Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Oct. 01, 2023 | Dec. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | CAMBELL INTERNATIONAL HOLDING CORP. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 7,250,750 | ||
Entity Public Float | $ 7,491,993 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001678848 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 333-214469 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 98-1310024 | ||
Entity Address, Address Line One | 1-17-1 Zhaojia Road | ||
Entity Address, Address Line Two | Xinglongtai District | ||
Entity Address, City or Town | Panjin City, | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 124000 | ||
City Area Code | +86 | ||
Local Phone Number | 15842767931 | ||
Title of 12(b) Security | N/A | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 1171 | ||
Auditor Name | WWC, P.C. | ||
Auditor Location | San Mateo, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
CURRENT ASSETS | ||
Cash | $ 286,272 | $ 204,004 |
Accounts receivable, net of $58,021 and $62,804 allowance for doubtful accounts as of June 30, 2023 and 2022, respectively | 25,444 | |
Prepayments | 107,613 | 105,216 |
Other receivables | 36,740 | 1,310,866 |
Amounts due from related parties | 36,740 | 1,310,866 |
Inventory | 369,327 | 305,046 |
Total current assets | 844,615 | 9,492,918 |
NON-CURRENT ASSETS | ||
Other receivable - long term, net | 615,987 | |
Property, plant and equipment, net | 48,806 | 87,590 |
Total non-current assets | 48,806 | 703,577 |
TOTAL ASSETS | 893,421 | 10,196,495 |
CURRENT LIABILITIES | ||
Accounts payable | 16,541 | 82,365 |
Advance from customers | 347,429 | 6,668,713 |
Payroll payable | 16,212 | 22,447 |
Tax payable | 44,416 | 11,400 |
Other payables | 63,651 | 4,376,943 |
Total current liabilities | 3,909,576 | 12,370,512 |
TOTAL LIABILITIES | 3,909,576 | 12,370,512 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ DEFICIT | ||
Preferred shares, par value $0.001, 10,000,000 shares authorized, 10,000,000 and 0 shares issued and outstanding as of June 30, 2023 and 2022, respectively | 10,000 | |
Common shares value | 7,251 | 6,251 |
Subscription receivable | (17,251) | (6,251) |
Accumulated deficit | (3,296,036) | (2,200,149) |
Accumulated other comprehensive gain | 279,881 | 26,132 |
Total Shareholders’ Deficit | (3,016,155) | (2,174,017) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | 893,421 | 10,196,495 |
Related Party | ||
CURRENT ASSETS | ||
Amounts due from related parties | 19,219 | 7,567,786 |
CURRENT LIABILITIES | ||
Amounts due to related parties | $ 3,421,327 | $ 1,208,644 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net allowance for doubtful accounts (in Dollars) | $ 58,021 | $ 62,804 |
Preferred shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred shares, authorized shares | 10,000,000 | 10,000,000 |
Preferred shares, issued shares | 10,000,000 | 0 |
Preferred shares, outstanding shares | 10,000,000 | 0 |
Common shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common shares, issued shares | 7,250,750 | 6,250,750 |
Common shares, authorized Shares | 75,000,000 | 75,000,000 |
Common shares,, outstanding Shares | 7,250,750 | 6,250,750 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
REVENUES | $ 463,076 | $ 829,371 |
COST OF REVENUES | 371,455 | 598,880 |
GROSS PROFIT | 91,621 | 230,491 |
OPERATING EXPENSES | ||
Selling expenses | 20,064 | 182,896 |
General and administrative expenses | 1,184,025 | 581,376 |
Total operating expenses | 1,204,089 | 764,272 |
LOSS FROM OPERATIONS | (1,112,468) | (533,781) |
OTHER INCOME (EXPENSE), NET | ||
Other incomes | 21,104 | 13,869 |
Other expenses | (4,914) | (144,870) |
Total other income (expense) net | 16,190 | (131,001) |
NET LOSS BEFORE INCOME TAX | (1,096,278) | (664,782) |
Income tax benefit | 391 | |
NET LOSS | (1,095,887) | (664,782) |
Other comprehensive income: | ||
Foreign currency translation income | 253,749 | 82,173 |
Total comprehensive loss | $ (842,138) | $ (582,609) |
Weighted average number of ordinary shares outstanding - basic (in Shares) | 7,250,750 | 6,250,750 |
Net loss per share-basic (in Dollars per share) | $ (0.15) | $ (0.11) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Weighted average number of ordinary shares outstanding - diluted | 7,250,750 | 6,250,750 |
Net loss per share - diluted | $ (0.15) | $ (0.11) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Deficit - USD ($) | Preferred shares | Common Stock [Member] | Common shares | Common shares | Subscription receivable | Total |
Balance at Jun. 30, 2021 | $ 6,251 | $ (6,251) | $ (1,535,367) | $ (56,041) | $ (1,591,408) | |
Balance (in Shares) at Jun. 30, 2021 | 6,250,750 | |||||
Net loss | (664,782) | (664,782) | ||||
Foreign currency translation adjustment | 82,173 | 82,173 | ||||
Balance at Jun. 30, 2022 | $ 6,251 | (6,251) | (2,200,149) | 26,132 | (2,174,017) | |
Balance (in Shares) at Jun. 30, 2022 | 6,250,750 | |||||
Reverse acquisition recapitalization | $ 10,000 | $ 1,000 | (11,000) | |||
Reverse acquisition recapitalization (in Shares) | 10,000,000 | 1,000,000 | ||||
Net loss | (1,095,887) | (1,095,887) | ||||
Foreign currency translation adjustment | 253,749 | 253,749 | ||||
Balance at Jun. 30, 2023 | $ 10,000 | $ 7,251 | $ (17,251) | $ (3,296,036) | $ 279,881 | $ (3,016,155) |
Balance (in Shares) at Jun. 30, 2023 | 10,000,000 | 7,250,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,095,887) | $ (664,782) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Allowance (reversal) of doubtful accounts | 638,489 | (21,685) |
Depreciation | 34,663 | 73,448 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (26,533) | 74,196 |
Other receivables | 1,224,585 | (1,519,632) |
Prepayments | (10,855) | (94,908) |
Inventory | (91,257) | 176,488 |
Accounts payable | (62,101) | 60,377 |
Advance from customers | (6,062,321) | 6,920,217 |
Payroll payable | (4,719) | (1,886) |
Tax payable | 35,334 | (6,838) |
Other payables | (4,150,362) | 4,487,644 |
Net cash (used in) provided by operating activities | (9,570,964) | 9,482,639 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (1,175) | (96,166) |
Cash used in investing activities | (1,175) | (96,166) |
CASH FLOWS FROM FINANCIING ACTIVITIES | ||
Proceeds from advances from related parties | 9,674,141 | |
Repayment to related parties | (9,238,562) | |
Cash provided by (used in) financing activities | 9,674,141 | (9,238,562) |
EFFECT OF EXCHANGE RATE ON CASH | (19,734) | (7,700) |
NET CHANGE IN CASH | 82,268 | 140,211 |
CASH AT BEGINNING OF PERIOD | 204,004 | 63,793 |
CASH AT END OF PERIOD | 286,272 | 204,004 |
Cash paid during the period for: | ||
Income taxes | ||
Interest |
Organization and Business
Organization and Business | 12 Months Ended |
Jun. 30, 2023 | |
Organization and Business [Abstract] | |
ORGANIZATION AND BUSINESS | 1. ORGANIZATION AND BUSINESS Cambell Interntaionl Holding Corp. (formerly known as Bitmis Corp.), via the PRC affiliated entity Liaoning Kangbaier Biotechnology Development Co., Ltd. (“Liaoning Kangbaier”), engages in the research and development of extraction processes of natural β -carotene, the planting and harvesting of raw materials as well as the production, distribution marketing and sales of natural β -carotene health food products. On December 30, 2022, the Company entered into a share exchange agreement (“Share Exchange Agreement”) with (i) Cambell International Holding Limited (“Cambell International”) which indirectly wholly owns Liaoning Kangbaier, a limited liability company incorporated in British Virgin Islands on September 23, 2020 and (ii) the shareholders of Cambell International (the “Cambell Shareholders”) to acquire all the issued and outstanding capital stock of Cambell International in exchange for the issuance to the Cambell Shareholders of an aggregate of 1,000,000 shares (the “Shares”) of the Company’s common stock and the transfer by Ms. Yuan Xiaoyan, the original controlling shareholder of the Company, to the Cambell Shareholders of 9,000,000 shares of our series A preferred stock owned by her (“Reverse Acquisition”). The Reverse Acquisition was closed on December 30, 2022. Contractual Arrangements The