Cover
Cover - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jan. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 Public Float | $ 126,746,640 | |
Entity Bankruptcy Proceedings, Reporting Current | false | |
Entity Common Stock, Shares Outstanding | 332,699,500 | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Name | JP CENTURION & PARTNERS PLT | |
Auditor Firm ID | 6723 | |
Auditor Location | Kuala Lumpur, Malaysia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Current assets | ||
Trade receivables | $ 12,088 | $ 868 |
Contract assets | 18,723 | |
Other receivables, prepayments and deposits | 14,993 | 14,363 |
Deferred cost | 324 | 764 |
Cash at banks | 1,108,039 | 1,537,864 |
Total current assets | 1,154,167 | 1,553,859 |
Non-current assets | ||
Property, plant and equipment, net | 9,715 | 2,982 |
Lease right-of-use asset | 86,817 | 25,781 |
Equity method investment | ||
Total non-current assets | 96,532 | 28,763 |
TOTAL ASSETS | 1,250,699 | 1,582,622 |
Non-current liabilities | ||
Lease liabilities, non-current | 57,606 | |
Total non-current liabilities | 57,606 | |
Current liabilities | ||
Trade payables | 4,202 | |
Other payables and accrued liabilities | 36,747 | 40,863 |
Lease liabilities, current | 29,211 | 25,817 |
Total current liabilities | 70,160 | 66,680 |
Total liabilities | 127,766 | 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 July 31, 2023 and 2022 respectively | 33,270 | 33,270 |
Additional paid-in capital | 3,245,230 | 3,245,230 |
Accumulated other comprehensive loss | (5,917) | (2,145) |
Accumulated deficit | (2,149,650) | (1,760,413) |
Total stockholders’ equity | 1,122,933 | 1,515,942 |
TOTAL LIABILITIES AND STOCKHOLDERS’ FUND | $ 1,250,699 | $ 1,582,622 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2023 | 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 99,833 | $ 20,826 |
Cost of revenue | (84,322) | (16,987) |
Gross profit | 15,511 | 3,839 |
Other income | 101 | 12,138 |
Operating expenses: | ||
General and administrative expenses | (370,832) | (304,068) |
Finance cost | (625) | (1,639) |
Other operating expenses | (33,392) | (319,887) |
Loss before income tax | (389,237) | (609,617) |
Income tax expense | ||
Net loss for the year | (389,237) | (609,617) |
Other comprehensive loss: | ||
- Foreign currency translation loss | (3,772) | (2,145) |
Comprehensive loss | $ (393,009) | $ (611,762) |
Net loss per share - Basic | $ (0.0012) | $ (0.0018) |
Net loss per share - Diluted | $ (0.0012) | $ (0.0018) |
Weighted average number of common shares outstanding - Basic | 332,699,500 | 332,699,500 |
Weighted average number of common shares outstanding - Diluted | 332,699,500 | 332,699,500 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Jul. 31, 2021 | $ 33,270 | $ 3,245,230 | $ (1,150,796) | $ 2,127,704 | |
Balance, shares at Jul. 31, 2021 | 332,699,500 | ||||
Net loss for the year | (609,617) | (609,617) | |||
Foreign currency translation adjustment | (2,145) | (2,145) | |||
Balance at Jul. 31, 2022 | $ 33,270 | 3,245,230 | (2,145) | (1,760,413) | 1,515,942 |
Balance, shares at Jul. 31, 2022 | 332,699,500 | ||||
Net loss for the year | (389,237) | (389,237) | |||
Foreign currency translation adjustment | (3,772) | (3,772) | |||
Balance at Jul. 31, 2023 | $ 33,270 | $ 3,245,230 | $ (5,917) | $ (2,149,650) | $ 1,122,933 |
Balance, shares at Jul. 31, 2023 | 332,699,500 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (389,237) | $ (609,617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,302 | 60 |
Share of loss in associate company | 335 | |
Impairment loss on investment in associate company | 231,705 | |
Operating lease expenses | (61,036) | 13,067 |
Changes in operating assets and liabilities: | ||
Trade receivables | (11,220) | 39,033 |
Contract assets | (18,723) | |
Other receivables, prepayments and deposits | (630) | (2,055) |
Deferred cost | 440 | (764) |
Trade payable | 4,202 | (38,738) |
Other payables and accrued liabilities | (4,116) | 12,185 |
Operating lease liabilities | 61,000 | (13,031) |
Net cash used in operating activities | (418,018) | (367,820) |
CASH FLOWS FROM INVESTING ACTIVITY: | ||
Purchase of property, plant and equipment | (8,089) | (3,042) |
Net cash used in investing activity | (8,089) | (3,042) |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Net cash provided by financing activity | ||
Effect of exchange rate changes on cash and cash equivalents | (3,718) | (2,146) |
Net decrease in cash and cash equivalents | (429,825) | (373,008) |
Cash and cash equivalents, beginning of year | 1,537,864 | 1,910,872 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 1,108,039 | 1,537,864 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 12 Months Ended |
Jul. 31, 2023 | |
