Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-56020 | |
Entity Registrant Name | RAYONT INC. | |
Entity Central Index Key | 0001539778 | |
Entity Tax Identification Number | 27-5159463 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 228 Hamilton Avenue | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94301 | |
City Area Code | (855) | |
Local Phone Number | 801-9792 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,083,356 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 37,845 | $ 243,610 |
Accounts receivables | 260,403 | 534,525 |
Inventories | 422,806 | 500,165 |
Prepaid expense | 53,399 | 23,933 |
Due from related parties | 86,782 | 15,881 |
Other receivables | 133,473 | 453,250 |
Total Current Assets | 994,708 | 1,771,364 |
Non-Current Assets: | ||
Property and equipment, net | 4,940,620 | 3,140,757 |
Intangible assets | 1,499,998 | 2,245,231 |
Other Assets | 816,226 | |
Total Non-Current Assets | 7,256,844 | 5,385,988 |
TOTAL ASSETS | 8,251,552 | 7,157,352 |
Current Liabilities: | ||
Accounts payable | 294,976 | 99,615 |
Accrued liabilities | 299,689 | 472,021 |
Due to related parties | 28,599 | 387,238 |
Loan payable | 2,840,360 | 2,051,554 |
Finance lease payable | 8,366 | 8,188 |
Other payables | 22,740 | 209,712 |
Total Current Liabilities | 3,494,730 | 3,228,328 |
Non-Current Liabilities: | ||
Finance lease payable | 13,443 | 19,669 |
Loan payable | 187,477 | 182,329 |
Total Non-Current Liabilities | 200,920 | 201,998 |
TOTAL LIABILITIES | 3,695,650 | 3,430,326 |
COMMITMENTS AND CONTNGENCIES | ||
Stockholders’ Equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 48,083,356 and 46,783,369 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively | 48,083 | 46,784 |
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | ||
Additional paid-in capital | 8,932,975 | 6,996,198 |
Shares to be issued | 618,320 | |
Accumulated deficit | (4,446,944) | (3,912,404) |
Accumulated other comprehensive income (loss) | 21,788 | (21,872) |
TOTAL STOCKHOLDERS’ EQUITY | 4,555,902 | 3,727,026 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 8,251,552 | $ 7,157,352 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 48,083,356 | 46,783,369 |
Common stock, shares outstanding | 48,083,356 | 46,783,369 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income / (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 464,698 | $ 951,464 | $ 1,826,585 | $ 2,147,704 |
Cost of Revenue | (309,440) | (340,325) | (999,906) | (865,115) |
Gross profit | 155,258 | 611,139 | 826,679 | 1,282,589 |
Operating expenses: | ||||
Selling, general and administrative expenses | 315,130 | 527,487 | 1,223,124 | 1,302,253 |
Depreciation and amortization expense | 120,023 | 48,297 | 349,921 | 121,853 |
Total Operating Expenses | 435,153 | 575,784 | 1,573,045 | 1,424,106 |
Operating (Loss) / Income | (279,895) | 35,355 | (746,366) | (141,517) |
Other (expense) / income: | ||||
Interest income | 5,547 | |||
Interest expense | (153,775) | (13,113) | (302,494) | (37,047) |
Other income, net | 514,320 | 125,401 | 514,320 | 782,545 |
Total other income | 360,545 | 112,288 | 211,826 | 751,045 |
Income / (Loss) before income taxes | 80,650 | 147,643 | (534,540) | 609,528 |
Income tax expense | ||||
Net income / (loss) | 80,650 | 147,643 | (534,540) | 609,528 |
Other comprehensive items | ||||
Foreign currency translation gain / (loss) | 100,329 | (25,351) | 43,660 | 3,910 |
Total other comprehensive gain / (loss) | 100,329 | (25,351) | 43,660 | 3,910 |
Total comprehensive income / (loss) | 180,979 | 122,292 | (490,880) | 613,438 |
Less: comprehensive income attributable to noncontrolling interest | ||||
Total Comprehensive income / (loss) attributable to shareholders of the Company | $ 180,979 | $ 122,292 | $ (490,880) | $ 613,438 |
Weighted average shares, basic and diluted | 48,069,467 | 46,734,131 | 47,832,721 | 34,776,796 |
Net (loss) / earnings per common share, basic and diluted | $ 0 | $ 0 | $ (0.01) | $ 0.02 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscriptions Receivable [Member] | Shares To Be Issued [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 13,158 | $ 4,270,513 | $ (4,263,685) | $ (24,815) | $ (4,829) | ||
Balance, shares at Jun. 30, 2020 | 13,157,532 | ||||||
Stock to be issued for business acquisition of a subsidiary under common control | $ 25,714 | 48,670 | 74,384 | ||||
Stock to be issued for business acquisition of a subsidiary under common control, shares | 25,714,286 | ||||||
Adjustments to additional paid in capital from acquisitions | (22,659) | (22,659) | |||||
Common Stock issued for cash | $ 7,823 | 571,922 | (72,774) | 506,971 | |||
Common Stock issued for cash, shares | 7,823,052 | ||||||
Debt forgiveness | 2,000,000 | 2,000,000 | |||||
Foreign currency translation gain | 29,261 | 29,261 | |||||
Net income | 461,885 | 461,885 | |||||
Ending balance, value at Dec. 31, 2020 | $ 46,695 | 6,868,446 | (72,774) | (3,801,800) | 4,446 | 3,045,013 | |
Balance, shares at Dec. 31, 2020 | 46,694,870 | ||||||
Beginning balance, value at Jun. 30, 2020 | $ 13,158 | 4,270,513 | (4,263,685) | (24,815) | (4,829) | ||
Balance, shares at Jun. 30, 2020 | 13,157,532 | ||||||
Foreign currency translation gain | 3,910 | ||||||
Net income | 609,528 | ||||||
Ending balance, value at Mar. 31, 2021 | $ 46,755 | 6,957,141 | (72,774) | 618,320 | (3,654,157) | (20,905) | 3,874,380 |
Balance, shares at Mar. 31, 2021 | 46,755,015 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 46,695 | 6,868,446 | (72,774) | (3,801,800) | 4,446 | 3,045,013 | |
Balance, shares at Dec. 31, 2020 | 46,694,870 | ||||||
Common Stock issued for cash | $ 60 | 72,332 | 72,392 | ||||
Common Stock issued for cash, shares | 60,145 | ||||||
Debt forgiveness | 16,363 | 16,363 | |||||
Foreign currency translation gain | (25,351) | (25,351) | |||||
Net income | 147,643 | 147,643 | |||||
Common Stock issued for business acquisition of a subsidiary under common control | 618,320 | 618,320 | |||||
Ending balance, value at Mar. 31, 2021 | $ 46,755 | 6,957,141 | (72,774) | 618,320 | (3,654,157) | (20,905) | 3,874,380 |
Balance, shares at Mar. 31, 2021 | 46,755,015 | ||||||
Beginning balance, value at Jun. 30, 2021 | $ 46,784 | 6,996,198 | 618,320 | (3,912,404) | (21,872) | 3,727,026 | |
Balance, shares at Jun. 30, 2021 | 46,783,369 | ||||||
Common Stock issued for cash | $ 49 | 108,167 | 108,216 | ||||
Common Stock issued for cash, shares | 49,114 | ||||||
Foreign currency translation gain | (56,669) | (56,669) | |||||
Common Stock issued for business acquisition of a subsidiary under common control | $ 710 | 617,610 | (618,320) | ||||
Common Stock issued for business acquisition of a subsidiary under common control, shares | 710,713 | ||||||
Common Stock issued for acquisition of a property | $ 516 | 1,158,524 | 1,159,040 | ||||
Common Stock issued for acquisition of a property, shares | 515,771 | ||||||
Common Stock issued for services | $ 10 | 26,240 | 26,250 | ||||
Common Stock issued for services, shares | 10,500 | ||||||
Ending balance, value at Dec. 31, 2021 | $ 48,069 | 8,906,739 | (4,527,594) | (78,541) | 4,348,673 | ||
Balance, shares at Dec. 31, 2021 | 48,069,467 | ||||||
Beginning balance, value at Jun. 30, 2021 | $ 46,784 | 6,996,198 | 618,320 | (3,912,404) | (21,872) | 3,727,026 | |
Balance, shares at Jun. 30, 2021 | 46,783,369 | ||||||
Foreign currency translation gain | 43,660 | ||||||
Net income | (534,540) | ||||||
Ending balance, value at Mar. 31, 2022 | $ 48,083 | 8,932,975 | (4,446,944) | 21,788 | 4,555,902 | ||
Balance, shares at Mar. 31, 2022 | 48,083,356 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 48,069 | 8,906,739 | (4,527,594) | (78,541) | 4,348,673 | ||
Balance, shares at Dec. 31, 2021 | 48,069,467 | ||||||
Foreign currency translation gain | 100,329 | 100,329 | |||||
Net income | 80,650 | 80,650 | |||||
Common Stock issued for services | $ 14 | 26,236 | 26,250 | ||||
Common Stock issued for services, shares | 13,889 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 48,083 | $ 8,932,975 | $ (4,446,944) | $ 21,788 | $ 4,555,902 | ||
Balance, shares at Mar. 31, 2022 | 48,083,356 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net (loss) / income | $ (534,540) | $ 609,528 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ||
Non-cash portion of share based compensation for service | 52,500 | |
Depreciation and amortization expense | 349,921 | 121,853 |
Gain on disposal of investment in subsidiaries | (312,143) | |
Gain on purchase of assets | (242,934) | |
