10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended October 31, 2019

or

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 333-228847

MU GLOBAL HOLDING LIMITED

(Exact name of registrant issuer as specified in its charter)

Nevada	36-4838886
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

5F-1., No. 106, Chang’an W. Rd., Datong Dist.,

Taipei City, 103 Taiwan (R.O.C.)

(Address of principal executive offices, including zip code)

Registrant’s phone number, including area code +886905153139

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES [X] NO [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

YES [  ] NO [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [  ] Accelerated Filer [  ] Non-accelerated Filer [  ] Smaller reporting company [X] Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock		The OTC Market – Pink Sheets

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has fled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes [  ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at December 13, 2019
Common Stock, $.0001 par value	59,434,838

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:	F-1
	Condensed Consolidated Balance Sheets as of October 31, 2019 (unaudited) and July 31, 2019 (audited)	F-2
	Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three Months Ended October 31, 2019 (unaudited) and October 31, 2018 (unaudited)	F-3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended October 31, 2019 (unaudited) and 2018 (unaudited)	F-4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended October 31, 2019(unaudited) and October 31, 2018 (unaudited)	F-5
	Notes to the Condensed Consolidated Financial Statements	F-6 - F-14
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3-5
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6
ITEM 4.	CONTROLS AND PROCEDURES	6
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	7
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	7
ITEM 4	MINE SAFETY DISCLOSURES	7
ITEM 5	OTHER INFORMATION	7
ITEM 6	EXHIBITS	8
	SIGNATURES	9

2

PART I FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

MU GLOBAL HOLDING LIMITED

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of October 31, 2019 (unaudited) and July 30, 2019 (audited)	F-2
Condensed Consolidated Statements of Operations and Comprehensive Losses for the Three Months Ended October 31, 2019 (unaudited) and October 31, 2018 (unaudited)	F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended October 31, 2019 (unaudited) and 2018 (unaudited)	F-4
Condensed Consolidated Statements of Cash Flows for the Three Months Ended October 31, 2019 (unaudited) and October 31, 2018 (unaudited)	F-5
Notes to the Condensed Consolidated Financial Statements	F-6-F-14

F-1

MU GLOBAL HOLDING LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF OCTOBER 31, 2019 AND JULY 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	As of			As of
	October 31, 2019			July 31, 2019
	Unaudited			Audited
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	$	465,248		$	406,063
		465,248			406,063
CURRENT ASSETS
Cash and cash equivalents	$	170,100		$	394,403
Other receivables		18,526			18,803
Prepayments and deposits		142,833			175,427
Amount due from related parties		10,460			-
Inventories		48,586			43,946
Total Current Assets	$	390,505		$	632,579
TOTAL ASSETS		855,753			1,038,642
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Loan from director	$	42,631		$	-
Other payables and accrued liabilities		63,676			92,855
Amount due to related parties		38,727			44,611
Deposit from franchisee		46,019			32,202
Total Current Liabilities	$	191,053		$	169,668
TOTAL LIABILITIES	$	191,053		$	169,668
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding		-			-
Common Shares, par value $0.0001; 600,000,000 shares authorized, 59,434,838 shares issued and outstanding as of October 31, 2019 and July 31, 2019	$	5,943		$	5,943
Additional paid in capital		1,830,300			1,830,300
Foreign currency adjustment		(3,211	)		8,727
Accumulated deficit		(1,168,332	)		(975,996	)
TOTAL STOCKHOLDERS’ EQUITY	$	664,700		$	868,974
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	855,753		$	1,038,642

See accompanying notes to condensed consolidated financial statements.

F-2

MU GLOBAL HOLDING LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSES

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019 and 2018

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	Three months ended October 31,
	2019			2018
REVENUE	$	27,170		$	-
COST OF REVENUE		(2,069	)		-
GROSS PROFIT		25,101			-
REALISED GAIN ON FOREIGN EXCHANGE		-			-
UNREALISED LOSS ON FOREIGN EXCHANGE		-			-
OTHER INCOME		3,721			1,105
SELLING, GENERAL AND ADMINISTRATIVE AND OPERATING EXPENSES		(221,158	)		(59,904	)
LOSS BEFORE INCOME TAX		(192,336	)		(58,799	)
TAX PROVISION		-			-
NET LOSS	$	(192,336	)	$	(58,799	)
Other comprehensive income/(loss):
- Foreign currency translation adjustment		(11,938	)		(2,406	)
TOTAL COMPREHENSIVE LOSS		(204,274	)		(61,205	)
Net income/(loss) per share- Basic and diluted		(0.00	)		(0.00	)
Weighted average number of common shares outstanding – Basic and diluted		59,434,838			58,505,000

See accompanying notes to condensed consolidated financial statements.

F-3

MU GLOBAL HOLDING LIMITED.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THREE MONTHS ENDED OCTOBER 31, 2019 AND 2018

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Three months ended 31 October 2019
	COMMON SHARES				ADDITIONAL		ACCUMULATED OTHER
	Number of Shares		Amount		PAID-IN CAPITAL		COMPREHENSIVE INCOME			ACCUMULATED DEFICIT			TOTAL EQUITY
Balance as of August 1, 2019		59,434,838	$	5,943	$	1,830,300	$	8,727		$	(975,996	)	$	868,974
Net loss for the period		-		-		-		-			(192,336	)	$	(192,336	)
Foreign currency translation adjustment		-	$	-	$	-	$	(11,938	)	$	-		$	(11,938	)
Balance as of October 31, 2019		59,434,838	$	5,943	$	1,830,300	$	(3,211	)	$	(1,168,332	)	$	664,700

Three months ended October 31, 2018 (Unaudited)
	Common Stock				Additional		Accumulated Other						Total
	Number of shares		Amount		Paid-in Capital		Comprehensive Loss			Accumulated Deficit			Stockholders’ Equity
Balance as of August 1, 2018		58,505,000	$	5,851	$	900,554	$	-		$	(29,716	)	$	876,689
Foreign currency translation		-		-		-		(2,406	)		-			(2,406	)
Net loss		-		-		-		-			(58,799	)		(58,799	)
Balance as of October 31, 2018 (Unaudited)		58,505,000	$	5,851	$	900,554	$	(2,406	)	$	(88,515	)	$	815,484

See accompanying notes to condensed consolidated financial statements.

F-4

MU GLOBAL HOLDING LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019 AND 2018

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

	Three months ended October 31
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(192,336	)	$	(58,799	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		28,412			7,510
Changes in operating assets and liabilities:
Accounts receivables		277			-
Deposit & Prepayment		32,594			(17,455	)
Other payables and accrued liabilities		(29,179	)		13,690
Inventory		(4,640	)		-
Amount due to related party		(5,884	)		94,863
Amount due from related party		(10,460	)		-
Deposit from franchisee		13,817			-
Net cash (used in)/ generate from operating activities	$	(167,399	)	$	39,809
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	$	(97,945	)	$	(40,580	)
Net cash used in investing activities	$	(97,945	)	$	(40,580	)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan from director	$	42,631
Subscription receivables		-			800,000
Net cash provided by financing activities	$	42,631		$	800,000
Effect of exchange rate changes on cash and cash equivalents		(1,590	)		(2,406	)
Net change in cash and cash equivalents		(224,303	)		796,823
Cash and cash equivalents, beginning of period		394,403			106,417
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	170,100		$	903,240
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid	$	-		$	-
Interest paid	$	-		$	-

See accompanying notes to condensed consolidated financial statements.

