Revenue Performance - Total revenue decreased by approximately $1.8 million, or 75%, from approximately $2.5 million in fiscal year 2023 to approximately $0.6 million in fiscal year 2024[251] - Revenue from consulting services to third parties was approximately $0.4 million for the fiscal year ended July 31, 2024, compared to approximately $1.2 million for the fiscal year ended July 31, 2023, reflecting a decrease of approximately $0.8 million[253] - Revenues from related parties decreased by approximately $1.1 million, or 85%, from approximately $1.3 million in fiscal year 2023 to approximately $0.2 million in fiscal year 2024[250] Expenses - Selling expenses increased by approximately $0.1 million, or 61%, from approximately $0.2 million in fiscal year 2023 to approximately $0.3 million in fiscal year 2024[256] - General and administrative expenses remained stable at approximately $2.3 million and $2.2 million for the fiscal years ended July 31, 2024 and 2023, respectively[258] - Loss from operations increased by approximately $1.2 million, or 158%, from approximately $0.8 million in fiscal year 2023 to approximately $2.0 million in fiscal year 2024[252] Net Loss - Net loss for the fiscal year ended July 31, 2024, was approximately $3.2 million, an increase of $0.3 million from a net loss of approximately $2.9 million in fiscal year 2023[265] - For the fiscal year ended July 31, 2024, the company reported a net loss of approximately $3.2 million, compared to a net loss of $2.9 million for the fiscal year ended July 31, 2023[268] Cash Flow and Liquidity - The company had cash of $1.2 million and current liabilities of $1.0 million as of July 31, 2024, indicating that cash on hand could cover current liabilities[269] - Net cash used in operating activities was approximately $0.1 million for the fiscal year ended July 31, 2024, a significant improvement from $2.3 million in the previous fiscal year[274][275] - Net cash used in investing activities was approximately $1.6 million in fiscal year 2024, primarily due to loans made to a related party and investments in trading securities[276] - Net cash provided by financing activities was approximately $2.3 million in fiscal year 2024, resulting from the issuance of ordinary shares through a private placement[278] - The company reported a net increase in cash of $643,354 for the fiscal year ended July 31, 2024, compared to a net decrease of $1,144,115 in the previous year[272] - The company had a short-term investment in trading securities of $0.4 million and accounts receivable of $0.2 million due from a related party, which were highly liquid[269] Future Outlook - The company plans to expand operations to other Asian countries, such as Malaysia, Vietnam, and Singapore, while continuing to focus on the North American market[239] - The company has successfully helped nine Chinese enterprises to be quoted on the U.S. OTC markets since its inception[239] - The company’s ability to continue as a going concern is dependent on management's ability to execute its business plan, which includes increasing revenue and controlling operating costs[269] - The company monitors its cash flow and operating expenses to assess its ability to continue as a going concern, indicating substantial doubt about its future viability[268] Dividends - The company has not declared or paid any cash dividends to shareholders and does not plan to do so from its restricted net assets as of July 31, 2024[271]
ATIF (ATIF) - 2024 Q4 - Annual Report