v3.20.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 7,497,120 $ (1,386,052)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation expense 8,500 4,508
Noncash lease expense 2,466 37,575
Changes in assets and liabilities:    
Accounts receivables, net (4,190,167) (9,218)
Other current assets (230,221) (11,994)
Inventories, net (1,543,618) (44,327)
Accounts payable (1,232,372) 236,479
Accounts payable - related party (26,796) 0
Factory payable 3,218,390 0
Other current liabilities 458,184 74,609
Accrued interest 69,673 3,568
Unearned revenue (6,833,745) 0
Net cash used in operating activities (2,802,586) (1,094,852)
Cash flows from investing activities:    
Purchases of property and equipment (22,095) (64,897)
Loans provided on loans receivables to related parties 0 (124,524)
Payment received from loans made to related parties 25,000 90,917
Net cash provided by (used) in investing activities 2,905 (98,504)
Cash flows from financing activities:    
Borrowing on lines of credit from financial institutions 2,302,024 0
Repayment on lines of credit from financial institutions (2,827,269) 0
Borrowing on lines of credit, related parties 95,000 53,645
Repayment on lines of credit, related parties (661,125) (59,688)
Repayment on note payable (330) 0
Proceeds from issuance of common stock 0 1,198,568
Net cash provided by (used in) financing activities (1,091,700) 1,192,525
Net increase in cash (3,891,381) (831)
Cash - beginning of period 4,171,371 63,016
Cash - end of period 279,990 62,185
Cash paid during the period for:    
Interest 457,611 14,485
Income taxes $ 800 $ 800

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