Cover
Cover | 3 Months Ended |
Oct. 31, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Oct. 31, 2022 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --07-31 |
Entity File Number | 333-233778 |
Entity Registrant Name | PHOENIX PLUS CORP. |
Entity Central Index Key | 0001785493 |
Entity Tax Identification Number | 61-1907931 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 2-3 & 2-5 BEDFORD BUSINESS PARK |
Entity Address, Address Line Two | JALAN 3/137B |
Entity Address, Address Line Three | BATU 5, JALAN KELANG LAMA |
Entity Address, City or Town | KUALA LUMPUR |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 58200 |
City Area Code | 603 |
Local Phone Number | 7971 8168 |
Title of 12(b) Security | Common Stock |
Trading Symbol | PXPC |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
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 Bankruptcy Proceedings, Reporting Current | false |
Entity Common Stock, Shares Outstanding | 332,699,500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Current assets | ||
Trade receivables | $ 15,509 | $ 868 |
Other receivables, prepayment and deposits | 29,652 | 14,363 |
Deferred cost | 9,804 | 764 |
Cash at banks | 1,349,303 | 1,537,864 |
Total Current Assets | 1,404,268 | 1,553,859 |
Non-current assets | ||
Property, plant and equipment, net | 3,974 | 2,982 |
Lease right-of-use asset | 17,561 | 25,781 |
Equity method investment | ||
Total Non-Current Assets | 21,535 | 28,763 |
TOTAL ASSETS | 1,425,803 | 1,582,622 |
Current liabilities | ||
Trade payables | 3,653 | |
Other payables and accrued liabilities | 38,615 | 40,863 |
Deferred revenue | 9,364 | |
Lease liabilities, current | 17,619 | 25,817 |
Total current liabilities | 69,251 | 66,680 |
Total liabilities | 69,251 | 66,680 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized; None issued and outstanding | ||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized 332,699,500 shares issued and outstanding as of October 31, 2022 and July 31, 2022 respectively | 33,270 | 33,270 |
Additional paid-in capital | 3,245,230 | 3,245,230 |
Accumulated other comprehensive loss | (15,556) | (2,145) |
Accumulated deficit | (1,906,392) | (1,760,413) |
Total stockholders’ equity | 1,356,552 | 1,515,942 |
TOTAL LIABILITIES AND STOCKHOLDERS’ FUND | $ 1,425,803 | $ 1,582,622 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2022 | Jul. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 332,699,500 | 332,699,500 |
Common stock, shares outstanding | 332,699,500 | 332,699,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Losses - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUE | $ 15,132 | $ 19,918 |
COST OF REVENUE | (13,782) | (16,328) |
GROSS PROFIT | 1,350 | 3,590 |
OTHER INCOME | 1 | 35,153 |
EQUITY METHOD LOSS | (58) | |
GENERAL AND ADMINISTRATIVE EXPENSES | (147,050) | (68,848) |
FINANCE COST | (280) | (506) |
LOSS BEFORE INCOME TAX | (145,979) | (30,669) |
INCOME TAXES PROVISION | ||
NET LOSS | (145,979) | (30,669) |
Other comprehensive loss: | ||
- Foreign exchange adjustment loss | (13,411) | |
COMPREHENSIVE LOSS | $ (159,390) | $ (30,669) |
Net loss per share- Basic and diluted | $ (0.0005) | $ (0.00009) |
Weighted average number of common shares outstanding - Basic and diluted | 332,699,500 | 332,699,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jul. 31, 2021 | $ 33,270 | $ 3,245,230 | $ (1,150,796) | $ 2,127,704 | |
Beginning Balance, shares at Jul. 31, 2021 | 332,699,500 | ||||
Net loss for the period | (30,669) | (30,669) | |||
Ending balance, value at Oct. 31, 2021 | $ 33,270 | 3,245,230 | (1,181,465) | 2,097,035 | |
Ending Balance, shares at Oct. 31, 2021 | 332,699,500 | ||||
Beginning balance, value at Jul. 31, 2022 | $ 33,270 | 3,245,230 | (2,145) | (1,760,413) | 1,515,942 |
Beginning Balance, shares at Jul. 31, 2022 | 332,699,500 | ||||
Net loss for the period | (145,979) | (145,979) | |||
Foreign currency translation adjustment | (13,411) | (13,411) | |||
Ending balance, value at Oct. 31, 2022 | $ 33,270 | $ 3,245,230 | $ (15,556) | $ (1,906,392) | $ 1,356,552 |
Ending Balance, shares at Oct. 31, 2022 | 332,699,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (145,979) | $ (30,669) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity method investment loss | 58 | |
Depreciation | 220 | |
Operating lease expenses | 7,858 | 4,181 |
Changes in operating assets and liabilities: | ||
Trade receivables | (14,641) | 676 |
Other receivables, prepayment and deposits | (15,289) | 5,434 |
Deferred cost | (9,040) | |
Trade payables | 3,653 | (4,490) |
Other payables and accrued liabilities | (2,248) | (3,705) |
Deferred revenue | 9,364 | |
Operating lease liabilities | (8,198) | (4,181) |
Net cash used in operating activities | (174,300) | (32,696) |
CASH FLOWS FROM INVESTING ACTIVITY | ||
Purchase of property, plant and equipment | (1,375) | |
Net cash used in investing activity | (1,375) | |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Net cash provided by financing activity | ||
Effect of exchange rate changes on cash and cash equivalents | (12,886) | |
Net decrease in cash and cash equivalents | (188,561) | (32,696) |
