Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Aug. 20, 2024 | |
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 | false | |
Entity Current Reporting Status | No | |
Document Period End Date | Sep. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
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 | No |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 15,263 | $ 7,487 |
Other receivables and deposits | 28,816 | 30,263 |
Total Current Assets | 44,079 | 37,750 |
Property and equipment, net | 14,672 | 16,473 |
TOTAL ASSETS | 58,751 | 54,223 |
Current Liabilities | ||
Accounts payable | 137,441 | 202,160 |
Accrued interest | 9,145 | 0 |
Deferred revenue | 118,777 | 124,739 |
Other payables and accruals | 54,886 | 0 |
Amount due to related parties | 3,551,313 | 3,570,704 |
Amount due to unrelated party | 1,093,201 | 1,139,770 |
Project advances | 518,928 | 454,734 |
Project financing investment note, net of discount | 1,240,286 | 1,105,988 |
Total Current Liabilities | 6,723,977 | 6,598,095 |
TOTAL LIABILITIES | 6,723,977 | 6,598,095 |
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 | 893,063 | 840,009 |
Accumulated deficit | (9,557,660) | (9,213,670) |
Accumulated other comprehensive income | 572,444 | 334,454 |
Total Stockholders' Deficit | (6,665,226) | (6,543,872) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 58,751 | 54,223 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIT | ||
Series A Preferred, MYR 1 par value; 50,000,000 shares authorized; September 30, 2022 0 shares and June 30, 2022 280,000 shares issued and outstanding, respectively | $ 0 | $ 68,408 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
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 | 0 | 280,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares par value | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 280,000 |
Preferred stock, shares outstanding | 0 | 280,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||
Sales | $ 0 | $ 0 |
Cost of Goods Sold | 0 | 24 |
Gross Loss | 0 | (24) |
Operating Expenses | ||
Depreciation of property and equipment | 1,095 | 1,527 |
General and administrative expenses | 65,020 | 32,320 |
Professional Fees | 30,503 | 67,228 |
Total Operating Expenses | 96,618 | 101,075 |
Loss from Operations | (96,618) | (101,099) |
Other Income (Expense) | ||
Other income | 56 | 1,273 |
Interest expense | (194,373) | (442,204) |
Interest expense, related parties | (53,055) | (53,542) |
Change in fair value of derivative liability | 0 | (170,271) |
Total Other Expenses | (247,372) | (664,744) |
Loss before taxation | (343,990) | (765,843) |
Income taxes | 0 | 0 |
Net Loss | (343,990) | (765,843) |
Other Comprehensive Income | ||
Foreign currency translation adjustments | 237,990 | 20,020 |
Total Comprehensive Loss | $ (106,000) | $ (745,823) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 1,426,927,346 | 1,426,927,346 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders Deficit (Unaudited) - USD ($) | Total | Preferred Shares | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income |
Balance, shares at Jun. 30, 2021 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Jun. 30, 2021 | $ (4,736,663) | $ 68,408 | $ 1,426,927 | $ 600,076 | $ (6,893,746) | $ 61,672 |
Preferred dividend | 0 | 0 | 0 | 0 | 0 | 0 |
Imputed interest | 53,542 | 0 | 0 | 53,542 | 0 | 0 |
Foreign currency translation adjustment | 20,020 | 0 | 0 | 0 | 0 | 20,020 |
Net loss | (765,843) | 0 | 0 | 0 | (765,843) | 0 |
Balance, amount at Sep. 30, 2021 | (5,428,944) | $ 68,408 | $ 1,426,927 | 653,618 | (7,659,589) | 81,692 |
Balance, shares at Sep. 30, 2021 | 280,000 | 1,426,927,346 | ||||
Balance, shares at Jun. 30, 2022 | 280,000 | 1,426,927,346 | ||||
Balance, amount at Jun. 30, 2022 | (6,543,872) | $ 68,408 | $ 1,426,927 | 840,009 | (9,213,670) | 334,454 |
Preferred dividend | 0 | 0 | 0 | 0 | 0 | 0 |
Imputed interest | 53,054 | 0 | 0 | 53,054 | 0 | 0 |
Foreign currency translation adjustment | 237,990 | 0 | 0 | 0 | 0 | 237,990 |
Net loss | (343,990) | $ 0 | 0 | 0 | (343,990) | 0 |
Conversion of preferred shares by related party, shares | (280,000) | |||||
Conversion of preferred shares by related party, amount | (68,408) | $ (68,408) | 0 | 0 | 0 | 0 |
Balance, amount at Sep. 30, 2022 | $ (6,665,226) | $ 0 | $ 1,426,927 | $ 893,063 | $ (9,557,660) | $ 572,444 |
Balance, shares at Sep. 30, 2022 | 1,426,927,346 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (343,990) | $ (765,843) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation of property and equipment | 1,095 | 1,527 |
Imputed interest contributed as additional paid in capital | 53,055 | 53,544 |
Amortization of debt discount | 187,165 | 248,165 |
Change in fair value of derivative liability | 0 | 170,271 |
Expenses paid directly through an unrelated party | 0 | 716 |
Accrued interest | 804 | 0 |
Change in assets and liabilities | ||
Other receivable and deposits | 0 | 0 |
Accounts payable and accrued liabilities | 17,632 | (18,030) |
Other payables and accruals | (14,507) | 393 |
Interest paid | 0 | 858 |
Net cash used in operating activities | (98,746) | (308,399) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short-term loan | 0 | 90,628 |
Project financing advances proceeds | 88,871 | 0 |
Repayment of short-term loan | 0 | (47,699) |
Advances received from related parties | 39,716 | 27,355 |
Advances received from an unrelated party | 670 | 230,273 |
Repayments of related party advances | (5,735) | 0 |
Repayments of advances to an unrelated party | (11,823) | (12,037) |
Net cash provided by (used in) financing activities | 111,699 | 288,520 |
Effects on changes in foreign exchange rate | (5,177) | 96 |
Net change in cash and cash equivalents | 7,776 | (19,783) |
Cash and cash equivalents - beginning of period | 7,487 | 24,003 |
Cash and cash equivalents - end of period | 15,263 | 4,220 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 193,180 |
Cash paid for income taxes | 0 | 0 |
Non-Cash Investing and Financing Activity: | ||