F-5

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

MU Global Holding Limited is organized as a Nevada limited liability company, incorporated on June 4, 2018. For purposes of consolidated financial statement presentation, MU Global Holding Limited and its subsidiary are herein referred to as “the Company” or “we”. The Company business of which planned principal operations are to provide wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

On June 29, 2018, the Company acquired 100% interest in MU Worldwide Group Limited, a private limited liability company incorporated in Seychelles and its subsidiary MU Global Holding Limited, a private limited liability company incorporated in Hong Kong. On August 16, 2018, the Hong Kong Company incorporated MU Global Health Management (Shanghai) Limited, a wholly owned subsidiary of which incorporated in Shanghai, People Republic of China.

Details of the Company’s subsidiary:

	Company name	Place and date of incorporation	Particulars of issued capital	Principal activities
1.	MU Worldwide Group Limited	Seychelles, June 7, 2018	100 share of ordinary share of US$1 each	Investment holding
2.	MU Global Holding Limited	Hong Kong, January 30, 2018	1 ordinary share of HKD$1	Providing SPA and Wellness service in Hong Kong
3.	MU Global Health Management	Shanghai, August 16, 2018	RMB 7,400,300	Providing SPA and Wellness service in China

F-6

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The Company has adopted its fiscal year-end to be July 31.

Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

Use of estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

Revenue recognition

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

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 wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

Cost of revenue

Cost of revenue includes the cost of services and product incurred to provide wellness and beauty services and purchase of products.

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:

Categories	Estimated useful life
Leasehold improvement	11 months to 60 months (over remaining lease term)
Leasable equipment	5 years
Computer hardware and software	3 years
Office equipment	3 years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

F-7

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 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 periods 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 period 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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in China and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

F-8

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Net loss per share

The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

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 Condensed Consolidated Statements of Operations and Comprehensive Income.

The reporting currency of the Company and its subsidiary is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity.

Foreign currencies translation (cont’d)

Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the three months ended October 31
	2019		2018
Period-end RMB : US$1 exchange rate		7.04		6.97
Period-average RMB : US$1 exchange rate		7.09		6.87
Period-end HKD$ : US$1 exchange rate		7.84		7.84
Period-average HKD$ : US$1 exchange rate		7.84		7.84

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.

F-9

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

Fair value of financial instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and 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: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

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.

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.

F-10

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

3. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of October 31, 2019 are summarized below:

	As of October 31, 2019 (Unaudited)			As of July 31, 2019 (Audited)
Leasehold improvement	$	148,982		$	148,982
Computer hardware and software		129,301			129,301
Outlet equipment		45,755			8,423
Leasable equipment		193,415			132,802
1Outlet Design Fee and Equipment		21,123			21,123
2App Development Fee		37,413			37,413
Total		575,989			478,044
Accumulated depreciation	$	(101,194	)	$	(72,444	)
Foreign currency translation adjustment		(9,547	)		463
Property, plant and equipment, net	$	465,248		$	406,063

¹Outlet design fee is fee incurred for the outlet design concept to be follow by all the outlets or shops under the Company so to be a signage outlets of the company. As of October 31, 2019, the outlet design has not yet completed, therefore no depreciation has been provided.

²App development fee is fee incurred for the design and development of the mobile App for the Company. As of October 31, 2019, the app development has not yet completed, therefore no depreciation has been provided.

4. PREPAYMENTS AND DEPOSITS

Prepayments and deposits consisted of the following at October 31, 2019 and July 31, 2019:

	As of October 31, 2019		As of July 31, 2019
Property, plant and equipment	$	82,498	$	-
Deposits		15,902	$	99,244
Prepaid expenses		44,433		76,183
Total prepaid expenses and deposits	$	142,833	$	175,427

F-11

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

5. COMMON STOCK

On June 4, 2018, our Chief Executive Officer, Ms. Niu Yen-Yen subscribed 100,000 shares of restricted common stock of the Company at par value of $0.0001 per share. The monies from this transaction, which totalled $10, went to the Company to be used as initial working capital.

On July 6, 2018, Ms. Niu Yen-Yen and Server Int’l Co., Ltd. subscribed 25,000,000 and 11,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $3,600, went to the Company to be used as initial working capital. Server Int’l Co., Ltd. is controlled entirely by Ms. Niu Yen-Yen.

On July 7, 2018, Chang Chun-Ying and Chang Su-Fen subscribed 4,300,000 and 5,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $930, went to the Company to be used as initial working capital.

On July 9, 2018, GreenPro Asia Strategic SPC and GreenPro Venture Capital Limited, subscribed 2,835,000 and 2,165,000 restricted shares of common stock of the Company, respectively, at par value of $0.0001 per share. The monies from these transactions, which totalled $500, went to the Company to be used as initial working capital.

From July 9, 2018 to July 10, 2018 the Company issued a total of 2,150,000 shares of restricted common stock to three non-US residents. Shares were sold at par value, $0.0001 per share. Total proceeds from these shares totalled $215 and went to the Company to be used as initial working capital.

On July 11, 2018 the Company issued a total of 710,000 shares of restricted common stock to two non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $21,300 and went to the Company to be used as initial working capital.

On July 25, 2018 the Company issued a total of 995,000 shares of restricted common stock to ten non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $29,850 and went to the Company to be used as initial working capital.

On July 26, 2018 the Company issued 250,000 shares of restricted common stock to one non-US resident at a price of $0.20 per share. Total proceeds from these sales of shares totalled $50,000 and went to the Company to be used as initial working capital.

On July 31, 2018 Dezign Format Pte Ltd and Cheng Young-Chien each subscribed 2,000,000 restricted shares of common stock of the Company, at $0.20 per share, for total consideration of $800,000. Proceeds went to the Company to be used as initial working capital.

On July 10, 2018, Server Int’l Co., Ltd, a Company solely controlled and owned by the CEO has transferred 1,500,000 shares of common stock to 8 non-US residents.

From August 1, 2018 to December 13, 2018, Ms. Niu Yen-Yen, the CEO of the Company has transferred 1,557,800 shares of common stock to 16 non-US residents.

On May 7, 2019, the convertible promissory note issued by the Company amounted $779,125 to 45 accredited investors who reside in Taiwan with the conversion price of $1 per share have been converted to 779,125 common stock of the company after the S-1 registration statement was declared effective on May 6, 2019.

From May 14, 2019 to July 31, 2019, the company issued 150,317 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 36 non-US residents.

As of October 31, 2019, MU Global Holding Limited has an issued and outstanding common share of 59,434,838.

6. INVENTORIES

	As of		As of
	October 31, 2019		July 31, 2019
Finished goods, at cost	$	48,586	$	43,946
Total inventories	$	48,586	$	43,946

7. DUE FROM RELATED PARTIES

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Tien Mu International Co., Ltd1	$	10,460	$	-
Total		10,460		-

¹ Tien Mu International Co., Ltd is owned by Yen-Yen Niu, the director and chief executive officer of the Company. Tien Mu is the operating agent of the Company in Taiwan’s operation and collects the deposit from franchisee on behalf of the company.

8. OTHER PAYABLES AND ACCRUED LIABILITIES

Other payables and accrued liabilities consisted of the following at October 31, 2019 and July 31, 2018:

	As of October 31, 2019		As of July 31, 2019
Accrued audit fees	$	17,500	$	15,000
Accrued professional fees		3,000		30,000
Accrued other expenses		43,176		22,127
Other payable and accrued liabilities		-		25,728
Total payables and accrued liabilities	$	63,676	$	92,855

F-12

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

9. DUE TO RELATED PARTIES

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Wu, Chun-Teh1	$	38,727	$	39,611
Hsieh, Chang-Chung2		-		5,000
	$	38,727	$	44,611

As of October 31, 2019, the balance $38,727 represented an outstanding payable to 1 related party.

¹Wu, Chun-Teh is a shareholder of the Company, at the same time providing consultation services to the Company and also staff of the company have paid company operation expenses such as renovation cost, rental and staff salaries on behalf of Company.

²Hsieh, Chang-Chung is Chief Financial Officer (“Principal Financial Officer”, “Principal Accounting Officer”) of the company, and the amount represents the consultancy fee accrued.

