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Long-Term Investment | 3 Months Ended
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Oct. 31, 2022
Debt Disclosure [Abstract] |
LONG-TERM INVESTMENT | NOTE 8 – LONG-TERM INVESTMENT As of October 31, 2022 and July 31, 2022, the long-term investment represented equity investment without readily determinable fair value measured at measurement alternative and consisted of the following:
|  | October 31, 2022 |  |  | July 31, 2022 |
|  | (unaudited) |  |  |  |
Solarever Tecnologia de America S.A. de C.V. (“Solarever”) (a) |  | $ | 275,000 |  |  | $ | 185,000 |
Armstrong Logistic Inc. (“Armstrong”) (b) |  |  | 151,294 |  |  |  | 150,000 |
|  | $ | 426,294 |  |  | $ | 335,000 |
(a) | In April 2022, ATIF Investment entered into an equity investment agreement with Solarever, pursuant to which the Company would make investment of $2 million in exchange of 5.25% equity interest in Solarever. The investment was solely used to cover professional and legal fees during going public by Solarever. As of October 31, 2022 and July 31, 2022, ATIF Investment had investment of $275,000, or 0.73% and $185,000, or 0.49%, respectively, over equity interest in Solarever.
The Company accounted for the investment in privately held company using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. As of October 31, 2022 and July 31, 2022, the Company did not identify orderly transactions for similar investments of the investee, or any impairment indicators, and the Company did not record upward or downward adjustments or impairment against the investment.
(b) | In May 2022, ATIF Investment entered into an equity investment agreement with Armstrong, pursuant to which the Company would make investment of $2 million in exchange of 12% equity interest in Armstrong. The investment was solely used to cover professional and legal fees during going public by Armstrong. As of October 31, 2022 and July 31, 2022, ATIF Investment made investment of $151,294 or 0.90% and $150,000 or 0.90%, respectively, over equity interest in Armstrong.
The Company accounted for the investment in privately held company using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. As of October 31, 2022 and July 31, 2022, the Company did not identify orderly transactions for similar investments of the investee, or any impairment indicators, and the Company did not record upward or downward adjustments or impairment against the investment.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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