INDEFINITE LIVED INTANGIBLE ASSETS

6 Months Ended

Jan. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INDEFINITE LIVED INTANGIBLE ASSETS

NOTE 8 - INDEFINITE LIVED INTANGIBLE ASSETS

The Company has $7,242,066 of recognized indefinite lived intangible assets, which consist of customer and supplier contract assets from acquisitions, intellectual property and goodwill. These assets are not amortized and are evaluated routinely for potential impairment. If a determination is made that the intangible asset is impaired after performing the initial qualitative assessment, the asset's fair value will be calculated and compared with the carrying value to determine whether an impairment loss should be recognized.