Cash and cash equivalents, beginning of year | 1,537,864 | 1,910,872 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,349,303 | 1,878,176 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 3 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | 1. DESCRIPTION OF BUSINESS AND ORGANIZATION Phoenix Plus Corp. was incorporated on November 5, 2018 under the laws of the state of Nevada. The Company, through its subsidiaries, engaged in providing technical consultancy on solar power system and consultancy on green energy solution, and also focused on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products) and technologies for a wide range of applications including electrical power production. On March 18, 2019, the Company acquired 100 On July 25, 2019, Phoenix Plus Corp., a Malaysia Company, acquired Phoenix Plus International Limited (herein referred as the “Hong Kong Company”), a private limited company incorporated in Hong Kong. On May 17, 2022, the Company, through its Labuan incorporated subsidiary, Phoenix Plus Corp., subscribed 100 The Company, through its subsidiaries, mainly provides incubation and corporate development services to the clients. Details of the Company’s subsidiaries: SCHEDULE OF DETAILS OF COMPANY’S SUBSIDIARY Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 shares of ordinary share of US$1 each Investment holding 2. Phoenix Plus International Limited Hong Kong / March 19, 2019 1 ordinary share of HK$1 each Providing technical consultancy on solar power system and consultancy on green energy solution 3. Phoenix Green Energy Sdn. Bhd. Malaysia / May 17, 2022 1,200,000 shares of ordinary share of MYR1 each Providing renewable energy turnkey solutions from engineering, procurement, construction and commissioning services PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed financial statements for Phoenix Plus Corporation for the period ended October 31, 2022 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statement, instructions to Form 10-Q and Regulations S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended July 31, 2022. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended October 31, 2022 and 2021 presented are not necessarily indicative of the results to be expected for the full year. The Company has adopted July 31 as its fiscal year end. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution. Cost of revenue Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Classification Estimated useful life Leasehold improvement 21 Computer hardware and software 5 Tools and gauges 5 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the Consolidated Statements of Operations and Comprehensive Loss. Investment under equity method The Company apply the equity method to account for investments it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20 In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by proportionate share of the net earnings or losses and other comprehensive income of the investee. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended October 31, 2022, the Company suffered an accumulated deficit of $ 1,906,392 174,300 145,979 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the period ended October 31, 2022 As of and for the period ended October 31, 2021 Period-end RM : US$1 exchange rate 4.72 4.14 Period-average RM : US$1 exchange rate 4.56 4.16 Period-end HK$: US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.85 7.78 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: Leases Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, Recent accounting pronouncements ASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Oct. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK As of October 31, 2022, the Company has an issued and outstanding common share of 332,699,500 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of October 31, 2022 and July 31, 2022 are summarized below: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Leasehold improvement $ 114,263 $ 114,263 Computer hardware and software 2,481 2,481 Tools and gauges 1,936 561 Total 118,680 117,305 Accumulated depreciation (114,543 ) $ (114,323 ) Effect of translation exchange (163 ) - Property, plant and equipment, net $ 3,974 $ 2,982 These leasehold improvements include, but are not strictly limited to, preparing the interior of the office space for the Company’s use, improving functionality, and purchasing new office equipment. The leasehold improvement has completed on September 2019. Depreciation expense for the period ended October 31, 2022 and October 31, 2021 was $ 220 0 |
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT | 3 Months Ended |
Oct. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENT | 5. EQUITY METHOD INVESTMENT SCHEDULE OF EQUITY METHOD INVESTMENT As of October 31, 2022 As of (Unaudited) (Audited) Investment, at cost $ 232,040 $ 232,040 Less: Equity method loss (335 ) (335 ) Less: Impairment loss on investment (231,705 ) (231,705 ) Equity method investments $ - $ - The Company holds investment in business that is accounted for pursuant to the equity method due to the Company’s ability to exert significant influence over decisions relating to its operating and financial affairs. Revenue and expenses of this investment are not consolidated into the Company’s financial statements; rather, the proportionate share of the earnings/losses is reflected as equity method earnings/losses in statements of operations and comprehensive income/loss. As of October 31, 2022, the Company holds 33.9 During the period ended October 31, 2022 and 2021, the Company accounted $ 0 58 |
