Cover
Cover - shares | 3 Months Ended | |
Oct. 31, 2023 | Nov. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --07-31 | |
Entity File Number | 000-54439 | |
Entity Registrant Name | HARTFORD GREAT HEALTH CORP. | |
Entity Central Index Key | 0001482554 | |
Entity Tax Identification Number | 51-0675116 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 8832 Glendon Way | |
Entity Address, City or Town | Rosemead | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91770 | |
City Area Code | (626) | |
Local Phone Number | 321-1915 | |
Title of 12(b) Security | Common stock, par value $0.001 par value | |
Trading Symbol | HFUS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100,108,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 13,627 | $ 5,793 |
Prepaid and Other current receivables | 273 | 280 |
Total Current Assets | 14,864 | 7,037 |
Non-current Assets | ||
Property and equipment, net | 634 | 730 |
Total Non-current Assets | 634 | 730 |
TOTAL ASSETS | 15,498 | 7,767 |
Current Liabilities | ||
Other current payable | 127,174 | 130,279 |
Total Current Liabilities | 4,433,493 | 4,497,473 |
TOTAL LIABILITIES | 4,433,493 | 4,497,473 |
Commitments and contingencies | ||
Stockholders’ Equity (Deficit) | ||
Preferred stock - $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock - $0.001 par value, 300,000,000 shares authorized, 100,108,000 shares outstanding at both of October 31, 2023 and July 31, 2023. | 100,108 | 100,108 |
Additional paid-in capital | 2,173,521 | 2,173,521 |
Accumulated deficit | (7,029,173) | (7,003,717) |
Accumulated other comprehensive loss | 337,549 | 240,382 |
Total Stockholders’ Deficit | (4,417,995) | (4,489,706) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 15,498 | 7,767 |
Related Party [Member] | ||
Current Assets | ||
Related party receivable | 964 | 964 |
Current Liabilities | ||
Related party loan and payables | $ 4,306,319 | $ 4,367,194 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2023 | Jul. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares outstanding | 100,108,000 | 100,108,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Operating expenses | ||
Selling, general and administrative | $ 20,192 | $ 54,648 |
Operating Loss | (20,192) | (54,648) |
Other Income (Expense) | ||
Interest (expense), net | (5,264) | (4,089) |
Gain on disposal of subsidiary | 539,230 | |
Other income (expense), net | (91) | |
Other (expense) income, net | (5,264) | 535,050 |
(Loss) income before income taxes | (25,456) | 480,402 |
Income Tax Expense | ||
Net (loss) income | $ (25,456) | $ 480,402 |
Net loss per common share: | ||
Net loss per common share, basic | $ 0 | $ 0 |
Net loss per common share, diluted | $ 0 | $ 0 |
Weighted average shares outstanding: | ||
Weighted average shares outstanding - basic | 100,108,000 | 100,108,000 |
Weighted average shares outstanding - diluted | 100,108,000 | 100,108,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||
Net (loss) income | $ (25,456) | $ 480,402 |
Other Comprehensive income, net of income tax | ||
Foreign currency translation adjustments | 97,167 | 345,933 |
Total other comprehensive income | 97,167 | 345,933 |
Total Comprehensive Income | $ 71,711 | $ 826,335 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jul. 31, 2022 | $ 100,108 | $ 2,173,521 | $ (7,400,620) | $ (16,742) | $ (1,288,916) | $ (6,432,649) |
Balance, shares at Jul. 31, 2022 | 100,108,000 | |||||
Net (loss) income | 480,402 | 480,402 | ||||
Foreign currency translation adjustment | 345,933 | (18,670) | 327,263 | |||
Disposal of subsidiary | 1,307,586 | 1,307,586 | ||||
Balance at Oct. 31, 2022 | $ 100,108 | 2,173,521 | (6,920,218) | 329,191 | (4,317,398) | |
Balance, shares at Oct. 31, 2022 | 100,108,000 | |||||
Balance at Jul. 31, 2023 | $ 100,108 | 2,173,521 | (7,003,717) | 240,382 | (4,489,706) | |
Balance, shares at Jul. 31, 2023 | 100,108,000 | |||||
Net (loss) income | (25,456) | (25,456) | ||||
Foreign currency translation adjustment | 97,167 | 97,167 | ||||
Balance at Oct. 31, 2023 | $ 100,108 | $ 2,173,521 | $ (7,029,173) | $ 337,549 | $ (4,417,995) | |
Balance, shares at Oct. 31, 2023 | 100,108,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (25,456) | $ 480,402 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 79 | |
Disposal of subsidiaries | (539,230) | |
Changes in operating assets and liabilities: | ||
Prepaid and Other current receivables | 143 | |
Related party receivables and payables | 5,264 | 15,449 |
Other current payable | 16,518 | |
Net cash used in operating activities | (20,113) | (26,718) |
Cash flows from investing activities: | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Proceeds of related party notes payable | 28,000 | 30,000 |
Net cash provided by financing activities | 28,000 | 30,000 |
