Financial Performance - The company reported a net loss of $6.6 million and $11.0 million from discontinued operations of Leaping Group Co., Ltd. for the years ended July 31, 2021, and 2020, respectively [156]. - The company recognized an estimated loss of approximately $6.1 million from the sale of its interest in LGC, which was completed on January 29, 2021 [162]. - Consulting service revenues generated were $0.9 million, $0.6 million, and $3.1 million for the fiscal years ended July 31, 2021, 2020, and 2019, respectively [195]. - For the year ended July 31, 2021, three customers accounted for 41%, 41%, and 11% of the company's consolidated revenue, indicating a significant customer concentration risk [488]. Business Expansion and Strategy - The company plans to expand its consulting services to include Chinese domestic exchanges and the Stock Exchange of Hong Kong, following new listing rules announced in April 2018 [170]. - The company aims to establish a specialized team for SEHK consulting listing services to attract more clients [170]. - The company intends to invest in new complementary business ventures to create additional sources of revenue [172]. - The company plans to expand its operations throughout Asia, having established a network of third-party service providers to support its consulting services [185]. - The company has a strategy to mitigate customer concentration risks as it continues to grow its client base, with three clients accounting for more than 10% of total revenues in the fiscal years ended July 31, 2021, 2020, and 2019 [195]. Consulting Services - The company launched AT Consulting Center in 2018 to meet the growing demand for financial consulting services in China [172]. - The consulting fees for going public services range from $1 million to $2.5 million, based on the complexity and conditions of each client [193]. - The "Becoming Public" program for enterprise clients is offered at a fee of $20,000, covering various aspects of capital markets [212]. - The consulting services provided to WKG for its IPO are currently limited to due diligence work and preliminary planning [205]. - The consulting service agreement with Caiz Optronics Corp. was valued at $1 million, with $42,000 charged for due diligence work completed [203]. - Agrecoe, a biotechnology company, has a $1 million consulting service agreement for its IPO, with services currently limited to due diligence [204]. Acquisitions and Investments - The company completed the acquisition of approximately 51.2% of Leaping Group Co., Ltd. on April 22, 2020, in exchange for the satisfaction of a debt of $1.85 million and the issuance of shares [181]. - The intended acquisition of Sino-fortune Securities Limited was terminated in June 2020 due to delays in the approval process caused by COVID-19, resulting in a refund of HK$1.0 million (approximately $0.13 million) after deducting a default penalty [180]. - The company acquired CNNM, a news and media online platform with over 10 million registered users, but has not generated any revenue from it since acquisition, resulting in a full impairment loss of $0.4 million for the year ended July 31, 2020 [174]. Legal and Regulatory Compliance - The company is currently involved in ongoing legal proceedings, including an arbitration case where it is obligated to pay $250,000 to Huale Group and bear arbitration fees of $11,724 [232]. - The company has accrued legal liabilities of $261,724 for the year ended July 31, 2020, related to the arbitration award [232]. - The company is facing increased competition in the going public consulting market, with new entrants due to favorable market conditions [228]. - The company is subject to potential sanctions by PRC regulatory agencies if it fails to obtain necessary approvals for its IPO, which could adversely affect its operations and financial condition [261]. - The company must comply with relevant PRC regulations on foreign investment and foreign debt management when repatriating funds raised after offshore financing [263]. Intellectual Property - The company has received trademark registrations for several brands, including "IPOEX," with effective dates ranging from 2017 to 2021 [239]. - The company is in the process of registering the "IPOEX" trademark in Korea [239]. - The PRC Trademark Law grants a term of 10 years to registered trademarks, which can be renewed for another 10 years upon request [251]. - The company holds copyrights in various works, including written works, music, and software, as per the Copyright Law of the PRC [255]. Employment and Operations - As of July 31, 2021, the company had 24 full-time employees, with no collective bargaining agreements in place [229]. - The company has entered into written employment contracts with all employees, complying with relevant PRC laws [286]. - Social insurance fees have been deposited in full for all employees since June 2019, in compliance with regulations [288]. Financial Reporting and IPO - The company completed its IPO in April 2019, issuing 414,935 ordinary shares at a price of $25.00 per share, raising approximately $10,373,360, with net proceeds of $9,558,243 after expenses [491]. - IPO-related expenses totaled approximately $1,440,680, including $720,253 in underwriting commissions and $720,427 in other costs [492]. - As of July 31, 2019, the company utilized approximately $3,624,851 of the IPO net proceeds for various purposes, including $793,609 for daily operations and $1,452,792 for investment in financial instruments [493]. - In June 2020, the company filed a registration statement to offer securities with an aggregate offering price of up to $50,000,000 [494]. - In January 2021, the company filed a registration statement for the resale of 947,826 ordinary shares related to outstanding warrants, with no proceeds received from the sale by selling shareholders [495]. - In April 2021, the company filed a registration statement to offer ordinary shares and warrants with an aggregate offering price of up to $15,000,000 [495]. - On August 12, 2021, the company approved a 5-for-1 reverse stock split, reducing the number of outstanding ordinary shares from 45,806,952 to approximately 9,161,390 [497].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: July 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...