TRADE RECEIVABLES
TRADE RECEIVABLES | 3 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
TRADE RECEIVABLES | 6. TRADE RECEIVABLES Trade receivables consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF TRADE RECEIVABLES As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Trade receivables $ 15,509 $ 868 Total trade receivables $ 15,509 $ 868 |
OTHER RECEIVABLES, PREPAYMENT A
OTHER RECEIVABLES, PREPAYMENT AND DEPOSITS | 3 Months Ended |
Oct. 31, 2022 | |
Other Receivables Prepayment And Deposits | |
OTHER RECEIVABLES, PREPAYMENT AND DEPOSITS | 7. OTHER RECEIVABLES, PREPAYMENT AND DEPOSITS Other receivables, prepayments and deposits consisted of the following at October 31, 2022 and July 31, 2022: SCEHEDULE OF OTHER RECEIVABLES PREPAYMENT AND DEPOSITS As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Other receivables $ - $ 1,086 Deposits 26,476 4,850 Prepayment 3,176 8,427 Total other receivables, prepayments and deposits $ 29,652 $ 14,363 |
DEFERRED COST
DEFERRED COST | 3 Months Ended |
Oct. 31, 2022 | |
Deferred Cost | |
DEFERRED COST | 8. DEFERRED COST For service contracts where the performance obligation is not completed, deferred costs are recorded for any costs incurred in advance of the performance obligation. |
TRADE PAYABLE
TRADE PAYABLE | 3 Months Ended |
Oct. 31, 2022 | |
Trade Payable | |
TRADE PAYABLE | 9. TRADE PAYABLE Trade payable consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF TRADE PAYABLE As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Trade payable $ 3,653 $ - Total trade payable $ 3,653 $ - |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 3 Months Ended |
Oct. 31, 2022 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 10. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Accrued audit fees $ - $ 14,000 Other payable and accrued liabilities $ 38,615 $ 26,863 Total other payables and accrued liabilities $ 38,615 $ 40,863 PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
DEFERRED REVENUE
DEFERRED REVENUE | 3 Months Ended |
Oct. 31, 2022 | |
Deferred Revenue | |
DEFERRED REVENUE | 11. DEFERRED REVENUE For service contracts where the performance obligation is not completed, deferred revenue is recorded for any payments received in advance of the performance obligation. |
REVENUE
REVENUE | 3 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 12. REVENUE For the period ended October 31 , 2022 and 2021, the Company has revenue arise from the following: SCHEDULE OF REVENUE Three months period ended October 31, 2022 Three months period ended October 31, 2021 (Unaudited) (Unaudited) Consultancy service provided $ - $ 19,918 Installation service 15,132 - Total revenue $ 15,132 $ 19,918 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES For the period ended October 31, 2022 and 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX Three months ended October 31, 2022 Three months ended October 31, 2021 (Unaudited) (Unaudited) Tax jurisdictions from: Local $ (12,252 ) $ (37,078 ) Foreign, representing - Labuan (67,380 ) 33,973 - Hong Kong $ (39,845 ) $ (27,564 ) - Malaysia (26,502 ) - Loss before income tax $ (145,979 ) $ (30,669 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX For the period ended October 31, 2022 For the period ended October 31, 2021 Current: - Local - - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Labuan and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of October 31, 2022 the operations in the United States of America incurred $ 829,913 80% 663,930 Labuan Under the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% Hong Kong Phoenix Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% Malaysia Phoenix Green Energy Sdn. Bhd. is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 17% 24% PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 3 Months Ended |
Oct. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the year on and after August 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative years presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative years, thusly. As of July 1, 2021, the Company recognized approximately US$ 40,445 5.60 As of June 1, 2022, the Company recognized another approximately US$ 9,343 5.56 A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The initial recognition of operating lease right and lease liability as follow: SCHEDULE OF INITIAL RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Gross lease payable $ 42,647 $ 42,647 Less: imputed interest (2,202 ) (2,202 ) Recognition $ 40,445 $ 40,445 As of October 31, 2022 and July 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Initial recognition as of August 1, 2019 $ 26,772 $ 26,772 Additional portion from July 31, 2020 to June 30, 2021 2,719 2,719 Add: new lease addition from July 1, 2021 to June 30, 2023 40,445 40,445 Add: new lease addition from June 1, 2022 to May 31, 2023 9,343 9,343 Accumulated amortization (59,078 ) (52,264 ) Foreign exchange translation loss (2,640 ) (1,234 ) Balance $ 17,561 $ 25,781 As of October 31, 2022 and July 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Initial recognition as of August 1, 2019 $ 26,772 $ 26,772 Add: additional portion (increase of leasing fee) 2,719 2,719 Add: new lease addition from July 1, 2021 to June 30, 2023 40,445 40,445 Add: new lease addition from June 1, 2022 to May 31, 2023 9,343 9,343 Less: gross repayment (60,974 ) (53,907 ) Add: imputed