Reclassification of project advances to project financing debt | $ 0 | $ (47,699) |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
Organization and Summary of Significant Accounting Policies | |
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 and subsequently its shareholders, became our controlling stockholders. 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 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. 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 or RM). 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 22, 2023, for the year ended June 30, 2022. The results of operations for the periods ended September 30, 2022 are not necessarily indicative of the operating results for the full year. 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. Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss). 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 significant estimates in regards to the inputs used for valuation of the derivative associated with the contingent interest of its Sea Sand Dredging Project Financing (see Note 10). 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 9) 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, 2022 and 2021, the Company did not record any revenue and recorded cost of sales and gross loss of $0 and $24, respectively. Cash and Cash Equivalents The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2022 and June 30, 2022, cash includes cash on hand and cash in the bank. The Company operates in Malaysia where deposit insurance for deposits is provided up to RM 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 as there was no inventory on hand as of the quarter end. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. During the three months ended September 30, 2022 and 2021, the Company did not produce any mined sand. Additionally, the Company did not hold any inventories as of September 30, 2022 and June 30, 2022. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and equivalents, other receivables and deposits, due from related party, accounts payable, other payables and accruals, due to related party, due to unrelated party, project advances and royalty obligation. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The Company adopted ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. The three-level hierarchy for fair value measurements is defined as follows: Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets; Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active; Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. 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 Fixtures 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 9) 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 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. During the three months ended September 30, 2022 and 2021, the Company recorded exploration expenditures of $0. Such expenditures have been incurred in order to provide the information necessary to the Malaysian Department of the Environment for the renewal of its dredging license for three additional years and to expand the potential cubic meters available to dredge within its current license area from the current 19.1 km to 40 km. The Company’s policy is to expense these costs as incurred. As part of the agreement with One Standard Continent SDH, Bhd. (“OSC”) (see Note 9), OSC agreed to reimburse the Company for expenditures associated with certain costs directly attributable to the Company acquiring and maintaining dredging rights in the ocean waters off the coast of Malaysia. For the three months ended September 30, 2022, OCS reimbursed the Company $0 related to those costs. The Company accounts for those reimbursements as a direct reduction of its exploration costs. 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. The Company did not record any impairment of long-lived assets during the three months ended September 30, 2022 and 2021. Leases FASB ASC 842 “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, 2022 and June 30, 2022. 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 12). Income Taxes On July 1, 2021, the Company adopted 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 standard has been adopted on a prospective basis and the adoption of this standard does not have a material impact on the Company’s financial statements. 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 loss 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, 2022 there were 0 potentially diluted common shares outstanding. As of June at 30, 2022, there were approximately 42,336 potentially diluted common shares outstanding from 280,000 shares of preferred stock. 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. Recently issued accounting pronouncements 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, 2022, none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2022 | |
Going Concern | |
Going Concern | Note 2 – Going Concern For the three months ended September 30, 2022, the Company reported a net loss of approximately $344 thousand. In addition, as of September 30, 2022, the Company had a working capital deficit of approximately $6.7 million with cash on hand of approximately $15,000. 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 2023 and beyond, as JHW received its main permit from the Government of Malaysia to commence sea sand mining in January 2019 and further in April 2021, received its export license contingent on receiving updated dredging area rights (see Note 9). The sea sand mining license expired in January 9, 2022 and was renewed for an additional three year period, commencing on August 2, 2022 and ending in August 1, 2025. 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 sub operators, such as One Standard Continent SDN BHD to mine and export sea sand (Note 9). 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. |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Sep. 30, 2022 | |
Plant and Equipment | |