The amounts due to related parties are unsecured, interest-free with no fixed repayment term, for working capital purpose.

10. LOAN FROM DIRECTOR

	As of		As of
	October 31, 2019		July 31, 2019
Loan from Niu Yen-Yen	$	42,631	$	-
Total	$	42,631	$	-

The loan provided by director is unsecured, interest-free with no fixed repayment term, for working capital purpose. The amount is repayable on demand.

11. INCOME TAXES

For the three months ended October 31, 2019, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

	Three months ended October 31, 2019
	2019			2018
Tax jurisdictions from:
Local	$	(8,500	)		(2,500	)
Foreign, representing
- Seychelles		-			-
- Hong Kong	$	(54,484	)		(19,800	)
- Shanghai	$	(129,352	)		(36,499	)
Loss before income tax	$	(192,336	)		58,799	)

The provision for income taxes consisted of the following:

	For the period ended October 31, 2019		For the year ended October 31, 2018
Current:
- Local	$	-	$	-
-Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
Income tax expense	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Seychelles, Hong Kong and Shanghai, PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of October 31, 2019, the operations in the United States of America incurred $265,391 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $55,732 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, MU Worldwide Group Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

Hong Kong

MU Global Holding Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

Shanghai

MU Global Health Management (Shanghai) Limited are operating in the People’s Republic of China (PRC) subject to the Corporate Income Tax governed by the Income Tax Law of the PRC with a unified statutory income tax rate of 25%.

F-13

MU GLOBAL HOLDING LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2019

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(UNAUDITED)

12. CONCENTRATIONS OF RISK

Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RMB converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

13. COMMITMENTS AND CONTINGENCIES

On October 10, 2018, the Company has to enter into rental agreement to rent the outlet in Shanghai for a period of 5 years commencing October 15, 2018 amounted to $4,860 per month and payment to be conducted in advance on bi monthly basis.

As of October 31, 2019, the Company has the aggregate minimal rent payments due in the next 5 years as follows:

Year ending July, 31
2020	$	57,702
2021	$	57,702
2022	$	57,702
2023	$	57,702
Total	$	230,808

On December 19, 2018, the company entered into a contract with supplier for the development of Mobile App which have not been completed during the three months ended October 31, 2019 with a capital commitment as follows:

	As of October 31, 2019 (Unaudited)
Commitment for acquisition of Mobile App development		21,642

14. RELATED PARTY TRANSACTIONS

For the period ended October 31, 2019 the Company has following transactions with related parties:

	For the period ended October 31, 2019 (Unaudited)		For the year ended July 31, 2019 (Audited)
Professional fee paid:
- Related party A	$	6,000	$	200,000
Consultation fee paid:
- Related party B	$	5,800	$	23,200
- Related party C	$	15,955	$	34,800
Total	$	27,755	$	258,000

Related party A is the fellow subsidiaries of a corporate shareholder of the Company. Related party B and C are the shareholders of the Company.

For the year ended October 31, 2019, the Company incurred professional fees of $6,000 due to related party A. Related party B and C are the employees of the Company and have provided consultancy service for business operation.

The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business.

14. 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 October 31, 2019 up through the date December 6, 2019 was the Company presented these audited consolidated financial statements.

On December 12, 2019, the Company resolved to close the initial public offering from the registration statement on Form S-1/A, dated April 30, 2019 that had been declared effective by the Securities and Exchange Commission on May 6, 2019. The Offering resulted in 150,713 shares of common stock being sold at $1.00 per share for a total of $150,713.

F-14

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form S-1 Amendment No.3, dated April 30, 2019, for the period ended October 31, 2019 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form S-1. The following discussion and analysis also should be read together with our consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Form 10-Q.

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1 Amendment No.3, dated April 30, 2019, in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this transition report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto that appear elsewhere in this report.

Company Overview

MU Global Holding Limited, the US Company, operates through its wholly owned subsidiary, MU Worldwide Group Limited, a Seychelles Company; which operates through its wholly owned subsidiary, MU Global Holding Limited, a Hong Kong Company; which operates through its wholly owned subsidiary, MU Global Health Management (Shanghai) Limited, a Shanghai Company. The US, Seychelles and Hong Kong Companies act solely for holding purposes whereas all current and future operations in China are planned to be carried out via MU Global Health Management (Shanghai) Limited, the Shanghai Company. The purpose of the Hong Kong Company is to function as the current regional hub of the Company.

At present, we have a physical office in Shanghai with an address of A310, No. 2633, Yan’an West Road, Changning District, Shanghai City, 200050 People Republic China, in which renovation has completed in October 2018 and the Company has commenced business operations from the office. In addition, we also have a physical outlet in Shanghai with address of 203, No. 193 Luo Jin Hui South Road, Minhang District, Shanghai City, 201103, People Republic China in which renovation completed in January 2019 and we have started to provide our services to customers in Shanghai. In the future, we do not have definitive plans for which markets intend to expand to, but we base our operations out of our Shanghai location, as we prepare for future unidentified expansion efforts.

All of the previous entities share the same exact business plan with the goal of developing and providing wellness and beauty services to our future clients. We aim to promote improved overall health and beauty in our clients through a holistic detoxification method. We will, at least initially, primarily focus our efforts on attracting customers in China. We have intentions, but no definitive plans or timelines, to expand to Singapore, Malaysia, Hong Kong, and Middle Eastern countries in the coming years, and subsequently we intend to make efforts to expand throughout Asia. We anticipate spending a substantial amount in marketing and advertising in the coming year.

3

Results of Operation

For the three months ended October 31, 2019 and 2018

Revenues

For the three months ended October 31, 2019 and 2018, the Company has generated revenue of $27,170 and $0 respectively. The revenue represented income from wellness and beauty services provided to customers and sales of products via Shanghai outlets and sharing of revenue from leasable equipment with business alliance and franchisee.

Cost of Revenue and Gross Margin

For the three months ended October 31, 2019 and 2018, cost incurred arise in providing wellness and beauty services is $2,069 and $0 respectively, and generate a Gross profits the for the three months ended October 31, 2019 and 2018 of $25,101 and $0.

Selling and marketing expenses

For the three months ended October 31, 2019 and 2018, we had incurred marketing expenses in the amount of $3,107 and $0 respectively. These expenses comprised of advertisement expenses on Wechat, mobile apps and public research on the market.

General and administrative expenses

For the three months ended October 31, 2019 and 2018, we had incurred general and administrative expenses in the amount of $218,051 and $59,904 respectively. These expenses are comprised of salary, allowance, professional fees, consultancy fee for IT and system management, office and outlet operation expenses and depreciation.

Other Income

The Company recorded an amount of $3,721 and $1,105 as other income for the three months ended October 31, 2019 and 2018. This income is derived from the interest income.

Net Loss

Our net loss for three months ended October 31, 2019 and 2018 were $192,336 and $58,799. The net loss mainly derived from the general and administrative expenses incurred.

4

Liquidity and Capital Resources

As of October 31, 2019 and 2018, we had cash and cash equivalents of $170,100 and $903,240 respectively. We expect increased levels of operations going forward will result in more significant cash flow and in turn working.

We depend substantially on financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. During the three months ended October 31, 2019, we have met these requirements primarily from the receipt of subscription for convertible promissory note and share subscription from Initial Public Offering (IPO).

Cash Used In Operating Activities

For the three months ended October 31, 2019, net cash used in operating activities was $167,399 as compared to net cash generate from operating activities of $39,809 for the three months ended October 31, 2018. The increased in cash used in operating activities was mainly for payment of general and administrative expenses.

Cash Provided In Financing Activities

For the three months ended October 31, 2019 and 2018, net cash provided by financing activities was $42,631 and $800,000 respectively. The financing cash flow performance primarily reflects the provision of long-term loan by director.