Company, through its wholly-owned foreign subsidiary, WFOE in the PRC, Baijiakang (LiaoNing) Health Information Consulting Service Co., Ltd., entered into a series of contractual arrangements with Liaoning Kangbaier (collectively known as “the VIE”) and its respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. As PRC laws and regulations prohibit and restrict foreign ownership of business in certain industries, while it has not been definitely determined by the Company that operates in an industry that is subject to such constraints over foreign ownership, the Company’s management has elected to operates its business, primarily through the VIE to mitigate the risk of being subject to such regulation. As such, Liaoning Kangbaier is controlled through contractual arrangements in lieu of direct equity ownership by the Company or any of its subsidiaries. The material terms of the VIE Agreements are summarized as follows: Consulting Service Agreement Pursuant to the terms of the Exclusive Consulting and Service Agreement dated November 27 2022, between Baijiakang Consulting and Kangbaier Liaoning (the “ Consulting Service Agreement Business Operation Agreement Pursuant to the terms of the Business Operation Agreement dated November 27, 2022, among Baijiakang Consulting, Kangbaier Liaoning and the shareholders of Kangbaier Liaoning (the “ Business Operation Agreement Proxy Agreement Pursuant to the terms of the Proxy Agreements dated November 27, 2022, among Baijiakang Consulting, and the shareholders of Kangbaier Liaoning (each, the “ Proxy Agreement Equity Disposal Agreement Pursuant to the terms of the Equity Disposal Agreement dated November 27, 2022, among Baijiakang Consulting, Kangbaier Liaoning, and the shareholders of Kangbaier Liaoning (the “ Equity Disposal Agreement Option” Equity Pledge Agreement Pursuant to the terms of the Equity Pledge Agreement dated November 27, 2022, among Baijiakang Consulting and the shareholders of Kangbaier Liaoning (the “ Pledge Agreement Agreement Agreements Based on these contractual arrangements, the Company consolidates the VIE in accordance with SEC Regulation S-X Rule 3A-02 and Accounting Standards Codification (“ASC”) topic 810 (“ASC 810”), Consolidation. The accompanying consolidated financial statements reflect the activities of each of the following entities of the Company: Name Background Ownership Cambell International ● A United State company Holding company Holding Limited ● Principal activities: Investment holding Win&win Industrial ● A British Virgin Islands company 100% Development Limited ● Principal activities: Investment holding BJK Holding Group ● A Hong Kong company 100% Limited ● Principal activities: Investment holding Baijiakang (LiaoNing) Health Information ● A PRC limited liability company and deemed a wholly foreign-invested enterprise 100% Consulting Service Co., Ltd ● Principal activities: Consultancy and information technology support LiaoNing KangBaiEr ● A PRC limited liability company VIE by contractual Biotechnology ● Incorporated on September 22, 2015 arrangements Development Co., Ltd. ● Principal activities: research and development of extraction processes of natural β -carotene, the planting and harvesting of raw materials as well as the production, distribution marketing and sales of natural β -carotene health food products. Doron KangBaier ● A PRC limited liability company 100% owned by Biotechnology Co.LTD ● Principal activities: research and support LiaoNing KangBaiEr LiaoNing BaiJiaKang ● A PRC limited liability company 100% owned by Health Technology Co.LTD ● Principal activities: promotion and support LiaoNing KangBaiEr |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Principle of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, and the VIE. All inter-company transactions and balances are eliminated upon consolidation. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements. In assessing the Company’s liquidity, the Company monitors and analyzes its cash and cash equivalents and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. As of June 30, 2023, the Company’s current liabilities exceeded the current assets by $3,064,961, its accumulated deficit was $3,296,036 and the Company has incurred losses during the years ended June 30, 2023 and 2022. Accordingly, we may not be able to obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of our business plan, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. In evaluating if there is substantial doubt about the ability to continue as a going concern, the Company are trying to alleviate the going concern risk through (1) increasing cash generated from operations by controlling operating expenses, (2) financing from domestic banks and other financial institutions, and (3) equity or debt financing. The Company has certain plans to mitigate these adverse conditions and to increase the liquidity. On an on-going basis, the Company will also receive financial support commitments from the Company’s related parties. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Liquidity The Company had a working deficit of $3,064,961 as of June 30, 2023, a decrease of $187,367 from a working deficit of $2,877,594 as of June 30, 2022. As of June 30, 2023 and 2022, the Company’s cash was $286,272 and $204,004, respectively. The Company’s primary need for liquidity stems from its need to fund working capital requirements of the Company’s businesses, its capital expenditures and its general operations, including debt repayment. The Company has historically financed its operations through loans from directors and shareholders, and other third party. The Company routinely monitors current and expected operational requirements and financial market conditions to evaluate the use of available financing sources. In addition, the existing major shareholder committed not to request for repayment of the amount due to shareholders by June 30, 2023. Considering the existing working capital position and the ability to access debt funding sources, the management believes that the Company’s operations and borrowing resources are sufficient to provide for its current and foreseeable capital requirements to support its ongoing operations for the next twelve months. Use of Estimates The preparation of these consolidated financial statements requires management of the Company to make estimates and judgments that affect the reported amounts of assets including application of discount on long-term other receivables with present value, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its consolidated financial statements. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The pandemic may impact Company’s future estimates including, but not limited to, our allowance for doubtful accounts, inventory valuations, fair value measurements, asset impairment charges. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time. In early May 2023, the World Health Organization International Health Regulations Emergency Committee announced that the Public Health Emergency of International Concern (the “Committee”) should end because of declining Covid-19 related hospitalizations and deaths and high levels of immunity in the population. The Committee “advised that it is time to transition to long-term management of the Covid-19 pandemic” and the WHO Director-General concurred. The Company plans to continue to monitor the level of Covid-19 cases, which may still be considered a threat in the long term because the virus continues to evolve and spread. VIE Consolidation For the consolidated VIEs, management made evaluations of the relationships between the Company and the VIEs and the economic benefit flow of contractual arrangements with the VIEs. In connection with such evaluation, management also took into account the fact that, as a result of such contractual arrangements, the Company controls the shareholders’ voting interests in these VIEs. As a result of such evaluation, management concluded that the Company is the primary beneficiary of its consolidated VIEs. PRC laws and regulations prohibit or restrict foreign ownership of companies that operate Internet information and