Plant and Equipment | Note 3 – Plant and Equipment Sept 30, June 30, 2022 2022 Cost Motor Vehicles $ 14,037 $ 14,742 Office equipment 9,057 24,143 Computers and software 11,752 12,816 Tools and equipment 458 481 Furniture and Fixture 33,481 35,161 68,785 87,343 Accumulated Depreciation (54,113 ) (70,870 ) Plant and Equipment, Net $ 14,672 $ 16,473 Depreciation for the three months ended September 30, 2022 and 2021 was $1,095 and $1,527, respectively. |
Other receivable and deposits
Other receivable and deposits | 3 Months Ended |
Sep. 30, 2022 | |
Other receivable and deposits | |
Other receivable and deposits | Note 4 – Other receivable and deposits Sept 30, June 30, 2022 2022 Sundry receivables $ 22,251 $ 23,367 Other receivable 5,723 6,011 Deposits, including utility, security deposits 842 885 $ 28,816 $ 30,263 |
Related party advances and expe
Related party advances and expenses | 3 Months Ended |
Sep. 30, 2022 | |
Related party advances and expenses | |
Related party advances and expenses | Note 5 – Related party advances and expenses Advances from related parties: Sept 30, June 30, 2022 2022 Advances from its Directors $ 1,159,398 $ 1,093,752 Advances from related party 1,747,545 1,799,611 Advances from holding company 644,370 677,341 Total $ 3,551,313 $ 3,570,704 During the three months ended September 30, 2022 and 2021, the Company received advances from directors of $39,716 and $27,355, respectively and repaid advances from a director of $5,735 and $0, respectively. The Company has imputed interest at the rate of approximately 6.5% on the advances made to the Company in the amount of $53,055 and $53,542 during the three months ended September 30, 2022 and 2021, 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 to unrelated parties
Due to unrelated parties | 3 Months Ended |
Sep. 30, 2022 | |
Due to unrelated parties | |
Due to unrelated parties | Note 6 – Due to unrelated parties During the three months ended September 30, 2022 and 2021, the Company received advances from an unrelated party of $670 and $230,273, respectively and repaid advances from an unrelated party of $11,823 and $12,037, respectively. As of September 30, 2022 and June 30, 2022, the Company has recorded a liability due to the unrelated party of $1,093,201 and $1,139,770, respectively. These amounts are unsecured, non-interest bearing and due on demand. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 7 – 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 Q2 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 resigned as the Company’s Chief Financial Officer in January of 2022. Mr. Chan remains an officer 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, 2022 | |
Share Capital | |
Share Capital | Note 8 – Share Capital Common Stock The Company’s capitalization is 5,000,000,000 common shares with a par value of $0.001 per share. As of September 30, 2022, the Company has not granted any stock options and has not recorded any stock-based compensation. On July 4, 2018, the Company entered into a Share Exchange Agreement with GMCI, as the shareholder (the “SBS Shareholders”) of SBS Mining Corp. Malaysia Sdn. Bhd., a Malaysian corporation (“SBS”), pursuant to which the Company acquired 100% of the issued and outstanding shares of SBS from GMCI in exchange for the issuance of 720,802,346 shares of the Company to GMCI. As a result of the Exchange, SBS became wholly owned subsidiary of NAMI and GMCI became majority shareholder of NAMI owning 50.51% of capital stock of the Company. On July 19, 2018, the Company was notified that GMCI approved and declared a dividend of 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 shares of Nami held by GMCI to the stockholders of the GMCI (collectively, the “Nami Stock Dividend”). The Nami Stock Dividend was completed on August 21, 2018. As of September 30, 2022 and June 30, 2022, 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 RM 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 of June 30, 2022 and, 2021, dividends in arrears totalled $19,051 (MYR 84,00) and $12,146 (MYR 50,400), respectively. The Company has determined that the COVID 19 provisions passed by the Government of Malaysia are in essence force majeure provisions, and therefore the failure to pay the dividends and convert under the agreements are not enforceable by the holders. The Company informed the preferred shareholders of its intention to make final dividend payments and convert their shares into common shares of Nami Corp. In August 2018, the Company received approximately $59,530 (MYR 240,000) in the first subscription of its 12% redeemable cumulative preference shares (see below). In August 2018, the Company received approximately $8,878 (MYR 40,000) in a second subscription of its 12% redeemable cumulative preference shares (see below). The preferred share subscription offering was closed on February 28, 2019. Instruments Convertible into Common or Preferred Shares As at September 30, 2022, SBS had 0 shares of preferred stock outstanding. As at June 30, 2022, SBS had 280,000 shares of preferred stock outstanding that were convertible into 42,336 common shares. During the three months ended September 30, 2022, a director of the Company redeemed the 280,000 preferred shares for approximately $63,560 (MYR 280,000) and paid 46,667 of common shares on behalf of the Company. The redemption has been included in amounts owed to related parties. |
Sea Sand Mining Project
Sea Sand Mining Project | 3 Months Ended |
Sep. 30, 2022 | |
Sea Sand Mining Project | |
