Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 28, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Title of 12(b) Security | Common stock, par value $0.001 par value | ||
Trading Symbol | RAYT | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 24,451,275 | ||
Entity Common Stock, Shares Outstanding | 50,163,797 | ||
Auditor Firm ID | 6723 | ||
Auditor Name | JP Centurion & Partners PLT | ||
Auditor Location | Kuala Lumpur, Malaysia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 185,782 | $ 243,610 |
Accounts receivables | 172,705 | 534,525 |
Inventories | 512,053 | 500,165 |
Prepaid expense | 81,008 | 23,933 |
Due from related parties | 66,016 | 15,881 |
Other receivables | 2,765,829 | 453,250 |
Total Current Assets | 3,783,393 | 1,771,364 |
Non-Current Assets: | ||
Property and equipment, net | 6,241,049 | 3,140,757 |
Intangible assets | 2,245,231 | |
Other receivables | 1,009,537 | |
Goodwill | 1,866,708 | |
Right of use asset | 524,892 | |
Other assets | 767,656 | |
Total Non-Current Assets | 10,409,842 | 5,385,988 |
TOTAL ASSETS | 14,193,235 | 7,157,352 |
Current Liabilities: | ||
Accounts payable | 384,355 | 99,615 |
Accrued liabilities | 470,689 | 472,021 |
Due to related parties | 128,677 | 387,238 |
Loan payable | 2,481,440 | 2,051,554 |
Finance lease payable | 10,983 | 8,188 |
Operating lease liabilities | 112,333 | |
Other payables | 278,800 | 209,712 |
Total Current Liabilities | 3,867,277 | 3,228,328 |
Non-Current Liabilities: | ||
Finance lease payable | 7,812 | 19,669 |
Operating lease liabilities | 412,559 | |
Loan payable | 4,811,975 | 182,329 |
Total Non-Current Liabilities | 5,232,346 | 201,998 |
TOTAL LIABILITIES | 9,099,623 | 3,430,326 |
COMMITMENTS AND CONTNGENCIES | ||
Stockholders’ Equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 48,094,606 and 46,783,369 shares issued and outstanding as of June 30, 2022 and June 30, 2021, respectively | 48,095 | 46,784 |
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | ||
Additional paid-in capital | 8,939,829 | 6,996,198 |
Shares to be issued | 618,320 | |
Accumulated deficit | (3,634,943) | (3,879,801) |
Accumulated other comprehensive loss | (259,369) | (54,475) |
TOTAL STOCKHOLDERS’ EQUITY | 5,093,612 | 3,727,026 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 14,193,235 | $ 7,157,352 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 48,094,606 | 46,783,369 | 38,871,818 |
Common stock, shares outstanding | 48,094,606 | 46,783,369 | 38,871,818 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 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 ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 2,839,357 | $ 2,969,599 |
Cost of Revenue | (1,456,733) | (1,221,026) |
Gross profit | 1,382,624 | 1,748,573 |
Operating expenses: | ||
Selling, general and administrative expenses | 2,383,088 | 1,955,567 |
Depreciation and amortization expense | 485,830 | 454,508 |
Total operating expenses | 2,868,918 | 2,410,075 |
Operating Loss | (1,486,294) | (661,502) |
Other (expense) / income: | ||
Interest income | 141,756 | |
Interest expense | (615,455) | (50,079) |
Other income, net | 2,370,877 | 953,709 |
Total other income | 1,755,422 | 1,045,386 |
Income before income taxes | 269,128 | 383,884 |
Income tax expense | (24,270) | |
Net income | 244,858 | 383,884 |
Other comprehensive items | ||
Foreign currency translation loss | (204,894) | (29,660) |
Total other comprehensive loss | (204,894) | (29,660) |
Total comprehensive income | 39,964 | 354,224 |
Less: comprehensive income attributable to noncontrolling interest | ||
Total Comprehensive income attributable to shareholders of the Company | $ 39,964 | $ 354,224 |
Weighted average shares, basic and diluted | 47,896,069 | 37,769,100 |
Net earnings per common share, basic and diluted | $ 0.01 | $ 0.01 |
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) | ||
Beginning balance, shares at Jun. 30, 2020 | 13,157,532 | ||||||
Common Stock issued for business acquisition of a subsidiary under common control | $ 25,714 | 48,670 | 74,384 | ||||
Common Stock issued for business acquisition of a subsidiary under common control, shares | 25,714,286 | ||||||
Common Stock issued for cash | $ 7,912 | 694,076 | 701,988 | ||||
Common Stock issued for cash, shares | 7,911,551 | ||||||
Adjustments to additional paid in capital from acquisitions | (33,423) | (33,423) | |||||
Debt forgiveness | 2,016,362 | 2,016,362 | |||||
Common Stock to be issued | 618,320 | 618,320 | |||||
Foreign currency translation loss | (29,660) | (29,660) | |||||
Net income | 383,884 | 383,884 | |||||
Ending balance, value at Jun. 30, 2021 | $ 46,784 | 6,996,198 | 618,320 | (3,879,801) | (54,475) | 3,727,026 | |
Ending balance, shares at Jun. 30, 2021 | 46,783,369 | ||||||
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 cash | $ 49 | 108,168 | 108,217 | ||||
Common Stock issued for cash, shares | 49,114 | ||||||
Adjustments to additional paid in capital from acquisitions | (2,135) | (2,135) | |||||
Foreign currency translation loss | (204,894) | (204,894) | |||||
Net income | 244,858 | 244,858 | |||||
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 | $ 36 | 61,464 | 61,500 | ||||
Common Stock issued for services, shares | 35,639 | ||||||
Ending balance, value at Jun. 30, 2022 | $ 48,095 | $ 8,939,829 | $ (3,634,943) | $ (259,369) | $ 5,093,612 | ||
Ending balance, shares at Jun. 30, 2022 | 48,094,606 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net income | $ 244,858 | $ 383,884 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Non-cash portion of share based compensation for service | 61,500 | |
Depreciation and amortization expense | 485,830 | 454,508 |
Gain on Disposal of Investments | (310,277) | |
Gain on sale of assets | (1,456,792) | (244,376) |
Debt waiver by payable | (167,124) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 335,759 | (343,432) |
Inventory | (53,913) | (152,984) |
Accounts payable | 307,322 | (9,454) |
Accrued liabilities | 28,968 | 129,701 |
Prepaid expense | (61,619) | (23,719) |
Advance to officer | 2,219 | |
Other assets | 14,639 | (46,788) |
Other receivables | 160,024 | (322,358) |
Other payable | 241,680 | (14,694) |
Net cash used in operating activities | (169,145) | (187,493) |
Investing Activities: | ||
Cash from acquisition | 1,082 | |
Acquisition of subsidiaries, net of cash and cash equivalents | (1,849,434) | |
Purchases of intangible assets | (188,480) | (126,136) |
Purchases of property and equipment | (3,191,324) | (1,720,498) |
Net cash used in investing activities | (5,229,238) | (1,845,552) |
Financing Activities: | ||
Repayment to related party | (292,963) | (233,120) |
Proceeds from loan payable | 5,519,604 | 1,562,712 |
Issuance of common stock | 108,217 | 701,988 |
Net cash provided by financing activities | 5,334,858 | 2,031,580 |
EFFECT OF EXCHANGE RATE ON CASH | 5,697 | (10,939) |
Net decrease in cash and cash equivalents | (57,828) | (12,404) |
Cash and cash equivalents at beginning of the period | 243,610 | 256,014 |
Cash and cash equivalents at end of the period | 185,782 | 243,610 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | 609,959 | 50,079 |
Income tax paid | ||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | ||
Issuance of common stock for services | 61,500 | |
Issuance of common stock for business acquisitions | $ 618,320 | $ 1,800,000 |
Issuance of common stock for acquisition of a property | 1,159,040 | |
Forgiveness of debt | $ 2,016,362 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 - ORGANIZATION AND BUSINESS DESCRIPTION Rayont Inc. (formerly Velt International Group Inc., or “Rayont” or the “Company”) is a Nevada corporation formed on February 7, 2011. Rayont uses scientific tools such as DNA, microbiome, iridology and other tests to diagnose and personalize the prescription of natural complementary medicine products, services and treatments to our patients in the markets we operate. Given the acquisition of 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 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. THF Holdings Pty Ltd has subsequently changed name to Rayont (Australia) Pty Ltd, 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 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 AUD 302,876.22 On December 23, 2020, Rayont Australia Pty Ltd, a wholly-owned subsidiary of Rayont Inc. (the “Company”), 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. In addition, the acquisition was accounted for business combination under common control. The method of accounting for such transfers, as well as the acquisition of businesses, was similar to the pooling of interest’s method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Prema Life’s historical carrying value of the acquired business is accounted for as a return of capital or contribution of capital. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control and had begun operations. Prema Life Pty Ltd was sold on September 1, 2022. On December 23, 2020, pursuant to an Acquisition Agreement, Rayont Australia Pty Ltd, a wholly-owned subsidiary of Rayont Inc. (the “Company”), 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. In addition, the acquisition was accounted for business combination under common control. The method of accounting for such transfers, as well as the acquisition of businesses, was similar to the pooling of interest’s method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from GGLG ‘s historical carrying value of the acquired business is accounted for as a return of capital or contribution of capital. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control and had begun operations. 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 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 and two key employees and one director. 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. Rayont Technologies (M) Sdn Bhd was sold in January 31, 2022. On April 1, 2022 under the agreement Rayont Inc., through its wholly owned subsidiary No More Knots Holdings Pty Ltd, acquired 100 3,000,000 2,247,865 1,910,685 2,550,000 337,180 450,000 1. Achievement of EBIDTA of USD 500,000 700,000 2. Former owner remain and transition the business until December 31, 2022. 3. Complete the opening of new branch by December 31,2022. As of June 30,2022 the business failed to meet the first condition so the amount of the USD 110,000 150,000 No More Knots is home to over 45 tertiary qualified therapists who specialise in Remedial Massage and Myotherapy As of this filing date, the Company has not completed and file its Form 8K as required by the SEC rules and regulations. The Company is in the process of completing all necessary documentation for the Form 8K filling in due time. On May 14, 2022 Wonderfoods Retail Pty Ltd, a wholly owned subsidiary of Rayont (Australia) Pty Ltd, entered into an agreement with Jovestone Pty Ltd to purchase the business of Go Vita at Capalaba in consideration for USD 6,918 10,000 64,337 93,000 On June 29, 2022 Rayont (Australia) Pty Ltd (“Asset Seller”), Rayont International (L) Limited (“License Seller”) and Nova Medical Group Pty Ltd (“Buyer”) signed the Asset Sale Agreement for sale of Next Generation Photo Dynamic Therapy (NGPDT) License for Sub-Sahara Africa and its equipment for a consideration of USD 3,500,000 ● License for Sub-Sahara Africa – USD 2,500,000 ● Equipment – USD 1,000,000 About Rayont Inc Rayont Inc is a Nevada USA company. Rayont operates in the personalized natural healthcare sector in USA and Australia. Rayont uses scientific tools such as DNA, microbiome, iridology and other tests to personalize diagnoses, prescription and treatments of natural complementary and alternative medicine products, services and treatments to our patients in the markets we operate. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiary. All significant inter-company balances and transactions have been eliminated on consolidation. 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’s current liabilities exceeded its current assets by $ 83,884 3,634,943 169,145 These indicate adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically negative working capital, recurring operating losses, accumulated deficit and other adverse key financial ratios. The Company generated revenues to cover its operating expense during the year ended June 30, 2022. The Company plans to continue obtaining funding from 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 one customer who accounted for 10% or more of the Company’s accounts receivable for the year ended June 30, 2022 and there is one customer who accounted for 10% or more of the Company’s accounts receivable for the year as of June 30, 2021. There is no supplier who accounted for 10 Fair Value of Financial Instruments The carrying amounts of the Company’s current financial assets and liabilities approximated their fair values due to the short maturities. The fair value of noncurrent financial assets and liabilities are determined based on the value of the discounted cash flows. The Company believes no material difference exists between the fair value and carry amounts of the noncurrent financial assets and liabilities 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 June 30, 2022 and June 30, 2021, the Company had cash in bank of $ 185,782 243,610 Intangible assets Intangible assets for purchased are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with various useful life. As of June 30, 2022 and June 30, 2021, the Company had intangible assets of $ 0 2,245,231 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, 2022, 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 40 Impairment of Long-lived Assets The Company reviews long-lived assets when changes in circumstances or event could impact the recoverability of the carrying value of the assets. Recoverability of long-lived assets is determined by comparing the estimated undiscounted cash flows related to the long-lived assets to their carrying value. Impairment is determined by comparing the present value of future undiscounted cash flows, or some other fair value measure, to the carrying value of the asset. For the years ended June 30, 2022 and June 30, 2021, no impairment of long-lived assets was indicated, and no impairment loss was recorded. 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. 