Document and Entity Information	12 Months Ended
Document and Entity Information	Jul. 31, 2019 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	ATIF Holdings Ltd
Document Period End Date	Jul. 31, 2019
Entity Well Known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	37,074,672
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001755058
Amendment Flag	false
Entity Ex Transition Period	false
Trading Symbol	ATIF
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS $ in Millions	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)
CURRENT ASSETS
Cash and cash equivalents	$ 6,459,702	$ 72,965
Accounts receivable, net	1,472,258	137,550
Due from a related party		14,966
Loans receivable		2,750,078
Prepaid expenses and other current assets	2,655,332	721,817
Total current assets	10,587,292	3,697,376
Property and equipment, net	49,029	49,378
Intangible assets, net	428,759
Investment deposit for life insurance contract	1,277,514
TOTAL ASSETS	12,342,594	3,746,754
CURRENT LIABILITIES
Deferred revenue	415,392	547,235
Taxes payable	669,069	861,683
Due to related parties		31,366
Accrued expenses and other current liabilities	56,928	291,679
Total current liabilities	1,141,389	1,731,963
STOCKHOLDERS' EQUITY
Ordinary shares, $0.001 par value, 100,0000,000 shares authorized, 37,074,672 shares and 35,000,000 shares issued and outstanding as of July 31, 2019 and 2018, respectively	37,075	35,000
Additional paid-in capital	9,492,893	720,139
Statutory reserve	355,912	278,836
Retained earnings	1,391,040	1,038,889
Accumulated other comprehensive loss	(75,715)	(58,073)
Total stockholders' equity	11,201,205	2,014,791
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 12,342,594	$ 3,746,754

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2019	Feb. 28, 2019	Feb. 27, 2019	Nov. 02, 2018	Aug. 21, 2018	Jul. 31, 2018	Jan. 05, 2015
CONSOLIDATED BALANCE SHEETS
Ordinary shares, Par value	$ 0.001	$ 0.001		$ 0.001	$ 0.001	$ 0.001	$ 0.0004
Ordinary shares, Authorized	1,000,000,000				100,000,000,000	1,000,000,000	100,000,000
Ordinary shares, Issued	37,074,672					35,000,000
Ordinary shares, Outstanding	37,074,672	35,000,000	50,000,000			35,000,000

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Revenues	$ 3,078,758	$ 5,307,891	$ 3,635,371
Operating expenses:
Selling expenses	1,096,195	1,773,159	2,301,567
General and administrative expenses	1,310,959	807,053	408,739
Total operating expenses	2,407,154	2,580,212	2,710,306
Income from operations	671,604	2,727,679	925,065
Other income (expenses):
Interest income	1,994	16,303	469
Other income (expenses), net	32,452	(80,283)	(67,549)
Total other income (expense)	34,446	(63,980)	(67,080)
Income before income taxes	706,050	2,663,699	857,985
Provision for income taxes	276,823	716,816	217,025
Net income	429,227	1,946,883	640,960
Other comprehensive income (loss):
Foreign currency translation gain (loss)	(17,642)	(113,090)	74,963
Comprehensive income	$ 411,585	$ 1,833,793	$ 715,923
Earnings Per share
Basic and diluted (in dollars per share)	$ 0.01	$ 0.06	$ 0.02
Weighted Average Shares Outstanding
Basic and diluted (in shares)	35,522,931	35,000,000	35,000,000

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Ordinary share	Additional Paid in Capital	Statutory Reserves	Retained Earnings (accumulated deficit)	Accumulated Other Comprehensive Loss	Total
Balance at beginning at Jul. 31, 2016	$ 35,000			$ (1,270,118)	$ (19,946)	$ (1,255,064)
Balance at beginning (in shares) at Jul. 31, 2016	35,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Subscription receivable		$ (35,000)				(35,000)
Appropriation to statutory reserve			$ 64,111	(64,111)
Net income for the year				640,960		640,960
Foreign currency translation loss					74,963	74,963
Balance at beginning at Jul. 31, 2017	$ 35,000	(35,000)	64,111	(693,269)	55,017	(574,141)
Balance at beginning (in shares) at Jul. 31, 2017	35,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		755,139				755,139
Appropriation to statutory reserve			214,725	(214,725)
Net income for the year				1,946,883		1,946,883
Foreign currency translation loss					(113,090)	(113,090)
Balance at beginning at Jul. 31, 2018	$ 35,000	720,139	278,836	1,038,889	(58,073)	$ 2,014,791
Balance at beginning (in shares) at Jul. 31, 2018	35,000,000					35,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from initial public offering	$ 2,075	8,772,754				$ 8,774,829
Proceeds from initial public offering (in shares)	2,074,672
Appropriation to statutory reserve			77,076	(77,076)
Net income for the year				429,227		429,227
Foreign currency translation loss					(17,642)	(17,642)
Balance at beginning at Jul. 31, 2019	$ 37,075	$ 9,492,893	$ 355,912	$ 1,391,040	$ (75,715)	$ 11,201,205
Balance at beginning (in shares) at Jul. 31, 2019	37,074,672					37,074,672
Balance at beginning (in shares) at Feb. 27, 2019						50,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from initial public offering (in shares)						35,000,000
Balance at beginning (in shares) at Feb. 28, 2019						35,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Cash flows from operating activities:
Net income	$ 429,227	$ 1,946,883	$ 640,960
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	50,323	16,458	11,320
Change in bad debt allowance	65,790
Changes in operating assets and liabilities:
Accounts receivable	(1,411,180)	(144,202)
Due from a related party	14,919	(7,691)	(7,625)
Prepaid expenses and other current assets	(1,686,683)	329,750	(386,018)
Deferred revenue	(61,860)	(472,721)	(12,920)
Accounts payable		(571,121)	(311,355)
Taxes payable	(185,246)	688,781	204,423
Accrued expenses and other liabilities	(234,128)	250,302	14,933
Net cash (used in) provided by operating activities	(3,018,838)	2,036,439	153,718
Cash flows from investing activities:
Purchase of property and equipment	(20,762)	(26,765)	(14,965)
Purchase of intangible assets	(458,100)
Prepayment for fixed assets purchase	(247,534)
Loans to a third party		(2,872,151)	(5,518)
Collection of third party loans	2,741,430
Investment deposit for life insurance contract	(1,275,950)
Net cash provided by (used in) investing activities	739,084	(2,898,916)	(20,483)
Cash flows from financing activities:
Capital contribution		755,139
Net proceeds from initial public offering	8,772,754
Repayment of related party borrowings	(31,267)
Net cash provided by financing activities	8,741,487	755,139
Effect of exchange rate changes on cash	(74,996)	35,490	1,703
Net increase (decrease) in cash	6,386,737	(71,848)	134,938
Cash, beginning of year	72,965	144,813	9,875
Cash, end of year	6,459,702	72,965	144,813
Supplemental disclosure of cash flow information:
Cash paid for interest expenses	0	0	0
Cash paid for income tax	$ 490,397	$ 142,681	$ 31,499

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Jul. 31, 2019
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS ATIF Holdings Limited (“ATIF” or the “Company”), formerly known as Eternal Fairy International Limited and Asia Times Holdings Limited, was incorporated under the laws of the British Virgin Islands (“BVI”) on January 5, 2015, as a holding company to develop business opportunities in the People’s Republic of China (the “PRC” or “China”). The Company adopted its current name on March 7, 2019. ATIF owns 100% equity interest of ATIF Limited (“ATIF HK”), formerly known as China Elite International Holdings Limited and Asia Times International Finance Limited, a limited liability company established in Hong Kong on January 6, 2015, and adopted its current name on March 7, 2019. ATIF HK is currently not engaging in any active business and merely acting as a holding company. ATIF HK acquired a financial and news media platform www.chinacnnm.com in September 2018. On May 20, 2015, ATIF HK incorporated Huaya Consultant (Shenzhen) Co., Ltd. (“Huaya”) as a Wholly Foreign Owned Enterprise (“WFOE”) in China. On September 5, 2018, Huaya entered into a series of contractual arrangements with the owners of Qianhai Asia Era (Shenzhen) International Financial Service Co., Ltd. (“Qianhai”), a company incorporated on November 3, 2015, under the laws of China with a registered capital of RMB5 million (approximately $0.75 million), which had been fully paid in December 2017. Qianhai is primarily engaged in providing going public consulting and financial consulting services to small and medium-sized enterprise customers in the PRC. Qianhai originally owned a 100% controlled subsidiary Qianhai Asia Era (Shenzhen) International Fund Management Co., Ltd. (“Asia Era Fund”), which had limited operation since its inception on December 11, 2015. In connection with the reorganization of the legal structure for the initial public offering (“IPO”) of the Company, on August 13, 2018, Qianhai sold 45% of its equity interest in Asia Era Fund for a total price of RMB31,500 (approximately $4,586) to a related party Mr. Yanru Zhou, who beneficially owns 13,000 shares, or 26% of the Company’s Ordinary Shares. In September 2018, Qianhai sold its remaining 55% equity interest in Asia Era Fund to two unrelated individuals: Ms. Zehong Lai and Mr. Zhuorong Cai, for a total price of RMB34,500 (approximately $5,023). After these transactions, Asia Era Fund was considered completely spun off. Reorganization A reorganization of the Company’s legal structure was completed on September 19, 2018 (the “Reorganization”). The Reorganization involved the transfer of the ownership interest in ATIF from original shareholders to the current controlling shareholders, and the spinoff of Asia Era Fund. ATIF became the ultimate holding company of ATIF HK, Huaya, and Qianhai, which were all controlled by the same shareholders before and after the Reorganization. On September 5, 2018, Huaya entered into a series of contractual arrangements with the owners of Qianhai. These agreements include an Exclusive Service Agreement, an Equity Pledge Agreement, a Call Option Agreement, and a Shareholders’ Voting Rights Proxy Agreement (collectively “VIE Agreements”). Pursuant to the above VIE Agreements, Huaya has the exclusive right to provide Qianhai consulting services related to business operations including technical and management consulting services. All the above contractual arrangements obligate Huaya to absorb a majority of the risk of loss from business activities of Qianhai and entitle Huaya to receive a majority of Qianhai’s residual returns. In essence, Huaya has gained effective control over Qianhai. Therefore, the Company believes that Qianhai should be considered as a Variable Interest Entity (“VIE”) under the Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 “Consolidation.” Initial Public Offering On April 29, 2019, the Company completed its IPO of 2,074,672 ordinary shares at a public offering price of $5.00 per share. The gross proceeds were approximately $10.4 million before deducting the underwriter's commissions and other offering expenses, resulting in net proceeds of approximately $8.8 million to the Company. In connection with the offering, the Company’s ordinary shares began trading on the NASDAQ Capital Market on May 3, 2019, under the symbol “ATIF.”

