Cover
Cover | 15 Months Ended |
Sep. 30, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | NAMI CORP. |
Entity Central Index Key | 0001567388 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Current Reporting Status | Yes |
Document Period End Date | Sep. 30, 2020 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2020 |
Entity Ex Transition Period | true |
Entity Common Stock Shares Outstanding | 1,426,927,346 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 333-187007 |
Entity Incorporation State Country Code | NV |
Entity Tax Identification Number | 61-1693116 |
Entity Address Address Line 1 | 112 North Curry Street |
Entity Address City Or Town | Carson City |
Entity Address Postal Zip Code | 89703-4934 |
City Area Code | 603 |
Local Phone Number | 2242 4913 |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,179 | $ 1,133 |
Other receivables and deposits | 32,114 | 30,681 |
Total Current Assets | 33,293 | 31,814 |
Property, plant and equipment, net | 27,418 | 28,194 |
TOTAL ASSETS | 60,711 | 60,008 |
Current Liabilities | ||
Accounts payable | 166,613 | 159,267 |
Other payables and accruals | 24,595 | 26,078 |
Amount due to related party | 3,557,965 | 3,489,687 |
Amounts due to unrelated party | 590,536 | 574,585 |
Total Current Liabilities | 4,339,709 | 4,249,617 |
TOTAL LIABILITIES | 4,339,709 | 4,249,617 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' DEFICIT | ||
Capital stock - Authorized 5,000,000,000 shares of common stock, $0.001 par value, 1,426,927,346 shares issued and outstanding | 1,426,927 | 1,426,927 |
Additional paid-in capital | 438,486 | 385,842 |
Accumulated deficit | (6,278,284) | (6,203,396) |
Accumulated other comprehensive income | 65,466 | 132,610 |
Total Stockholder's Deficit | (4,278,997) | (4,189,609) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 60,711 | 60,008 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT | ||
Series A Preferred, MYR 1 par value; 50,000,000 shares authorized; 280,000 shares issued and outstanding | $ 68,408 | $ 68,408 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
STOCKHOLDERS' DEFICIT | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 1,426,927,346 | 1,426,927,346 |
Common stock, shares outstanding | 1,426,927,346 | 1,426,927,346 |
Preferred stock, shares outstanding | 280,000 | |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock, shares par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 280,000 | 280,000 |
Preferred stock, shares outstanding | 280,000 | 280,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | ||
Sales | $ 0 | $ 0 |
Cost of Goods Sold | 0 | 0 |
Gross Loss | 0 | 0 |
Operating Expenses | ||
Depreciation of property and equipment | 1,524 | 33,295 |
General and administrative expenses | 13,938 | 146,645 |
Professional Fees | 8,497 | 90,470 |
Exploration Expenditure | 0 | 12,006 |
Total Operating Expenses | 23,959 | 282,416 |
Loss from Operations | (23,959) | (282,416) |
Other Income (Expense) | ||
Other income | 1,715 | 0 |
Interest expense, related parties | (52,644) | (52,763) |
Total Other Expenses | (50,929) | (52,763) |
Loss before taxation | (74,888) | (335,179) |
Income taxes | 0 | 0 |
Net Loss | (74,888) | (335,179) |
Dividend on Series A Preferred Stock | 0 | (2,005) |
Net loss attributable to common stockholders | (74,888) | (337,184) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustments | (67,144) | 25,845 |
Total Comprehensive Loss | $ (142,032) | $ (311,339) |
Basic and Diluted Weighted Average Common Shares Outstanding | 1,426,927,346 | 1,426,927,346 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders Deficit (Unaudited) - USD ($) | Total | Preferred Shares | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) |
Balance, shares at Jun. 30, 2019 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Jun. 30, 2019 | $ (3,120,305) | $ 68,408 | $ 1,426,927 | $ 175,610 | $ (4,854,366) | $ 63,116 |
Preferred dividend | (2,005) | 0 | 0 | 0 | (2,005) | 0 |
Imputed interest | 52,763 | 0 | 0 | 52,763 | 0 | 0 |
Foreign currency translation adjustment | 25,845 | 0 | 0 | 0 | 0 | 25,845 |
Net loss | (335,179) | $ 0 | $ 0 | 0 | (335,179) | 0 |
Balance, shares at Sep. 30, 2019 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Sep. 30, 2019 | (3,378,881) | $ 68,408 | $ 1,426,927 | 228,373 | (5,191,550) | 88,961 |
Balance, shares at Jun. 30, 2020 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Jun. 30, 2020 | (4,189,609) | $ 68,408 | $ 1,426,927 | 385,842 | (6,203,396) | 132,610 |
Preferred dividend | 0 | 0 | 0 | 0 | ||
Imputed interest | 52,644 | 0 | 0 | 52,644 | 0 | 0 |
Foreign currency translation adjustment | (67,144) | 0 | 0 | 0 | 0 | (67,144) |
Net loss | (74,888) | $ 0 | $ 0 | 0 | (74,889) | 0 |
Balance, shares at Sep. 30, 2020 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Sep. 30, 2020 | $ (4,278,997) | $ 68,408 | $ 1,426,927 | $ 438,486 | $ (6,278,285) | $ 65,466 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (74,888) | $ (335,179) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation of property, plant and equipment | 1,524 | 33,295 |
Amortization of concession acquisition costs | 0 | 0 |
Impairment of concession acquisition costs | 0 | 0 |
Imputed interest contributed as additional paid in capital | 52,644 | 52,763 |
Management fee paid by related party | 0 | 0 |
Expenses paid directly through related party advances | 0 | 0 |
Expenses paid directly through an unrelated party | 9,725 | 185,611 |
Change in assets and liabilities | ||
Prepayment | 0 | 0 |
Other receivable and deposits | (594) | (5,715) |
Inventory | 0 | 0 |
Accounts payable and accrued liabilities | 5,181 | 0 |
Net cash used in operating activities | (6,408) | (69,225) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Concession acquisition costs | 0 | (72,039) |
Purchase of plant and equipment | 0 | (1,797) |
Net cash used in investing activities | 0 | (73,836) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Series A preferred stock | 0 | 0 |
Dividend on Series A Preferred Stock | 0 | (2,017) |
Advances received from related parties | 8,612 | 0 |
Advances received from an unrelated party | 0 | 161,896 |
Repayments of related party advances | (2,187) | 0 |
Net cash provided by financing activities | 6,425 | 159,879 |
Effects on changes in foreign exchange rate | 29 | (394) |
Net change in cash and cash equivalents | 46 | 16,424 |
Cash and cash equivalents - beginning of period | 1,133 | 22,216 |
Cash and cash equivalents - end of period | 1,179 | 38,640 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2020 | |
Organization and Summary of Significant Accounting Policies | |
