar. 18, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage | 100.00% |
Description of Business and O_4
Description of Business and Organization - Schedule of Details of Company's Subsidiary (Details) | 9 Months Ended |
Apr. 30, 2020 | |
Parent Company [Member] | |
Company name | Phoenix Plus Corp. |
Place and date of incorporation | Labuan / January 4, 2019 |
Particulars of issued capital | 100 share of ordinary share of US$1 each |
Principal activities | Investment holding |
Phoenix Plus International Limited [Member] | |
Company name | Phoenix Plus International Limited |
Place and date of incorporation | Hong Kong / March 19, 2019 |
Particulars of issued capital | 1 ordinary share of HKD$1 |
Principal activities | Providing technical consultancy on solar power system and consultancy on green energy solution |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | |
Accounting Policies [Abstract] | |||||
Income tax likelihood settlement, description | Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. | ||||
Net loss | $ (157,747) | $ (12) | $ (742,790) | $ (15,425) | $ (12) |
Revenue | $ 23,070 | $ 61,453 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details) | 9 Months Ended |
Apr. 30, 2020 | |
Leasehold Improvement [Member] | |
Estimated useful life of leasehold improvement | 21 months (over remaining lease term) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Foreign Currency Translation (Details) | Apr. 30, 2020 | Apr. 30, 2019 |
Period-end MYR : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 4.29 | 4.14 |
Period-average MYR : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 4.19 | 4.12 |
Period-end HKD$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.75 | 7.84 |
Period-average HKD$ : US$1 Exchange Rate [Member] | ||
Foreign currency exchange rate, translation | 7.80 | 7.84 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Apr. 16, 2019 | Jun. 18, 2019 | May 10, 2019 | Jul. 25, 2019 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 01, 2019 | Mar. 25, 2019 | Nov. 06, 2018 |
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Number of restricted common shares issued | 25,100,000 | 2,067,500 | 2,000,000 | 2,750,000 | |||||
Share price | $ 0.03 | $ 0.20 | $ 0.10 | $ 0.40 | $ 0.0001 | ||||
Value restricted common shares issued | $ 753,000 | $ 413,500 | $ 200,000 | $ 1,100,000 | |||||
Common stock, shares issued | 331,917,500 | 331,917,500 | |||||||
Common stock, shares outstanding | 331,917,500 | 331,917,500 | |||||||
Mr. Fong Teck Kheong [Member] | Restricted Common Shares [Member] | |||||||||
Number of shares subscribed for restricted common shares | 119,900,000 | 100,000 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Additional working capital | $ 11,990 | ||||||||
Others Founder [Member] | Restricted Common Shares [Member] | |||||||||
Number of shares subscribed for restricted common shares | 180,000,000 | ||||||||
Common stock, par value | $ 0.0001 | ||||||||
Additional working capital | $ 18,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 38,088 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvement | $ 114,263 | |
Accumulated depreciation | (38,088) | |
Total | $ 76,175 |
Prepayments and Deposits - Sch
Prepayments and Deposits - Schedule of Prepayments and Deposits (Details) - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
Prepayments And Deposits | ||
Prepayment and deposits | $ 5,470 | $ 3,277 |
Total prepayments and deposits | $ 5,470 | $ 3,277 |
Trade Payable - Schedule of Pre
Trade Payable - Schedule of Prepayments and Deposits in Trade Payable (Details) - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
Trade Payable | ||
Trade payable | $ 15,979 | |
Total trade payable | $ 15,979 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 5,406 | $ 12,500 |
Other payable and accrued liabilities | 2,786 | 2,786 |
Share subscriptions received in advance | 15,164 | |
Total payables and accrued liabilities | $ 23,356 | $ 15,286 |
Revenue - Schedule of Revenue (
Revenue - Schedule of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Revenue | $ 23,070 | $ 61,453 | ||
Consultancy Service Provided [Member] | ||||
Revenue | $ 61,453 |
Other Revenue - Schedule of Oth
Other Revenue - Schedule of Other Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Other Revenue | ||||
Gain from foreign exchange arise from bank remittance transaction | $ 11,739 | |||
Other Revenue | $ 540 | $ 11,739 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Apr. 30, 2020USD ($) | |
Net operating loss carryforward | $ 360,122 |
Future taxable income percent | 80.00% |
Valuation allowance of deferred tax assets | $ 75,626 |
Parent Company [Member] | |
Income tax rate | 3.00% |
Phoenix Plus International Limited [Member] | |
Income tax rate | 16.50% |
Income Taxes - Schedule of Loca
Income Taxes - Schedule of Local and Foreign Components of Income (Loss) Before Income Tax (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Loss before income tax | $ (157,747) | $ (12) | $ (742,790) | $ (12) |
Labuan [Member] | ||||
Loss before income tax | (52,157) | |||
Hong Kong [Member] | ||||
Loss before income tax | (360,579) | |||
Local [Member] | ||||
Loss before income tax | $ (330,054) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Current, Local | ||||
Current, Foreign | ||||
Deferred, Local | ||||
Deferred, Foreign | ||||
Income tax expense |
Lease Right-of-Use Asset and _3
Lease Right-of-Use Asset and Lease Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2020 | Aug. 02, 2019 | Jul. 31, 2019 | |
Leases [Abstract] | ||||
Lease asset-right of use | $ 16,041 | $ 16,041 | $ 26,823 | |
Lease liabilities, current | 14,578 | 14,578 | $ 26,823 | |
Lease liability discount rate | 3.30% | |||
Amortization of operating lease right of use asset | 10,266 | |||
Lease expenses | $ 3,593 | $ 10,801 |
Lease Right-of-Use Asset and _4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Initial Recognition of Operating Lease Right and Lease Liability (Details) | Aug. 02, 2019USD ($) |
Leases [Abstract] | |
Gross lease payable | $ 27,632 |
Less: imputed interest | (860) |
Initial recognition | $ 26,772 |
Lease Right-of-Use Asset and _5
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Right of Use Asset (Details) | 9 Months Ended |
Apr. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating lease right of use asset, Beginning balance | |
Accumulated amortization | (10,266) |
Foreign exchange translation loss | (465) |
Operating lease right of use asset, Ending Balance | $ 16,041 |
Lease Right-of-Use Asset and _6
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Operating Lease Liability (Details) - USD ($) | 9 Months Ended | ||
Apr. 30, 2020 | Aug. 02, 2019 | Jul. 31, 2019 | |
Leases [Abstract] | |||
Operating lease liability, Beginning balance | $ 26,772 | ||
Less: gross repayment | (9,900) | ||
Add: imputed interest | 535 | ||
Foreign exchange translation gain | 465 | ||
Operating lease liability, Ending balance | 17,133 | ||
Less: lease liability current portion | (14,578) | $ (26,823) | |
Lease liability non-current portion | $ 2,555 |
Lease Right-of-Use Asset and _7
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Maturities of Operating Lease Obligation (Details) | Apr. 30, 2020USD ($) |
Leases [Abstract] | |
July 31, 2020 (3 months) | $ 3,249 |
July 31, 2021 (11 months) | 13,884 |
Total | $ 17,133 |
Lease Right-of-Use Asset and _8
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Other Information (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 10,731 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 16,041 | |
Remaining lease term for operating lease (years) | 1 year 5 months 1 day | 0 years |
Weighted average discount rate for operating lease | 3.30% | 0.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | Feb. 17, 2020 | |
Proceeds from issuance of common stock | $ 941,850 | ||
1 Investors [Member] | Initial Public Offering [Member] | |||
Proceeds from issuance of common stock | $ 15,164 | ||
Common shares issued during period | 15,000 |