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 Proportional of ownership interest and voting power held 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 shares of ordinary share of US$1 each Investment holding 100 2. Phoenix Plus International Limited Hong Kong / March 19, 2019 1 ordinary share of HK$1 each Providing technical consultancy on solar power system and consultancy on green energy solution 100 3. Phoenix Green Energy Sdn. Bhd. Malaysia / May 17, 2022 1,200,000 shares of ordinary share of MYR1 each Providing renewable energy turnkey solutions from engineering, procurement, construction and commissioning services 100 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. 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 year ended July 31, 2023, the Company suffered an accumulated deficit of $ 2,149,650 418,018 389,237 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major 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. Basis of presentation The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries for the year ended July 31, 2023 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp., Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd.. Intercompany accounts and transactions have been eliminated on consolidation. 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 in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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 year 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. The revenue from long term contract is recognized by reference to the stage of completion of the contract activity at the end of the reporting period, the stage of completion is measured by the proportion that costs incurred for work performed to date bear to the estimated total costs. The revenue from non-contract customers is recognized upon the delivery of services. 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. Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the enactment date. 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% PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) 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, while the Company’s subsidiary in Malaysia maintains its books and record in Ringgit Malaysia (“MYR”). Ringgit 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 years: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the year ended July 31, 2023 2022 Year-end MYR: US$1 exchange rate 4.55 4.45 Year-average MYR: US$1 exchange rate 4.50 4.25 Year-end HK$: US$1 exchange rate 7.79 7.85 Year-average HK$: US$1 exchange rate 7.83 7.81 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, 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 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
COMMON STOCK | 3. COMMON STOCK On November 5, 2018, the founder of the Company, Mr. Fong Teck Kheong subscribed 100,000 0.0001 On March 25, 2019, Mr. Fong Teck Kheong further subscribed 119,900,000 0.0001 11,990 Between March 28, 2019 to April 1, 2019, the others founder of the Company, subscribed 180,000,000 0.0001 18,000 Between April 9, 2019 to April 16, 2019, the Company has issued 25,100,000 0.03 753,000 Between April 25, 2019 to May 10, 2019, the Company has issued 2,000,000 0.10 200,000 Between May 11, 2019 to June 18, 2019, the Company has issued 2,067,500 0.20 413,500 Between May 20, 2019 to July 25, 2019, the Company has issued 2,750,000 0.40 1,100,000 On July 9, 2021, the Company has issued 782,000 1 782,000 As of July 31, 2023 and 2022, the Company has an issued and outstanding common share of 332,699,500 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of July 31, 2023 and July 31, 2022 are summarized below: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of As of Leasehold improvement $ 114,263 $ 114,263 Computer hardware and software 8,918 2,481 Tools and gauges 2,213 561 Total 125,394 117,305 Accumulated depreciation (115,625 ) $ (114,323 ) Effect of translation exchange (56 ) - Property, plant and equipment, net $ 9,715 $ 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 year ended July 31, 2023 and July 31, 2022 was $ 1,302 60 |
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT | 12 Months Ended |
Jul. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENT | 5. EQUITY METHOD INVESTMENT SCHEDULE OF EQUITY METHOD INVESTMENT As of As of Investment, at cost $ 232,040 $ 232,040 Equity method loss (335 ) (335 ) Impairment loss on investment (231,705 ) (231,705 ) Equity method investment $ - $ - As of July 31, 2022, the Company holds 33.9 335 On October 26, 2022, VCASB was served with a winding up petition, which the hearing of petition of the case was held on May 31, 2023 and the Malaysian court has given order that VCASB is to wind up under the provisions of the Companies Act Malaysia 2016. As of July 31, 2023, VCASB is in the progress of winding up. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Jul. 31, 2023 | |
Receivables [Abstract] | |
TRADE RECEIVABLES | 6. TRADE RECEIVABLES Trade receivables consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF TRADE RECEIVABLES As of July 31, 2023 As of July 31, 2022 Trade receivables $ 12,088 $ 868 Total trade receivables $ 12,088 $ 868 |
CONTRACT ASSETS
CONTRACT ASSETS | 12 Months Ended |
Jul. 31, 2023 | |
Contract Assets | |
CONTRACT ASSETS | 7. CONTRACT ASSETS Contract assets as of July 31, 2023 and July 31, 2022 are summarized below: SCHEDULE OF CONTRACT ASSETS As of As of Cost incurred $ 15,224 $ - Attributable profit 3,499 - Contract assets, gross 18,723 - Progress billings - - Total contract assets $ 18,723 $ - |
