Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Oct. 13, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | W&E SOURCE CORP. | ||
Entity Central Index Key | 0001368275 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2022 | ||
Entity Filer Category | Non-accelerated Filer | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 130,085,501 | ||
Entity Current Reporting Status | Yes | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 3,635 | ||
Entity Small Business | true | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Document Transition Report | false | ||
Entity File Number | 000-52276 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 113 Barksdale Professional Center | ||
Entity Address, City or Town | Newark | ||
Entity Address, State or Province | DE | ||
Entity Address, Postal Zip Code | 19711 | ||
City Area Code | 450 | ||
Local Phone Number | 443-1153 | ||
Entity Tax Identification Number | 98-0471083 | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common Stock | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 5854 | ||
Auditor Location | California | ||
Auditor Name | TAAD LLP |
Consolidated Balance Sheets (Au
Consolidated Balance Sheets (Audited) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current Assets | ||
Cash | $ 853 | $ 2,248 |
Other Receivables | 40 | 42 |
Total current assets | 893 | 2,290 |
Non-Current Assets | ||
Prepayments/Deposits | 11,653 | 12,030 |
Total non-current assets | 11,653 | 12,030 |
TOTAL ASSETS | 12,546 | 14,320 |
Current liabilities | ||
Accounts payable and accrued liabilities | 49,310 | 24,561 |
Advances from related parties and related party payables | 51,474 | 12,020 |
Total current liabilities | 100,784 | 36,581 |
TOTAL LIABILITIES | 100,784 | 36,581 |
Shareholders' deficit | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 130,085,501 shares issued and outstanding as of June 30, 2022 and 2021, | 13,009 | 13,009 |
Additional paid-in capital | 1,217,646 | 1,217,106 |
Accumulated deficit | (1,327,434) | (1,255,841) |
Accumulated other comprehensive income | 8,541 | 3,465 |
Total shareholders' deficit | (88,238) | (22,261) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 12,546 | $ 14,320 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Audited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 14, 2020 | Aug. 05, 2016 | Jan. 31, 2012 |
Statement of Financial Position [Abstract] | |||||
Common Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common Stock, Shares, Issued | 130,085,501 | 130,085,501 | |||
Common Stock, Shares, Outstanding | 130,085,501 | 130,085,501 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Audited) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Operations [Abstract] | ||
Revenues | $ 0 | $ 0 |
Cost of revenues | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses | ||
General and administrative expenses | 65,730 | 55,028 |
Total operating expenses | 65,730 | 55,028 |
Operating Loss | (65,730) | (55,028) |
Other income (expense) | ||
Interest expense | (542) | (14,386) |
Gain on debt settlement | 0 | 90,433 |
Foreign currency exchange gain (loss) | (5,321) | 6,158 |
Total other income (expense) | (5,863) | 82,205 |
Net income (loss) | (71,593) | 27,177 |
Other comprehensive income (loss): | ||
Cumulative foreign currency translation adjustment | 3,282 | 12,456 |
Comprehensive income (loss) | $ (68,311) | $ 39,633 |
Weighted average number of shares outstanding - basic | 130,085,501 | 108,379,583 |
Weighted average number of shares outstanding - diluted | 130,085,501 | 108,379,583 |
Income (loss) per share - basic | $ 0 | $ 0 |
Income (loss) per share - diluted | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit) (Audited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Jun. 30, 2020 | $ 8,249 | $ 1,059,931 | $ 15,920 | $ (1,283,018) | $ (198,918) |
Balance (Shares) at Jun. 30, 2020 | 82,489,391 | ||||
Imputed Interest | 13,091 | 13,091 | |||
Foreign currency translation adjustment | (3,735) | (3,735) | |||
Net Loss | (26,468) | (26,468) | |||
Balance at Sep. 30, 2020 | $ 8,249 | 1,073,022 | 12,185 | (1,309,486) | (216,030) |
Balance (Shares) at Sep. 30, 2020 | 82,489,391 | ||||
Balance at Jun. 30, 2020 | $ 8,249 | 1,059,931 | 15,920 | (1,283,018) | (198,918) |
Balance (Shares) at Jun. 30, 2020 | 82,489,391 | ||||
Net Loss | 27,177 | ||||
Balance at Jun. 30, 2021 | $ 13,009 | 1,217,106 | 3,465 | (1,255,841) | (22,261) |
Balance (Shares) at Jun. 30, 2021 | 130,085,501 | ||||
Balance at Sep. 30, 2020 | $ 8,249 | 1,073,022 | 12,185 | (1,309,486) | (216,030) |
Balance (Shares) at Sep. 30, 2020 | 82,489,391 | ||||
Imputed Interest | 1,235 | 1,235 | |||
Share issuance by debts settlement | $ 4,760 | 142,788 | 147,548 | ||
Share issuance by debts settlement (shares) | 47,596,110 | ||||
