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Long-Term Investment (Tables)

12 Months Ended

Jul. 31, 2022

Schedule of long-term investment represented equity investment without readily determinable fair value

	As of July 31,
	2022		2021
Solarever Tecnologia de America S.A. de C.V. (“Solarever”) (a)	$	185,000	$	-
Armstrong Logistic Inc. (“Armstrong”) (b)		150,000		-
	$	335,000	$	-

(a)

In April 2022, ATIF Investment entered into an equity investment agreement with Solarever, pursuant to which the Company would make investment of $2 million in exchange of 5.25% equity interest in Solarever. The investment was solely used to cover professional and legal fees during going public by Solarever. As of July 31, 2022, ATIF Investment made investment of $185,000 and acquired 0.49% equity interest in Solarever.

The Company accounted for the investment in privately held company using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. As of July 31, 2022, the Company did not identify orderly transactions for similar investments of the investee, or any impairment indicators, and the Company did not record upward or downward adjustments or impairment against the investment.

(b)

In May 2022, ATIF Investment entered into an equity investment agreement with Armstrong, pursuant to which the Company would make investment of $2 million in exchange of 12% equity interest in Armstrong. The investment was solely used to cover professional and legal fees during going public by Armstrong. As of July 31, 2022, ATIF Investment made investment of $150,000 and acquired 0.90% equity interest in Armstrong.