Debt waiver by payable | (118,450) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 266,761 | (552,881) |
Inventories | 75,409 | (195,803) |
Accounts payable | 189,939 | 80,374 |
Accrued liabilities | (165,884) | 1,673 |
Prepaid expense | (28,640) | (26,001) |
Advance to officer | 2,206 | |
Other assets | (41,148) | 47 |
Other receivables | 338,533 | 76,141 |
Other payables | 200,478 | 22,327 |
Net cash provided by (used in) operating activities | 272,736 | (103,470) |
Investing Activities: | ||
Cash from acquisition | 1,082 | |
Purchases of intangible assets | (189,511) | (105,000) |
Purchases of property and equipment | (685,259) | (68,779) |
Net cash used in investing activities | (874,770) | (172,697) |
Financing Activities: | ||
Repayment to related party | (418,697) | (494,961) |
Proceeds from loan payable | 765,362 | 29,334 |
Issuance of common stock | 108,216 | 579,363 |
Adjustment in additional paid in capital | (24,450) | |
Net cash provided by financing activities | 454,881 | 89,286 |
EFFECT OF EXCHANGE RATE ON CASH | (58,612) | 22,071 |
Net decrease in cash and cash equivalents | (205,765) | (164,810) |
Cash and cash equivalents at beginning of the period | 243,610 | 256,014 |
Cash and cash equivalents at end of the period | 37,845 | 91,204 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | 121,339 | 37,047 |
Income tax paid | ||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | ||
Issuance of common stock for business acquisitions | $ 618,320 | $ 74,384 |
Issuance of common stock for acquisition of a property | 1,159,040 | |
Issuance of common stock for compensation of services | $ 52,500 | |
Forgiveness of debt | $ 2,016,363 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 - ORGANIZATION AND BUSINESS DESCRIPTION Rayont Inc. (the “Company” or “Rayont”) is a Nevada corporation formed on February 7, 2011. Rayont Inc. is a private equity company in areas of biotechnology and internet of things (IOT). Given the acquisition of Rayont Australia Pty Ltd (formerly known as “THF Holdings Pty Ltd”) and Rayont International (Labuan) Inc as well as the cancer treatment assets that the Company has invested on, Rayont has been focusing on commercializing these investments. The commercialization of the current assets for cancer treatment requires medical board approval for almost all of the countries subject to the license. Rayont has conducted the initial study to identify the requirements for obtaining the approvals for using PDT to treat cancer across different jurisdictions in Sub-Saharan Africa (“SSA”). The same PDT technology has been licensed in China, Australia, Malaysia and New Zealand. It is currently undergoing medical trials in Australia and China. The recent announcements show positive results that the technology works. The Company believes that it will take time before it can start commercializing these assets and start to generate revenues and operating profits. On August 26, 2020, the Company established Rayont Technologies Pty Ltd. (“Rayont Technologies”) through Rayont Australia. Rayont Technologies is an Australian corporation and IOT providing services such as end-to-end employee engagement and experience platform for businesses in Australia and globally. Rayont Technologies engages in providing customized digital learning based on real-life and practical situations and e-learning programs. In order to cope with rapid growth Rayont Technologies Pty Ltd entered an agreement on October 15, 2020 with Ms. Kayla Ranee Smith to purchase the assets of Workstar Tech (Aust) Pty Ltd for USD 215,017.19 302,876.22 1. Trademark 2. Website 3. Software 4. Office Assets 5. Customer Contracts On December 23, 2020, Rayont Australia Pty Ltd, a wholly-owned subsidiary of Rayont Inc. , acquired all of the issued and outstanding capital stock of Prema Life Pty Ltd, an Australian company (“Prema Life”), from TheAlikasa (Australia) Pty Ltd, Prema Life’s sole shareholder. The acquisition of Prema Life was completed, and Prema Life became a subsidiary of the Company. Prema Life is a HACCP certified manufacturer and supplier of functional foods and supplements, and of practitioner only naturopathic and homeopathic medicines. Prema Life produces an extensive range of products including proteins, green blends, sports nutrition, weight management and maintenance, and health and wellness products. On December 23, 2020, pursuant to an Acquisition Agreement, Rayont Australia Pty Ltd, a wholly-owned subsidiary of Rayont Inc., acquired all of the issued and outstanding capital stock of GGLG Properties Pty LTD, an Australian company (“GGLG”), from TheAlikasa (Australia) Pty Ltd, GGLG’s sole shareholder (the “Seller”). The Seller is an affiliate of the Company and therefore the acquisition is being treated as a related party transaction. The purchase price is $ 605,920 10 265,300 0.87 On February 18, 2021 the Foreign Investment Review Board approved the capital stock transferring of GGLG Properties Pty Ltd to the Rayont Australia Pty Ltd. On March 9, 2021, the parties agreed to amend the acquisition agreements for the GGLG Properties Pty Ltd and as per Board Resolution, the Company issued 710,713 605,920 800,000 100 GGLG Properties Pty Ltd is a special purpose company to hold the property asset of Rayont (Australia) Pty Ltd. Until the 28 June 2021, GGLG Properties Pty Ltd owned the property located at 11 Aldinga Street, Brendale, 4500 QLD, Australia which is the facility where Prema Life Pty Ltd operates. With the sale of property, GGLG Properties Pty Ltd has no real assets and operations hence, it has to reinvent itself and select a business activity to focus on. On December 29, 2020, the Company incorporated Rayont Malaysia Sdn Bhd with a paid-up capital of $ 25 and on December 31, 2020 was incorporated Rayont Technologies (M) Sdn Bhd with a paid-up capital of $ 25 from Rayont Malaysia Sdn Bhd to carry out its business activities in Malaysia. On February 5, 2021 Rayont Technologies (M) Pty Ltd entered into an Asset Purchase Agreement with Sage Interactive Sdn Bhd to purchase its assets in consideration of the payment of USD 105,000.00 . These assets include software for remote learning, customer contracts, digital content. These assets will operate in Malaysia under Workstar trademark and operation shall be integrated with Rayont Technologies Australia to drive efficiency and scale of digital assets operations. On January 19, 2022, the Company incorporated three companies that are No More Knots Holdings Pty Ltd, No More Knots (Clayfield) Pty Ltd and Wonder Foods Retail Pty Ltd with a paid-up capital of $ 72 Rayont will focus on healthcare including the manufacturing of alternative medicine products and services across the entire value chain or across the full range of activities that companies within an industry bring a product to its end users. Longer term, we have also invested in a ground-breaking cancer treatment technology through an exclusive license arrangement for the sub-Saharan African territories. Headquartered in Australia, with expanding operations internationally, our purpose is “Making Natural Products to Improve People’s Health”. We do this by investing in early research and development, establishing high quality manufacturing assets for regional distribution, and operating across the alternative medicine value chain. Our underlying strategy is to grow organically, selectively acquire, scale profitable assets, and improve efficiency through digitalization via mobile applications, websites or modes of delivering products or services to end users. There were two transactions worth noting that occurred before 30 June 2021, namely GGLG Properties Pty Ltd disposed of 11 Aldinga Street Brendale QLD 4500 for USD 693,403 201,649 2,304,330 1,159,040 On January 31, 2022, two 40,000 660,000 Quantum Capital Inc 700,000 3,494,176 100 100 The World Health Organization designated COVID-19 as a global pandemic. To date, the Company has experienced some adverse impacts; however, the impacts of COVID-19 on our operating results for the six months ended March 31, 2022 and the year ended June 30, 2021 was limited due to the nature of our business. The extent of the COVID-19 impact to the Company will depend on numerous factors and developments related to COVID-19. Consequently, any potential impacts of COVID-19 remain highly uncertain and cannot be predicted with confidence. As of March 31, 2022, the company group structure consisted of the following companies: |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K/T for the year ended June 30, 2021. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K/T for the year ended June 30, 2021, have been omitted. Use of Estimates The preparation of our consolidated financial statements and accompanying notes in conformity with GAAP requires us to make certain estimates and assumptions. Actual results could differ from those estimates. Going Concern The Company had a net loss of $ 534,540 4,446,944 2,500,022 The Company plans to continue obtaining funding from public or private offering, the majority shareholder and the President of the Company to support the Company’s normal business operating. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available on terms acceptable to the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. Concentration of Risk The Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash in bank. There is no customer who accounted for 10% or more of the Company’s sales but there is one customer that accounted for more than 10% of accounts receivable for the nine months ended March 31, 2022 and 2021, respectively. For more information, please read note no.8. There is no supplier who accounted for 10 Fair Value of Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities are carried at cost, which approximates their fair value, due to the relatively short maturity of these instruments. As of March 31, 2022 and June 30, 2021, the Company’s notes payable has stated borrowing rates that are consistent with those currently available to the Company and, accordingly, the Company believes the carrying value of these debt instruments approximates their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and June 30, 2021, the Company had cash in bank of $ 37,845 243,610 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable recorded by the Company are customer obligations due under normal trade terms. The Company reviews its accounts receivable regularly to determine if a bad debt allowance is necessary. Management reviews the composition of accounts receivable and analyses the age of receivables outstanding, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the necessity of making such allowance. Uncollectible account balances are written off when management determines the probability of collection is remote. The allowance for doubtful accounts was nil Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the weighted average method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Statements of Operations and Comprehensive Income. Intangible assets Intangible assets are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with various useful life. As of March 31, 2022 and June 30, 2021, the Company had various useful life intangible assets of $ 1,499,998 and $ 2,245,231 respectively associated with Rayont International’s exclusive license for registering and commercializing Photosoft TM In addition, on February 5, 2021 Rayont Technologies (M) Sdn Bhd entered into an Asset Purchase Agreement with Sage Interactive Sdn Bhd to purchase intangible assets include software for remote learning, customer contracts and digital content. As of June 30, 2021, the carrying amount of this asset is $ 100,625 For other intangible assets, company determined the useful life of the asset as 10 The Company tests for indefinite lived intangibles impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company performed a qualitative assessment of indefinite lived intangibles at June 30, 2021, and determined there was no impairment of indefinite lived intangibles. Property and equipment Property and equipment are carried at cost and, less accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The Company’s property and equipment mainly consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 4 12 Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and services. We enter into contracts that include products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers. The Company’s contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide more than one performance obligation is recognized based upon the relative fair value to the customer of each performance obligation as each obligation is earned. The Company derives its revenues the follows: Digital Learning Solutions: Revenue from digital learning solutions is recognized when control has transferred to the customer which typically occurs when the service is completed or the delivery of the license to the customer. Maintenance Services: The Company offers maintenance and function improvements services related to the mobile apps for customers. Maintenance service is considered distinct and is recognized ratably over the maintenance term. Sale of Goods - Medicinal Supplements: Revenue from these sales is recognized when the entity has delivered the products to locations specified by its customers and the customers have accepted the products in accordance with the sales contract. Products are sold to certain customers with volume discount and these customers also have the right to return within a reasonable time frame. Revenue from these sales is recorded based on the contracted price less the estimated volume discount and returns at the time of sale. Earnings / (Loss) Earnings Per Share Basic earnings per share is computed by dividing net income / (loss) attribute to stockholders of common stock by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing net income / (loss) by the weighted average number of common shares outstanding plus equivalent shares. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through convertible notes and preferred stock when the effect would be dilutive. The Company only issued common stock and does not have any potentially dilutive instrument as of March 31, 2022 and March 31, 2021. Translation of Foreign Currency Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s Australian subsidiaries maintain their books and record in a local currency, Australian Dollars (“AUD”), which is functional currency as being the primary currency of the economic environment in which the entity operates. The Company’s Malaysian subsidiaries maintain their books and record in US$. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGES RATE Average Rate for the nine months ended March 31, 2022 2021 Australian dollar (AUD) AUD 1.3713 AUD 1.3564 Exchange Rate at March 31, 2022 June 30, 2021 Australian dollar (AUD) AUD 1.3335 AUD 1.3340 Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 3 – INVENTORIES As of March 31, 2022 and June 30, 2021, inventories were composed of the following: SCHEDULE OF INVENTORIES March 31, 2022 June 30, 2021 Raw materials $ 173,794 $ 190,533 Working in progress 95,563 93,147 Finished goods 153,450 216,485 Total inventories $ 422,806 $ 500,165 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 9 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 4 – PROPERTY AND EQUIPMENT, NET As of March 31, 2022 and June 30, 2021, property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET March 31, 2022 June 30, 2021 Land $ 1,274,073 $ 1,273,595 Building 2,396,187 1,030,735 Leasehold improvements 548,843 - Laser equipment 1,302,562 1,302,073 Vehicle 29,805 29,794 Computer equipment 7,378 18,248 Total 5,558,847 3,654,445 Less: accumulated depreciation (618,227 ) (513,688 ) Total property and equipment, net $ 4,940,620 $ 3,140,757 On June 30, 2018, the Company purchased computers in the amount of $ 7,378 On January 22, 2019, the Company’s subsidiary, Rayont (Australia) Pty. Ltd, purchased the cancer treatment equipment for USD 1,239,008 736,966 On June 26, 2020, the Company’s subsidiary, GGLG Properties Pty Ltd, purchased a property located at 11 Aldinga Street Brendale QLD 4500, Australia for USD 472,135 686,814 693,403 On October 15, 2020, the Company entered into an agreement to purchase the assets of Workstar Tech (Aust) Pty Ltd, from an individual towards purchase of fair value of USD 476,594.32 632,393 228,258.35 302,876 These assets include intangible assets like trademark, website, software in the amount of USD 465,666.59 617,893 10,927.73 14,500 On October 28, 2020, the Company’s subsidiary obtained a Finance Lease for vehicle in the amount of $ 34,167 44,880 On June 28, 2021, the Company’s subsidiary, Premalife Pty Ltd, purchased a property which consist of 2720m2 land and 1760m2 building located at 32 French Avenue, Brendale QLD 4500, Australia for a total amount of USD 2,304,330 1,273,595 1,030,735 On September 23, 