content, Internet access, online games, mobile, value added telecommunications and certain other businesses in which the Company is engaged or could be deemed to be engaged. Consequently, the Company conducts certain of its operations and businesses in the PRC through its VIEs. The Company consolidates in its consolidated financial statements all of the VIEs of which the Company is the primary beneficiary. The following financial information of the Company’s consolidated VIEs (including subsidiary of VIEs) is included in the accompanying consolidated financial statements: June 30, 2023 June 30, 2022 ASSETS CURRENT ASSETS Cash $ 286,272 $ 204,004 Accounts receivable, net of $58,021 and $62,804 allowance for doubtful accounts as of June 30, 2023 and 2022, respectively 25,444 - Prepayments 107,613 105,216 Other receivables 36,740 1,310,866 Amounts due from related parties 19,219 7,567,786 Inventory 369,327 305,046 Total current assets 844,615 9,492,918 NON-CURRENT ASSETS Other receivable - long term, net - 615,987 Property, plant and equipment, net 48,806 87,590 Total non-current assets 48,806 703,577 TOTAL ASSETS $ 893,421 $ 10,196,495 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 16,541 $ 82,365 Advance from customers 347,429 6,668,713 Amounts due to related parties 3,421,327 1,208,644 Payroll payable 16,212 22,447 Tax payable 44,416 11,400 Other payables 63,651 4,376,943 Total current liabilities 3,909,576 12,370,512 TOTAL LIABILITIES 3,909,576 12,370,512 For the June 30, 2023 2022 Gross profit $ 91,621 230,491 Net loss $ (1,095,887 ) (664,782 ) Fair Value of Financial Instruments U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is: Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - include other inputs that are directly or indirectly observable in the market place. Level 3 - unobservable inputs which are supported by little or no market activity. The carrying value of the Company’s financial instruments, including cash, accounts receivable, other current assets, accounts payable, and accruals and other payable approximate their fair value due to their short maturities. In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the accompanying consolidated statements of operations and comprehensive loss as other income (expense). To estimate fair value, the Company refers to the quoted rate of return provided by banks at the end of each period using the discounted cash flow method. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurements. As of June 30, 2023 and 2022, the Company had no investments in financial instruments. Cash Cash consists of cash on hand and at banks and highly liquid investments, which are unrestricted from withdrawal or use, and which have original maturities of three months or less when purchased. Cash denominated in RMB with a U.S. dollar equivalent of $286,272 and $204,004 as of June 30, 2023 and 2022, respectively, were held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. The Company, its subsidiaries and VIE have not experienced any losses in such accounts and do not believe the cash is exposed to any significant risk. Accounts Receivable, Net and Allowance for Doubtful Accounts Accounts receivable represents the revenue earned from the customers not yet collected. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood of collection is not probable. For the year ended June 30, 2022, the Company adopted ASU 2016- 13, “Financial Instruments - Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, which replaces the previous incurred loss impairment model. The Company’s estimation of allowance for doubtful accounts considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company assesses collectibility by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics. For receivables evaluated individually, when it is determined that foreclosure is probable or when the debtor is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The balance of allowance of June 30, 2023 and 2022 were $58,021 and $62,804, respectively. Inventory Inventory primarily consists of 1) raw materials, primarily ingredients such as carrots, 2) finished goods, primarily β-carotene series products including carrot juice, carrot meal and carrot noodle, and 3) miscellaneous such as packages. Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the basis of weighted average and comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is based on estimated selling prices less selling expenses and any further costs expected to be incurred for completion. Adjustments to reduce the cost of inventory to net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. Property, Plant and Equipment Property, plant and equipment, net is recorded at cost less accumulated depreciation and accumulated impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Useful Categories (Years) Furniture and equipment 3 Machinery 5 Motor vehicles 4 Expenditure for maintenance and repairs is expended as incurred. The gain or loss on the disposal of equipment is the difference between the net sales proceeds and the lower of the carrying value or fair value less cost to sell the relevant assets and is recognized in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Impairment of Long-lived Assets In accordance with ASC 360-10-35, the Company reviews the carrying values of long-lived assets, including property and equipment with finite lives and intangible assets subject to amortization, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. The estimation of future cash flows requires significant management judgment based on the Company’s historical results and anticipated results and is subject to many factors. The discount rate that is commensurate with the risk inherent in the Company’s business model is determined by its management. An impairment loss would be recorded if the Company determined that the carrying value of long-lived assets may not be recoverable. The impairment to be recognized is measured by the amount by which the carrying values of the assets exceed the fair value of the assets. Impairment of $2,652 and $2,871 has been recorded by the Company as of June 30, 2023 and 2022. Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. The Company recognizes revenues when its customer obtains control of promised goods, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition. Hence, the Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to the adoption. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience. Judgment is used in determining: (1) whether the financing component in the sales agreement is significant and, if so, (2) the discount rate used in calculating the significant financing component. The Company assesses the significance of the financing component based on the timing of payments agreed to by the parties to the contract that provides the customer with a significant benefit of financing. If determined to be significant, the Company adjusts the promised amount of consideration for the effects of the time value of money. Judgment is also used in assessing whether the long-term accounts receivable results in variable consideration and, if so, the amount to be included in the transaction price. The Company applies the portfolio approach to estimating the amount of variable consideration in these arrangements using the most likely amount method that is based on the Company’s historical collection experience under similar arrangements. Based on the above significant judgments, the financing component, arising from the long-term accounts receivable was recognized as financing revenue over the time of payment. There was no financing revenue for the years ended June 30, 2023 and 2022, respectively. The Company is in traditional production business operation and its performance obligation is delivery of the products to customers with agreed time and location. Customers sign on the delivery note as acceptance. The typical payment term is either advance payment or agreed-upon credit term after delivery of products. There is no warranty and return policy for the customers. There are two revenue streams within the Company’s operations: (1) sales of health products which constitutes