ACCOUNTS RECEIVABLE, NET

12 Months Ended

Jul. 31, 2019

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

NOTE 3 – ACCOUNTS RECEIVABLE, NET

	As of July 31,
	2019		2018
Accounts receivable	$	1,537,593	$	137,550
Less: allowances for doubtful accounts		(65,335)		—
Accounts receivables, net	$	1,472,258	$	137,550

Accounts receivable represents balance due from providing going public consulting services to customers in which the Company’s contracted performance obligations have been satisfied, amount billed and the Company has an unconditional right to payment. In fiscal year 2019, the Company primarily focused on providing IPO related consulting services to customers. Given the longer duration of the IPO process, the Company extended the credit terms to customers, which led to increased accounts receivable balance as of July 31, 2019. Approximately 14% of the July 31, 2019 accounts receivable balance has been subsequently collected as of the date of this Report and the remaining balances are expected to be collected within the next few months.

The aging of the Company’s accounts receivable as of July, 2019 and 2018, are as follows:

	As of July 31,
	2019		2018
1-90 days past due	$	364,430	$	137,550
90-180 days past due		147,722		—
180-360 days past due		894,771		—
Greater than 360 days past due		130,670		—
Total gross accounts receivable	$	1,537,593	$	137,550

Allowance for doubtful accounts amounted to $65,335 and $Nil as of July 31, 2019 and 2018, respectively.