Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 14, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | AJIA INNOGROUP HOLDINGS, LTD | |
Entity Central Index Key | 0001650739 | |
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 | Dec. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 109,300,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-206450 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 82-1063313 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 187 E. Warm Springs Road | |
Entity Address Address Line 2 | Suite B307 | |
Entity Address State Or Province | NV | |
Entity Address City Or Town | Las Vegas | |
City Area Code | 702 | |
Local Phone Number | 833-9872 | |
Entity Address Postal Zip Code | 89119 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 13,507 | $ 61,963 |
Accounts receivable | 848 | 0 |
Deposits and prepayments | 18,519 | 18,432 |
Earnest deposit | 105,000 | 105,000 |
Other receivables | 31,690 | 7,004 |
Total current assets | 169,564 | 192,399 |
Non-current assets: | ||
Plant and equipment, net | 30,989 | 29,737 |
Goodwill | 5,029,592 | 5,029,592 |
Total non-current assets | 5,060,581 | 5,059,329 |
TOTAL ASSETS | 5,230,145 | 5,251,728 |
Current liabilities: | ||
Other payables and accrued liabilities | 242,232 | 422,654 |
Accounts payable | 82,474 | 0 |
Amounts due to related parties | 734,669 | 597,192 |
Total current liabilities | 1,059,375 | 1,019,846 |
Commitments and contingencies | 0 | 0 |
Shareholders' equity: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized; 1,000 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively | 1 | 1 |
Common stock, $0.001 par value; 500,000,000 shares authorized; 109,300,000 and 109,225,000 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively | 109,300 | 109,225 |
Additional paid-in capital | 5,403,370 | 5,358,445 |
Accumulated other comprehensive (loss) income | (647) | 3,436 |
Accumulated deficit | (1,220,441) | (1,118,412) |
Total | 4,291,583 | 4,352,695 |
Non-controlling interest | (120,813) | (120,813) |
Total shareholders' equity | 4,170,770 | 4,231,882 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 5,230,145 | $ 5,251,728 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 15, 2018 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
Preferred stock, par value per share | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued | 1,000 | 1,000 | |
Preferred stock, shares outstanding | 1,000 | 1,000 | |
Common stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 75,000,000 |
Common stock, shares issued | 109,300,000 | 109,225,000 | |
Common stock, shares outstanding | 109,300,000 | 109,225,000 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||
Revenues, net | $ 54,257 | $ 36,417 | $ 254,427 | $ 60,929 |
Cost of revenue | (49,173) | (10,025) | (200,436) | (13,109) |
Gross profit | 5,084 | 26,392 | 53,991 | 47,820 |
Operating expenses | ||||
General and administrative | 73,108 | 31,374 | 155,587 | 93,257 |
Professional fee | 18,760 | 17,468 | 38,808 | 50,355 |
Total operating expenses | 91,868 | 48,842 | 194,395 | 143,612 |
LOSS FROM OPERATIONS | (86,784) | (22,450) | (140,404) | (95,792) |
Other income: | ||||
Gain on disposal of subsidiary | 0 | 30,809 | ||
Government subsidy | 318 | 0 | 7,555 | 0 |
Sundry income | 0 | 10 | 0 | 10 |
Interest income | 7 | 0 | 11 | 0 |
Total other income | 325 | 10 | 38,375 | 10 |
LOSS BEFORE INCOME TAXES | (86,459) | (22,440) | (102,029) | (95,782) |
Income tax expense | 0 | |||
NET LOSS | (86,459) | (22,440) | (102,029) | (95,782) |
Net gain attributable to non-controlling interest | 13,468 | 619 | ||
Net loss attributable to Ajia Innogroup Holdings Ltd. shareholders | (86,459) | (35,908) | (102,029) | (96,401) |
Other comprehensive (loss) income : | ||||
- Foreign currency translation (loss) gain | (4,997) | 2,572 | (2,802) | 3,131 |
- Release of foreign currency translation upon sale of a subsidiary | (1,281) | |||
COMPREHENSIVE LOSS | $ (91,456) | $ (19,868) | $ (106,112) | $ (92,651) |
Net loss per share - Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding - Basic and diluted | 109,245,380 | 101,120,000 | 109,235,190 | 101,120,000 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (102,029) | $ (95,782) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 8,617 | 119 |
Gain on disposal of a subsidiary | (30,809) | 0 |
Change in operating assets and liabilities: | ||
Accounts receivable | (848) | 0 |
Accounts payable | 82,474 | 0 |
Deposits and prepayments | 0 | (26,199) |