interest 353 348 Foreign exchange translation gain (1,039 ) 97 Balance 17,619 25,817 Less: lease liability current portion (17,619 ) (25,817 ) Lease liability non-current portion $ - $ - For the period ended October 31, 2022 and 2021, the amortization of the operating lease right of use asset are $ 6,814 4,927 Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending June 30, 2023 (8 months) $ 17,619 Total $ 17,619 Other information: SCHEDULE OF OTHER INFORMATION Period ended October 31 2022 2021 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: - - Operating cash flow from operating lease $ 8,198 $ 4,181 Right-of-use assets obtained in exchange for operating lease liabilities 17,561 34,667 Remaining lease term for operating lease (years) Lease 1 0.7 1.7 Lease 2 0.6 - Weighted average discount rate for operating lease Lease 1 5.6 % 5.6 % Lease 2 5.56 % - Lease expenses were $ 286 5,433 PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 3 Months Ended |
Oct. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 15. CONCENTRATION OF RISK The Company is exposed to the following concentrations of risk: SCHEDULE OF CONCENTRATION OF RISK (a) Major customers For the period ended October 31, 2022 and 2021, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at year-end are presented as follows: For the period ended October 31 2022 2021 2022 2021 2022 2021 Revenue Percentage of Revenue Trade Receivable Customer A $ - $ 19,918 - % 100 % $ - $ 39,224 Customer B 8,553 - 57 % - % - - Customer C 6,579 - 43 % - % 6,356 - $ 15,132 $ 19,918 100 % 100 % $ 6,356 $ 39,224 (b) Major vendors For the period ended October 31, 2022 and 2021, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at year-end are presented as follows: For the period ended October 31 2022 2021 2022 2021 2022 2021 Cost of Revenue Percentage of Cost of Revenue Trade Payable Vendor A $ - $ 16,328 - % 100 % $ - $ 34,248 Vendor B 7,982 - 58 % - % - - Vendor C 3,388 - 25 % - % 3,273 - $ 11,370 $ 16,328 83 % 100 % $ 3,273 $ 34,248 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF NO INTER-SEGMENT SALES By Geography: United States Malaysia Hong Kong Total For the period ended October 31, 2022 United States Malaysia Hong Kong Total Revenue $ - $ 15,132 $ - $ 15,132 Cost of revenue - (13,782 ) - (13,782 ) Net loss (12,252 ) (93,882 ) (39,845 ) (145,979 ) Total assets $ - $ 1,279,246 $ 146,557 $ 1,425,803 United States Malaysia Hong Kong Total For the period ended October 31, 2021 United States Malaysia Hong Kong Total Revenue $ - $ - $ 19,918 $ 19,918 Cost of revenue - - (16,328 ) (16,328 ) Net (loss)/profit (37,078 ) 33,973 (27,564 ) (30,669 ) Total assets $ 231,982 $ 1,695,319 $ 263,623 $ 2,190,924 |
SIGNIFICANT
SIGNIFICANT | 3 Months Ended |
Oct. 31, 2022 | |
Subsequent Events [Abstract] | |
SIGNIFICANT | 17. S IGNIFICANT On October 20, 2022, Phoenix Plus Corp. (the “Company”) filed a winding up petition against holds 33.9% interest in VCASB. As of November 25, 2022, the court has fixed the date for the case management of the winding up petition on December 7, 2022 and subsequently, the hearing for the petition on May 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The unaudited condensed financial statements for Phoenix Plus Corporation for the period ended October 31, 2022 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statement, instructions to Form 10-Q and Regulations S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended July 31, 2022. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading have been included. The results of operations for the periods ended October 31, 2022 and 2021 presented are not necessarily indicative of the results to be expected for the full year. The Company has adopted July 31 as its fiscal year end. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of estimates | Use of estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Revenue recognition | Revenue recognition In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The Company derives its revenue from provision of technical consultancy on solar power system and consultancy on green energy solution. |
Cost of revenue | Cost of revenue Cost of revenue includes the cost of services and product in providing business mentoring, nurturing, incubating and corporate development advisory services |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Classification Estimated useful life Leasehold improvement 21 Computer hardware and software 5 Tools and gauges 5 Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Investment under equity method | Investment under equity method The Company apply the equity method to account for investments it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20 In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by proportionate share of the net earnings or losses and other comprehensive income of the investee. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Income taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% |
Going concern | Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended October 31, 2022, the Company suffered an accumulated deficit of $ 1,906,392 174,300 145,979 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Net loss per share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“MYR”) is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the period ended October 31, 2022 As of and for the period ended October 31, 2021 Period-end RM : US$1 exchange rate 4.72 4.14 Period-average RM : US$1 exchange rate 4.56 4.16 Period-end HK$: US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.85 7.78 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. PHOENIX PLUS CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) (UNAUDITED) |