OTHER RECEIVABLES, PREPAYMENTS
OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS | 12 Months Ended |
Jul. 31, 2023 | |
Other Receivables Prepayments And Deposits | |
OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS | 8. OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS Other receivables, prepayments and deposits consisted of the following at July 31, 2023 and July 31, 2022. SCHEDULE OF OTHER RECEIVABLES PREPAYMENTS AND DEPOSITS As of As of Other receivables $ - $ 1,086 Deposits 12,325 4,850 Prepayments 2,668 8,427 Total other receivables, prepayments and deposits $ 14,993 $ 14,363 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
DEFERRED COST
DEFERRED COST | 12 Months Ended |
Jul. 31, 2023 | |
Deferred Cost | |
DEFERRED COST | 9. 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 PAYABLES
TRADE PAYABLES | 12 Months Ended |
Jul. 31, 2023 | |
Trade Payables | |
TRADE PAYABLES | 10. TRADE PAYABLES Trade payables consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF TRADE PAYABLE As of July 31, 2023 As of July 31, 2022 (Audited) Trade payables $ 4,202 $ - Total trade payables $ 4,202 $ - |
OTHER PAYABLES AND ACCRUED LIAB
OTHER PAYABLES AND ACCRUED LIABILITIES | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES AND ACCRUED LIABILITIES | 11. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of July 31, 2023 As of July 31, 2022 Accrued audit fees $ 14,000 $ 14,000 Other payable and accrued liabilities 22,747 26,863 Total other payables and accrued liabilities $ 36,747 $ 40,863 |
REVENUE
REVENUE | 12 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 12. REVENUE For the years ended July 31, 2023 and July 31, 2022, the Company has revenue arise from the following: SCHEDULE OF REVENUE For the year ended For the year ended Consultancy service provided $ - $ 19,918 Installation service 99,833 908 Total revenue $ 99,833 $ 20,826 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES For the years ended July 31, 2023 and July 31, 2022, 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 Year ended Year ended Tax jurisdictions from: Local $ (58,593 ) (357,958 ) Foreign, representing - Labuan $ (31,427 ) (79,060 ) - Hong Kong $ (142,222 ) (152,154 ) - Malaysia (156,995 ) (20,445 ) Loss before income tax $ (389,237 ) (609,617 ) The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX Year ended Year ended Current: - Local $ - $ - - Foreign - - Deferred: $ $ - Local $ - $ - - Foreign $ - $ - Income tax expense $ - $ - The effective tax rate in the years 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 July 31, 2023 the operations in the United States of America incurred $ 876,254 701,003 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 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) Hong Kong Phoenix Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5 Malaysia Phoenix Green Energy Sdn. Bhd. is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15 24 |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12 Months Ended |
Jul. 31, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the year on and after August 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative years presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative years, thusly. As of July 1, 2021, the Company recognized approximately US$ 40,445 5.60 As of June 1, 2022, the Company recognized another approximately US$ 9,343 asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of June 1, 2022, with borrowing rate of 5.56 On June 3, 2023, Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively entered into two lease with landlord for renting office space, from August 1, 2023 to July 31, 2025, with an option to renew after the end of the tenancy agreement. Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively recognized lease liabilities of approximately US$ 25,967 60,850 , with a corresponding right-of-use asset in the same amount based on the present value of the future minimum rental payments of the lease, 6.85 % adopted from CIMB Bank Berhad’s fixed deposit rate as a reference for discount rate. 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 As of (Audited) (Audited) Gross lease payable $ 107,053 $ 42,647 Less: imputed interest (9,359 ) (2,202 ) Initial recognition $ 97,694 $ 40,445 As of July 31, 2023 and July 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of As of (Audited) (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 Add: new lease addition from June 1, 2023 to July 31, 2023 1,534 - Add: new lease addition from August 1, 2023 to July 31, 2026 86,817 - Accumulated amortization (79,244 ) (52,264 ) Foreign exchange translation loss (1,569 ) (1,234 ) Balance end of the year $ 86,817 $ 25,781 As of July 31, 2023 and July 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of As of (Audited) (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 Add: new lease addition from June 1, 2023 to July 31, 2023 1,534 - Add: new lease addition from August 1, 2023 to July 31, 2026 86,817 - Less: gross repayment (81,468 ) (53,907 ) Add: imputed interest 245 348 Foreign exchange translation gain 410 97 Balance as of July 31 86,817 25,817 Less: lease liability current portion (29,211 ) (25,817 ) Lease liability non-current portion $ 57,606 $ - For the year ended July 31, 2023 and July 31, 2022, the amortization of the operating lease right of use asset are $ 27,014 6,315 PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending July 31, 2024 (12 months) 29,211 July 31, 2025 (12 months) 29,786 July 31, 2026 (12 months) 27,820 Total $ 86,817 Other information: SCHEDULE OF OTHER INFORMATION 2023 2022 Year ended July 31, 2023 2022 (Audited) (Audited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 61,000 $ 13,031 Right-of-use assets obtained in exchange for operating lease liabilities 86,817 38,848 Remaining lease term for operating lease (years) Lease 1 - 0.9 Lease 2 - 0.8 Lease 3 3 - Weighted average discount rate for operating lease Lease 1 5.60 % 5.60 % Lease 2 5.56 % 5.56 % Lease 3 6.85 % - % Lease expenses were $ 625 22,638 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Jul. 31, 2023 | |
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 year ended July 31, 2023 and 2022, 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 year ended July 31 2023 2022 2023 2022 2023 2022 Revenue Percentage of Revenue Trade Receivable Customer A $ - $ 19,918 - % 96 % $ - $ - Customer B 72,235 - 72 % - % 12,088 - $ 72,235 $ 19,918 72 % 96 % $ 12,088 $ - (b) Major vendors For the year ended July 31, 2023 and 2022, 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 year ended July 31 2023 2022 2023 2022 2023 2022 Cost of Revenue Percentage of Cost of Revenue Trade Payable Vendor A $ - $ 16,328 - % 96 % $ - $ - Vendor B 14,721 - 17 % - % 264 - Vendor C 12,599 - 15 % - % - - $ 27,320 $ 16,328 32 % 96 % $ 264 $ - PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jul. 31, 2023 | |
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 INTER-SEGMENT SALES By Geography: United States Malaysia Hong Kong Total For the year ended July 31, 2023 United States Malaysia Hong Kong Total Revenue $ - $ 99,833 $ - $ 99,833 Cost of revenue - (84,322 ) - (84,322 ) Net loss (58,593 ) (188,422 ) (142,222 ) (389,237 ) Total assets $ - $ 1,183,671 $ 67,028 $ 1,250,699 United States Malaysia Hong Kong Total For the year ended July 31, 2022 United States Malaysia Hong Kong Total Revenue $ - $ 908 $ 19,918 $ 20,826 Cost of revenue - (659 ) (16,328 ) (16,987 ) Net loss (357,958 ) (99,505 ) (152,154 ) (609,617 ) Total assets $ - $ 1,489,942 $ 92,680 $ 1,582,622 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 17. GOING CONCERN As of July 31, 2023, the Company has an accumulated deficit of $ 2,149,650 418,018 and a net loss of $ 389,237 for the year ended July 31, 2023. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after July 31, 2023 up through the date the Company issued the audited consolidated financial statements. During this period, there was no subsequent event that required recognition or disclosure, except for those disclose elsewhere in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
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 year ended July 31, 2023, the Company suffered an accumulated deficit of $ 2,149,650 418,018 389,237 The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major 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. |
Basis of presentation | Basis of presentation The consolidated financial statements for Phoenix Plus Corp. and its subsidiaries for the year ended July 31, 2023 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Phoenix Plus Corp. and its wholly owned subsidiaries, Phoenix Plus Corp., Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd.. Intercompany accounts and transactions have been eliminated on consolidation. 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 in which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated upon consolidation. PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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 year 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. The revenue from long term contract is recognized by reference to the stage of completion of the contract activity at the end of the reporting period, the stage of completion is measured by the proportion that costs incurred for work performed to date bear to the estimated total costs. The revenue from non-contract customers is recognized upon the delivery of services. |
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. |
Income taxes | Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the enactment date. 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% PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