Sea Sand Mining Project | Note 9 – 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 required to prepay RM 500,000 of future royalty amounts due under the agreement with JHW, of which SBS funded RM 250,000 (approximately $60,000) as of June 30, 2021. On June 30, 2020 the Company determined that the recoverable amount of this prepayment was $nil and recorded an expense of $59,478 in cost of goods sold associated with the write-down. In April 2021, the Malaysia Ministry of Energy and Natural Resources granted JHW a license approval for the export of sea sand dredged from the current license area. The export license is restricted as follows (a) the license extends for so long as the dredging license remains active (b) exports may only occur to China, Japan and Hong Kong (c) limited to approximately 19.64 million in cubic meters of sea sand that may be exported and (d) the licensee is required to abide with the conditions and requirements under the Sea Sand Mining License clauses under the Continental Shelf Act of Malaysia of 1966, as prescribed by the Department of the Director General of Lands and Mines. In the third and 4 th In August 2022, the sea sand mining and dredging license was renewed for an additional three year period, commencing on August 2, 2022 and ending in August 1, 2025. The Company incurred $0 of such costs during the three months ended September 30, 2022 and 2021. Subsequent to September 30, 2022, the Company received a second sea sand mining and dredging licence No. 0146 for 3 years expiring October 19, 2026 including 21.1 square kilometers and approved for 31.65 million cubic meters of sand volume (see Note 14). |
Sea Sand Dredging Project Finan
Sea Sand Dredging Project Financing | 3 Months Ended |
Sep. 30, 2022 | |
Sea Sand Dredging Project Financing | |
Sea Sand Dredging Project Financing | Note 10 – Sea Sand Dredging Project Financing Project advances In December 2020, the Company accepted an offer from Royal Resources PTE Ltd. (“Royal Resources”) related to a Sea Sand Dredging Project (the “Sea Sand Dredging Project”) located at Kawasan Luar Perairan Negeri Terengganu. In accordance with the offer, an advance payment (the “Advance”) of $49,236 (MYR 200,000) was required upon signing of the acceptance letter and was received during the nine months ended March 31, 2021. Until such time as a formal agreement is reached and signed, the Company has treated the amount received as a non-interest bearing, undocumented advance, due upon demand. Upon signing an agreement with Royal Resources, the Company will receive an additional approximate $410,500 (MYR 1,800,000) from Royal Resources. As of the date of issuance of these financial statements, no formal agreement has been entered into and the additional funding has not been received. In April 2021, the Company received advances from two investors (the “Investors”) related to this Sea Sand Dredging Project with total proceeds of $48,476 (MYR 200,000). Upon receipt of the funds, the Company had treated the amounts received as undocumented, non-interest bearing, due on demand advances. On August 3, 2021, the Company entered into agreements with the two investors and reclassified these deposits to project investment financing debt. During the year ended June 30, 2022, the Company was advanced approximately $410,000 (RM 1,805,000) by OSC on a non-interest bearing, undocumented, due on demand basis. During the period ended September 30, 2022, on a verbal basis, the Company and OSC agreed to amend the Sea Sand Sub-Operator Mining Agreement payment terms such that additional payments were added under the agreement consisting of (1) RM 2 million are required in advance of the startup of the mining operations and upon commencement an additional RM 3.15 million fee is payable. As of September 30, 2022 the RM 2 million has been received (approximately $432,000) and is included in project advances. In addition, the company has received approximately $86,000 (RM 397,900) in advances during the period ended September 30, 2022. Project Investment financing debt In May 2021, the Company received proceeds of approximately $484,760 (MYR 2,000,000) in exchange for a debt agreement with certain investors. As part of the financing agreement, in the event that the Company is unsuccessful in exporting for sale sea sand dredged from its license area, is required to repay the amount of the debt in full with 2% interest per annum, calculated on a daily basis. In the event that the Company is successful in obtaining an export license and upon obtaining an environmental management plan, the Company is required to begin 18 monthly payments with a guaranteed monthly payment of approximately $0.48 (RM 2) per cubic meter of dredged sand sold and 200,000 cubic meters per month, which is approximately $95,900 (MYR 400,000). As part of the agreement, certain directors of SBS and the Company guaranteed approximately $1,198,600 (MYR 5,000,000) to the investors. On August 3, 2021, the Company reached debt agreements with two investors who had provided financing of approximately $48,476 (MYR 200,000) to the Company in April 2021. As part of the financing agreement, in the event that the Company is unsuccessful in exporting for sale sea sand dredged from its license area, the Company will be required to repay the amount of the debt in full with 2% interest per annum, calculated on a daily basis. In the event that the Company is successful in obtaining an export license and upon obtaining an environmental management plan, the Company is required to begin 18 monthly payments with a guaranteed monthly payment of approximately $0.02 (RM 0.10) per cubic meter of dredged sand sold and 200,000 cubic meters per month, which is approximate $4,800 (MYR 20,000). The Company failed to make its first minimum payment to these investors in February 2022, which the Company believes constitutes a material breach of such agreement. As a result, the Company reclassified the outstanding combined balance of $60,241 to current liabilities. Through June 30, 2022 and the date these financial statements were issued, the investors have not yet demanded re-payment. The Company has accounted for the settlement feature that requires repayment based on a minimum of dredged sand as a derivative. The Company valued the alternate payment stream by computing the difference in discounted value of the debt instrument between the imputed rate of the payment stream to certain pricing services Junk debt in the United States (as there is no readily available widely used service in Malaysia) as of the inception dates in May 2021 and August 2021 of approximately 