Fair value of financial instruments: | Fair value of financial instruments: The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3: |
Leases | Leases Prior to August 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases Leases, |
Recent accounting pronouncements | Recent accounting pronouncements ASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023 as the Company is qualified as a smaller reporting company. The Company is currently evaluating the impact ASU 2019-05 may have on its consolidated financial statements. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF DETAILS OF COMPANY’S SUBSIDIARY | The Company, through its subsidiaries, mainly provides incubation and corporate development services to the clients. Details of the Company’s subsidiaries: SCHEDULE OF DETAILS OF COMPANY’S SUBSIDIARY Company name Place and date of incorporation Particulars of issued capital Principal activities 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 shares of ordinary share of US$1 each Investment holding 2. Phoenix Plus International Limited Hong Kong / March 19, 2019 1 ordinary share of HK$1 each Providing technical consultancy on solar power system and consultancy on green energy solution 3. Phoenix Green Energy Sdn. Bhd. Malaysia / May 17, 2022 1,200,000 shares of ordinary share of MYR1 each Providing renewable energy turnkey solutions from engineering, procurement, construction and commissioning services |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE Classification Estimated useful life Leasehold improvement 21 Computer hardware and software 5 Tools and gauges 5 |
SCHEDULE OF FOREIGN CURRENCY TRANSLATION | Translation of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the period ended October 31, 2022 As of and for the period ended October 31, 2021 Period-end RM : US$1 exchange rate 4.72 4.14 Period-average RM : US$1 exchange rate 4.56 4.16 Period-end HK$: US$1 exchange rate 7.85 7.78 Period-average HK$ : US$1 exchange rate 7.85 7.78 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment as of October 31, 2022 and July 31, 2022 are summarized below: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Leasehold improvement $ 114,263 $ 114,263 Computer hardware and software 2,481 2,481 Tools and gauges 1,936 561 Total 118,680 117,305 Accumulated depreciation (114,543 ) $ (114,323 ) Effect of translation exchange (163 ) - Property, plant and equipment, net $ 3,974 $ 2,982 |
EQUITY METHOD INVESTMENT (Table
EQUITY METHOD INVESTMENT (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SCHEDULE OF EQUITY METHOD INVESTMENT | SCHEDULE OF EQUITY METHOD INVESTMENT As of October 31, 2022 As of (Unaudited) (Audited) Investment, at cost $ 232,040 $ 232,040 Less: Equity method loss (335 ) (335 ) Less: Impairment loss on investment (231,705 ) (231,705 ) Equity method investments $ - $ - |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
SCHEDULE OF TRADE RECEIVABLES | Trade receivables consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF TRADE RECEIVABLES As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Trade receivables $ 15,509 $ 868 Total trade receivables $ 15,509 $ 868 |
OTHER RECEIVABLES, PREPAYMENT_2
OTHER RECEIVABLES, PREPAYMENT AND DEPOSITS (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Other Receivables Prepayment And Deposits | |
SCEHEDULE OF OTHER RECEIVABLES PREPAYMENT AND DEPOSITS | Other receivables, prepayments and deposits consisted of the following at October 31, 2022 and July 31, 2022: SCEHEDULE OF OTHER RECEIVABLES PREPAYMENT AND DEPOSITS As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Other receivables $ - $ 1,086 Deposits 26,476 4,850 Prepayment 3,176 8,427 Total other receivables, prepayments and deposits $ 29,652 $ 14,363 |
TRADE PAYABLE (Tables)
TRADE PAYABLE (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Trade Payable | |
SCHEDULE OF TRADE PAYABLE | Trade payable consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF TRADE PAYABLE As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Trade payable $ 3,653 $ - Total trade payable $ 3,653 $ - |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | Other payables and accrued liabilities consisted of the following at October 31, 2022 and July 31, 2022: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of October 31, 2022 As of July 31, 2022 (Unaudited) (Audited) Accrued audit fees $ - $ 14,000 Other payable and accrued liabilities $ 38,615 $ 26,863 Total other payables and accrued liabilities $ 38,615 $ 40,863 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REVENUE | For the period ended October 31 , 2022 and 2021, the Company has revenue arise from the following: SCHEDULE OF REVENUE Three months period ended October 31, 2022 Three months period ended October 31, 2021 (Unaudited) (Unaudited) Consultancy service provided $ - $ 19,918 Installation service 15,132 - Total revenue $ 15,132 $ 19,918 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX | For the period ended October 31, 2022 and 2021, the local (United States) and foreign components of loss before income taxes were comprised of the following: SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX Three months ended October 31, 2022 Three months ended October 31, 2021 (Unaudited) (Unaudited) Tax jurisdictions from: Local $ (12,252 ) $ (37,078 ) Foreign, representing - Labuan (67,380 ) 33,973 - Hong Kong $ (39,845 ) $ (27,564 ) - Malaysia (26,502 ) - Loss before income tax $ (145,979 ) $ (30,669 ) |
