Mu Yan Technology Group Co., Ltd

CIK:0001617351|SEC Filings

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)	3 Months Ended		6 Months Ended
	Jan. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2021 USD ($) $ / shares shares
Income Statement [Abstract]
Revenues	$ 6,982	$ 1,607,713	$ 175,217	$ 6,158,967
Cost of revenues	(1,305)	(636,865)	(26,963)	(2,592,799)
Taxes and surcharges	(311)	(11,947)	(3,737)	(51,474)
Gross profit	5,366	958,901	144,517	3,514,694
Operating expenses
Selling and marketing expenses	(2)	(474,317)	(527)	(615,322)
General and administrative expenses	(436,683)	(488,901)	(927,104)	(815,133)
Research and development expenses	(203,470)	(83,694)	(472,819)	(170,476)
Total operating expenses	(640,155)	(1,046,912)	(1,400,450)	(1,600,931)
Other income, net	2,275	5,516	360,195	5,562
Profit before tax	(632,514)	(82,495)	(895,738)	1,919,325
Income tax	(251)	(13,172)	(847)	(519,989)
Net profit	(632,765)	(95,667)	(896,585)	1,399,336
Foreign currency translation differences	5,959	150,146	41,396	288,364
Total comprehensive profit	$ (626,806)	$ 54,480	$ (855,189)	$ 1,687,700
Earnings per share – basic and diluted \| $ / shares	$ (0.00)	$ (0.00)	$ (0.00)	$ 0.00
Weighted average number of shares – basic and diluted \| shares	307,430,000	307,430,000	307,430,000	307,430,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ (632,765)	$ (95,667)	$ (896,585)	$ 1,399,336
Adjustments for:
Depreciation			116,486	30,494	$ 83,134
Operating profit before working capital changes:			(780,099)	1,429,830
(Increase) decrease in:
Accounts receivable				(3,753)
Tax Payable			847	118,759
Other receivables			187,912	(1,985,648)
Advance for vehicle purchase			1,714,936
Inventories			(268,796)	1,082,060
Held for sale assets			2,248,098	140,090
Accrued expense and other payables			110,648	(107,861)
Accounts payable			(123,171)	140,090
Down payment to suppliers			293,057	153,590
Advance from customers			(177,784)	(1,581,657)
Amount due to a related party			(2,633,394)
Amount due from related parties				540,435
Net cash provided by (used in) operating activities			572,254	(214,155)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment			(1,674,774)	(157,836)
Net cash used in investing activities			(1,674,774)	(157,836)
Effect of exchange rate changes on cash and cash equivalents			12,508	23,056
Net decrease in cash and cash equivalents			(1,090,012)	(348,935)
Cash and cash equivalents at beginning of period			1,092,575	864,860	864,860
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 2,563	$ 515,925	2,563	515,925	$ 1,092,575
SUPPLEMENTAL CASH FLOW INFORMATION
Income tax paid				449,116
Right-of-use assets obtained in exchange for operating lease liabilities			$ 129,911	$ 419,584

Consolidated Balance Sheets - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Current assets
Cash and cash equivalents	$ 2,563	$ 1,092,575
Down payment to suppliers	33,613	225,489
Amount due from related parties	311,387	371,473
Other receivables	148,439	479,739
Advance for vehicle purchase		1,849,788
Accounts receivable	3,922	3,870
Inventory, net	522,197	236,046
Held for sale assets		2,243,852
Total current assets	1,022,121	6,502,832
Non-current assets
Property, plant and equipment, net	1,909,918	337,881
Operating lease right-of-use assets	129,911	278,712
Total non-current assets	2,039,829	616,593
Total assets	3,061,950	7,119,425
Current liabilities
Accounts payable	4,193	320,224
Advance from customers		176,465
Other payables	224,233	232,265
Income tax payable	22,834	21,691
Current operating lease liabilities	129,911	278,712
Amount due to related parties		2,554,100
Total current liabilities	381,171	3,583,457
Non-current liabilities
Lease liabilities, non-current
Total non-current liabilities
Total liabilities	381,171	3,583,457
Stockholders’ equity
Common stock ($0.001 par value, 500,000,000 shares authorized, 307,430,000 shares issued and outstanding at January 31, 2022 and July 31, 2021, respectively)	307,430	307,430
Additional paid-in capital	(263,298)	(263,298)
Retained profits	1,836,680	2,733,265
Statutory reserve	485,415	485,415
Foreign currency translation reserve	314,552	273,156
Total stockholders’ equity	2,680,779	3,535,968
Total liabilities and stockholders’ equity	$ 3,061,950	$ 7,119,425