Effect of exchange rate changes on cash | (53) | (1,650) |
Net change in Cash, cash equivalents and restricted cash | 7,834 | 1,632 |
Cash, cash equivalents and restricted cash at beginning of period | 5,793 | 15,227 |
Cash, cash equivalents and restricted cash at end of period | 13,627 | 16,859 |
Supplemental Cash Flow Information | ||
Interest paid | ||
Income taxes paid |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. The financial statements and notes are the responsibility of the Company’s management. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied in the preparation of the financial statements. This disclosure should be read in conjunction with our audited financial statements for the year ended July 31, 2023, including footnotes, contained in our Annual Report on Form 10-K. Organization Hartford Great Health Corp. was originally incorporated in the State of Nevada on April 2, 2008 under the name PhotoAmigo, Inc. It changed its name to Hartford Great Health Corp. on August 22, 2018 and since then we have been engaged in activities to formulate and implement our business plans. Through its wholly owned subsidiary - Hangzhou Hartford Comprehensive Health Management, Ltd (“HZHF) and HZHF’s 60 90 The Company started to engage in early childhood education industry at Hartford International Education Technology Co., Ltd (“HF Int’l Education”). On July 24, 2019 and March 23, 2020, HF Int’l Education established two 100 96 4 Impacted by the government regulation implemented in education industry and the restrictions posted by the Chinese government to control the pandemic in China since 2021, to avoid further operation losses, on August 1, 2022, HFSH entered a contract with a related party, Shanghai Oversea Chinese Culture Media Ltd. (“SH Oversea”), to sell 90 900 5,850 100 1,000 6,500 Basis of Presentation The consolidated financial statements include the accounts of Hartford Great Health Corp, its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. The Company reports noncontrolling interests of the consolidated entities as a component of equity separate from the Company’s equity. All material inter-company transactions between and among the Company and its consolidated subsidiaries have been eliminated in the consolidation. The Company’s net income (loss) excludes income (loss) attributable to the noncontrolling interests. Use of Estimates The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the amounts of assets and liabilities, the identification and disclosure of impaired assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Tax Reform Act permanently reduces the U.S. corporate income tax rate to a flat 21% rate, effective January 1, 2018. In addition, the 2017 Tax Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included in the gross income of the CFCs’ U.S. shareholder income. The tax law in PRC applies an income tax rate of 25% to all enterprises. The Company’s subsidiary does not receive any preferential tax treatment from local government. Revenue Recognition The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“Topic 606) on August 1, 2019, applying the modified retrospective method to all contracts that were not completed as of August 1, 2019. Revenue is recognized when control of promised goods or services is transferred to our customers in an amount of consideration to which we expect to be entitled to in exchange for those goods or services. We follow the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy a performance obligation. Billings to customers for which services are not rendered are considered deferred revenue. ASC 606 has no material impacts on the Company’s financial positions. The Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products or providing services to a customer. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. a. Early childhood education services: HF Int’l Education generates revenue from childhood education classes provided to its customers. The educational services consist of parent-child and bilingual childcare classes. Each contract of educational classes is accounted for as a single performance obligation which is satisfied proportionately over the service period. Tuition fee is generally collected in advance and is initially recorded as deferred revenue and transferred to contract liabilities after trial period. Refunds are provided to parents if they decide within the trial period that they no longer want to take the class. After the trial period, if a parent withdraws from a class, usually only that unearned portion of the fee is available to be returned. Nil b. Hospitality services: HZLJ generates revenue primarily from the room rentals, sale of food and beverage and other miscellaneous hospitality services. The Company recognizes room rental and services daily as services are provided. Under ASC 606, the pattern and timing of recognition of income from hotel facility is consistent with the prior accounting model. Impacted by the Covid-19 pandemic and Chinese regulation on education industry, both early childhood education services and hospitality services have been sold on August 1 2022. Thus, there was no revenue recognized from the two-revenue-stream for the three months ended October 31, 2023 and 2022, respectively. See Note 3 Acquisitions and Disposals. Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The company adopted ASU 2016-13 on August 01, 2023. The adoption of ASU 2016-13 has no impact on the Company’s consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN The accompanying financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, Hartford Great Health Corp. has incurred losses since inception, resulting in an accumulated deficit of $ 7,029,173 In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to Hartford Great Health Corp., and ultimately achieving profitable operations. Management believes that Hartford Great Health Corp.’s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that Hartford Great Health Corp. will meet its objectives and be able to continue in operation. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of Hartford Great Health Corp. to continue as a going concern. |
ACQUISITIONS AND DISPOSALS
ACQUISITIONS AND DISPOSALS | 3 Months Ended |
Oct. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DISPOSALS | NOTE 3. ACQUISITIONS AND DISPOSALS In January 2019, HFSH entered agreements to acquire 100 100 Impacted by the government regulation newly implemented in education industry and the restrictions posted by the Chinese government to control the pandemic in China since 2021, the Company’s business hasn’t been developed as planned and occurred significant loss from the early child education practice. To avoid further operation losses, subsequently on August 1, 2022, HFSH entered a contract with a related party, Shanghai Oversea Chinese Culture Media Ltd. (“SH Oversea”), to sell 90 900 5,850 100 1,000 6,500 SCHEDULE OF NET ASSETS (LIABILITIES) DISPOSED OF SUBSIDIARY Net assets (liabilities) disposed of: Cash and cash equivalents $ 4,938 Prepaid and Other current receivables 45,532 Related party receivable 428,519 Inventory 305,124 Property and equipment - Net 582,707 ROU assets-Operating lease 2,836,698 Other assets 296,218 Related party loan and payables (1,321,549 ) Contract liabilities (547,906 ) Lease liabilities, current and noncurrent (3,715,688 ) Other current payable (401,782 ) Other liabilities (357,796 ) Noncontrolling interest 1,307,586 Net assets (liabilities) of the subsidiaries, excluding noncontrolling interest (537,399 ) Consideration 1,831 Gain on disposal of the subsidiaries $ (539,230 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Oct. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS Related Party Receivables As of October 31, 2023 and July 31, 2023, HFUS had $ 964 Related Party Payables and loans As of October 31, 2023 and July 31, 2023, amounts of $ 572,263 586,236 HFSH had payable balances to Shanghai Oversea Chinese Culture Media Ltd. (“SH Oversea”), an entity managed by the same management team, in the amounts of $ 3,212,877 3,291,324 HFUS borrowed in form of a short-term loan at 5 5,264 4,089 450,765 417,501 The remaining related party payable of $ 70,414 72,133 Other Related Party Transactions Office space at Rosemead, CA is provided to Hartford Great Health Corp. at no cost by the sole executive officer. No provision for these costs has been included in these financial statements as the amounts are not material. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5. COMMITMENTS AND CONTINGENCIES There has been no material contractual obligations and commitments as of October 31, 2023. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 6. SEGMENT INFORMATION Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how our chief operating decision maker internally evaluates separate financial information, business activities and management responsibility. The Company used to operate in two reportable segments: hospitality (hotel and travel agency) and early childhood education industry in China in the past years. Due to the disposal of operating subsidiaries on August 1, 2022, we currently have one reportable segment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS In accordance with ASC 855 , “Subsequent Events” |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization Hartford Great Health Corp. was originally incorporated in the State of Nevada on April 2, 2008 under the name PhotoAmigo, Inc. It changed its name to Hartford Great Health Corp. on August 