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) 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 June 30, 2022 and 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 maintains its 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 SCHEDULE OF EXCHANGES RATE As of and for the 12 months ended June 30, 2022 2021 Year-end AUD : US$1 exchange rate 1.4482 1.3340 12 months average AUD : US$1 exchange rate 1.3788 1.3484 Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 3 – INVENTORIES As of June 30, 2022 and June 30, 2021, inventories were composed of the following: SCHEDULE OF INVENTORIES June 30, 2022 June 30, 2021 Raw materials $ 187,140 $ 190,533 Working in progress 82,446 93,147 Finished goods 242,467 216,485 Total inventories $ 512,053 $ 500,165 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 4 – PROPERTY AND EQUIPMENT, NET As of June 30, 2022 and June 30, 2021, property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET June 30, 2022 June 30, 2021 Land $ 2,982,738 $ 1,273,595 Building 2,673,276 1,030,735 Leasehold improvements 758,066 - Laser equipment - 1,302,073 Vehicle 27,445 29,794 Computer equipment 7,378 18,248 Total 6,448,902 3,654,445 Less: accumulated depreciation (207,853 ) (513,688 ) Total property and equipment, net $ 6,241,049 $ 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 1,736,966 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 May 4, 2022, Rayont Properties Pty Ltd (formerly known as GGLG Properties Pty Ltd) acquired two properties. First property is located at 85 Juliette St, Greenslopes (lot 272) QLD 4120 Australia and has a surface land of 405m 2 1,643,327 2,300,000 90,198 130,625 Second property is located at 44 Marquis Street, Greenslopes QLD 4120 Australia and has a surface land of 405m 2 600,746 870,000 22,217 32,175 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, Prema Life 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 In addition, Prema Life has done leasehold improvements in the amount of $ 505,374 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 No More Knots (Taringa) Pty Ltd, the new company acquired on April 1, 2022, has done leasehold improvements in the amount of $ 249,723 No More Knots (Clayfield) Pty Ltd, the company incorporated on January 19, 2022, has done leasehold improvements in the amount of $ 2,969.20 During the twelve months ended June 30, 2022 and 2021, the depreciation expenses were $ 167,592 131,903 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 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 465,666.59 617,893 10,927.73 14,500 Amortization is computed using the straight-line method over the 10 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 Amortization is computed using the straight-line method over the 10 The Company had evaluated the useful life of 10 2,000,000 TM As of June 30, 2022 and June 30, 2021, intangible assets, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS June 30, 2022 June 30, 2021 Exclusive license for registering and commercializing Photosoft TM $ - $ 2,000,000 Trademark, website, software - 568,188 Total - 2,568,188 Less: accumulated amortization - (322,957 ) Total intangible assets, net $ - $ 2,245,231 For the twelve months ended June 30, 2022 and 2021, the amortization expenses were $ 318,238 322,605 |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | NOTE 6 – ACCOUNTS PAYABLE Accounts payable are amounts billed to the Company by suppliers for goods and services in the ordinary course of business. All amounts have short-term repayment terms and vary by supplier. As of June 30, 2022 and June 30, 2021, the Company had outstanding balances of $ 384,355 99,615 |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE | NOTE 7 – LOAN PAYABLE As of June 30, 2022 and June 30, 2021, loans payable, consisted of the following: SCHEDULE OF LOAN PAYABLE Current loan payable: June 30, 2022 June 30, 2021 Mortgage loan $ 450,405 $ 2,046,477 COVID-19 loan - 5,077 Loan - Mazars (Quickfee) 45,032 - Note payable -1800 Diagonal 172,200 - Lydia Loh Holdings Loan 1,035,769 - Loan - Trevor Townsend 414,307 - HP Liability - Label Applicator 3,296 - Attvest Insurance Loan 25,430 - Loan - Biz Cap 306,804 - Loan Kelly Townsend 28,198 - Total current loan payable $ 2,481,440 $ 2,051,554 Non-current loan payable: Mortgage loan 4,811,975 182,329 Total non-current loan payable: $ 4,811,975 $ 182,329 Total loan payable $ 7,293,415 $ 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 On May 4, 2022 some subsidiaries of the group in Australia received loans from Commonwealth Bank as described below: Prema Life Pty ltd received a loan in the amount of USD 2,500,750 3,500,000 five years 3.16 Rayont (Australia) Pty Ltd received a loan in the amount of USD 250,075 350,000 three years 3.50 No More Knots Holdings Pty Ltd received a loan in the amount of USD 357,250 500,000 three years 3.50 Wonder Foods Retail Pty Ltd received a loan in the amount of USD 107,175 150,000 three years 3.50 Rayont Properties Pty Ltd received two loans: The first loan is in the amount of USD 2,207,091 3,089,000 five years 3.50 57,875 81,000 three years 3.50 Restriction imposed by from Commonwealth Bank covenants Commonwealth Bank has imposed financial covenants to the subsidiaries of the group for its mortgage loans obtained from the Bank, however, certain subsidiaries’ financial position and performance do not meet with these requirements for the year ended June 30, 2022. During the periodic review by the Bank for the period ended June 30, 2022, the Bank has agreed and satisfied with the undertaking by the Company’s Director and on the conditions met at overall consolidated results of the subsidiaries. Consequently, the Company has assessed and determined that financial covenants required were adhered with additional circumstances being addressed as at balance sheet date and therefore has no perform further adjustment or reclassification. As of June 30, 2022 and June 30, 2021 the Company had outstanding current balances of $ 450,405 2,046,477 4,811,975 182,329 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 0 5,077 Rayont inc, received on May 23, 2022 a note payable in the amount of 172,200 12 18,450 Interest and outstanding principal, subject to adjustment, shall be paid in ten (10) payments each in the amount of $ 19,286.40 Rayont (Australia) Pty Ltd has received on June 10, 2022 a private loan in the amount of USD 423,240 600,000 one year 8 Rayont (Australia) Pty Ltd has received on May 4, 2022 a private loan in the amount of USD 1,071,750 1,500,000 0.7 Rayont (Australia) Pty Ltd has received two small private loans on December 12, 2021 and April 4, 2022 in the amount of USD 55,662 77,556 26,554 35,176 one year No More Knots Holdings Pty Ltd has received on May 4, 2022 a private loan in the amount of USD 29,178 40,836.44 No More Knots Pty Ltd has received on May 12, 2022 two private loans in the amount of USD 95,928 140,000 34,260 50,000 47,005 68,600 16,787 24,500 No More Knots (Taringa) Pty Ltd has received on May 12, 2022 one private loan in the amount of USD 37,686 55,000 18,466 26,950 No More Knots (Newmarket) Pty Ltd has received on May 12, 2022 one private loan in the amount of USD 37,686 55,000 18,466 26,950 Prema Life Pty Ltd has received on April 21, 2022 one private loan in the amount of USD 184,400 250,000 90,356 122,500 For the 12 months ended June 30, 2022 and 2021 the interest expenses were $ 615,455 50,079 |
FINANCE LEASE PAYABLE
FINANCE LEASE PAYABLE | 12 Months Ended |
Jun. 30, 2022 | |
Finance Lease Payable | |
FINANCE LEASE PAYABLE | NOTE 8 – FINANCE LEASE PAYABLE SCHEDULE OF FINANCE LEASE Current finance lease: June 30, 2022 June 30, 2021 Finance lease for vehicle $ 10,983 $ 8,188 Total current finance lease $ 10,983 $ 8,188 Non-current finance lease: Finance lease for vehicle 7,812 19,669 Total non-current finance lease: $ 7,812 $ 19,669 Total finance lease $ 18,795 $ 27,857 On the 28 th 34,167 44,880 4 5.03 18,795 Finance lease activity is included in property and equipment, net. |
CONCENTRATION
CONCENTRATION | 12 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | NOTE 9 – CONCENTRATION (a) Major Customers At June 30, 2022 and June 30, 2021, one major customer represented approximately 26 27 (b) Major Suppliers At June 30, 2022 and June 30, 2021 there was no supplier who accounted for 10 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 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 TheAlikasa (Australia) Pty Ltd Common director / shareholder of the Company Blue Pacific Academy Entity under the same beneficial owner/ common directors Health Script Pty Ltd Entity under the same beneficial owner/ common directors Accounting Business Solutions Pty Ltd Entity under the same beneficial owner/ common directors Abrar Investments Pty Ltd Common shareholder Tasman Accounting Pty Ltd Entity under the same beneficial owner/ common directors Vantis Partners Pty Ltd Entity under the same beneficial owner/ common directors Amount due from related parties SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES June 30, 2022 June 30, 2021 TheAliKasa Australia Pty Ltd $ 20,097 $ - Rural Asset Management Services - 11,881 Blue Pacific Academy - 4,000 Health Script Pty Ltd 45,919 - Total $ 66,016 $ 15,881 Amount due from related parties $ 66,016 $ 15,881 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 June 17, 2022 and June 30, 2021, Rayont (Australia) Pty Ltd has loans receivable of $ 45,919 nil As of June 30, 2022 and June 30, 2021, Prema Life Pty Ltd and Wonder Foods Pty Ltd had amount receivable of $ 20,097 nil 386,105 20,097 Amounts due to related parties As of June 30, 2022 and June 30, 2021, the Company had amount due to related parties as follows: June 30, 2022 June 30, 2021 Accounting Business Solutions Pty Ltd $ - $ 1,133 Abrar Investments Pty Ltd 62 - Director’s loan - 386,105 Tasman Accounting Pty Ltd 3,453 - Ventis Partners Pty Ltd 125,162 - Total $ 128,677 $ 387,238 Amount due to related parties $ 128,677 $ 387,238 On August 1, 2021 the director has given a loan amount of $ 386,105 3 On May 4, 2022 the Ventis Partners Pty Ltd has given a loan amount of $ 125,162 On June 5, 2022 the Tasman Accounting Pty Ltd has given a loan amount of $ 3,453 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 properties. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 11 – STOCK-BASED COMPENSATION The Company accounts for stock issued for services using the fair value method in accordance with ASC 718, Stock-Based Compensation, the measurement date of shares issued for services is the grant date. On December 19, 2018, the Company issued 3,000,000 0.32 On January 14, 2019, under the Company’s 2019 Equity Incentive Plan, the Company issued an aggregate of 900,000 0.26 On January 30, 2019, the Company issued 200,000 0.26 On January 30, 2019, the Company issued 300,000 0.26 On January 31, 2019, the Company issued 150,000 0.26 On January 31, 2019, the Company issued 250,000 0.26 On February 11, 2019, the Board of Directors authorized the issuance of 1,000,000 0.25 On April 8, 2019, the Company issued 200,000 0.25 On April 26, 2019, the Company issued 900,000 0.25 On April 8, 2020, under the Company’s 2019 Equity Incentive Plan, the Company issued an aggregate of 250,000 0.08 The Company did not record the compensation cost for services for the twelve months ended June 30, 2021. In addition, the Company accounts for stock issued for business acquisition using the fair value method. The measurement date of shares issued for acquisition is the grant date. On September 30, 2020, the Company issued 25,714,286 0.07 On July 17, 2021, the Company issued 710,713 0.87 On September 23, 2021, the Company issued 515,771 2.25 On December 16, 2021, the Company issued 10,500 2.50 On March 31, 2022, the Company issued 13,889 1.89 On June 2, 2022, the Company issued 11,250 0.80 The Company relied upon Section 4(2) and Regulation D of the Securities Act of 1933, as amended, for the issuances of the securities listed above. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12 - INCOME TAXES The income before income taxes of the Company for the years ended June 30, 2022 and 2021 were comprised of the following: SCHEDULE OF INCOME BEFORE TAXES 2022 2021 For the years ended June 30 2022 2021 Tax jurisdictions from: – Local $ (362,040 ) $ (209,669 ) – Foreign, representing: Australia (152,727 ) 851,416 Malaysia 783,895 (257,866 ) Income before income taxes $ 269,128 $ 383,884 Provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2022 2021 For the years ended June 30 2022 2021 Current: – Local $ - $ - – Foreign: Australia 24,270 - Malaysia - - Total Current Income Tax Expense 24,270 - Deferred: – Local (76,028 ) (44,030 ) – Foreign, representing: Australia (32,073 ) - Malaysia - (54,152 ) Changes in valuation allowance 108,101 98,182 Income tax expense $ 24,270 $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35 21 3,956,354 830,834 Malaysia Rayont (Malaysia) Sdn Bhd is subject to the Malaysia Corporate Tax Laws at a two tier corporate income tax rate based on amount of paid up capital. The 2022 tax rate for company with paid-up capital of MYR 2,500,000 603,486 17 600,000 144,092 24 Rayont International (L) is subject to the Labuan Corporate Tax Laws, that is 3% of audited net profits for trading activity and zero percent for non-trading activity, conditional upon fulfilling the substance requirements under the Labuan Business Activity Tax Act, 1990. Failure of fulfilling the substance requirements, Labuan entity will be taxed at 24 For the year ended June 30, 2022, Rayont (Malaysia) Sdn Bhd generated a profit of $ 39,313 781,970 As of June 30, 2022, the operations in Malaysia generated $ 500,413 Australia The Australian Income Tax had significant changes progressively since 30 June 2017. The rate was previously 27.5 26 25 30 The Base Rate entity company tax rate can take advantage of the lower tax rate, and must meet the following condition. A company is a base rate entity for an income year if: ● the company’s aggregated turnover for that income year is less than USD35M or (AUD50M) for that income year, and ● it has 80% or less of their assessable income in that income year that is base rate entity passive income All the Australian companies have satisfied the requirements of the base rate entity and therefore the 25% tax rate is applicable. For three subsidiaries companies tax liabilities as per Australian Tax laws are in the amount of $ 24,270 As of June 30, 2022, the operations in the Australia incurred $ 608,252.00 127,733 The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of June 30, 2022 and June 30, 2021: SCHEDULE OF AGGREGATE NET DEFERRED TAX ASSETS 2022 2021 As of June 30 2022 2021 Gross Deferred tax assets: On Net operating loss carryforwards $ $ – United States of America 830,834 755,188 – Australia 127,733 90,564 - - Total gross deferred tax assets 958,567 845,752 Less: valuation allowance (958,567 ) (845,752 ) Net deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 958,567 112,815 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | NOTE 13 – OTHER INCOME Other income was $ 2,370,877 953,709 385,361 Next Generation Photo Dynamic Therapy (NGPDT) License for Sub-Sahara Africa 1,071,430.59 353,194 668,174 39,975 167,124 314,382 The amount of USD 298,418 476,594.32 632,393 228,258.35 302,876 244,376 185,539 225,376 |
