v3.20.2

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jul. 31, 2020	Jul. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,094,699	$ (9,945)
Adjustments for:
Depreciation	28,621
Operating profit before working capital changes:	3,123,320	(9,945)
(Increase) decrease in:
Tax Payable	437,544
Other receivables	(104,819)
Inventories	(1,204,731)
Held for sale assets	(2,062,228)
Accrued expense and other payables	245,355	(2,500)
Accounts payables	305,475
Down payment to suppliers	(178,294)
Advance from customers	1,529,628
Amount due to a related party	64,238
Amount due from related parties	(1,066,984)
Net cash provided by (used in) operating activities	1,088,504	(12,445)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(231,436)
Net cash used in investing activities	(231,436)
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common shares		13,400
Net cash provided by financing activities		13,400
Effect of exchange rate changes on cash and cash equivalents	5,458
Net increase in cash and cash equivalents	862,526	955
Cash and cash equivalents at beginning of period	2,334	1,379
CASH AND CASH EQUIVALENTS, END OF PERIOD	864,860	2,334
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax paid	606,594
Right-of-use assets obtained in exchange for operating lease obligations	$ 536,444

The aggregate amount of adjustments to net income or loss necessary to remove the effects of all items whose cash effects are investing or financing cash flows. The aggregate amount also includes all noncash expenses and income items which reduce or increase net income and are thus added back or deducted when calculating cash provided by or used in operating activities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Mu Yan Technology Group Co., Ltd 10-K