Related Party Transactions

6 Months Ended

Jan. 31, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

1) Nature of relationships with related parties

The table below sets forth the major related parties and their relationships with the Company, with which the Company entered into transactions during the three and six months ended January 31, 2024 and 2023, or recorded balances as of January 31, 2024 and July 31, 2023:

Name	Relationship with the Company
Huaya*	Wholly owned by Mr. Pishan Chi, the former Chief Executive Officer of the Company
Asia International Securities Exchange Co., Ltd.	Wholly owned by Mr. Jun Liu, the Chief Executive Officer of the Company
Zachary Group	Wholly owned by Mr. Jun Liu, the Chief Executive Officer of the Company

2) Transactions with related parties

For the three and six months ended January 31, 2024, the Company repaid loans of $nil and $17,710 to Asia International Securities Exchange Co., Ltd. The loans were interest free and was repayable on demand. As of the date of this report, the Company did not repay the loans. As of January 31, 2024, the Company had payables of $712,258 due to the related party.

For the three and six months ended January 31, 2023, the Company make a loan of $nil and $100,000 to Huaya to support its operations. The loan was interest free and was repayable on demand. Huaya made repayments of $20,000 and $1,500, respectively, for the six months ended January 31, 2024 and 2023, respectively.

In June 2022, the Company entered into an office lease agreement with Zachary Group. Pursuant to the agreement, the Company would lease the office space for a lease term of 5 years, matured in May 2027. The monthly rental fee was $20,000, payable on a monthly basis. For the three months ended January 31, 2024 and 2023, the Company recorded rental expenses of $60,000 and $60,000, respectively. For the six months ended January 31, 2024 and 2023, the Company recorded rental expenses of $120,000 and $120,000, respectively.

3) Balances with related parties

As of January 31, 2024 and July 31, 2023, the balances due from related parties were as follows:

	January 31, 2024		July 31, 2023
	(unaudited)
Accounts receivable*:
Asia International Securities Exchange Co., Ltd.	$	-	$	600,000
	$	-	$	600,000
Other receivable*:
Huaya	$	20,539	$	40,539
	$	20,539	$	40,539

* As of July 31, 2023, the balance due from related parties were repayable on demand. The Company expected to collect the outstanding receivables from related parties before July 31, 2024.

(a) During the year ended July 31, 2023, the Company provided full provision of $762,000 against accounts receivable due from Huaya because the management assessed the collection was remote.

As of January 31, 2024 and July 31, 2023, the balances due to related parties were as follows:

	January 31, 2024		July 31, 2023
	(unaudited)
Other payables:
Asia International Securities Exchange Co., Ltd.	$	712,258	$	729,968
	$	712,258	$	729,968