Foreign currency translation adjustment | (8,052) | (8,052) | |||
Net Loss | 82,863 | 82,863 | |||
Balance at Dec. 31, 2020 | $ 13,009 | 1,217,045 | 4,133 | (1,226,623) | 7,564 |
Balance (Shares) at Dec. 31, 2020 | 130,085,501 | ||||
Foreign currency translation adjustment | 805 | 805 | |||
Net Loss | (12,173) | (12,173) | |||
Balance at Mar. 31, 2021 | $ 13,009 | 1,217,045 | 4,938 | (1,238,796) | (3,804) |
Balance (Shares) at Mar. 31, 2021 | 130,085,501 | ||||
Imputed Interest | 61 | 61 | |||
Foreign currency translation adjustment | (1,473) | (1,473) | |||
Net Loss | (17,045) | (17,045) | |||
Balance at Jun. 30, 2021 | $ 13,009 | 1,217,106 | 3,465 | (1,255,841) | (22,261) |
Balance (Shares) at Jun. 30, 2021 | 130,085,501 | ||||
Imputed Interest | 38 | 38 | |||
Foreign currency translation adjustment | 2,322 | 2,322 | |||
Net Loss | (12,065) | (12,065) | |||
Balance at Sep. 30, 2021 | $ 13,009 | 1,217,144 | 5,787 | (1,267,906) | (31,966) |
Balance (Shares) at Sep. 30, 2021 | 130,085,501 | ||||
Balance at Jun. 30, 2021 | $ 13,009 | 1,217,106 | 3,465 | (1,255,841) | (22,261) |
Balance (Shares) at Jun. 30, 2021 | 130,085,501 | ||||
Net Loss | (71,593) | ||||
Balance at Jun. 30, 2022 | $ 13,009 | 1,217,646 | 8,541 | (1,327,434) | (88,238) |
Balance (Shares) at Jun. 30, 2022 | 130,085,501 | ||||
Balance at Sep. 30, 2021 | $ 13,009 | 1,217,144 | 5,787 | (1,267,906) | (31,966) |
Balance (Shares) at Sep. 30, 2021 | 130,085,501 | ||||
Imputed Interest | 70 | 70 | |||
Foreign currency translation adjustment | (528) | (528) | |||
Net Loss | (10,545) | (10,545) | |||
Balance at Dec. 31, 2021 | $ 13,009 | 1,217,214 | 5,259 | (1,278,451) | (42,969) |
Balance (Shares) at Dec. 31, 2021 | 130,085,501 | ||||
Imputed Interest | 103 | 103 | |||
Foreign currency translation adjustment | (2,671) | (2,671) | |||
Net Loss | (14,243) | (14,243) | |||
Balance at Mar. 31, 2022 | $ 13,009 | 1,217,317 | 2,588 | (1,292,694) | (59,780) |
Balance (Shares) at Mar. 31, 2022 | 130,085,501 | ||||
Imputed Interest | 329 | 329 | |||
Foreign currency translation adjustment | 5,953 | 5,953 | |||
Net Loss | (34,740) | (34,740) | |||
Balance at Jun. 30, 2022 | $ 13,009 | $ 1,217,646 | $ 8,541 | $ (1,327,434) | $ (88,238) |
Balance (Shares) at Jun. 30, 2022 | 130,085,501 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Audited) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flow from Operating Activities | ||
Net income (loss) | $ (71,593) | $ 27,177 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Foreign currency exchange gain (loss) | 2,955 | 7,600 |
Gain on debt settlement | 0 | (90,433) |
Imputed interest to related party | 542 | 14,386 |
Change in operating assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued liabilities | 25,011 | 8,109 |
Increase (decrease) in related party payable | 0 | (537) |
Net cash used in operating activities | (43,085) | (33,698) |
Cash Flows from Financing Activities | ||
Proceeds from related parties | 40,478 | 32,153 |
Net cash provided by financing activities | 40,478 | 32,153 |
Cumulative translation adjustment | 1,212 | 285 |
Net increase (decrease) in cash for the year | (1,395) | (1,260) |
Beginning of period | 2,248 | 3,508 |
End of period | 853 | 2,248 |
Supplemental cash flows information | ||
Interest paid | 0 | 0 |
Income tax paid | 0 | 0 |
Non cash investing and financing activities | ||
Share issuance for the debt settlement | $ 0 | $ 237,981 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations [Text Block] | Note 1 - Organization and Nature of Operations W&E Source Corp. ("the Company") was incorporated in the State of Delaware on October 11, 2005 and is based in Montréal, Québec, Canada. The Company is providing air ticket reservations, hotel reservations and other travel related services. On August 25, 2011, the Company incorporated a company called Airchn Travel Global, Inc. ("ATGI") in the State of Washington, USA. ATGI is a wholly owned subsidiary of the Company. ATGI focuses on a business segment of travel businesses which includes air ticket reservations, hotel reservations and other travel services. On October 4, 2011, the Company incorporated a company called Airchn Travel (Canada) Inc. ("ATCI") in the Province of British Columbia, Canada. ATCI is a wholly owned subsidiary of ATGI. ATCI has a similar business segment as ATGI. In January 2012, the Company changed its name from News of China, Inc. to W&E Source Corp. and increased its authorized shares to 500,000,000 shares. As a result of the name change, the Company's listing symbol was also changed to WESC. During the year ended June 30, 2012, the Company incorporated a company named Airchn Travel (Beijing) Inc. ("ATBI") in Beijing, China. ATBI is also a wholly owned subsidiary of ATGI. ATBI has a similar business