Due From Buyers Of Leaping Group Corporation (“LGC”)

9 Months Ended

Apr. 30, 2023

Due From Buyers Of Leaping Group Corporation (“LGC”) [Abstract]

DUE FROM BUYERS OF LEAPING GROUP CORPORATION (“LGC”)

NOTE 4 – DUE FROM BUYERS OF LEAPING GROUP CORPORATION (“LGC”)

On January 29, 2021, the Company completed a disposition of 51.2% of the equity interest of LGC. The Company sold all of its shares of LGC to Jiang Bo, Jiang Tao and Wang Di (collectively, the “Buyers”) in exchange for (i) 1,111,110 ordinary shares of the Company owned by the Buyers and (ii) payment by the Buyers in the amount of $2,300,000 plus interest at an interest rate of 10% per annum on the unpaid amount if the principal amount of $2,300,000 is not paid by January 14, 2022. All principal and accrued and unpaid interest were due on January 14, 2023. As of April 30, 2023 and July 31, 2022, the balances of due from buyers of LGC was comprised of the following:

	April 30, 2023		July 31, 2022
	(unaudited)
Principal	$	2,300,000	$	2,300,000
Interest		354,767		354,767
Total	$	2,654,767	$	2,654,767

As of the date of this report, the buyers delayed in repayments of outstanding balances to the Company as they were affected by the COVID-19. Assessing the payment ability and payment intension of these buyers, the Company expected to collect the outstanding balances in the next twelve months. However the Company did not accrue interest income for the nine months ended April 30, 2023 until it collected the amount.