2021, the Company’s subsidiary, Rayont (Australia) Pty Ltd, purchased a new property located at 900 Sandgate Road, Clayfield QLD, 4011, Australia for USD 1,159,040 107,296 147,790 52,654 72,525 For the nine months ended March 31, 2022 and 2021, the depreciation expenses were $ 102,967 99,136 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS On October 15, 2020, the Company entered into an agreement to purchase the assets of Workstar Tech (Aust) Pty Ltd, from an individual towards purchase of fair value of USD 476,594.32 632,393 228,258.35 302,876 These assets include intangible assets like trademark, website, software in the amount of USD 465,666.59 (AUD 617,893 ) and tangible assets like office assets, computer contracts in the amount of USD 10,927.73 (AUD 14,500 ). This company was sold on January 31, 2022 and its assets are not part of the balance sheets as of March 31, 2022 Amortization is computed using the straight-line method over the 10-year estimated useful lives of the assets. On February 5, 2021 Rayont Technologies (M) Pty Ltd entered into an Asset Purchase Agreement with Sage Interactive Sdn Bhd to purchase its assets in consideration of the payment of USD 105,000.00 . These assets include software for remote learning, customer contracts and digital content. This company was sold on January 31, 2022 and its assets are not part of the balance sheets as of March 31, 2022. Amortization is computed using the straight-line method over the 10 The Company had evaluated the useful life of 10 2,000,000 TM The license has only remaining life of 7 As of March 31, 2022 and June 30, 2021, intangible assets, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2022 June 30, 2021 Exclusive license for registering and commercializing Photosoft TM $ 2,000,000 $ 2,000,000 Trademark, website, software - 568,188 Total 2,000,000 2,568,188 Less: accumulated amortization (500,001 ) (322,957 ) Total intangible assets, net $ 1,499,998 $ 2,245,231 For the nine months ended March 31, 2022 and 2021, the amortization expenses were $ 246,954 22,717 |
LOANS PAYABLE
LOANS PAYABLE | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 6 – LOANS PAYABLE As of March 31, 2022 and June 30, 2021, loans payable, consisted of the following: SCHEDULE OF LOAN PAYABLE March 31, 2022 June 30, 2021 Current loan payable: Mortgage loan $ 1,840,026 $ 2,046,477 COVID-19 loan - 5,077 Loan 396,669 - Loan - Aura 599,273 - HP Liability - Label Applicator 4,391 - Total current loan payable $ 2,840,360 $ 2,051,554 Non-current loan payable: COVID-19 loan 187,477 182,329 Total non-current loan payable: $ 187,477 $ 182,329 Total loan payable $ 3,027,837 $ 2,233,883 Mortgage loan On June 26, 2020, the Company’s subsidiary obtained a mortgage loan of $ 453,713 660,000 one year 10 4,108 5,500 On June 28, 2021, the Company’s subsidiary purchased a property which consist of 2720m2 land and building 1760m2. Since the intention was to settle the property prior to June 30, 2021as per the Sale & Purchase Contract, the liability of the loan had to be recognized, even though the agreement date of the loans for this property is on August 6, 2021 and on September 1, 2021. This transaction is an adjusting event for the balance sheet at June 30, 2021. The Company’s subsidiary obtained on August 6, 2021 a mortgage loan of $ 1,746,920 2,380,000 1,490,020 2,030,000 9 256,900 350,000 36 11,175 15,225 7,707 10,500 The Company’s subsidiary obtained on September 1, 2021 a mortgage loan of $ 257,915 350,000 18 3,869 5,250 As of March 31, 2022 and June 30, 2021 the Company had outstanding balances of $ 1,840,026 2,046,477 The Company’s subsidiary obtained on October 15, 2021 a loan of $ 266,976 360,000 48 96 547,319 747,500 9.25 4,183 5,762 COVID-19 loan On June 29, 2020, the Company’s subsidiary obtained a COVID-19 loan of $ 171,729 250,000 10 0 2.5 181,501 187,406 For the 9 months ended March 31, 2022 and 2021 the interest expenses were $ 302,494 37,047 |
FINANCE LEASE PAYABLE
FINANCE LEASE PAYABLE | 9 Months Ended |
Mar. 31, 2022 | |
Finance Lease Payable | |
FINANCE LEASE PAYABLE | NOTE 7 – FINANCE LEASE PAYABLE SCHEDULE OF FINANCE LEASE March 31, 2022 June 30, 2021 Current finance lease: Finance lease for vehicle $ 8,366 $ 8,188 Total current finance lease $ 8,366 $ 8,188 Non-current finance lease: Finance lease for vehicle 13,443 19,669 Total non-current finance lease: $ 13,443 $ 19,669 Total finance lease $ 21,809 $ 27,857 On October 28, 2020, the Company’s subsidiary obtained a Finance Lease for vehicle in the amount of $ 34,167 44,880 4 5.03 21,809 Finance lease activity is included in property and equipment, net. |
CONCENTRATION
CONCENTRATION | 9 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | NOTE 8 – CONCENTRATION At March 31, 2022 and June 30, 2021, the major customer represented approximately 42 % and 0 % of total accounts receivable, respectively. The payment is received on April 4, 2022 from this customer for the due amount to the end of March 31, 2022 and the difference will be paid on May, 2022. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 9 – STOCKHOLDERS’ EQUITY Capital Stock Issued On July 17, 2021, the Company issued 710,713 618,320 On September 23, 2021, the Company issued 515,771 1,159,040 On December 16, 2021, the Company issued 10,500 On March 31, 2022, the Company issued 13,889 During the period from July 2021 through December 2021, the Company sold and issued 49,114 16,614 2.21 32,500 2.20 108,216 Capital Stock Authorized Common Stock The Company is authorized to issue 500,000,000 0.001 48,083,356 46,783,369 Preferred Stock The Company is authorized to issue 20,000,000 0.001 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10 - RELATED PARTY TRANSACTIONS The related parties of the Company with whom transactions are reported in the consolidated financial statements are as follows: Name Relationship Rural Asset Management Services, Inc. (“Rural”) One of major shareholder of Rayont Inc Natural Health & Education Pty Ltd (“NHE”) Entity under the same beneficial owner, Rural’s Asset Shareholder Abrar Investments Pty Ltd Shareholder of Rayont Inc Exit Solutions Pty Ltd Entity under the same beneficial owner/ common directors Zenio Management Pty Ltd Entity under the same beneficial owner/ common directors Blue Pacific Academy Entity under the same beneficial owner/ common directors Accounting Business Solutions Pty Ltd Common directors TheAliKasa Australia Pty Ltd Common directors Xseed Pty Ltd Common directors Amount due from related parties SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES March 31, 2022 June 30, 2021 TheAliKasa Australia Pty Ltd $ 36,884 $ - Rural Asset Management Services 11,881 11,881 Blue Pacific Academy 4,000 4,000 Abrar Investments Pty Ltd 2,925 - Director’s loan 31,092 - Total $ 86,782 $ 15,881 As of March 31, 2022 and June 30, 2021, Prema Life Pty Ltd had loans receivable of $ 36,884 nil As of March 31, 2022 and June 30, 2021, Rayont International (L) had loans receivable of $ 11,881 91,823 91,823 11,881 As of March 31, 2022 and June 30, 2021, Rayont International (L) Ltd had loans receivable of $ 4,000 As of March 31, 2022 and June 30, 2021, Prema Life Pty Ltd had loans receivable of $ 2,925 nil As of March 31, 2022 and June 30, 2021, Rayont International (L) Ltd had loans receivable of $ 31,092 and $ nil from director of the company. The loans receivable was non-interest bearing. Amounts due to related parties As of March 31, 2022 and June 30, 2021, the Company had amount due to related parties as follows: March 31, 2022 June 30, 2021 Exit Solutions Pty Ltd $ 4,992 $ - Accounting Business Solutions Pty Ltd - 1,133 Xseed Pty Ltd 1,894 - Abrar Investments Pty Ltd 20,988 - TheAliKasa Australia 725 - Director’s loan - 386,105 Total $ 28,599 $ 387,238 On December 31, 2020, the former director of the Rayont International (L) Ltd, forgave the $ 16,364 323 On August 1, 2021 the director has given a loan amount of $ 386,105 3 The other amounts due to related parties were non-interest bearing and payable on demand. The amounts were used to support its operation, to acquire the property. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 - COMMITMENTS AND CONTINGENCIES The Company has no |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | NOTE 12 – OTHER INCOME Other income was $ 514,320 and $ 782,545 for the nine months ended March 31, 2022 and 2021, respectively. This income for nine months ended March 31, 2022 was mainly due to gain on disposal of the subsidiaries Rayont Technologies Pty Ltd and Rayont Technologies (M) Sdn Bhd on January 31, 2022 and debt forgiven. This income for nine months ended March 31, 2021 was mainly due to tax incentive/grant obtained in relation to approved research and development activities carried out, due to ATO COVID19 Job Seeker, Cash Flow Boost incentives from Australian Government and gain on purchase of assets from Workstar Tech (Aust) Pty Ltd. On October 15, 2020, the Company entered into an agreement to purchase the assets of Workstar Tech (Aust) Pty Ltd, from an individual towards purchase of fair value of USD 476,594.32 (AUD 632,393 ) for purchase consideration of USD 228,258.35 (AUD 302,876 ). |