segment as ATGI. On December 15, 2012, Airchn Travel (Beijing) Inc., a wholly owned subsidiary of W&E Source Corp. (the "Company"), entered into the Share Purchase Agreement (the "Agreement") with Mr. Wu Hao (the "Seller"), a majority shareholder of Chengdu Baopiao Internet Co., Ltd. ("Baopiao"), to acquire part of his ownership in Baopiao which equals 51% of all issued and outstanding stock of Baopiao (the "Shares"). The Company will pay for the aggregate purchase price of RMB 2,550,000 for the Shares in cash and by assuming the Seller's debt to Baopiao in the amount of RMB1,800,000 (approximately US $289,000) (the "Debt"). According to the terms of the Agreement, the Company will assume the Debt upon execution of the Agreement and pay the Seller the remaining RMB750,000 of the purchase price within 20 days from the execution of the Agreement. Also at execution, the Company will pay Baopiao RMB200,000 as repayment of the Debt and satisfy the remaining Debt of RMB1,600,000 within 20 days from the execution of the Agreement. Also pursuant to the Agreement, the Seller will provide guaranties that other than the information including financial statements provided to the Company, Baopiao does not have any other debts, and no third party has any rights or liens on the assets of Baopiao. The Seller and Baopiao will also indemnify the Company against any damages, liabilities, losses and expenses which the Company may sustain or suffer due to any breach of the guaranties made by the Seller or Baopiao. Baopiao has obtained the necessary shareholder approval for the transfer of the Shares and will register the transfer of the Shares with the applicable State Administration for Industry and Commerce within three days from the date of the Agreement. In connection with the Agreement, the Company also entered into an agreement with the Seller and Baopiao that as an incentive for the management team of Baopiao, the Company will reserve up to 26 million shares of its common stock for issuance to the Baopiao employees upon achievement of certain milestones over the next three years. The Share Purchase Agreement with Mr. Wu Hao was not completed in January, 2013 and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. On June 6, 2022, certain shareholders of the Company entered into a Stock Purchase Agreement (the "SPA") with Hong Ba and Xingru (Christina) Chen for the sale and purchase of an aggregate of 118,123,001 shares of common stock of the Company. On June 8, 2022, the transaction contemplated by the SPA closed, representing approximately 90.8% of the Company's issued and outstanding common shares. For detail refer to the Form 8-K filed on June 10, 2022. It resulted in change of control of the Company. Pursuant to the provisions of the SPA, effective June 8, 2022, Junjun Wu resigned as a member of the Board of Directors, Hong Ba would continue to serve as a director of the Company, CEO and CFO of the Company and the Board of Directors appointed Christina Chen as a director of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies a. Basis of presentation. b. Foreign currency translation. RMB to USD CAD to USD Spot rate: 0.1493 0.7769 Average rate: 0.1549 0.7900 c. Principles of consolidation. d. Use of Estimates. e. Loss per share. f. Revenue recognition. g. Cash and cash equivalents. i. Income taxes. j. Recently issued accounting pronouncements. Recently Issued Accounting Pronouncements On March 2021, the FASB issued Accounting Standards Update (ASU) 2021-03, "Intangibles-Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events" ("ASU 2021-03"). The amendments in ASU 2021-03 provide private companies and not-for-profit (NFP) entities with an accounting alternative to perform the goodwill impairment triggering event evaluation as required in FASB Accounting Standards Codification (FASB ASC) 350-20, Intangibles-Goodwill and Other-Goodwill, as of the end of the reporting period, whether the reporting period is an interim or annual period. An entity that elects this alternative is not required to monitor for goodwill impairment triggering events during the reporting period but, instead, should evaluate the facts and circumstances as of the end of each reporting period to determine whether a triggering event exists and, if so, whether it is more likely than not that goodwill is impaired. The amendments in this ASU are effective on a prospective basis for fiscal years beginning after December 15, 2019. Early adoption is permitted for both interim and annual financial statements that have not yet been issued as of June 30, 2022. The Company have adopted this ASU on the consolidated financial statements in the year ended June 30, 2021. The adoption had no material impact on the consolidated financial statements in the