43% and 41%, respectively and estimating that payments would begin in February 2021 at inception and then accelerating repayment beginning in August 2021 as of June 30, 2021 for the May 2021 investment. At inception, the Company recorded derivative liabilities in the amount of $345,369 and $35,317, on May 2021 and August 2021 debt agreements, respectively, which have been recorded as a discount to the amount loaned to the Company. In June 2022, the Company determined that a change in estimate was required, that the likelihood of payment due to sales of dredged sea sand during the term of the financings has become very remote and therefore the Company reverted accounting for the notes to the required minimum payments under the respective financing agreements outstanding as of June 30, 2022, discounted at the rate for S&P rated CCC- notes at their inception. The following table shows the activity for the fair value of the contingent interest liability for June 30, 2022: Fair value at June 30, 2021 $ 208,969 Additions - Change in fair value due to change in estimate (201,291 ) Change in foreign exchange - Redemption (7,678 ) Fair value at June 30, 2022 $ - |
Short-term loans
Short-term loans | 3 Months Ended |
Sep. 30, 2022 | |
Short-term loans | |
Short-term loans | Note 11 – Short-term loans (I) On August 25, 2021, the Company entered into an additional short-term loan agreement, in which the Company received approximately $42,900 (MYR 180,000), with principal and interest of approximately $858 (MYR 3,600) due in full on September 30, 2021. The Company did not repay the balance prior to the deadline, and as of June 30, 2022, the Company had defaulted on this loan, resulting in a default interest rate of 2% per month until the debt has been repaid in full. During the year ended June 30, 2022, the Company recorded interest expense of $6,808 (MYR 29,748) associated with the loan. As of June 30, 2022, the principal balance of the loan principal was fully paid. As of September 30, 2022 unpaid accrued interest is approximately $6,424 (MYR 29,748). (II) On April 1, 2022, the Company entered into a short-term loan agreement, in which the Company received approximately $7,100 (MYR 30,000). As of September 30, 2022, the remaining principal balance of the loan is approximately $6,479 (MYR 30,000). As of September 30, 2022 accrued interest is approximately $2,721 (MYR 12,600). |
Geographic Segment Reporting
Geographic Segment Reporting | 3 Months Ended |
Sep. 30, 2022 | |
Geographic Segment Reporting | |
Geographic Segment Reporting | Note 12 – Geographic Segment Reporting The following table shows operating activities information by geographic segment for the three months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 USA Malaysia Total Revenue $ - $ - $ - Cost of Goods Sold - - - Depreciation of property, plant and equipment - (1,095 ) (1,095 ) General and administrative expenses 1,834 (66,854 ) (65,020 ) Professional fees (27,959 ) (2,544 ) (30,503 ) Other expenses (15,128 ) (232,244 ) (247,372 ) Net loss $ (41,253 ) $ (302,737 ) $ (343,990 ) Three Months Ended September 30, 2021 USA Malaysia Total Revenue $ - $ - $ - Cost of Goods Sold - (24 ) (24 ) Depreciation of property, plant and equipment - (1,527 ) (1,527 ) General and administrative expenses - including related party (20,867 ) (11,453 ) (32,320 ) Professional fees (66,870 ) (358 ) (67,228 ) Other expenses (15,129 ) (649,615 ) (664,744 ) Net loss $ (102,866 ) $ (662,977 ) $ (765,843 ) The following table shows assets information by geographic segment at September 30, 2022 and June 30, 2022: As of September 30, 2022 USA Malaysia Total Current assets $ - $ 44,079 $ 44,079 Property and equipment, net - 14,672 14,672 Total assets $ - $ 58,751 $ 58,751 As of June 30, 2022 USA Malaysia Total Current assets $ - $ 37,750 $ 37,750 Property and equipment, net - 16,473 16,473 Total assets $ - $ 54,223 $ 54,223 |
Deferred Revenue
Deferred Revenue | 3 Months Ended |
Sep. 30, 2022 | |
Deferred Revenue | |
Deferred Revenue | Note 13 – Deferred Revenue During the year ended June 30, 2022, the Company received approximately $124,739 (MYR 550,000) from OSC in advance of the contract entered into May 27, 2022, where the Company entered into an operator agreement with OSC, in which OSC has been provided with the ability to carry out all dredging activities, all transportation, insurance, risk management and export in an area comprised of 21.10 sq/km. within the Company’s 325.3 sq/km new concession area. As part of this transaction, the Company and OSC have executed a power of attorney and exclusive sole marketing agent agreement. The power of attorney allows OSC to act as the Company’s sub-operator within the concession area; in the exclusive sole marketing agent agreement the Company appoints OSC to act as exclusive sole marketing agent to promote and negotiate the sale of sea sands and to seek funding for the Company’s sea sand projects. The Company has recorded the amount received as deferred revenue as it is yet to transfer control of dredged sea sand production but expects to do so in the near term. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events | |
Subsequent Events | Note 14 – Subsequent Events October 20, 2023 the Company, which is in a joint venture with JHW Holdings Sdn Bhd, a private limited company incorporated in Malaysia (“JHW”), received a second sea sand mining and dredging license from the Ministry of Energy and Natural Resources (Kementerian Tenaga dan Sumber Asli) (“KeTSA”). The license No. is 0146 and is a sea mining concession area of 21.10 square kilometers and includes an approved dredged sand volume of 31,650,000 cubic meters (m3). The mining and dredging license was granted for a term of three years from October 20, 2023, to October 19, 2026. Subsequent to September 30, 2022, the Company received additional advances from OSC of approximately $180,000 (RM 835,400) as part of the Sea Sand Sub-Operator Mining Agreement verbally amended during the period ended September 30, 2022. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