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jul. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The consolidated financial statements of the Company include the accounts of the Company, its subsidiaries, and its VIE. All intercompany balances and transactions have been eliminated upon consolidation.

The Company, together with its wholly-owned subsidiary Huaya and its VIE, are effectively controlled by the same shareholders before and after the Reorganization and therefore the Reorganization is considered under common control. The consolidation of the Company and its subsidiaries and VIE has been accounted for at historical cost as of the beginning of the first period presented in the accompanying consolidated financial statements.

The Company, through its subsidiaries and VIE, is engaged in providing financial consulting services to customers in the PRC.

The Company’s consolidated financial statements reflect the operating results of the following entities:


	Date of		Place of	Percentage of
	incorporation		incorporation	ownership		Principal activities
ATIF		January 5, 2015	British Virgin Islands	100	%	Parent Holding
Wholly owned subsidiaries
ATIF HK		January 6, 2015	Hong Kong	100	%	Investment holding
Huaya		May 20, 2015	PRC	100	%	WFOE, Consultancy and information technology support
VIE
Qianhai		November 3, 2015	PRC	VIE		Listing and financial consulting services

The VIE contractual arrangements

Foreign investments in domestic Chinese companies that engage in private equity investment business are restricted in China under current PRC laws and regulations. Huaya is a WFOE and is subject to such legal restrictions. Therefore, the Company’s main operating entity Qianhai is controlled through contractual arrangements in lieu of direct equity ownership by the Company or any of its subsidiaries.

Risks associated with the VIE structure

The Company believes that the contractual arrangements with its VIE and respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

revoke the business and operating licenses of the Company’s PRC subsidiary and VIE;

discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIE;

limit the Company’s business expansion in China by way of entering into contractual arrangements;

impose fines or other requirements with which the Company’s PRC subsidiary and VIE may not be able to comply;

require the Company or the Company’s PRC subsidiary and VIE to restructure the relevant ownership structure or operations; or

restrict or prohibit the Company’s use of the proceeds from the IPO to finance the Company’s business and operations in China.

The Company’s ability to conduct its consulting services business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective control over the VIE and its respective shareholders and it may lose the ability to receive economic benefits from its VIE. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary, or its VIE.

The Company has not provided any financial support to the VIE for the years ended July 31, 2019, 2018, and 2017. The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:


	As of July 31,
	2019		2018
Current assets	$	3,673,890	$	3,689,028
Non-current assets		68,375		49,378
Total assets		3,742,265		3,738,406
Current liabilities		980,364		1,512,761
Non-current liabilities		—		—
Total liabilities		980,364		1,512,761
Net assets	$	2,761,901	$	2,225,645

The summarized operating results of the VIE’s are as follows:


	For the years ended July 31,
	2019		2018		2017
Operating revenue	$	2,777,618	$	5,341,271	$	3,657,223
Income from operations		884,789		2,927,679		925,065
Income before income taxes		930,361		2,863,744		2,147,253
Net income	$	697,631	$	2,146,927	$	641,107

The summarized cash flow information of the VIE are as follows:


	For the years ended July 31,
	2019		2018		2017
Net cash (used in) provided by operating activities	$	(3,380,071)	$	2,036,439	$	153,718
Net cash provided by (used in) investing activities		2,700,687		(2,898,916)		(20,483)
Net cash provided by (used in) financing activities	$	(14,626)	$	755,139	$	—

Use of Estimates

In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the valuation of accounts and loan receivable, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, revenue recognition and provision necessary for contingent liabilities. Actual results could differ from those estimates.

Cash and cash equivalents

Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Cash balances in bank accounts in the PRC are not insured by the Federal Deposit Insurance Corporation or other programs.

Accounts Receivable, net

Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. Allowance for uncollectible balances amounted to $65,335 and $Nil as of July 31, 2019 and 2018, respectively.

Prepaid expenses

Prepaid expenses primarily consist of prepayment to third-party vendors for outsourced consulting services such as potential new customer identification and referral and assistance in capital funding for customers, advance payment to vendors for purchase of fixed assets, prepaid advertising expenses and prepaid rental deposits. Prepaid expenses are interest free, unsecured, and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. As of July 31, 2019 and 2018, there was no allowance recorded as the Company considers all of such advances fully realizable.

Property and Equipment, net

Property and equipment are stated at cost. The straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:


		Useful life
Electronic equipment		3 years
Office furniture		5 years

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

Intangible Assets, net

Intangible assets consist primarily of purchased accounting software and a financial and news platform www.chinacnnm.com acquired in fiscal year 2019 to be used to market the Company’s going public consulting services to potential clients and to help existing clients distribute news and worldwide press releases (see Note 7).

Intangible assets are stated at cost less accumulated amortization. The straight-line method is used to compute amortization over the estimated useful lives of the intangible assets, as follows:


		Useful life
Accounting software		5 years
Financial and news platform		15 years

Impairment of Long-lived Assets

Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated discounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market value. There were no impairments of long-lived assets as of July 31, 2019 and 2018.

Fair Value of Financial Instruments

ASC 825‑10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

Level 3 - inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash and cash equivalents, accounts receivable, loan receivable, due from a related party, prepaid expenses and other current assets, taxes payable, deferred revenue, due to related parties, accrued expenses and other current liabilities approximate their fair values because of the short-term nature of these instruments.

Revenue Recognition

On August 1, 2018, the Company adopted ASC 606 Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective approach. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements, no adjustments to opening retained earnings were made as the Company’s revenue was recognized based on the amount of consideration expects to receive in exchange for satisfying the performance obligations.

ASC 606 establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the Company’s contracts to provide services to customers. The core principle requires the Company to recognize revenue to depict the transfer of services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied.

ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that may result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company’s consolidated financial statements upon adoption of ASC 606.

The Company currently generates its revenue from the following main sources:

(1) Revenue from customer’s initial registration fee

In order to engage with the Company for various consulting services, a new customer is required to pay an initial non-refundable registration fee to the Company and the Company will then post the customer’s information and profiles on its website, at which point, the Company’s performance obligations are satisfied and such registration fee is recognized as revenue. The Company does not charge additional customer profile maintenance fee after the initial posting is completed as limited effort is required for the Company to maintain such information on an on-going basis.

(2) Revenue from consulting services

The Company provides various consulting services to its members, especially to those who have the intention to be publicly listed in the stock exchanges in the United States and other countries. The Company categorizes its consulting services into three Phases:

Phase I consulting services primarily include due diligence review, market research and feasibility study, business plan drafting, accounting record review, and business analysis and recommendations. Management estimates that Phase I normally takes about three months to complete based on its past experience.

Phase II consulting services primarily include reorganization, pre-listing education and tutoring, talent search, legal and audit firm recommendation and coordination, VIE contracts and other public-listing related documents review, merger and acquisition planning, investor referral and pre-listing equity financing source identification and recommendations, and independent directors and audit committee candidate’s recommendation. Management estimates that Phase II normally takes about eight months to complete based on its past experience.

Phase III consulting services primarily include shell company identification and recommendation for customers expecting to become publicly listed through reverse merger transaction; assistance in preparation of customers’ public filings for IPO or reverse merger transactions; and assistance in answering comments and questions received from regulatory agencies. Management believes it is very difficult to estimate the timing of this phase of service as the completion of Phase III services is not within the Company’s control.

Each phase of consulting services is stand-alone and fees associated with each phase are clearly identified in service agreements. Revenue from providing Phase I and Phase II consulting services to customers is recognized ratably over the estimated completion period of each phase as the Company’s performance obligations related to these services are carried out over the whole duration of each Phase. Revenue from providing Phase III consulting services to customers is recognized upon completion of the reverse merger transaction or IPO transaction when the Company’s promised services are rendered and the Company’s performance obligations are satisfied. Revenue that has been billed and not yet recognized is reflected as deferred revenue on the balance sheet.