Cash Provided In Investing Activities

For the three months ended October 31, 2019 and 2018, the net cash used in investing activities was $96,854 and $40,580. The investing cash flow performance primarily reflects the purchase of property, plant and equipment.

Credit Facilities

We do not have any credit facilities or other access to bank credit.

Off-balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders as of October 31, 2019.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

5

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4 CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures:

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of October 31, 2019. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of April 30, 2019, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that, as of October 31, 2019, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

Changes in Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting during the quarter ended October 31, 2019, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

6

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

None

7

ITEM 6. Exhibits

Exhibit No.	Description
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer*
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial officer*
32.1	Section 1350 Certification of principal executive officer *
32.2	Section 1350 Certification of principal financial officer *
101.INS	XBRL Instance Document*
101.SCH	XBRL Schema Document*
101.CAL	XBRL Calculation Linkbase Document*
101.DEF	XBRL Definition Linkbase Document*
101.LAB	XBRL Label Linkbase Document*
101.PRE	XBRL Presentation Linkbase Document*

* Filed herewith.

8

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MU Global Holding Limited
	(Name of Registrant)
Date: December 13, 2019	By:	/s/ NIU YEN YEN
	Title:	Chief Executive Officer, President, Director, Secretary and Treasurer
		(Principal Executive Officer)

Date: December 13, 2019	By:	/s/ HSIEH CHANG CHUNG
	Title:	Chief Financial Officer, (Principal Financial Officer, Principal Accounting Officer)

9

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, NIU YEN YEN, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MU Global Holding Limited (the “Company”) for the quarter ended October 31, 2019;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 13, 2019	By:	/s/ NIU YEN YEN
		NIU YEN YEN
		Chief Executive Officer, President, Director, Secretary, Treasurer
		(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, HSIEH CHANG CHUNG, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MU Global Holding Limited (the “Company”) for the quarter ended October 31, 2019;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 13, 2019	By:	/s/ HSIEH CHANG CHUNG
		HSIEH CHANG CHUNG
		Chief Financial Officer, (Principal Financial Officer, Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MU Global Holding Limited (the “Company”) on Form 10-Q for the quarter ended October 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: December 13, 2019	By:	/s/ NIU YEN YEN
		NIU YEN YEN
		Chief Executive Officer, President, Director
		(Principal Executive Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MU Global Holding Limited (the “Company”) on Form 10-Q for the quarter ended October 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: December 13, 2019	By:	/s/ HSIEH CHANG CHUNG
		HSIEH CHANG CHUNG
		Chief Financial Officer
		(Principal Financial Officer, Principal Accounting Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Summary of Significant Accounting Policies - Schedule of Foreign Exchange Rates Translation (Details)	Oct. 31, 2019	Oct. 31, 2018
Period-end RMB : US$1 Exchange Rate [Member]
Foreign currency exchange rate, translation	7.04	6.97
Period-average RMB : US$1 Exchange Rate [Member]
Foreign currency exchange rate, translation	7.09	6.87
Period-end HKD$ : US$1 Exchange Rate [Member]
Foreign currency exchange rate, translation	7.84	7.84
Period-average HKD$ : US$1 Exchange Rate [Member]
Foreign currency exchange rate, translation	7.84	7.84

XML

Description of Business and Organization (Details Narrative)	Jun. 29, 2018
MU Worldwide Group Limited [Member]
Acquired interest for private limited liability	100.00%

XML

Loan from Director (Tables)

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Schedule of Loan from Director

	As of		As of
	October 31, 2019		July 31, 2019
Loan from Niu Yen-Yen	$	42,631	$	-
Total	$	42,631	$	-

XML

Inventories

3 Months Ended

Oct. 31, 2019

Inventory Disclosure [Abstract]

Inventories

6. INVENTORIES

	As of		As of
	October 31, 2019		July 31, 2019
Finished goods, at cost	$	48,586	$	43,946
Total inventories	$	48,586	$	43,946

XML

Loan from Director

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Loan from Director

10. LOAN FROM DIRECTOR

	As of		As of
	October 31, 2019		July 31, 2019
Loan from Niu Yen-Yen	$	42,631	$	-
Total	$	42,631	$	-

The loan provided by director is unsecured, interest-free with no fixed repayment term, for working capital purpose. The amount is repayable on demand.

XML

Income Taxes - Schedule of Loss Before Income Tax (Details) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Local	$ (8,500)	$ (2,500)
Loss before income tax	(192,336)	(58,799)
Seychelles [Member]
Foreign
Hong Kong [Member]
Foreign	(54,484)	(19,800)
Shanghai [Member]
Foreign	$ (129,352)	$ (36,499)

XML

Commitments and Contingencies - Schedule of Commitment for Acquisition (Details)	Oct. 31, 2019 USD ($)
Mobile App Development [Member]
Commitment for acquisition of Mobile App development	$ 21,642

XML

Income Taxes (Details Narrative)	3 Months Ended
	Oct. 31, 2019 USD ($)
Cumulative net operating losses carryforwards	$ 265,391
Operating loss carryforwards expiration, description	Expire in 2038
Valuation allowance	$ 55,732
Hong Kong [Member]
Statutory income tax rate	16.50%
Shanghai [Member]
Statutory income tax rate	25.00%

XML

Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Payables and Accruals [Abstract]
Accrued audit fees	$ 17,500	$ 15,000
Accrued professional fees	3,000	30,000
Accrued other expenses	43,176	22,127
Other payable and accrued liabilities		25,728
Total payables and accrued liabilities	$ 63,676	$ 92,855

XML

Prepayments and Deposits - Schedule of Prepayments and Deposits (Details) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Prepayments And Deposits
Property, plant and equipment	$ 82,498
Prepaid expenses	15,902	99,244
Deposits	44,433	76,183
Total prepaid expenses and deposits	$ 142,833	$ 175,427

XML

Related Party Transactions

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Related Party Transactions

14. RELATED PARTY TRANSACTIONS

For the period ended October 31, 2019 the Company has following transactions with related parties:

	For the period ended October 31, 2019 (Unaudited)		For the year ended July 31, 2019 (Audited)
Professional fee paid:
- Related party A	$	6,000	$	200,000
Consultation fee paid:
- Related party B	$	5,800	$	23,200
- Related party C	$	15,955	$	34,800
Total	$	27,755	$	258,000

Related party A is the fellow subsidiaries of a corporate shareholder of the Company. Related party B and C are the shareholders of the Company.

For the year ended October 31, 2019, the Company incurred professional fees of $6,000 due to related party A. Related party B and C are the employees of the Company and have provided consultancy service for business operation.

The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment Estimated Life

Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational:

Categories	Estimated useful life
Leasehold improvement	11 months to 60 months (over remaining lease term)
Leasable equipment	5 years
Computer hardware and software	3 years
Office equipment	3 years

Schedule of Foreign Exchange Rates Translation

Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the three months ended October 31
	2019		2018
Period-end RMB : US$1 exchange rate		7.04		6.97
Period-average RMB : US$1 exchange rate		7.09		6.87
Period-end HKD$ : US$1 exchange rate		7.84		7.84
Period-average HKD$ : US$1 exchange rate		7.84		7.84

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Due from Related Parties (Tables)

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Schedule of Due from Related Parties

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Tien Mu International Co., Ltd1	$	10,460	$	-
Total		10,460		-

¹ Tien Mu International Co., Ltd is owned by Yen-Yen Niu, the director and chief executive officer of the Company. Tien Mu is the operating agent of the Company in Taiwan’s operation and collects the deposit from franchisee on behalf of the company.

