XML 19 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ (608,184) $ 657,460
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 266,773 414,623
Allowance for doubtful accounts 60,242 0
Gain on termination of capital lease (128,379) 0
Rent contributed by shareholders as paid-in capital 6,000 6,000
Changes in operating assets and liabilities:    
Accounts receivable 1,758,079 (4,736,375)
Other receivables 43,289 (337,078)
Prepayment 485,715 2,438,844
Due from related party 583,124 (581,671)
Inventory 503,892 6,315,793
Deferred tax asset 0 113,932
Other current asset 594,895 422,426
Accounts payable and accrued liabilities 1,881,936 2,900,812
Other payables and tax payables 115,154 607,729
Advance from customers (5,213,700) (6,056,247)
Deferred tax liability 26,832 83,388
Net cash provided by operating activities 375,668 2,249,636
Cash flows from investing activities:    
Purchase of property and equipment (91,814) (63,234)
Loan repaid from/(made to) related parties 30,865 (32,319)
Loan repaid from/(made to) third parties (185,190) 0
Net cash used in financing activities (246,139) (95,553)
Cash flows from financing activities:    
Advances from /(Repayment to) related parties 671,461 (2,022,822)
Advances from/(Repayment to) director (2,817) (13,007)
Capital contribution from shareholders 250,000 0
Net cash provided by (used in) financing activities 918,644 (2,035,829)
Effect of exchange rate change on cash (323,982) (173,013)
Net change in cash and cash equivalents 724,191 (54,759)
Cash and cash equivalents - beginning of period 502,029 556,788
Cash and cash equivalents - end of period 1,226,220 502,029
Supplemental disclosure of cash flow information    
Interest paid 0 0
Income tax paid $ 140,171 $ 426,616