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 22, 2023, for the year ended June 30, 2022. The results of operations for the periods ended September 30, 2022 are not necessarily indicative of the operating results for the full year. 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. |
Reclassifications | Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss). |
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 significant estimates in regards to the inputs used for valuation of the derivative associated with the contingent interest of its Sea Sand Dredging Project Financing (see Note 10). 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 9) 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, 2022 and 2021, the Company did not record any revenue and recorded cost of sales and gross loss of $0 and $24, respectively. |
Cash and Cash Equivalents | The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2022 and June 30, 2022, cash includes cash on hand and cash in the bank. The Company operates in Malaysia where deposit insurance for deposits is provided up to RM 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 as there was no inventory on hand as of the quarter end. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. During the three months ended September 30, 2022 and 2021, the Company did not produce any mined sand. Additionally, the Company did not hold any inventories as of September 30, 2022 and June 30, 2022. |
Fair Value of Financial Instruments | The Company’s financial instruments consist primarily of cash and equivalents, other receivables and deposits, due from related party, accounts payable, other payables and accruals, due to related party, due to unrelated party, project advances and royalty obligation. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The Company adopted ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. The three-level hierarchy for fair value measurements is defined as follows: Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets; Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active; Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
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 Fixtures 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 9) 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 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. During the three months ended September 30, 2022 and 2021, the Company recorded exploration expenditures of $0. Such expenditures have been incurred in order to provide the information necessary to the Malaysian Department of the Environment for the renewal of its dredging license for three additional years and to expand the potential cubic meters available to dredge within its current license area from the current 19.1 km to 40 km. The Company’s policy is to expense these costs as incurred. As part of the agreement with One Standard Continent SDH, Bhd. (“OSC”) (see Note 9), OSC agreed to reimburse the Company for expenditures associated with certain costs directly attributable to the Company acquiring and maintaining dredging rights in the ocean waters off the coast of Malaysia. For the three months ended September 30, 2022, OCS reimbursed the Company $0 related to those costs. The Company accounts for those reimbursements as a direct reduction of its exploration costs. |
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. The Company did not record any impairment of long-lived assets during the three months ended September 30, 2022 and 2021. |
Leases | FASB ASC 842 “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, 2022 and June 30, 2022. |
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 12). |
Income Taxes | On July 1, 2021, the Company adopted 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 standard has been adopted on a prospective basis and the adoption of this standard does not have a material impact on the Company’s financial statements. 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 loss 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, 2022 there were 0 potentially diluted common shares outstanding. As of June at 30, 2022, there were approximately 42,336 potentially diluted common shares outstanding from 280,000 shares of preferred stock. |
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. |
Recently issued accounting pronouncements | 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, 2022, none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Organization and Summary of Significant Accounting Policies | |
Schedule of annual rates of depreciation | Motor Vehicles 20 % Office equipment 33 % Tools and equipment 33 % Computer and software 33 % Leasehold improvements Term of lease Furniture and Fixtures 33 % |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Plant and Equipment | |
Schedule of plant and equipment | Sept 30, June 30, 2022 2022 Cost Motor Vehicles $ 14,037 $ 14,742 Office equipment 9,057 24,143 Computers and software 11,752 12,816 Tools and equipment 458 481 Furniture and Fixture 33,481 35,161 68,785 87,343 Accumulated Depreciation (54,113 ) (70,870 ) Plant and Equipment, Net $ 14,672 $ 16,473 |
Other receivable and deposits (
Other receivable and deposits (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Other receivable and deposits | |
Schedule of other receivable and deposits | Sept 30, June 30, 2022 2022 Sundry receivables $ 22,251 $ 23,367 Other receivable 5,723 6,011 Deposits, including utility, security deposits 842 885 $ 28,816 $ 30,263 |
Related party advances and ex_2
Related party advances and expenses (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Related party advances and expenses | |
Schedule of advances from related parties | Sept 30, June 30, 2022 2022 Advances from its Directors $ 1,159,398 $ 1,093,752 Advances from related party 1,747,545 1,799,611 Advances from holding company 644,370 677,341 Total $ 3,551,313 $ 3,570,704 |
Sea Sand Dredging Project Fin_2
