XML 62 R42.htm IDEA: XBRL DOCUMENT v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial statement amounts and balances of the VIE (Details) - USD ($)
12 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Jul. 31, 2018
Variable Interest Entity [Line Items]      
Current assets $ 5,237,465 $ 10,587,292  
TOTAL ASSETS 45,785,078 12,342,594  
Current liabilities 7,784,447 1,141,389  
TOTAL LIABILITIES 11,167,336 1,141,389  
Shareholders' equity (deficit) 17,403,259 11,201,205  
Operating revenue 685,999 3,078,758 $ 5,307,891
Income (loss) from operations (17,259,418) 671,604 2,727,679
Income (loss) before income taxes (17,214,104) 706,050 2,663,699
Net income (loss) (14,882,699) 429,227 1,946,883
Net cash provided by (used in) operating activities (5,893,735) (3,018,838) 2,036,439
Net cash provided by (used in) investing activities (176,470) 739,084 (2,898,916)
Net cash provided by (used in) financing activities 141,983 8,741,487 755,139
VIE      
Variable Interest Entity [Line Items]      
Current assets 4,024,414 3,673,890  
Non-current assets 5,678,024 68,375  
TOTAL ASSETS 9,702,438 3,742,265  
Current liabilities 7,177,506 980,364  
Non-current liabilities 3,245,199    
TOTAL LIABILITIES 10,422,705 980,364  
Shareholders' equity (deficit) (720,267) 2,761,901  
Operating revenue 685,999    
Income (loss) from operations (6,252,688)    
Income (loss) before income taxes (6,419,521)    
Net income (loss) (6,495,785)    
Net cash provided by (used in) operating activities (487,265)    
Net cash provided by (used in) investing activities 1,451,991    
Net cash provided by (used in) financing activities (734,347)    
Qianhai VIE      
Variable Interest Entity [Line Items]      
Current assets 2,469,829 3,673,890  
Non-current assets 184,740 68,375  
TOTAL ASSETS 2,654,569 3,742,265  
Current liabilities 1,441,148 980,364  
Non-current liabilities 65,574    
TOTAL LIABILITIES 1,506,722 980,364  
Shareholders' equity (deficit) 1,147,847 2,761,901  
Operating revenue 645,127 2,777,618 5,341,271
Income (loss) from operations (1,471,095) 884,789 2,927,679
Income (loss) before income taxes (1,562,037) 930,361 2,863,744
Net income (loss) (1,562,037) 697,631 2,146,927
Net cash provided by (used in) operating activities 175,530 (3,380,071) 2,036,439
Net cash provided by (used in) investing activities 36,412 2,700,687 (2,898,916)
Net cash provided by (used in) financing activities   $ (14,626) $ 755,139
LMG VIE      
Variable Interest Entity [Line Items]      
Current assets 1,554,585    
Non-current assets 5,493,284    
TOTAL ASSETS 7,047,869    
Current liabilities 5,736,358    
Non-current liabilities 3,179,625    
TOTAL LIABILITIES 8,915,983    
Shareholders' equity (deficit) (1,868,114)    
Operating revenue 40,872    
Income (loss) from operations (4,781,593)    
Income (loss) before income taxes (4,857,484)    
Net income (loss) (4,933,748)    
Net cash provided by (used in) operating activities (662,795)    
Net cash provided by (used in) investing activities 1,415,579    
Net cash provided by (used in) financing activities $ (734,347)