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, while the Company’s subsidiary in Malaysia maintains its books and record in Ringgit Malaysia (“MYR”). Ringgit 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 years: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the year ended July 31, 2023 2022 Year-end MYR: US$1 exchange rate 4.55 4.45 Year-average MYR: US$1 exchange rate 4.50 4.25 Year-end HK$: US$1 exchange rate 7.79 7.85 Year-average HK$: US$1 exchange rate 7.83 7.81 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. PHOENIX PLUS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JULY 31, 2023 AND 2022 (Currency expressed in United States Dollars (“US$”), except for number of shares) |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments, 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) | 12 Months Ended |
Jul. 31, 2023 | |
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 Proportional of ownership interest and voting power held 1. Phoenix Plus Corp. Labuan / January 4, 2019 100 shares of ordinary share of US$1 each Investment holding 100 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 100 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 100 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
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 years: SCHEDULE OF FOREIGN CURRENCY TRANSLATION As of and for the year ended July 31, 2023 2022 Year-end MYR: US$1 exchange rate 4.55 4.45 Year-average MYR: US$1 exchange rate 4.50 4.25 Year-end HK$: US$1 exchange rate 7.79 7.85 Year-average HK$: US$1 exchange rate 7.83 7.81 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment as of July 31, 2023 and July 31, 2022 are summarized below: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of As of Leasehold improvement $ 114,263 $ 114,263 Computer hardware and software 8,918 2,481 Tools and gauges 2,213 561 Total 125,394 117,305 Accumulated depreciation (115,625 ) $ (114,323 ) Effect of translation exchange (56 ) - Property, plant and equipment, net $ 9,715 $ 2,982 |
EQUITY METHOD INVESTMENT (Table
EQUITY METHOD INVESTMENT (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SCHEDULE OF EQUITY METHOD INVESTMENT | SCHEDULE OF EQUITY METHOD INVESTMENT As of As of Investment, at cost $ 232,040 $ 232,040 Equity method loss (335 ) (335 ) Impairment loss on investment (231,705 ) (231,705 ) Equity method investment $ - $ - |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Receivables [Abstract] | |
SCHEDULE OF TRADE RECEIVABLES | Trade receivables consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF TRADE RECEIVABLES As of July 31, 2023 As of July 31, 2022 Trade receivables $ 12,088 $ 868 Total trade receivables $ 12,088 $ 868 |
CONTRACT ASSETS (Tables)
CONTRACT ASSETS (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Contract Assets | |
SCHEDULE OF CONTRACT ASSETS | Contract assets as of July 31, 2023 and July 31, 2022 are summarized below: SCHEDULE OF CONTRACT ASSETS As of As of Cost incurred $ 15,224 $ - Attributable profit 3,499 - Contract assets, gross 18,723 - Progress billings - - Total contract assets $ 18,723 $ - |
OTHER RECEIVABLES, PREPAYMENT_2
OTHER RECEIVABLES, PREPAYMENTS AND DEPOSITS (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Other Receivables Prepayments And Deposits | |
SCHEDULE OF OTHER RECEIVABLES PREPAYMENTS AND DEPOSITS | Other receivables, prepayments and deposits consisted of the following at July 31, 2023 and July 31, 2022. SCHEDULE OF OTHER RECEIVABLES PREPAYMENTS AND DEPOSITS As of As of Other receivables $ - $ 1,086 Deposits 12,325 4,850 Prepayments 2,668 8,427 Total other receivables, prepayments and deposits $ 14,993 $ 14,363 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Trade Payables | |
SCHEDULE OF TRADE PAYABLE | Trade payables consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF TRADE PAYABLE As of July 31, 2023 As of July 31, 2022 (Audited) Trade payables $ 4,202 $ - Total trade payables $ 4,202 $ - |
OTHER PAYABLES AND ACCRUED LI_2
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES | Other payables and accrued liabilities consisted of the following at July 31, 2023 and July 31, 2022: SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES As of July 31, 2023 As of July 31, 2022 Accrued audit fees $ 14,000 $ 14,000 Other payable and accrued liabilities 22,747 26,863 Total other payables and accrued liabilities $ 36,747 $ 40,863 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REVENUE | For the years ended July 31, 2023 and July 31, 2022, the Company has revenue arise from the following: SCHEDULE OF REVENUE For the year ended For the year ended Consultancy service provided $ - $ 19,918 Installation service 99,833 908 Total revenue $ 99,833 $ 20,826 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX | For the years ended July 31, 2023 and July 31, 2022, 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 Year ended Year ended Tax jurisdictions from: Local $ (58,593 ) (357,958 ) Foreign, representing - Labuan $ (31,427 ) (79,060 ) - Hong Kong $ (142,222 ) (152,154 ) - Malaysia (156,995 ) (20,445 ) Loss before income tax $ (389,237 ) (609,617 ) |
SCHEDULE OF PROVISION FOR INCOME TAX | The provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAX Year ended Year ended 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) | 12 Months Ended |
Jul. 31, 2023 | |
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 As of (Audited) (Audited) Gross lease payable $ 107,053 $ 42,647 Less: imputed interest (9,359 ) (2,202 ) Initial recognition $ 97,694 $ 40,445 |