Depending on the complexity of the underlying service arrangement and related terms and conditions, significant judgments, assumptions, and estimates may be required to determine when substantial delivery of contract elements has occurred, whether any significant ongoing obligations exist subsequent to contract execution, whether amounts due are collectible and the appropriate period or periods in which, or during which, the completion of the earnings process occurs. Depending on the magnitude of specific revenue arrangements, adjustment may be made to the judgments, assumptions, and estimates regarding contracts executed in any specific period.

Contract Assets and Liabilities

Contract balances typically arise when a difference in timing between the transfer of control to the customer and receipt of consideration occurs.

The Company’s contract assets, consist primarily of accounts receivable related to providing going public consulting services to the customers in which the Company’s contracted performance obligations have been satisfied, amount billed and the Company has an unconditional right to payment. Accounts receivable related to going public consulting services amounted to $1,472,258 and $137,550 as of July 31, 2019 and 2018, respectively. For accounts receivable balance as of July 31, 2019, approximately 14% has been subsequently collected back as of the date of this Report and the remaining balances are expected to be collected within the next few months.

The Company’s contract liabilities, which are reflected in its consolidated balance sheets as deferred revenue, consist primarily of the Company’s unsatisfied performance obligations associated with going public consulting services to be provided to customers as of the balance sheet dates. Contract liabilities amounted to $415,392 and $547,235 as of July 31, 2019 and 2018, respectively. The July 31, 2019 contract liabilities balances are expected to be recognized as revenue within one year when the Company’s performance obligations are satisfied.

Disaggregation of Revenues

Revenue disaggregated by service type was as follows for the years ended July 31, 2019, 2018, and 2017:


	For the years ended July 31,
	2019		2018		2017
Revenue from consulting services	$	3,078,758	$	5,236,196	$	3,469,224
Revenue from customer’s initial registration fee		—		71,695		166,147
Total revenue	$	3,078,758	$	5,307,891	$	3,635,371

Income Taxes

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of ASC 740‑10‑25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Management does not believe that there was any uncertain tax position as of July 31, 2019 and 2018. As of July 31, 2019, PRC tax returns filed in 2016 to 2018 remain open for statutory examination by PRC tax authorities

Earnings per Share

Basic earnings per share are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. There were no dilutive shares for the years ended July 31, 2019, 2018, and 2017.

Foreign Currency Translation

The accounts of the Company and its subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the U.S. Dollar (“USD”) while its subsidiary in Hong Kong reports its financial positions and results of operations in Hong Kong Dollar (“HKD”) and the Company’s subsidiary in China reports its financial positions and results of operations in Renminbi (“RMB”). The accompanying consolidated financial statements are presented in USD. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of changes in equity. Gains and losses from foreign currency transactions are included in the results of operations.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:


	July 31, 2019		July 31, 2018		July 31, 2017
Foreign currency	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss
RMB: 1USD	0.1453	0.1463	0.1467	0.1538	0.1487	0.1466
HKD: 1USD	0.1278	0.1276	0.1274	0.1278	0.1280	0.1287

Comprehensive income

Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded from net income. The Company’s other comprehensive loss for the year ended July 31, 2019, 2018, and 2017, consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currency.

Statement of Cash Flows

In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

Risks and Uncertainty

The Company’s major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRC’s economy may influence the Company’s business, financial condition, and results of operations.

The Company’s major operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, among other things. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases, including operating leases, with a term in excess of 12 months. The guidance also expands the quantitative and qualitative disclosure requirements. The guidance will be effective in fiscal year 2020, with early adoption permitted, and must be applied using a modified retrospective approach. In July 2018, the FASB issued updates to the lease standard making transition requirements less burdensome. The update provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the company’s financial statements. The new guidance requires the lessee to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. FASB further issued ASU 2018‑11 “Target Improvement” and ASU 2018‑20 “Narrow-scope Improvements for Lessors.” As an emerging growth company, the Company will adopt this guidance effective August 1, 2019. The Company has evaluated the impact of this guidance and estimated that the adoption of ASU 2016-02 will recognize additional operating liabilities of approximately $1.2 million, with corresponding right of use ("ROU") assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases with a term longer than 12 months.

In February 2018, the FASB has issued Accounting Standards Update (ASU) No. 2018‑02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.” The ASU amends ASC 220, Income Statement — Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect this guidance will have a material impact on its consolidated financial statements.

In March 2018, the FASB issued ASU 2018‑05 — Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (“ASU 2018‑05”), which amends the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the “Act”) that was signed into law on December 22, 2017, and Staff Accounting Bulletin No. 118 (“SAB 118”) that was released by the SEC. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not believe this guidance will have a material impact on its consolidated financial statements.

On June 20, 2018, the FASB issued ASU No. 2018‑07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU No. 2018‑07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective for all public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, but not before an entity adopts ASC 606. The Company does not believe this guidance will have a material impact on its consolidated financial statements.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016‑13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. ASU 2016‑13 was subsequently amended by Accounting Standards Update 2018‑19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Accounting Standards Update 2019‑04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and Accounting Standards Update 2019‑05, Targeted Transition Relief. For public entities, ASU 2016‑13 and its amendments is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, this guidance and its amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. As an emerging growth company, the Company will adopt this guidance effective August 1, 2023. The Company is currently evaluating the impact of its pending adoption of ASU 2016‑13 on its consolidated financial statements.

In August 2018, the FASB Accounting Standards Board issued ASU No. 2018‑13, “Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018‑13”). ASU 2018‑13 modifies the disclosure requirements on fair value measurements. ASU 2018‑13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company is currently evaluating the impact of adopting ASU No. 2018‑13 on its consolidated financial statements.

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Jul. 31, 2019

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

NOTE 3 – ACCOUNTS RECEIVABLE, NET


	As of July 31,
	2019		2018
Accounts receivable	$	1,537,593	$	137,550
Less: allowances for doubtful accounts		(65,335)		—
Accounts receivables, net	$	1,472,258	$	137,550

Accounts receivable represents balance due from providing going public consulting services to customers in which the Company’s contracted performance obligations have been satisfied, amount billed and the Company has an unconditional right to payment. In fiscal year 2019, the Company primarily focused on providing IPO related consulting services to customers. Given the longer duration of the IPO process, the Company extended the credit terms to customers, which led to increased accounts receivable balance as of July 31, 2019. Approximately 14% of the July 31, 2019 accounts receivable balance has been subsequently collected as of the date of this Report and the remaining balances are expected to be collected within the next few months.

The aging of the Company’s accounts receivable as of July, 2019 and 2018, are as follows:


	As of July 31,
	2019		2018
1-90 days past due	$	364,430	$	137,550
90-180 days past due		147,722		—
180-360 days past due		894,771		—
Greater than 360 days past due		130,670		—
Total gross accounts receivable	$	1,537,593	$	137,550

Allowance for doubtful accounts amounted to $65,335 and $Nil as of July 31, 2019 and 2018, respectively.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Jul. 31, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT ASSETS


	As of July 31,
	2019		2018
Advance to employees for business development purposes (a)	$	700,940	$	595,397
Prepaid consulting service fees (b)		891,098		—
Prepayment for advertising services (c )		400,895		—
Security deposits for operating lease and auto license plate (d)		155,397		98,971
Advance to vendor for fixed assets purchase (e)		248,349		—
Advance to vendor for a trading platform development (f)		180,000		—
Interest receivable (g)		—		14,819
Others (h )		78,653		12,630
Total	$	2,655,332	$	721,817

(a)

Other receivables primarily include short-term advances to employees for business development and marketing campaign, which are normally expensed within three months when invoices and other supporting documents been submitted for reimbursement. Subsequently in August 2019, approximately $284,757 (RMB1.96 million) employee advances had been collected back.

(b)

In January 2019, the Company signed a contract with Honest Smart Holdings Limited (“HSHL”) and engaged HSHL to help to identify and refer potential new customers to the Company for consulting services, and also help these customers resolve their capital funding demand. As a result, the Company prepaid approximately $0.73 million (RMB5 million) to HSHL for these consulting services, and such prepaid consulting expense is amortized over the contracted service period from January 2019 to June 30, 2020. Amortization of prepaid consulting expense for the years ended July 31, 2019, 2018, and 2017 was $282,434, $Nil, and $Nil, respectively.

In late July 2019, the Company signed another consulting service agreement with Achievable Wisdom Limited (“AWL”) and engaged AWL to provide consulting services such as oversea capital market information collection, market research and investigation, and shell company search for related services. Total consulting service fee amounted to approximately $421,580 (HKD3.3 million), and such prepaid consulting expense is amortized over the contracted service period from July 2019 to November 2019. No amortization expense was recorded for the year ended July 31, 2019, since the agreement was signed in late July.

(c)

Prepayment for advertising services: In June 2019, the Company signed a service contract with Shenzhen Hubao Media Company (“Hubao”) and engaged with Hubao to produce media films to advertise the Company’s brand name and business. The Company prepaid approximately $400,895 (RMB2.76 million) for such advertising services. Subsequently in August 2019, the Company terminated the service agreement with Hubao and the prepaid advertising service fee of $400,895 had been fully collected back.