OTHER RECEIVABLES AS CURRENT AS
OTHER RECEIVABLES AS CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2022 | |
Other Receivables As Current Assets | |
OTHER RECEIVABLES AS CURRENT ASSETS | NOTE 14 – OTHER RECEIVABLES AS CURRENT ASSETS As of June 30, 2022, the Company had other receivables in the amount of $ 2,765,829 2,500,000 175,225 27,652 20,000 155 29,623 13,174 As of June 30, 2021, the Company had other receivables in the amount of $ 453,250 202,768 201,649 14,993 32,003 1,836 |
OTHER ASSETS AS NON-CURRENT ASS
OTHER ASSETS AS NON-CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2022 | |
Other Assets As Non-current Assets | |
OTHER ASSETS AS NON-CURRENT ASSETS | NOTE 15 – OTHER ASSETS AS NON-CURRENT ASSETS As of June 30, 2022, the Company had other assets in the amount of $ 767,656 716,872 13,784 37,000 |
OTHER RECEIVABLES AS NON-CURREN
OTHER RECEIVABLES AS NON-CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2022 | |
Other Receivables As Non-current Assets | |
OTHER RECEIVABLES AS NON-CURRENT ASSETS | NOTE 16 – OTHER RECEIVABLES AS NON-CURRENT ASSETS As of June 30, 2022, the Company had other receivables in the amount of $ 1,009,537 1,002,632 6,905 |
RESTATEMENT OF PRIOR ISSUED FIN
RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS | NOTE 17 - RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS The Company changed last year its fiscal year-end from a fiscal year ending on September 30 to a fiscal year ending on June 30. Based on this change, prior issued financial statements ended June 30, 2021 includes our audited consolidated financial statements as at and for the nine months ended June 30, 2021 but the fiscal year ended June 30, 2022 is a full year so the management decided to do the consolidation for prior years for a period of twelve months as a comparative period for actual fiscal year ended June 30, 2022 by adopting ASC250-10 guidelines and prepared the restated financial statement for June 30, 2021, enclosed herewith. The Company has not amended its previously filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q for the periods affected by the restatement and has adjusted the balances by revising the consolidated balance sheet for the year ended June 30, 2021, income statement for the twelve months ended June 30, 2021, cash flow statements for the twelve months ended June 30, 2021 included herein. The restatement for the consolidated balance sheet as of and for the year ended June 30, 2021, income statement for the twelve months ended June 30, 2021 and cash flow statement for the twelve months ended June 30, 2021: RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED BALANCE SHEETS SCHEDULE OF RESTATEMENT OF FINANCIAL STATEMENTS As Previously Reported Restatement Adjustments As Restated June 30, 2021 As Previously Reported Restatement Adjustments As Restated ASSETS Current Assets: Cash and cash equivalents $ 243,610 $ - $ 243,610 Accounts receivables 534,525 - 534,525 Inventories 500,165 - 500,165 Prepaid expense 23,933 - 23,933 Due from related parties 15,881 - 15,881 Other receivables 453,250 - 453,250 Total Current Assets 1,771,364 - 1,771,364 Non-Current Assets: Property and equipment, net 3,140,757 - 3,140,757 Intangible assets 2,245,231 - 2,245,231 Total Non-Current Assets 5,385,988 - 5,385,988 TOTAL ASSETS $ 7,157,352 $ - $ 7,157,352 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 99,615 $ - $ 99,615 Accrued liabilities 472,021 - 472,021 Due to related parties 387,238 - 387,238 Loan payable 2,051,554 - 2,051,554 Finance lease payable 8,188 - 8,188 Other payables 209,712 - 209,712 Total Current Liabilities 3,228,328 - 3,228,328 Non-Current Liabilities: Finance lease payable 19,669 - 19,669 Loan payable 182,329 - 182,329 Total Non-Current Liabilities 201,998 - 201,998 TOTAL LIABILITIES $ 3,430,326 $ - $ 3,430,326 COMMITMENTS AND CONTNGENCIES - Stockholders’ Equity: Common stock, $ 0.001 500,000,000 46,783,369 38,871,818 $ 46,784 $ - $ 46,784 Preferred stock, $ 0.001 20,000,000 nil - - - Additional paid-in capital 6,996,198 - 6,996,198 Shares to be issued 618,320 - 618,320 Accumulated deficit (3,912,404 ) 32,603 (3,879,801 ) Accumulated other comprehensive loss (21,872 ) (32,603 ) (54,475 ) TOTAL STOCKHOLDERS’ EQUITY 3,727,026 0 3,727,026 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,157,352 $ 0 $ 7,157,352 RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) As Previously Reported Restatement Adjustments As Restated For the nine months ended June 30, 2021 For the twelve months ended June 30, 2021 Revenue $ 2,244,157 $ 725,442 $ 2,969,599 Cost of Revenue (979,476 ) (241,550 ) (1,221,026 ) Gross profit 1,264,681 483,892 1,748,573 Operating expenses: Selling, general and administrative expenses 1,687,873 267,694 1,955,567 Depreciation and amortization expense 422,633 31,875 454,508 Total Operating Expenses 2,110,506 299,569 2,410,075 Operating Loss (845,825 ) 184,323 (661,502 ) Other income/(expense): Interest income 140,252 1,504 141,756 Interest expense (38,704 ) (11,375 ) (50,079 ) Other income, net 790,701 163,008 953,709 Total other income 892,249 153,137 1,045,386 Income before income taxes 46,424 337,460 383,884 Income tax expense - - - Net income $ 46,424 $ 337,460 $ 383,884 Other comprehensive items Foreign currency translation loss (61,035 ) 31,375 (29,660 ) Total other comprehensive loss (61,035 ) 31,375 (29,660 ) Total comprehensive loss (14,611 ) 368,835 354,224 Less: comprehensive income attributable to noncontrolling interest - - - Comprehensive loss / income attributable to shareholders of the Company $ (14,611 ) $ 368,835 $ 354,224 Weighted average shares, basic and diluted 46,393,747 (8,624,647 ) 37,769,100 Net income per common share, basic and diluted $ 0.00 $ 0.01 $ 0.01 RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS As Previously Reported Restatement Adjustments As Restated For the nine months ended June 30, 2021 For the twelve months ended June 30, 2021 Operating Activities: Net Income $ 46,424 $ 337,460 $ 383,884 Adjustments to reconcile net income to net cash used in operating activities: Non-cash portion of share based compensation for service - - - Depreciation and amortization expense 422,633 31,875 454,508 Gain on sale of assets (238,014 ) (6,362 ) (244,376 ) Changes in operating assets and liabilities: Accounts receivable (157,303 ) (186,129 ) (343,432 ) Inventory (22,915 ) (130,069 ) (152,984 ) Accounts payable 42,828 (52,282 ) (9,454 ) Accrued liabilities 78,934 50,767 129,701 Prepaid expense (24,041 ) 322 (23,719 ) Advance to officer 6,717 (4,498 ) 2,219 Other assets (47,054 ) 266 (46,788 ) Other receivables (398,265 ) 75,907 (322,358 ) Other payable 4,160 (18,854 ) (14,694 ) Net cash used in operating activities (285,896 ) 98,403 (187,493 ) Investing Activities: Cash from acquisition - 1,082 1,082 Purchases of intangible assets (126,479 ) 343 (126,136 ) Proceeds from loan receivable 93,000 (93,000 ) - Purchases of property and equipment (1,765,027 ) 44,529 (1,720,498 ) Net cash used in investing activities (1,798,506 ) (48,128 ) (1,845,552 ) Financing Activities: Repayment to related party (155,376 ) (77,744 ) (233,120 ) Proceeds from loan payable 1,577,422 (14,710 ) 1,562,712 Issuance of common stock 701,988 - 701,988 Net cash provided by financing activities 2,124,034 (92,454 ) 2,031,580 EFFECT OF EXCHANGE RATE ON CASH 7,804 (18,743 ) (10,939 ) Net increase (decrease) in cash and cash equivalents 47,436 31,532 (12,404 ) Cash and cash equivalents at beginning of the period 196,174 59,840 256,014 Cash and cash equivalents at end of the year $ 243,610 $ 91,372 $ 243,610 SUPPLEMENTAL DISCLOSURE: Interest paid $ 38,704 $ 11,375 $ 50,079 Income tax paid $ - $ - $ - SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: Issuance of common stock for acquisitions $ - $ 1,800,000 $ 1,800,000 Forgiveness of debt $ 2,016,362 $ - $ 2,016,362 |
RIGHT-OF-USE ASSET AND OPERATIN
RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITIES | 12 Months Ended |
Jun. 30, 2022 | |
Right-of-use Asset And Operating Lease Liabilities | |
RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITIES | NOTE 18 – RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITIES Operating leases are accounted for on the balance sheet within the right-of-use (“ROU”) assets and lease liabilities recognized in “Operating lease liabilities - current” and “Operating lease liabilities – non-current,” respectively. Lease assets and liabilities are recognized at the lease commencement date. Lease liabilities are measured at the present value of the lease payments not yet paid. To determine the present value of lease payments not yet paid, the Company estimates borrowing rates corresponding to the maturities of the leases based on prevailing financial market conditions, comparable company and credit analysis, and management judgment. ROU assets measured based on the lease liability and no initial direct costs, prepaid or deferred rent, and lease incentives. The Company recognizes expense for these leases on a straight-line basis over the lease term and also considered annual incremental charges. Lease related costs recognized in the statements of operations for the year ended June 30, 2022 SCHEDULE OF LEASE RELATED COSTS Lease 1 Lease 2 Lease 3 Operating lease expenses $ 13,162 16,681 6,486 Supplemental balance sheet information related to leases is as follows: SCHEDULE OF INFORMATION RELATED TO LEASES Operating Leases June 30, 2022 Lease 1 Lease 2 Lease 3 Right-of-use assets $ 12,231 285,032 227,629 Lease liabilities - current 12,231 58,014 42,088 Lease liabilities - non-current - 227,018 185,541 Total lease liabilities $ 12,231 285,032 227,629 SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATE June 30, 2022 Weighted Average Remaining Lease Terms Lease 1 3 months Lease 2 4 years 5 months Lease 3 4 years 10 months Discount Rate Lease 1 2.91 % Lease 2 2.42 % Lease 3 2.83 % SCHEDULE OF OPERATING LEASES MATURITY Operating Leases Lease 1 Lease 2 Lease 3 2023 $ 12,261 64,083 47,806 2024 - 66,326 49,479 2025 68,647 51,212 2026 71,050 52,400 2027 30,374 42,430 Thereafter Total lease payments 12,261 300,481 243,327 Less: imputed interest (30 ) (15,449 ) (15,697 ) Present value of lease liabilities $ 12,231 285,032 227,629 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 19 - COMMITMENTS AND CONTINGENCIES The Company has no commitment or contingency as of June 30, 2022. |
GOODWILL
GOODWILL | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | NOTE 20 – GOODWILL Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting units of each fiscal year. For the years ended June 30, 2022, the Company determined there were no indicators of impairment of goodwill. On April 1, 2022 under the agreement Rayont Inc., through its wholly owned subsidiary No More Knots Holdings Pty Ltd, acquired 100 3,000,000 2,247,865 1,910,685 2,550,000 337,180 450,000 1. Achievement of EBIDTA of USD 500,000 700,000 2. Former owner remain and transition the business until December 31, 2022. 3. Complete the opening of new branch by December 31,2022. As of June 30,2022 the business failed to meet the first condition so the amount of the USD 110,000 150,000 No More Knots is home to over 45 tertiary qualified therapists who specialise in Remedial Massage and Myotherapy The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company is in the process of performing an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets acquired, as set forth below, are considered provisional and subject to adjustment as additional information is obtained through the purchase price measurement period (a period of up to one year from the closing date). The provisional allocation of the purchase price is based on management’s preliminary estimates. The management completed its analysis to finalize the purchase price allocation. SCHEDULE OF PURCHASE PRICE ALLOCATION Purchase consideration $ 1,967,960 Fair value of the net assets acquired and liabilities assumed $ 101,252 Goodwill $ 1,866,708 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 21 - SEGMENT REPORTING ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has reportable segment based on business unit, nutritional supplements and myotherapy; software and content business and reportable segment based on country, Australia and Malaysia. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. SCHEDULE OF SEGMENT REPORTING BUSINESS UNIT For the Year Ended and As of June 30, 2022 By Business Unit Software and Content Nutritional Supplements and Myotherapy Other Segment Total Revenue $ 0 $ 2,839,357 0 $ 2,839,357 Cost of revenue 0 (1,456,733 ) 0 (1,456,733 ) General and administrative expenses 0 (2,238,213 ) (630,705 ) (2,868,918 ) Loss from operations 0 (855,589 ) (630,705 ) (1,486,294 ) Total assets $ 0 $ 14,193,235 0 $ 14,193,235 Capital Expenditure Property and equipment $ 0 0 6,241,049 $ 6,241,049 Intangible assets $ 0 0 0 $ 0 For the Year Ended and As of June 30, 2021 By Business Unit Software and Content Nutritional Supplements Other Segment Total Revenue $ 872,476 $ 2,097,123 0 $ 2,969,599 Cost of revenue (86,110 ) (1,134,915 ) 0 (1,221,026 ) General and administrative expenses (606,641 ) (1,542,228 ) (261,207 ) (2,410,075 ) Income / loss from operations 179,725 (580,020 ) (261,207 ) (661,502 ) Total assets $ 2,683,037 $ 4,221,412 252,904 $ 7,157,352 Capital Expenditure Property and equipment $ 0 0 3,140,757 $ 3,140,757 Intangible assets $ 0 0 2,245,231 $ 2,245,231 For the Year Ended and As of June 30, 2022 By Country Malaysia Australia Other Segment Total Revenue $ 0 $ 2,839,357 0 $ 2,839,357 Cost of revenue 0 (1,456,733 ) 0 (1,456,733 ) General and administrative expenses 0 (2,238,213 ) (630,705 ) (2,868,918 ) Loss from operations 0 (855,589 ) (630,705 ) (1,486,294 ) Total assets $ 0 $ 14,193,235 0 $ 14,193,235 Capital Expenditure Property and equipment $ 0 0 6,241,049 $ 6,241,049 Intangible assets $ 0 0 0 $ 0 For the Year Ended and As of June 30, 2021 By Country Malaysia Australia Other Segment Total Revenue $ 72,886 $ 2,896,713 - $ 2,969,599 Cost of revenue (28,942 ) (1,192,084 ) - (1,221,026 ) General and administrative expenses (6,556 ) (2,142,312 ) (261,207 ) (2,410,075 ) Income / loss from operations 37,388 (437,683 ) (261,207 ) (661,502 ) Total assets $ 1,868,411 $ 5,036,037 252,904 $ 7,157,352 Capital expenditure Property and equipment $ 0 0 3,140,757 $ 3,140,757 Intangible assets $ 0 0 2,245,231 $ 2,245,231 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 22 - SUBSEQUENT EVENTS On July 1, 2022, under the agreement Rayont Inc., through its wholly owned subsidiary No More Knots (Ipswich) Pty Ltd, acquired the business of the Ipswich Massage from buyer OneDose Pty Ltd, in exchange for AUD 825,000 600,000 51,000 On August 22, 2022, under the agreement Rayont Inc., through its wholly owned subsidiary Rayont Australia Pty Ltd, acquired 100 750,000 500,000 1,524,044 The Corporation’s common stock was valued at USD 0.34 On November 25, 2022, the Company received a termination request from the former shareholders of The SkinDNA Company Pty Ltd. Both parties are discussing ways how to resolve the concerns each party has through informal mediation. On September 1, 2022, Rayont Inc., through its wholly owned subsidiary No More Knots Holdings Pty Ltd incorporated Pty Ltd for the amount of $ 70 On September 1, 2022, Rayont Inc., through its wholly owned subsidiary No More Knots Holdings Pty Ltd incorporated Health Script Pty Ltd for the amount of $ 70 On September 1, 2022, under the agreement Rayont Inc., through its wholly owned subsidiary Health Script Pty Ltd, acquired the business of Tugun Compounding Pty Ltd, in exchange for AUD 665,000 450,870 265,520 390,000 185,350 275,000 545,147 0.34 On September 1, 2022, under the agreement Rayont Inc., sold 100 ATF Rayont Property Trust , in exchange for AUD 4,944,225 3,352,185 On September 3, 2022, under the agreement Rayont Inc., through its wholly owned subsidiary Health Script Pty Ltd, acquired the business of Prema Life Pty Ltd, in exchange for AUD 1,050,000 718,725 On October 5, 2022 three board directors of Rayont Inc , Mark Rudulph Van Wyk, Thea Dillon and Jason Adam Sunstein resigned from their position as Board of Directors of their own accord. The Company relied upon Section 4(2) and Regulation S of the Securities Act of 1933, as amended, for the sale of these securities. No commissions were paid regarding the share issuance and they were issued in book entry form with a Rule 144 restrictive legend. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiary. All significant inter-company balances and transactions have been eliminated on consolidation. |
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’s current liabilities exceeded its current assets by $ 83,884 3,634,943 169,145 These indicate adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically negative working capital, recurring operating losses, accumulated deficit and other adverse key financial ratios. The Company generated revenues to cover its operating expense during the year ended June 30, 2022. The Company plans to continue obtaining funding from 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 one customer who accounted for 10% or more of the Company’s accounts receivable for the year ended June 30, 2022 and there is one customer who accounted for 10% or more of the Company’s accounts receivable for the year as of June 30, 2021. There is no supplier who accounted for 10 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s current financial assets and liabilities approximated their fair values due to the short maturities. The fair value of noncurrent financial assets and liabilities are determined based on the value of the discounted cash flows. The Company believes no material difference exists between the fair value and carry amounts of the noncurrent financial assets and liabilities |
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 June 30, 2022 and June 30, 2021, the Company had cash in bank of $ 185,782 243,610 |
Intangible assets | Intangible assets Intangible assets for purchased are recognized and measured at cost upon acquisition and consist of the Company’s exclusive license with various useful life. As of June 30, 2022 and June 30, 2021, the Company had intangible assets of $ 0 2,245,231 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, 2022, 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 40 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews long-lived assets when changes in circumstances or event could impact the recoverability of the carrying value of the assets. Recoverability of long-lived assets is determined by comparing the estimated undiscounted cash flows related to the long-lived assets to their carrying value. Impairment is determined by comparing the present value of future undiscounted cash flows, or some other fair value measure, to the carrying value of the asset. For the years ended June 30, 2022 and June 30, 2021, no impairment of long-lived assets was indicated, and no impairment loss was recorded. |
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. 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) Per Share | Earnings / (Loss) 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 June 30, 2022 and 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 maintains its 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 SCHEDULE OF EXCHANGES RATE As of and for the 12 months ended June 30, 2022 2021 Year-end AUD : US$1 exchange rate 1.4482 1.3340 12 months average AUD : US$1 exchange rate 1.3788 1.3484 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management believes none of the recently issued accounting pronouncements will have a material impact on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EXCHANGES RATE | Translation of amounts from the local currency of the Company into US$ 1 SCHEDULE OF EXCHANGES RATE As of and for the 12 months ended June 30, 2022 2021 Year-end AUD : US$1 exchange rate 1.4482 1.3340 12 months average AUD : US$1 exchange rate 1.3788 1.3484 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | As of June 30, 2022 and June 30, 2021, inventories were composed of the following: SCHEDULE OF INVENTORIES June 30, 2022 June 30, 2021 Raw materials $ 187,140 $ 190,533 Working in progress 82,446 93,147 Finished goods 242,467 216,485 Total inventories $ 512,053 $ 500,165 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT, NET | As of June 30, 2022 and June 30, 2021, property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET June 30, 2022 June 30, 2021 Land $ 2,982,738 $ 1,273,595 Building 2,673,276 1,030,735 Leasehold improvements 758,066 - Laser equipment - 1,302,073 Vehicle 27,445 29,794 Computer equipment 7,378 18,248 Total 6,448,902 3,654,445 Less: accumulated depreciation (207,853 ) (513,688 ) Total property and equipment, net $ 6,241,049 $ 3,140,757 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | As of June 30, 2022 and June 30, 2021, intangible assets, consisted of the following: SCHEDULE OF INTANGIBLE ASSETS June 30, 2022 June 30, 2021 Exclusive license for registering and commercializing Photosoft TM $ - $ 2,000,000 Trademark, website, software - 568,188 Total - 2,568,188 Less: accumulated amortization - (322,957 ) Total intangible assets, net $ - $ 2,245,231 |
LOAN PAYABLE (Tables)
LOAN PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOAN PAYABLE | As of June 30, 2022 and June 30, 2021, loans payable, consisted of the following: SCHEDULE OF LOAN PAYABLE Current loan payable: June 30, 2022 June 30, 2021 Mortgage loan $ 450,405 $ 2,046,477 COVID-19 loan - 5,077 Loan - Mazars (Quickfee) 45,032 - Note payable -1800 Diagonal 172,200 - Lydia Loh Holdings Loan 1,035,769 - Loan - Trevor Townsend 414,307 - HP Liability - Label Applicator 3,296 - Attvest Insurance Loan 25,430 - Loan - Biz Cap 306,804 - Loan Kelly Townsend 28,198 - Total current loan payable $ 2,481,440 $ 2,051,554 Non-current loan payable: Mortgage loan 4,811,975 182,329 Total non-current loan payable: $ 4,811,975 $ 182,329 Total loan payable $ 7,293,415 $ 2,233,883 |
FINANCE LEASE PAYABLE (Tables)
FINANCE LEASE PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Finance Lease Payable | |
SCHEDULE OF FINANCE LEASE | SCHEDULE OF FINANCE LEASE Current finance lease: June 30, 2022 June 30, 2021 Finance lease for vehicle $ 10,983 $ 8,188 Total current finance lease $ 10,983 $ 8,188 Non-current finance lease: Finance lease for vehicle 7,812 19,669 Total non-current finance lease: $ 7,812 $ 19,669 Total finance lease $ 18,795 $ 27,857 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 2022 June 30, 2021 TheAliKasa Australia Pty Ltd $ 20,097 $ - Rural Asset Management Services - 11,881 Blue Pacific Academy - 4,000 Health Script Pty Ltd 45,919 - Total $ 66,016 $ 15,881 Amount due from related parties $ 66,016 $ 15,881 Amounts due to related parties As of June 30, 2022 and June 30, 2021, the Company had amount due to related parties as follows: June 30, 2022 June 30, 2021 Accounting Business Solutions Pty Ltd $ - $ 1,133 Abrar Investments Pty Ltd 62 - Director’s loan - 386,105 Tasman Accounting Pty Ltd 3,453 - Ventis Partners Pty Ltd 125,162 - Total $ 128,677 $ 387,238 Amount due to related parties $ 128,677 $ 387,238 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME BEFORE TAXES | The income before income taxes of the Company for the years ended June 30, 2022 and 2021 were comprised of the following: SCHEDULE OF INCOME BEFORE TAXES 2022 2021 For the years ended June 30 2022 2021 Tax jurisdictions from: – Local $ (362,040 ) $ (209,669 ) – Foreign, representing: Australia (152,727 ) 851,416 Malaysia 783,895 (257,866 ) Income before income taxes $ 269,128 $ 383,884 |
SCHEDULE OF PROVISION FOR INCOME TAXES | Provision for income taxes consisted of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2022 2021 For the years ended June 30 2022 2021 Current: – Local $ - $ - – Foreign: Australia 24,270 - Malaysia - - Total Current Income Tax Expense 24,270 - Deferred: – Local (76,028 ) (44,030 ) – Foreign, representing: Australia (32,073 ) - Malaysia - (54,152 ) Changes in valuation allowance 108,101 98,182 Income tax expense $ 24,270 $ - |
SCHEDULE OF AGGREGATE NET DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of June 30, 2022 and June 30, 2021: SCHEDULE OF AGGREGATE NET DEFERRED TAX ASSETS 2022 2021 As of June 30 2022 2021 Gross Deferred tax assets: On Net operating loss carryforwards $ $ – United States of America 830,834 755,188 – Australia 127,733 90,564 - - Total gross deferred tax assets 958,567 845,752 Less: valuation allowance (958,567 ) (845,752 ) Net deferred tax assets $ - $ - |
RESTATEMENT OF PRIOR ISSUED F_2
RESTATEMENT OF PRIOR ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
SCHEDULE OF RESTATEMENT OF FINANCIAL STATEMENTS | The restatement for the consolidated balance sheet as of and for the year ended June 30, 2021, income statement for the twelve months ended June 30, 2021 and cash flow statement for the twelve months ended June 30, 2021: RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED BALANCE SHEETS SCHEDULE OF RESTATEMENT OF FINANCIAL STATEMENTS As Previously Reported Restatement Adjustments As Restated June 30, 2021 As Previously Reported Restatement Adjustments As Restated ASSETS Current Assets: Cash and cash equivalents $ 243,610 $ - $ 243,610 Accounts receivables 534,525 - 534,525 Inventories 500,165 - 500,165 Prepaid expense 23,933 - 23,933 Due from related parties 15,881 - 15,881 Other receivables 453,250 - 453,250 Total Current Assets 1,771,364 - 1,771,364 Non-Current Assets: Property and equipment, net 3,140,757 - 3,140,757 Intangible assets 2,245,231 - 2,245,231 Total Non-Current Assets 5,385,988 - 5,385,988 TOTAL ASSETS $ 7,157,352 $ - $ 7,157,352 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 99,615 $ - $ 99,615 Accrued liabilities 472,021 - 472,021 Due to related parties 387,238 - 387,238 Loan payable 2,051,554 - 2,051,554 Finance lease payable 8,188 - 8,188 Other payables 209,712 - 209,712 Total Current Liabilities 3,228,328 - 3,228,328 Non-Current Liabilities: Finance lease payable 19,669 - 19,669 Loan payable 182,329 - 182,329 Total Non-Current Liabilities 201,998 - 201,998 TOTAL LIABILITIES $ 3,430,326 $ - $ 3,430,326 COMMITMENTS AND CONTNGENCIES - Stockholders’ Equity: Common stock, $ 0.001 500,000,000 46,783,369 38,871,818 $ 46,784 $ - $ 46,784 Preferred stock, $ 0.001 20,000,000 nil - - - Additional paid-in capital 6,996,198 - 6,996,198 Shares to be issued 618,320 - 618,320 Accumulated deficit (3,912,404 ) 32,603 (3,879,801 ) Accumulated other comprehensive loss (21,872 ) (32,603 ) (54,475 ) TOTAL STOCKHOLDERS’ EQUITY 3,727,026 0 3,727,026 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,157,352 $ 0 $ 7,157,352 RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) As Previously Reported Restatement Adjustments As Restated For the nine months ended June 30, 2021 For the twelve months ended June 30, 2021 Revenue $ 2,244,157 $ 725,442 $ 2,969,599 Cost of Revenue (979,476 ) (241,550 ) (1,221,026 ) Gross profit 1,264,681 483,892 1,748,573 Operating expenses: Selling, general and administrative expenses 1,687,873 267,694 1,955,567 Depreciation and amortization expense 422,633 31,875 454,508 Total Operating Expenses 2,110,506 299,569 2,410,075 Operating Loss (845,825 ) 184,323 (661,502 ) Other income/(expense): Interest income 140,252 1,504 141,756 Interest expense (38,704 ) (11,375 ) (50,079 ) Other income, net 790,701 163,008 953,709 Total other income 892,249 153,137 1,045,386 Income before income taxes 46,424 337,460 383,884 Income tax expense - - - Net income $ 46,424 $ 337,460 $ 383,884 Other comprehensive items Foreign currency translation loss (61,035 ) 31,375 (29,660 ) Total other comprehensive loss (61,035 ) 31,375 (29,660 ) Total comprehensive loss (14,611 ) 368,835 354,224 Less: comprehensive income attributable to noncontrolling interest - - - Comprehensive loss / income attributable to shareholders of the Company $ (14,611 ) $ 368,835 $ 354,224 Weighted average shares, basic and diluted 46,393,747 (8,624,647 ) 37,769,100 Net income per common share, basic and diluted $ 0.00 $ 0.01 $ 0.01 RAYONT INC. AND SUBSIDIARIES RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS As Previously Reported Restatement Adjustments As Restated For the nine months ended June 30, 2021 For the twelve months ended June 30, 2021 Operating Activities: Net Income $ 46,424 $ 337,460 $ 383,884 Adjustments to reconcile net income to net cash used in operating activities: Non-cash portion of share based compensation for service - - - Depreciation and amortization expense 422,633 31,875 454,508 Gain on sale of assets (238,014 ) (6,362 ) (244,376 ) Changes in operating assets and liabilities: Accounts receivable (157,303 ) (186,129 ) (343,432 ) Inventory (22,915 ) (130,069 ) (152,984 ) Accounts payable 42,828 (52,282 ) (9,454 ) Accrued liabilities 78,934 50,767 129,701 Prepaid expense (24,041 ) 322 (23,719 ) Advance to officer 6,717 (4,498 ) 2,219 Other assets (47,054 ) 266 (46,788 ) Other receivables (398,265 ) 75,907 (322,358 ) Other payable 4,160 (18,854 ) (14,694 ) Net cash used in operating activities (285,896 ) 98,403 (187,493 ) Investing Activities: Cash from acquisition - 1,082 1,082 Purchases of intangible assets (126,479 ) 343 (126,136 ) Proceeds from loan receivable 93,000 (93,000 ) - Purchases of property and equipment (1,765,027 ) 44,529 (1,720,498 ) Net cash used in investing activities (1,798,506 ) (48,128 ) (1,845,552 ) Financing Activities: Repayment to related party (155,376 ) (77,744 ) (233,120 ) Proceeds from loan payable 1,577,422 (14,710 ) 1,562,712 Issuance of common stock 701,988 - 701,988 Net cash provided by financing activities 2,124,034 (92,454 ) 2,031,580 EFFECT OF EXCHANGE RATE ON CASH 7,804 (18,743 ) (10,939 ) Net increase (decrease) in cash and cash equivalents 47,436 31,532 (12,404 ) Cash and cash equivalents at beginning of the period 196,174 59,840 256,014 Cash and cash equivalents at end of the year $ 243,610 $ 91,372 $ 243,610 SUPPLEMENTAL DISCLOSURE: Interest paid $ 38,704 $ 11,375 $ 50,079 Income tax paid $ - $ - $ - SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: Issuance of common stock for acquisitions $ - $ 1,800,000 $ 1,800,000 Forgiveness of debt $ 2,016,362 $ - $ 2,016,362 |