year ended June 30, 2022 and 2021. On April 2021, the FASB issued ASU 2021-04, "Earnings Per Share (Topic 260), Debt- Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options" ("ASU 2021-04") to clarify the accounting by issuers for modifications or exchanges of equity-classified warrants. The new ASU is available here and effective for all entities in fiscal years starting after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-04 on its consolidated financial statements. On July 2021, the FASB issued ASU 2021-05, "Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments", which upon adoption requires a lessor to classify a lease with variable lease payments (that do not depend on a rate or index) as an operating lease on commencement date if classifying the lease as a sales-type or direct financing lease would result in a selling loss. The amendments in this ASU are effective for all entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The adoption had no material impact on the consolidated financial statements for the year ended June 30, 2022. On July 2021, the FASB issued ASU 2021-07, "Stock Compensation (Topic 718): Stock Compensation" ("ASU 2021-07") to address the concerns from stakeholders about the cost and complexity of determining the fair value of equity-classified share-based awards for private companies. It specifically permits private companies to use 409A valuations prepared under US Treasury regulations to estimate the fair value of certain awards under ASC 718. The Update is effective for private companies in fiscal years starting after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-07 on its consolidated financial statements. On August 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08") to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance as if the acquirer had originated the contract. That is, such acquired contracts will not be measured at fair value. ASU 2021-08 is effective for privately held companies with fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of ASU 2021-08 on its consolidated financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2022 | |
Going Concern [Abstract] | |
Going Concern [Text Block] | Note 3 - Going Concern As reflected in the accompanying consolidated financial statements, the Company had accumulated deficits of $1,327,434 and $1,255,841, and net loss of $71,593 and net income of $27,177, respectively, for the fiscal years ended June 30, 2022 and 2021. The Company currently has business activities to generate funds for its own operations, however, has not yet achieved profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that the current actions to obtain additional funding from independent investors or from the management and to implement its strategic plans should allow the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. |
Prepayment
Prepayment | 12 Months Ended |
Jun. 30, 2022 | |
Prepayment [Abstract] | |
Prepayment [Text Block] | Note 4 - Prepayment As of June 30, 2022, the Company prepaid a security deposit of $11,653 (CAD$15,000) (June 30, 2021 - $12,030 (CAD$15,000)) to Consumer Protection British Columbia Province for the guarantee of service quality. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities [Text Block] | Note 5 - Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities of $49,310 as of June 30, 2022 (June 30, 2021 - $24,561) consists of vendor payables of $1,295 in legal fees, $32,232 in audit and accounting fees, $245 in filing fees and $15,538 in other payables to a former shareholder of the Company advanced for operating expenses. |
Related Parties
Related Parties | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties [Text Block] | Note 6 - Related Parties Mrs. Hong Ba serves as the Chief Executive Officer and Director of the Company. Mr. Feng Li, the husband of Mrs. Hong Ba, is the owner of the Canada Airchn Financial Inc. ("CAFI"). The shareholders make advances to the Company from time to time for the Company's operations. These advances are due on demand and non-interest bearing. As of June 30, 2022, there was $51,474 (June 30, 2021 - $12,020) due to related parties in total. As of the year ended June 30, 2022, the CEO of the Company advanced $28,910 (June 30, 2021 - $7,048) to the Company for operating expenditures. During the year ended June 30, 2022, a company owned by Feng Li, the husband of Mrs. Hong Ba, our CEO, charged the Company $7,584 (CAD$9,600) (June 30, 2021 - $7,498 (CAD$9,600) in rent and the debt of $11,187 has been due to the related party (June 30, 2021 - $3,850). As of the year ended June 30, 2022, Mr Feng Li advanced $3,529 (June 30, 2021 - $900) to the Company for operating expenditures. As of June 30, 2022, the Company has received advances of $7,633 (June 30, 2021 - $Nil) for operating expenditures from related party, a director of the Company As of June 30, 2022, the Company has received advances of $214 (June 30, 2021 - $222) for operating expenditures from related parties who were over 10% shareholders of the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure Abstract | |