(d)

These amounts represent security deposit for the Company’s operating leases for its offices in Shenzhen and Hong Kong, as well as a security deposit for a vehicle license plate. Such security deposits are fully refundable.

(e)

Advance to vendor for fixed assets purchase: in July 2019, the Company purchased a used Bentley car from seller S.H.WATCH CASE & PAPTS MANUFACTURER LTD with a total purchase price of approximately $310,436 (HKD2.43 million). The Company prepaid $248,349 (HKD1.94 million) to the seller as of July 31, 2019, and will make the remaining payment when the vehicle title and license are transferred to the Company. Subsequently in November 2019, the Company obtained the vehicle title and license, and the prepayment has been reclassified as the Company’s fixed assets.

(f)

Advance to vendor for stock trading platform development: In May 2019, the Company signed a contract with vendor China Artificial Intelligence Co., Ltd. (“CAIC”) and engaged CAIC to design a stock trading platform for the Company in order to improve its future business service process and enhance its competitiveness in the market. The Company prepaid $180,000 to CAIC for the stock trading platform development. CAIC expects to deliver the platform to the Company before March 31, 2020.

(g)

Interest receivable: in connection with the Company’s loans receivable as disclosed in Note 4, the Company recorded interest receivable of $14,819 as of July 31, 2018, which had been fully collected during fiscal year 2019.

(h)

Other prepaid expenses primarily include prepayment to logistic companies for express mail services and prepaid employee housing fund, which normally are expensed when the invoices are received and reimbursed.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Jul. 31, 2019

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

Property and equipment stated at cost less accumulated depreciation consisted of the following:


	As of July 31,
	2019		2018
Office equipment	$	64,126	$	48,907
Furniture		34,489		29,880
Total		98,615		78,787
Less: accumulated depreciation		(49,586)		(29,409)
Property and equipment, net	$	49,029	$	49,378

Depreciation expense was $20,615, $16,458, and $11,320 for the years ended July 30, 2019, 2018, and 2017, respectively.

INTANGIBLE ASSETS, NET

12 Months Ended

Jul. 31, 2019

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

NOTE 7 – INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:


	As of July 31,
	2019		2018
Financial and news platform (a)	$	438,657	$	—
Accounting software		19,842		—
Total		458,499		—
Less: accumulated amortization		(29,740)		—
Intangible assets, net	$	428,759	$	—

(a)

In order to diversify the Company’s business and revenue source, on September 20, 2018 (the “Acquisition Date”), ATIF HK entered into a purchase agreement with Shenzhen Shangyuan Electronic Commerce Co., Ltd. (“Shangyuan”) to acquire a financial and news media platform www.chinacnnm.com from Shangyuan, for a total cash consideration of approximately $0.46 million (or RMB3 million).The purchase price was based on the estimated fair value of this asset as of the Acquisition Date in accordance with the valuation report of an independent appraisal firm. The transaction costs (including title search and legal costs) associated with the news media platform acquisition were immaterial and transaction cost capitalization is not deemed necessary. The Company acquired only the financial and news platform/website from Shangyuan, not the equity interest of Shangyuan. Thus, the Company determined that the acquisition constituted as an acquisition of assets for financial statement purposes, rather than an acquisition of a business. The Company does not believe that purchase price allocation is necessary in this transaction because only one intangible asset is identified. The Company plans to use this financial and news platform to market its listing consulting services to potential clients and to help existing clients distribute news and worldwide press releases.

Amortization expense was $29,707, $Nil, and $Nil for the years ended July 31, 2019, 2018 and 2017, respectively.

Estimated future amortization expense is as follows:


Year ending July 31,	Amortization expense
2020	$	31,228
2021		31,228
2022		31,228
2023		31,228
2024		31,228
Thereafter		272,619
Total	$	428,759

INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY	12 Months Ended
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY	Jul. 31, 2019
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY	NOTE 8 — INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY On July 29, 2019, the Company made an investment deposit of $1,277,514 (HKD10 million) with Manulife (International) Limited (“Manulife”) in order to purchase a long-term life insurance investment instrument from Manulife to earn interest income, with ATIF Limited as the insurance beneficiary. The Company expects to hold this investment for five years in order to avoid surrender charge. Early redemption fee applies to subscription less than five years. The insurance company Manulife will invest the funds in certain portfolio of financial instruments, including money market funds, private fund, bonds or mutual funds, with variable rates of return on the investment. Historically, the rates of return on similar investments with Manulife ranged from 8.69% to 11.49%, with an average of 9.48% per annum. Interest income is to be paid to the Company on a monthly basis. The interest earned will be recognized in the consolidated statements of income and comprehensive income over the contractual term of this investment, unless the Company elects to early terminate the contract. The life insurance policy subsequently became effective on August 3, 2019, and the investment of $1,277,514 represents the carrying amount (surrender value) of the contract if it is to be terminated by the Company (see Note 16).

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Jul. 31, 2019

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 9 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	As of July 31,
	2019		2018
Accrued payroll and welfare	$	56,928	$	17,976
Accrued professional fees		—		200,000
Deposit payable		—		47,417
Others		—		26,286
Total	$	56,928	$	291,679

RELATED PARTY TRANSACTIONS

12 Months Ended

Jul. 31, 2019

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

a. Due from related parties

As of July 31, 2019 and 2018, the balances due from related parties were as follows:


		As of July 31,
Due from a related party:	Relationship	2019		2018
Shenzhen Haorong Guarantee Co., Ltd. (“Haorong”)	An affiliate controlled by the Company’s major shareholder	$	—	$	14,966

The Company originally had a plan to develop the guarantee business and accordingly advanced cash to Haorong, an entity controlled by the Company’s majority shareholder, in order to conduct business planning. The Company substantially collected the balance from Haorong in September 2018. There was no due from related party balance as of July 31, 2019.

b. Due to related parties

Due to related parties are comprised of advances from the Company’s principal officers and used for working capital. These advances are non-interest bearing and due upon demand.

TAXES

12 Months Ended

Jul. 31, 2019

TAXES

TAXES

NOTE 12 – TAXES

(a) Corporate Income Taxes (“CIT”)

The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

British Virgin Islands

Under the current laws of the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

ATIF HK is subject to Hong Kong profits tax at a rate of 16.5%. However, it did not generate any assessable profits arising in or derived from Hong Kong for the fiscal years ended July 31, 2019, 2018, and 2017, and accordingly no provision for Hong Kong profits tax has been made in these periods.

PRC

Huaya and Qianhai were incorporated in the PRC. Under the Income Tax Laws of the PRC, these companies are subject to income tax rate of 25%

The following table reconciles the statutory rate to the Company’s effective tax rate:


	For the years ended July 31,
	2019	2018	2017
	%	%	%
China income tax rate	25.0	25.0	25.0
Permanent difference on non-deductible expenses	0.1	1.9	0.3
Utilization of the VIE’s Net Operating Loss (“NOL”) from prior years	(1.7)	—	—
Losses incurred in foreign entities (BVI and HK) that are non-deductible	15.8	—	—
Effective tax rate	39.2	26.9	25.3

The provision for income tax consists of the following:


	For the years ended July 31,
		2019		2018		2017
Current income tax provision
BVI	$	—	$	—	$	—
Hong Kong		—		—		—
China		276,823		716,816		217,025
Subtotal		276,823		716,816		217,025

Deferred income tax provision
BVI		—		—		—
Hong Kong		—		—		—
China		—		—		—
Total income tax provision	$	276,823	$	716,816	$	217,025

(b) Taxes Payable

The Company’s taxes payable consists of the following:


	July 31, 2019		July 31, 2018
Value added tax payable	$	91,978	$	65,368
Income tax payable		574,778		794,853
Other tax payable		2,313		1,462
Total taxes payable	$	669,069	$	861,683

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of July 31, 2019 and 2018, the Company did not have any significant unrecognized uncertain tax positions.

