Brilliant N.e.v. (CCYC) 10-Q 13 May 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jan. 31, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--07-31
Entity File Number	333-213698
Entity Registrant Name	Clancy Corp
Entity Central Index Key	0001681769
Entity Incorporation, State or Country Code	NV
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		153,105,464
Entity Shell Company	true

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jan. 31, 2021	Jul. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 266,495	$ 21,821
Accounts receivable	15,299
Prepaid expenses	994	7,677
Business advances		81,324
TOTAL CURRENT ASSETS	282,788	110,822
OTHER ASSETS
Prepaid expenses		38,571
Deposit - Rent	14,836	13,714
Right of use asset, net	138,245	155,602
TOTAL NONCURRENT ASSETS	153,081	207,887
TOTAL ASSETS	435,869	318,709
CURRENT LIABILITIES:
Accounts payable	5,636	587
Advance from customers	8,345	7,714
Advance from customer - related party	6,954	6,429
Advances - Related Party	217,748	263,037
Operating lease liability - current	79,004	11,044
TOTAL CURRENT LIABILITIES	317,687	288,811
Operating lease liability - non-current	49,180	110,567
TOTAL LIABILITIES	366,867	399,378
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 153,105,464 shares and 3,105,250 shares issued and outstanding at January 31, 2021 and July 31, 2020	153,105	3,105
Additional Paid In Capital	213,251	63,251
Accumulated other comprehensive income (Loss)	(1,915)
Accumulated deficit	(295,439)	(147,025)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	69,002	(80,669)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 435,869	$ 318,709

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2021	Jul. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, shares authorized	345,000,000	345,000,000
Common Stock, Shares issued	153,105,464	3,105,250
Common Stock, Shares outstanding	153,105,464	3,105,250

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
REVENUE	$ 8,239		$ 16,166
REVENUE - related party	6,883		13,472
Cost of goods sold	55,606		74,861
Gross profit	(40,484)		(45,223)
EXPENSES
Research & development expense - software			39,531
General and Administrative Expenses	39,449	15,723	63,695	29,841
TOTAL OPERATING EXPENSES	39,449	15,723	103,226	29,841
NET LOSS FROM CONTINUING OPERATIONS	(79,933)	(15,723)	(148,449)	(29,841)
Non-operating income
Interest income	35		35
Total non-operating income (loss), net	35		35
Loss before income tax	(79,898)	(15,723)	(148,414)	(29,841)
Provision for Income Taxes
NET INCOME (LOSS)	(79,898)	(15,723)	(148,414)	(29,841)
Currency translation adjustment	(91)		(1,915)
COMPREHENSIVE LOSS	$ (79,989)	$ (15,723)	$ (150,329)	$ (29,841)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC & DILUTED	68,322,855	3,105,250	35,714,160	3,105,250
NET LOSS PER COMMON SHARE - BASIC & DILUTED	$ (0.01)	$ (0.01)	$ 0	$ (0.01)

STATEMENT OF CASH FLOWS (Unaudi

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
OPERATING ACTIVITIES
Net Loss	$ (148,449)	$ (29,841)
Adjustments to reconcile net cash used in operating activities:
Lease expense	30,397	2,762
Changes in Assets and Liabilities:
Accounts receivable	(14,819)
Prepaid expenses	43,342
Accounts payable	5,000
Total Net Cash Used by Operating Activities operations	(84,494)	(27,079)
FINANCING ACTIVITIES:
Proceeds from shares issued for equity financing	300,000
Repayment of Loan from a Related Party	26,368	39,457
Total Net cash used by financing activities	326,368	39,457
Effects Of Exchange Rate Changes On Cash	2,800
NET INCREASE (DECREASE) IN CASH	244,674	12,378
CASH AT BEGINNING OF PERIOD	21,821
CASH AT END OF PERIOD	266,495	12,378
Supplemental Cashflow Information
Interest Paid
Taxes Paid
Supplemental Disclosure of Non Cash Lease Activity
Recognition of Right of use asset		17,951
Recognition of Lease liability		$ (17,951)