Note 1 - Organization and Summary of Significant Accounting Policies | Note 1 – Organization and Summary of Significant Accounting Policies The Company was incorporated in the State of Nevada as a for-profit Company on September 5, 2012. On July 12, 2018, we completed a reverse acquisition transaction through a share exchange with GMCI, the sole shareholder of SBS Mining Corp. Malaysia Sdn. Bhd (“SBS”), whereby we acquired 100% of the outstanding shares of SBS from GMCI in exchange for the issuance of a total of 720,802,346 shares of our common stock to GMCI, representing 102.08% of our pre-merger issued and outstanding shares of common stock. As a result of the reverse acquisition, SBS became our wholly-owned subsidiary and the former SBS Shareholders, GMCI became our controlling stockholder. The share exchange transaction was treated as a recapitalization, with SBS as the acquirer and the Company as the acquired party for accounting purposes. Unless the context suggests otherwise, when we refer in this report to business and financial information for periods prior to the consummation of the reverse acquisition, we are referring to the business and financial information of SBS. On July 19, 2018, the Company was notified that the board of directors of GMCI deemed it to be in the best interests of GMCI and its stockholders for GMCI to approve and declare a dividend of restrictive shares of Nami to the stockholders of GMCI, on a pro rata basis, determined in accordance with the number of shares of capital stock of GMCI held by such stockholders, thereby transferring ownership of 100% of the outstanding restricted shares of Nami owned directly by GMCI to the stockholders of GMCI (collectively, the “Nami Stock Dividend”). The Nami Stock Dividend was completed on August 21, 2018. SBS Mining Corp. Malaysia Sdn. Bhd., is a Malaysian corporation whose primary business is mining, exploration and trading of certain mineral ores and properties located in Malaysia. During fiscal 2017 the Company commenced revenue generating operations as a result of its mineral trading business. Essentially all of the Company’s property, plant and equipment assets are held in Malaysia. The functional currency of the Company is the Malaysian Ringgit (MYR). Fiscal Year The Company’s fiscal year end is June 30. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and are presented in U.S. dollars. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed on August 20, 2021. The results of operations for the periods ended September 30, 2020 are not necessarily indicative of the operating results for the full years. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented, all such adjustments were of a normal and recurring nature. Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiary SBS Mining Corp. Malaysia Sdn. Bhd. All significant intercompany accounts and transactions have been eliminated. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company has one critical estimate regarding projected future results from sea sand mining operations to support the value of the concession acquisition costs. Actual results when ultimately realized could differ from these estimates. Revenue Recognition The Company recognizes revenue from the sale of mined sand from the Sea Sand Mining Project (see Note 10) in accordance with ASC 606, “ Revenue Recognition Step 1: Identify the contract(s) with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to performance obligations. Step 5: Recognize revenue when the entity satisfies a performance obligation. The Company’s sales are derived from the sale of mined sand to our customers. The Company recognizes revenue at a point in time when it satisfies its obligation by transferring control of the mined sand to the customer. The cost of sales includes dredging cost, rental of land, docket fees and site expenses. During the three months ended September 30, 2020 and 2019, the Company did not recognize any revenue or incur any cost of sales, resulting in no gross loss. Cash and Cash Equivalents The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2020, and June 30, 2020, cash includes cash on hand and cash in the bank. The Company operates in Malaysia where deposit insurance for deposits is provided up to MYR 250,000 (approximately US$60,000). From time to time the Company’s account balances may exceed that limit. Inventories Inventories are stated at lower of cost or net realizable value, with cost being determined on the weighted average method. No reserves are considered necessary for slow moving or obsolete inventory as inventory on hand at quarter-end was produced near the end of the quarter end. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. The Company started to produce mined sand from the Sea Sand Mining Project in October 2019. As of September 30, 2020, and June 30, 2020, the Company did not have any inventories. Fair Value of Financial Instruments The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments. Foreign Currencies Functional and presentation currency Transactions and Balances Plant and Equipment Depreciation Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on a straight-line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates: Motor Vehicles 20 % Office equipment 33 % Tools and equipment 33 % Computer and software 33 % Leasehold improvements Term of lease Furniture and Fixture 33 % Mineral Properties The Company is engaged in the business of the acquiring, exploring, developing, mining, and producing mineral properties and or resources, with a current emphasis on sea sand mining (see Note 10) and previous emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company and JHW Holdings Sdn. Bhd. until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. Exploration Expenditures Exploration, acquisition (except for property purchase costs), and general and administrative costs related to exploration projects and prospecting activities are charged to expense as incurred. Exploration expenses related to the river sand project in the three months ended September 30, 2020 and 2019 were $nil and $12,006. No exploration expenses have been incurred for the sea sand project in the current periods. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. Leases FASB ASC 840 “Leases” requires lessees to record lease assets and liabilities for operating leases and disclose key information about leasing arrangements. Upon entering into an arrangement, the Company evaluates whether the arrangement provides the Company with the ability to control the use of the asset over the term of the lease. If an arrangement contains a lease, upon commencement of the arrangement, the company recognizes an operating lease right-of-use asset and a corresponding operating lease liability. The amount of the operating lease right-of-use asset is measured utilizing the present value of the future minimum lease payments over the lease term. The Company has not recognized any right-of-use assets or lease liabilities as of September 30, 2020. Segment Reporting FASB ASC 820 “Segments 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 geographical areas, business segments and major customers in financial statements. Our proposed future business segments are expected to span more than one geographical area. Specifically, the Company intends to generate revenue through mineral trading and exploration activities. See Note 11. Income Taxes The asset and liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. In estimating future tax consequences, all expected future events are considered other than enactment of changes in the tax law or rates. The Company adopted ASC 740 “Income Taxes,” The determination of recording or releasing tax valuation allowance is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income against which benefits of its deferred tax assets may or may not be realized. Loss Per Share The Company follows the provisions