Other receivables | (24,686) | 0 |
Other payables and accrued liabilities | (105,590) | 35,649 |
Net cash used in operating activities | (172,871) | (86,213) |
Cash flows from investing activities: | ||
Purchase of plant and equipment | (9,757) | (154) |
Cash from disposal of a subsidiary | (304) | |
Cash from acquisition of a subsidiary | 3,064 | |
Net cash (used in) provided by investing activities | (10,061) | 2,910 |
Cash flows from financing activity: | ||
Advances from a director | 137,477 | 102,986 |
Net cash provided by financing activity | 137,477 | 102,986 |
Effect of exchange rate changes on cash and cash equivalents | (3,001) | 3,143 |
Net change in cash and cash equivalents | (48,456) | 22,826 |
CASH AND CASH EQUIVALENT, BEGINNING OF PERIOD | 61,963 | 1,120 |
CASH AND CASH EQUIVALENT, END OF PERIOD | 13,507 | 23,946 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS (DEFICIT) EQUITY - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated other comprehensive loss | Retained Earnings (Accumulated Deficit) | Noncontrolling Interest |
Balance, shares at Jun. 30, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Jun. 30, 2021 | $ (228,562) | $ 1 | $ 101,120 | $ 503,550 | $ (4,368) | $ (829,497) | $ 632 |
Acquisition of a subsidiary | 36,841 | 0 | 0 | 0 | 0 | 36,841 | |
Net loss for the period | (73,342) | 0 | 0 | 0 | 0 | (60,493) | (12,849) |
Foreign currency translation adjustment | 559 | $ 0 | $ 0 | 0 | 559 | 0 | 0 |
Balance, shares at Sep. 30, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Sep. 30, 2021 | (264,504) | $ 1 | $ 101,120 | 503,550 | (3,809) | (889,990) | 24,624 |
Balance, shares at Jun. 30, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Jun. 30, 2021 | (228,562) | $ 1 | $ 101,120 | 503,550 | (4,368) | (829,497) | 632 |
Net loss for the period | (95,782) | ||||||
Balance, shares at Dec. 31, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Dec. 31, 2021 | (284,372) | $ 1 | $ 101,120 | 503,550 | (1,237) | (925,898) | 38,092 |
Balance, shares at Sep. 30, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Sep. 30, 2021 | (264,504) | $ 1 | $ 101,120 | 503,550 | (3,809) | (889,990) | 24,624 |
Net loss for the period | (22,440) | 0 | 0 | 0 | 0 | (35,908) | 13,468 |
Foreign currency translation adjustment | 2,572 | $ 0 | $ 0 | 0 | 2,572 | 0 | 0 |
Balance, shares at Dec. 31, 2021 | 1,000 | 101,120,000 | |||||
Balance, amount at Dec. 31, 2021 | (284,372) | $ 1 | $ 101,120 | 503,550 | (1,237) | (925,898) | 38,092 |
Balance, shares at Jun. 30, 2022 | 1,000 | 109,225,000 | |||||
Balance, amount at Jun. 30, 2022 | 4,231,882 | $ 1 | $ 109,225 | 5,348,445 | 3,436 | (1,118,412) | (120,813) |
Net loss for the period | (15,570) | 0 | 0 | 0 | 0 | (15,570) | 0 |
Foreign currency translation adjustment | 2,195 | 0 | 0 | 0 | 2,195 | 0 | 0 |
Disposal of a subsidiary | (1,281) | $ 0 | $ 0 | 0 | (1,281) | 0 | 0 |
Balance, shares at Sep. 30, 2022 | 1,000 | 109,225,000 | |||||
Balance, amount at Sep. 30, 2022 | 4,217,226 | $ 1 | $ 109,225 | 5,348,445 | 4,350 | (1,133,982) | (120,813) |
Balance, shares at Jun. 30, 2022 | 1,000 | 109,225,000 | |||||
Balance, amount at Jun. 30, 2022 | 4,231,882 | $ 1 | $ 109,225 | 5,348,445 | 3,436 | (1,118,412) | (120,813) |
Net loss for the period | (102,029) | ||||||
Balance, shares at Dec. 31, 2022 | 1,000 | 109,300,000 | |||||
Balance, amount at Dec. 31, 2022 | 4,170,770 | $ 1 | $ 109,300 | 5,403,370 | (647) | (1,220,441) | (120,813) |
Balance, shares at Sep. 30, 2022 | 1,000 | 109,225,000 | |||||
Balance, amount at Sep. 30, 2022 | 4,217,226 | $ 1 | $ 109,225 | 5,348,445 | 4,350 | (1,133,982) | (120,813) |
Net loss for the period | (86,459) | 0 | 0 | 0 | 0 | (86,459) | 0 |
Foreign currency translation adjustment | (4,997) | 0 | $ 0 | 0 | (4,997) | 0 | 0 |
Issuance of common shares, shares | 75,000 | ||||||
Issuance of common shares, amount | 45,000 | $ 0 | $ 75 | 44,925 | 0 | 0 | 0 |
Balance, shares at Dec. 31, 2022 | 1,000 | 109,300,000 | |||||