SCHEDULE OF PROVISION FOR INCOME TAX | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX For the period ended October 31, 2022 For the period ended October 31, 2021 Current: - Local - - - Foreign - - Deferred: - Local - - - Foreign - - Income tax expense $ - $ - |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF INITIAL RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY | The initial recognition of operating lease right and lease liability as follow: SCHEDULE OF INITIAL RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Gross lease payable $ 42,647 $ 42,647 Less: imputed interest (2,202 ) (2,202 ) Recognition $ 40,445 $ 40,445 |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of October 31, 2022 and July 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Initial recognition as of August 1, 2019 $ 26,772 $ 26,772 Additional portion from July 31, 2020 to June 30, 2021 2,719 2,719 Add: new lease addition from July 1, 2021 to June 30, 2023 40,445 40,445 Add: new lease addition from June 1, 2022 to May 31, 2023 9,343 9,343 Accumulated amortization (59,078 ) (52,264 ) Foreign exchange translation loss (2,640 ) (1,234 ) Balance $ 17,561 $ 25,781 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of October 31, 2022 and July 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of October 31, 2022 (Unaudited) As of July 31, 2022 (Audited) Initial recognition as of August 1, 2019 $ 26,772 $ 26,772 Add: additional portion (increase of leasing fee) 2,719 2,719 Add: new lease addition from July 1, 2021 to June 30, 2023 40,445 40,445 Add: new lease addition from June 1, 2022 to May 31, 2023 9,343 9,343 Less: gross repayment (60,974 ) (53,907 ) Add: imputed interest 353 348 Foreign exchange translation gain (1,039 ) 97 Balance 17,619 25,817 Less: lease liability current portion (17,619 ) (25,817 ) Lease liability non-current portion $ - $ - |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending June 30, 2023 (8 months) $ 17,619 Total $ 17,619 |
SCHEDULE OF OTHER INFORMATION | Other information: SCHEDULE OF OTHER INFORMATION Period ended October 31 2022 2021 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities: - - Operating cash flow from operating lease $ 8,198 $ 4,181 Right-of-use assets obtained in exchange for operating lease liabilities 17,561 34,667 Remaining lease term for operating lease (years) Lease 1 0.7 1.7 Lease 2 0.6 - Weighted average discount rate for operating lease Lease 1 5.6 % 5.6 % Lease 2 5.56 % - |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | SCHEDULE OF CONCENTRATION OF RISK (a) Major customers For the period ended October 31, 2022 and 2021, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at year-end are presented as follows: For the period ended October 31 2022 2021 2022 2021 2022 2021 Revenue Percentage of Revenue Trade Receivable Customer A $ - $ 19,918 - % 100 % $ - $ 39,224 Customer B 8,553 - 57 % - % - - Customer C 6,579 - 43 % - % 6,356 - $ 15,132 $ 19,918 100 % 100 % $ 6,356 $ 39,224 (b) Major vendors For the period ended October 31, 2022 and 2021, the vendors who accounted for 10% or more of the Company’s purchases and its outstanding payable balance at year-end are presented as follows: For the period ended October 31 2022 2021 2022 2021 2022 2021 Cost of Revenue Percentage of Cost of Revenue Trade Payable Vendor A $ - $ 16,328 - % 100 % $ - $ 34,248 Vendor B 7,982 - 58 % - % - - Vendor C 3,388 - 25 % - % 3,273 - $ 11,370 $ 16,328 83 % 100 % $ 3,273 $ 34,248 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF NO INTER-SEGMENT SALES | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF NO INTER-SEGMENT SALES By Geography: United States Malaysia Hong Kong Total For the period ended October 31, 2022 United States Malaysia Hong Kong Total Revenue $ - $ 15,132 $ - $ 15,132 Cost of revenue - (13,782 ) - (13,782 ) Net loss (12,252 ) (93,882 ) (39,845 ) (145,979 ) Total assets $ - $ 1,279,246 $ 146,557 $ 1,425,803 United States Malaysia Hong Kong Total For the period ended October 31, 2021 United States Malaysia Hong Kong Total Revenue $ - $ - $ 19,918 $ 19,918 Cost of revenue - - (16,328 ) (16,328 ) Net (loss)/profit (37,078 ) 33,973 (27,564 ) (30,669 ) Total assets $ 231,982 $ 1,695,319 $ 263,623 $ 2,190,924 |
SCHEDULE OF DETAILS OF COMPANY_
SCHEDULE OF DETAILS OF COMPANY’S SUBSIDIARY (Details) | 3 Months Ended |
Oct. 31, 2022 | |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company name | Phoenix Plus Corp. |
Place and date of incorporation | Labuan / January 4, 2019 |
Particulars of issued capital | 100 shares of ordinary share of US$1 each |
Principal activities | Investment holding |
Phoenix Plus International Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company name | Phoenix Plus International Limited |
Place and date of incorporation | Hong Kong / March 19, 2019 |
Particulars of issued capital | 1 ordinary share of HK$1 each |
Principal activities | Providing technical consultancy on solar power system and consultancy on green energy solution |
