Intangible Asset

12 Months Ended

Jul. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset

Note 7 – Intangible Asset

In connection with the acquisition of OL, the Company recognized an intangible asset related to intellectual property. The Company believed the intellectual property was and still is critical to the success of the business going forward.

However, during the year ended July 31, 2023, the Company determined that given various negative financial indicators (quantitative and qualitative), intangible assets (net of amortization) of $1,916,270 was fully impaired and recorded as a component of other income (expense) in the accompanying consolidated statements of operations.

The Company’s intangible asset is as follows:

					Estimated Useful
	July 31, 2023		July 31, 2022		Life (Years)
Gross carrying amount	$	2,299,524	$	-	7
Less: Accumulated amortization		383,254		-
Less: Impairment		1,916,270		-
Net carrying amount	$	-	$	-

Amortization expense for the years ended July 31, 2023 and 2022 was $328,503 and $54,751, respectively.