of ASC Topic 260, Earnings per Share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the Company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the Company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of September 30, 2020 and June 30, 2020, there were approximately 44,899 and 43,738 potentially diluted common shares outstanding from 280,000 shares of preferred stock, respectively. Stock-based compensation Effective July 1, 2020, the Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Update (“ASU”) ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update addresses several aspects of the accounting for nonemployee share-based payment transactions and expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The main provisions of the update change the way nonemployee awards are measured in the financial statements. Under the simplified standards, nonemployee options will be valued once at the date of grant, as compared to at each reporting period end under ASC 505-50. At adoption, all awards without established measurement dates will be revalued one final time, and a cumulative effect adjustment to retained earnings will be recorded as the difference between the pre-adoption value and new value. Companies will be permitted to make elections to establish the expected term and either recognize forfeitures as they occur or apply a forfeiture rate. Compensation expense recognition using a graded vesting schedule will no longer be permitted. This pending content is the result of the FASB’s Simplification Initiative, to maintain or improve the usefulness of the information provided to the users of financial statements while reducing cost and complexity in financial reporting. The adoption of this new standard had no impact on the Company’s financial statements. Recently issued accounting pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will adopt the new standard effective July 1, 2021 and do not expect the adoption of this guidance to have a material impact on the Company’s financial statements. There are several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of September 30, 2019, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. Under the JOBS Act, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have opted to take advantage of this extended transition period. Since we will not be required to comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies, our financial statements may not be comparable to financial statements of companies that comply with public company effective dates. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2020 | |
Going Concern | |
Note 2 - Going Concern | Note 2 – Going Concern For the three months ended September 30, 2020, the Company reported a net loss of $74,888. In addition, as of September 30, 2020, the Company had a working capital deficit of approximately $4.3 million with cash on hand less than $1,200. The Company believes that its existing capital resources are not adequate to enable it to execute its business plan and as of the date of these financial statements and has no firm commitment for either additional debt or equity financing available to it in order to meet its current commitments. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company estimates that it will require significant additional cash resources during fiscal year 2021 and beyond, as JHW received its main permit from the Government of Malaysia to commence sea sand mining in January 2019. The accompanying financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans. The Company’s plan is to continue to work with JHW and hired consultants to meet the requirements of the Government of Malaysia and secure export license rights for mined sea sand. Exports rights are critical to the Company’s plans to develop its sea sand mining business. In addition, during this period, the Company with JHW is also working on the requirements to extend or renew its current sea sand mining license past its current expiration date in January 2022. The Company is currently exploring financing options in order to continue its work on these fronts and also to keep operations running during this period. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amount and classification of liabilities that might result from this uncertainty. |
Advance Payment on Mineral Trad
Advance Payment on Mineral Trading Related Party | 3 Months Ended |
Sep. 30, 2020 | |
Advance Payment on Mineral Trading Related Party | |
Note 3 - Advance Payment on Mineral Trading - Related Party | Note 3 – Advance Payment on Mineral Trading – Related Party In the year ended June 30, 2016, SBS advanced to Sincere Pacific Mining Sdn. Bhd. approximately $614,000 (MYR 2,774,000) for the purpose of commencing bauxite trading and financing activities. In that same period, the Company impaired all but $186,372 (MYR 800,000). During the year ended June 30, 2018, the Company received two repayments of MYR 500,000 and MYR 300,000 respectively, which reduced the amounts of the advance not impaired during the fiscal year ended June 30, 2016 to nil as of June 30, 2018. Should the Company, in future periods, collect further amounts under the trading program from its original advance, those amounts will be shown as income in the financial statements of the Company. |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Sep. 30, 2020 | |
Plant and Equipment | |
Note 4 - Plant and Equipment | Note 4 – Plant and Equipment September 30, 2020 June 30, 2020 Cost Motor Vehicles $ 15,643 $ 15,231 Office equipment 25,620 24,944 Computers and software 13,600 13,240 Tools and equipment 509 497 Furniture and Fixture 37,384 36,396 92,756 90,308 Accumulated Depreciation (65,338 ) (62,114 ) Plant and Equipment, Net $ 27,418 $ 28,194 Depreciation for the three months ended September 30, 2020 and 2019 was $1,524 and $33,295, respectively. |
Other receivable and deposits
Other receivable and deposits | 3 Months Ended |
Sep. 30, 2020 | |
Other receivable and deposits | |
Note 5 - Other receivable and deposits | Note 5 – Other receivable and deposits September 30, June 30, 2020 2020 Sundry receivables $ 24,797 $ 23,558 Other receivable 6,378 6,209 Deposits, including utility, security deposits 939 914 $ 32,114 $ 30,681 |
Related party advances and expe
Related party advances and expenses | 3 Months Ended |
Sep. 30, 2020 | |
Related party advances and expenses | |
Note 6 - Related party advances and expenses | Note 6 – Related party advances and expenses Advances from related parties: September 30, June 30, 2020 2020 Advances from SBS Directors $ 1,031,269 $ 997,706 Advances from related party 1,808,597 1,792,850 Advances from holding company 718,100 699,131 Total $ 3,557,966 $ 3,489,687 During the three months ended September 30, 2020 and 2019, the Company received advances from directors of $8,612 and $nil and repaid advances from a director of $2,187 and $nil, respectively. The Company has imputed interest at the rate of approximately 6.5% on the advances made to the Company in the amount of $52,643 and $52,763 during the three months ended September 30, 2020 and 2019, respectively. Concentration of Risk To date the Company has been reliant on funding from related parties as the Company does not have the current existing capital resources to execute its business plan. |
