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Subsequent Events
12 Months Ended
Jul. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

 

Enter into a new consulting agreement with a customer

On August 12, 2022, the Company entered into a consulting agreement (the “Consulting Agreement”) with Massimo Motor Sports, LLC, a Texas limited liability company (“Massimo”) and with an effective date of August 10, 2022. Pursuant to the Consulting Agreement, Massimo agreed to engage the Company as an independent consultant and ATIF agreed to provide Massimo with consulting services, including but not limited to the following: (i) conducting due diligence on Massimo; (ii) assisting Massimo in identifying required suitable qualified professional service provider firms to support Massimo’s contemplated transition into a public company; (iii) working with other professional advisor parties engaged by Massimo in completing all necessary tasks required for the process of going public; (iv) assisting Massimo in identifying any person that can add value to Massimo’s strategy and business; and (v) assisting Massimo on an on-going basis in meeting public reporting requirements for six months after Massimo goes public.

  

In exchange for the services to be provided by the Company pursuant to the Consulting Agreement, Massimo agreed to pay the Company a total of $800,000, with $300,000 paid within five days of execution of the Consulting Agreement, another installment of $300,000 paid upon the Company’s completion of conducting due diligence services for Massimo, $100,000 paid upon the Company’s completion of assisting Massimo in the selection and negotiation of third-party institutions, and another installment of $100,000 paid within three days of Massimo’s successful initial public offering. Massimo further agreed to reimburse the Company under the Consulting Agreement for travel expenses in connection with the activities performed under the Consulting Agreement.

 

Enter into a sales agreement of ATIF GP

 

On August 1, 2022, the Company entered into a sales agreement with a third party, pursuant to which the Company sold all of its equity interest in ATIF GP at the cost of $50,000. The management believed the disposition does not represent a strategic shift because it is not changing the way it is running its consulting business. The Company has not shifted the nature of its operations. The termination is not accounted as discontinued operations in accordance with ASC 205-20.