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Condensed Consolidated Balance Sheets - USD ($)	Oct. 31, 2019	Jul. 31, 2019
NON CURRENT ASSETS
Property, plant and equipment	$ 465,248	$ 406,063
Total non-current assets	465,248	406,063
CURRENT ASSETS
Cash and cash equivalents	170,100	394,403
Other receivables	18,526	18,803
Prepayments and deposits	142,833	175,427
Amount due from related parties	10,460
Inventories	48,586	43,946
Total Current Assets	390,505	632,579
TOTAL ASSETS	855,753	1,038,642
CURRENT LIABILITIES
Loan from director	42,631
Other payables and accrued liabilities	63,676	92,855
Amount due to related parties	38,727	44,611
Deposit from franchisee	46,019	32,202
Total Current Liabilities	191,053	169,668
TOTAL LIABILITIES	191,053	169,668
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common Shares, par value $0.0001; 600,000,000 shares authorized, 59,434,838 shares issued and outstanding as of October 31, 2019 and July 31, 2019	5,943	5,943
Additional paid in capital	1,830,300	1,830,300
Foreign currency adjustment	(3,211)	8,727
Accumulated deficit	(1,168,332)	(975,996)
TOTAL STOCKHOLDERS' EQUITY	664,700	868,974
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 855,753	$ 1,038,642

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (192,336)	$ (58,799)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	28,412	7,510
Changes in operating assets and liabilities:
Accounts receivables	277
Deposit & Prepayment	32,594	(17,455)
Other payables and accrued liabilities	(29,179)	13,690
Inventory	(4,640)
Amount due to related party	(5,884)	94,863
Amount due from related party	(10,460)
Deposit from franchisee	13,817
Net cash (used in)/ generate from operating activities	(167,399)	39,809
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(97,945)	(40,580)
Net cash used in investing activities	(97,945)	(40,580)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan from director	42,631
Subscription receivables		800,000
Net cash provided by financing activities	42,631	800,000
Effect of exchange rate changes on cash and cash equivalents	(1,590)	(2,406)
Net change in cash and cash equivalents	(224,303)	796,823
Cash and cash equivalents, beginning of period	394,403	106,417
CASH AND CASH EQUIVALENTS, END OF PERIOD	170,100	903,240
SUPPLEMENTAL CASH FLOWS INFORMATION
Income taxes paid
Interest paid

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Due from Related Parties - Schedule of Due from Related Parties (Details) - USD ($)		Oct. 31, 2019	Jul. 31, 2019
Total		$ 10,460
Tien Mu International Co., Ltd [Member]
Total	[1]	$ 10,460

[1] Tien Mu International Co., Ltd is owned by Yen-Yen Niu, the director and chief executive officer of the Company. Tien Mu is the operating agent of the Company in Taiwan's operation and collects the deposit from franchisee on behalf of the company.

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)		Oct. 31, 2019	Jul. 31, 2019
Total		$ 575,989	$ 478,044
Accumulated depreciation		(101,194)	(72,444)
Foreign currency translation adjustment		(9,547)	463
Property, plant and equipment, net		465,248	406,063
Leasehold Improvement [Member]
Total		148,982	148,982
Computer Hardware and Software [Member]
Total		129,301	129,301
Outlet Equipment [Member]
Total		45,755	8,423
Leasable Equipment [Member]
Total		193,415	132,802
Outlet Design Fee and Equipment [Member]
Total	[1]	21,123	21,123
App Development Fee [Member]
Total	[2]	$ 37,413	$ 37,413

[1] Outlet design fee is fee incurred for the outlet design concept to be follow by all the outlets or shops under the Company so to be a signage outlets of the company. As of October 31, 2019, the outlet design has not yet completed, therefore no depreciation has been provided.

[2] App development fee is fee incurred for the design and development of the mobile App for the Company. As of October 31, 2019, the app development has not yet completed, therefore no depreciation has been provided.

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Loan from Director - Schedule of Loan from Director (Details) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Total	$ 42,631
Niu, Yen-Yen [Member]
Total	$ 42,631

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Other Payables and Accrued Liabilities (Tables)

3 Months Ended

Oct. 31, 2019

Payables and Accruals [Abstract]

Schedule of Other Payables and Accrued Liabilities

Other payables and accrued liabilities consisted of the following at October 31, 2019 and July 31, 2018:

	As of October 31, 2019		As of July 31, 2019
Accrued audit fees	$	17,500	$	15,000
Accrued professional fees		3,000		30,000
Accrued other expenses		43,176		22,127
Other payable and accrued liabilities		-		25,728
Total payables and accrued liabilities	$	63,676	$	92,855

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Subsequent Events

3 Months Ended

Oct. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

14. 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 October 31, 2019 up through the date December 6, 2019 was the Company presented these audited consolidated financial statements.

On December 12, 2019, the Company resolved to close the initial public offering from the registration statement on Form S-1/A, dated April 30, 2019 that had been declared effective by the Securities and Exchange Commission on May 6, 2019. The Offering resulted in 150,713 shares of common stock being sold at $1.00 per share for a total of $150,713.

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Property, Plant and Equipment (Tables)

3 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment as of October 31, 2019 are summarized below:

	As of October 31, 2019 (Unaudited)			As of July 31, 2019 (Audited)
Leasehold improvement	$	148,982		$	148,982
Computer hardware and software		129,301			129,301
Outlet equipment		45,755			8,423
Leasable equipment		193,415			132,802
1Outlet Design Fee and Equipment		21,123			21,123
2App Development Fee		37,413			37,413
Total		575,989			478,044
Accumulated depreciation	$	(101,194	)	$	(72,444	)
Foreign currency translation adjustment		(9,547	)		463
Property, plant and equipment, net	$	465,248		$	406,063

¹Outlet design fee is fee incurred for the outlet design concept to be follow by all the outlets or shops under the Company so to be a signage outlets of the company. As of October 31, 2019, the outlet design has not yet completed, therefore no depreciation has been provided.

²App development fee is fee incurred for the design and development of the mobile App for the Company. As of October 31, 2019, the app development has not yet completed, therefore no depreciation has been provided.

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2019	Jul. 31, 2019
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
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	59,434,838	59,434,838
Common stock, shares outstanding	59,434,838	59,434,838

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Description of Business and Organization

3 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Description of Business and Organization

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

MU Global Holding Limited is organized as a Nevada limited liability company, incorporated on June 4, 2018. For purposes of consolidated financial statement presentation, MU Global Holding Limited and its subsidiary are herein referred to as “the Company” or “we”. The Company business of which planned principal operations are to provide wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

On June 29, 2018, the Company acquired 100% interest in MU Worldwide Group Limited, a private limited liability company incorporated in Seychelles and its subsidiary MU Global Holding Limited, a private limited liability company incorporated in Hong Kong. On August 16, 2018, the Hong Kong Company incorporated MU Global Health Management (Shanghai) Limited, a wholly owned subsidiary of which incorporated in Shanghai, People Republic of China.

Details of the Company’s subsidiary:

	Company name	Place and date of incorporation	Particulars of issued capital	Principal activities
1.	MU Worldwide Group Limited	Seychelles, June 7, 2018	100 share of ordinary share of US$1 each	Investment holding
2.	MU Global Holding Limited	Hong Kong, January 30, 2018	1 ordinary share of HKD$1	Providing SPA and Wellness service in Hong Kong
3.	MU Global Health Management	Shanghai, August 16, 2018	RMB 7,400,300	Providing SPA and Wellness service in China

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Related Party Transactions (Tables)

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Schedule of Outstanding Payable to Related Party

For the period ended October 31, 2019 the Company has following transactions with related parties:

	For the period ended October 31, 2019 (Unaudited)		For the year ended July 31, 2019 (Audited)
Professional fee paid:
- Related party A	$	6,000	$	200,000
Consultation fee paid:
- Related party B	$	5,800	$	23,200
- Related party C	$	15,955	$	34,800
Total	$	27,755	$	258,000

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Due to Related Parties (Tables)

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Schedule of Due to Related Parties

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Wu, Chun-Teh1	$	38,727	$	39,611
Hsieh, Chang-Chung2		-		5,000
	$	38,727	$	44,611

¹Wu, Chun-Teh is a shareholder of the Company, at the same time providing consultation services to the Company and also staff of the company have paid company operation expenses such as renovation cost, rental and staff salaries on behalf of Company.