Income Taxes [Text Block] | Note 7 - Income Taxes United States of America The Company and its subsidiary are subject to income taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate and will file annual tax returns. Canada The Company's subsidiary, Airchn Travel (Canada) Inc. is incorporated in British Columbia in Canada. It is subject to income taxes on income arising in, or derived from, the tax jurisdiction in British Columbia it operates. The basic federal rate of Part I tax is 38% of taxable income, 28% after federal tax abatement. After the general tax reduction, the net federal tax rate is 18% effective January 1, 2010; 16.5% effective January 1, 2011; 15% effective January 1, 2012. The provincial and territorial lower and higher tax rates in British Columbia are 2.5% and 10%, respectively. Other than income tax, Airchn Travel (Canada) Inc. is GST registrants who make taxable services in British Columbia and collect tax at the 5% GST rate on taxable services. People's Republic of China The Company's subsidiary, Airchn Travel (Beijing) Inc. is incorporated in Beijing in China. It is subject to PRC tax laws. Prior to January 1, 2008, PRC enterprise income tax ("EIT") was generally assessed at the rate of 33% of taxable income. In March 2007, a new enterprise income tax law (the "New EIT Law") in the PRC was enacted which was effective on January 1, 2008. The New EIT Law generally applies a uniform 25% EIT rate to both foreign invested enterprises and domestic enterprises. For the reporting periods, the components of loss before income taxes were comprised of the following: For the Year Ended For the Year Ended June 30, 2022 June 30, 2021 United States of America $ 58,215 $ 28,735 Canada 11,588 (5,988 ) People's Republic of China 1,790 4,430 Loss before income taxes $ 71,593 $ 27,177 The components of deferred taxes assets at June 30: 2022 2021 USA net operating income $ (12,224 ) $ (6,034 ) Canada net operating losses (1,738 ) 898 PRC net operating losses (448 ) (1,108 ) Deferred tax assets, net (14,410 ) (6,244 ) Less: valuation allowance 14,410 6,244 Deferred tax assets, net $ - $ - As of June 30, 2022, the Company has an accumulated deficit of $1,327,434 that can be carried forward to offset future net profit for income tax purposes. All tax penalties and interest are expensed as incurred. For the years ended June 30, 2022 and 2021, there were no tax penalties or interest. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies [Text Block] | Note 8 - Commitment and Contingencies The Company leases an office space in Canada for a term under month by month operating lease agreement. Monthly rent is $616 (CAD$800). 2023 CAD$9,600 2024 CAD$9,600 2025 CAD$9,600 2026 CAD$9,600 2027 CAD$9,600 For each of the year ended June 30, 2022 and 2021, the Company recorded a rent expense of $7,584 (CAD$9,600) and $7,498 (CAD$9,600), respectively. |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Common Stock [Text Block] | Note 9 - Common Stock On January 23, 2012, the Company entered into a subscription agreement with the significant shareholder Hong Ba, for the sale of 22,000,000 common shares for $630,000 from cash received and expense paid on behalf by Hong Ba. Subsequent to the sale, Hong Ba owns 22,000,000 common shares which represent 45.9% of the issued and outstanding shares of the Company. The Share Purchase Agreement with Mr. Wu Hao was not completed in January 2013, and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. On October 26, 2014, the Company issued 15,538,300 common shares of the Company to settle the debts payable of $155,383 to related parties at $0.01 per share. The Company is authorized to issue 500,000,000 shares of common stock with par value of $0.0001. As of June 30, 2022 and June 30, 2021, 130,085,501 and 130,085,501 shares of common stock were issued and outstanding, respectively. On October 26, 2014, the Company issued 15,538,300 common shares of the Company to settle the debts payable of $155,383 to related parties at $0.01 per share. On August 5, 2016, the Company entered into Debt Conversion Agreements (the "Agreements") with each of Lin Li and Youzhe Li, who were each creditors to the Company with total outstanding balances of $25,920 (the "Lin Li Loan") and $78,861 (the "Youzhe Li Loan" and, together with the Lin Li Loan, the "Loans"), respectively. Pursuant to the Agreements the Company agreed to issue an aggregate total of 19,051,091 shares