Due from unrelated parties
Due from unrelated parties | 3 Months Ended |
Sep. 30, 2020 | |
Due from unrelated parties | |
Note 7 - Due from unrelated parties | Note 7 – Due from unrelated parties During the three months ended September 30, 2020 and 2019, the Company received advances from an unrelated party of $nil and $161,896 and received payment of expenses incurred totaling $nil and $185,611. These amounts are unsecured, non-interest bearing and due on demand. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies | |
Note 8 - Commitments and Contingencies | Note 8 – Commitments and Contingencies Other Matters On July 1, 2019, the Company entered into a corporate services agreement (the “Corporate Services Agreement”) with Nami Development Capital Sdn. Bhd. (“NDC”). Pursuant to the terms of the Corporate Services Agreement, NDC will provide general corporate and administrative services, including, but not limited to, accounting and payroll services and human resources support, to the Company and SBS. The Company and SBS will each pay a monthly retainer and reimburse the out-of-pocket expenses reasonably incurred by NDC in connection with the provision of these services as compensation to NDC. Additionally, the Company and SBS will each reimburse NDC for any service taxes, as well as any other taxes, incurred in connection with NDC’s carrying out this Corporate Services Agreement. Either party may terminate the Corporate Services Agreement upon 90 days’ written notice, provided that the non-terminating party reserves the right to negotiate for a longer period in order to effect an orderly transition. Prior to the second quarter of 2019, the Company and NDC were determined to be related parties by virtue of their relationships with Mr. Lew Sze How and Mr. MW Jason Chan. Messrs. Lew and Chan were directors and shareholders of NDC while serving as officers of the Company. However, on May 30, 2019, Messrs. Lew and Chan resigned as directors of NDC; and on June 14, 2019, they ceased to be shareholders of NDC. Messrs. Lew and Chan remain officers of the Company. Accordingly, the Company and NDC are no longer related parties. From time to time the Company may be subject to proceedings, lawsuits, and other claims related to government agencies, operations, shareholders and contracts. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after analysis of each matter. The required accrual, if any, may change in the future due to new developments in each matter or changes in settlement strategies. The Company does not believe that there are presently any such matters that will have a material adverse effect on its financial condition or results of operations. Potential Acquisition On January 17, 2019, Nami entered into a Letter of Intent with Pembinaan Kaya Hebat Sdn Bhd, a Malaysian corporation engaged in granite mining business (“PKH”) for the acquisition by NAMI of up to one hundred percent (100%) of the issued and outstanding capital stock of PKH with consideration at a purchase price at fair market value (the “Acquisition”). The completion of the Acquisition is subject to various conditions precedent, including but not limited to negotiating and execution a form of purchase agreement that is acceptable to both parties, approval of the financial statements of both parties, and fair market valuation of PKH which is not probable as of the date of these financial statements. In the event that Nami is able to complete the Acquisition, it intends to operate PKH as its wholly owned subsidiary or a majority-owned subsidiary. |
Share Capital
Share Capital | 3 Months Ended |
Sep. 30, 2020 | |
Share Capital | |
Note 9 - Share Capital | Note 9 – Share Capital Common Stock The Company’s capitalization is 5,000,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. As of September 30, 2020, the Company has not granted any stock options and has not recorded any stock-based compensation. On September 30, 2020 and June 30, 2020, the Company had 1,426,927,346 common shares issued and outstanding. Preferred Shares - SBS In August 2018, SBS designated a new class of preferred equity, designated the 12% redeemable cumulative preference shares, in its attempt to raise capital for business expansion and exploration and mining activities. SBS authorized the issuance of up to 50 million shares at the issue price of MYR 1.0 per share. The new preferred equity carries a cumulative 12% preferred dividend, payable on a quarterly basis, based on the issue price of the preferred security. The preferred dividend will have priority to any payment of dividends on the common equity. The preferred shares automatically convert to NAMI Corp common shares two years after issuance if not converted earlier at the rate of USD $1.50 on then value translated into USD of each 12% redeemable cumulative preference share. In the event of the liquidation or winding up of SBS, the preferred shares are entitled to distributions prior to any amounts distributed to the common equity holders. The holders of the preferred shares, so long as the cumulative preferred dividend is timely paid each quarter, have no general voting rights, but have rights to vote on any matters that effect the provisions of the preference shares. In the event that SBS fails to timely make its quarterly dividend payment, the holders of the preferred equity receive the right to vote on any and all general corporate matters on a 1 for 1 basis with the number of preferred shares held. As at September 30, 2020, 280,000 shares were outstanding (see below) and dividends in arrears totaled $6,065 (MYR 25,200). In August 2020, the two-year term of the 12% redeemable cumulative preferred shares had lapsed and the Company did not convert such shares into NAMI Corp common shares. The Company’s failure to redeem these preferred shares represents a potential default in the agreements held with said shareholders, permitting them to take action to affect the completion of such redemption as far as practicable having regards to such potential defaults or to revoke the subscription and claim all costs and expenses incurred in termination of such subscription including the redemption price. As of the date of this report, no action had been taken against the Company with respect to such potential default. On July 1, 2020, SBS sent a letter to the holders of the 12% redeemable cumulative preferred shares, to inform them that the Company had been forced to close its operations and offices to comply with the Malaysian government’s Movement Control Order, Conditional Movement Control Order and Recovery Movement Control Order, all in effect between the months of March and August of 2020. In the letter, the Company proposed a new dividend payment schedule and redemption date. Later, on February 3, 2021, SBS sent a new letter to the holders of the 12% redeemable cumulative preferred shares, further delaying the proposed new dividend payment schedule and redemption date due to the continuation of the Movement Control Order. During the three months ended September 30, 2020 and 2019, preferred dividends of $nil and $2,005 was distributed to the holders of the preferred shares. Instruments Convertible into Common or Preferred Shares During the three months ended September 30, 2020, SBS had 280,000 shares of preferred stock outstanding which are convertible into 44,899 common shares. |