OTHER ASSETS
OTHER ASSETS | 9 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | NOTE 13 – OTHER ASSETS On January 31, 2022, two 40,000 660,000 700,000 3,494,176 100 100 In addition, Quantum Capital Inc issued 314,995 63,104 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 - SUBSEQUENT EVENTS Rayont Inc., through its wholly owned subsidiary No More Knots Holdings Pty Ltd, completed the acquisition of the No More Knots Group of companies, the largest provider of Remedial Massage and Myotherapy services in Australia. It has acquired 100% 2,200,000 3,000,000 1.8 400,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K/T for the year ended June 30, 2021. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K/T for the year ended June 30, 2021, have been omitted. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements and accompanying notes in conformity with GAAP requires us to make certain estimates and assumptions. Actual results could differ from those estimates. |
Going Concern | Going Concern The Company had a net loss of $ 534,540 4,446,944 2,500,022 The Company plans to continue obtaining funding from public or private offering, the majority shareholder and the President of the Company to support the Company’s normal business operating. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available on terms acceptable to the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Concentration of Risk | Concentration of Risk The Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash in bank. There is no customer who accounted for 10% or more of the Company’s sales but there is one customer that accounted for more than 10% of accounts receivable for the nine months ended March 31, 2022 and 2021, respectively. For more information, please read note no.8. There is no supplier who accounted for 10 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities are carried at cost, which approximates their fair value, due to the relatively short maturity of these instruments. As of March 31, 2022 and June 30, 2021, the Company’s notes payable has stated borrowing rates that are consistent with those currently available to the Company and, accordingly, the Company believes the carrying value of these debt instruments approximates their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2022 and June 30, 2021, the Company had cash in bank of $ 37,845 243,610 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable recorded by the Company are customer obligations due under normal trade terms. The Company reviews its accounts receivable regularly to determine if a bad debt allowance is necessary. Management reviews the composition of accounts receivable and analyses the age of receivables outstanding, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the necessity of making such allowance. Uncollectible account balances are written off when management determines the probability of collection is remote. The allowance for doubtful accounts was nil |
Inventories | Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the weighted average method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Condensed Statements of Operations and Comprehensive Income. |
Intangible assets | Intangible assets Intangible assets are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with various useful life. As of March 31, 2022 and June 30, 2021, the Company had various useful life intangible assets of $ 1,499,998 and $ 2,245,231 respectively associated with Rayont International’s exclusive license for registering and commercializing Photosoft TM In addition, on February 5, 2021 Rayont Technologies (M) Sdn Bhd entered into an Asset Purchase Agreement with Sage Interactive Sdn Bhd to purchase intangible assets include software for remote learning, customer contracts and digital content. As of June 30, 2021, the carrying amount of this asset is $ 100,625 For other intangible assets, company determined the useful life of the asset as 10 The Company tests for indefinite lived intangibles impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company performed a qualitative assessment of indefinite lived intangibles at June 30, 2021, and determined there was no impairment of indefinite lived intangibles. |
Property and equipment | Property and equipment Property and equipment are carried at cost and, less accumulated depreciation. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposal. The Company examines the possibility of decreases in the value of property and equipment when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. The Company’s property and equipment mainly consists of computer and laser equipment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 4 12 |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and services. We enter into contracts that include products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers. The Company’s contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide more than one performance obligation is recognized based upon the relative fair value to the customer of each performance obligation as each obligation is earned. The Company derives its revenues the follows: Digital Learning Solutions: Revenue from digital learning solutions is recognized when control has transferred to the customer which typically occurs when the service is completed or the delivery of the license to the customer. Maintenance Services: The Company offers maintenance and function improvements services related to the mobile apps for customers. Maintenance service is considered distinct and is recognized ratably over the maintenance term. Sale of Goods - Medicinal Supplements: Revenue from these sales is recognized when the entity has delivered the products to locations specified by its customers and the customers have accepted the products in accordance with the sales contract. Products are sold to certain customers with volume discount and these customers also have the right to return within a reasonable time frame. Revenue from these sales is recorded based on the contracted price less the estimated volume discount and returns at the time of sale. |
Earnings / (Loss) Earnings Per Share | Earnings / (Loss) Earnings Per Share Basic earnings per share is computed by dividing net income / (loss) attribute to stockholders of common stock by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing net income / (loss) by the weighted average number of common shares outstanding plus equivalent shares. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through convertible notes and preferred stock when the effect would be dilutive. The Company only issued common stock and does not have any potentially dilutive instrument as of March 31, 2022 and March 31, 2021. |