22, 2018 and since then we have been engaged in activities to formulate and implement our business plans. Through its wholly owned subsidiary - Hangzhou Hartford Comprehensive Health Management, Ltd (“HZHF) and HZHF’s 60 90 The Company started to engage in early childhood education industry at Hartford International Education Technology Co., Ltd (“HF Int’l Education”). On July 24, 2019 and March 23, 2020, HF Int’l Education established two 100 96 4 Impacted by the government regulation implemented in education industry and the restrictions posted by the Chinese government to control the pandemic in China since 2021, to avoid further operation losses, on August 1, 2022, HFSH entered a contract with a related party, Shanghai Oversea Chinese Culture Media Ltd. (“SH Oversea”), to sell 90 900 5,850 100 1,000 6,500 |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hartford Great Health Corp, its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. The Company reports noncontrolling interests of the consolidated entities as a component of equity separate from the Company’s equity. All material inter-company transactions between and among the Company and its consolidated subsidiaries have been eliminated in the consolidation. The Company’s net income (loss) excludes income (loss) attributable to the noncontrolling interests. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the amounts of assets and liabilities, the identification and disclosure of impaired assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Tax Reform Act permanently reduces the U.S. corporate income tax rate to a flat 21% rate, effective January 1, 2018. In addition, the 2017 Tax Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included in the gross income of the CFCs’ U.S. shareholder income. The tax law in PRC applies an income tax rate of 25% to all enterprises. The Company’s subsidiary does not receive any preferential tax treatment from local government. |
Revenue Recognition | Revenue Recognition The Company adopted ASC Topic 606 Revenue from Contracts with Customers (“Topic 606) on August 1, 2019, applying the modified retrospective method to all contracts that were not completed as of August 1, 2019. Revenue is recognized when control of promised goods or services is transferred to our customers in an amount of consideration to which we expect to be entitled to in exchange for those goods or services. We follow the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy a performance obligation. Billings to customers for which services are not rendered are considered deferred revenue. ASC 606 has no material impacts on the Company’s financial positions. The Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products or providing services to a customer. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. a. Early childhood education services: HF Int’l Education generates revenue from childhood education classes provided to its customers. The educational services consist of parent-child and bilingual childcare classes. Each contract of educational classes is accounted for as a single performance obligation which is satisfied proportionately over the service period. Tuition fee is generally collected in advance and is initially recorded as deferred revenue and transferred to contract liabilities after trial period. Refunds are provided to parents if they decide within the trial period that they no longer want to take the class. After the trial period, if a parent withdraws from a class, usually only that unearned portion of the fee is available to be returned. Nil b. Hospitality services: HZLJ generates revenue primarily from the room rentals, sale of food and beverage and other miscellaneous hospitality services. The Company recognizes room rental and services daily as services are provided. Under ASC 606, the pattern and timing of recognition of income from hotel facility is consistent with the prior accounting model. Impacted by the Covid-19 pandemic and Chinese regulation on education industry, both early childhood education services and hospitality services have been sold on August 1 2022. Thus, there was no revenue recognized from the two-revenue-stream for the three months ended October 31, 2023 and 2022, respectively. See Note 3 Acquisitions and Disposals. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The company adopted ASU 2016-13 on August 01, 2023. The adoption of ASU 2016-13 has no impact on the Company’s consolidated financial statements. |
ACQUISITIONS AND DISPOSALS (Tab