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET | As of July 31, 2023 and July 31, 2022, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET As of As of (Audited) (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 Add: new lease addition from June 1, 2023 to July 31, 2023 1,534 - Add: new lease addition from August 1, 2023 to July 31, 2026 86,817 - Accumulated amortization (79,244 ) (52,264 ) Foreign exchange translation loss (1,569 ) (1,234 ) Balance end of the year $ 86,817 $ 25,781 |
SCHEDULE OF OPERATING LEASE LIABILITY | As of July 31, 2023 and July 31, 2022, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY As of As of (Audited) (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 Add: new lease addition from June 1, 2023 to July 31, 2023 1,534 - Add: new lease addition from August 1, 2023 to July 31, 2026 86,817 - Less: gross repayment (81,468 ) (53,907 ) Add: imputed interest 245 348 Foreign exchange translation gain 410 97 Balance as of July 31 86,817 25,817 Less: lease liability current portion (29,211 ) (25,817 ) Lease liability non-current portion $ 57,606 $ - |
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION | Maturities of operating lease obligation as follow: SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION Year ending July 31, 2024 (12 months) 29,211 July 31, 2025 (12 months) 29,786 July 31, 2026 (12 months) 27,820 Total $ 86,817 |
SCHEDULE OF OTHER INFORMATION | Other information: SCHEDULE OF OTHER INFORMATION 2023 2022 Year ended July 31, 2023 2022 (Audited) (Audited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 61,000 $ 13,031 Right-of-use assets obtained in exchange for operating lease liabilities 86,817 38,848 Remaining lease term for operating lease (years) Lease 1 - 0.9 Lease 2 - 0.8 Lease 3 3 - Weighted average discount rate for operating lease Lease 1 5.60 % 5.60 % Lease 2 5.56 % 5.56 % Lease 3 6.85 % - % |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | SCHEDULE OF CONCENTRATION OF RISK (a) Major customers For the year ended July 31, 2023 and 2022, 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 year ended July 31 2023 2022 2023 2022 2023 2022 Revenue Percentage of Revenue Trade Receivable Customer A $ - $ 19,918 - % 96 % $ - $ - Customer B 72,235 - 72 % - % 12,088 - $ 72,235 $ 19,918 72 % 96 % $ 12,088 $ - (b) Major vendors For the year ended July 31, 2023 and 2022, 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 year ended July 31 2023 2022 2023 2022 2023 2022 Cost of Revenue Percentage of Cost of Revenue Trade Payable Vendor A $ - $ 16,328 - % 96 % $ - $ - Vendor B 14,721 - 17 % - % 264 - Vendor C 12,599 - 15 % - % - - $ 27,320 $ 16,328 32 % 96 % $ 264 $ - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF 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 INTER-SEGMENT SALES By Geography: United States Malaysia Hong Kong Total For the year ended July 31, 2023 United States Malaysia Hong Kong Total Revenue $ - $ 99,833 $ - $ 99,833 Cost of revenue - (84,322 ) - (84,322 ) Net loss (58,593 ) (188,422 ) (142,222 ) (389,237 ) Total assets $ - $ 1,183,671 $ 67,028 $ 1,250,699 United States Malaysia Hong Kong Total For the year ended July 31, 2022 United States Malaysia Hong Kong Total Revenue $ - $ 908 $ 19,918 $ 20,826 Cost of revenue - (659 ) (16,328 ) (16,987 ) Net loss (357,958 ) (99,505 ) (152,154 ) (609,617 ) Total assets $ - $ 1,489,942 $ 92,680 $ 1,582,622 |
SCHEDULE OF DETAILS OF COMPANY_
SCHEDULE OF DETAILS OF COMPANY’S SUBSIDIARY (Details) | 12 Months Ended |
Jul. 31, 2023 | |
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 |
Proportional of ownership interest and voting power held | 100% |
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 |
Proportional of ownership interest and voting power held | 100% |
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 |
Proportional of ownership interest and voting power held | 100% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) | May 17, 2022 | Mar. 18, 2019 |
Malaysia Company [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) | Jul. 31, 2023 |
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) | Jul. 31, 2023 | Jul. 31, 2022 |
Year-end RM : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.55 | 4.45 |
Year-average RM : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 4.50 | 4.25 |
Year-end HK : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.79 | 7.85 |
Year-average HK : US$1 Exchange Rate [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Foreign currency exchange rate, translation | 7.83 | 7.81 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Accumulated defecit | $ 2,149,650 | $ 1,760,413 |
Net cash used in operating activities | 418,018 | 367,820 |
Net loss | $ 389,237 | $ 609,617 |
Income tax examination of unfavorable settlement | greater than 50% | |
Investment Under Equity Method [Member] | ||
Percentage of equity method | 20% |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | ||||||||