of its common stock, $0.0001 par value per share (the "Shares"), at the conversion rate of $0.0055 per share as full payment for the Loans. Upon issuance and delivery of the Shares, the Loans were fully paid and the Company no longer had any obligations to the individuals under the Loans. Lin Li is the sister of Mr. Feng Li, who is the husband of Hong Ba, the Company's director, CEO and CFO. On August 5, 2016, the Company issued 14,338,364 common shares of the Company to such a related party in cancellation of the debt of $78,861 owed to such party at such time. On December 14, 2020, the Company entered into Debt Cancellation Agreement (the "Debt Cancellation Agreement") with certain creditors to the Company with a total outstanding aggregate balance of US$237,981 (the "Debts"). Pursuant to the Debt Cancellation Agreement the Company agreed to issue an aggregate total of 47,596,110 shares of its common stock, $0.0001 par value per share (the "Shares"), at the conversion rate of US$0.005 per share as full payment for the Debts. Upon issuance and delivery of the Shares, the Debts were fully paid and the Company no longer had any obligations to the creditors under the Debts. On June 6, 2022, certain shareholders of the Company entered into a Stock Purchase Agreement (the "SPA") with Hong Ba and Xingru (Christina) Chen for the sale and purchase of an aggregate of 118,123,001 shares of common stock of the Company. On June 8, 2022, the transaction contemplated by the SPA closed, representing approximately 90.8% of the Company's issued and outstanding common shares. It resulted in change of control of the Company. As the filing date of these financial statements, there are 130,085,501 shares issued and outstanding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation [Policy Text Block] | a. Basis of presentation. |
Foreign currency translation [Policy Text Block] | b. Foreign currency translation. RMB to USD CAD to USD Spot rate: 0.1493 0.7769 Average rate: 0.1549 0.7900 |
Principles of consolidation [Policy Text Block] | c. Principles of consolidation. |
Use of Estimates [Policy Text Block] | d. Use of Estimates. |
Loss per share [Policy Text Block] | e. Loss per share. |
Revenue recognition [Policy Text Block] | f. Revenue recognition. |
Cash and cash equivalents [Policy Text Block] | g. Cash and cash equivalents. |
Income taxes [Policy Text Block] | i. Income taxes. |
Recently issued accounting pronouncements [Policy Text Block] | j. Recently issued accounting pronouncements. Recently Issued Accounting Pronouncements On March 2021, the FASB issued Accounting Standards Update (ASU) 2021-03, "Intangibles-Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events" ("ASU 2021-03"). The amendments in ASU 2021-03 provide private companies and not-for-profit (NFP) entities with an accounting alternative to perform the goodwill impairment triggering event evaluation as required in FASB Accounting Standards Codification (FASB ASC) 350-20, Intangibles-Goodwill and Other-Goodwill, as of the end of the reporting period, whether the reporting period is an interim or annual period. An entity that elects this alternative is not required to monitor for goodwill impairment triggering events during the reporting period but, instead, should evaluate the facts and circumstances as of the end of each reporting period to determine whether a triggering event exists and, if so, whether it is more likely than not that goodwill is impaired. The amendments in this ASU are effective on a prospective basis for fiscal years beginning after December 15, 2019. Early adoption is permitted for both interim and annual financial statements that have not yet been issued as of June 30, 2022. The Company have adopted this ASU on the consolidated financial statements in the year ended June 30, 2021. The adoption had no material impact on the consolidated financial statements in the year ended June 30, 2022 and 2021. On April 2021, the FASB issued ASU 2021-04, "Earnings Per Share (Topic 260), Debt- Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options" ("ASU 2021-04") to clarify the accounting by issuers for modifications or exchanges of equity-classified warrants. The new ASU is available here and effective for all entities in fiscal years starting after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-04 on its consolidated financial statements. On July 2021, the FASB issued ASU 2021-05, "Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments", which upon adoption requires a lessor to classify a lease with variable lease payments (that do not depend on a rate or index) as an operating lease on commencement date if classifying the lease as a sales-type or direct financing lease would result in a selling loss. The amendments in this