Sea Sand Dredging Project Financing (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Sea Sand Dredging Project Financing | |
Schedule of fair value of contingent interest liability | Fair value at June 30, 2021 $ 208,969 Additions - Change in fair value due to change in estimate (201,291 ) Change in foreign exchange - Redemption (7,678 ) Fair value at June 30, 2022 $ - |
Geographic Segment Reporting (T
Geographic Segment Reporting (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Geographic Segment Reporting | |
Schedule of Operating activities information by geographic segment | Three Months Ended September 30, 2022 USA Malaysia Total Revenue $ - $ - $ - Cost of Goods Sold - - - Depreciation of property, plant and equipment - (1,095 ) (1,095 ) General and administrative expenses 1,834 (66,854 ) (65,020 ) Professional fees (27,959 ) (2,544 ) (30,503 ) Other expenses (15,128 ) (232,244 ) (247,372 ) Net loss $ (41,253 ) $ (302,737 ) $ (343,990 ) Three Months Ended September 30, 2021 USA Malaysia Total Revenue $ - $ - $ - Cost of Goods Sold - (24 ) (24 ) Depreciation of property, plant and equipment - (1,527 ) (1,527 ) General and administrative expenses - including related party (20,867 ) (11,453 ) (32,320 ) Professional fees (66,870 ) (358 ) (67,228 ) Other expenses (15,129 ) (649,615 ) (664,744 ) Net loss $ (102,866 ) $ (662,977 ) $ (765,843 ) |
Schedule of Assets information | As of September 30, 2022 USA Malaysia Total Current assets $ - $ 44,079 $ 44,079 Property and equipment, net - 14,672 14,672 Total assets $ - $ 58,751 $ 58,751 As of June 30, 2022 USA Malaysia Total Current assets $ - $ 37,750 $ 37,750 Property and equipment, net - 16,473 16,473 Total assets $ - $ 54,223 $ 54,223 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Sep. 30, 2022 | |
Office Equipment [Member] | |
Plant and equipment, rate of depreciation | 33% |
Tools and Equipment [Member] | |
Plant and equipment, rate of depreciation | 33% |
Computer and Software [Member] | |
Plant and equipment, rate of depreciation | 33% |
Furniture and Fixtures [Member] | |
Plant and equipment, rate of depreciation | 33% |
Motor Vehicles [Member] | |
Plant and equipment, rate of depreciation | 20% |
Leasehold Improvements [Member] | |
Plant and equipment, description for rate of depreciation | Term of lease |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jul. 12, 2018 | Jul. 19, 2018 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Gross profit | $ 0 | $ (24) | |||
Cash insured amount | $ 60,000 | $ 60,000 | |||
Preferred stock outstanding | 0 | 280,000 | |||
Potentially diluted common shares outstanding | 0 | 42,336 | |||
Exploration expenditures | $ 0 | $ 0 | |||
Reimbursements exploration costs | $ 0 | ||||
GMCI [Member] | |||||
Common stock issuance | 720,802,346 | ||||
Outstanding shares acquired | 100% | ||||
Pre-merger issued and outstanding shares | 102.08% | ||||
Description for dividend declared by GMCI | the Company was notified that the Board 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”) |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Going Concern | |
Working capital deficit | $ 6,700,000 |
Cash in hand | 15,000 |
Net loss | $ 344,000 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Plant and Equipment, Gross | $ 68,785 | $ 87,343 |
Accumulated Depreciation | (54,113) | (70,870) |
Plant and Equipment, Net | 14,672 | 16,473 |
Office Equipment [Member] | ||
Plant and Equipment, Gross | 9,057 | 24,143 |
Tools and Equipment [Member] | ||
Plant and Equipment, Gross | 458 | 481 |
Computer and Software [Member] | ||
Plant and Equipment, Gross | 11,752 | 12,816 |
Furniture and Fixtures [Member] | ||
Plant and Equipment, Gross | 33,481 | 35,161 |
Motor Vehicles [Member] | ||
Plant and Equipment, Gross | $ 14,037 | $ 14,742 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation | $ 1,095 | $ 1,527 |
Plant And Equipment [Member] | ||
Depreciation | $ 1,095 | $ 1,527 |
Other receivable and deposits_2
Other receivable and deposits (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Other receivable and deposits | ||
Sundry receivables | $ 22,251 | $ 23,367 |
Other receivable | 5,723 | 6,011 |
Deposits, including utility, security deposits | 842 | 885 |
Other receivable and deposits | $ 28,816 | $ 30,263 |
Related party advances and ex_3
Related party advances and expenses (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Total | $ 3,551,313 | $ 3,570,704 |
Advances from SBS Directors [Member] | ||
Total | 1,159,398 | 1,093,752 |
Advances from related party [Member] | ||
Total | 1,747,545 | 1,799,611 |
Advances from holding company [Member] | ||
Total | 644,370 | 677,341 |
Advances from all company [Member] | ||
Total | $ 3,551,313 | $ 3,570,704 |
Related party advances and ex_4
Related party advances and expenses (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Imputed interest rate | 6.50% | 6.50% | |
Imputed interest | $ 53,055 | $ 53,542 | |
Advances received from related parties | $ 410,500 | 39,716 | 27,355 |
Director [Member] | |||
Advances received from related parties | 39,716 | 27,355 | |
Repayments of related party advances | $ 5,735 | $ 0 |
Due to unrelated parties (Detai
Due to unrelated parties (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Due to unrelated parties | |||
Advances received from unrelated parties | $ 670 | $ 230,273 | |
Repayment of advances received from unrealted party | 11,823 | $ 12,037 | |
Liability due to unrelated party | $ 1,093,201 | $ 1,139,770 |
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 | ||||
Jul. 04, 2018 | Aug. 31, 2018 | Jul. 19, 2018 | Sep. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | ||||
Ownership percentage | 50.51% | |||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 720,802,346 | 1,426,927,346 | 1,426,927,346 | |||
Common stock, shares outstanding | 1,426,927,346 | 1,426,927,346 | ||||
Ownership interest transferred | 100% | |||||
Preferred stock, shares outstanding | 0 | 280,000 | ||||
First subscription [Member] | ||||||
Subscription received | $ 59,530 | |||||
Redeemable cumulative preference shares, interest rate | 12% | |||||
