DISCONTINUED OPERATION

12 Months Ended

Jul. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATION

NOTE 4 – DISCONTINUED OPERATION

The change of the business qualified as a discontinued operation of the Company (Note 1). In conjunction with the discontinued operations, the Company has excluded results of discontinued operations from its consolidated statements of operations to classify that business as discontinued operations in all periods presented. The assets and liabilities of the discontinued operations were presented separately under the captions “Assets from discontinued operation” and “Liabilities from discontinued operation”, respectively, in the accompanying consolidated balance sheets at July 31, 2019 and 2018.

The following table shows the results of operations which are included in the loss from discontinued operations:

	Year Ended
	July 31,
	2019			2018
Revenue	$	—		$	—
Cost of revenue		—			—
Inventory valuation reserve		(404,350	)		—
Gross profit		(404,350	)		—
General and administrative		(30,520	)		(198,206	)
Stock based compensation		(225,000	)		(980,000	)
Operating loss		(659,870	)		(1,178,206	)
Income tax provision		—			—
Loss from discontinued operations, net of tax	$	(659,870	)	$	(1,178,206	)

The following table summarizes the carrying amounts of the net assets from discontinued operations as of July 31, 2019 and 2018, respectively.

	July 31,		July 31,
	2019		2018
Assets from discontinued operations
Prepaid inventory	$	—	$	400,000
Liabilities from discontinued operations
Advance from customer	$	19,500	$	—