Transfer of Equity Interest in Atif Hk and Huaya	12 Months Ended
Jul. 31, 2022
Transfer Of Equity Interest In Atif Hk And Huaya Abstract
TRANSFER OF EQUITY INTEREST IN ATIF HK AND HUAYA	NOTE 6 – TRANSFER OF EQUITY INTEREST IN ATIF HK AND HUAYA To mitigate the potential risks arising from the PRC government provision of new guidance to and restrictions on China-based companies raising capital offshore, the Company closed transfer of equity interest in ATIF HK and Huaya with Mr. Pishan Chi for nil consideration on May 31, 2022. The disposition of ATIF HK and Huaya did not discontinue the Company’s public listing related consulting service business, as the Company would focus it continuous efforts on provision consulting service business to clients based in North America and other areas. There were no penalties or non-compete agreements derived from the disposition. For the period from August 1, 2021 through May 31, 2022, operating revenue generated through ATIF HK and Huaya amounted to $864,102, and net loss amounted to $(871,958), respectively. The revenues and net loss accounted for 52% and 26%, respectively, of consolidated revenue and net loss for the year ended July 31, 2022. As of May 31, 2022, net asset deficits of ATIF HK and Huaya amounted to $(1,050,745), the abstract amount accounted for 24% of the consolidated net assets of the Company as of July 31, 2022. The Company determines that the transfer of equity interest in ATIF HK and Huaya did not have a major effect on its operations and financial results. The Company also determines the transfer of equity interest does not represent a strategic shift because it is not changing the way the Company operates its consulting services. The Company does not shift the nature of its business, not does it exit North America market, which is the major geographic market area of the Company’s business. The termination is not accounted as discontinued operations in accordance with ASC 205-20. The Company recorded a gain of $1,043,052 from the transfer of equity interest as a component of “other income (expenses), net” in the consolidated statements of operations and comprehensive loss.

Transfer of Equity Interest in Atif Hk and Huaya

12 Months Ended

Jul. 31, 2022

Transfer Of Equity Interest In Atif Hk And Huaya Abstract

TRANSFER OF EQUITY INTEREST IN ATIF HK AND HUAYA

NOTE 6 – TRANSFER OF EQUITY INTEREST IN ATIF HK AND HUAYA

To mitigate the potential risks arising from the PRC government provision of new guidance to and restrictions on China-based companies raising capital offshore, the Company closed transfer of equity interest in ATIF HK and Huaya with Mr. Pishan Chi for nil consideration on May 31, 2022. The disposition of ATIF HK and Huaya did not discontinue the Company’s public listing related consulting service business, as the Company would focus it continuous efforts on provision consulting service business to clients based in North America and other areas. There were no penalties or non-compete agreements derived from the disposition.

For the period from August 1, 2021 through May 31, 2022, operating revenue generated through ATIF HK and Huaya amounted to $864,102, and net loss amounted to $(871,958), respectively. The revenues and net loss accounted for 52% and 26%, respectively, of consolidated revenue and net loss for the year ended July 31, 2022. As of May 31, 2022, net asset deficits of ATIF HK and Huaya amounted to $(1,050,745), the abstract amount accounted for 24% of the consolidated net assets of the Company as of July 31, 2022.

The Company determines that the transfer of equity interest in ATIF HK and Huaya did not have a major effect on its operations and financial results. The Company also determines the transfer of equity interest does not represent a strategic shift because it is not changing the way the Company operates its consulting services. The Company does not shift the nature of its business, not does it exit North America market, which is the major geographic market area of the Company’s business. The termination is not accounted as discontinued operations in accordance with ASC 205-20.

The Company recorded a gain of $1,043,052 from the transfer of equity interest as a component of “other income (expenses), net” in the consolidated statements of operations and comprehensive loss.