EQUITY	12 Months Ended
EQUITY	Jul. 31, 2019
EQUITY
EQUITY	NOTE 13 – EQUITY Ordinary Shares The Company was established under the laws of the British Virgin Islands on January 5, 2015. Prior to the Reorganization, the authorized capital was 100,000,000 ordinary shares with par value of $0.0004 per share and 50,000,000 shares were issued at par value. On August 21, 2018, the Company amended its Memorandum of Association to cancel the 50,000,000 shares issued at par value of $0.0004 per share, and to simultaneously increase the authorized capital to 100,000,000,000 ordinary shares and increase the par value of each share to $0.001. In connection with the cancellation of the 50,000,000 shares, the Company issued 50,000 new shares to the controlling shareholders at $0.001 per share. On November 2, 2018, the Company issued additional 49,950,000 ordinary shares, at par value of $0.001 per share, to its beneficial owners, in private transactions, for a total consideration of $49,950, with 26,473,500 ordinary shares issued to Tianzhen Investments Limited, an entity that owned 53% of the Company’s outstanding shares, and is 100% controlled by Qiuli Wang, the President and Chairman of the Board of Directors of the Company; 12,987,000 ordinary shares issued to Eno Group Limited, an entity that owned 26% of the Company’s outstanding Shares, and is 100% controlled by beneficial owner, Yanru Zhou; 3,996,000 ordinary shares issued to Great State Investments Limited, an entity that owned 8% of the Company’s outstanding shares and is 100% controlled by beneficial owner, Haiyun Liu; 1,998,000 Ordinary Shares to beneficial owner, Ronghua Liu, who owned 98.5% equity of Qianhai, the Company’s VIE; 2,097,900 Ordinary Shares to an unrelated individual Mr. Xueqing Liu; and 2,397,600 Ordinary Shares to another unrelated individual Ms. Renyan Ou. On February 27, 2019, the Company’s pre-IPO shareholders surrendered an aggregated 15,000,000 ordinary shares, which were subsequently cancelled, for no consideration, and resulted in a reduction in outstanding issued shares from 50,000,000 ordinary shares to 35,000,000 ordinary shares with a par value of $0.001 per share (the “Surrender”). As a result of the above, the issuance of these 35,000,000 shares is considered as a part of the Reorganization of the Company, which was retroactively applied as if the transaction occurred at the beginning of the period presented. Initial Public Offering On April 29, 2019, the Company completed its IPO of 2,074,672 ordinary shares at a public offering price of $5.00 per share. The gross proceeds were approximately $10.4 million before deducting the underwriter's commissions and other offering expenses, resulting in net proceeds of approximately $8.8 million to the Company. In connection with the offering, the Company’s ordinary shares began trading on the NASDAQ Capital Market on May 3, 2019, under the symbol “ATIF.” As of July 31, 2019 and 2018, the Company had an aggregate of 37,074,672 and 35,000,000 ordinary shares outstanding, respectively. Statutory Reserve The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. The restricted amounts as determined pursuant to PRC statutory laws totaled $355,912 and $278,836 as of July 31, 2019 and 2018, respectively.

CONCENTRATIONS AND RISKS	12 Months Ended
CONCENTRATIONS AND RISKS	Jul. 31, 2019
CONCENTRATIONS AND RISKS
CONCENTRATIONS AND RISKS	NOTE 14 — CONCENTRATIONS AND RISKS The Company maintains certain bank accounts in the PRC and Hong Kong, which are not insured by Federal Deposit Insurance Corporation insurance or other insurance. As of July 31, 2019 and 2018, cash balances of $6,459,702 and $72,965, respectively, were maintained at financial institutions in the PRC and Hong Kong, which were not insured by Federal Deposit Insurance Corporation insurance or other insurance. For the years ended July 31, 2019, 2018 and 2017, a substantial part of the Company’s assets were located in the PRC and all of the Company’s revenues were derived from its subsidiary and VIE located in the PRC. For the year ended July 31, 2019, three customers accounted for approximately 44.1%, 28.6%, and 18.8% of the Company’s total revenue. For the year ended July 31, 2018, two customers accounted for approximately 32.9% and 20.7% of the Company’s total revenue. For the year ended July 31, 2017, three customers accounted for approximately 34.0%, 30.8%, and 30.3% of the Company’s total revenue. As of July 31, 2019, four customers accounted for approximately 60.7%, 14.5%, 13.7%, and 11.1% of the Company’s outstanding accounts receivable. As of July 31, 2018, one customer accounted for 100% of the Company’s outstanding accounts receivable.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jul. 31, 2019

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Operating Lease Commitments

The Company leases office spaces in the PRC and Hong Kong under operating leases. The current office lease in the PRC and Hong Kong expires on December 27, 2021, and November 17, 2021, respectively. Operating lease expense amounted to $515,010, $400,151, and $219,536 for the years ended July 31, 2019, 2018, and 2017, respectively.

On August 16, 2019, the Company entered into an operating lease agreement to lease an office space in California. The lease term is three years from September 1, 2019, to August 31, 2022, at the total rental of $175,662.

Future minimum lease payments under non-cancelable operating leases are as follows:


12 months ending July 31,	Lease payments
2020	$	656,330
2021		658,806
2022		274,241
2023		4,928
Total	$	1,594,305

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Jul. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS On July 29, 2019, the Company made a deposit of $1,277,514 (HKD10 million) with Manulife in order to purchase a long-term life insurance investment instrument from Manulife to earn interest income, with ATIF Limited as the insurance beneficiary. The insurance policy agreement became effective on August 3, 2019 (see Note 8). In order to expand into the United States market, the Company plans to establish a new subsidiary in the United States. On August 16, 2019, the Company entered into an operating lease agreement to lease an office space in Rancho Cucamonga, California. The lease term is three years from September 1, 2019 to August 31, 2022 at total rental expense of $175,662 for the current lease term (see Note 15). On November 4, 2019, Shenzhen Court of International Arbitration notified Qianhai regarding the request for arbitration initiated by Huale Group Co., Limited ("Huale") related to a Going Public Consulting Service Agreement dated March 2, 2017, by and between Qianhai and Huale. Huale claimed that Qianhai failed to refund a deposit of $300,000 after the parties terminated the agreement. Huale asserted its claim at $300,000 (RMB2,073,750), plus any related arbitration fees. On November 14, 2019, Qianhai submitted a counterclaim request, claiming that the $300,000 shall not be refunded since it constituted service fees for consulting services provided to Huale by Qianhai pursuant to the Going Public Consulting Service Agreement. Qianhai asserted its counterclaim for legal fees of RMB88,000, plus any related arbitration fees and travel, translation, and other expenses related to this arbitration proceeding. Qianhai intends to vigorously defend itself and pursue its counterclaim in this proceeding. Management does not expect this arbitration proceeding to have a material adverse effect on the Company's business, financial condition, or results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jul. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company, through its subsidiaries and VIE, is engaged in providing financial consulting services to customers in the PRC.

The Company’s consolidated financial statements reflect the operating results of the following entities:


	Date of		Place of	Percentage of
	incorporation		incorporation	ownership		Principal activities
ATIF		January 5, 2015	British Virgin Islands	100	%	Parent Holding
Wholly owned subsidiaries
ATIF HK		January 6, 2015	Hong Kong	100	%	Investment holding
Huaya		May 20, 2015	PRC	100	%	WFOE, Consultancy and information technology support
VIE
Qianhai		November 3, 2015	PRC	VIE		Listing and financial consulting services

The VIE contractual arrangements

Risks associated with the VIE structure

revoke the business and operating licenses of the Company’s PRC subsidiary and VIE;

discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIE;

limit the Company’s business expansion in China by way of entering into contractual arrangements;

impose fines or other requirements with which the Company’s PRC subsidiary and VIE may not be able to comply;

require the Company or the Company’s PRC subsidiary and VIE to restructure the relevant ownership structure or operations; or

restrict or prohibit the Company’s use of the proceeds from the IPO to finance the Company’s business and operations in China.


	As of July 31,
	2019		2018
Current assets	$	3,673,890	$	3,689,028
Non-current assets		68,375		49,378
Total assets		3,742,265		3,738,406
Current liabilities		980,364		1,512,761
Non-current liabilities		—		—
Total liabilities		980,364		1,512,761
Net assets	$	2,761,901	$	2,225,645

The summarized operating results of the VIE’s are as follows:


	For the years ended July 31,
	2019		2018		2017
Operating revenue	$	2,777,618	$	5,341,271	$	3,657,223
Income from operations		884,789		2,927,679		925,065
Income before income taxes		930,361		2,863,744		2,147,253
Net income	$	697,631	$	2,146,927	$	641,107

The summarized cash flow information of the VIE are as follows:


	For the years ended July 31,
	2019		2018		2017
Net cash (used in) provided by operating activities	$	(3,380,071)	$	2,036,439	$	153,718
Net cash provided by (used in) investing activities		2,700,687		(2,898,916)		(20,483)
Net cash provided by (used in) financing activities	$	(14,626)	$	755,139	$	—

Use of Estimates

Cash and cash equivalents

Accounts Receivable, net

Prepaid expenses

Property and Equipment, net

Property and equipment are stated at cost. The straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:


		Useful life
Electronic equipment		3 years
Office furniture		5 years

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

Intangible Assets, net

Intangible assets are stated at cost less accumulated amortization. The straight-line method is used to compute amortization over the estimated useful lives of the intangible assets, as follows:


		Useful life
Accounting software		5 years
Financial and news platform		15 years

Impairment of Long-lived Assets

Fair Value of Financial Instruments

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3 - inputs to the valuation methodology are unobservable.

Revenue Recognition

The Company currently generates its revenue from the following main sources:

(1) Revenue from customer’s initial registration fee

(2) Revenue from consulting services

Contract Assets and Liabilities

Contract balances typically arise when a difference in timing between the transfer of control to the customer and receipt of consideration occurs.

