ATIF(ZBAI) - 2024 Q4 - Annual Report

Revenue Performance - Total revenue decreased by approximately $1.8 million, or 75$2.5 million in fiscal year 2023 to approximately $0.6 million in fiscal year 2024[220] - Revenue from third parties decreased by approximately$0.7 million, while revenue from related parties decreased by approximately $1.1 million[226] 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[229] - General and administrative expenses remained stable at approximately $2.3 million and$2.2 million for fiscal years 2024 and 2023, respectively[231] Net Loss - Net loss was approximately $3.2 million for the fiscal year ended July 31, 2024, an increase of$0.3 million from a net loss of $2.9 million in fiscal year 2023[238] - The company reported a net loss of approximately$3.2 million for the fiscal year 2024, adjusted for losses from trading securities and changes in operating assets and liabilities[245] Consulting Services - The company provided consulting services to eight customers in fiscal year 2024, compared to three customers in fiscal year 2023[219] Expansion Plans - 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[218] Liquidity and Cash Flow - As of July 31, 2024, the company had cash of $1.2 million and current liabilities of$1.0 million, indicating sufficient liquidity to cover current obligations[241] - Net cash used in operating activities was approximately $0.1 million for the fiscal year ended July 31, 2024, compared to$2.3 million in the previous year[245][246] - Cash at the end of the fiscal year 2024 was $1,249,376, an increase from$606,022 at the end of fiscal year 2023[244] Investment Performance - The company recorded an investment loss of approximately $0.4 million for the fiscal year ended July 31, 2024, compared to an investment gain of approximately$0.2 million in fiscal year 2023[235] Financing Activities - Net cash provided by financing activities was approximately $2.3 million in fiscal year 2024, resulting from the issuance of ordinary shares in a private placement[249] Dividends - The company has not declared or paid any cash dividends to shareholders and does not plan to do so from restricted net assets as of July 31, 2024[243] Accounts Receivable and Current Assets - The decrease in accounts receivable was approximately$1.1 million, indicating improved collection from customers[245] - The company experienced a decrease in prepaid expenses and other current assets of approximately $0.3 million due to amortization of advertising service fees[245] - The increase in accrued expenses and other current liabilities was approximately$1.3 million, reflecting changes in operational liabilities[245] Accounting Policies - The company has not identified any critical accounting policies or estimates that significantly affect the preparation of its financial statements[252]