Second subscription [Member] | ||||||
Subscription received | $ 8,878 | |||||
Redeemable cumulative preference shares, interest rate | 12% | |||||
SBS [Member] | ||||||
Redeemable prefereed stock | $ 63,560 | |||||
Redeemed of preferred shares | 280,000 | |||||
Issue of common share | 46,667 | |||||
Preferred shares description | 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 RM 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 | |||||
Number of preferred shares held | 1 for 1 basis | |||||
Debt converted into common shares | 42,336 | |||||
Dividends in arrears | $ 19,051 | $ 12,146 | ||||
Ownership percentage | 100% |
Sea Sand Mining Project (Detail
Sea Sand Mining Project (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Oct. 20, 2023 | Sep. 30, 2022 | Jun. 30, 2020 | |
Royalty prepayment recorded as cost of good sold | $ 59,478 | ||
Description for irrevocable right use of asset | 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 required to prepay RM 500,000 of future royalty amounts due under the agreement with JHW, of which SBS funded RM 250,000 (approximately $60,000) as of June 30, 2021 | ||
Subsequent Event [Member] | |||
Second sea sand mining and dredging licence, description | the Company received a second sea sand mining and dredging licence No. 0146 for 3 years expiring October 19, 2026 including 21.1 square kilometers and approved for 31.65 million cubic meters of sand volume |
Sea Sand Dredging Project Fin_3
Sea Sand Dredging Project Financing (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Sea Sand Dredging Project Financing | |
Fair value, beginning balance | $ 208,969 |
Additions | 0 |
Change in fair value | (201,291) |
Change in foreign exchange | 0 |
Redemption | (7,678) |
Fair value, ending balance | $ 0 |
Sea Sand Dredging Project Fin_4
Sea Sand Dredging Project Financing (Details Narrativee) $ / shares in Units, RM in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 03, 2021 USD ($) $ / shares | May 31, 2021 USD ($) $ / shares | Apr. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 MYR (RM) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Advance payment | $ 49,236 | ||||||||
Description of inception | the inception dates in May 2021 and August 2021 of approximately 43% and 41% | the inception dates in May 2021 and August 2021 of approximately 43% and 41% | |||||||
Additional amount received | $ 410,500 | $ 39,716 | $ 27,355 | ||||||
Received amount in advances | 86,000 | ||||||||
Received project advances amount | 432,000 | ||||||||
Received advances from two investors | $ 48,476 | ||||||||
Proceeds from related party debt from investor | $ 48,476 | $ 484,760 | |||||||
Debt interest rate percentage per annum | 2% | 2% | |||||||
Guaranteed monthly payment per share | $ / shares | $ 0.02 | $ 0.48 | |||||||
Guaranteed monthly payment to investors | $ 4,800 | $ 95,900 | |||||||
Fee payable for mining operation | RM | RM 3,150 | ||||||||
Advances from non-interest bearing due on demand | $ 410,000 | ||||||||
Project investment financing debt | 1,198,600 | ||||||||
Project Investment Financing Debt [Member] | |||||||||
Current liabilities | $ 60,241 | ||||||||
Derivative liability | $ 345,369 | $ 35,317 |
Short-term loans (Details Narra
Short-term loans (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 25, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Apr. 01, 2022 | |
Principal and interest | $ 858 | ||||
Additional short-term loan | $ 42,900 | $ 7,100 | |||
Remaining principal balance of loan | 6,479 | ||||
Interest Expense | 194,373 | $ 442,204 | $ 6,808 | ||
Accrued interest | 6,424 | ||||
Interest rate | 2% | ||||
April 1, 2022 [Member] | |||||
Accrued interest | $ 2,721 |
Geographic Segment Reporting (D
Geographic Segment Reporting (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 0 | $ 0 |
Cost of Goods Sold | 0 | (24) |
Depreciation of property, plant and equipment | (1,095) | (1,527) |
General and administrative expenses | (65,020) | (32,320) |
Professional fees | (30,503) | (67,228) |
Other income (expenses) | (247,372) | (664,744) |
Net Loss | (343,990) | (765,843) |
USA [Member] | ||
Revenue | 0 | 0 |
Cost of Goods Sold | 0 | 0 |
Depreciation of property, plant and equipment | 0 | 0 |
General and administrative expenses | 1,834 | (20,867) |
Professional fees | (27,959) | (66,870) |
Other income (expenses) | (15,128) | (15,129) |
Net Loss | (41,253) | (102,866) |
Malaysia [Member] | ||
Revenue | 0 | 0 |
Cost of Goods Sold | 0 | (24) |
Depreciation of property, plant and equipment | (1,095) | (1,527) |
General and administrative expenses | (66,854) | (11,453) |
Professional fees | (2,544) | (358) |
Other income (expenses) | (232,244) | (649,615) |
Net Loss | $ (302,737) | $ (662,977) |
Geographic Segment Reporting _2
Geographic Segment Reporting (Details 1) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Current Assets | $ 44,079 | $ 37,750 |
Property and equipment, net | 14,672 | 16,473 |
Total assets | 58,751 | 54,223 |
USA [Member] | ||
Current Assets | 0 | 0 |
Property and equipment, net | 0 | 0 |
Total assets | 0 | 0 |
Malaysia [Member] | ||
Current Assets | 44,079 | 37,750 |
Property and equipment, net | 14,672 | 16,473 |
Total assets | $ 58,751 | $ 54,223 |
Deferred Revenue (Details Narra
Deferred Revenue (Details Narrative) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Deferred Revenue | ||
Deferred revenue and customer advances | $ 118,777 | $ 124,739 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Oct. 20, 2023 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Additional amount received | $ 410,500 | $ 39,716 | $ 27,355 | |
Subsequent Event [Member] | ||||
License term description | granted for a term of three years from October 20, 2023, to October 19, 2026 | |||
Mining and dredging license description | The license No. is 0146 and is a sea mining concession area of 21.10 square kilometers and includes an approved dredged sand volume of 31,650,000 cubic meters (m3) | |||
OSC [Member] | ||||
Additional amount received | $ 180,000 |