Jul. 09, 2021 | Apr. 16, 2019 | Jun. 18, 2019 | May 10, 2019 | Jul. 25, 2019 | Jul. 31, 2023 | Jul. 31, 2022 | Apr. 01, 2019 | Mar. 25, 2019 | Nov. 05, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||||||
Number of common shares issued | 782,000 | |||||||||
Value of common shares issued | $ 782,000 | |||||||||
Share price | $ 1 | |||||||||
Common stock, shares issued | 332,699,500 | 332,699,500 | ||||||||
Common stock, shares outstanding | 332,699,500 | 332,699,500 | ||||||||
Restricted Stock [Member] | ||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||||
Number of restricted common shares subscribed | 180,000,000 | |||||||||
Common stock, par value | $ 0.03 | $ 0.20 | $ 0.10 | $ 0.40 | $ 0.0001 | |||||
Additional working capital | $ 18,000 | |||||||||
Number of common shares issued | 25,100,000 | 2,067,500 | 2,000,000 | 2,750,000 | ||||||
Value of common shares issued | $ 753,000 | $ 413,500 | $ 200,000 | $ 1,100,000 | ||||||
Mr. Fong Teck Kheong [Member] | Restricted Stock [Member] | ||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||||||
Number of restricted common shares subscribed | 119,900,000 | 100,000 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||||||
Additional working capital | $ 11,990 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 125,394 | $ 117,305 |
Accumulated depreciation | (115,625) | (114,323) |
Effect of translation exchange | (56) | |
Property, plant and equipment, net | 9,715 | 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 | 8,918 | 2,481 |
Tools and Gauges [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,213 | $ 561 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,302 | $ 60 |
SCHEDULE OF EQUITY METHOD INVES
SCHEDULE OF EQUITY METHOD INVESTMENT (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment, at cost | $ 232,040 | $ 232,040 |
Equity method loss | (335) | (335) |
Impairment loss on investment | (231,705) | (231,705) |
Equity method investment |
EQUITY METHOD INVESTMENT (Detai
EQUITY METHOD INVESTMENT (Details Narrative) | 12 Months Ended |
Jul. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Gain (loss) on investments | $ 335 |
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 ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Receivables [Abstract] | ||
Trade receivables | $ 12,088 | $ 868 |
Total trade receivables | $ 12,088 | $ 868 |
SCHEDULE OF CONTRACT ASSETS (De
SCHEDULE OF CONTRACT ASSETS (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Contract Assets | ||
Cost incurred | $ 15,224 | |
Attributable profit | 3,499 | |
Contract assets, gross | 18,723 | |
Progress billings | ||
Total contract assets | $ 18,723 |
SCHEDULE OF OTHER RECEIVABLES P
SCHEDULE OF OTHER RECEIVABLES PREPAYMENTS AND DEPOSITS (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Other Receivables Prepayments And Deposits | ||
Other receivables | $ 1,086 | |
Deposits | 12,325 | 4,850 |
Prepayments | 2,668 | 8,427 |
Total other receivables, prepayments and deposits | $ 14,993 | $ 14,363 |
SCHEDULE OF TRADE PAYABLE (Deta
SCHEDULE OF TRADE PAYABLE (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Trade Payables | ||
Trade payables | $ 4,202 | |
Total trade payables | $ 4,202 |
SCHEDULE OF OTHER PAYABLES AND
SCHEDULE OF OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued audit fees | $ 14,000 | $ 14,000 |
Other payable and accrued liabilities | 22,747 | 26,863 |
Total other payables and accrued liabilities | $ 36,747 | $ 40,863 |
SCHEDULE OF REVENUE (Details)
SCHEDULE OF REVENUE (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 99,833 | $ 20,826 |
Consultancy Service Provided [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 19,918 | |
Installation Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 99,833 | $ 908 |
SCHEDULE OF LOCAL AND FOREIGN C
SCHEDULE OF LOCAL AND FOREIGN COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | $ (389,237) | $ (609,617) |
Labuan [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (31,427) | (79,060) |
HONG KONG | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (142,222) | (152,154) |
MALAYSIA | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | (156,995) | (20,445) |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss before income tax | $ (58,593) | $ (357,958) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Current, Local | ||
Current, Foreign | ||
Deferred, Local | ||
Deferred, Foreign | ||
Income tax expense |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jul. 31, 2023 USD ($) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Operating loss carryforwards | $ 876,254 |
Deferred tax assets, valuation allowance | $ 701,003 |
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 | 15% |
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 ($) | Jul. 31, 2023 | Jul. 31, 2022 | Jun. 01, 2022 | Jul. 01, 2021 |
Lease Right-of-use Asset And Lease Liabilities | ||||
Gross lease payable | $ 107,053 | $ 42,647 | ||
Less: imputed interest | (9,359) | (2,202) | ||
Initial recognition | $ 97,694 | $ 40,445 | $ 9,343 | $ 40,445 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
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 |
Add: new lease addition from June 1, 2023 to July 31, 2023 | 1,534 | |