Sea Sand Mining Project
Sea Sand Mining Project | 3 Months Ended |
Sep. 30, 2020 | |
Sea Sand Mining Project | |
Note 10 - Sea Sand Mining Project | Note 10 – Sea Sand Mining Project On August 30, 2017, SBS entered into an irrevocable right of use (“IRU”) agreement with JHW Holdings Sdn. Bhd. (“JHW”), whereby SBS was given exclusive rights to operate mining and extraction activities on the designated area (1,113 square kilometers outside the waters of the state of Terengganu, Malaysia, subject to certain terms and conditions therein) and manage all matters relating to the operations. The Company currently estimates that the acreage available under the IRU will provide approximately 5 years of sustained mining operations. As part of the IRU, the Company is responsible for all permitting costs (both for mining operation and for the right to sell the mined sand internationally) at both the state and federal levels of all applicable ministries and departments in Malaysia. As compensation for the IRU, the Company is obligated to remit to JHW on a quarterly basis, 25% of the profits from the mining activities, as defined within the agreement. The Company submitted the required environmental and engineering assessments as part of the permitting process for approximately 383 square kilometres, and in January 2019, JHW was issued by the government of Malaysia the first set of permits necessary to commence sea sand mining operations. The final approved area was 20.48km² within the jurisdiction of the state of Terengganu, Malaysia (the “Area”). The Company is expecting to receive approval for the exporting rights prior to the end of 2019. The Company is required to prepay MYR 500,000 of future royalty amounts due under the agreement with JHW, of which SBS funded MYR 250,000 (approximately $60,000) as of September 30, 2020. On June 30, 2020, the Company determined that the recoverable amount of this prepayment was nil and recorded a loss of $59,478 associated with the write-down. On June 30, 2020, the Company determined that the recoverable amount of the concession acquisition costs was nil and recorded an impairment loss of $182,383 associated with the write-down. |
Geographic Segment Reporting
Geographic Segment Reporting | 3 Months Ended |
Sep. 30, 2020 | |
Geographic Segment Reporting | |
Note 11 - Geographic Segment Reporting | Note 11 – Geographic Segment Reporting The following table shows operating activities information by geographic segment for the three months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 USA Malaysia Total Revenue $ - $ - $ - Depreciation, depletion, amortization and impairment - (1,524 ) (1,524 ) General and administrative expenses including related party (8,574 ) (5,364 ) (13,938 ) Professional fees (8,497 ) - (8,497 ) Other income (expenses) (15,128 ) (35,801 ) (50,929 ) Net loss $ (32,199 ) $ (42,689 ) $ (74,888 ) Three Months Ended September 30, 2019 USA Malaysia Total Revenue $ - $ - $ - Depreciation, depletion, amortization and impairment - (33,295 ) (33,295 ) General and administrative expenses (89,620 ) (57,025 ) (146,645 ) Professional fees (87,324 ) (3,146 ) (90,470 ) Exploration Expenditure - (12,006 ) (12,006 ) Other income (expenses) - (52,763 ) (52,763 ) Net loss $ (176,944 ) $ (158,235 ) $ (335,179 ) The following table shows assets information by geographic segment at September 30, 2020 and June 30, 2020: As of September 30, 2020 USA Malaysia Total Current assets $ - $ 33,293 $ 33,293 Property and equipment, net - 27,418 27,418 Total assets $ - $ 60,711 $ 60,711 As of June 30, 2020 USA Malaysia Total Current assets $ - $ 31,814 $ 31,814 Property and equipment, net - 28,194 28,194 Total assets $ - $ 60,008 $ 60,008 |
Risks And Uncertainties
Risks And Uncertainties | 3 Months Ended |
Sep. 30, 2020 | |
Due from unrelated parties | |
Note 12 - Risks And Uncertainties | Note 12 – Risks And Uncertainties In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no retroactive material adverse impacts on the Company’s results of operations and financial position at September 30, 2020. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. |
Subsequent events
Subsequent events | 3 Months Ended |
Sep. 30, 2020 | |
Subsequent events | |
Note 13 - Subsequent events | Note 13 – Subsequent Events In December 2020, the Company accepted an offer from Royal Resources PTE Ltd. (“Royal Resources”) related to a Sea Sand Dredging Project located at Kawasan Luar Perairan Negeri Terengganu. Upon issuing the acceptance letter, Royal Resources paid the Company an advance (the “Advances”) of approximately $49,236 (MYR 207,000). The Advance is refundable to Royal Resources if the Company is unable to obtain an export license, sea sand does not meet quality requirements, or a disagreement arising from royalty fees and dredging environment arises. Upon signing an agreement with Royal Resources, the Company will receive an additional payment of approximately $421,763 (MYR 1,800,000) from Royal Resources. In April 2021, the Company received an advance from an unrelated party totaling approximately $10,907 (MYR 45,000), which was subsequently repaid in May 2021. In April 2021, the Company received approximately $24,238 (MYR 100,000) from each of two (2) investors related to the Company’s Sea Sand Mining project, and entered into formal agreements with each investor in August 2021. In exchange for consideration, each investor will be entitled to a royalty payment of approximately $0.02 (MYR 0.10) per every metric cubic meter of sea sand dredged, removed, transported, exported and sold from the project’s specified area. Payments are due to each investor on a quarterly basis, payable fourteen (14) days after the last day of each month in a quarterly calendar. Payments will not be paid in November and December during the monsoon season. If the Sea Sand Mining project fails to be implemented fully or partially due to uncontrollable factors, the Company must issue shares to the investee in an amount equal to the investment amount or the balance at the prevailing market price on the date of issue. In May 2021, the Company received an advance of approximately $484,760 (MYR 2,000,000) from an investor, upon the signing of a formal agreement related to the Company’s Sea Sand Mining project. In exchange for consideration, each investor will be entitled to a royalty payment of approximately $0.48 (MYR 2.00) per every metric cubic meter of sea sand dredged, removed, transported, exported and sold from the project’s specified area. Payments are due to each investor on a quarterly basis, payable fourteen (14) days after the last day of each calendar quarter. If the Sea Sand Mining project fails to be implemented fully or partially due to uncontrollable factors, the Company must refund the investment amount. As security for the investment and royalty, the Company’s directors have entered into a personal guarantee arrangement with the investors in the amount of approximately $1,211,900 (MYR 5,000,000), which terminates upon cumulative payments of this amount in royalty payments to the investors. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Organization and Summary of Significant Accounting Policies | |