Phoenix Green Energy Sdn. Bhd [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Company name | Phoenix Green Energy Sdn. Bhd. |
Place and date of incorporation | Malaysia / May 17, 2022 |
Particulars of issued capital | 1,200,000 shares of ordinary share of MYR1 each |
Principal activities | Providing renewable energy turnkey solutions from engineering, procurement, construction and commissioning services |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) | May 17, 2022 | Mar. 18, 2019 |
Phoenix Plus Corp [Member] | ||
Ownership percentage | 100% | |
Phoenix Green Energy Sdn. Bhd [Member] | ||
Ownership percentage | 100% |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE (Details) | 3 Months Ended |
Oct. 31, 2022 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 21 months |
Computer Hardware and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Tools, Dies and Molds [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
SCHEDULE OF FOREIGN CURRENCY TR
SCHEDULE OF FOREIGN CURRENCY TRANSLATION (Details) | Oct. 31, 2022 | Oct. 31, 2021 |
Year-end RM : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.72 | 4.14 |
Year-average RM : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.56 | 4.16 |
Year-end HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.85 | 7.78 |
Year-average HK$ : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.85 | 7.78 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2022 | |
Income Tax Examination, Likelihood of Unfavorable Settlement | greater than 50% | ||
Accumulated defecit | $ 1,906,392 | $ 1,760,413 | |
Net cash used in operating activities | 174,300 | $ 32,696 | |
Net loss | $ 145,979 | $ 30,669 | |
Investment under equity method [Member] | |||
Percentage of equity method | 20% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - shares | Oct. 31, 2022 | Jul. 31, 2022 |
Equity [Abstract] | ||
Common stock, shares issued | 332,699,500 | 332,699,500 |
Common stock, shares outstanding | 332,699,500 | 332,699,500 |
SCHEDULE OF PROPERTY, PLANT A_2
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 118,680 | $ 117,305 |
Accumulated depreciation | (114,543) | (114,323) |
Effect of translation exchange | (163) | |
Property, plant and equipment, net | 3,974 | 2,982 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 114,263 | 114,263 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,481 | 2,481 |
Tools and Guages [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,936 | $ 561 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 220 |
SCHEDULE OF EQUITY METHOD INVES
SCHEDULE OF EQUITY METHOD INVESTMENT (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment, at cost | $ 232,040 | $ 232,040 |
Less: Equity method loss | (335) | (335) |
Less: Impairment loss on investment | (231,705) | (231,705) |
Equity method investments |
EQUITY METHOD INVESTMENT (Detai
EQUITY METHOD INVESTMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Gain (loss) on investments | $ 0 | $ 58 |
Investee Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of equity method investee company | 33.90% |
SCHEDULE OF TRADE RECEIVABLES (
SCHEDULE OF TRADE RECEIVABLES (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Receivables [Abstract] | ||
Trade receivables | $ 15,509 | $ 868 |
Total trade receivables | $ 15,509 | $ 868 |
SCEHEDULE OF OTHER RECEIVABLES
SCEHEDULE OF OTHER RECEIVABLES PREPAYMENT AND DEPOSITS (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Other Receivables Prepayment And Deposits | ||
Other receivables | $ 1,086 | |
Deposits | 26,476 | 4,850 |
Prepayment | 3,176 | 8,427 |
Total other receivables, prepayments and deposits | $ 29,652 | $ 14,363 |
SCHEDULE OF TRADE PAYABLE (Deta
SCHEDULE OF TRADE PAYABLE (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Trade Payable | ||
Trade payable | $ 3,653 | |
Total trade payable | $ 3,653 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 14,000 | |
Other payable and accrued liabilities | 38,615 | 26,863 |
Total other payables and accrued liabilities | $ 38,615 | $ 40,863 |
SCHEDULE OF REVENUE (Details)
SCHEDULE OF REVENUE (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 15,132 | $ 19,918 |
Consultancy Service Provided [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 19,918 | |
Installation Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 15,132 |
SCHEDULE OF LOCAL AND FOREIGN C
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | $ (145,979) | $ (30,669) |
LABUAN [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (67,380) | 33,973 |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (39,845) | (27,564) |
MALAYSIA | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (26,502) | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | $ (12,252) | $ (37,078) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Current, Local | ||
Current, Foreign | ||
Deferred, Local | ||
Deferred, Foreign | ||
Income tax expense |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 3 Months Ended |
Oct. 31, 2022 USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Operating loss carryforwards | $ 829,913 |
Future taxable income percentage | 80% |
Deferred tax assets, valuation allowance | $ 663,930 |
LABUAN [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate | 3% |
HONG KONG | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate | 16.50% |
