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Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Oct. 31, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

		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

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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