Fiscal Year | The Company’s fiscal year end is June 30. |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and are presented in U.S. dollars. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K filed on August 20, 2021. The results of operations for the periods ended September 30, 2020 are not necessarily indicative of the operating results for the full years. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented, all such adjustments were of a normal and recurring nature. |
Principles of Consolidation | The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiary SBS Mining Corp. Malaysia Sdn. Bhd. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates and Assumptions | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company has one critical estimate regarding projected future results from sea sand mining operations to support the value of the concession acquisition costs. Actual results when ultimately realized could differ from these estimates. |
Revenue Recognition | The Company recognizes revenue from the sale of mined sand from the Sea Sand Mining Project (see Note 10) in accordance with ASC 606, “ Revenue Recognition Step 1: Identify the contract(s) with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to performance obligations. Step 5: Recognize revenue when the entity satisfies a performance obligation. The Company’s sales are derived from the sale of mined sand to our customers. The Company recognizes revenue at a point in time when it satisfies its obligation by transferring control of the mined sand to the customer. The cost of sales includes dredging cost, rental of land, docket fees and site expenses. During the three months ended September 30, 2020 and 2019, the Company did not recognize any revenue or incur any cost of sales, resulting in no gross loss. |
Cash and Cash Equivalents | The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2020, and June 30, 2020, cash includes cash on hand and cash in the bank. The Company operates in Malaysia where deposit insurance for deposits is provided up to MYR 250,000 (approximately US$60,000). From time to time the Company’s account balances may exceed that limit. |
Inventories | Inventories are stated at lower of cost or net realizable value, with cost being determined on the weighted average method. No reserves are considered necessary for slow moving or obsolete inventory as inventory on hand at quarter-end was produced near the end of the quarter end. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. The Company started to produce mined sand from the Sea Sand Mining Project in October 2019. As of September 30, 2020, and June 30, 2020, the Company did not have any inventories. |
Fair Value of Financial Instruments | The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments. |
Foreign Currencies | Functional and presentation currency Transactions and Balances |
Plant and Equipment Depreciation | Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on a straight-line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates: Motor Vehicles 20 % Office equipment 33 % Tools and equipment 33 % Computer and software 33 % Leasehold improvements Term of lease Furniture and Fixture 33 % |
Mineral Properties | The Company is engaged in the business of the acquiring, exploring, developing, mining, and producing mineral properties and or resources, with a current emphasis on sea sand mining (see Note 10) and previous emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company and JHW Holdings Sdn. Bhd. until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. |
Exploration Expenditures | Exploration, acquisition (except for property purchase costs), and general and administrative costs related to exploration projects and prospecting activities are charged to expense as incurred. Exploration expenses related to the river sand project in the three months ended September 30, 2020 and 2019 were $nil and $12,006. No exploration expenses have been incurred for the sea sand project in the current periods. |
Impairment of Long-Lived Assets | Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. |
Leases | FASB ASC 840 “Leases” requires lessees to record lease assets and liabilities for operating leases and disclose key information about leasing arrangements. Upon entering into an arrangement, the Company evaluates whether the arrangement provides the Company with the ability to control the use of the asset over the term of the lease. If an arrangement contains a lease, upon commencement of the arrangement, the company recognizes an operating lease right-of-use asset and a corresponding operating lease liability. The amount of the operating lease right-of-use asset is measured utilizing the present value of the future minimum lease payments over the lease term. The Company has not recognized any right-of-use assets or lease liabilities as of September 30, 2020. |
Segment Reporting | FASB ASC 820 “Segments 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 geographical areas, business segments and major customers in financial statements. Our proposed future business segments are expected to span more than one geographical area. Specifically, the Company intends to generate revenue through mineral trading and exploration activities. See Note 11. |
Income Taxes | The asset and liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. In estimating future tax consequences, all expected future events are considered other than enactment of changes in the tax law or rates. The Company adopted ASC 740 “Income Taxes,” The determination of recording or releasing tax valuation allowance is made, in part, pursuant to an assessment performed by management regarding the likelihood that the Company will generate future taxable income against which benefits of its deferred tax assets may or may not be realized. |
Loss Per Share | The Company follows the provisions of ASC Topic 260, Earnings per Share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the Company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the Company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of September 30, 2020 and June 30, 2020, there were approximately 44,899 and 43,738 potentially diluted common shares outstanding from 280,000 shares of preferred stock, respectively. |
Stock-based compensation | Effective July 1, 2020, the Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Update (“ASU”) ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update addresses several aspects of the accounting for nonemployee share-based payment transactions and expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The main provisions of the update change the way nonemployee awards are measured in the financial statements. Under the simplified standards, nonemployee options will be valued once at the date of grant, as compared to at each reporting period end under ASC 505-50. At adoption, all awards without established measurement dates will be revalued one final time, and a cumulative effect adjustment to retained earnings will be recorded as the difference between the pre-adoption value and new value. Companies will be permitted to make elections to establish the expected term and either recognize forfeitures as they occur or apply a forfeiture rate. Compensation expense recognition using a graded vesting schedule will no longer be permitted. This pending content is the result of the FASB’s Simplification Initiative, to maintain or improve the usefulness of the information provided to the users of financial statements while reducing cost and complexity in financial reporting. The adoption of this new standard had no impact on the Company’s financial statements. |