Balance, amount at Dec. 31, 2022 | $ 4,170,770 | $ 1 | $ 109,300 | $ 5,403,370 | $ (647) | $ (1,220,441) | $ (120,813) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Dec. 31, 2022 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the consolidated balance sheet as of June 30, 2022 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended December 31, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2023 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended June 30, 2022, filed with the SEC on October 13, 2022. |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION AND BUSINESS BACKGROUND | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE 2 – ORGANIZATION AND BUSINESS BACKGROUND Ajia Innogroup Holdings, Ltd., (the “Company” or “AJIA”) was incorporated in the State of Nevada on March 19, 2014. The Company had intended to provide a website and mobile app to assist event planners in locating performers, bands and speakers, booking locations and planning events in areas around the United States and Canada. However, The Company changed its business plan in 2017 and is currently planning to pursue the business in having self-help photo kiosks to be implemented at major convenient locations, such as shopping mall, buildings near subway stations, etc. to attract customers to use the service. In addition, the Company provides system development consulting and training services. The main revenue for these businesses will be generated from the self-help photo kiosks at which one can do photo printing, WeChat printing, game commemorative photos, copying documents, etc., as well as from consulting contracts. During September 2022, the Company disposed its subsidiary, Guangzhou Shengjia Trading Co., Limited. The details of the Company’s subsidiaries are described below: Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest Held Splendor Radiant Limited (“SRL”) British Virgin Islands, a limited liability company Investment holding 1 issued share of US$1 each 100% A Jia Creative Holdings Limited (“ACHL”) Hong Kong, a limited liability company Provision of food and beverage sales system setup and maintenance service 100 ordinary shares for HK$100 100% Ajia Corporate Systems Architecture Solution Limited (“ACSL”) Hong Kong, a limited liability company Provision of money lending, insurance brokerage and business development trustee service 10,000 ordinary shares for HK$10,000 51% Union Passenger Limited (“UPL”) Hong Kong, a limited liability company Provision of catering member service solutions and service platform 1,000 ordinary shares for HK$1,000 100% AJIA and its subsidiaries are hereinafter referred to as (the “Company”). |
GOING CONCERN UNCERTAINIES
GOING CONCERN UNCERTAINIES | 6 Months Ended |
Dec. 31, 2022 | |
GOING CONCERN UNCERTAINIES | |
GOING CONCERN UNCERTAINIES | NOTE 3 – GOING CONCERN UNCERTAINIES The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company experienced a net loss of $102,029 for the six (6) months ended December 31, 2022 and incurred an accumulated deficit of $1,220,441 as of December 31, 2022. The continuation of the Company as a going concern through December 31, 2023 is dependent upon the continued financial support from its stockholders. The Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES · Basis of presentation These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). · Use of estimates In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. · Basis of consolidation The unaudited condensed consolidated financial statements include the financial statements of AJIA and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Leasehold improvement 3 years Furniture & fixtures 3 years Computer software 3 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended December 31, 2022 and 2021 were 4,315 and $62, respectively. Depreciation expense for the six months ended December 31, 2022 and 2021 were 8,617 and $119, respectively. · Goodwill Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is tested for impairment at least annually in accordance with the provisions of ASC Topic 350, “ Intangibles-Goodwill and Other · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets · Revenue recognition The Company’s revenue recognition policies are in compliance with ASC 605-35 “ Revenue Recognition The Company recognizes revenues on sales of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract or a customer purchase order and each provides information with respect to the service being sold and the sales price. If the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service is provided to the customer. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. · Comprehensive income or loss ASC Topic 220, “Comprehensive Income” · Income taxes The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial condition or results of operations for the six months ended December 31, 2022 and 2021. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Company’s tax returns remain open subject to examination by major tax jurisdictions. · Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per Share · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollars ("US$"). The Company’s subsidiaries operating in Hong Kong maintained their books and records in their local currency, Hong Kong Dollars ("HK$"), which is their functional currency, being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement”, Translation of amounts from its reporting currencies into US$ has been made at the following exchange rates for the respective period: December 31, 2022 December 31, 2021 Period-end HK$:US$1 exchange rate 7.8077 7.7977 Period average HK$:US$1 exchange rate 7.8350 7.7842 Period-end RMB:US$1 exchange rate 6.8973 6.3641 Period average RMB:US$1 exchange rate 6.9764 6.4336 · Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. · Stock-based compensation The Company recognizes stock-based compensation in accordance with ASC Topic 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, the Company has adopted ASC 2018-07, Improvements to Nonemployee Share-Based Payment Accounting which expands on the scope of ASC 718 to include share-based payment transactions for acquiring services from non-employees and requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or the fair value of the services at the grant date, whichever is more readily determinable in accordance with ASC Topic 718. · Commitments and contingencies The Company follows the ASC 450-20, “ Commitments” If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ☐ Level 1 ☐ Level 2 ☐ Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. · Recent accounting pronouncements The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 6 Months Ended |
Dec. 31, 2022 | |
PLANT AND EQUIPMENT | |
PLANT AND EQUIPMENT | NOTE 5 – PLANT AND EQUIPMENT Plant and equipment consisted of the following: December 31, 2022 June 30, 2022 At cost: Computer equipment $ 1,279 $ 1,291 Computer software 49,199 39,731 Furniture and fixtures, at cost 2,191 2,191 Foreign translation difference 237 (268 ) 52,906 42,945 Less: accumulated depreciation (22,009 ) (13,120 ) Less: foreign translation difference 92 (88 ) $ 30,989 $ 29,737 Depreciation expense for the three months ended December 31, 2022 and 2021 were $4,315 and $62, respectively. Depreciation expense for the six months ended December 31, 2022 and 2021 were $8,617 and $119, respectively. |
AMOUNT DUE TO A RELATED PARTY
AMOUNT DUE TO A RELATED PARTY | 6 Months Ended |
Dec. 31, 2022 | |
AMOUNT DUE TO A RELATED PARTY | |
AMOUNT DUE TO A RELATED PARTY | NOTE 6 – AMOUNTS DUE TO RELATED PARTIES As of December 31, 2022 and June 30, 2022, amounts due to related parties represented salary payables and temporary advances made by a director of the Company, Ms. WAN Yin Ling, and shareholders of the Company, Mr. WONG Bik Chun and Mr. POON Wai Han, which were unsecured, interest-free and repayable on demand. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | NOTE 7 – INCOME TAXES The Company operates in various countries: United States, British Virgin Island, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America AJIA is registered in the State of Nevada and is subject to the tax laws of United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented. For the six months ended December 31, 2022 and 2021, there were no operating income. A full valuation allowance has been provided against the deferred tax assets of $238,601, on the expected future tax benefits from the net operating loss (“NOL”) carry forwards of $1,136,195 as the management believes it is more likely than not that these assets will not be realized in the future. British Virgin Island Under the current BVI law, SRL is not subject to tax on income. Hong Kong ACHL, ACSL and UPL are subject to Hong Kong tax regime. For the six months ended December 31, 2022 and 2021, no provision for Hong Kong Profits Tax is provided for, since the Company did not derive assessable profits from Hong Kong under its applicable tax law. The reconciliation of income tax rate to the effective income tax rate based on loss before income taxes from foreign operation for the six months ended December 31, 2022 and 2021 are as follows: Six months ended December 31, 2022 2021 Loss before income taxes $ (54,165 ) $ (95,333 ) Statutory income tax rate 16.5 % 16.5 % Income tax impact at the statutory rate (8,937 ) (15,730 ) Non-deductible items 1,496 - Non-taxable and deductible item (2,884 ) - Net operating loss carry forward 10,325 15,730 Income tax expense $ - $ - The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of