RIGHT-OF-USE ASSET AND OPERAT_2
RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Right-of-use Asset And Operating Lease Liabilities | |
SCHEDULE OF LEASE RELATED COSTS | Lease related costs recognized in the statements of operations for the year ended June 30, 2022 SCHEDULE OF LEASE RELATED COSTS Lease 1 Lease 2 Lease 3 Operating lease expenses $ 13,162 16,681 6,486 |
SCHEDULE OF INFORMATION RELATED TO LEASES | Supplemental balance sheet information related to leases is as follows: SCHEDULE OF INFORMATION RELATED TO LEASES Operating Leases June 30, 2022 Lease 1 Lease 2 Lease 3 Right-of-use assets $ 12,231 285,032 227,629 Lease liabilities - current 12,231 58,014 42,088 Lease liabilities - non-current - 227,018 185,541 Total lease liabilities $ 12,231 285,032 227,629 |
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATE | SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATE June 30, 2022 Weighted Average Remaining Lease Terms Lease 1 3 months Lease 2 4 years 5 months Lease 3 4 years 10 months Discount Rate Lease 1 2.91 % Lease 2 2.42 % Lease 3 2.83 % |
SCHEDULE OF OPERATING LEASES MATURITY | SCHEDULE OF OPERATING LEASES MATURITY Operating Leases Lease 1 Lease 2 Lease 3 2023 $ 12,261 64,083 47,806 2024 - 66,326 49,479 2025 68,647 51,212 2026 71,050 52,400 2027 30,374 42,430 Thereafter Total lease payments 12,261 300,481 243,327 Less: imputed interest (30 ) (15,449 ) (15,697 ) Present value of lease liabilities $ 12,231 285,032 227,629 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF PURCHASE PRICE ALLOCATION | SCHEDULE OF PURCHASE PRICE ALLOCATION Purchase consideration $ 1,967,960 Fair value of the net assets acquired and liabilities assumed $ 101,252 Goodwill $ 1,866,708 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING BUSINESS UNIT | SCHEDULE OF SEGMENT REPORTING BUSINESS UNIT For the Year Ended and As of June 30, 2022 By Business Unit Software and Content Nutritional Supplements and Myotherapy Other Segment Total Revenue $ 0 $ 2,839,357 0 $ 2,839,357 Cost of revenue 0 (1,456,733 ) 0 (1,456,733 ) General and administrative expenses 0 (2,238,213 ) (630,705 ) (2,868,918 ) Loss from operations 0 (855,589 ) (630,705 ) (1,486,294 ) Total assets $ 0 $ 14,193,235 0 $ 14,193,235 Capital Expenditure Property and equipment $ 0 0 6,241,049 $ 6,241,049 Intangible assets $ 0 0 0 $ 0 For the Year Ended and As of June 30, 2021 By Business Unit Software and Content Nutritional Supplements Other Segment Total Revenue $ 872,476 $ 2,097,123 0 $ 2,969,599 Cost of revenue (86,110 ) (1,134,915 ) 0 (1,221,026 ) General and administrative expenses (606,641 ) (1,542,228 ) (261,207 ) (2,410,075 ) Income / loss from operations 179,725 (580,020 ) (261,207 ) (661,502 ) Total assets $ 2,683,037 $ 4,221,412 252,904 $ 7,157,352 Capital Expenditure Property and equipment $ 0 0 3,140,757 $ 3,140,757 Intangible assets $ 0 0 2,245,231 $ 2,245,231 For the Year Ended and As of June 30, 2022 By Country Malaysia Australia Other Segment Total Revenue $ 0 $ 2,839,357 0 $ 2,839,357 Cost of revenue 0 (1,456,733 ) 0 (1,456,733 ) General and administrative expenses 0 (2,238,213 ) (630,705 ) (2,868,918 ) Loss from operations 0 (855,589 ) (630,705 ) (1,486,294 ) Total assets $ 0 $ 14,193,235 0 $ 14,193,235 Capital Expenditure Property and equipment $ 0 0 6,241,049 $ 6,241,049 Intangible assets $ 0 0 0 $ 0 For the Year Ended and As of June 30, 2021 By Country Malaysia Australia Other Segment Total Revenue $ 72,886 $ 2,896,713 - $ 2,969,599 Cost of revenue (28,942 ) (1,192,084 ) - (1,221,026 ) General and administrative expenses (6,556 ) (2,142,312 ) (261,207 ) (2,410,075 ) Income / loss from operations 37,388 (437,683 ) (261,207 ) (661,502 ) Total assets $ 1,868,411 $ 5,036,037 252,904 $ 7,157,352 Capital expenditure Property and equipment $ 0 0 3,140,757 $ 3,140,757 Intangible assets $ 0 0 2,245,231 $ 2,245,231 |
ORGANIZATION AND BUSINESS DES_2
ORGANIZATION AND BUSINESS DESCRIPTION (Details Narrative) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2022 USD ($) | May 14, 2022 USD ($) | May 14, 2022 AUD ($) | May 04, 2022 USD ($) | May 04, 2022 AUD ($) | Apr. 01, 2022 USD ($) | Apr. 01, 2022 AUD ($) | Jan. 31, 2022 AUD ($) | Mar. 09, 2021 USD ($) shares | Mar. 09, 2021 AUD ($) shares | Feb. 05, 2021 USD ($) | Dec. 23, 2020 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 29, 2020 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | $ 1,967,960 | ||||||||||||||||
Stock issued for acquisition | $ 74,384 | ||||||||||||||||
Deduction of purchase price | 110,000 | $ 150,000 | |||||||||||||||
No More Knots Holdings Proprietary Limited [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Acquired percentage of outstanding shares and units | 100% | 100% | |||||||||||||||
Payment of cash for business acquisition | $ 2,247,865 | $ 3,000,000 | |||||||||||||||
No More Knots Holdings Proprietary Limited [Member] | January 31, 2023 [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payment of cash for business acquisition | $ 500,000 | $ 700,000 | |||||||||||||||
Jovestone Pyt Lted [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | $ 6,918 | $ 10,000 | |||||||||||||||
Instalment payament of loans payable | $ 64,337 | $ 93,000 | |||||||||||||||
Rayont Malaysia Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Banking Regulation, Total Capital, Actual | $ 25 | ||||||||||||||||
Rayont Technologies Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Banking Regulation, Total Capital, Actual | $ 25 | ||||||||||||||||
Acquisition Agreement [Member] | Rayont (Australia) Pty Ltd [Member] | GGLG Properties Pty LTD [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | $ 605,920 | ||||||||||||||||
Discount on acquisition's price, percentage | 10% | ||||||||||||||||
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 | |||||||||||||||
Acquired percentage of outstanding shares and units | 100% | 100% | |||||||||||||||
Asset Purchase Member [Member] | Rayont Technologies Sdn Bhd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payments to Acquire Productive Assets | $ 105,000 | ||||||||||||||||
First Tranche [Member] | No More Knots Holdings Proprietary Limited [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payment of cash for business acquisition | $ 1,910,685 | $ 2,550,000 | |||||||||||||||
Second Tranche [Member] | No More Knots Holdings Proprietary Limited [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payment of cash for business acquisition | $ 337,180 | $ 450,000 | |||||||||||||||
Asset Sales Agreement [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | $ 3,500,000 | ||||||||||||||||
Asset Sales Agreement [Member] | License [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | 2,500,000 | ||||||||||||||||
Asset Sales Agreement [Member] | Equipment [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Business combination consideration transferred1 | $ 1,000,000 | ||||||||||||||||
Rayont Technologies Pty Ltd [Member] | |||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||
Payments for purchase of assets | $ 302,876.22 |
SCHEDULE OF EXCHANGES RATE (Det
SCHEDULE OF EXCHANGES RATE (Details) | Jun. 30, 2022 | Jun. 30, 2021 |
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 1 | |
Year-end AUD:US$1 Exchange Rate [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 1.4482 | 1.3340 |
12 months Average AUD:US$1 Exchange Rate [Member] | ||
Offsetting Assets [Line Items] | ||
Foreign currency translation exchange rate | 1.3788 | 1.3484 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 11 Months Ended | 12 Months Ended | |
Jun. 01, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Product Information [Line Items] | |||
Current liabilities exceeds | $ 83,884 | ||
Accumulated loss | $ 3,634,943 | $ 3,879,801 | |
Net cash used in operating activities | $ 169,145 | (169,145) | (187,493) |
Cash in bank | $ 185,782 | 243,610 | |
Foreign currency exchange rate translation1 | 1 | ||
Minimum [Member] | |||
Product Information [Line Items] | |||
Estimated useful lives | 4 years | ||
Maximum [Member] | |||
Product Information [Line Items] | |||
Estimated useful lives | 40 years | ||
Workstar Tech (Aust) Pty Ltd [Member] | |||
Product Information [Line Items] | |||
Intangible assets current | $ 0 | 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% | 10% |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 187,140 | $ 190,533 |
Working in progress | 82,446 | 93,147 |
Finished goods | 242,467 | 216,485 |
Total inventories | $ 512,053 | $ 500,165 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 6,448,902 | $ 3,654,445 |
Less: accumulated depreciation | (207,853) | (513,688) |
Total property and equipment, net | 6,241,049 | 3,140,757 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,982,738 | 1,273,595 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,673,276 | 1,030,735 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 758,066 | |
Laser equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,302,073 | |
Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 27,445 | 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) | 12 Months Ended | |||||||||||||||||||
May 04, 2022 USD ($) | May 04, 2022 AUD ($) | Sep. 23, 2021 USD ($) | Sep. 23, 2021 AUD ($) | Jun. 29, 2021 USD ($) | Jun. 28, 2021 USD ($) | Oct. 15, 2020 USD ($) | Oct. 15, 2020 AUD ($) | Jun. 26, 2020 USD ($) | Jun. 26, 2020 AUD ($) | Jan. 22, 2019 USD ($) | Jan. 22, 2019 AUD ($) | Jun. 30, 2018 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 15, 2022 USD ($) | Oct. 15, 2022 AUD ($) | Oct. 28, 2020 USD ($) | Oct. 28, 2020 AUD ($) | Oct. 15, 2020 AUD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Acquire property plant and equipment | $ 3,191,324 | $ 1,720,498 | ||||||||||||||||||
Sale of property | 385,361 | |||||||||||||||||||
Tangible assets | 2,245,231 | |||||||||||||||||||
Finance lease | 10,983 | 8,188 | ||||||||||||||||||
Leasehold improvements gross | 505,374 | |||||||||||||||||||
Depreciation expenses | 167,592 | 131,903 | ||||||||||||||||||
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 | $ 476,594.32 | $ 632,393 | 632,393 | ||||||||||||||||
Acquire productive assets | 228,258.35 | $ 302,876 | ||||||||||||||||||
Intangible assets | 0 | 2,245,231 | ||||||||||||||||||
Rayont Properties Pty Ltd Property One [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Payment of cash for business acquisition | $ 1,643,327 | $ 2,300,000 | ||||||||||||||||||
Rayont Properties Pty Ltd Property Two [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Payment of cash for business acquisition | 600,746 | 870,000 | ||||||||||||||||||
Rayont Properties Pty Ltd Property One [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Capitalization of stamp duty | 90,198 | 130,625 | ||||||||||||||||||
Rayont Properties Pty Ltd Property Two [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Capitalization of stamp duty | $ 22,217 | $ 32,175 | ||||||||||||||||||
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 | $ 1,736,966 | ||||||||||||||||||
Land and Building [Member] | Rayont (Australia) Pty Ltd [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Acquire property plant and equipment | $ 1,159,040 | $ 472,135 | $ 686,814 | |||||||||||||||||
Capitalization of stamp duty | 52,654 | $ 72,525 | ||||||||||||||||||
Capitalized interest | $ 107,296 | $ 147,790 | ||||||||||||||||||
Land and Building [Member] | GGLG Properties Pty LTD [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Sale of property | $ 693,403 | |||||||||||||||||||
Land and Building [Member] | Prema Life Pty Ltd [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Acquire property plant and equipment | $ 2,304,330 | |||||||||||||||||||
Land and Building [Member] | No More Knots Taringa Proprietary Limited [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Leasehold improvements gross | 249,723 | |||||||||||||||||||
Land and Building [Member] | No More Knots Clay Field Proprietary Limited [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Leasehold improvements gross | 2,969.20 | |||||||||||||||||||
Vehicle [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Finance lease | $ 10,983 | $ 8,188 | $ 34,167 | $ 44,880 | ||||||||||||||||
Land [Member] | Prema Life Pty Ltd [Member] | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Acquire property plant and equipment | 1,273,595 | |||||||||||||||||||
Building [Member] | Prema Life 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 ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 2,568,188 | |
Less: accumulated amortization | (322,957) | |
Total intangible assets, net | 2,245,231 | |
Exclusive License For Registering And Commercializing Photosoft Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 2,000,000 | |
Trademark Website Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 568,188 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) | 12 Months Ended | |||||
Feb. 05, 2021 USD ($) | Oct. 15, 2020 USD ($) | Oct. 15, 2020 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 15, 2020 AUD ($) | |
Indefinite-Lived Intangible Assets [Line Items] | ||||||
Finite lived intangible assets net | $ 2,245,231 | |||||
Intangible assets, useful life | 10 years | |||||
Amortization expenses | $ 318,238 | 322,605 | ||||