Recently issued accounting pronouncements | In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will adopt the new standard effective July 1, 2021 and do not expect the adoption of this guidance to have a material impact on the Company’s financial statements. There are several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of September 30, 2019, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. Under the JOBS Act, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have opted to take advantage of this extended transition period. Since we will not be required to comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies, our financial statements may not be comparable to financial statements of companies that comply with public company effective dates. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Organization and Summary of Significant Accounting Policies | |
Schedule of plant and equipment expected useful lives | Motor Vehicles 20 % Office equipment 33 % Tools and equipment 33 % Computer and software 33 % Leasehold improvements Term of lease Furniture and Fixture 33 % |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Plant and Equipment | |
Schedule of plant and equipment | September 30, 2020 June 30, 2020 Cost Motor Vehicles $ 15,643 $ 15,231 Office equipment 25,620 24,944 Computers and software 13,600 13,240 Tools and equipment 509 497 Furniture and Fixture 37,384 36,396 92,756 90,308 Accumulated Depreciation (65,338 ) (62,114 ) Plant and Equipment, Net $ 27,418 $ 28,194 |
Other receivable and deposits (
Other receivable and deposits (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Other receivable and deposits | |
Schedule of other receivable and deposits | September 30, June 30, 2020 2020 Sundry receivables $ 24,797 $ 23,558 Other receivable 6,378 6,209 Deposits, including utility, security deposits 939 914 $ 32,114 $ 30,681 |
Related party advances and ex_2
Related party advances and expenses (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Related party advances and expenses | |
Schedule of advances from related parties | September 30, June 30, 2020 2020 Advances from SBS Directors $ 1,031,269 $ 997,706 Advances from related party 1,808,597 1,792,850 Advances from holding company 718,100 699,131 Total $ 3,557,966 $ 3,489,687 |
Geographic Segment Reporting (T
Geographic Segment Reporting (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Geographic Segment Reporting | |
Schedule of operating activities information | Three Months Ended September 30, 2020 USA Malaysia Total Revenue $ - $ - $ - Depreciation, depletion, amortization and impairment - (1,524 ) (1,524 ) General and administrative expenses including related party (8,574 ) (5,364 ) (13,938 ) Professional fees (8,497 ) - (8,497 ) Other income (expenses) (15,128 ) (35,801 ) (50,929 ) Net loss $ (32,199 ) $ (42,689 ) $ (74,888 ) Three Months Ended September 30, 2019 USA Malaysia Total Revenue $ - $ - $ - Depreciation, depletion, amortization and impairment - (33,295 ) (33,295 ) General and administrative expenses (89,620 ) (57,025 ) (146,645 ) Professional fees (87,324 ) (3,146 ) (90,470 ) Exploration Expenditure - (12,006 ) (12,006 ) Other income (expenses) - (52,763 ) (52,763 ) Net loss $ (176,944 ) $ (158,235 ) $ (335,179 ) |
Assets information | As of September 30, 2020 USA Malaysia Total Current assets $ - $ 33,293 $ 33,293 Property and equipment, net - 27,418 27,418 Total assets $ - $ 60,711 $ 60,711 As of June 30, 2020 USA Malaysia Total Current assets $ - $ 31,814 $ 31,814 Property and equipment, net - 28,194 28,194 Total assets $ - $ 60,008 $ 60,008 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Sep. 30, 2020 | |
Motor Vehicles [Member] | |
Plant and equipment, rate of depreciation | 20.00% |
Office Equipment [Member] | |
Plant and equipment, rate of depreciation | 33.00% |
Tools and Equipment [Member] | |
Plant and equipment, rate of depreciation | 33.00% |
Computer and Software [Member] | |
Plant and equipment, rate of depreciation | 33.00% |
Leasehold Improvements [Member] | |
Plant and equipment, description for rate of depreciation | Term of lease |
Furniture and Fixtures [Member] | |
Plant and equipment, rate of depreciation | 33.00% |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jul. 12, 2018 | Jul. 19, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 |
Cash insured amount | $ 60,000 | $ 60,000 | |||
Preferred stock outstanding | 280,000 | ||||
Potentially diluted common shares outstanding | 44,899 | 43,738 | |||
GMCI [Member] | |||||
Common stock issuance | 720,802,346 | ||||
Outstanding shares acquired | 100.00% | ||||
Pre-merger issued and outstanding shares | 102.08% | ||||
Description for dividend declared by GMCI | the Company was notified that the board of directors of GMCI deemed it to be in the best interests of GMCI and its stockholders for GMCI to approve and declare a dividend of restrictive shares of Nami to the stockholders of GMCI, on a pro rata basis, determined in accordance with the number of shares of capital stock of GMCI held by such stockholders, thereby transferring ownership of 100% of the outstanding restricted shares of Nami owned directly by GMCI to the stockholders of GMCI (collectively, the “Nami Stock Dividend”). | ||||
River Sand Project [Member] | |||||
General and administrative costs | $ 0 | $ 12,006 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Going Concern | ||
Net Loss | $ (74,888) | $ (335,179) |
Working capital deficit | (4,300,000) | |
Cash in hand | $ 1,200 |
Advance Payment on Mineral Tr_2
Advance Payment on Mineral Trading Related Party (Details Narrative) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018MYR (RM) | Jun. 30, 2016USD ($) | |
Repayments of related party received | $ 2,187 | $ 0 | ||
Malaysia, Ringgits [Member] | Tranche One [Member] | ||||
Repayments of related party received | RM | RM 500,000 | |||
Malaysia, Ringgits [Member] | Tranche Two [Member] | ||||
Repayments of related party received | RM | RM 300,000 | |||
Sincere Pacific Mining Sdn. Bhd. [Member] | ||||
Advance payment on mineral trading | $ 614,000 | |||
Impairment of mineral trading expenses | $ 186,372 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Cost | ||
Plant and Equipment Gross | $ 92,756 | $ 90,308 |
Accumulated Depreciation | (65,338) | (62,114) |
Plant and Equipment, Net | 27,418 | 28,194 |
Motor Vehicles [Member] | ||
Cost | ||
Plant and Equipment Gross | 15,643 | 15,231 |
Office Equipment [Member] | ||
Cost | ||
Plant and Equipment Gross | 25,620 | 24,944 |
Computer and Software [Member] | ||
Cost | ||
Plant and Equipment Gross | 13,600 | 13,240 |
Tools and Equipment [Member] | ||
Cost | ||
Plant and Equipment Gross | 509 | 497 |
Furniture and Fixtures [Member] | ||
Cost | ||