²Hsieh, Chang-Chung is Chief Financial Officer (“Principal Financial Officer”, “Principal Accounting Officer”) of the company, and the amount represents the consultancy fee accrued.

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Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Estimated Life (Details)	3 Months Ended
	Oct. 31, 2019
Leasehold Improvement [Member] | Minimum [Member]
Estimated useful life	11 months
Leasehold Improvement [Member] | Maximum [Member]
Estimated useful life	60 months
Leasable Equipment [Member]
Estimated useful life	5 years
Computer Hardware and Software [Member]
Estimated useful life	3 years
Office Equipment [Member]
Estimated useful life	3 years

XML

Due from Related Parties

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Due from Related Parties

7. DUE FROM RELATED PARTIES

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Tien Mu International Co., Ltd1	$	10,460	$	-
Total		10,460		-

¹ Tien Mu International Co., Ltd is owned by Yen-Yen Niu, the director and chief executive officer of the Company. Tien Mu is the operating agent of the Company in Taiwan’s operation and collects the deposit from franchisee on behalf of the company.

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Income Taxes

3 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

For the three months ended October 31, 2019, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

	Three months ended October 31, 2019
	2019			2018
Tax jurisdictions from:
Local	$	(8,500	)		(2,500	)
Foreign, representing
- Seychelles		-			-
- Hong Kong	$	(54,484	)		(19,800	)
- Shanghai	$	(129,352	)		(36,499	)
Loss before income tax	$	(192,336	)		58,799	)

The provision for income taxes consisted of the following:

	For the period ended October 31, 2019		For the year ended October 31, 2018
Current:
- Local	$	-	$	-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
Income tax expense	$	-	$	-

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States Seychelles, Hong Kong and Shanghai, PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of October 31, 2019, the operations in the United States of America incurred $265,391 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance of $55,732 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Seychelles

Under the current laws of the Seychelles, MU Worldwide Group Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles and there is no income tax charged in Seychelles.

Hong Kong

MU Global Holding Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income.

Shanghai

MU Global Health Management (Shanghai) Limited are operating in the People’s Republic of China (PRC) subject to the Corporate Income Tax governed by the Income Tax Law of the PRC with a unified statutory income tax rate of 25%.

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Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Income Tax Disclosure [Abstract]
Current - Local
Current - Foreign
Deferred - Local
Deferred - Foreign
Income tax expense

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Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2019	Jul. 31, 2019
Related Party A [Member]
Professional fees	$ 6,000	$ 200,000

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Due to Related Parties (Details Narrative) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Due to related parties	$ 38,727	$ 44,611
One Related Party [Member]
Due to related parties	$ 38,727

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Common Stock (Details Narrative) - USD ($)										3 Months Ended	4 Months Ended
	Jul. 31, 2018	Jul. 26, 2018	Jul. 25, 2018	Jul. 11, 2018	Jul. 10, 2018	Jul. 09, 2018	Jul. 07, 2018	Jul. 06, 2018	Jun. 04, 2018	Jul. 31, 2019	Dec. 13, 2018	Oct. 31, 2019
Common stock, shares issued										59,434,838		59,434,838
Common stock, shares outstanding										59,434,838		59,434,838
GreenPro Asia Strategic SPC and GreenPro Venture Capital Limited [Member]
Share issued price per shares						$ 0.0001
Number of restricted common stock issued, value						$ 500
Server Int'l Co., Ltd [Member]
Number of restricted common stock issued								11,000,000
GreenPro Asia Strategic SPC [Member]
Number of restricted common stock issued						2,835,000
GreenPro Venture Capital Limited [Member]
Number of restricted common stock issued						2,165,000
Dezign Format Pte Ltd [Member]
Number of restricted common stock issued	2,000,000
Ms. Niu Yen-Yen [Member]
Number of restricted common stock issued								25,000,000	100,000
Share issued price per shares									$ 0.0001
Number of restricted common stock issued, value									$ 10
Ms. Niu Yen-Yen [Member] | Server Int'l Co., Ltd [Member]
Share issued price per shares								$ 0.0001
Number of restricted common stock issued, value								$ 3,600
Chang Chun-Ying [Member]
Number of restricted common stock issued							4,300,000
Chang Su-Fen [Member]
Number of restricted common stock issued							5,000,000
Chang Chun-Ying and Chang Su-Fen [Member]
Share issued price per shares							$ 0.0001
Number of restricted common stock issued, value							$ 930
Three Non-US Residents [Member]
Number of restricted common stock issued					2,150,000
Share issued price per shares					$ 0.0001
Number of restricted common stock issued, value					$ 215
Two Non-US Residents [Member]
Number of restricted common stock issued				710,000
Share issued price per shares				$ 0.03
Number of restricted common stock issued, value				$ 21,300
Ten Non-US Residents [Member]
Number of restricted common stock issued			995,000
Share issued price per shares			$ 0.03
Number of restricted common stock issued, value			$ 29,850
One Non-US Residents [Member]
Number of restricted common stock issued		250,000
Share issued price per shares		$ 0.20
Number of restricted common stock issued, value		$ 50,000
Cheng Young-Chien [Member]
Number of restricted common stock issued	2,000,000
Cheng Young-Chien [Member] | Dezign Format Pte Ltd [Member]
Share issued price per shares	$ 0.20
Number of restricted common stock issued, value	$ 800,000
Eight Non-US Residents [Member] | Server Int'l Co., Ltd [Member]
Number of shares transferred					1,500,000
Sixteen Non-US Residents [Member] | Ms. Niu Yen-Yen [Member]
Number of shares transferred											1,557,800
Thirty Six Non-US Residents [Member]
Share issued price per shares										$ 1.00
Number of common stock issued										150,317

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Property, Plant and Equipment

3 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of October 31, 2019 are summarized below:

	As of October 31, 2019 (Unaudited)			As of July 31, 2019 (Audited)
Leasehold improvement	$	148,982		$	148,982
Computer hardware and software		129,301			129,301
Outlet equipment		45,755			8,423
Leasable equipment		193,415			132,802
1Outlet Design Fee and Equipment		21,123			21,123
2App Development Fee		37,413			37,413
Total		575,989			478,044
Accumulated depreciation	$	(101,194	)	$	(72,444	)
Foreign currency translation adjustment		(9,547	)		463
Property, plant and equipment, net	$	465,248		$	406,063

¹Outlet design fee is fee incurred for the outlet design concept to be follow by all the outlets or shops under the Company so to be a signage outlets of the company. As of October 31, 2019, the outlet design has not yet completed, therefore no depreciation has been provided.

²App development fee is fee incurred for the design and development of the mobile App for the Company. As of October 31, 2019, the app development has not yet completed, therefore no depreciation has been provided.

