Accrued Expenses and Other Current Liabilities

12 Months Ended

Jul. 31, 2022

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 13 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities, from the Company’s continuing operations, consisted of the following:

	As of July 31,
	2022		2021
Investment securities payable (a)	$	1,466,490	$	-
Due to a third party (b)		500,000		-
Accrued legal consulting expenses		125,676		152,044
Accrued payroll expenses		51,623		48,131
Accrued legal liabilities (c)		-		283,644
Others		130,982		31,044
	$	2,274,771	$	514,863

(a) During the year ended July 31, 2022, ATIF LP borrowed certain investment securities from an investment bank as a trading strategy. As of July 31, 2022, the balance represented the fair value of investment securities owned to the investment bank.

(b) The balance due to a third party represented the proceeds collected from a third party, which purchased portion of the Company’s long-term investments. As of July 31, 2022, the purchase was not closed and the Company recorded the proceeds in the account of accrued expenses and other current liabilities.

(c) The balance of accrued legal liabilities represented the amount due to Huale Group Co., Limited (“Huaya”), which filed the arbitration with the Court against Huaya and requested a refund of consulting service fee in 2017. On September 25, 2020, the Court issued a final judgment ruling in favor of Huale and required Huaya to return a deposit of $250,000 to Huale and pay arbitration fee and counterclaim fee of $11,724 (RMB 81,844). Based on the Court ruling, the Company accrued legal liabilities of $261,724 for the year ended July 31, 2020.

In May 2022, the Company transferred equity interest in ATIF HK and Huaya. Accordingly the Company was no longer obligated to such liabilities since then.