| ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sino
Green Land Corporation was incorporated under the laws of the State of Nevada on March 6, 2008, under the name of Henry County Plywood
Corporation, as successor by merger to a Virginia corporation incorporated in May 1948 under the same name. On March 17, 2009, the Company
changed its name from “Henry County Plywood Corporation” to “Sino Green Land Corporation”. During 2009 to 2011,
the Company was principally engaged in the wholesale distribution of premium fruits in China. In 2011, the Company was delinquent in
statutory filings, and the last annual report, Form 10-K for the year ended June 30, 2010, was filed to the SEC on March 31, 2011, and
the last Form 10-Q for the period ended September 30, 2011, was filed to the SEC on November 14, 2011. On
December 30, 2019, the Eighth District Court of Clark County, Nevada granted the Application for Appointment of Custodian, to Custodian
Ventures LLC. Mr. David Lazar (“Mr. Lazar”), on behalf of the Custodian Ventures LLC, was awarded with custodianship and
appointed as sole officer and director due to the Company’s ineffective board of directors, revocation of corporate charter, and
abandonment of business. On January 7, 2020, Mr. Lazar announced the Court Order and the Change in Principal Officer through Form 8-K
filing. The filing also mentioned the change of Company’s name from “Sino Green Land Corporation” to “Go Silver
Toprich, Inc.”. On June 10, 2020, a settlement agreement was entered between the Company, Custodian Ventures, LLC, and Mr. Lazar.
Pursuant to the agreement, Custodian Ventures LLC shall dismiss its custodianship, and the Company shall resume its business operations,
and each party shall provide each other mutual release. In consideration of the release, the Company was required to pay Custodian Ventures
LLC $ 15,000 Since
July 2, 2020, along with the resumption of the Company’s business operations, Ms. Wo Kuk Ching (“Ms. Wo”), spouse of
Mr. Luo has served as President and director of the Company, Ms. Wong Ching Wing (“Elise”), daughter of Ms. Wo has served
as Chief Financial Officer, Treasurer and director of the Company, and Ms. Wong Erin (“Erin”), another daughter of Ms. Wo
has served as Secretary of the Company, respectively. On August 31, 2020, the Company changed its name from “Go Silver Toprich,
Inc.” back to “Sino Green Land Corporation”. On
December 2, 2021, Mr. Luo submitted his resignation as Chief Executive Officer and director of the Company to the board of directors
effective June 30, 2021. Effective
from June 30, 2021, Ms. Wo serves as Chief Executive Officer, and currently holds the positions of Chief Executive Officer, President,
and director of the Company, respectively. On
June 30, 2023, Sunshine Green Land Corp. (“SGL”) acquired 100 On
October 1, 2023, SGLA acquired SGL and all of the outstanding shares of SGL’s common stock were exchanged for 160,349,203 1,781,658 Going
concern The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. For the year
ended June 30, 2024, the Company incurred a net loss of $ 798,804 752,278 Management
estimates that the current funds on hand will be sufficient to continue operations through the next nine months. The continuation of
the Company as a going concern is dependent upon (1) the continued financial support from its stockholders or
its ability to obtain external financing, and (2) further implement management’s business plan to extend its operations and generate
sufficient revenues to meet its obligations. While the Company believes in the viability of its strategy to increase sales volume and
in its ability to raise additional funds, there can be neither any assurances to that effect, nor any assurance that the Company will
be successful in securing sufficient funds to sustain the operations. Management believes that the actions presently being taken to obtain
additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. Basis
of Presentation The
consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”). Use
of Estimates The
preparation of our financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual
results could differ from those estimates. On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates
are adjusted. Significant estimates include those related to assumptions used in valuing inventories at net realizable value, accruals
for potential liabilities, and assumptions used in the determination of the Company’s liquidity. Actual results could differ from
those estimates. Revenue
recognition The
Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with
Customers (“ASC 606”). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services
to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when
considering the terms of contract(s), which includes (1) identifying the contract(s) or agreement(s) with a customer, (2) identifying
the Company’s performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction
price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The
Company generates revenue primarily from the sales of plastic recycle products directly to customers. The Company recognizes revenue
at a point in time when the control of the products has been transferred to customers. The transfer of control is considered complete
when products have been picked up by our customers or delivered to our customers. The Company recognizes revenues net of sales discount
and relevant charges, and accounts for packaging, shipping and handling fees as a fulfilment cost. The majority of the Company’s
revenues are generated from customers in Malaysia. Cash
and cash equivalents Cash
and cash equivalents consist of cash on hand, demand deposits placed with banks or other financial institutions and have original maturities
of less than three months. The Company’s primary bank deposits are located in Malaysia. SCHEDULE
OF PRIMARY BANK DEPOSITS
June 30, 2024 June 30, 2023
Cash, cash equivalents, and restricted cash
Denominated in United States Dollars $ 2,396 $ 23,578
Denominated in Chinese Renminbi 1,001 7,999
Denominated in Malaysian Ringgit 25,461 93,557
Cash and cash equivalents $ 28,858 $ 125,134 Accounts
Receivable Accounts
receivables are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts, as needed.