December 31, 2022 and June 30, 2022: December 31, 2022 June 30, 2022 Deferred tax assets: Net operating loss carryforward from: – United States of America $ 238,601 $ 222,065 – Hong Kong 71,074 62,137 – The PRC - 7,702 Total deferred tax assets 309,675 291,904 Less: valuation allowance (309,675 ) (291,904 ) Net deferred tax assets $ - $ - As of December 31, 2022, the Company incurred $1,566,945 the aggregate net operating loss carryforwards available to offset its taxable income for income tax purposes. The Company has provided for a full valuation allowance against the deferred tax assets of $309,675 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. For the period ended December 31, 2022, the valuation allowance increased by $17,771, primarily relating to net operating loss carryforwards. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 6 Months Ended |
Dec. 31, 2022 | |
STOCKHOLDERS DEFICIT | |
STOCKHOLDERS DEFICIT | NOTE 8 – STOCKHOLDERS’ DEFICIT (a) Preferred stock The Company was authorized to issue one hundred million (100,000,000) shares of preferred stock, par value $0.001 per share. As of December 31, 2022, one thousand shares of preferred stock have been issued and outstanding. (b) Common stock Shares authorized Upon formation, the total number of shares of all classes of stock which the Company was authorized to issue seventy-five million (75,000,000) shares of common stock, par value of $0.001 per share. On December 15, 2018, the Company increased its authorized common shares to 500,000,000 shares at par value $0.001 per share. Common stock issued As of December 31, 2022 and June 30, 2022, the Company had a total of 109,300,000 and 109,225,000 shares of its common stock issued and outstanding. On December 6, 2022, the Company issued 75,000 shares of common stock at the price of $0.6 per share to compensate certain directors in rendering services to the Company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 9 – RELATED PARTY TRANSACTIONS During the six months ended December 31, 2022, amount due to related parties totaled of 734,669, comprising amounts due to its director and shareholders, which are interest-free and repayable on demand. From time to time, the stockholder and director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand. The imputed interest on the loan from a related party was not significant. Apart from the transactions and balances detailed elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 6 Months Ended |
Dec. 31, 2022 | |
CONCENTRATIONS OF RISK | |
CONCENTRATIONS OF RISK | NOTE 10 – CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers Three Months ended December 31, 2022 December 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 24,927 46 % Total: $ - Three Months ended December 31, 2021 December 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 25,051 69 % $ - Customer B 6,943 19 % - Total: $ 31,994 88 % Total: $ - Six Months ended December 31, 2022 December 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 49,773 20 % Total: $ - Six Months ended December 31, 2021 December 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 45,092 74 % $ - Customer B 6,943 11 % - Total: $ 52,035 85 % Total: $ - These customers are located in Hong Kong. (b) Major vendors Three Months ended December 31, 2022 December 31, 2022 Vendors Cost of revenue Percentage of cost of revenue Accounts payable Vendor A $ 26,248 67 % Total: $ - S ix Months ended December 31, 2022 December 31, 2022 Vendors Cost of revenue Percentage of cost of revenue Accounts payable Vendor A $ 110,693 58 % Total: $ - For the three months and six months ended December 31, 2021, no single vendor accounts for 10% or more of the Company’s cost of revenue. The vendor is located in Hong Kong. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk Whilst the reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in HK$ and a significant portion of the assets and liabilities are denominated in HK$. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and HK$. The Company does not hold any derivative or other financial instruments that expose to substantial market risk. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 – COMMITMENTS AND CONTINGENCIES As of December 31, 2022, there were no commitments and contingencies involved. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | These accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of Estimates | In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Basis of consolidation | The unaudited condensed consolidated financial statements include the financial statements of AJIA and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Plant and equipment | Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Leasehold improvement 3 years Furniture & fixtures 3 years Computer software 3 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended December 31, 2022 and 2021 were 4,315 and $62, respectively. Depreciation expense for the six months ended December 31, 2022 and 2021 were 8,617 and $119, respectively. |