Asset Purchase Member [Member] | Sage Interactive Sdn Bhd [Member] | ||||||
Indefinite-Lived Intangible Assets [Line Items] | ||||||
Payments to acquire productive assets | $ 105,000 | |||||
Intangible assets useful lives | 10 years | 10 years | 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 | ||||
Payments to acquire productive assets | 228,258.35 | $ 302,876 | ||||
Intangible assets | $ 0 | 2,245,231 | ||||
Intangible assets useful lives | 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 |
ACCOUNTS PAYABLE (Details Narra
ACCOUNTS PAYABLE (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable current | $ 384,355 | $ 99,615 |
SCHEDULE OF LOAN PAYABLE (Detai
SCHEDULE OF LOAN PAYABLE (Details) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 29, 2020 USD ($) | Jun. 29, 2020 AUD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | $ 2,481,440 | $ 2,051,554 | ||
Total non-current loan payable: | 4,811,975 | 182,329 | ||
Total loan payable | 7,293,415 | 2,233,883 | ||
Mortgage Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 450,405 | 2,046,477 | ||
Total non-current loan payable: | 4,811,975 | 182,329 | ||
COVID-19 Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 5,077 | |||
Total loan payable | $ 171,729 | $ 250,000 | ||
Loan Quick Fee [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 45,032 | |||
Note Payable - 1800 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 172,200 | |||
Lydia Loh Holdinings Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 1,035,769 | |||
Loan - Trevor Townsed [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 414,307 | |||
HP Liability - Label Applicator [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 3,296 | |||
Attvest Insurence Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 25,430 | |||
Loan - Biz Cap [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | 306,804 | |||
Loan Kelly Townsend [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total current loan payable | $ 28,198 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 10, 2022 USD ($) | May 12, 2022 USD ($) | May 12, 2022 AUD ($) | May 04, 2022 USD ($) | Apr. 21, 2022 USD ($) | Apr. 21, 2022 AUD ($) | Apr. 04, 2022 USD ($) | Dec. 12, 2021 USD ($) | Nov. 12, 2021 USD ($) | Nov. 12, 2021 AUD ($) | Sep. 02, 2021 USD ($) | Sep. 02, 2021 AUD ($) | Jun. 28, 2021 USD ($) | Jun. 28, 2021 AUD ($) | Jun. 29, 2020 USD ($) | Jun. 26, 2020 USD ($) | Jun. 26, 2020 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 15, 2022 | Jun. 10, 2022 AUD ($) | May 23, 2022 USD ($) | May 12, 2022 AUD ($) | May 04, 2022 AUD ($) | Apr. 21, 2022 AUD ($) | Apr. 04, 2022 AUD ($) | Dec. 12, 2021 AUD ($) | Nov. 12, 2021 AUD ($) | Oct. 15, 2021 USD ($) | Oct. 15, 2021 AUD ($) | Sep. 02, 2021 AUD ($) | Aug. 06, 2021 USD ($) | Aug. 06, 2021 AUD ($) | Aug. 01, 2021 | Jun. 28, 2021 AUD ($) | Jun. 29, 2020 AUD ($) | Jun. 26, 2020 AUD ($) | |
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Outstanding current balances | $ 2,481,440 | $ 2,051,554 | |||||||||||||||||||||||||||||||||||
Outstanding non current balances | 4,811,975 | 182,329 | |||||||||||||||||||||||||||||||||||
Loans payable | 7,293,415 | 2,233,883 | |||||||||||||||||||||||||||||||||||
Notes payable | $ 172,200 | ||||||||||||||||||||||||||||||||||||
Original issue discount | 12% | ||||||||||||||||||||||||||||||||||||
Debt instrument face amount | $ 18,450 | ||||||||||||||||||||||||||||||||||||
Interest and outstanding principal | 19,286.40 | ||||||||||||||||||||||||||||||||||||
Interest expense | 615,455 | 50,079 | |||||||||||||||||||||||||||||||||||
No More Knots Holdings Proprietary Limited [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 3 years | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 357,250 | $ 500,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Prema Life Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||||||||||||||||
Interest rate | 3% | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 2,500,750 | 3,500,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.16% | ||||||||||||||||||||||||||||||||||||
Rayont (Australia) Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 3 years | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 250,075 | 350,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Wonder Foods Retail Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 3 years | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 107,175 | $ 150,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Trevor Townsend [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | ||||||||||||||||||||||||||||||||||||
Interest rate | 8% | 8% | |||||||||||||||||||||||||||||||||||
Loans payable | $ 423,240 | $ 600,000 | |||||||||||||||||||||||||||||||||||
Lydia Loh Holdings Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 0.70% | 0.70% | |||||||||||||||||||||||||||||||||||
Loans payable | $ 1,071,750 | $ 1,500,000 | |||||||||||||||||||||||||||||||||||
Quick Fee [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | 1 year | |||||||||||||||||||||||||||||||||||
Unsecured loan | $ 26,554 | $ 55,662 | $ 35,176 | $ 77,556 | |||||||||||||||||||||||||||||||||
Rayont Properties Pty Ltd [Member] | Rayont Properties Pty Ltd First Loan [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 2,207,091 | 3,089,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||||||||||
Rayont Properties Pty Ltd [Member] | Rayont Properties Pty Ltd Second Loan [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt instrument term | 3 years | ||||||||||||||||||||||||||||||||||||
Loan amount | $ 57,875 | 81,000 | |||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||||||||||||||||||||||||||||
No More Knots Holdings Pty Ltd [Member] | Kelly Townsend [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | $ 29,178 | $ 40,836.44 | |||||||||||||||||||||||||||||||||||
No More Knots Pty Ltd [Member] | Bizcap AU Pty Ltd [Member] | Private Loan One [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | $ 95,928 | $ 140,000 | |||||||||||||||||||||||||||||||||||
Interest amount | 47,005 | $ 68,600 | |||||||||||||||||||||||||||||||||||
No More Knots Pty Ltd [Member] | Bizcap AU Pty Ltd [Member] | Private Loan Two [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | 34,260 | 50,000 | |||||||||||||||||||||||||||||||||||
Interest amount | 16,787 | 24,500 | |||||||||||||||||||||||||||||||||||
No More Knots (Taringa) Pty Ltd [Member] | Bizcap AU Pty Ltd [Member] | Private Loan One [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | 37,686 | 55,000 | |||||||||||||||||||||||||||||||||||
Interest amount | 18,466 | 26,950 | |||||||||||||||||||||||||||||||||||
No More Knots (Newmarket) Pty Ltd [Member] | Bizcap AU Pty Ltd [Member] | Private Loan One [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | 37,686 | $ 55,000 | |||||||||||||||||||||||||||||||||||
Interest amount | $ 18,466 | $ 26,950 | |||||||||||||||||||||||||||||||||||
Prema Life Pty Ltd [Member] | Bizcap AU Pty Ltd [Member] | Private Loan One [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Unsecured loan | $ 184,400 | $ 250,000 | |||||||||||||||||||||||||||||||||||
Interest amount | $ 90,356 | $ 122,500 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Outstanding current balances | 450,405 | 2,046,477 | |||||||||||||||||||||||||||||||||||
Outstanding non current balances | 4,811,975 | 182,329 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Two Private Lenders [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Outstanding current balances | $ 453,713 | $ 660,000 | |||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | 1 year | |||||||||||||||||||||||||||||||||||
Interest rate | 10% | 10% | |||||||||||||||||||||||||||||||||||
Monthly payments | $ 4,108 | $ 5,500 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Outstanding balance | $ 1,746,920 | $ 2,380,000 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | First Tranche [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 9% | 9% | |||||||||||||||||||||||||||||||||||
Monthly payments | $ 11,175 | $ 15,225 | |||||||||||||||||||||||||||||||||||
Outstanding balance | $ 1,490,020 | $ 2,030,000 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | COE Property Group Pty Ltd [Member] | Second Tranche [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 36% | 36% | |||||||||||||||||||||||||||||||||||
Monthly payments | $ 7,707 | $ 10,500 | |||||||||||||||||||||||||||||||||||
Outstanding balance | $ 256,900 | $ 350,000 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | RDS Superannuation Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 18% | 18% | |||||||||||||||||||||||||||||||||||
Monthly payments | $ 4,183 | $ 5,762 | $ 3,869 | $ 5,250 | |||||||||||||||||||||||||||||||||
Outstanding balance | $ 257,915 | $ 350,000 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | Private Lenders [Member] | Aura Loan Management Pty Ltd [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 9.25% | 9.25% | |||||||||||||||||||||||||||||||||||
Loans payable | $ 547,319 | $ 747,500 | |||||||||||||||||||||||||||||||||||
Mortgage Loan [Member] | James Lee [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 48% | 48% | |||||||||||||||||||||||||||||||||||
Loans payable | $ 266,976 | $ 360,000 | |||||||||||||||||||||||||||||||||||
Interest rate, in case of default in payment | 96% | ||||||||||||||||||||||||||||||||||||
COVID-19 Loan [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Outstanding current balances | 5,077 | ||||||||||||||||||||||||||||||||||||
Debt instrument term | 10 years | ||||||||||||||||||||||||||||||||||||
Outstanding balance | $ 0 | $ 5,077 | |||||||||||||||||||||||||||||||||||
Loans payable | $ 171,729 | $ 250,000 | |||||||||||||||||||||||||||||||||||
COVID-19 Loan [Member] | First Twelve Months [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 0% | 0% | |||||||||||||||||||||||||||||||||||
COVID-19 Loan [Member] | Remainder Term [Member] | |||||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||
Interest rate | 2.50% | 2.50% |
SCHEDULE OF FINANCE LEASE (Deta
SCHEDULE OF FINANCE LEASE (Details) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 28, 2020 USD ($) | Oct. 28, 2020 AUD ($) |
Property, Plant and Equipment [Line Items] | ||||
Total current finance lease | $ 10,983 | $ 8,188 | ||
Total non-current finance lease: | 7,812 | 19,669 | ||
Total finance lease | 18,795 | 27,857 | ||
Vehicle [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total current finance lease | 10,983 | 8,188 | $ 34,167 | $ 44,880 |
Total non-current finance lease: | $ 7,812 | $ 19,669 |
FINANCE LEASE PAYABLE (Details
FINANCE LEASE PAYABLE (Details Narrative) | Oct. 28, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 28, 2020 AUD ($) |
Finance Lease | $ 18,795 | $ 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) - Customer One [Member] | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 26% | 27% |
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
SCHEDULE OF AMOUNT DUE TO (FROM
SCHEDULE OF AMOUNT DUE TO (FROM) RELATED PARTIES (Details) - USD ($) | Jun. 30, 2022 | Jun. 05, 2022 | May 04, 2022 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||||
Amount due from related parties | $ 66,016 | $ 15,881 | ||
Amount due to related parties | 128,677 | 387,238 | ||
The Ali Kasa Australia Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due from related parties | 20,097 | |||
Rural Asset Management Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due from related parties | 11,881 | |||
Blue Pacific Academy [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due from related parties | 4,000 | |||
Health Script Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due from related parties | 45,919 | |||
Accounting Business Solutions Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 1,133 | |||
Abrar Investments Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 62 | |||
Director's Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 386,105 | |||
Tasman Accounting Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 3,453 | $ 3,453 | ||
Ventis Partners Pty Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | $ 125,162 | $ 125,162 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2020 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 17, 2022 USD ($) | Jun. 05, 2022 USD ($) | May 04, 2022 USD ($) | May 04, 2022 AUD ($) | Mar. 31, 2022 USD ($) | Aug. 01, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) |
Related Party Transaction [Line Items] | |||||||||||
Loan amount | $ 128,677 | $ 387,238 | |||||||||
Rural Asset Management Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans receivable | $ 11,881 | 11,881 | $ 91,823 | ||||||||
Agreed to grant a loan | $ 91,823 | ||||||||||
Loans receivable on demand | $ 11,881 | ||||||||||
Blue Pacific Academy [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans receivable | $ 4,000 | 4,000 | |||||||||
Health Script Pty Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans receivable | $ 45,919 | ||||||||||
Prema Life Pty Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans receivable | $ 2,500,750 | $ 3,500,000 | |||||||||
Loan repayment | 20,097 | ||||||||||
Loan amount | $ 386,105 | ||||||||||
Loan bears interest | 3% | ||||||||||
Prema Life Pty Ltd [Member] | Director [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans receivable | 386,105 | ||||||||||
Due from related parties | 20,097 | ||||||||||
Wonder Foods Pty Ltd [Member] | Director [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from related parties | 20,097 | ||||||||||
Ventis Partners Pty Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loan amount | 125,162 | $ 125,162 | |||||||||
Tasman Accounting Pty Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loan amount | $ 3,453 | $ 3,453 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) - $ / shares | Jun. 02, 2022 | Mar. 31, 2022 | Dec. 16, 2021 | Sep. 23, 2021 | Jul. 17, 2021 | Sep. 30, 2020 | Apr. 08, 2020 | Apr. 26, 2019 | Apr. 08, 2019 | Feb. 11, 2019 | Jan. 31, 2019 | Jan. 30, 2019 | Jan. 14, 2019 | Dec. 19, 2018 |
Taleo Holdings (L) Ltd [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Shares issued price per share | $ 0.07 | |||||||||||||
Number of stock issued for purchase, shares | 25,714,286 | |||||||||||||
The AliKasa Pty Ltd [Member] | GGLG Properties Pty LTD [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Shares issued price per share | $ 2.25 | $ 0.87 | ||||||||||||
Number of stock issued for purchase, shares | 515,771 | 710,713 | ||||||||||||
2019 Equity Incentive Plan [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 900,000 | |||||||||||||