XML

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2019	Dec. 13, 2019
Document And Entity Information
Entity Registrant Name	MU GLOBAL HOLDING Ltd
Entity Central Index Key	0001746119
Document Type	10-Q
Document Period End Date	Oct. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,434,838
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Jul. 31, 2018	$ 5,851	$ 900,554		$ (29,716)	$ 876,689
Beginning balance, shares at Jul. 31, 2018	58,505,000
Foreign currency translation adjustment			(2,406)		(2,406)
Net loss				(58,799)	(58,799)
Ending balance at Oct. 31, 2018	$ 5,851	900,554	(2,406)	(88,515)	815,484
Ending balance, shares at Oct. 31, 2018	58,505,000
Beginning balance at Jul. 31, 2019	$ 5,943	1,830,300	8,727	(975,996)	868,974
Beginning balance, shares at Jul. 31, 2019	59,434,838
Foreign currency translation adjustment			(11,938)		(11,938)
Net loss				(192,336)	(192,336)
Ending balance at Oct. 31, 2019	$ 5,943	$ 1,830,300	$ (3,211)	$ (1,168,332)	$ 664,700
Ending balance, shares at Oct. 31, 2019	59,434,838

XML

Description of Business and Organization (Tables)

3 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Schedule of Company's Subsidiary

Details of the Company’s subsidiary:

	Company name	Place and date of incorporation	Particulars of issued capital	Principal activities
1.	MU Worldwide Group Limited	Seychelles, June 7, 2018	100 share of ordinary share of US$1 each	Investment holding
2.	MU Global Holding Limited	Hong Kong, January 30, 2018	1 ordinary share of HKD$1	Providing SPA and Wellness service in Hong Kong
3.	MU Global Health Management	Shanghai, August 16, 2018	RMB 7,400,300	Providing SPA and Wellness service in China

XML

Inventories (Tables)

3 Months Ended

Oct. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

	As of		As of
	October 31, 2019		July 31, 2019
Finished goods, at cost	$	48,586	$	43,946
Total inventories	$	48,586	$	43,946

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Common Stock

3 Months Ended

Oct. 31, 2019

Equity [Abstract]

Common Stock

5. COMMON STOCK

On June 4, 2018, our Chief Executive Officer, Ms. Niu Yen-Yen subscribed 100,000 shares of restricted common stock of the Company at par value of $0.0001 per share. The monies from this transaction, which totalled $10, went to the Company to be used as initial working capital.

On July 6, 2018, Ms. Niu Yen-Yen and Server Int’l Co., Ltd. subscribed 25,000,000 and 11,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $3,600, went to the Company to be used as initial working capital. Server Int’l Co., Ltd. is controlled entirely by Ms. Niu Yen-Yen.

On July 7, 2018, Chang Chun-Ying and Chang Su-Fen subscribed 4,300,000 and 5,000,000 restricted shares of common stock, respectively, of the Company, at par value of $0.0001 per share. The monies from these transactions, which totalled $930, went to the Company to be used as initial working capital.

On July 9, 2018, GreenPro Asia Strategic SPC and GreenPro Venture Capital Limited, subscribed 2,835,000 and 2,165,000 restricted shares of common stock of the Company, respectively, at par value of $0.0001 per share. The monies from these transactions, which totalled $500, went to the Company to be used as initial working capital.

From July 9, 2018 to July 10, 2018 the Company issued a total of 2,150,000 shares of restricted common stock to three non-US residents. Shares were sold at par value, $0.0001 per share. Total proceeds from these shares totalled $215 and went to the Company to be used as initial working capital.

On July 11, 2018 the Company issued a total of 710,000 shares of restricted common stock to two non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $21,300 and went to the Company to be used as initial working capital.

On July 25, 2018 the Company issued a total of 995,000 shares of restricted common stock to ten non-US residents at a price of $0.03 per share. Total proceeds from these sales of shares totalled $29,850 and went to the Company to be used as initial working capital.

On July 26, 2018 the Company issued 250,000 shares of restricted common stock to one non-US resident at a price of $0.20 per share. Total proceeds from these sales of shares totalled $50,000 and went to the Company to be used as initial working capital.

On July 31, 2018 Dezign Format Pte Ltd and Cheng Young-Chien each subscribed 2,000,000 restricted shares of common stock of the Company, at $0.20 per share, for total consideration of $800,000. Proceeds went to the Company to be used as initial working capital.

On July 10, 2018, Server Int’l Co., Ltd, a Company solely controlled and owned by the CEO has transferred 1,500,000 shares of common stock to 8 non-US residents.

From August 1, 2018 to December 13, 2018, Ms. Niu Yen-Yen, the CEO of the Company has transferred 1,557,800 shares of common stock to 16 non-US residents.

On May 7, 2019, the convertible promissory note issued by the Company amounted $779,125 to 45 accredited investors who reside in Taiwan with the conversion price of $1 per share have been converted to 779,125 common stock of the company after the S-1 registration statement was declared effective on May 6, 2019.

From May 14, 2019 to July 31, 2019, the company issued 150,317 shares of common stock at a price of $1.00 per share through the Initial Public Offering (IPO) to 36 non-US residents.

As of October 31, 2019, MU Global Holding Limited has an issued and outstanding common share of 59,434,838.

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Due to Related Parties

3 Months Ended

Oct. 31, 2019

Related Party Transactions [Abstract]

Due to Related Parties

9. DUE TO RELATED PARTIES

	As of October 31, 2019 (Unaudited)		As of July 31, 2019 (Audited)
Wu, Chun-Teh1	$	38,727	$	39,611
Hsieh, Chang-Chung2		-		5,000
	$	38,727	$	44,611

As of October 31, 2019, the balance $38,727 represented an outstanding payable to 1 related party.

¹Wu, Chun-Teh is a shareholder of the Company, at the same time providing consultation services to the Company and also staff of the company have paid company operation expenses such as renovation cost, rental and staff salaries on behalf of Company.

²Hsieh, Chang-Chung is Chief Financial Officer (“Principal Financial Officer”, “Principal Accounting Officer”) of the company, and the amount represents the consultancy fee accrued.

The amounts due to related parties are unsecured, interest-free with no fixed repayment term, for working capital purpose.

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Commitments and Contingencies

3 Months Ended

Oct. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES

On October 10, 2018, the Company has to enter into rental agreement to rent the outlet in Shanghai for a period of 5 years commencing October 15, 2018 amounted to $4,860 per month and payment to be conducted in advance on bi monthly basis.

As of October 31, 2019, the Company has the aggregate minimal rent payments due in the next 5 years as follows:

Year ending July, 31
2020	$	57,702
2021	$	57,702
2022	$	57,702
2023	$	57,702
Total	$	230,808

On December 19, 2018, the company entered into a contract with supplier for the development of Mobile App which have not been completed during the three months ended October 31, 2019 with a capital commitment as follows:

	As of October 31, 2019 (Unaudited)
Commitment for acquisition of Mobile App development		21,642

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Description of Business and Organization - Schedule of Company's Subsidiary (Details)	3 Months Ended
	Oct. 31, 2019
MU Worldwide Group Limited [Member]
Place and date of incorporation	Seychelles, June 7, 2018
Particulars of issued capital	100 share of ordinary share of US$1 each
Principal activities	Investment holding
MU Global Holding Limited [Member]
Place and date of incorporation	Hong Kong, January 30, 2018
Particulars of issued capital	1 ordinary share of HKD$1
Principal activities	Providing SPA and Wellness service in Hong Kong
MU Global Health Management [Member]
Place and date of incorporation	Shanghai, August 16, 2018
Particulars of issued capital	RMB 7,400,300
Principal activities	Providing SPA and Wellness service in China

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Income Taxes (Tables)

3 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Tax

For the three months ended October 31, 2019, the local (United States) and foreign components of income/(loss) before income taxes were comprised of the following:

	Three months ended October 31, 2019
	2019			2018
Tax jurisdictions from:
Local	$	(8,500	)		(2,500	)
Foreign, representing
- Seychelles		-			-
- Hong Kong	$	(54,484	)		(19,800	)
- Shanghai	$	(129,352	)		(36,499	)
Loss before income tax	$	(192,336	)		58,799	)

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

	For the period ended October 31, 2019		For the year ended October 31, 2018
Current:
- Local	$	-	$	-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
Income tax expense	$	-	$	-

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Commitments and Contingencies - Schedule of Aggregate Minimal Rent Payments (Details)	Oct. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 57,702
2021	57,702
2022	57,702
2023	57,702
Total	$ 230,808