STATEMENT OF CHANGES IN SHAREHO

STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning Balance at Jul. 31, 2019	$ 3,105	$ 63,251		$ (67,508)	$ (1,152)
Beginning Balance (in shares) at Jul. 31, 2019	3,105,250
Net Loss				(14,118)	(14,118)
Ending Balance at Oct. 31, 2019	$ 3,105	63,251		(81,626)	(15,270)
Ending Balance (in shares) at Oct. 31, 2019	3,105,250
Beginning Balance at Jul. 31, 2019	$ 3,105	63,251		(67,508)	(1,152)
Beginning Balance (in shares) at Jul. 31, 2019	3,105,250
Net Loss					(29,841)
Currency translation adjustment
Ending Balance at Jan. 31, 2020	$ 3,105	63,251		(97,349)	(30,993)
Ending Balance (in shares) at Jan. 31, 2020	3,105,250
Beginning Balance at Oct. 31, 2019	$ 3,105	63,251		(81,626)	(15,270)
Beginning Balance (in shares) at Oct. 31, 2019	3,105,250
Net Loss				(15,723)	(15,723)
Currency translation adjustment
Ending Balance at Jan. 31, 2020	$ 3,105	63,251		(97,349)	(30,993)
Ending Balance (in shares) at Jan. 31, 2020	3,105,250
Beginning Balance at Jul. 31, 2020	$ 3,105	63,251		(147,025)	(80,669)
Beginning Balance (in shares) at Jul. 31, 2020	3,105,250
Net Loss				(68,517)	(668,517)
Currency translation adjustment			(1,824)		(1,824)
Ending Balance at Oct. 31, 2020	$ 3,105	63,251	(1,824)	(215,542)	(151,010)
Ending Balance (in shares) at Oct. 31, 2020	3,105,250
Beginning Balance at Jul. 31, 2020	$ 3,105	63,251		(147,025)	(80,669)
Beginning Balance (in shares) at Jul. 31, 2020	3,105,250
Net Loss					(148,414)
Shares Issued for Equity Financing					300,000
Currency translation adjustment					(1,915)
Ending Balance at Jan. 31, 2021	$ 153,105	213,251	(1,915)	(29,295,439)	69,002
Ending Balance (in shares) at Jan. 31, 2021	153,105,464
Beginning Balance at Oct. 31, 2020	$ 3,105	63,251	(1,824)	(215,542)	(151,010)
Beginning Balance (in shares) at Oct. 31, 2020	3,105,250
Net Loss				(79,898)	(79,898)
Rounding of shares due to stock split (in shares)	214
Shares Issued for Equity Financing	$ 150,000	150,000			300,000
Shares Issued for Equity Financing (in shares)	150,000,000
Currency translation adjustment			(91)		(91)
Ending Balance at Jan. 31, 2021	$ 153,105	$ 213,251	$ (1,915)	$ (29,295,439)	$ 69,002
Ending Balance (in shares) at Jan. 31, 2021	153,105,464

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Clancy Corp. (“the Company”) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA. On April 13, 2020, the Company registered Shanghai Clancy Enterprise Management Co., Ltd. (Shanghai Clancy) as a wholly foreign-owned entity and as a wholly owned subsidiary in Shanghai, China. Shanghai Clancy had no business activity from inception through January 31, 2021. On April 24, 2020, Shanghai Clancy registered Beijing Clancy Information Technology Co., Ltd. (Beijing Clancy) in Beijing as its wholly-owned subsidiary and a second tier subsidiary of the Company. The main business scope of the Company is business management consulting, business information consulting, marketing planning, cultural and art exchange planning consulting (except performance brokers, business performances), corporate image planning, conference services and exhibition and display services.

