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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Jul. 31, 2018
Cash flows from operating activities:      
Net income (loss) $ (17,290,368) $ 429,227 $ 1,946,883
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 968,396 50,323 16,458
Changes in bad debt allowance 2,645,239 65,790  
Amortization of right-of-use assets 639,587    
Goodwill impairment loss 5,621,467    
Impairment of intangible assets 384,492 0 0
Impairment of property and equipment 172,728    
Loss from disposal of property and equipment 12,388    
Gain from investment in trading securities (201,051)    
Deferred tax expense 76,264    
Changes in operating assets and liabilities:      
Accounts receivable 27,336 (1,411,180) (144,202)
Deposits (315,667)    
Due from a related party   14,919 (7,691)
Prepaid expenses and other current assets 115,128 (1,686,683) 329,750
Inventories, net 2,599    
Accounts payable 1,520,365   (571,121)
Deferred revenue 640,977 (61,860) (472,721)
Taxes payable 39,873 (185,246) 688,781
Accrued expenses and other liabilities (554,744) (234,128) 250,302
Lease liabilities (398,744)    
Net cash (used in) provided by operating activities (5,893,735) (3,018,838) 2,036,439
Cash flows from investing activities:      
Purchase of property and equipment (525,463) (20,762) (26,765)
Purchase of intangible assets   (458,100)  
Prepayment for fixed assets purchase   (247,534)  
Loans to a third party     (2,872,151)
Collection of third party loans   2,741,430  
Cash acquired from business combination 1,066,617    
Payment for investment in trading securities (717,624)    
Investment deposit for life insurance contract   (1,275,950)  
Net cash (used in) provided by investing activities (176,470) 739,084 (2,898,916)
Cash flows from financing activities:      
Capital contribution     755,139
Net proceeds from initial public offering   8,772,754  
Proceeds from bank borrowings 141,983    
Repayment of related party borrowings   (31,267)  
Net cash provided by financing activities 141,983 8,741,487 755,139
Effect of exchange rate changes on cash (103,222) (74,996) 35,490
Net (decrease) increase in cash (6,031,444) 6,386,737 (71,848)
Cash, beginning of year 6,459,702 72,965 144,813
Cash, end of year 428,258 6,459,702 72,965
Supplemental disclosure of cash flow information:      
Cash paid for interest expenses 608 0 0
Cash paid for income tax   $ 490,397 $ 142,681
Supplemental disclosure of Non-cash investing and financing activities      
Common shares issued for acquisition of LGC 21,072,804    
Debt conversion for acquisition of LGC 1,851,000    
Net assets acquired from LGC 3,064,269    
Right-of-use assets obtained in exchange for operating lease obligations $ 4,103,831