Goodwill | Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is tested for impairment at least annually in accordance with the provisions of ASC Topic 350, “ Intangibles-Goodwill and Other |
Impairment of long-lived assets | In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets |
Revenue recognition | The Company’s revenue recognition policies are in compliance with ASC 605-35 “ Revenue Recognition The Company recognizes revenues on sales of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract or a customer purchase order and each provides information with respect to the service being sold and the sales price. If the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service is provided to the customer. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. |
Comprehensive income or loss | ASC Topic 220, “Comprehensive Income” |
Income taxes | The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial condition or results of operations for the six months ended December 31, 2022 and 2021. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Company’s tax returns remain open subject to examination by major tax jurisdictions. |
Net loss per share | The Company calculates net loss per share in accordance with ASC Topic 260 “ Earnings per Share |
Foreign currencies translation | Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollars ("US$"). The Company’s subsidiaries operating in Hong Kong maintained their books and records in their local currency, Hong Kong Dollars ("HK$"), which is their functional currency, being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement”, Translation of amounts from its reporting currencies into US$ has been made at the following exchange rates for the respective period: December 31, 2022 December 31, 2021 Period-end HK$:US$1 exchange rate 7.8077 7.7977 Period average HK$:US$1 exchange rate 7.8350 7.7842 Period-end RMB:US$1 exchange rate 6.8973 6.3641 Period average RMB:US$1 exchange rate 6.9764 6.4336 |
Related parties | Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Stock-based compensation | The Company recognizes stock-based compensation in accordance with ASC Topic 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, the Company has adopted ASC 2018-07, Improvements to Nonemployee Share-Based Payment Accounting which expands on the scope of ASC 718 to include share-based payment transactions for acquiring services from non-employees and requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or the fair value of the services at the grant date, whichever is more readily determinable in accordance with ASC Topic 718. |
Commitments and contingencies | The Company follows the ASC 450-20, “ Commitments” If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair Value of Financial Instruments | The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ☐ Level 1 ☐ Level 2 ☐ Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent accounting pronouncements | The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the results of operations, financial condition, or cash flows, based on the current information. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION AND BUSINESS BACKGROUND | |
Schedule of Company's subsidiaries | Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest Held Splendor Radiant Limited (“SRL”) British Virgin Islands, a limited liability company Investment holding 1 issued share of US$1 each 100% A Jia Creative Holdings Limited (“ACHL”) Hong Kong, a limited liability company Provision of food and beverage sales system setup and maintenance service 100 ordinary shares for HK$100 100% Ajia Corporate Systems Architecture Solution Limited (“ACSL”) Hong Kong, a limited liability company Provision of money lending, insurance brokerage and business development trustee service 10,000 ordinary shares for HK$10,000 51% Union Passenger Limited (“UPL”) Hong Kong, a limited liability company Provision of catering member service solutions and service platform 1,000 ordinary shares for HK$1,000 100% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of plant and equipment expected useful lives | Expected useful lives Computer equipment 5 years Leasehold improvement 3 years Furniture & fixtures 3 years Computer software 3 years |