the majority of the revenues, and (2) others. For the Years Ended 2023 2022 Sales Sales Health product sales $ 461,302 $ 817,954 Others 1,774 11,417 Total revenues $ 463,076 829,371 There is no variable consideration and non-cash consideration agreed with the customers. The transaction price is fixed and allocated to the agreed product, the only performance obligation. The revenue is recognized at a point in time once the Company has determined that the customers have obtained control over the products. Control is typically deemed to have been transferred to the customers when the performance obligation is fulfilled, usually at the time of delivery, at the net sales price (transaction price). There is no contract asset that the Company has right to consideration in exchange for the product sales that the Company has transferred to customers. Such right is not conditional on something other than the passage of time. The standard warranty included in the price of the products is an assurance-type warranty for a period not to exceed one year from the point when the customers have obtained control over the products, and the nature of tasks under the warranty only remedying defective product. It is not considered as a distinct performance obligation. Practical expedients and exemption The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised deliverables to its customers and when the customers pay for those deliverables will be more than one year. Advertising and Promotional Expenses Advertising costs are expensed as incurred and included in selling expenses. Advertising costs amounted to $16,049 and $161,853 for the years ended June 30, 2023 and 2022, respectively. Income Tax The Company’s subsidiaries in China were subject to the income tax laws of the relevant tax jurisdiction. No taxable income was generated outside the PRC for the years ended June 30, 2023 and 2022. The Company accounts for income tax in accordance with U.S. GAAP. Current income taxes are provided on the basis of net profit (loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations and comprehensive loss in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed in 2023 and 2022 are subject to examination by any applicable tax authorities. The Company had no uncertain tax position for the years ended June 30, 2023 and 2022. Value Added Tax The Company was subject to VAT at the rate of 13% and related surcharges on revenue generated from selling products for the years ended June 30, 2023 and 2022. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Earnings Per Share The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying consolidation financial statements, basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS includes the effect from potential issuance of ordinary shares. There was no potentially dilutive share to be issued during the years ended June 30, 2023 and 2022. Related Parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Foreign Currency and Foreign Currency Translation The functional currency of the Company is the Chinese Yuan (“RMB”), as their functional currencies. An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign currency re-measurement are included in the statements of operations and comprehensive loss. The consolidated financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders’ equity accounts are translated using the historical exchange rates at the date the entry to shareholders’ equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting currency are recorded in accumulated other comprehensive income in the consolidated balance sheets. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates: Balance sheet items, except for equity accounts June 30, 2023 RMB7.2513 to $1 June 30, 2022 RMB6.6991 to $1 Income statement and cash flows items For the years ended June30, 2023 RMB6.9536 to $1 For the years ended June 30, 2022 RMB6.4556 to $1 Segment reporting The Company’s management reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company’s long-lived assets are substantially all located in the PRC and substantially all of the Company’s revenues are derived from within the PRC. Therefore, no geographical segments are presented. Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Recent Accounting Pronouncements The Company is an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC. In June 2017, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019-10 which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is January 1, 2023 for calendar-year end companies which are “smaller reporting companies”, non-SEC filers and all other companies including not-for-profit companies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company’s consolidated financial statements and related disclosures. On December 18, 2019, the FASB issued ASU No. 2019-12, Income taxes (Topic 740), Simplifying the Accounting for Income Taxes. This guidance amends ASC Topic 740 and addresses several aspects including 1) evaluation of step-up tax basis of goodwill when there is not a business combination, 2) policy election to not allocate consolidated taxes on a separate entity basis to entities not subject to income tax, 3) accounting for tax law changes or rates during interim periods, 4) ownership changes from equity method investment to subsidiary or vice versa, 5) elimination of exception to intraperiod allocation when there is gain in discontinued operations and a loss from continuing operations, 6) treatment of franchise taxes that are partially based on income. The guidance is effective for calendar year-end public entities on January 1, 2021 and other entities on January 1, 2022. The Company adopted this guidance on July 1, 2021 and determined that the adoption of this guidance does not have material impacts on its consolidated financial statements and related disclosures. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements”. The amendments in this |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 3. ACCOUNTS RECEIVABLE, NET Accounts receivable consist of the following: June 30, 2023 June 30, 2022 Accounts receivable 83,465 62,804 Less: allowance for doubtful accounts (58,021 ) (62,804 ) Accounts receivable, net 25,444 - The following table sets forth the movement of allowance for doubtful accounts: June 30, 2023 June 30, 2022 Beginning $ 62,804 $ 86,868 Additions - - Reversal - (21,685 ) Exchange rate different (4,783 ) (2,379 ) Balance $ 58,021 $ 62,804 |
Prepayments
Prepayments | 12 Months Ended |
Jun. 30, 2023 | |
Prepayments [Abstract] | |
PREPAYMENTS | 4. PREPAYMENTS Prepayments consist of the following: June 30, 2023 June 30, 2022 Prepayments for inventory $ 107,613 $ 105,216 Prepayments $ 107,613 $ 105,216 |
Other Receivables
Other Receivables | 12 Months Ended |
Jun. 30, 2023 | |
Other Receivable [Abstract] | |
OTHER RECEIVABLS | 5. OTHER RECEIVABLS Other receivables consists of the following: June 30, June 30, 2022 Receivables from third party companies $ - $ 149,262 Loans receivable from employees 36,740 1,161,604 Other receivables - current $ 36,740 $ 1,310,866 June 30, June 30, Other receivable - long term, net $ 612,276 $ 615,987 Less: allowance for doubtful accounts (612,276 ) - Other receivable - long term, net $ - $ 615,987 Receivables from third party companies are interest free and due on demand. Loans receivable from employees are interest free and due on demand. $1,124,864 of loan receivable has been repaid to the Company during the years ended June 30, 2023. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2023 | |
Inventory [Abstract] | |
INVENTORY | 6. INVENTORY Inventory consisted of the following: June 30, 2023 June 30, 2022 Raw materials, parts, and components $ 294,030 $ 87,478 Finished goods 69,908 207,052 Miscellaneous supplies 5,389 10,516 Inventory $ 369,327 $ 305,046 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 7. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: June 30, 2023 June 30, 2022 Vehicle $ 17,940 $ 19,419 Office equipment 67,370 72,177 Machinery, equipment, and tools 77,104 82,987 Total 162,414 174,583 Less: accumulated depreciation (113,608 ) (86,993 ) Property, plant and equipment, net $ 48,806 $ 87,590 Depreciation expenses charged to the consolidated statements of operations and comprehensive loss for the years ended June 30, 2023 and 2022 were $34,663 and $73,448, respectively. |