MANAGEMENT PLANS

MANAGEMENT PLANS	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
MANAGEMENT PLANS	NOTE 2 – MANAGEMENT PLANS The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Although Beijing Clancy started business operation and had generated revenue for the six and three months ended January 31, 2021, the Company incurred loss, an accumulated deficit and experienced negative cash flow from operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Mr. Meng, the major stockholder, Chief Executive Officer and sole director of Company, verbally has agreed to provide continued financial support to the Company. The company’s business objective for the next twelve month and beyond such time will be to expand business operations and increase revenue. The company will focus on product management, digital marketing, refined user operations, performance optimization, after-sales service, etc. to provide customers with more convenient and high- quality service experience. The Covid-19 pandemic presents novel challenges and a chaotic business environment globally. The duration and intensity of the impact of the Covid-19 to business entities differ geographically. Covid-19 has a limited impact on the Company’s activities since Shanghai Clancy has no activities and Beijing Clancy operations are limited to Beijing, PRC. There are some new Covid-19 cases discovered in a few provinces of China, however, the number of new cases are not significant due to PRC government’s strict control. The impact on the result of operation and the financial statements was immaterial as of January 31, 2021.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Fiscal year end The Company’s year-end is July 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values. Concentration of Credit Risk The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $250,000 per depositor per insured-bank. As of January 31, 2021, cash held in the PRC bank of approximately $192,800 was not covered by the insurance. The Company has not experienced any losses in such accounts in the PRC. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at January 31, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases. Advance from Customers - Contract Liability On July 29, 2020, the Company entered into three-year service maintenance agreements with three customers. The three service maintenance agreements total 1,188,000 RMB to be received over the three-year period. The contracts require three months of upfront payments each quarter, totaling 99,000 RMB per quarter. The Company's performance obligation will be satisfied on a monthly basis and the upfront payments will be recognized as revenue, pro rata on a monthly basis, over each fiscal quarter. For the six and three months period ended January 31, 2021, the company recognized revenue of $29,638 and $15,122, respectively. One of the service maintenance agreements is with a company that is controlled by a supervising officer of Beijing Clancy and thus is deemed to be a related party. The total value of this particular service maintenance agreement is 540,000 RMB, payable quarterly with upfront quarterly payments of 45,000 RMB. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. In the six and three months ended January 31, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding. Foreign Currency Translation and Comprehensive Income (Loss) The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date. The Company follows FASB ASC Topic 220, “Comprehensive Income.” The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: January 31, 2021 January 31, 2020 Period end USD: RMB exchange rate 6.4709 6.8876 Average USD: RMB exchange rate 6.6807 7.0221 Financial Instrument The carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, accounts payable and advances, approximates their fair values because of their short maturities. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. To date, the Company has not adopted a stock option plan and has not granted any stock options. Recently Adopted Accounting Pronouncements As of January 31, 2021and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted As of January 31, 2021, there was no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements.

OPERATING LEASE RIGHT-OF- USE A

OPERATING LEASE RIGHT-OF- USE ASSETS	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
OPERATING LEASE RIGHT-OF- USE ASSETS	NOTE 4 - OPERATING LEASE RIGHT-OF- USE ASSETS As of January 31, 2021, the total operating lease Right of Use assets was $139,074. The total operating lease cost was $30,397 and $2,762, respectively, for the six-month period ended January 31, 2021 and 2020.The total operating lease cost was $15,968 and $1,381, respectively, for the three-month period ended January 31, 2021 and 2020.

LEASE LIABILITIES- OPERATING LE

LEASE LIABILITIES- OPERATING LEASE	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
LEASE LIABILITIES- OPERATING LEASE	NOTE 5 - LEASE LIABILITIES- OPERATING LEASE Future minimum lease payments under the operating lease as of January 31, 2021 are: 12 months ended January 31, 2022 $ 75,543 12 months ended January 31, 2023 64,203 Total Lease payments 139,746 Less Imputed Interest (11,561 ) Net Lease liability $ 128,184

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jan. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 - RELATED PARTY TRANSACTIONS As of January 31, 2021, and July 31, 2020, the balance owing to a related party was $217,748 and $263,037, respectively. The loan was interest free and unsecured and had no stated terms of repayment.

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSE	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
RESEARCH AND DEVELOPMENT EXPENSE	NOTE 7 - RESEARCH AND DEVELOPMENT EXPENSE As of January 31, 2021, the company fully expensed the cost of development of software prepaid to a third party in the amount of $39,531 due to termination of the service. The research and development expense – software development was $39,531 and 0 for the six months ended January 31, 2021 and 2020, respectively. The research and development expense – software development was $0 for the three months ended January 31, 2021 and 2020.

CONTRACT LIABILITY

CONTRACT LIABILITY	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
CONTRACT LIABILITY	NOTE 8 - ADVANCE FROM CUSTOMERS - CONTRACT LIABILITY As of January 31, 2021, the Company had $15,299 advance from customers for service to be performed, of which, $6,954 was from a related party. As of July 31, 2020, the Company had $14,143 advance from customers for service to be performed, of which, $6, 429 was from a related party.