The Company uses the allowance method to account for uncollectible trade receivable balances. Under the allowance method, if needed,
an estimate of uncollectible customer balances is made based upon specific account balances that are considered uncollectible. Factors
used to establish an allowance include the credit quality and payment history of the customer. The Company did not deem it necessary
to provide an allowance for doubtful accounts as of June 30, 2024 and 2023. Inventories Inventories
are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out (“FIFO”) basis. The
Company records adjustments to its inventory based on an estimated forecast of the inventory demand, taking into consideration, among
others, inventory turnover, inventory quantities on hand, unfilled customer order quantities, forecasted demand, current prices, competitive
pricing, and trends and performance of similar products. If the estimated net realizable value is determined to be less than the recorded
cost of the inventory, the difference is recognized as a loss in the period in which it occurs. Once inventory has been written down,
it creates a new cost basis for inventory that may not be subsequently written up. For the years ended June 30, 2024 and 2023, there
was no write down of inventory. Property,
plant and equipment, net Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated on the straight-line
basis over the following expected useful lives from the date on which they become fully operational and after taking into account their
estimated residual values: SCHEDULE
OF ESTIMATED USEFUL LIVE
Categories Expected
useful life
Factory
building 20
Factory
equipment 7
Office
equipment 3 10
Computaer
and Software 3 10
Leasehold
improvement Over
the shorter of estimated useful life or term of lease
Motor
vehicles 3 10 Management
assesses the carrying value of property and equipment whenever events or changes in circumstances indicate that the carrying value may
not be recoverable. If there is indication of impairment, management prepares an estimate of future cash flows expected to result from
the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment
loss is recognized to write down the asset to its estimated fair value. For the years ended June 30, 2024 and 2023, the Company determined
there were no indicators of impairment of its property and equipment. Leases The
Company accounts for its leases in accordance with the guidance of ASC 842, Leases. The Company determines whether a contract is, or
contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term,
and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and
lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease
term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present
value of unpaid lease payments. Income
taxes The
Company accounts for income taxes using the asset and liability method whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized
before the Company is able to realize their benefits, or that future deductibility is uncertain. Tax
benefits from an uncertain tax position are recognized only if it more likely than not that the tax position will be sustained on examination
by the taxing authorities based on technical merits of the position. The tax benefits recognized in the financial statements from such
a position are measured based on the largest benefit that has greater than 50 percent likelihood of being realized upon ultimate resolution.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Earnings
(loss) per Share Basic
earnings (loss) per share (“EPS”) is measured as the income or loss available to common shareholders divided by the weighted
average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share
basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning
of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e. those that increase
income per share or decrease loss per share) are excluded from the calculation of diluted EPS. At June 30, 2024, there were no 937,500 Financial
Assets and Liabilities Measured at Fair Value The
Company uses various inputs in determining the fair value of its financial assets and liabilities. Financial assets recorded at fair
value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative
guidance provided by the Financial Accounting Standards Board (“FASB”) defines the following levels directly related to the
amount of subjectivity associated with the inputs to fair valuation of these financial assets: Level
1 Quoted prices in active markets for identical assets or liabilities. Level
2 Inputs, other than the quoted prices in active markets, that is observable either directly or indirectly. Level
3 Unobservable inputs based on the Company’s assumptions. The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, accounts payable and accrued
expenses, approximate their fair values because of the short maturity of these instruments. The carrying values of notes and loans payable
approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates. Segments The
Company operates in one Concentrations Revenues.
For the year ended June 30, 2024, 34 22 13 50 13 10 Accounts
receivable. At June 30, 2024, 49 17 13 87 13 10 Purchases
from vendors. For the year ended June 30, 2024, 23 22 19 10 41 21 10 Accounts
payable. At June 30, 2024, the two largest accounts payable accounts to the Company’s vendors represented 68 15 no Foreign
currency translation The
reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements
have been expressed in US$. In addition, the Company’s operating subsidiary maintains its books and records in their respective
local currency, which consists of the Malaysian Ringgit (“MYR”). In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated
into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the
period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component
of accumulated other comprehensive loss within equity. Translation
of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: SCHEDULE
OF FOREIGN EXCHANGE RATES
2024 2023
As of and for the year ended June 30,
2024 2023
Year-end USD: MYR exchange rate $ 4.7172 $ 4.6269
Average USD: MYR exchange rate $ 4.6941 $ 4.4902 The
MYR is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the MYR amounts could have been, or could be, converted into US Dollars at the rates used in translation. Recent
Accounting Pronouncements The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations. |
