Item 4.02 Non-Reliance of Previously Issued Financial Statements or Related Audit Report or Completed Interim Review

On February 18, 2021, the Company has concluded, after consultation with its independent registered public accounting firm, Simon & Edward, LLP ("S&P"), that the Company's previously filed financial statements as of and for the years ended July 31, 2020 and 2019, and as of and for the interim periods ended October 31, 2020 and 2019 (each, a "Restated Period" and, collectively, the "Restated Periods") should no longer be relied upon because of errors related to the cash flow presentation for the funding support from some related parties during the Restated Periods. The Company has accounted those funding support under operating activities, upon reflection and further analysis, the Company has come to the conclusion that they would be more accurate to be accounted for financing activities. The Company's independent registered accounting firm has concurred with the revised cash flow presentation.

The Company is completing its review of these matters described in Item 4.02 and intends to file an amended Form 10-Q for the interim periods ended October 31, 2020 and 2019, amended Form10-K for the year ended July 31, 2020, with restated consolidated statements of cash flows for the Restated Periods as soon as practicable.

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