Advance From Customers
Advance From Customers | 12 Months Ended |
Jun. 30, 2023 | |
Advance From Customers [Abstract] | |
ADVANCE FROM CUSTOMERS | 8. ADVANCE FROM CUSTOMERS Changes in advance from customers as follows: June 30, June 30, 2023 2022 Advance from clients, beginning of the period $ 6,668,713 $ - Revenue deferred during the period 8,274 6,668,713 Returned of revenue deferred in prior periods (6,239,928 ) - Recognition of revenue deferred in prior periods (89,630 ) - Advance from clients, end of the period $ 347,429 $ 6,668,713 The Company returned $6,239,928 advance from customers, resulting from the termination of new health product business plan by the national infection by the government’s removal of COVID-19 prevention. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2023 | |
Other Payables [Abstract] | |
OTHER PAYABLES | 9. OTHER PAYABLES Other payables consist of the following: June 30, 2023 June 30, 2022 Accruals $ 63,651 $ 4,376,863 Other - 80 Other payables $ 63,651 $ 4,376,943 |
Amounts Due From and Due to Rel
Amounts Due From and Due to Related Parties | 12 Months Ended |
Jun. 30, 2023 | |
Amounts Due From and Due to Related Parties [Abstract] | |
AMOUNTS DUE FROM AND DUE TO RELATED PARTIES | 10. AMOUNTS DUE FROM AND DUE TO RELATED PARTIES Note June 30, 2023 June 30, 2022 Amounts due from related parties: Duolun Kangbaier Biotechnology Co. LTD (a) $ 1,103 $ 1,194 Panjin Kangying Health Food Co., LTD (a) 138 149 Liaoning Baijiakang Health Technology Co. LTD (a) 50 45 Ms. Xiuzhi Sun (b) - 4,757,546 Ms. Xiuhua Sun (c) 13,791 1,087,722 Mr. Yuewen Sun (d) - 970,281 Mr. Zengwen Wang (e) - 746,370 Mr. Mingkai Cao (f) 4,137 4,479 Total $ 19,219 $ 7,567,786 Amounts due to related parties: Jilin Kangbaier Biotechnology Co., LTD (a) $ - $ 298,548 Panjin Double Eagle Green Health Food Co. LTD (g) 132,450 114,180 Panjin Double Eagle Weishi Green Health Food Co. LTD (g) 127,259 107,897 Suzhou Weixuan Information Technology Co., LTD (h) 20,686 - Mr. Zengwen Wang (e) - 620,846 Ms. Xiuhua Sun (c) - 67,173 Ms. Xiuzhi Sun (b) 3,140,932 - Total $ 3,421,327 $ 1,208,644 (a) These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. The amount is due on demand, interest-free and unsecured. (b) Ms. Xiuzhi Sun is the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. As of June 30, 2022, the amount due from Ms. Xiuzhi Sun of $4,757,546 was wholly settled by September 2022. As of June 30, 2023, there is an amount of $3,140,932 due to Ms. Xiuzhi Sun that is interest free, unsecured, and due demand without an agreement. The Company used the funds borrowed from Ms. Xiuzhi Sun to fund its operations. (c) Ms. Xiuhua Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. (d) Mr. Yuewen Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount due from Mr. Yuewen Sun was wholly settled by September 2022. (e) Mr. Zengwen Wang is family member of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount due from and due to Mr. Yuewen Sun was wholly settled by September 2022. (f) Mr. Mingkai Cao is family member of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. (g) These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. Such balances are interest free, unsecured, and due demand without an agreement. Office located in PRC of the Company was provided by Panjin Double Eagle Green Health Food Co. LTD free for charge. (h) These companies are controlled by Ms. Jing Li, daughter of Ms. Xiuzhi Sun. The amount is due on demand, interest-free and unsecured. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | 11. INCOME TAXES The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled. United State Cambell International s incorporated in the State of Nevada and is subject to the U.S. federal tax. The federal corporate income tax rate is 21%. Corporate entities are required to file state income taxes in accordance with the applicable state corporate income regulations. British Virgin Islands Win&win Industrial are incorporated in the British Virgin Islands and not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed. Hong Kong BJK Holding Group was incorporated in Hong Kong and is subject to the Hong Kong profits tax rate at 16.5%. PRC Under the Enterprise Income Tax (“EIT”) Law, which has been effective since January 1, 2008, domestic enterprises and foreign invested enterprises (the “FIEs”) are subject to a unified 25% enterprise income tax rate, except for certain entities that are entitled to tax holidays. For the years ended June 30, 2023 and 2022, a reconciliation of the income tax benefit determined at the statutory income tax rate to the Company’s income taxes is as follows: For the years ended 2023 2022 Loss before income taxes $ (1,096,278 ) $ (664,782 ) United States statutory income tax rate 21 % 21 % Income tax credit computed at statutory corporate income tax rate (230,218 ) (139,604 ) Reconciling items: Non-deductible expenses 2,307 205,309 Change in valuation allowance 227,520 (65,705 ) Income tax benefit $ (391 ) $ - The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions for the years ended June 30, 2023 and 2022, the Company had no unrecognized tax benefits. |
China Contribution Plan
China Contribution Plan | 12 Months Ended |
Jun. 30, 2023 | |
China Contribution Plan [Abstract] | |
CHINA CONTRIBUTION PLAN | 12. CHINA CONTRIBUTION PLAN The Company participates in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. Chinese labor regulations require the Company to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; the Company has no further commitments beyond their monthly contributions. |
Concentrations and Credit Risk
Concentrations and Credit Risk | 12 Months Ended |
Jun. 30, 2023 | |
Concentrations and Credit Risk [Abstract] | |
CONCENTRATIONS AND CREDIT RISK | 13. CONCENTRATIONS AND CREDIT RISK (a) Concentrations In the years ended June 30, 2023, two customers accounted for over 80.82% of the Company ’ ’ ’ As of June 30, 2023, one customer accounted for 89.97% of the Company ’ ’ ’ As of June 30, 2023, two suppliers accounted for 73.72% of the Company’s accounts payable. As of June 30, 2022, four suppliers each accounted for 88.41% of the Company ’ (b) Credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash. As of June 30, 2023, and 2022, substantially all of the Company’s cash were held by major financial institutions located in the PRC, which management believes are of high credit quality. For the credit risk related to trade accounts receivable, which are unsecured in nature, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. Historically, such losses have been within management’s expectations; however, there is the extremely remote chance that all trade receivables may be become uncollectible. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Contingencies In the ordinary course of business, the Company may be subject to certain legal proceedings, claims and disputes that arise from the business operations. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. As of June 30, 2023, the Company had no outstanding lawsuits or claims. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Event [Abstract] | |