Add: new lease addition from August 1, 2023 to July 31, 2026 | 86,817 | |
Accumulated amortization | (79,244) | (52,264) |
Foreign exchange translation loss | (1,569) | (1,234) |
Balance end of the year | $ 86,817 | $ 25,781 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | Jul. 31, 2023 | 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 |
Add: new lease addition from June 1, 2023 to July 31, 2023 | 1,534 | |
Add: new lease addition from August 1, 2023 to July 31, 2026 | 86,817 | |
Less: gross repayment | (81,468) | (53,907) |
Add: imputed interest | 245 | 348 |
Foreign exchange translation gain | 410 | 97 |
Balance as of July 31 | 86,817 | 25,817 |
Less: lease liability current portion | (29,211) | (25,817) |
Lease liability non-current portion | $ 57,606 |
SCHEDULE OF MATURITIES OF OPERA
SCHEDULE OF MATURITIES OF OPERATING LEASE OBLIGATION (Details) | Jul. 31, 2023 USD ($) |
Lease Right-of-use Asset And Lease Liabilities | |
July 31, 2024 (12 months) | $ 29,211 |
July 31, 2025 (12 months) | 29,786 |
July 31, 2026 (12 months) | 27,820 |
Total | $ 86,817 |
SCHEDULE OF OTHER INFORMATION (
SCHEDULE OF OTHER INFORMATION (Details) - USD ($) | 12 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jun. 03, 2023 | Jun. 01, 2022 | Jul. 01, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flow from operating lease | $ 61,000 | $ 13,031 | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 86,817 | $ 38,848 | |||
Weighted average discount rate for operating lease | 6.85% | 5.56% | 5.60% | ||
Lease 1 [Member] | |||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Remaining lease term for operating lease (years) | 10 months 24 days | ||||
Weighted average discount rate for operating lease | 5.60% | 5.60% | |||
Lease 2 [Member] | |||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Remaining lease term for operating lease (years) | 9 months 18 days | ||||
Weighted average discount rate for operating lease | 5.56% | 5.56% | |||
Lease 3 [Member] | |||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Remaining lease term for operating lease (years) | 3 years | ||||
Weighted average discount rate for operating lease | 6.85% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | ||||
Jun. 03, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jun. 01, 2022 | Jul. 01, 2021 | |
Lease liability and right-of-use asset | $ 97,694 | $ 40,445 | $ 9,343 | $ 40,445 | |
Weighted average discount rate for operating lease | 6.85% | 5.56% | 5.60% | ||
Lease liabilities | 86,817 | 25,817 | |||
Operating lease right of use asset | 27,014 | 6,315 | |||
Lease expenses | $ 625 | $ 22,638 | |||
Phoenix Green Energy Sdn Bhd [Member] | |||||
Lessee, Operating Lease, Term of Contract | 2 years | ||||
Lessee, Operating Lease, Option to Extend | option to renew | ||||
Lease liabilities | $ 60,850 | ||||
Phoenix Plus International Limited [Member] | |||||
Lease liabilities | $ 25,967 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Concentration Risk [Line Items] | ||
Revenue | $ 99,833 | $ 20,826 |
Trade receivable | 12,088 | 868 |
Cost of revenue | 84,322 | 16,987 |
Revenue Benchmark [Member] | Customer A [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 19,918 | |
Percentage of revenue | 96% | |
Trade receivable | ||
Revenue Benchmark [Member] | Customer B [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 72,235 | |
Percentage of revenue | 72% | |
Trade receivable | $ 12,088 | |
Revenue Benchmark [Member] | Customer [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Revenue | $ 72,235 | $ 19,918 |
Percentage of revenue | 72% | 96% |
Trade receivable | $ 12,088 | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenue | 96% | |
Cost of revenue | $ 16,328 | |
Trade payable | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenue | 17% | |
Cost of revenue | $ 14,721 | |
Trade payable | $ 264 | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenue | 15% | |
Cost of revenue | $ 12,599 | |
Trade payable | ||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Vendor [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenue | 32% | 96% |
Cost of revenue | $ 27,320 | $ 16,328 |
Trade payable | $ 264 |
SCHEDULE OF INTER-SEGMENT SALES
SCHEDULE OF INTER-SEGMENT SALES (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 99,833 | $ 20,826 |
Cost of revenue | (84,322) | (16,987) |
Net loss | (389,237) | (609,617) |
Total assets | 1,250,699 | 1,582,622 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
Net loss | (58,593) | (357,958) |
Total assets | ||
MALAYSIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 99,833 | 908 |
Cost of revenue | (84,322) | (659) |
Net loss | (188,422) | (99,505) |
Total assets | 1,183,671 | 1,489,942 |
HONG KONG | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 19,918 | |
Cost of revenue | (16,328) | |
Net loss | (142,222) | (152,154) |
Total assets | $ 67,028 | $ 92,680 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 2,149,650 | $ 1,760,413 |
Net Cash Provided by (Used in) Operating Activities | 418,018 | 367,820 |
Net Income (Loss) Attributable to Parent | $ 389,237 | $ 609,617 |