Disaggregation of Revenues

Revenue disaggregated by service type was as follows for the years ended July 31, 2019, 2018, and 2017:


	For the years ended July 31,
	2019		2018		2017
Revenue from consulting services	$	3,078,758	$	5,236,196	$	3,469,224
Revenue from customer’s initial registration fee		—		71,695		166,147
Total revenue	$	3,078,758	$	5,307,891	$	3,635,371

Income Taxes

Earnings per Share

Foreign Currency Translation

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:


	July 31, 2019		July 31, 2018		July 31, 2017
Foreign currency	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss
RMB: 1USD	0.1453	0.1463	0.1467	0.1538	0.1487	0.1466
HKD: 1USD	0.1278	0.1276	0.1274	0.1278	0.1280	0.1287

Comprehensive income

Statement of Cash Flows

Risks and Uncertainty

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jul. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of subsidiaries and variable interest entities

The Company’s consolidated financial statements reflect the operating results of the following entities:


	Date of		Place of	Percentage of
	incorporation		incorporation	ownership		Principal activities
ATIF		January 5, 2015	British Virgin Islands	100	%	Parent Holding
Wholly owned subsidiaries
ATIF HK		January 6, 2015	Hong Kong	100	%	Investment holding
Huaya		May 20, 2015	PRC	100	%	WFOE, Consultancy and information technology support
VIE
Qianhai		November 3, 2015	PRC	VIE		Listing and financial consulting services

Schedule of financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances

The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:


	As of July 31,
	2019		2018
Current assets	$	3,673,890	$	3,689,028
Non-current assets		68,375		49,378
Total assets		3,742,265		3,738,406
Current liabilities		980,364		1,512,761
Non-current liabilities		—		—
Total liabilities		980,364		1,512,761
Net assets	$	2,761,901	$	2,225,645

The summarized operating results of the VIE’s are as follows:


	For the years ended July 31,
	2019		2018		2017
Operating revenue	$	2,777,618	$	5,341,271	$	3,657,223
Income from operations		884,789		2,927,679		925,065
Income before income taxes		930,361		2,863,744		2,147,253
Net income	$	697,631	$	2,146,927	$	641,107

The summarized cash flow information of the VIE are as follows:


	For the years ended July 31,
	2019		2018		2017
Net cash (used in) provided by operating activities	$	(3,380,071)	$	2,036,439	$	153,718
Net cash provided by (used in) investing activities		2,700,687		(2,898,916)		(20,483)
Net cash provided by (used in) financing activities	$	(14,626)	$	755,139	$	—

Schedule of estimated useful lives of assets

Property and equipment are stated at cost. The straight-line depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:


		Useful life
Electronic equipment		3 years
Office furniture		5 years

Schedule of estimated useful lives of intangible assets

The straight-line method is used to compute amortization over the estimated useful lives of the intangible assets, as follows:


		Useful life
Accounting software		5 years
Financial and news platform		15 years

Schedule of disaggregation of revenue by service type

Revenue disaggregated by service type was as follows for the years ended July 31, 2019, 2018, and 2017:


	For the years ended July 31,
	2019		2018		2017
Revenue from consulting services	$	3,078,758	$	5,236,196	$	3,469,224
Revenue from customer’s initial registration fee		—		71,695		166,147
Total revenue	$	3,078,758	$	5,307,891	$	3,635,371

Schedule of currency exchange rates

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:


	July 31, 2019		July 31, 2018		July 31, 2017
Foreign currency	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss	Balance Sheet	Profits/Loss
RMB: 1USD	0.1453	0.1463	0.1467	0.1538	0.1487	0.1466
HKD: 1USD	0.1278	0.1276	0.1274	0.1278	0.1280	0.1287

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Jul. 31, 2019

ACCOUNTS RECEIVABLE, NET

Schedule of accounts receivable and allowance for doubtful accounts


	As of July 31,
	2019		2018
Accounts receivable	$	1,537,593	$	137,550
Less: allowances for doubtful accounts		(65,335)		—
Accounts receivables, net	$	1,472,258	$	137,550

Schedule of aging of the accounts receivable

The aging of the Company’s accounts receivable as of July, 2019 and 2018, are as follows:


	As of July 31,
	2019		2018
1-90 days past due	$	364,430	$	137,550
90-180 days past due		147,722		—
180-360 days past due		894,771		—
Greater than 360 days past due		130,670		—
Total gross accounts receivable	$	1,537,593	$	137,550

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Jul. 31, 2019

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Summary of prepaid expenses and other current assets


	As of July 31,
	2019		2018
Advance to employees for business development purposes (a)	$	700,940	$	595,397
Prepaid consulting service fees (b)		891,098		—
Prepayment for advertising services (c )		400,895		—
Security deposits for operating lease and auto license plate (d)		155,397		98,971
Advance to vendor for fixed assets purchase (e)		248,349		—
Advance to vendor for a trading platform development (f)		180,000		—
Interest receivable (g)		—		14,819
Others (h )		78,653		12,630
Total	$	2,655,332	$	721,817

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Jul. 31, 2019

PROPERTY, PLANT AND EQUIPMENT, NET

Summary of property and equipment stated at cost less accumulated depreciation

Property and equipment stated at cost less accumulated depreciation consisted of the following:


	As of July 31,
	2019		2018
Office equipment	$	64,126	$	48,907
Furniture		34,489		29,880
Total		98,615		78,787
Less: accumulated depreciation		(49,586)		(29,409)
Property and equipment, net	$	49,029	$	49,378

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Jul. 31, 2019

INTANGIBLE ASSETS, NET

Summary of intangible assets, net

Intangible assets, net consisted of the following:


	As of July 31,
	2019		2018
Financial and news platform (a)	$	438,657	$	—
Accounting software		19,842		—
Total		458,499		—
Less: accumulated amortization		(29,740)		—
Intangible assets, net	$	428,759	$	—

Summary of estimated future amortization expense

Estimated future amortization expense is as follows:


Year ending July 31,	Amortization expense
2020	$	31,228
2021		31,228
2022		31,228
2023		31,228
2024		31,228
Thereafter		272,619
Total	$	428,759

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Jul. 31, 2019

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Summary of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of July 31,
	2019		2018
Accrued payroll and welfare	$	56,928	$	17,976
Accrued professional fees		—		200,000
Deposit payable		—		47,417
Others		—		26,286
Total	$	56,928	$	291,679

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Jul. 31, 2019

RELATED PARTY TRANSACTIONS

Schedule of balances due from related parties

As of July 31, 2019 and 2018, the balances due from related parties were as follows:


		As of July 31,
Due from a related party:	Relationship	2019		2018
Shenzhen Haorong Guarantee Co., Ltd. (“Haorong”)	An affiliate controlled by the Company’s major shareholder	$	—	$	14,966

TAXES (Tables)

12 Months Ended

Jul. 31, 2019

TAXES

Schedule of reconciliation of statutory rate to effective tax rate

The following table reconciles the statutory rate to the Company’s effective tax rate:


	For the years ended July 31,
	2019	2018	2017
	%	%	%
China income tax rate	25.0	25.0	25.0
Permanent difference on non-deductible expenses	0.1	1.9	0.3
Utilization of the VIE’s Net Operating Loss (“NOL”) from prior years	(1.7)	—	—
Losses incurred in foreign entities (BVI and HK) that are non-deductible	15.8	—	—
Effective tax rate	39.2	26.9	25.3

Schedule of provision for income tax

The provision for income tax consists of the following:


	For the years ended July 31,
		2019		2018		2017
Current income tax provision
BVI	$	—	$	—	$	—
Hong Kong		—		—		—
China		276,823		716,816		217,025
Subtotal		276,823		716,816		217,025

Deferred income tax provision
BVI		—		—		—
Hong Kong		—		—		—
China		—		—		—
Total income tax provision	$	276,823	$	716,816	$	217,025

Schedule of taxes payable

The Company’s taxes payable consists of the following:


	July 31, 2019		July 31, 2018
Value added tax payable	$	91,978	$	65,368
Income tax payable		574,778		794,853
Other tax payable		2,313		1,462
Total taxes payable	$	669,069	$	861,683

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jul. 31, 2019

COMMITMENTS AND CONTINGENCIES

Schedule of future minimum lease payments under non-cancelable operating leases

Future minimum lease payments under non-cancelable operating leases are as follows:


12 months ending July 31,	Lease payments
2020	$	656,330
2021		658,806
2022		274,241
2023		4,928
Total	$	1,594,305

ORGANIZATION AND DESCRIPTION OF BUSINESS - ATIF HK AND QIANHAI (Details)			1 Months Ended
	Aug. 13, 2018 CNY (¥) shares	Aug. 13, 2018 USD ($) shares	Sep. 30, 2018 CNY (¥) individual	Sep. 30, 2018 USD ($) individual	Jul. 31, 2019	Nov. 03, 2015 CNY (¥)	Nov. 03, 2015 USD ($)
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of unrelated individuals \| individual			2	2
Mr. Yanru Zhou
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Beneficial ownership (in shares) \| shares	13,000	13,000
Beneficial ownership (as a percent)	26.00%	26.00%
Qianhai
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Registered Capital						¥ 5,000,000	$ 750,000
ATIF
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of equity interest held					100.00%
Asia Era Fund \| Qianhai
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of equity interest held					100.00%
Percentage of equity interest sold (as a percent)	45.00%	45.00%
Asia Era Fund \| Qianhai \| Ms. Zehong Lai and Mr. Zhuorong Cai
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of equity interest sold (as a percent)			55.00%	55.00%
Total price			¥ 34,500	$ 5,023
Asia Era Fund \| Qianhai \| Mr. Yanru Zhou
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Total price	¥ 31,500	$ 4,586