SUBSEQUENT EVENT | 15. SUBSEQUENT EVENT The Company evaluated all events and transactions that occurred after June 30, 2023 up through the date financial statements on October 19, 2023, there are no material subsequent events to disclose in these consolidated financial statements. |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 16. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The Company performed a test on the restricted net assets of the consolidated subsidiaries in accordance with the United States Securities and Exchange Commission’s Regulation S-X, Rule 408 (e) (3) “ ” The consolidated subsidiaries did not pay any dividends to the Company for the periods presented. Certain information included in the financial and footnote disclosures were generally statements prepared in accordance with U.S. GAAP which have been condensed and omitted. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company. The financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investments in its subsidiaries. CONDENSED PARENT COMPANY BALANCE SHEETS June 30, June 30, Non-current assets Investment in subsidiary $ - $ - Total assets $ - $ - LIABILITIES AND SHAREHOLDERS’ DEFICIT Total liabilities $ - $ - COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ DEFICIT Preferred shares, par value $0.001, 10,000,000 shares authorized, 10,000,000 and 0 shares issued and outstanding as of June 30, 2023 and 2022, respectively 10,000 - Common shares, par value $0.001; 75,000,000 shares authorized, 7,250,750 and 6,250,750 shares issued and outstanding as of June 30, 2023 and 2022, respectively 7,251 6,251 Shares subscription receivables (17,251 ) (6,251 ) Accumulated deficits - - Accumulated other comprehensive loss - - Total shareholders’ deficit - - Total liabilities and shareholders’ deficit $ - $ - CONDENSED PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the years ended 2023 2022 INCOME FROM SUBSIDIARIES $ (1,095,887 ) $ (664,782 ) NET LOSS (1,095,887 ) (664,782 ) FOREIGN CURRENCY TRANSLATION ADJUSTMENTS - - COMPREHENSIVE LOSS $ (1,095,887 ) $ (664,782 ) CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS For the years ended 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,095,887 ) $ (664,782 ) Adjustments to reconcile net loss to cash used in operating activities: Equity income of subsidiary 1,095,887 664,782 Net cash used in operating activities - - CHANGES IN CASH - - CASH, beginning of year - - CASH, end of year $ - $ - |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). |
Principle of Consolidation | Principle of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, and the VIE. All inter-company transactions and balances are eliminated upon consolidation. |
Going Concern | Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements. In assessing the Company’s liquidity, the Company monitors and analyzes its cash and cash equivalents and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. As of June 30, 2023, the Company’s current liabilities exceeded the current assets by $3,064,961, its accumulated deficit was $3,296,036 and the Company has incurred losses during the years ended June 30, 2023 and 2022. Accordingly, we may not be able to obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of our business plan, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. In evaluating if there is substantial doubt about the ability to continue as a going concern, the Company are trying to alleviate the going concern risk through (1) increasing cash generated from operations by controlling operating expenses, (2) financing from domestic banks and other financial institutions, and (3) equity or debt financing. The Company has certain plans to mitigate these adverse conditions and to increase the liquidity. On an on-going basis, the Company will also receive financial support commitments from the Company’s related parties. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. |
Liquidity | Liquidity The Company had a working deficit of $3,064,961 as of June 30, 2023, a decrease of $187,367 from a working deficit of $2,877,594 as of June 30, 2022. As of June 30, 2023 and 2022, the Company’s cash was $286,272 and $204,004, respectively. The Company’s primary need for liquidity stems from its need to fund working capital requirements of the Company’s businesses, its capital expenditures and its general operations, including debt repayment. The Company has historically financed its operations through loans from directors and shareholders, and other third party. The Company routinely monitors current and expected operational requirements and financial market conditions to evaluate the use of available financing sources. In addition, the existing major shareholder committed not to request for repayment of the amount due to shareholders by June 30, 2023. Considering the existing working capital position and the ability to access debt funding sources, the management believes that the Company’s operations and borrowing resources are sufficient to provide for its current and foreseeable capital requirements to support its ongoing operations for the next twelve months. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements requires management of the Company to make estimates and judgments that affect the reported amounts of assets including application of discount on long-term other receivables with present value, liabilities, revenues, costs and expenses, and related disclosures. On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Identified below are the accounting policies that reflect the Company’s most significant estimates and judgments, and those that the Company believes are the most critical to fully understanding and evaluating its consolidated financial statements. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The pandemic may impact Company’s future estimates including, but not limited to, our allowance for doubtful accounts, inventory valuations, fair value measurements, asset impairment charges. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on its business or results of operations at this time. In early May 2023, the World Health Organization International Health Regulations Emergency Committee announced that the Public Health Emergency of International Concern (the “Committee”) should end because of declining Covid-19 related hospitalizations and deaths and high levels of immunity in the population. The Committee “advised that it is time to transition to long-term management of the Covid-19 pandemic” and the WHO Director-General concurred. The Company plans to continue to monitor the level of Covid-19 cases, which may still be considered a threat in the long term because the virus continues to evolve and spread. |
VIE Consolidation | VIE Consolidation For the consolidated VIEs, management made evaluations of the relationships between the Company and the VIEs and the economic benefit flow of contractual arrangements with the VIEs. In connection with such evaluation, management also took into account the fact that, as a result of such contractual arrangements, the Company controls the shareholders’ voting interests in these VIEs. As a result of such evaluation, management concluded that the Company is the primary beneficiary of its consolidated VIEs. PRC laws and regulations prohibit or restrict foreign ownership of companies that operate Internet information and content, Internet access, online games, mobile, value added telecommunications and certain other businesses in which the Company is engaged or could be deemed to be engaged. Consequently, the Company conducts certain of its operations and businesses in the PRC through its VIEs. The Company consolidates in its consolidated financial statements all of the VIEs of which the Company is the primary beneficiary. The following financial information of the Company’s consolidated VIEs (including subsidiary of VIEs) is included in the accompanying consolidated financial statements: June 30, 2023 June 30, 2022 ASSETS CURRENT ASSETS Cash $ 286,272 $ 204,004 Accounts receivable, net of $58,021 and $62,804 allowance for doubtful accounts as of June 30, 2023 and 2022, respectively 25,444 - Prepayments 107,613 105,216 Other receivables 36,740 1,310,866 Amounts due from related parties 19,219 7,567,786 Inventory 369,327 305,046 Total current assets 844,615 9,492,918 NON-CURRENT ASSETS Other receivable - long term, net - 615,987 Property, plant and equipment, net 48,806 87,590 Total non-current assets 48,806 703,577 TOTAL ASSETS $ 893,421 $ 10,196,495 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 16,541 $ 82,365 Advance from customers 347,429 6,668,713 Amounts due to related parties 3,421,327 1,208,644 Payroll payable 16,212 22,447 Tax payable 44,416 11,400 Other payables 63,651 4,376,943 Total current liabilities 3,909,576 12,370,512 TOTAL LIABILITIES 3,909,576 12,370,512 For the June 30, 2023 2022 Gross profit $ 91,621 230,491 Net loss $ (1,095,887 ) (664,782 ) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is: Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - include other inputs that are directly or indirectly observable in the market place. Level 3 - unobservable inputs which are supported by little or no market activity. The carrying value of the Company’s financial instruments, including cash, accounts receivable, other current assets, accounts payable, and accruals and other payable approximate their fair value due to their short maturities. In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the accompanying consolidated statements of operations and comprehensive loss as other income (expense). To estimate fair value, the Company refers to the quoted rate of return provided by banks at the end of each period using the discounted cash flow method. The Company classifies the valuation techniques that use these inputs as Level 2 of fair value measurements. As of June 30, 2023 and 2022, the Company had no investments in financial instruments. |