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Subsequent Events (Details Narrative) - Subsequent Event [Member] - IPO [Member]	Dec. 12, 2019 USD ($) $ / shares shares
Number of offering shares sold | shares	150,713
Offering price | $ / shares	$ 1.00
Proceeds from public offering | $	$ 150,713

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Concentrations of Risks

3 Months Ended

Oct. 31, 2019

Risks and Uncertainties [Abstract]

Concentrations of Risks

12. CONCENTRATIONS OF RISK

Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RMB converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

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Prepayments and Deposits

3 Months Ended

Oct. 31, 2019

Prepayments And Deposits

Prepayments and Deposits

4. PREPAYMENTS AND DEPOSITS

Prepayments and deposits consisted of the following at October 31, 2019 and July 31, 2019:

	As of October 31, 2019		As of July 31, 2019
Property, plant and equipment	$	82,498	$	-
Deposits		15,902	$	99,244
Prepaid expenses		44,433		76,183
Total prepaid expenses and deposits	$	142,833	$	175,427

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Other Payables and Accrued Liabilities

3 Months Ended

Oct. 31, 2019

Payables and Accruals [Abstract]

Other Payables and Accrued Liabilities

8. OTHER PAYABLES AND ACCRUED LIABILITIES

Other payables and accrued liabilities consisted of the following at October 31, 2019 and July 31, 2018:

	As of October 31, 2019		As of July 31, 2019
Accrued audit fees	$	17,500	$	15,000
Accrued professional fees		3,000		30,000
Accrued other expenses		43,176		22,127
Other payable and accrued liabilities		-		25,728
Total payables and accrued liabilities	$	63,676	$	92,855

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Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Income tax description for likelihood	Tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

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Commitments and Contingencies (Tables)

3 Months Ended

Oct. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Aggregate Minimal Rent Payments

As of October 31, 2019, the Company has the aggregate minimal rent payments due in the next 5 years as follows:

Year ending July, 31
2020	$	57,702
2021	$	57,702
2022	$	57,702
2023	$	57,702
Total	$	230,808

Schedule of Commitment for Acquisition

On December 19, 2018, the company entered into a contract with supplier for the development of Mobile App which have not been completed during the three months ended October 31, 2019 with a capital commitment as follows:

	As of October 31, 2019 (Unaudited)
Commitment for acquisition of Mobile App development		21,642

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Commitments and Contingencies (Details Narrative)	Oct. 10, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rental agreement term	5 years
Monthly rent payment	$ 4,860

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Related Party Transactions - Schedule of Outstanding Payable to Related Party (Details) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2019	Jul. 31, 2019
Total	$ 27,755	$ 258,000
Related Party A [Member]
Professional fee	6,000	200,000
Related Party B [Member]
Consultation fee	5,800	23,200
Related Party C [Member]
Consultation fee	$ 15,955	$ 34,800

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Due to Related Parties - Schedule of Due to Related Parties (Details) - USD ($)		Oct. 31, 2019	Jul. 31, 2019
Due to related parties		$ 38,727	$ 44,611
Wu, Chun-Teh [Member]
Due to related parties	[1]	38,727	39,611
Hsieh, Chang-Chung [Member]
Due to related parties	[2]		$ 5,000

[1] Wu, Chun-Teh is a shareholder of the Company, at the same time providing consultation services to the Company and also staff of the company have paid company operation expenses such as renovation cost, rental and staff salaries on behalf of Company.

[2] Hsieh, Chang-Chung is Chief Financial Officer ("Principal Financial Officer", "Principal Accounting Officer") of the company, and the amount represents the consultancy fee accrued.

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Inventories - Schedule of Inventory (Details) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Inventory Disclosure [Abstract]
Finished goods, at cost	$ 48,586	$ 43,946
Total inventories	$ 48,586	$ 43,946

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Condensed Consolidated Statements of Operations and Comprehensive Losses (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
REVENUE	$ 27,170
COST OF REVENUE	(2,069)
GROSS PROFIT	25,101
REALISED GAIN ON FOREIGN EXCHANGE
UNREALISED LOSS ON FOREIGN EXCHANGE
OTHER INCOME	3,721	1,105
SELLING, GENERAL AND ADMINISTRATIVE AND OPERATING EXPENSES	(221,158)	(59,904)
LOSS BEFORE INCOME TAX	(192,336)	(58,799)
TAX PROVISION
NET LOSS	(192,336)	(58,799)
Other comprehensive income/(loss):
- Foreign currency translation adjustment	(11,938)	(2,406)
TOTAL COMPREHENSIVE LOSS	$ (204,274)	$ (61,205)
Net income/(loss) per share- Basic and diluted	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding – Basic and diluted	59,434,838	58,505,000

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Summary of Significant Accounting Policies

3 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The Company has adopted its fiscal year-end to be July 31.

Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

Use of estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

Revenue recognition

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

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 wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

Cost of revenue

Cost of revenue includes the cost of services and product incurred to provide wellness and beauty services and purchase of products.

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:

Categories	Estimated useful life
Leasehold improvement	11 months to 60 months (over remaining lease term)
Leasable equipment	5 years
Computer hardware and software	3 years
Office equipment	3 years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 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 periods 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 period 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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in China and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

Net loss per share

The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

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 Condensed Consolidated Statements of Operations and Comprehensive Income.

The reporting currency of the Company and its subsidiary is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity.

Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the three months ended October 31
	2019		2018
Period-end RMB : US$1 exchange rate		7.04		6.97
Period-average RMB : US$1 exchange rate		7.09		6.87
Period-end HKD$ : US$1 exchange rate		7.84		7.84
Period-average HKD$ : US$1 exchange rate		7.84		7.84

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.

Fair value of financial instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and 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: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

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.

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.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The Company has adopted its fiscal year-end to be July 31.

Basis of Consolidation

Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation.

Use of Estimates

Use of estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates.

Revenue Recognition

Revenue recognition

In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.

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 wellness and beauty services to customers via Company owned outlets, franchised outlets or distribution of our product to third party wellness and beauty salon.

Cost of Revenue

Cost of revenue

Cost of revenue includes the cost of services and product incurred to provide wellness and beauty services and purchase of products.

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:

Categories	Estimated useful life
Leasehold improvement	11 months to 60 months (over remaining lease term)
Leasable equipment	5 years
Computer hardware and software	3 years
Office equipment	3 years

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations.

Inventories

Inventories

Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Income Taxes

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 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 periods 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 period 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% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in China and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

Net Loss Per Share

Net loss per share

The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

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 Condensed Consolidated Statements of Operations and Comprehensive Income.

The reporting currency of the Company and its subsidiary is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of shareholders’ equity.

Translation of amounts from RMB and HK$ into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the three months ended October 31
	2019		2018
Period-end RMB : US$1 exchange rate		7.04		6.97
Period-average RMB : US$1 exchange rate		7.09		6.87
Period-end HKD$ : US$1 exchange rate		7.84		7.84
Period-average HKD$ : US$1 exchange rate		7.84		7.84

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.

Fair Value of Financial Instruments

Fair value of financial instruments:

The carrying value of the Company’s financial instruments: cash and cash equivalents, account receivables, amount due to a director, and accounts payable and 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: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

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.

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.

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Prepayments and Deposits (Tables)

3 Months Ended

Oct. 31, 2019

Prepayments And Deposits

Schedule of Prepayments and Deposits

Prepayments and deposits consisted of the following at October 31, 2019 and July 31, 2019:

	As of October 31, 2019		As of July 31, 2019
Property, plant and equipment	$	82,498	$	-
Deposits		15,902	$	99,244
Prepaid expenses		44,433		76,183
Total prepaid expenses and deposits	$	142,833	$	175,427