Schedule of Foreign currencies translation exchange rates | December 31, 2022 December 31, 2021 Period-end HK$:US$1 exchange rate 7.8077 7.7977 Period average HK$:US$1 exchange rate 7.8350 7.7842 Period-end RMB:US$1 exchange rate 6.8973 6.3641 Period average RMB:US$1 exchange rate 6.9764 6.4336 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
PLANT AND EQUIPMENT | |
Schedule of plant and equipment | December 31, 2022 June 30, 2022 At cost: Computer equipment $ 1,279 $ 1,291 Computer software 49,199 39,731 Furniture and fixtures, at cost 2,191 2,191 Foreign translation difference 237 (268 ) 52,906 42,945 Less: accumulated depreciation (22,009 ) (13,120 ) Less: foreign translation difference 92 (88 ) $ 30,989 $ 29,737 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES | |
Reconciliation of income tax rate | Six months ended December 31, 2022 2021 Loss before income taxes $ (54,165 ) $ (95,333 ) Statutory income tax rate 16.5 % 16.5 % Income tax impact at the statutory rate (8,937 ) (15,730 ) Non-deductible items 1,496 - Non-taxable and deductible item (2,884 ) - Net operating loss carry forward 10,325 15,730 Income tax expense $ - $ - |
Schedule of net deferred tax assets | December 31, 2022 June 30, 2022 Deferred tax assets: Net operating loss carryforward from: – United States of America $ 238,601 $ 222,065 – Hong Kong 71,074 62,137 – The PRC - 7,702 Total deferred tax assets 309,675 291,904 Less: valuation allowance (309,675 ) (291,904 ) Net deferred tax assets $ - $ - |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
CONCENTRATIONS OF RISK | |
Schedule of concentrations of risk | Three Months ended December 31, 2022 December 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 24,927 46 % Total: $ - Three Months ended December 31, 2021 December 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 25,051 69 % $ - Customer B 6,943 19 % - Total: $ 31,994 88 % Total: $ - Six Months ended December 31, 2022 December 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 49,773 20 % Total: $ - Six Months ended December 31, 2021 December 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 45,092 74 % $ - Customer B 6,943 11 % - Total: $ 52,035 85 % Total: $ - Three Months ended December 31, 2022 December 31, 2022 Vendors Cost of revenue Percentage of cost of revenue Accounts payable Vendor A $ 26,248 67 % Total: $ - S ix Months ended December 31, 2022 December 31, 2022 Vendors Cost of revenue Percentage of cost of revenue Accounts payable Vendor A $ 110,693 58 % Total: $ - |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details) | 6 Months Ended |
Dec. 31, 2022 | |
Union Passenger Limited [Member] | |
Company Name | Union Passenger Limited (“UPL”) |
Place of incorporation and kind of legal entity | Hong Kong, a limited liability company |
Particulars of issued/ registered share capital | 1,000 ordinary shares for HK$1,000 |
Effective interest Held | 100% |
Principal activities and place of operation | Provision of catering member service solutions and service platform |
Ajia Creative Holdings Limited [Member] | |
Company Name | A Jia Creative Holdings Limited (“ACHL”) |
Place of incorporation and kind of legal entity | Hong Kong, a limited liability company |
Principal activities and place of operation | Provision of money lending, insurance brokerage and business development trustee service |
Particulars of issued/ registered share capital | 100 ordinary shares for HK$100 |
Effective interest Held | 100% |
Ajia Corporate Systems Architecture Solution Limited [Member] | |
Company Name | Ajia Corporate Systems Architecture Solution Limited (“ACSL”) |
Place of incorporation and kind of legal entity | Hong Kong, a limited liability company |
Particulars of issued/ registered share capital | 10,000 ordinary shares for HK$10,000 |
Effective interest Held | 51% |
Principal activities and place of operation | Provision of food and beverage sales system setup and maintenance service |
Splendor Radiant Limited [Member] | |
Company Name | Splendor Radiant Limited (“SRL”) |
Place of incorporation and kind of legal entity | British Virgin Islands, a limited liability company |
Principal activities and place of operation | Investment holding |