Shares issued price per share | $ 0.26 | |||||||||||||
Consultant [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 900,000 | 200,000 | 150,000 | 200,000 | 3,000,000 | |||||||||
Shares issued price per share | $ 0.25 | $ 0.25 | $ 0.26 | $ 0.26 | $ 0.32 | |||||||||
Consultant [Member] | Share Issuance [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 300,000 | |||||||||||||
Shares issued price per share | $ 0.26 | |||||||||||||
Marketing Staff [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 250,000 | |||||||||||||
Shares issued price per share | $ 0.26 | |||||||||||||
President [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 1,000,000 | |||||||||||||
Shares issued price per share | $ 0.25 | |||||||||||||
Chief Executive Officer [Member] | 2019 Equity Incentive Plan [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Number of shares issued for services, shares | 250,000 | |||||||||||||
Shares issued price per share | $ 0.08 | |||||||||||||
Board of Directors [Member] | ||||||||||||||
Multiemployer Plan [Line Items] | ||||||||||||||
Shares issued price per share | $ 0.80 | $ 1.89 | $ 2.50 | |||||||||||
Number of shares issued | 11,250 | 13,889 | 10,500 |
SCHEDULE OF INCOME BEFORE TAXES
SCHEDULE OF INCOME BEFORE TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
– Local | $ (362,040) | $ (209,669) |
Income before income taxes | 269,128 | 383,884 |
AUSTRALIA | ||
Malaysia | (152,727) | 851,416 |
MALAYSIA | ||
Malaysia | $ 783,895 | $ (257,866) |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
– Local | ||
Total Current Income Tax Expense | 24,270 | |
– Local | (76,028) | (44,030) |
Changes in valuation allowance | 108,101 | 98,182 |
Income tax expense | 24,270 | |
AUSTRALIA | ||
Malaysia | 24,270 | |
Malaysia | (32,073) | |
MALAYSIA | ||
Malaysia | ||
Malaysia | $ (54,152) |
SCHEDULE OF AGGREGATE NET DEFER
SCHEDULE OF AGGREGATE NET DEFERRED TAX ASSETS (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Total gross deferred tax assets | $ 958,567 | $ 845,752 |
Less: valuation allowance | (958,567) | (845,752) |
Net deferred tax assets | ||
Americas [Member] | ||
– Australia | 830,834 | 755,188 |
AUSTRALIA | ||
– Australia | $ 127,733 | $ 90,564 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended | 18 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 | Jun. 30, 2022 USD ($) | Jun. 30, 2022 MYR (RM) | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Net operating loss carryforwards | $ 3,956,354 | $ 3,956,354 | |||
Valuation allowance deferred tax asset | 830,834 | ||||
Deferred tax assets valuation allowance | 958,567 | $ 845,752 | 958,567 | ||
Valuation allowance, deferred tax asset, increase (decrease), amount | 112,815 | ||||
MALAYSIA | Sdn Bhd [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 39,313 | ||||
MALAYSIA | Rayont International [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ 781,970 | ||||
AUSTRALIA | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25% | 26% | 27.50% | ||
Paid up capital | $ 608,252 | 608,252 | |||
[custom:EffectiveIncomeTaxRateNotEligibleForTheLowerCompanyIncomeTaxRate] | 30% | ||||
Net deferred tax liability | $ 24,270 | 24,270 | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 127,733 | $ 90,564 | 127,733 | ||
Malaysia Corporate Tax Laws [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24% | ||||
Paid up capital | $ 603,486 | 603,486 | RM 2,500,000 | ||
[custom:CapitalizationThresholdStatutoryIncomeTaxRate] | 17% | ||||
Paid up capital | $ 144,092 | 144,092 | RM 600,000 | ||
Paid up capital | $ 500,413 | $ 500,413 | |||
Maximum [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35% | ||||
Minimum [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
OTHER INCOME (Details Narrative
OTHER INCOME (Details Narrative) | 12 Months Ended | |||||||
Jun. 29, 2021 USD ($) | Oct. 15, 2020 USD ($) | Oct. 15, 2020 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Oct. 15, 2022 USD ($) | Oct. 15, 2022 AUD ($) | Oct. 15, 2020 AUD ($) | |
Income other | $ 2,370,877 | $ 953,709 | ||||||
Sale of the equipment | 385,361 | |||||||
Research and development activities carried out | 353,194 | |||||||
Debt forgiven | 167,124 | |||||||
GGLG Properties Pty LTD [Member] | ||||||||
Income other | $ 244,376 | |||||||
Proceeds from sale of property held for sale | $ 298,418 | |||||||
Workstar Tech (Aust) Pty Ltd [Member] | ||||||||
Purchase of assets, fair value disclosure | 476,594.32 | $ 476,594.32 | $ 632,393 | $ 632,393 | ||||
Payments to Acquire Productive Assets | 228,258.35 | $ 302,876 | ||||||
Rayont Technologies [Member] | AUSTRALIA | ||||||||
Income other | 668,174 | |||||||
Rayont Technologies [Member] | MALAYSIA | ||||||||
Income other | 39,975 | |||||||
Rayont Technologies Australia And Malaysia [Member] | Subsidiaries [Member] | ||||||||
Income other | 314,382 | |||||||
License [Member] | ||||||||
Proceeds from sale of other assets | $ 1,071,430.59 | |||||||
Grant [Member] | GGLG Properties Pty LTD [Member] | Research and Development Expense [Member] | ||||||||
Income other | 185,539 | |||||||
Grant [Member] | GGLG Properties Pty LTD [Member] | Research and Development Expense [Member] | ATO Covid Nineteen [Member] | ||||||||
Income other | $ 225,376 |
OTHER RECEIVABLES AS CURRENT _2
OTHER RECEIVABLES AS CURRENT ASSETS (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 29, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Other receivables | $ 453,250 | $ 2,765,829 | |
Proceeds from other receivables | $ 2,500,000 | ||
Value added tax | 202,768 | ||
Retainer fee | 20,000 | ||
Deposits | 155 | ||
Deposits for lease rent | 14,993 | ||
Land and assets sold | 201,649 | ||
Interest Income | 1,836 | ||
Rayont Australia [Member] | |||
Deposits | 29,623 | ||
Wonder Foods [Member] | |||
Deposits for lease rent | 13,174 | ||
Subsidiaries [Member] | |||
Proceeds from tax incentive and grant | 175,225 | ||
Value added tax | $ 27,652 | ||
Deposits | $ 32,003 |
OTHER ASSETS AS NON-CURRENT A_2
OTHER ASSETS AS NON-CURRENT ASSETS (Details Narrative) - USD ($) | Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 |
Other assets | $ 767,656 | ||
Payment for sale of subsidiaries | $ 716,872 | ||
Deposits for lease rent | $ 14,993 | ||
Taringa Pty Ltd [Member] | |||
Deposits for lease rent | 13,784 | ||
Newmarket Pty Ltd [Member] | |||
Deposits for lease rent | $ 37,000 |
OTHER RECEIVABLES AS NON-CURR_2
OTHER RECEIVABLES AS NON-CURRENT ASSETS (Details Narrative) - USD ($) | Jun. 29, 2022 | Jun. 30, 2022 | Jun. 30, 2021 |
Other receivables | $ 1,009,537 | ||
Proceeds from sale of equipment | $ 1,002,632 | ||
Goodwill | 1,866,708 | ||
Wonder Foods Retail Pty Ltd [Member] | |||
Goodwill | $ 6,905 |
SCHEDULE OF RESTATEMENT OF FINA
SCHEDULE OF RESTATEMENT OF FINANCIAL STATEMENTS (Details) - USD ($) | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current Assets: | |||||
Cash and cash equivalents | $ 243,610 | $ 185,782 | $ 243,610 | ||
Accounts receivables | 534,525 | 172,705 | 534,525 | ||
Inventories | 500,165 | 512,053 | 500,165 | ||
Prepaid expense | 23,933 | 81,008 | 23,933 | ||
Due from related parties | 15,881 | 66,016 | 15,881 | ||
Other receivables | 453,250 | 2,765,829 | 453,250 | ||
Total Current Assets | 1,771,364 | 3,783,393 | 1,771,364 | ||
Non-Current Assets: | |||||
Property and equipment, net | 3,140,757 | 6,241,049 | 3,140,757 | ||
Intangible assets | 2,245,231 | 2,245,231 | |||
Total Non-Current Assets | 5,385,988 | 10,409,842 | 5,385,988 | ||
TOTAL ASSETS | 7,157,352 | 14,193,235 | 7,157,352 | ||
Current Liabilities: | |||||
Accounts payable | 99,615 | 384,355 | 99,615 | ||
Accrued liabilities | 472,021 | 470,689 | 472,021 | ||
Due to related parties | 387,238 | 128,677 | 387,238 | ||
Loan payable | 2,051,554 | 2,481,440 | 2,051,554 | ||
Finance lease payable | 8,188 | 10,983 | 8,188 | ||
Other payables | 209,712 | 209,712 | |||
Total Current Liabilities | 3,228,328 | 3,867,277 | 3,228,328 | ||
Non-Current Liabilities: | |||||
Finance lease payable | 19,669 | 7,812 | 19,669 | ||
Loan payable | 182,329 | 4,811,975 | 182,329 | ||
Total Non-Current Liabilities | 201,998 | 5,232,346 | 201,998 | ||
TOTAL LIABILITIES | 3,430,326 | 9,099,623 | 3,430,326 | ||
COMMITMENTS AND CONTNGENCIES | |||||
Stockholders’ Equity: | |||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 46,783,369 and 38,871,818 shares issued and outstanding as of June 30, 2021 and September 30, 2020, respectively | 46,784 | 48,095 | 46,784 | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | |||||
Additional paid-in capital | 6,996,198 | 8,939,829 | 6,996,198 | ||
Shares to be issued | 618,320 | 618,320 | |||
Accumulated deficit | (3,879,801) | (3,634,943) | (3,879,801) | ||
Accumulated other comprehensive loss | (54,475) | (259,369) | (54,475) | ||
TOTAL STOCKHOLDERS’ EQUITY | 3,727,026 | 5,093,612 | 3,727,026 | $ (4,829) | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 7,157,352 | 14,193,235 | 7,157,352 | ||
Revenue | 2,969,599 | ||||
Cost of Revenue | (1,456,733) | (1,221,026) | |||
Gross profit | 1,382,624 | 1,748,573 | |||
Operating expenses: | |||||
Selling, general and administrative expenses | 2,383,088 | 1,955,567 | |||
Depreciation and amortization expense | 485,830 | 454,508 | |||
Total Operating Expenses | 2,868,918 | 2,410,075 | |||
Operating Loss | (1,486,294) | (661,502) | |||
Other income/(expense): | |||||
Interest income | 141,756 | ||||
Interest expense | (615,455) | (50,079) | |||
Other income, net | 2,370,877 | 953,709 | |||
Total other income | 1,755,422 | 1,045,386 | |||
Income before income taxes | 269,128 | 383,884 | |||
Income tax expense | 24,270 | ||||
Net Income | 244,858 | 383,884 | |||
Other comprehensive items | |||||
Foreign currency translation loss | (204,894) | (29,660) | |||
Total other comprehensive loss | (204,894) | (29,660) | |||
Total comprehensive loss | 39,964 | 354,224 | |||
Less: comprehensive income attributable to noncontrolling interest | |||||
Comprehensive loss / income attributable to shareholders of the Company | $ 39,964 | $ 354,224 | |||
Weighted average shares, basic and diluted | 47,896,069 | 37,769,100 | |||
Net income per common share, basic and diluted | $ 0.01 | $ 0.01 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||
Non-cash portion of share based compensation for service | |||||
Gain on sale of assets | (244,376) | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | $ 335,759 | (343,432) | |||
Inventory | (53,913) | (152,984) | |||
Accounts payable | 307,322 | (9,454) | |||
Accrued liabilities | 28,968 | 129,701 | |||
Prepaid expense | (61,619) | (23,719) | |||
Advance to officer | 2,219 | ||||
Other assets | 14,639 | (46,788) | |||
Other receivables | 160,024 | (322,358) | |||
Other payable | 241,680 | (14,694) | |||
Net cash used in operating activities | $ 169,145 | (169,145) | (187,493) | ||
Investing Activities: | |||||
Cash from acquisition | 1,082 | ||||
Purchases of intangible assets | (188,480) | (126,136) | |||
Proceeds from loan receivable | |||||
Purchases of property and equipment | (1,720,498) | ||||
Net cash used in investing activities | (5,229,238) | (1,845,552) | |||
Financing Activities: | |||||
Repayment to related party | (292,963) | (233,120) | |||
Proceeds from loan payable | 5,519,604 | 1,562,712 | |||
Issuance of common stock | 108,217 | 701,988 | |||
Net cash provided by financing activities | 5,334,858 | 2,031,580 | |||
EFFECT OF EXCHANGE RATE ON CASH | (10,939) | ||||
Net increase (decrease) in cash and cash equivalents | (57,828) | (12,404) | |||
Cash and cash equivalents at beginning of the period | 243,610 | 243,610 | 256,014 | ||
Cash and cash equivalents at end of the period | 243,610 | 185,782 | 243,610 | ||
SUPPLEMENTAL DISCLOSURE: | |||||
Interest paid | 609,959 | 50,079 | |||
Income tax paid | |||||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | |||||
Issuance of common stock for acquisitions | 1,800,000 | ||||
Forgiveness of debt | 2,016,362 | ||||
Previously Reported [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 243,610 | 243,610 | |||
Accounts receivables | 534,525 | 534,525 | |||
Inventories | 500,165 | 500,165 | |||
Prepaid expense | 23,933 | 23,933 | |||
Due from related parties | 15,881 | 15,881 | |||
Other receivables | 453,250 | 453,250 | |||
Total Current Assets | 1,771,364 | 1,771,364 | |||
Non-Current Assets: | |||||
Property and equipment, net | 3,140,757 | 3,140,757 | |||
Intangible assets | 2,245,231 | 2,245,231 | |||
Total Non-Current Assets | 5,385,988 | 5,385,988 | |||
TOTAL ASSETS | 7,157,352 | 7,157,352 | |||
Current Liabilities: | |||||
Accounts payable | 99,615 | 99,615 | |||
Accrued liabilities | 472,021 | 472,021 | |||
Due to related parties | 387,238 | 387,238 | |||
Loan payable | 2,051,554 | 2,051,554 | |||
Finance lease payable | 8,188 | 8,188 | |||
Other payables | 209,712 | 209,712 | |||
Total Current Liabilities | 3,228,328 | 3,228,328 | |||
Non-Current Liabilities: | |||||
Finance lease payable | 19,669 | 19,669 | |||
Loan payable | 182,329 | 182,329 | |||
Total Non-Current Liabilities | 201,998 | 201,998 | |||
TOTAL LIABILITIES | 3,430,326 | 3,430,326 | |||
COMMITMENTS AND CONTNGENCIES | |||||
Stockholders’ Equity: | |||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 46,783,369 and 38,871,818 shares issued and outstanding as of June 30, 2021 and September 30, 2020, respectively | 46,784 | 46,784 | |||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | |||||
Additional paid-in capital | 6,996,198 | 6,996,198 | |||
Shares to be issued | 618,320 | 618,320 | |||
Accumulated deficit | (3,912,404) | (3,912,404) | |||
Accumulated other comprehensive loss | (21,872) | (21,872) | |||
TOTAL STOCKHOLDERS’ EQUITY | 3,727,026 | 3,727,026 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 7,157,352 | 7,157,352 | |||
Revenue | 2,244,157 | ||||
Cost of Revenue | (979,476) | ||||
Gross profit | 1,264,681 | ||||
Operating expenses: | |||||
Selling, general and administrative expenses | 1,687,873 | ||||
Depreciation and amortization expense | 422,633 | ||||
Total Operating Expenses | 2,110,506 | ||||
Operating Loss | (845,825) | ||||
Other income/(expense): | |||||
Interest income | 140,252 | ||||
Interest expense | (38,704) | ||||
Other income, net | 790,701 | ||||
Total other income | 892,249 | ||||
Income before income taxes | 46,424 | ||||
Income tax expense | |||||
Net Income | 46,424 | ||||
Other comprehensive items | |||||
Foreign currency translation loss | (61,035) | ||||
Total other comprehensive loss | (61,035) | ||||
Total comprehensive loss | (14,611) | ||||
Less: comprehensive income attributable to noncontrolling interest | |||||
Comprehensive loss / income attributable to shareholders of the Company | $ (14,611) | ||||