ASU are effective for all entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The adoption had no material impact on the consolidated financial statements for the year ended June 30, 2022. On July 2021, the FASB issued ASU 2021-07, "Stock Compensation (Topic 718): Stock Compensation" ("ASU 2021-07") to address the concerns from stakeholders about the cost and complexity of determining the fair value of equity-classified share-based awards for private companies. It specifically permits private companies to use 409A valuations prepared under US Treasury regulations to estimate the fair value of certain awards under ASC 718. The Update is effective for private companies in fiscal years starting after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-07 on its consolidated financial statements. On August 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08") to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance as if the acquirer had originated the contract. That is, such acquired contracts will not be measured at fair value. ASU 2021-08 is effective for privately held companies with fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of ASU 2021-08 on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of foreign exchange rates [Table Text Block] | RMB to USD CAD to USD Spot rate: 0.1493 0.7769 Average rate: 0.1549 0.7900 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure Abstract | |
Schedule of components of loss before income taxes [Table Text Block] | For the Year Ended For the Year Ended June 30, 2022 June 30, 2021 United States of America $ 58,215 $ 28,735 Canada 11,588 (5,988 ) People's Republic of China 1,790 4,430 Loss before income taxes $ 71,593 $ 27,177 |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2022 2021 USA net operating income $ (12,224 ) $ (6,034 ) Canada net operating losses (1,738 ) 898 PRC net operating losses (448 ) (1,108 ) Deferred tax assets, net (14,410 ) (6,244 ) Less: valuation allowance 14,410 6,244 Deferred tax assets, net $ - $ - |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments of operating lease liabilities [Table Text Block] | 2023 CAD$9,600 2024 CAD$9,600 2025 CAD$9,600 2026 CAD$9,600 2027 CAD$9,600 |
Organization and Nature of Op_2
Organization and Nature of Operations (Narrative) (Details) | Jun. 08, 2022 | Jun. 06, 2022 shares | Dec. 15, 2012 CNY (¥) | Dec. 15, 2012 USD ($) | Jun. 30, 2022 CNY (¥) shares | Jun. 30, 2021 shares | Jan. 31, 2012 shares |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Baopiao [Member] | |||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 51% | 51% | |||||
Noncash or Part Noncash Acquisition, Net Non monetary Assets Acquired (Liabilities Assumed) | ¥ 2,550,000 | ||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 1,800,000 | $ 289,000 | |||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 750,000 | ||||||
Repayments of Debt | ¥ 200,000 | ||||||
Other Long-term Debt | ¥ 1,600,000 | ||||||
Period For Execution Of Agreement | 20 days | 20 days | |||||
Common stock reserved for issuance | shares | 26,000,000 | ||||||
Hong Ba and Xingru (Christina) Chen [Member] | |||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Number of common shares sold | shares | 118,123,001 | ||||||
Percentage of issued and outstanding common shares | 90.80% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of foreign exchange rates (Details) - Jun. 30, 2022 | $ / $ | ¥ / $ |
Accounting Policies [Abstract] | ||
Spots rate | 0.7769 | 0.1493 |
Average rate | 0.79 | 0.1549 |
Going Concern (Narrative) (Deta
Going Concern (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Going Concern [Abstract] | ||||||||||
Accumulated deficit | $ (1,327,434) | $ (1,255,841) | $ (1,327,434) | $ (1,255,841) | ||||||
Net income (loss) | $ (34,740) | $ (14,243) | $ (10,545) | $ (12,065) | $ (17,045) | $ (12,173) | $ 82,863 | $ (26,468) | $ (71,593) | $ 27,177 |
Prepayment (Narrative) (Details
Prepayment (Narrative) (Details) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) |
Prepayment [Line Items] | ||||
Prepayments/Deposits | $ 11,653 | $ 12,030 | ||
Consumer Protection British Columbia Province [Member] | ||||
Prepayment [Line Items] | ||||
Prepayments/Deposits | $ 15,000 | $ 11,653 | $ 15,000 | $ 12,030 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | $ 49,310 | $ 24,561 |
Legal fees payable | 1,295 | |
Audit and accounting fees payable | 32,232 | |
Filing fees payable | 245 | |
Other payables to shareholder | $ 15,538 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) | 12 Months Ended | |||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 51,474 | $ 12,020 | ||
Proceeds from advances from related parties | 40,478 | 32,153 | ||
CEO [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from advances from related parties | 28,910 | 7,048 | ||