MALAYSIA | Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate | 17% |
MALAYSIA | Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income tax rate | 24% |
SCHEDULE OF INITIAL RECOGNITION
SCHEDULE OF INITIAL RECOGNITION OF OPERATING LEASE RIGHT AND LEASE LIABILITY (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Lease Right-of-use Asset And Lease Liabilities | ||
Gross lease payable | $ 42,647 | $ 42,647 |
Less: imputed interest | (2,202) | (2,202) |
Recognition | $ 40,445 | $ 40,445 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 | Jun. 01, 2022 | Jul. 01, 2021 |
Lease Right-of-use Asset And Lease Liabilities | ||||
Initial recognition as of August 1, 2019 | $ 26,772 | $ 26,772 | ||
Additional portion from July 31, 2020 to June 30, 2021 | 2,719 | 2,719 | ||
Add: new lease addition from July 1, 2021 to June 30, 2023 | 40,445 | 40,445 | ||
Add: new lease addition from June 1, 2022 to May 31, 2023 | 9,343 | 9,343 | $ 9,343 | $ 40,445 |
Accumulated amortization | (59,078) | (52,264) | ||
Foreign exchange translation loss | (2,640) | (1,234) | ||
Balance | $ 17,561 | $ 25,781 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | Oct. 31, 2022 | Jul. 31, 2022 |
Lease Right-of-use Asset And Lease Liabilities | ||
Initial recognition as of August 1, 2019 | $ 26,772 | $ 26,772 |
Add: additional portion (increase of leasing fee) | 2,719 | 2,719 |
Add: new lease addition from July 1, 2021 to June 30, 2023 | 40,445 | 40,445 |
Add: new lease addition from June 1, 2022 to May 31, 2023 | 9,343 | 9,343 |
Less: gross repayment | (60,974) | (53,907) |
Add: imputed interest | 353 | 348 |
Foreign exchange translation gain | (1,039) | 97 |
Balance | 17,619 | 25,817 |
Less: lease liability current portion | (17,619) | (25,817) |
Lease liability non-current portion |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Oct. 31, 2022 USD ($) |
Lease Right-of-use Asset And Lease Liabilities | |
June 30, 2023 (8 months) | $ 17,619 |
Total | $ 17,619 |
SCHEDULE OF OTHER INFORMATION (
SCHEDULE OF OTHER INFORMATION (Details) - USD ($) | 3 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Jun. 01, 2022 | Jul. 01, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flow from operating lease | $ 8,198 | $ 4,181 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 17,561 | $ 34,667 | ||
Remaining lease term for operating lease 1 (years) | 8 months 12 days | 1 year 8 months 12 days | ||
Remaining lease term for operating lease 2 (years) | 7 months 6 days | |||
Weighted average discount rate for operating lease 1 | 5.60% | 5.60% | 5.56% | 5.60% |
Weighted average discount rate for operating lease 2 | 5.56% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | ||||
Oct. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2022 | Jun. 01, 2022 | Jul. 01, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |||||
New lease liability | $ 9,343 | $ 9,343 | $ 9,343 | $ 40,445 | |
Weighted average discount rate for operating lease | 5.60% | 5.60% | 5.56% | 5.60% | |
Operating lease right of use asset | $ 6,814 | $ 4,927 | |||
Lease expenses | $ 286 | $ 5,433 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2022 | |
Concentration Risk [Line Items] | |||
Revenue | $ 15,132 | $ 19,918 | |
Trade receivable | 15,509 | $ 868 | |
Cost of revenue | 13,782 | 16,328 | |
Revenue Benchmark [Member] | Customer A [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 19,918 | ||
Percentage of revenue | 100% | ||
Trade receivable | $ 39,224 | ||
Revenue Benchmark [Member] | Customer B [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 8,553 | ||
Percentage of revenue | 57% | ||
Trade receivable | |||
Revenue Benchmark [Member] | Customer C [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 6,579 | ||
Percentage of revenue | 43% | ||
Trade receivable | $ 6,356 | ||
Revenue Benchmark [Member] | Customer [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 15,132 | $ 19,918 | |
Percentage of revenue | 100% | 100% | |
Trade receivable | $ 6,356 | $ 39,224 | |
Cost of revenue | 11,370 | 16,328 | |
Trade payable | $ 3,273 | $ 34,248 | |
Revenue Benchmark [Member] | Vendor A [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 100% | ||
Cost of revenue | $ 16,328 | ||
Trade payable | $ 34,248 | ||
Revenue Benchmark [Member] | Vendor B [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 58% | ||
Cost of revenue | $ 7,982 | ||
Trade payable | |||
Revenue Benchmark [Member] | Vendo C [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 25% | ||
Cost of revenue | $ 3,388 | ||
Trade payable | $ 3,273 | ||
Revenue Benchmark [Member] | Vendor [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 83% | 100% |
SCHEDULE OF NO INTER-SEGMENT SA
SCHEDULE OF NO INTER-SEGMENT SALES (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 15,132 | $ 19,918 |
Cost of revenue | (13,782) | (16,328) |
Net (loss)/profit | (145,979) | (30,669) |
Total assets | 1,425,803 | 2,190,924 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
Net (loss)/profit | (12,252) | (37,078) |
Total assets | 231,982 | |
MALAYSIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 15,132 | |
Cost of revenue | (13,782) | |
Net (loss)/profit | (93,882) | 33,973 |
Total assets | 1,279,246 | 1,695,319 |
HONG KONG | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 19,918 | |
Cost of revenue | (16,328) | |
Net (loss)/profit | (39,845) | (27,564) |
Total assets | $ 146,557 | $ 263,623 |