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v3.22.2.2

Accrued Expenses and Other Current Liabilities | 3 Months Ended
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Oct. 31, 2022
Payables and Accruals [Abstract] |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 10 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:
|  | October 31, 2022 |  |  | July 31, 2022 |
|  | (unaudited) |  |  |  |
Investment securities payable (a) |  | $ | - |  |  | $ | 1,466,490 |
Due to third parties (b) |  |  | 2,450,000 |  |  |  | 500,000 |
Accrued legal consulting expenses |  |  | 84,823 |  |  |  | 125,676 |
Accrued payroll expenses |  |  | 110,129 |  |  |  | 51,623 |
Others |  |  | 67,548 |  |  |  | 130,982 |
|  | $ | 2,712,500 |  |  | $ | 2,274,771 |
(a) | During the year ended July 31, 2022, ATIF LP borrowed certain investment securities from an investment bank as a trading strategy. As of July 31, 2022, the balance represented the fair value of investment securities owned to the investment bank. On August 1, 2022, the Company disposed of ATIF GP, and ceased to be the investment manager of ATIF LP, and the balance of investment securities payable decreased zero as of October 31, 2022.
(b) | The balance due to third parties represented the proceeds collected from certain third parties, which purchased portion of the Company’s long-term investments. As of October 31, 2022 and July 31, 2022, the purchase was not closed and the Company recorded the proceeds in the account of accrued expenses and other current liabilities.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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