Particulars of issued/ registered share capital | 1 issued share of US$1 each |
Effective interest Held | 100% |
GOING CONCERN UNCERTAINIES (Det
GOING CONCERN UNCERTAINIES (Detail Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
GOING CONCERN UNCERTAINIES | |||||||
Accumulated deficit | $ (1,220,441) | $ (1,220,441) | $ (1,118,412) | ||||
Net loss for the period | $ (86,459) | $ (15,570) | $ (22,440) | $ (73,342) | $ (102,029) | $ (95,782) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Dec. 31, 2022 | |
Computer Software [Member] | |
Expected useful lives | 3 years |
Computer Equipment [Member] | |
Expected useful lives | 5 years |
Leasehold Improvements [Member] | |
Expected useful lives | 3 years |
Furniture & fixtures [Member] | |
Expected useful lives | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Dec. 31, 2022 | Dec. 31, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Period-end HK$:US$1 exchange rate | 7.8077 | 7.7977 |
Period average HK$:US$1 exchange rate | 7.8350 | 7.7842 |
Period-end RMB:US$1 exchange rate | 6.8973 | 6.3641 |
Period average RMB:US$1 exchange rate | 6.9764 | 6.4336 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Depreciation expense | $ 4,315 | $ 62 | $ 8,617 | $ 119 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
PLANT AND EQUIPMENT | ||
Computer equipment, at cost | $ 1,279 | $ 1,291 |
Computer software, at cost | 49,199 | 39,731 |
Furniture and fixtures, at cost | 2,191 | 2,191 |
Foreign translation difference | 237 | (268) |
Total cost | 52,906 | 42,945 |
Less: accumulated depreciation | (22,009) | (13,120) |
Less: foreign translation difference | 92 | (88) |
Total Plant and equipment | $ 30,989 | $ 29,737 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
PLANT AND EQUIPMENT | ||||
Depreciation expense | $ 4,315 | $ 62 | $ 8,617 | $ 119 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | ||
Loss before income taxes | $ (54,165) | $ (95,333) |
Statutory income tax rate | 16.50% | 16.50% |
Income tax impact at the statutory rate | $ (8,937) | $ (15,730) |
Non-deductible items | 1,496 | 0 |
Non-taxable and deductible item | (2,884) | 0 |
Net operating loss carry forward | 10,325 | 15,730 |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Net operating loss carryforward from: | ||
- United States of America | $ 238,601 | $ 222,065 |
- Hong Kong | 71,074 | 62,137 |
- The PRC | 0 | 7,702 |
Total deferred tax assets | 309,675 | 291,904 |
Less: valuation allowance | (309,675) | (291,904) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Increase in valuation allowance | $ 17,771 | |
Deferred tax assets | 309,675 | $ 291,904 |
PRC [Member] | ||
Deferred tax assets | 238,601 | |
Net operating loss carryforwards | $ 1,136,195 | |
Corporate tax rate description | from 35% to 21% effective January 1, 2018 | |
Aggregate net operating loss carryforwards | $ 1,566,945 |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - $ / shares | Dec. 31, 2022 | Dec. 06, 2022 | Jun. 30, 2022 | Dec. 15, 2018 |
Preferred stock authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares issued | 1,000 | 1,000 | ||
Preferred stock, shares outstanding | 1,000 | 1,000 | ||
Common stock, authorized | 500,000,000 | 500,000,000 | 75,000,000 | |
Common stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stocks, shares issued | 109,300,000 | 109,225,000 | ||
Common stock, shares outstanding | 109,300,000 | 109,225,000 | ||
Director [Member] | ||||
Common stock, par value per share | $ 0.6 | |||
Common stocks, shares issued | 75,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
RELATED PARTY TRANSACTIONS | ||
Amounts due to related parties | $ 734,669 | $ 597,192 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 31,994 | $ 52,035 | ||
Percentage of revenues | 88% | 85% | ||
Cost of revenue | $ 49,173 | $ 10,025 | $ 200,436 | $ 13,109 |
Customer A [Member] | ||||
Revenues | $ 24,927 | $ 25,051 | $ 49,773 | $ 45,092 |
Percentage of revenues | 46% | 69% | 20% | 74% |
Accounts receivable | $ 0 | $ 0 | ||
Customer B [Member] | ||||
Revenues | $ 6,943 | $ 6,943 | ||
Percentage of revenues | 19% | 11% | ||
Accounts receivable | 0 | 0 | ||
Vendor A [Member] | ||||
Cost of revenue | $ 26,248 | $ 110,693 | ||
Percentage of cost of revenue | 67% | 58% |
CONCENTRATIONS OF RISK (Detai_2
CONCENTRATIONS OF RISK (Details Narrative) | 6 Months Ended |
Dec. 31, 2021 | |
CONCENTRATIONS OF RISK | |
Major customer description | no single vendor accounts for 10% or more of the Company’s cost of revenue |