Weighted average shares, basic and diluted | 46,393,747 | ||||
Net income per common share, basic and diluted | $ 0 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||
Non-cash portion of share based compensation for service | |||||
Gain on sale of assets | (238,014) | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (157,303) | ||||
Inventory | (22,915) | ||||
Accounts payable | 42,828 | ||||
Accrued liabilities | 78,934 | ||||
Prepaid expense | (24,041) | ||||
Advance to officer | 6,717 | ||||
Other assets | (47,054) | ||||
Other receivables | (398,265) | ||||
Other payable | 4,160 | ||||
Net cash used in operating activities | (285,896) | ||||
Investing Activities: | |||||
Cash from acquisition | |||||
Purchases of intangible assets | (126,479) | ||||
Proceeds from loan receivable | 93,000 | ||||
Purchases of property and equipment | (1,765,027) | ||||
Net cash used in investing activities | (1,798,506) | ||||
Financing Activities: | |||||
Repayment to related party | (155,376) | ||||
Proceeds from loan payable | 1,577,422 | ||||
Issuance of common stock | 701,988 | ||||
Net cash provided by financing activities | 2,124,034 | ||||
EFFECT OF EXCHANGE RATE ON CASH | 7,804 | ||||
Net increase (decrease) in cash and cash equivalents | 47,436 | ||||
Cash and cash equivalents at beginning of the period | 196,174 | 243,610 | 243,610 | ||
Cash and cash equivalents at end of the period | 243,610 | 243,610 | |||
SUPPLEMENTAL DISCLOSURE: | |||||
Interest paid | 38,704 | ||||
Income tax paid | |||||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | |||||
Issuance of common stock for acquisitions | |||||
Forgiveness of debt | 2,016,362 | ||||
Revision of Prior Period, Adjustment [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | |||||
Accounts receivables | |||||
Inventories | |||||
Prepaid expense | |||||
Due from related parties | |||||
Other receivables | |||||
Total Current Assets | |||||
Non-Current Assets: | |||||
Property and equipment, net | |||||
Intangible assets | |||||
Total Non-Current Assets | |||||
TOTAL ASSETS | |||||
Current Liabilities: | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Due to related parties | |||||
Loan payable | |||||
Finance lease payable | |||||
Other payables | |||||
Total Current Liabilities | |||||
Non-Current Liabilities: | |||||
Finance lease payable | |||||
Loan payable | |||||
Total Non-Current Liabilities | |||||
TOTAL LIABILITIES | |||||
Stockholders’ Equity: | |||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 46,783,369 and 38,871,818 shares issued and outstanding as of June 30, 2021 and September 30, 2020, respectively | |||||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; nil share issued and outstanding | |||||
Additional paid-in capital | |||||
Shares to be issued | |||||
Accumulated deficit | 32,603 | 32,603 | |||
Accumulated other comprehensive loss | (32,603) | (32,603) | |||
TOTAL STOCKHOLDERS’ EQUITY | 0 | 0 | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 0 | 0 | |||
Revenue | 725,442 | ||||
Cost of Revenue | (241,550) | ||||
Gross profit | 483,892 | ||||
Operating expenses: | |||||
Selling, general and administrative expenses | 267,694 | ||||
Depreciation and amortization expense | 31,875 | ||||
Total Operating Expenses | 299,569 | ||||
Operating Loss | 184,323 | ||||
Other income/(expense): | |||||
Interest income | 1,504 | ||||
Interest expense | (11,375) | ||||
Other income, net | 163,008 | ||||
Total other income | 153,137 | ||||
Income before income taxes | 337,460 | ||||
Income tax expense | |||||
Net Income | 337,460 | ||||
Other comprehensive items | |||||
Foreign currency translation loss | 31,375 | ||||
Total other comprehensive loss | 31,375 | ||||
Total comprehensive loss | 368,835 | ||||
Less: comprehensive income attributable to noncontrolling interest | |||||
Comprehensive loss / income attributable to shareholders of the Company | $ 368,835 | ||||
Weighted average shares, basic and diluted | (8,624,647) | ||||
Net income per common share, basic and diluted | $ 0.01 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||
Non-cash portion of share based compensation for service | |||||
Gain on sale of assets | (6,362) | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (186,129) | ||||
Inventory | (130,069) | ||||
Accounts payable | (52,282) | ||||
Accrued liabilities | 50,767 | ||||
Prepaid expense | 322 | ||||
Advance to officer | (4,498) | ||||
Other assets | 266 | ||||
Other receivables | 75,907 | ||||
Other payable | (18,854) | ||||
Net cash used in operating activities | 98,403 | ||||
Investing Activities: | |||||
Cash from acquisition | 1,082 | ||||
Purchases of intangible assets | 343 | ||||
Proceeds from loan receivable | (93,000) | ||||
Purchases of property and equipment | 44,529 | ||||
Net cash used in investing activities | (48,128) | ||||
Financing Activities: | |||||
Repayment to related party | (77,744) | ||||
Proceeds from loan payable | (14,710) | ||||
Issuance of common stock | |||||
Net cash provided by financing activities | (92,454) | ||||
EFFECT OF EXCHANGE RATE ON CASH | (18,743) | ||||
Net increase (decrease) in cash and cash equivalents | 31,532 | ||||
Cash and cash equivalents at beginning of the period | $ 91,372 | $ 91,372 | 59,840 | ||
Cash and cash equivalents at end of the period | $ 91,372 | 91,372 | |||
SUPPLEMENTAL DISCLOSURE: | |||||
Interest paid | 11,375 | ||||
Income tax paid | |||||
SUPPLEMENTAL DISCLOSURE FOR NONCASH INVESTING AND FINANCING ACITIVIES: | |||||
Issuance of common stock for acquisitions | 1,800,000 | ||||
Forgiveness of debt |
SCHEDULE OF RESTATEMENT OF FI_2
SCHEDULE OF RESTATEMENT OF FINANCIAL STATEMENTS (Details) (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2020 |
Accounting Changes and Error Corrections [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 48,094,606 | 46,783,369 | 38,871,818 |
Common stock, shares outstanding | 48,094,606 | 46,783,369 | 38,871,818 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding |
SCHEDULE OF LEASE RELATED COSTS
SCHEDULE OF LEASE RELATED COSTS (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Lease 1 [Member] | |
Operating lease expenses | $ 13,162 |
Lease 2 [Member] | |
Operating lease expenses | 16,681 |
Lease 3 [Member] | |
Operating lease expenses | $ 6,486 |
SCHEDULE OF INFORMATION RELATED
SCHEDULE OF INFORMATION RELATED TO LEASES (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Right-of-use assets | $ 524,892 | |
Lease liabilities - current | 112,333 | |
Lease liabilities - non-current | 412,559 | |
Lease 1 [Member] | ||
Right-of-use assets | 12,231 | |
Lease liabilities - current | 12,231 | |
Lease liabilities - non-current | ||
Total lease liabilities | 12,231 | |
Lease 2 [Member] | ||
Right-of-use assets | 285,032 | |
Lease liabilities - current | 58,014 | |
Lease liabilities - non-current | 227,018 | |
Total lease liabilities | 285,032 | |
Lease 3 [Member] | ||
Right-of-use assets | 227,629 | |
Lease liabilities - current | 42,088 | |
Lease liabilities - non-current | 185,541 | |
Total lease liabilities | $ 227,629 |
SCHEDULE OF WEIGHTED AVERAGE RE
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATE (Details) | Jun. 30, 2022 |
Lease 1 [Member] | |
Lessee, Lease, Description [Line Items] | |
Weighted Average Remaining Lease Terms | 3 months |
Discount Rate | 2.91% |
Lease 2 [Member] | |
Lessee, Lease, Description [Line Items] | |
Weighted Average Remaining Lease Terms | 4 years 5 months |
Discount Rate | 2.42% |
Lease 3 [Member] | |
Lessee, Lease, Description [Line Items] | |
Weighted Average Remaining Lease Terms | 4 years 10 months |
Discount Rate | 2.83% |
SCHEDULE OF OPERATING LEASES MA
SCHEDULE OF OPERATING LEASES MATURITY (Details) | Jun. 30, 2022 USD ($) |
Lease 1 [Member] | |
2023 | $ 12,261 |
2024 | |
Total lease payments | 12,261 |
Less: imputed interest | (30) |
Present value of lease liabilities | 12,231 |
Lease 2 [Member] | |
2023 | 64,083 |
2024 | 66,326 |
2025 | 68,647 |
2026 | 71,050 |
2027 | 30,374 |
Total lease payments | 300,481 |
Less: imputed interest | (15,449) |
Present value of lease liabilities | 285,032 |
Lease 3 [Member] | |
2023 | 47,806 |
2024 | 49,479 |
2025 | 51,212 |
2026 | 52,400 |
2027 | 42,430 |
Total lease payments | 243,327 |
Less: imputed interest | (15,697) |
Present value of lease liabilities | $ 227,629 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies |
SCHEDULE OF PURCHASE PRICE ALLO
SCHEDULE OF PURCHASE PRICE ALLOCATION (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Purchase consideration | $ 1,967,960 | |
Fair value of the net assets acquired and liabilities assumed | 101,252 | |
Goodwill | $ 1,866,708 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) | 12 Months Ended | |||||
May 04, 2022 USD ($) | May 04, 2022 AUD ($) | Apr. 01, 2022 USD ($) | Apr. 01, 2022 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Deduction of purchase price | $ 110,000 | $ 150,000 | ||||
No More Knots Holdings Proprietary Limited [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Acquired percentage of outstanding shares and units | 100% | 100% | ||||
Payment of cash for business acquisition | $ 2,247,865 | $ 3,000,000 | ||||
No More Knots Holdings Proprietary Limited [Member] | January 31, 2023 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payment of cash for business acquisition | $ 500,000 | $ 700,000 | ||||
No More Knots Holdings Proprietary Limited [Member] | First Tranche [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payment of cash for business acquisition | $ 1,910,685 | $ 2,550,000 | ||||
No More Knots Holdings Proprietary Limited [Member] | Second Tranche [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Payment of cash for business acquisition | $ 337,180 | $ 450,000 |
SCHEDULE OF SEGMENT REPORTING B
SCHEDULE OF SEGMENT REPORTING BUSINESS UNIT (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,839,357 | $ 2,969,599 |
Cost of Revenue | (1,456,733) | (1,221,026) |
General and administrative expenses | (2,868,918) | (2,410,075) |
Operating Loss | (1,486,294) | (661,502) |
Total assets | 14,193,235 | 7,157,352 |
Property and equipment | 6,241,049 | 3,140,757 |
Intangible assets | 2,245,231 | |
MALAYSIA | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 72,886 |
Cost of Revenue | 0 | (28,942) |
General and administrative expenses | (6,556) | |
Operating Loss | 0 | 37,388 |
Total assets | 0 | 1,868,411 |
Property and equipment | 0 | 0 |
Intangible assets | 0 | 0 |
AUSTRALIA | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,839,357 | 2,896,713 |
Cost of Revenue | (1,456,733) | (1,192,084) |
General and administrative expenses | (2,238,213) | (2,142,312) |
Operating Loss | (855,589) | (437,683) |
Total assets | 14,193,235 | 5,036,037 |
Property and equipment | 0 | 0 |
Intangible assets | 0 | 0 |
Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | |
Cost of Revenue | 0 | |
General and administrative expenses | (630,705) | (261,207) |
Operating Loss | (630,705) | (261,207) |
Total assets | 0 | 252,904 |
Property and equipment | 6,241,049 | 3,140,757 |
Intangible assets | 0 | 2,245,231 |
Software And Content [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 872,476 |
Cost of Revenue | 0 | (86,110) |
General and administrative expenses | 0 | (606,641) |
Operating Loss | 0 | 179,725 |
Total assets | 0 | 2,683,037 |
Property and equipment | 0 | 0 |
Intangible assets | 0 | 0 |
Nutritional Supplements And Myotherapy [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,839,357 | 2,097,123 |
Cost of Revenue | (1,456,733) | (1,134,915) |
General and administrative expenses | (2,238,213) | (1,542,228) |
Operating Loss | (855,589) | (580,020) |
Total assets | 14,193,235 | 4,221,412 |
Property and equipment | 0 | 0 |
Intangible assets | 0 | 0 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Cost of Revenue | 0 | |
General and administrative expenses | (630,705) | (261,207) |
Operating Loss | (630,705) | (261,207) |
Total assets | 0 | 252,904 |
Property and equipment | 6,241,049 | 3,140,757 |
Intangible assets | $ 0 | $ 2,245,231 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 12 Months Ended | ||||||||||||
Jul. 05, 2023 AUD ($) | Sep. 03, 2022 USD ($) | Sep. 03, 2022 AUD ($) | Sep. 01, 2022 USD ($) $ / shares | Sep. 01, 2022 USD ($) $ / shares shares | Sep. 01, 2022 AUD ($) shares | Aug. 22, 2022 USD ($) $ / shares shares | Aug. 22, 2022 AUD ($) shares | Jul. 01, 2022 USD ($) | Jul. 01, 2022 AUD ($) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Sep. 30, 2020 $ / shares | |
Subsequent Event [Line Items] | |||||||||||||
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Stock issued during period value acquisitions | $ 74,384 | ||||||||||||
Cash Payment | $ 1,967,960 | ||||||||||||
Ipswich Massage Byer One Dose Pty Ltd [Member] | Forecast [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Business combination instalment payments | $ 51,000 | ||||||||||||
Subsequent Event [Member] | Ipswich Massage Byer One Dose Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of cash for business acquisition | $ 600,000 | $ 825,000 | |||||||||||
Subsequent Event [Member] | Skin DNA Company Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of cash for business acquisition | $ 500,000 | $ 750,000 | |||||||||||
Acquired percentage of outstanding shares and units | 100% | ||||||||||||
Shares issued | shares | 1,524,044 | 1,524,044 | |||||||||||
Common stock par value | $ / shares | $ 0.34 | ||||||||||||
Subsequent Event [Member] | Biomimic Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Stock issued during period value acquisitions | $ 70 | ||||||||||||
Subsequent Event [Member] | Health Script Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Stock issued during period value acquisitions | $ 70 | ||||||||||||
Subsequent Event [Member] | Tugun Compounding Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of cash for business acquisition | $ 450,870 | $ 665,000 | |||||||||||
Stock issued during period value acquisitions | 185,350 | 275,000 | |||||||||||
Cash Payment | $ 265,520 | $ 390,000 | |||||||||||
Common Stock issued for business acquisition of a subsidiary under common control, shares | shares | 545,147 | 545,147 | |||||||||||
Shares issued price per share | $ / shares | $ 0.34 | $ 0.34 | |||||||||||
Subsequent Event [Member] | Byer Exit Properties Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of cash for business acquisition | $ 3,352,185 | $ 4,944,225 | |||||||||||
Business acquisition percentage interests | 100% | 100% | |||||||||||
Subsequent Event [Member] | Prema Life Pty Ltd [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Payment of cash for business acquisition | $ 718,725 | $ 1,050,000 |