Plant and Equipment Gross | $ 37,384 | $ 36,396 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Plant And Equipment [Member] | ||
Depreciation | $ 1,524 | $ 33,295 |
Other receivable and deposits_2
Other receivable and deposits (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Other receivable and deposits | ||
Sundry receivables | $ 24,797 | $ 23,558 |
Other receivable | 6,378 | 6,209 |
Deposits, including utility, security deposits | 939 | 914 |
Other receivable and deposits | $ 32,114 | $ 30,681 |
Related party advances and ex_3
Related party advances and expenses (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Total | $ 3,557,966 | $ 3,489,687 |
Advances from SBS Directors [Member] | ||
Total | 1,031,269 | 997,706 |
Advances from related party [Member] | ||
Total | 1,808,597 | 1,792,850 |
Advances from holding company [Member] | ||
Total | $ 718,100 | $ 699,131 |
Related party advances and ex_4
Related party advances and expenses (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Imputed interest rate | 6.50% | 6.50% |
Imputed interest | $ 52,643 | $ 52,763 |
Advances received from related parties | 8,612 | 0 |
Director [Member] | ||
Advances received from related parties | 8,612 | 0 |
Repayments of related party advances | $ 2,187 | $ 0 |
Due from unrelated parties (Det
Due from unrelated parties (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Advance Payment on Mineral Trading Related Party (Details Narrative) | ||
Advances received from unrelated parties | $ 0 | $ 161,896 |
Payment of expenses by unrelated party | $ 0 | $ 185,611 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 1 Months Ended |
Jan. 17, 2019 | |
Commitments and Contingencies | |
Description for Letter of Intent | Nami entered into a Letter of Intent with Pembinaan Kaya Hebat Sdn Bhd, a Malaysian corporation engaged in granite mining business (“PKH”) for the acquisition by NAMI of up to one hundred percent (100%) of the issued and outstanding capital stock of PKH with consideration at a purchase price at fair market value (the “Acquisition”). |
Share Capital (Details Narrativ
Share Capital (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 1,426,927,346 | 1,426,927,346 | 1,426,927,346 | |
Preferred stock, shares outstanding | 280,000 | |||
Common stock, shares outstanding | 1,426,927,346 | 1,426,927,346 | 1,426,927,346 | |
Preferred dividend | $ 0 | $ 2,005 | ||
On July 1, 2020 [Member] | ||||
Redeemable cumulative preference shares, interest rate | 12 | |||
SBS [Member] | ||||
Preferred stock, shares outstanding | 280,000 | |||
Preferred dividend | $ 6,065 | |||
Preferred shares description | based on the issue price of the preferred security. The preferred dividend will have priority to any payment of dividends on the common equity. The preferred shares automatically convert to NAMI Corp common shares two years after issuance if not converted earlier at the rate of USD $1.50 on then value translated into USD of each 12% redeemable cumulative preference share | |||
Number of preferred shares held | 1 for 1 basis | |||
Debt converted into common shares | 44,899 | |||
Redeemable cumulative preference shares, interest rate | 12 |
Sea Sand Mining Project (Detail
Sea Sand Mining Project (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Aug. 30, 2017 | Sep. 30, 2020 | |
Advance Payment on Mineral Trading Related Party (Details Narrative) | ||
Description for irrevocable right use of asset | The Company currently estimates that the acreage available under the IRU will provide approximately 5 years of sustained mining operations. As part of the IRU, the Company is responsible for all permitting costs (both for mining operation and for the right to sell the mined sand internationally) at both the state and federal levels of all applicable ministries and departments in Malaysia. As compensation for the IRU, the Company is obligated to remit to JHW on a quarterly basis, 25% of the profits from the mining activities, as defined within the agreement. The Company submitted the required environmental and engineering assessments as part of the permitting process for approximately 383 square kilometres, and in January 2019, JHW was issued by the government of Malaysia the first set of permits necessary to commence sea sand mining operations. The final approved area was 20.48km² within the jurisdiction of the state of Terengganu, Malaysia (the “Area”). The Company is expecting to receive approval for the exporting rights prior to the end of 2019. The Company is required to prepay MYR 500,000 of future royalty amounts due under the agreement with JHW, of which SBS funded MYR 250,000 (approximately $60,000) as of September 30 | |
Impairment loss | $ 182,383 | |
Royalty prepayment recorded as cost of good sold | $ 59,478 |
Geographic Segment Reporting (D
Geographic Segment Reporting (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 0 | $ 0 |
Depreciation, depletion, amortization and impairment | (1,524) | (33,295) |
General and administrative expenses | (13,938) | (146,645) |
Professional fees | (8,497) | (90,470) |
Exploration Expenditure | (12,006) | |
Other income (expenses) | (50,929) | (52,763) |
Net Loss | (74,888) | (335,179) |
USA [Member] | ||
Revenue | 0 | 0 |
Depreciation, depletion, amortization and impairment | 0 | 0 |
General and administrative expenses | (8,574) | (89,620) |
Professional fees | (8,497) | (87,324) |
Exploration Expenditure | 0 | |
Other income (expenses) | (15,128) | 0 |
Net Loss | (32,199) | (176,944) |
Malaysia [Member] | ||
Revenue | 0 | 0 |
Depreciation, depletion, amortization and impairment | 1,524 | 33,295 |
General and administrative expenses | (5,364) | (57,025) |
Professional fees | 0 | (3,146) |
Exploration Expenditure | (12,006) | |
Other income (expenses) | (35,801) | (52,763) |
Net Loss | $ (42,689) | $ (158,235) |
Geographic Segment Reporting _2
Geographic Segment Reporting (Details 1) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Current Assets | $ 33,293 | $ 31,814 |
Property and equipment, net | 27,418 | 28,194 |
Total assets | 60,711 | 60,008 |
USA [Member] | ||
Current Assets | 0 | 0 |
Property and equipment, net | 0 | 0 |
Total assets | 0 | 0 |
Malaysia [Member] | ||
Current Assets | 33,293 | 31,814 |
Property and equipment, net | 27,418 | 28,194 |
Total assets | 60,711 | 60,008 |
Geographic Segment [Member] | ||
Current Assets | 33,293 | 31,814 |
Property and equipment, net | 27,418 | 28,194 |
Total assets | $ 60,711 | $ 60,008 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | ||
May 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Advances from unrelated party [Member] | |||
Advances received | $ 10,907 | ||
Royal Resources [Member] | |||
Advances received | $ 49,236 | ||
Additional amount received | $ 421,763 | ||
Director [Member] | |||
Security for investment and royalty | $ 1,211,900 | ||
Two Investors [Member] | Sea Sand Mining Project [Member] | |||
Amount received | $ 24,238 | ||
Description of royalty payment | each investor will be entitled to a royalty payment of approximately $0.02 (MYR 0.10) per every metric cubic meter | ||
Investors [Member] | |||
Description of royalty payment | each investor will be entitled to a royalty payment of approximately $0.48 (MYR 2.00) per every metric cubic meter | ||
Advances received | $ 484,760 |