ACQUISITIONS AND DISPOSALS (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF NET ASSETS (LIABILITIES) DISPOSED OF SUBSIDIARY | SCHEDULE OF NET ASSETS (LIABILITIES) DISPOSED OF SUBSIDIARY Net assets (liabilities) disposed of: Cash and cash equivalents $ 4,938 Prepaid and Other current receivables 45,532 Related party receivable 428,519 Inventory 305,124 Property and equipment - Net 582,707 ROU assets-Operating lease 2,836,698 Other assets 296,218 Related party loan and payables (1,321,549 ) Contract liabilities (547,906 ) Lease liabilities, current and noncurrent (3,715,688 ) Other current payable (401,782 ) Other liabilities (357,796 ) Noncontrolling interest 1,307,586 Net assets (liabilities) of the subsidiaries, excluding noncontrolling interest (537,399 ) Consideration 1,831 Gain on disposal of the subsidiaries $ (539,230 ) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | |||||||
Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Aug. 01, 2022 USD ($) | Aug. 01, 2022 CNY (¥) | Aug. 31, 2021 | Dec. 31, 2020 | Mar. 23, 2020 | Jul. 24, 2019 | |
Product Information [Line Items] | ||||||||
Income tax examination description | The Tax Reform Act permanently reduces the U.S. corporate income tax rate to a flat 21% rate, effective January 1, 2018. In addition, the 2017 Tax Act also creates a new requirement that certain income (i.e., Global Intangible Low-Taxed Income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included in the gross income of the CFCs’ U.S. shareholder income. The tax law in PRC applies an income tax rate of 25% to all enterprises. The Company’s subsidiary does not receive any preferential tax treatment from local government. | |||||||
Early Childhood Education Services [Member] | ||||||||
Product Information [Line Items] | ||||||||
Revenue | ||||||||
Two Individual Investors [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity ownership percentage | 4% | |||||||
Shanghai Hongkou HaiDeFuDe Childcare Co., Ltd. [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity ownership percentage | 100% | 100% | ||||||
Shanghai HDFD Zhongli Education Technology Co Ltd [Member] | ||||||||
Product Information [Line Items] | ||||||||
Equity ownership percentage | 96% | |||||||
Hangzhou Longjing Qiao Fu Vacation Hotel Co., Ltd. [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 60% | |||||||
Shanghai Qiao Garden International Travel Agency [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 90% | |||||||
Hartford International Education Technology Co., Ltd [Member] | Shanghai Oversea [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 90% | 90% | ||||||
Related party | $ 900 | ¥ 5,850 | ||||||
Hangzhou Hartford Comprehensive Health Management Ltd [Member] | Shanghai Oversea [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 100% | 100% | ||||||
Related party | $ 1,000 | ¥ 6,500 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 7,029,173 | $ 7,003,717 |
SCHEDULE OF NET ASSETS (LIABILI
SCHEDULE OF NET ASSETS (LIABILITIES) DISPOSED OF SUBSIDIARY (Details) | Aug. 01, 2022 USD ($) |
Business Combination and Asset Acquisition [Abstract] | |
Cash and cash equivalents | $ 4,938 |
Prepaid and Other current receivables | 45,532 |
Related party receivable | 428,519 |
Inventory | 305,124 |
Property and equipment - Net | 582,707 |
ROU assets-Operating lease | 2,836,698 |
Other assets | 296,218 |
Related party loan and payables | (1,321,549) |
Contract liabilities | (547,906) |
Lease liabilities, current and noncurrent | (3,715,688) |
Other current payable | (401,782) |
Other liabilities | (357,796) |
Noncontrolling interest | 1,307,586 |
Net assets (liabilities) of the subsidiaries, excluding noncontrolling interest | (537,399) |
Consideration | 1,831 |
Gain on disposal of the subsidiary | $ (539,230) |
ACQUISITIONS AND DISPOSALS (Det
ACQUISITIONS AND DISPOSALS (Details Narrative) | Aug. 01, 2022 USD ($) | Aug. 01, 2022 CNY (¥) | Jan. 31, 2019 |
Shanghai Luo Sheng International Trade Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 100% | 100% | 100% |
Hartford International Education Technology Co., Ltd [Member] | Shanghai Oversea [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 90% | 90% | |
Related party | $ 900 | ¥ 5,850 | |
Hangzhou Hartford Comprehensive Health Management Ltd [Member] | Shanghai Oversea [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 100% | 100% | |
Related party | $ 1,000 | ¥ 6,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Accounts payable, related parties | $ 70,414 | $ 72,133 | |
Unpaid principal | 450,765 | 417,501 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables | 964 | 964 | |
SHQiahong [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable, related parties | 572,263 | 586,236 | |
Shanghai Oversea Chinese Culture Media Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable, related parties | $ 3,212,877 | $ 3,291,324 | |
Hartford Hotel Investment Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5% | ||
Interest expense, related party | $ 5,264 | $ 4,089 |