ORGANIZATION AND DESCRIPTION OF BUSINESS - INITIAL PUBLIC OFFERING (Details) - USD ($)						12 Months Ended
	Apr. 29, 2019	Feb. 28, 2019	Nov. 02, 2018	Aug. 21, 2018	Jan. 05, 2015	Jul. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		35,000,000	49,950,000	50,000	50,000,000
Net proceeds from initial public offering						$ 8,772,754
IPO
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	2,074,672
Public offering price	$ 5.00
Gross proceeds	$ 10,400,000
Net proceeds from initial public offering	$ 8,800,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial statement amounts and balances of the VIE (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Variable Interest Entity [Line Items]
Current assets	$ 10,587,292	$ 3,697,376
TOTAL ASSETS	12,342,594	3,746,754
Current liabilities	1,141,389	1,731,963
Operating revenue	3,078,758	5,307,891	$ 3,635,371
Income from operations	671,604	2,727,679	925,065
Income before income taxes	706,050	2,663,699	857,985
Net income	429,227	1,946,883	640,960
Net cash (used in) provided by operating activities	(3,018,838)	2,036,439	153,718
Net cash provided by (used in) investing activities	739,084	(2,898,916)	(20,483)
Net cash provided by (used in) financing activities	8,741,487	755,139
VIE
Variable Interest Entity [Line Items]
Current assets	3,673,890	3,689,028
Non-current assets	68,375	49,378
TOTAL ASSETS	3,742,265	3,738,406
Current liabilities	980,364	1,512,761
Total liabilities	980,364	1,512,761
Net assets	2,761,901	2,225,645
Operating revenue	2,777,618	5,341,271	3,657,223
Income from operations	884,789	2,927,679	925,065
Income before income taxes	930,361	2,863,744	2,147,253
Net income	697,631	2,146,927	641,107
Net cash (used in) provided by operating activities	(3,380,071)	2,036,439	153,718
Net cash provided by (used in) investing activities	2,700,687	(2,898,916)	$ (20,483)
Net cash provided by (used in) financing activities	$ (14,626)	$ 755,139

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable, Net, Prepaid Expenses, Estimated Useful life of assets and impairment of long-lived assets (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Significant Accounting Policies [Line Items]
Allowance for uncollectible balances amounted	$ 65,335	$ 0
Allowance for unrealizable prepaid expenses	0	0
Impairment of Long-lived Assets	$ 0	$ 0
Accounting software
Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Financial and news platform
Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Electronic equipment
Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Office furniture
Significant Accounting Policies [Line Items]
Estimated useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Jul. 31, 2019 USD ($) item	Jul. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)
Disaggregation of Revenue [Line Items]
Accounts receivables, net	$ 1,472,258	$ 137,550
Accounts receivable balance collected (as a percent)	14.00%
Contract liabilities	$ 415,392	547,235
Revenues	$ 3,078,758	5,307,891	$ 3,635,371
Consulting services
Disaggregation of Revenue [Line Items]
Number of phases of consulting services \| item	3
Revenues	$ 3,078,758	5,236,196	3,469,224
Phase I consulting services
Disaggregation of Revenue [Line Items]
Period of completion	3 months
Phase II consulting services
Disaggregation of Revenue [Line Items]
Period of completion	8 months
Customer's initial registration fee
Disaggregation of Revenue [Line Items]
Revenues		$ 71,695	$ 166,147
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-31
Disaggregation of Revenue [Line Items]
Contract liabilities recognition period	1 year

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share and Foreign Currency Translation (Details)	12 Months Ended
	Jul. 31, 2019 $ / $ shares	Jul. 31, 2018 $ / $ shares	Jul. 31, 2017 $ / $ shares	Jul. 31, 2019 ¥ / $	Jul. 31, 2018 ¥ / $	Jul. 31, 2017 ¥ / $
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of dilutive shares	1	1	1
Foreign currency translation rate, Balance Sheet	0.1278	0.1274	0.1280	0.1453	0.1467	0.1487
Foreign currency translation rate, Profits/Loss	0.1276	0.1278	0.1287	0.1463	0.1538	0.1466

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
ACCOUNTS RECEIVABLE, NET
Accounts receivable	$ 1,537,593	$ 137,550
Less: allowances for doubtful accounts	(65,335)	0
Accounts receivables, net	$ 1,472,258	$ 137,550
Accounts receivable balance collected (as a percent)	14.00%

ACCOUNTS RECEIVABLE, NET - Aging Analysis (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
ACCOUNTS RECEIVABLE, NET
1-90 days past due	$ 364,430	$ 137,550
90-180 days past due	147,722
180-360 days past due	894,771
Greater than 360 days past due	130,670
Total gross accounts receivable	$ 1,537,593	$ 137,550

LOANS RECEIVABLE (Details)	12 Months Ended
LOANS RECEIVABLE (Details)	Jul. 31, 2018 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 CNY (¥)	Jul. 31, 2018 USD ($)
LOANS RECEIVABLE
Short-term loan receivable		$ 0	¥ 18,743,157	$ 2,750,078
Interest rate (in percent)	5.00%
Interest income	$ 15,536

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Advance to employees for business development purposes (a)	$ 700,940	$ 595,397
Prepaid consulting service fees (b)	891,098
Prepayment for advertising services (c )	400,895
Security deposits for operating lease and auto license plate (d)	155,397	98,971
Advance to vendor for fixed assets purchase (e)	248,349
Advance to vendor for a trading platform development (f)	180,000
Interest receivable (g)		14,819
Others (h )	78,653	12,630
Prepaid Expense and Other Assets, Current	$ 2,655,332	$ 721,817

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) ¥ in Thousands, $ in Thousands	5 Months Ended		12 Months Ended
	Nov. 30, 2019 HKD ($)	Nov. 30, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 USD ($)	Aug. 31, 2019 CNY (¥)	Aug. 31, 2019 USD ($)	Jul. 31, 2019 HKD ($)	Jul. 31, 2019 USD ($)
Prepaid Expense and Other Assets, Current [Line Items]
Prepaid consulting service fees (b)											$ 891,098
Advance to vendor for fixed assets purchase (e)											248,349
Advance to vendor for a trading platform development (f)											180,000
Interest receivable (g)				$ 14,819
Honest Smart Holdings Limited
Prepaid Expense and Other Assets, Current [Line Items]
Amortization of prepaid consulting expense			$ 282,434	$ 0	$ 0
Achievable Wisdom Limited
Prepaid Expense and Other Assets, Current [Line Items]
Amortization of prepaid consulting expense			$ 0
Shenzhen Hubao Media Company
Prepaid Expense and Other Assets, Current [Line Items]
Prepaid advertising service fee collected back											400,895
S.H.WATCH CASE & PAPTS MANUFACTURER LTD
Prepaid Expense and Other Assets, Current [Line Items]
Total purchase price of car										$ 2,430	310,436
Advance to vendor for fixed assets purchase (e)										$ 1,940	248,349
China Artificial Intelligence Co., Ltd
Prepaid Expense and Other Assets, Current [Line Items]
Advance to vendor for a trading platform development (f)											$ 180,000
Subsequent Events
Prepaid Expense and Other Assets, Current [Line Items]
Employee advances collected back								¥ 1,960	$ 284,757
Subsequent Events \| Honest Smart Holdings Limited
Prepaid Expense and Other Assets, Current [Line Items]
Prepaid consulting service fees (b)						¥ 5,000	$ 730,000
Subsequent Events \| Achievable Wisdom Limited
Prepaid Expense and Other Assets, Current [Line Items]
Amortization of prepaid consulting expense	$ 3,300	$ 421,580
Subsequent Events \| Shenzhen Hubao Media Company
Prepaid Expense and Other Assets, Current [Line Items]
Prepaid advertising service fee collected back								¥ 2,760	$ 400,895

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 98,615	$ 78,787
Less: accumulated depreciation	(49,586)	(29,409)
Property, Plant and Equipment, net	49,029	49,378
Depreciation expense	20,615	16,458	$ 11,320
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	64,126	48,907
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,489	$ 29,880

INTANGIBLE ASSETS, NET (Details) ¥ in Millions	12 Months Ended
INTANGIBLE ASSETS, NET (Details) ¥ in Millions	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)	Jul. 31, 2019 CNY (¥)	Jul. 31, 2019 USD ($)
Intangible assets, net
Intangible assets, gross					$ 458,499
Less: accumulated amortization					(29,740)
Intangible assets, net					428,759
Amortization expense	$ 29,707	$ 0	$ 0
Financial and news platform
Intangible assets, net
Intangible assets, gross					438,657
Accounting software
Intangible assets, net
Intangible assets, gross					19,842
Shenzhen Shangyuan Electronic Commerce Co., Ltd
Intangible assets, net
Intangible assets, net				¥ 3	$ 460,000

INTANGIBLE ASSETS, NET - Estimated future amortization expense (Details)	Jul. 31, 2019 USD ($)
Estimated future amortization expense
2020	$ 31,228
2021	31,228
2022	31,228
2023	31,228
2024	31,228
Thereafter	272,619
Total	$ 428,759

INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY (Details) $ in Millions	Jul. 29, 2019 HKD ($)	Aug. 03, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 29, 2019 USD ($)
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Investment deposit	$ 10		$ 1,277,514	$ 1,277,514
Manulife (International) Limited ("Manulife")
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Investment deposit	$ 10			$ 1,277,514
Investment holding period	5 years
Subsequent Events
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Investment deposit		$ 1,277,514
Minimum \| Manulife (International) Limited ("Manulife")
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Rates of return (as a percent)	8.69%
Maximum \| Manulife (International) Limited ("Manulife")
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Rates of return (as a percent)	11.49%
Average \| Manulife (International) Limited ("Manulife")
INVESTMENT DEPOSIT FOR LIFE INSURANCE POLICY
Rates of return (as a percent)	9.48%

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued payroll and welfare	$ 56,928	$ 17,976
Accrued professional fees		200,000
Deposit payable		47,417
Others		26,286
Total	$ 56,928	$ 291,679

TAXES (Details) - USD ($)	12 Months Ended
TAXES (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Reconciliation of statutory rate to effective tax rate
Provision for income taxes	$ 276,823	$ 716,816	$ 217,025
Statutory income tax rate	25.00%	25.00%	25.00%
Permanent difference on non-deductible expenses	0.10%	1.90%	0.30%
Utilization of the VIE's Net Operating Loss ("NOL") from prior years	(1.70%)
Losses incurred in foreign entities (BVI and HK) that are non-deductible	15.80%
Effective tax rate	39.20%	26.90%	25.30%
Hong kong
Reconciliation of statutory rate to effective tax rate
Provision for income taxes	$ 0	$ 0	$ 0
Statutory income tax rate	16.50%

TAXES - Provision for Income Tax (Details) - USD ($)	12 Months Ended
TAXES - Provision for Income Tax (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Current income tax provision
China	$ 276,823	$ 716,816	$ 217,025
Subtotal	276,823	716,816	217,025
Deferred income tax provision
Total income tax provision	276,823	716,816	217,025
Hong kong
Deferred income tax provision
Total income tax provision	$ 0	$ 0	$ 0

TAXES - Taxes Payable (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Taxes payable
Value added tax payable	$ 91,978	$ 65,368
Income tax payable	574,778	794,853
Other tax payable	2,313	1,462
Total taxes payable	$ 669,069	$ 861,683

EQUITY (Details) - USD ($)					12 Months Ended
EQUITY (Details) - USD ($)	Feb. 28, 2019	Nov. 02, 2018	Aug. 21, 2018	Jan. 05, 2015	Jul. 31, 2019	Feb. 27, 2019	Jul. 31, 2018
EQUITY
Authorized capital			100,000,000,000	100,000,000	1,000,000,000		1,000,000,000
Par value (per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.0004	$ 0.001		$ 0.001
Shares issued (in shares)	35,000,000	49,950,000	50,000	50,000,000
Number of shares to be cancelled			50,000,000
Shares issued		$ 49,950			$ 8,774,829
Shares surrendered (in shares)						15,000,000
Shares outstanding (in shares)	35,000,000				37,074,672	50,000,000	35,000,000
Tianzhen Investments Limited
EQUITY
Shares issued (in shares)		26,473,500
Percentage of holding on outstanding shares		53.00%
Eno Group Limited
EQUITY
Shares issued (in shares)		12,987,000
Percentage of holding on outstanding shares		26.00%
Great State Investments Limited
EQUITY
Shares issued (in shares)		3,996,000
Percentage of holding on outstanding shares		8.00%
Ronghua Liu
EQUITY
Shares issued (in shares)		1,998,000
Ronghua Liu \| Qianhai
EQUITY
Ownership interest in equity (as a percent)		98.50%
Mr. Xueqing Liu
EQUITY
Shares issued (in shares)		2,097,900
Ms. Renyan Ou
EQUITY
Shares issued (in shares)		2,397,600
Tianzhen Investments Limited \| Qiuli Wang
EQUITY
Percentage of equity interest held		100.00%
Eno Group Limited \| Yanru Zhou
EQUITY
Percentage of equity interest held		100.00%
Great State Investments Limited \| Haiyun Liu
EQUITY
Percentage of holding on outstanding shares		100.00%

EQUITY - Initial Public Offering (Details) - USD ($)						12 Months Ended
EQUITY - Initial Public Offering (Details) - USD ($)	Apr. 29, 2019	Feb. 28, 2019	Nov. 02, 2018	Aug. 21, 2018	Jan. 05, 2015	Jul. 31, 2019	Jul. 31, 2018
EQUITY
Shares issued (in shares)		35,000,000	49,950,000	50,000	50,000,000
Net proceeds from initial public offering						$ 8,772,754
Ordinary shares, Issued						37,074,672	35,000,000
Statutory reserve						$ 355,912	$ 278,836
IPO
EQUITY
Shares issued (in shares)	2,074,672
Public offering price	$ 5.00
Gross proceeds	$ 10,400,000
Net proceeds from initial public offering	$ 8,800,000

CONCENTRATIONS AND RISKS (Details)	12 Months Ended
CONCENTRATIONS AND RISKS (Details)	Jul. 31, 2019 USD ($) customer	Jul. 31, 2018 USD ($) customer	Jul. 31, 2017 customer
CONCENTRATIONS AND RISKS
Cash balances \| $	$ 6,459,702	$ 72,965
Revenue \| Customer concentration risk
CONCENTRATIONS AND RISKS
Number of customers	3	2	3
Revenue \| Customer concentration risk \| Customer one
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	44.10%	32.90%	34.00%
Revenue \| Customer concentration risk \| Customer two
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	28.60%	20.70%	30.80%
Revenue \| Customer concentration risk \| Customer three
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	18.80%		30.30%
Accounts receivable \| Customer concentration risk
CONCENTRATIONS AND RISKS
Number of customers	4	1
Accounts receivable \| Customer concentration risk \| Customer one
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	60.70%	100.00%
Accounts receivable \| Customer concentration risk \| Customer two
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	14.50%
Accounts receivable \| Customer concentration risk \| Customer three
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	13.70%
Accounts receivable \| Customer concentration risk \| Customer four
CONCENTRATIONS AND RISKS
Concentration risk (as a percent)	11.10%

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details)	Jul. 31, 2019 USD ($)
12 months ending July 31,
2020	$ 656,330
2021	658,806
2022	274,241
2023	4,928
Total	$ 1,594,305

SUBSEQUENT EVENTS (Details) $ in Millions					12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions	Nov. 14, 2019 CNY (¥)	Nov. 04, 2019 CNY (¥)	Nov. 04, 2019 USD ($)	Aug. 16, 2019 USD ($)	Jul. 31, 2019 USD ($)	Jul. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)	Aug. 03, 2019 USD ($)	Jul. 29, 2019 HKD ($)	Jul. 29, 2019 USD ($)
SUBSEQUENT EVENTS
Investment deposit					$ 1,277,514				$ 10	$ 1,277,514
Lease rental					$ 515,010	$ 400,151	$ 219,536
Manulife (International) Limited ("Manulife")
SUBSEQUENT EVENTS
Investment deposit									$ 10	$ 1,277,514
Subsequent Events
SUBSEQUENT EVENTS
Investment deposit								$ 1,277,514
Lease term (in years)				3 years
Lease rental				$ 175,662
Qianhai \| Subsequent Events \| Huale \| Going Public Consulting Service Agreement
SUBSEQUENT EVENTS
Deposit amount failed to refund			$ 300,000
Claim amount		¥ 2,073,750	$ 300,000
Counter claim amount for legal fee \| ¥	¥ 88,000

DEFERRED REVENUE	12 Months Ended
DEFERRED REVENUE	Jul. 31, 2019
DEFERRED REVENUE
DEFERRED REVENUE	NOTE 10 – DEFERRED REVENUE Deferred revenue consists of amounts received from customers for going public consulting services not yet completed as of the balance sheet dates. Such amount represents the Company’s unsatisfied performance obligations. Deferred revenue amounted to $415,392 and $547,235 as of July 31, 2019 and 2018, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - Accounting Standards Update 2016-02 - Restatement Adjustment $ in Millions	Jul. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Operating Lease, Liability	$ 1.2
Operating Lease, Right-of-Use Asset	$ 1.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsidiaries and Variable Interest Entities (Details)	Jul. 31, 2019
ATIF
Significant Accounting Policies [Line Items]
Percentage of ownership in subsidiary	100.00%
ATIF HK
Significant Accounting Policies [Line Items]
Percentage of ownership in subsidiary	100.00%
Huaya
Significant Accounting Policies [Line Items]
Percentage of ownership in subsidiary	100.00%

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
RELATED PARTY TRANSACTIONS
Due from Related Parties	$ 0
Shenzhen Haorong Guarantee Co., Ltd. ("Haorong")
RELATED PARTY TRANSACTIONS
Due from Related Parties		$ 14,966

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Aug. 16, 2019	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
COMMITMENTS AND CONTINGENCIES
Operating lease expense		$ 515,010	$ 400,151	$ 219,536
Subsequent Events
COMMITMENTS AND CONTINGENCIES
Operating lease expense	$ 175,662
Lease term (in years)	3 years