A company owned by Feng Li [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction amounts of related party | $ 9,600 | 7,584 | $ 9,600 | 7,498 |
Due to other related parties, current | 11,187 | 3,850 | ||
Feng Li [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from advances from related parties | 3,529 | 900 | ||
Operating expenditures from related party, director of company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from advances from related parties | 7,633 | 0 | ||
A related party who will be an over 10% shareholder of the Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from advances from related parties | $ 214 | $ 222 | ||
Percentage of stock ownership | 10% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2010 | Jun. 30, 2022 | |
Income Tax [Line Items] | ||||
Operating Loss Carryforwards | $ 1,327,434 | |||
Canada [Member] | ||||
Income Tax [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 15% | 16.50% | 18% | 38% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate After Abatement, Percent | 28% | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5% | |||
Canada [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Sales tax rate, percent | 2.50% | |||
Canada [Member] | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Sales tax rate, percent | 10% | |||
Peoples Republic of China [Member] | ||||
Income Tax [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33% | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 25% |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of loss before income taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax [Line Items] | ||
Loss before income taxes | $ 71,593 | $ 27,177 |
United States of America [Member] | ||
Income Tax [Line Items] | ||
Loss before income taxes | 58,215 | 28,735 |
Canada [Member] | ||
Income Tax [Line Items] | ||
Loss before income taxes | 11,588 | (5,988) |
Peoples Republic of China [Member] | ||
Income Tax [Line Items] | ||
Loss before income taxes | $ 1,790 | $ 4,430 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Income Tax [Line Items] | ||
Total deferred tax assets | $ (14,410) | $ (6,244) |
Less: valuation allowance | 14,410 | 6,244 |
Deferred tax assets, net | 0 | 0 |
United States of America [Member] | ||
Income Tax [Line Items] | ||
Net operating income / losses | (12,224) | (6,034) |
Canada [Member] | ||
Income Tax [Line Items] | ||
Net operating income / losses | (1,738) | (898) |
Peoples Republic of China [Member] | ||
Income Tax [Line Items] | ||
Net operating income / losses | $ (448) | $ (1,108) |
Commitment and Contingencies (N
Commitment and Contingencies (Narrative) (Details) | 12 Months Ended | ||||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Monthly rent payment | $ 800 | $ 616 | |||
Rent expense | $ 9,600 | $ 7,584 | $ 9,600 | $ 7,498 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of future minimum lease payments of operating lease liabilities (Details) | Jun. 30, 2022 CAD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 9,600 |
2024 | 9,600 |
2025 | 9,600 |
2026 | 9,600 |
2027 | $ 9,600 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Jun. 08, 2022 | Jun. 06, 2022 | Dec. 14, 2020 | Aug. 05, 2016 | Oct. 26, 2014 | Jan. 23, 2012 | Dec. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 31, 2012 | |
Class of Stock [Line Items] | ||||||||||
Number of shares issued to settle debts payable | 47,596,110 | 19,051,091 | 15,538,300 | |||||||
Amount of common shares issued to settle debts payable | $ 237,981 | $ 155,383 | $ 147,548 | |||||||
Conversion of debt instrument | $ 0.005 | $ 0.0055 | $ 0.01 | |||||||
Authorized common stock | 500,000,000 | 500,000,000 | 500,000,000 | |||||||
Common stock stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock shares issued | 130,085,501 | 130,085,501 | ||||||||
Common stock shares outstanding | 130,085,501 | 130,085,501 | ||||||||
Stock issued during period, cancellation of advance | 14,338,364 | |||||||||
Stock issued during period, value, cancellation of advance | $ 78,861 | |||||||||
Hong Ba [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of common shares sold | 22,000,000 | |||||||||
Common shares sold | $ 630,000 | |||||||||
Percentage of ownership of issued and outstanding shares | 45.90% | |||||||||
Lin Li [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Amount of common shares issued to settle debts payable | 25,920 | |||||||||
Youzhe Li [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Amount of common shares issued to settle debts payable | $ 78,861 | |||||||||
Hong Ba and Xingru (Christina) Chen [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of common shares sold | 118,123,001 | |||||||||
Percentage of issued and outstanding common shares | 90.80% |