Cash | Cash Cash consists of cash on hand and at banks and highly liquid investments, which are unrestricted from withdrawal or use, and which have original maturities of three months or less when purchased. Cash denominated in RMB with a U.S. dollar equivalent of $286,272 and $204,004 as of June 30, 2023 and 2022, respectively, were held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. The Company, its subsidiaries and VIE have not experienced any losses in such accounts and do not believe the cash is exposed to any significant risk. |
Accounts Receivable, Net and Allowance for Doubtful Accounts | Accounts Receivable, Net and Allowance for Doubtful Accounts Accounts receivable represents the revenue earned from the customers not yet collected. The carrying value of accounts receivable is reduced by an allowance that reflects the Company’s best estimate of the amounts that will not be collected. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood of collection is not probable. For the year ended June 30, 2022, the Company adopted ASU 2016- 13, “Financial Instruments - Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, which replaces the previous incurred loss impairment model. The Company’s estimation of allowance for doubtful accounts considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company assesses collectibility by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics. For receivables evaluated individually, when it is determined that foreclosure is probable or when the debtor is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The balance of allowance of June 30, 2023 and 2022 were $58,021 and $62,804, respectively. |
Inventory | Inventory Inventory primarily consists of 1) raw materials, primarily ingredients such as carrots, 2) finished goods, primarily β-carotene series products including carrot juice, carrot meal and carrot noodle, and 3) miscellaneous such as packages. Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the basis of weighted average and comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is based on estimated selling prices less selling expenses and any further costs expected to be incurred for completion. Adjustments to reduce the cost of inventory to net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, net is recorded at cost less accumulated depreciation and accumulated impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Useful Categories (Years) Furniture and equipment 3 Machinery 5 Motor vehicles 4 Expenditure for maintenance and repairs is expended as incurred. The gain or loss on the disposal of equipment is the difference between the net sales proceeds and the lower of the carrying value or fair value less cost to sell the relevant assets and is recognized in general and administrative expenses in the consolidated statements of operations and comprehensive loss. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets In accordance with ASC 360-10-35, the Company reviews the carrying values of long-lived assets, including property and equipment with finite lives and intangible assets subject to amortization, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. The estimation of future cash flows requires significant management judgment based on the Company’s historical results and anticipated results and is subject to many factors. The discount rate that is commensurate with the risk inherent in the Company’s business model is determined by its management. An impairment loss would be recorded if the Company determined that the carrying value of long-lived assets may not be recoverable. The impairment to be recognized is measured by the amount by which the carrying values of the assets exceed the fair value of the assets. Impairment of $2,652 and $2,871 has been recorded by the Company as of June 30, 2023 and 2022. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, which replaced ASC Topic 605, using the modified retrospective method of adoption. The Company recognizes revenues when its customer obtains control of promised goods, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under ASU No. 2014-09: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition. Hence, the Company’s accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to the adoption. The effect from the adoption of ASC Topic 606 was not material to the Company’s consolidated financial statements. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience. Judgment is used in determining: (1) whether the financing component in the sales agreement is significant and, if so, (2) the discount rate used in calculating the significant financing component. The Company assesses the significance of the financing component based on the timing of payments agreed to by the parties to the contract that provides the customer with a significant benefit of financing. If determined to be significant, the Company adjusts the promised amount of consideration for the effects of the time value of money. Judgment is also used in assessing whether the long-term accounts receivable results in variable consideration and, if so, the amount to be included in the transaction price. The Company applies the portfolio approach to estimating the amount of variable consideration in these arrangements using the most likely amount method that is based on the Company’s historical collection experience under similar arrangements. Based on the above significant judgments, the financing component, arising from the long-term accounts receivable was recognized as financing revenue over the time of payment. There was no financing revenue for the years ended June 30, 2023 and 2022, respectively. The Company is in traditional production business operation and its performance obligation is delivery of the products to customers with agreed time and location. Customers sign on the delivery note as acceptance. The typical payment term is either advance payment or agreed-upon credit term after delivery of products. There is no warranty and return policy for the customers. There are two revenue streams within the Company’s operations: (1) sales of health products which constitutes the majority of the revenues, and (2) others. For the Years Ended 2023 2022 Sales Sales Health product sales $ 461,302 $ 817,954 Others 1,774 11,417 Total revenues $ 463,076 829,371 There is no variable consideration and non-cash consideration agreed with the customers. The transaction price is fixed and allocated to the agreed product, the only performance obligation. The revenue is recognized at a point in time once the Company has determined that the customers have obtained control over the products. Control is typically deemed to have been transferred to the customers when the performance obligation is fulfilled, usually at the time of delivery, at the net sales price (transaction price). There is no contract asset that the Company has right to consideration in exchange for the product sales that the Company has transferred to customers. Such right is not conditional on something other than the passage of time. The standard warranty included in the price of the products is an assurance-type warranty for a period not to exceed one year from the point when the customers have obtained control over the products, and the nature of tasks under the warranty only remedying defective product. It is not considered as a distinct performance obligation. Practical expedients and exemption The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised deliverables to its customers and when the customers pay for those deliverables will be more than one year. |
