SEGMENT REPORTING

12 Months Ended

Jul. 31, 2020

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 15 — SEGMENT REPORTING

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280, including Business Advisory and Consulting Services, Multi-channel Advertising Services, Event Planning and Execution Services and Movie Theater Operation Services.

The following tables present summary information by segment for the years ended July 2020, 2019 and 2018, respectively:

	For the year ended July 31, 2020
	Business
	advisory and
	consulting		Multi-Channel		Event planning		Movie theatre
	services		Advertising		and execution		operation		Total
Revenue	$	645,127	$	—	$	40,872	$	—	$	685,999
Cost of revenue and related taxes	$	(4,068)	$	—	$	(223,342)	$	—	$	(227,410)
Gross profit (loss)	$	641,059	$	—	$	(182,470)	$	—	$	458,589
Operating expenses	$	(7,092,062)	$	(3,951,015)	$	(4,331,370)	$	(2,343,560)	$	(17,718,007)
Loss from operations	$	(6,451,003)	$	(3,951,015)	$	(4,513,840)	$	(2,343,560)	$	(17,259,418)
Net loss	$	(6,329,798)	$	(3,951,015)	$	(4,665,995)	$	(2,343,560)	$	(17,290,368)

	For the year ended July 31, 2019
	Go public		Multi-		Event
	consulting		Channel		planning		Movie theatre
	services		Advertising		and execution		operation		Total
Revenue	$	3,078,758	$	—	$	—	$	—	$	3,078,758
Gross profit	$	3,078,758	$	—	$	—	$	—	$	3,078,758
Operating expenses	$	(2,407,154)	$	—	$	—	$	—	$	(2,407,154)
Income from operations	$	671,604	$	—	$	—	$	—	$	671,604
Net income	$	429,227	$	—	$	—	$	—	$	429,227

	For the year ended July 31, 2018
	Go public consulting services				Event planning
	and customer initial		Multi-Channel		and		Movie theatre
	registration services		Advertising		execution		operation		Total
Revenue	$	5,307,891	$	—	$	—	$	—	$	5,307,891
Gross profit	$	5,307,891	$	—	$	—	$	—	$	5,307,891
Operating expenses	$	(2,580,212)	$	—	$	—	$	—	$	(2,580,212)
Income from operations	$	2,727,679	$	—	$	—	$	—	$	2,727,679
Net income	$	1,946,883	$	—	$	—	$	—	$	1,946,883

The following tables present total assets by segment for as of July 31, 2020 and 2019:

	As of July 31,
	2020		2019
Total assets:
Business Advisory and Consulting Services	$	5,240,172	$	12,342,594
Multi-Channel Advertising Services		4,854,583		—
Event Planning and Execution Services		4,088,225		—
Movie Theater Operation Services		31,602,098		—
	$	45,785,078	$	12,342,594