Translation of Foreign Currency | Translation of Foreign Currency Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s Australian subsidiaries maintain their books and record in a local currency, Australian Dollars (“AUD”), which is functional currency as being the primary currency of the economic environment in which the entity operates. The Company’s Malaysian subsidiaries maintain their books and record in US$. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGES RATE Average Rate for the nine months ended March 31, 2022 2021 Australian dollar (AUD) AUD 1.3713 AUD 1.3564 Exchange Rate at March 31, 2022 June 30, 2021 Australian dollar (AUD) AUD 1.3335 AUD 1.3340 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EXCHANGES RATE | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGES RATE Average Rate for the nine months ended March 31, 2022 2021 Australian dollar (AUD) AUD 1.3713 AUD 1.3564 Exchange Rate at March 31, 2022 June 30, 2021 Australian dollar (AUD) AUD 1.3335 AUD 1.3340 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | As of March 31, 2022 and June 30, 2021, inventories were composed of the following: SCHEDULE OF INVENTORIES March 31, 2022 June 30, 2021 Raw materials $ 173,794 $ 190,533 Working in progress 95,563 93,147 Finished goods 153,450 216,485 Total inventories $ 422,806 $ 500,165 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT, NET | As of March 31, 2022 and June 30, 2021, property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET March 31, 2022 June 30, 2021 Land $ 1,274,073 $ 1,273,595 Building 2,396,187 1,030,735 Leasehold improvements 548,843 - Laser equipment 1,302,562 1,302,073 Vehicle 29,805 29,794 Computer equipment 7,378 18,248 Total 5,558,847 3,654,445 Less: accumulated depreciation (618,227 ) (513,688 ) Total property and equipment, net $ 4,940,620 $ 3,140,757 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | As of March 31, 2022 and June 30, 2021, intangible assets, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2022 June 30, 2021 Exclusive license for registering and commercializing Photosoft TM $ 2,000,000 $ 2,000,000 Trademark, website, software - 568,188 Total 2,000,000 2,568,188 Less: accumulated amortization (500,001 ) (322,957 ) Total intangible assets, net $ 1,499,998 $ 2,245,231 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOAN PAYABLE | As of March 31, 2022 and June 30, 2021, loans payable, consisted of the following: SCHEDULE OF LOAN PAYABLE March 31, 2022 June 30, 2021 Current loan payable: Mortgage loan $ 1,840,026 $ 2,046,477 COVID-19 loan - 5,077 Loan 396,669 - Loan - Aura 599,273 - HP Liability - Label Applicator 4,391 - Total current loan payable $ 2,840,360 $ 2,051,554 Non-current loan payable: COVID-19 loan 187,477 182,329 Total non-current loan payable: $ 187,477 $ 182,329 Total loan payable $ 3,027,837 $ 2,233,883 |
FINANCE LEASE PAYABLE (Tables)
FINANCE LEASE PAYABLE (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Finance Lease Payable | |
SCHEDULE OF FINANCE LEASE | SCHEDULE OF FINANCE LEASE March 31, 2022 June 30, 2021 Current finance lease: Finance lease for vehicle $ 8,366 $ 8,188 Total current finance lease $ 8,366 $ 8,188 Non-current finance lease: Finance lease for vehicle 13,443 19,669 Total non-current finance lease: $ 13,443 $ 19,669 Total finance lease $ 21,809 $ 27,857 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES | Amount due from related parties SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES March 31, 2022 June 30, 2021 TheAliKasa Australia Pty Ltd $ 36,884 $ - Rural Asset Management Services 11,881 11,881 Blue Pacific Academy 4,000 4,000 Abrar Investments Pty Ltd 2,925 - Director’s loan 31,092 - Total $ 86,782 $ 15,881 As of March 31, 2022 and June 30, 2021, the Company had amount due to related parties as follows: March 31, 2022 June 30, 2021 Exit Solutions Pty Ltd $ 4,992 $ - Accounting Business Solutions Pty Ltd - 1,133 Xseed Pty Ltd 1,894 - Abrar Investments Pty Ltd 20,988 - TheAliKasa Australia 725 - Director’s loan - 386,105 Total $ 28,599 $ 387,238 |
ORGANIZATION AND BUSINESS DES_2
ORGANIZATION AND BUSINESS DESCRIPTION (Details Narrative) | Jan. 31, 2022USD ($) | Jan. 31, 2022USD ($)Integershares | Mar. 09, 2021USD ($)shares | Mar. 09, 2021AUD ($)shares | Feb. 05, 2021USD ($) | Dec. 23, 2020USD ($)$ / shares | Oct. 15, 2020USD ($) | Oct. 15, 2020AUD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Jan. 19, 2022USD ($) | Sep. 23, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 30, 2020USD ($) | Dec. 29, 2020USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Stock issued for acquisition | $ 618,320 | ||||||||||||||||
Land and assets sold | $ 201,649 | ||||||||||||||||
Purchase of property | $ 2,304,330 | ||||||||||||||||
Common Stock issued for cash | $ 72,392 | $ 108,216 | $ 506,971 | ||||||||||||||
GGLG Properties Pty LTD [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Land and assets sold | $ 693,403 | ||||||||||||||||
Rayont Technologies M Sdn Bhd And Rayont Technologies Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Number of businesses acquired | Integer | 2 | ||||||||||||||||
Name of acquired entity | Quantum Capital Inc | ||||||||||||||||
Rayont Technologies M Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business acquisition costs | $ 40,000 | $ 40,000 | |||||||||||||||
Rayont Technologies Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business acquisition costs | $ 660,000 | 660,000 | |||||||||||||||
Workstar Tech (Aust) Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Purchase price of assets | $ 215,017.19 | $ 302,876.22 | |||||||||||||||
Rayont Australia Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Purchase of property | $ 1,159,040 | ||||||||||||||||
Rayont Australia Pty Ltd [Member] | Acquisition Agreement [Member] | GGLG Properties Pty LTD [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Purchase price on acquisition | $ 605,920 | ||||||||||||||||
Discount on acquisition's price, percentage | 10.00% | ||||||||||||||||
Down payment on acquisition | $ 265,300 | ||||||||||||||||
Shares issued on acquisition, price per share | $ / shares | $ 0.87 | ||||||||||||||||
Stock issued for acquisition, shares | shares | 710,713 | 710,713 | |||||||||||||||
Stock issued for acquisition | $ 605,920 | $ 800,000 | |||||||||||||||
Shares acquisition percentage | 100.00% | 100.00% | |||||||||||||||
Rayont Technologies (M) Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Paid-up capital | $ 25 | ||||||||||||||||
Rayont Technologies (M) Sdn Bhd [Member] | Asset Purchase Member [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payments to Acquire Productive Assets | $ 105,000 | ||||||||||||||||
Rayont Malaysia Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Paid-up capital | $ 25 | ||||||||||||||||
Knots Holdings Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Paid-up capital | $ 72 | ||||||||||||||||
Knots Clayfield Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Paid-up capital | 72 | ||||||||||||||||
Wonder Foods Retail Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Paid-up capital | $ 72 | ||||||||||||||||
Rayont Technologies Pty Ltd And Rayont Technologies M [Member] | Share Sale Agreement [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Common Stock issued for cash | $ 700,000 | ||||||||||||||||
Common Stock issued for cash, shares | shares | 3,494,176 | ||||||||||||||||
Rayont Technologies Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Common stock shares issued percentage | 100.00% | 100.00% | |||||||||||||||
Common stock outstanding percentage | 100.00% | 100.00% | |||||||||||||||
Rayont Technologies M [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Common stock shares issued percentage | 100.00% | 100.00% | |||||||||||||||
Common stock outstanding percentage | 100.00% | 100.00% |
SCHEDULE OF EXCHANGES RATE (Det
SCHEDULE OF EXCHANGES RATE (Details) | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 |
Average Rate Australian Dollar (AUD) [Member] | |||
Offsetting Assets [Line Items] | |||
Foreign currency translation exchange rate | 0.013713 | 1.3340 | 0.013564 |
Exchange Rate Australian Dollar (AUD) [Member] | |||
Offsetting Assets [Line Items] | |||
Foreign currency translation exchange rate | 1.3335 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Oct. 15, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 30, 2022 | Jun. 30, 2021 |
Product Information [Line Items] | ||||||||
Net income loss | $ (80,650) | $ (147,643) | $ (461,885) | $ 534,540 | $ (609,528) | |||
Retained Earnings (Accumulated Deficit) | 4,446,944 | 4,446,944 | $ 3,912,404 | |||||
Working capital deficiency | 2,500,022 | 2,500,022 | ||||||
Cash in bank | 37,845 | $ 37,845 | 243,610 | |||||
Allowance for doubtful accounts | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | |||||||
Minimum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Estimated useful lives | 4 years | |||||||
Maximum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Estimated useful lives | 12 years | |||||||
Workstar Tech (Aust) Pty Ltd [Member] | ||||||||
Product Information [Line Items] | ||||||||
Intangible Assets, Current | $ 1,499,998 | $ 1,499,998 | 2,245,231 | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |||||||
Workstar Tech (Aust) Pty Ltd [Member] | Asset Purchase Member [Member] | ||||||||
Product Information [Line Items] | ||||||||
Intangible Assets, Current | $ 100,625 | |||||||
Accounts Receivable [Member] | Supplier Concentrations Risk [Member] | No Supplier [Member] | ||||||||
Product Information [Line Items] | ||||||||
