Accounts Payable, Accrued Expenses and Other Current Liabilities, and Other Long-Term Liabilities

3 Months Ended

Oct. 31, 2024

Accounts Payable, Accrued Expenses and Other Current Liabilities, and Other Long-Term Liabilities [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES, AND OTHER LONG-TERM LIABILITIES

NOTE 8 – ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES, AND OTHER LONG-TERM LIABILITIES

Accounts payable, accrued expenses and other current liabilities consisted of the following:

	October 31, 2024		July 31, 2024
		(unaudited)
Accounts payable, accrued expenses and other current liabilities:
Accrued litigation fee, current (a)	$	500,000	$	750,000
Investment securities payable		-		69,621
Others		84,380		137,436
	$	584,380	$	957,057
Other long-term liabilities:
Accrued litigation fee, noncurrent (a)	$	250,000	$	250,000

(a) On September 24, 2024, the Company and Boustead Securities, LLC (“Boustead”) entered into a settlement agreement, pursuant to which the Company would compensate Boustead in the amount of $1,000,000. The compensation is payable in three instalments, with first instalment of $250,000 payable with execution of settlement agreement, the second instalment of $500,000 payable before March 1, 2025, and the final instalment of $250,000 payable before December 31, 2025. In September 2024, the Company paid the first instalment. Accordingly, the Company recorded accrued litigation fees of $500,000 and $750,000 as current liabilities as of October 31, 2024 and July 31, 2024, respectively. The remaining $250,000 was recorded as noncurrent liabilities as of October 31, 2024 and July 31, 2024.