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Intangible Asset
3 Months Ended
Oct. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset

Note 7 – Intangible Asset

 

In connection with the acquisition of OL during the fiscal year ended July 31, 2022, the Company recognized an intangible asset related to intellectual property. The Company believed the intellectual property was critical to the success of the business going forward.

 

 

Fiscal Year Ended July 31, 2023

 

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 consolidated statements of operations (see Note 2).

 

Amortization expense for the three months ended October 31, 2023 and 2022 was $0 and $82,126, respectively.