Concentration risk percentage | 10.00% | 10.00% |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 173,794 | $ 190,533 |
Working in progress | 95,563 | 93,147 |
Finished goods | 153,450 | 216,485 |
Total inventories | $ 422,806 | $ 500,165 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 5,558,847 | $ 3,654,445 |
Less: accumulated depreciation | (618,227) | (513,688) |
Total property and equipment, net | 4,940,620 | 3,140,757 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,274,073 | 1,273,595 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,396,187 | 1,030,735 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 548,843 | |
Laser Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,302,562 | 1,302,073 |
Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 29,805 | 29,794 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 7,378 | $ 18,248 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) | Sep. 23, 2021USD ($) | Sep. 23, 2021AUD ($) | Jun. 29, 2021USD ($) | Jun. 28, 2021USD ($) | Oct. 15, 2020USD ($) | Oct. 15, 2020AUD ($) | Jun. 26, 2020USD ($) | Jun. 26, 2020AUD ($) | Jan. 22, 2019USD ($) | Jan. 22, 2019AUD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Oct. 28, 2020USD ($) | Oct. 28, 2020AUD ($) | Oct. 15, 2020AUD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 685,259 | $ 68,779 | |||||||||||||||
Tangible assets | 1,499,998 | $ 2,245,231 | |||||||||||||||
Finance lease | 8,366 | 8,188 | |||||||||||||||
Depreciation expenses | 102,967 | $ 99,136 | |||||||||||||||
Other Intangible Assets [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Intangible assets | $ 465,666.59 | $ 617,893 | |||||||||||||||
Workstar Tech (Aust) Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Purchase of assets, fair value disclosure | 476,594.32 | 632,393 | |||||||||||||||
Acquire productive assets | 228,258.35 | $ 302,876 | |||||||||||||||
Intangible assets | 1,499,998 | 2,245,231 | |||||||||||||||
Computer Equipment [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 7,378 | ||||||||||||||||
Computer Equipment [Member] | Workstar Tech (Aust) Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Tangible assets | $ 10,927.73 | $ 14,500 | |||||||||||||||
Cancer treatment equipment [Member] | Rayont Australia Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 1,239,008 | ||||||||||||||||
Rayont Australia Pty Ltd [Member] | Cancer treatment equipment [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 736,966 | ||||||||||||||||
Land and Building [Member] | Rayont Australia Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 1,159,040 | ||||||||||||||||
Capitalized interest | 107,296 | $ 147,790 | |||||||||||||||
Capitalization of stamp duty | $ 52,654 | $ 72,525 | |||||||||||||||
Land and Building [Member] | GGLG Properties Pty LTD [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 472,135 | $ 686,814 | |||||||||||||||
Sale of property | $ 693,403 | ||||||||||||||||
Land and Building [Member] | Premalife Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 2,304,330 | ||||||||||||||||
Vehicle [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Finance lease | $ 8,366 | $ 8,188 | $ 34,167 | $ 44,880 | |||||||||||||
Land [Member] | Premalife Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | 1,273,595 | ||||||||||||||||
Building [Member] | Premalife Pty Ltd [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Acquire property plant and equipment | $ 1,030,735 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 2,000,000 | $ 2,568,188 |
Less: accumulated amortization | (500,001) | (322,957) |
Total intangible assets, net | 1,499,998 | 2,245,231 |
Exclusive License for Registering and Commercializing PhotosoftTM Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 2,000,000 | 2,000,000 |
Trademark, Website, Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 568,188 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) | Feb. 05, 2021USD ($) | Oct. 15, 2020USD ($) | Oct. 15, 2020AUD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($) | Oct. 15, 2020AUD ($) |
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Net | $ 1,499,998 | $ 1,499,998 | $ 2,245,231 | |||||
Amortization of intangible assets useful lives | 7 years | |||||||
Amortization expenses | $ 246,954 | $ 22,717 | ||||||
Asset Purchase Member [Member] | Sage Interactive Sdn Bhd [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Purchase consideration of tangible and intangible assets | $ 105,000 | |||||||
Amortization of intangible assets useful lives | 10 years | |||||||
Other Intangible Assets [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets | $ 465,666.59 | $ 617,893 | ||||||
Workstar Tech (Aust) Pty Ltd [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived intangible assets, fair value disclosure | 476,594.32 | 632,393 | ||||||
Purchase consideration of tangible and intangible assets | $ 228,258.35 | $ 302,876 | ||||||
Intangible assets | 1,499,998 | 1,499,998 | 2,245,231 | |||||
Amortization of intangible assets useful lives | 10 years | 10 years | ||||||
Workstar Tech (Aust) Pty Ltd [Member] | Asset Purchase Member [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets | $ 100,625 | |||||||
Workstar Tech (Aust) Pty Ltd [Member] | Computer Equipment [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Net | $ 10,927.73 | $ 14,500 | ||||||
Rayont International [Member] | ||||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets | $ 2,000,000 | $ 2,000,000 | ||||||
Intangible assets, useful life | 10 years |
SCHEDULE OF LOAN PAYABLE (Detai
SCHEDULE OF LOAN PAYABLE (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | $ 2,840,360 | $ 2,051,554 |
Total non-current loan payable: | 187,477 | 182,329 |
Total loan payable | 3,027,837 | 2,233,883 |
Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | 1,840,026 | 2,046,477 |
COVID-19 Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | 5,077 | |
Total non-current loan payable: | 187,477 | $ 182,329 |
Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | 396,669 | |
Loan - Aura [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | 599,273 | |
HP Liability - Label Applicator [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total current loan payable | $ 4,391 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) | Nov. 12, 2021USD ($) | Nov. 12, 2021AUD ($) | Sep. 02, 2021USD ($) | Sep. 02, 2021AUD ($) | Jun. 28, 2021USD ($) | Jun. 28, 2021AUD ($) | Jun. 29, 2020USD ($) | Jun. 26, 2020USD ($) | Jun. 26, 2020AUD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 15, 2022 | Dec. 31, 2021USD ($) | Nov. 12, 2021AUD ($) | Oct. 15, 2021USD ($) | Oct. 15, 2021AUD ($) | Sep. 02, 2021AUD ($) | Aug. 06, 2021USD ($) | Aug. 06, 2021AUD ($) | Jun. 30, 2021USD ($) | Jun. 28, 2021AUD ($) | Jun. 29, 2020AUD ($) | Jun. 26, 2020AUD ($) |
Loans payable | $ 2,840,360 | $ 2,840,360 | $ 2,051,554 | ||||||||||||||||||||||
Interest Expense | 153,775 | $ 13,113 | 302,494 | $ 37,047 | |||||||||||||||||||||
Mortgage Loan [Member] | |||||||||||||||||||||||||
Loans payable | 1,840,026 | 1,840,026 | 2,046,477 | ||||||||||||||||||||||
Mortgage Loan [Member] | Two Private Lenders [Member] | |||||||||||||||||||||||||
Loans payable | $ 453,713 | $ 660,000 | |||||||||||||||||||||||
Debt instrument, term | 1 year | 1 year | |||||||||||||||||||||||
Loan bears interest | 10.00% | 10.00% | |||||||||||||||||||||||
Monthly interest payment | $ 4,108 | $ 5,500 | |||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | |||||||||||||||||||||||||
Loan outstanding | $ 1,746,920 | $ 2,380,000 | |||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | First Tranche [Member] | |||||||||||||||||||||||||
Loan bears interest | 9.00% | 9.00% | |||||||||||||||||||||||
Monthly interest payment | $ 11,175 | $ 15,225 | |||||||||||||||||||||||
Loan outstanding | $ 1,490,020 | $ 2,030,000 | |||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | Second Tranche [Member] | |||||||||||||||||||||||||
Loan bears interest | 36.00% | 36.00% | |||||||||||||||||||||||
Monthly interest payment | $ 7,707 | $ 10,500 | |||||||||||||||||||||||
Loan outstanding | $ 256,900 | $ 350,000 | |||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | RDS Superannuation Pty Ltd [Member] | |||||||||||||||||||||||||
Loan bears interest | 18.00% | 18.00% | |||||||||||||||||||||||
Monthly interest payment | $ 4,183 | $ 5,762 | $ 3,869 | $ 5,250 | |||||||||||||||||||||
Loan outstanding | $ 257,915 | $ 350,000 | |||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | James lee [Member] | |||||||||||||||||||||||||
