Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Apr. 30, 2023

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

	April 30, 2023		July 31, 2022
	(unaudited)
Investment securities payable (a)	$	-	$	1,466,490
Due to third parties (b)		1,092,828		500,000
Accrued legal consulting expenses		84,823		125,676
Accrued payroll expenses		246,562		51,623
Others		87,549		130,982
	$	1,511,762	$	2,274,771

(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. On August 1, 2022, the Company disposed of ATIF GP, and ceased to be the investment manager of ATIF LP, and the balance of investment securities payable decreased zero as of April 30, 2023.

(b) As of July 31, 2022, the balance due to third parties represented the proceeds collected from certain third parties, which subscribed portion of the Company’s long-term investments. Because the purchase was not closed and the Company recorded the proceeds in the account of accrued expenses and other current liabilities.   During the nine months ended April 30, 2023, the Company sold the long-term investment to a third party. As of April 30, 2023, the balance due to third parties represented the proceeds collected from investees who subscribed for the long-term investments and payable to the third party.