SHARES ISSUED FOR EQUITY FINANC

SHARES ISSUED FOR EQUITY FINANCING	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
SHARES ISSUED FOR EQUITY FINANCING	NOTE 9 - SHARES ISSUED FOR EQUITY FINANCING In December 2020, the Company issued 150,000,000 shares of common stock of the Company to five individuals including the Company’s CEO, at $0.002 per share. The Company received proceeds of $300,000 from this private placement.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jan. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES Income tax expense was $0 for the six and there months ended January 31, 2021 and 2020. As of January 31, 2021, the Company had no unrecognized tax benefits and, accordingly, the Company did not recognize interest or penalties during the six and three months ended January 31, 2021 related to unrecognized tax benefits. There was no accrual for uncertain tax positions as of January 31, 2021. There is no income tax benefit for the losses for the six and three months ended January 31, 2021 and 2020, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jan. 31, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis of presentation	Basis of Presentation The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.
Fiscal year end	Fiscal year end The Company’s year-end is July 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values.
Concentration of Credit Risk	Concentration of Credit Risk The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $250,000 per depositor per insured-bank. As of January 31, 2021, cash held in the PRC bank of approximately $192,800 was not covered by the insurance. The Company has not experienced any losses in such accounts in the PRC.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at January 31, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases.
Contract Liabilities	Advance from Customers - Contract Liability On July 29, 2020, the Company entered into three-year service maintenance agreements with three customers. The three service maintenance agreements total 1,188,000 RMB to be received over the three-year period. The contracts require three months of upfront payments each quarter, totaling 99,000 RMB per quarter. The Company's performance obligation will be satisfied on a monthly basis and the upfront payments will be recognized as revenue, pro rata on a monthly basis, over each fiscal quarter. For the six and three months period ended January 31, 2021, the company recognized revenue of $29,638 and $15,122, respectively. One of the service maintenance agreements is with a company that is controlled by a supervising officer of Beijing Clancy and thus is deemed to be a related party. The total value of this particular service maintenance agreement is 540,000 RMB, payable quarterly with upfront quarterly payments of 45,000 RMB.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. In the six and three months ended January 31, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding.
Comprehensive Income	Foreign Currency Translation and Comprehensive Income (Loss) The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date. The Company follows FASB ASC Topic 220, “Comprehensive Income.” The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: January 31, 2021 January 31, 2020 Period end USD: RMB exchange rate 6.4709 6.8876 Average USD: RMB exchange rate 6.6807 7.0221
Financial Instruments	Financial Instrument The carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, accounts payable and advances, approximates their fair values because of their short maturities.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of January 31, 2021and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted As of January 31, 2021, there was no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jan. 31, 2021
Disclosure Summary Of Significant Accounting Policies Tables Abstract
Schedule of exchange rates	The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: January 31, 2021 January 31, 2020 Period end USD: RMB exchange rate 6.4709 6.8876 Average USD: RMB exchange rate 6.6807 7.0221

LEASE LIABILITIES- OPERATING _2

LEASE LIABILITIES- OPERATING LEASE (Tables)	6 Months Ended
	Jan. 31, 2021
Notes to Financial Statements
Schedule of Future minimum lease payments	Future minimum lease payments under the operating lease as of January 31, 2021 are: 12 months ended January 31, 2022 $ 75,543 12 months ended January 31, 2023 64,203 Total Lease payments 139,746 Less Imputed Interest (11,561 ) Net Lease liability $ 128,184

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 31, 2021	Jul. 31, 2020
Period end USD: RMB exchange rate
Exchange Rate	6.4709	6.8876
Average USD: RMB exchange rate
Exchange Rate	6.6807	7.0221

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Jan. 31, 2021USD ($)
Industrial and Commercial Bank of China Limited
Bank Deposits	$ 192,800

OPERATING LEASE RIGHT-OF- USE_2

OPERATING LEASE RIGHT-OF- USE ASSETS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Notes to Financial Statements
Operating lease right of use Assets	$ 138,245		$ 138,245		$ 155,602
Operating Lease Cost	$ 15,968	$ 1,381	$ 30,397	$ 2,762

LEASE LIABILITIES- OPERATING _3

LEASE LIABILITIES- OPERATING LEASE (Details)	Jan. 31, 2021USD ($)
Notes to Financial Statements
2022	$ 75,543
2023	64,203
Total Lease payments	139,746
Less: Imputed interest	(11,561)
Net Lease Payment	$ 128,184

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jan. 31, 2021	Jul. 31, 2020
Related Party Transactions [Abstract]
Due to Related Party	$ 217,748	$ 263,037

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENSE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Notes to Financial Statements
Research & development expense - software			$ 39,531

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Disclosure Income Taxes Details Abstract
Total income tax expense