Loan outstanding | $ 747,500 | $ 266,976 | $ 360,000 | ||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | James lee [Member] | First Tranche [Member] | |||||||||||||||||||||||||
Loan bears interest | 48.00% | 48.00% | |||||||||||||||||||||||
Interest rate, in case of default in payment | 96.00% | ||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | Aura loan management pty ltd [Member]. | |||||||||||||||||||||||||
Loan bears interest | 9.25% | 9.25% | |||||||||||||||||||||||
Loan outstanding | $ 547,319 | ||||||||||||||||||||||||
COVID-19 Loan [Member] | |||||||||||||||||||||||||
Loans payable | 5,077 | ||||||||||||||||||||||||
Debt instrument, term | 10 years | ||||||||||||||||||||||||
Loan outstanding | $ 171,729 | $ 181,501 | $ 187,406 | $ 250,000 | |||||||||||||||||||||
COVID-19 Loan [Member] | First Twelve Months [Member] | |||||||||||||||||||||||||
Loan bears interest | 0.00% | 0.00% | |||||||||||||||||||||||
COVID-19 Loan [Member] | Remainder Term [Member] | |||||||||||||||||||||||||
Loan bears interest | 2.50% | 2.50% |
SCHEDULE OF FINANCE LEASE (Deta
SCHEDULE OF FINANCE LEASE (Details) | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($) | Oct. 28, 2020USD ($) | Oct. 28, 2020AUD ($) |
Property, Plant and Equipment [Line Items] | ||||
Total current finance lease | $ 8,366 | $ 8,188 | ||
Total non-current finance lease: | 13,443 | 19,669 | ||
Total finance lease | 21,809 | 27,857 | ||
Vehicle [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total current finance lease | 8,366 | 8,188 | $ 34,167 | $ 44,880 |
Total non-current finance lease: | $ 13,443 | $ 19,669 |
FINANCE LEASE PAYABLE (Details
FINANCE LEASE PAYABLE (Details Narrative) | Oct. 28, 2020USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($) | Oct. 28, 2020AUD ($) |
Finance Lease | $ 21,809 | $ 27,857 | ||
Australian Alliance Automotive Finance Pty Limited [Member] | ||||
Loan term | 4 years | |||
Loan interest rate | 5.03% | 5.03% | ||
Australian Alliance Automotive Finance Pty Limited [Member] | Vehicle [Member] | ||||
Finance Lease | $ 34,167 | $ 44,880 |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) | Mar. 31, 2022 | Jun. 30, 2021 |
Accounts Receivable [Member] | Customer one [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 42.00% | 0.00% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 16, 2021 | Sep. 23, 2021 | Jul. 17, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Jun. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of stock issued for purchase | $ 618,320 | ||||||||
Number of shares issued, value | $ 72,392 | $ 108,216 | $ 506,971 | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock, shares outstanding | 48,083,356 | 48,083,356 | 46,783,369 | ||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Private Placement [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued, value | $ 108,216 | ||||||||
Exercise Price One [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 16,614 | ||||||||
Share price | 2.21 | $ 2.21 | |||||||
Exercise Price Two [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 32,500 | ||||||||
Share price | $ 2.20 | $ 2.20 | |||||||
Two Board Directors [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 13,889 | 10,500 | |||||||
Two Independent Investor [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 49,114 | ||||||||
The AliKasa Pty Ltd [Member] | GGLG Properties Pty LTD [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of stock issued for purchase, shares | 515,771 | 710,713 | |||||||
Number of stock issued for purchase | $ 1,159,040 | $ 618,320 |
SCHEDULE OF AMOUNT DUE TO (FROM
SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 86,782 | $ 15,881 |
The AliKasa Australia Pty Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 36,884 | |
Rural Asset Management Services [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 11,881 | 11,881 |
Blue Pacific Academy [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 4,000 | 4,000 |
Abrar Investments Pty Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 2,925 | |
Director's Loan [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 31,092 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 01, 2021 | Jun. 30, 2021 | Sep. 30, 2020 |
Related Party Transaction [Line Items] | |||||||
Due to related parties | $ 28,599 | $ 387,238 | |||||
Repayments of related party debt | 418,697 | $ 494,961 | |||||
The AliKasa Australia Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans receivable | 36,884 | ||||||
Rural Asset Management Services [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans receivable | 11,881 | 11,881 | |||||
Agreed to grant a loan | $ 91,823 | ||||||
Current loans receivable | $ 91,823 | ||||||
Loans receivable on demand | 11,881 | ||||||
Blue Pacific Academy [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans receivable | 4,000 | 4,000 | |||||
Abrar Investments Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans receivable | 2,925 | ||||||
Due to related parties | 20,988 | ||||||
Director's Loan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans receivable | 31,092 | ||||||
Due to related parties | 386,105 | ||||||
Exit Solutions Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 4,992 | ||||||
Accounting Business Solutions Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 1,133 | ||||||
Xseed Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 1,894 | ||||||
The Ali Kasa Australia [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | $ 725 | ||||||
Rayont International (L) LTD [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Repayments of related party debt | $ 16,364 | ||||||
Director [Memebr] | |||||||
Related Party Transaction [Line Items] | |||||||
Repayments of debt | $ 323 | ||||||
Premalife Pty Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | $ 386,105 | ||||||
Loan bears interest | 3.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and contingencies |
OTHER INCOME (Details Narrative
OTHER INCOME (Details Narrative) | Oct. 15, 2020USD ($) | Oct. 15, 2020AUD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Oct. 15, 2020AUD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Income | $ 514,320 | $ 782,545 | |||
Workstar Tech (Aust) Pty Ltd [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 476,594.32 | $ 632,393 | |||
Finite-Lived Intangible Assets, Fair Value Disclosure | 476,594.32 | $ 632,393 | |||
Payments to Acquire Productive Assets | $ 228,258.35 | $ 302,876 |
OTHER ASSETS (Details Narrative
OTHER ASSETS (Details Narrative) | Jan. 31, 2022USD ($)Integershares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 72,392 | $ 108,216 | $ 506,971 | |||
Loan balance | $ 3,027,837 | $ 2,233,883 | ||||
Rayont Technologies Pty Ltd [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Common stock outstanding percentage | 100.00% | |||||
Common stock shares issued percentage | 100.00% | |||||
Rayont Technologies M [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Common stock outstanding percentage | 100.00% | |||||
Common stock shares issued percentage | 100.00% | |||||
share issued for payment of debt | shares | 314,995 | |||||
Loan balance | $ 63,104 | |||||
Share Sale Agreement [Member] | Rayont Technologies Pty Ltd And Rayont Technologies M [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 700,000 | |||||
Stock Issued During Period, Shares, New Issues | shares | 3,494,176 | |||||
Rayont Technologies M Sdn Bhd And Rayont Technologies Pty Ltd [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of Businesses Acquired | Integer | 2 | |||||
Rayont Technologies M Sdn Bhd [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Business Acquisition, Transaction Costs | $ 40,000 | |||||
Rayont Technologies Pty Ltd [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Business Acquisition, Transaction Costs | $ 660,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - No More Knots Hldings Proprietary Limited [Member] | 1 Months Ended | ||
May 04, 2022USD ($) | May 04, 2022AUD ($) | Apr. 02, 2022 | |
Subsequent Event [Line Items] | |||
Acquired percentage of outstanding shares and units | 100.00% | ||
Payment of cash for business acquisition | $ 2,200,000 | $ 3,000,000 | |
April One Two Thousand Twenty Two [Member] | |||
Subsequent Event [Line Items] | |||
Payment of cash for business acquisition | 1,800,000 | ||
July Fiftee Two Thousand Twenty Two [Member] | |||
Subsequent Event [Line Items] | |||
Payment of cash for business acquisition | $ 400,000 |