Advertising and Promotional Expenses | Advertising and Promotional Expenses Advertising costs are expensed as incurred and included in selling expenses. Advertising costs amounted to $16,049 and $161,853 for the years ended June 30, 2023 and 2022, respectively. |
Income Tax | Income Tax The Company’s subsidiaries in China were subject to the income tax laws of the relevant tax jurisdiction. No taxable income was generated outside the PRC for the years ended June 30, 2023 and 2022. The Company accounts for income tax in accordance with U.S. GAAP. Current income taxes are provided on the basis of net profit (loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations and comprehensive loss in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed in 2023 and 2022 are subject to examination by any applicable tax authorities. The Company had no uncertain tax position for the years ended June 30, 2023 and 2022. |
Value Added Tax | Value Added Tax The Company was subject to VAT at the rate of 13% and related surcharges on revenue generated from selling products for the years ended June 30, 2023 and 2022. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. |
Earnings Per Share | Earnings Per Share The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying consolidation financial statements, basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS includes the effect from potential issuance of ordinary shares. There was no potentially dilutive share to be issued during the years ended June 30, 2023 and 2022. |
Related Parties | Related Parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Foreign Currency and Foreign Currency Translation | Foreign Currency and Foreign Currency Translation The functional currency of the Company is the Chinese Yuan (“RMB”), as their functional currencies. An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign currency re-measurement are included in the statements of operations and comprehensive loss. The consolidated financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders’ equity accounts are translated using the historical exchange rates at the date the entry to shareholders’ equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting currency are recorded in accumulated other comprehensive income in the consolidated balance sheets. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates: Balance sheet items, except for equity accounts June 30, 2023 RMB7.2513 to $1 June 30, 2022 RMB6.6991 to $1 Income statement and cash flows items For the years ended June30, 2023 RMB6.9536 to $1 For the years ended June 30, 2022 RMB6.4556 to $1 |
Segment reporting | Segment reporting The Company’s management reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company’s long-lived assets are substantially all located in the PRC and substantially all of the Company’s revenues are derived from within the PRC. Therefore, no geographical segments are presented. |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company is an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS Act”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC. In June 2017, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019-10 which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is January 1, 2023 for calendar-year end companies which are “smaller reporting companies”, non-SEC filers and all other companies including not-for-profit companies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company’s consolidated financial statements and related disclosures. On December 18, 2019, the FASB issued ASU No. 2019-12, Income taxes (Topic 740), Simplifying the Accounting for Income Taxes. This guidance amends ASC Topic 740 and addresses several aspects including 1) evaluation of step-up tax basis of goodwill when there is not a business combination, 2) policy election to not allocate consolidated taxes on a separate entity basis to entities not subject to income tax, 3) accounting for tax law changes or rates during interim periods, 4) ownership changes from equity method investment to subsidiary or vice versa, 5) elimination of exception to intraperiod allocation when there is gain in discontinued operations and a loss from continuing operations, 6) treatment of franchise taxes that are partially based on income. The guidance is effective for calendar year-end public entities on January 1, 2021 and other entities on January 1, 2022. The Company adopted this guidance on July 1, 2021 and determined that the adoption of this guidance does not have material impacts on its consolidated financial statements and related disclosures. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements”. The amendments in this Update represent changes to clarify the Codification or correct unintended application of guidance that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this Update affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance. ASU 2020-10 is effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The amendments in this Update should be applied retrospectively. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows. |
Organization and Business (Tabl
Organization and Business (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Organization and Business [Abstract] | |
Schedule of Consolidated Financial Statements | The accompanying consolidated financial statements reflect the activities of each of the following entities of the Company: Name Background Ownership Cambell International ● A United State company Holding company Holding Limited ● Principal activities: Investment holding Win&win Industrial ● A British Virgin Islands company 100% Development Limited ● Principal activities: Investment holding BJK Holding Group ● A Hong Kong company 100% Limited ● Principal activities: Investment holding Baijiakang (LiaoNing) Health Information ● A PRC limited liability company and deemed a wholly foreign-invested enterprise 100% Consulting Service Co., Ltd ● Principal activities: Consultancy and information technology support LiaoNing KangBaiEr ● A PRC limited liability company VIE by contractual Biotechnology ● Incorporated on September 22, 2015 arrangements Development Co., Ltd. ● Principal activities: research and development of extraction processes of natural β -carotene, the planting and harvesting of raw materials as well as the production, distribution marketing and sales of natural β -carotene health food products. Doron KangBaier ● A PRC limited liability company 100% owned by Biotechnology Co.LTD ● Principal activities: research and support LiaoNing KangBaiEr LiaoNing BaiJiaKang ● A PRC limited liability company 100% owned by Health Technology Co.LTD ● Principal activities: promotion and support LiaoNing KangBaiEr |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Consolidated Financial Statements | The following financial information of the Company’s consolidated VIEs (including subsidiary of VIEs) is included in the accompanying consolidated financial statements: June 30, 2023 June 30, 2022 ASSETS CURRENT ASSETS Cash $ 286,272 $ 204,004 Accounts receivable, net of $58,021 and $62,804 allowance for doubtful accounts as of June 30, 2023 and 2022, respectively 25,444 - Prepayments 107,613 105,216 Other receivables 36,740 1,310,866 Amounts due from related parties 19,219 7,567,786 Inventory 369,327 305,046 Total current assets 844,615 9,492,918 NON-CURRENT ASSETS Other receivable - long term, net - 615,987 Property, plant and equipment, net 48,806 87,590 Total non-current assets 48,806 703,577 TOTAL ASSETS $ 893,421 $ 10,196,495 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 16,541 $ 82,365 Advance from customers 347,429 6,668,713 Amounts due to related parties 3,421,327 1,208,644 Payroll payable 16,212 22,447 Tax payable 44,416 11,400 Other payables 63,651 4,376,943 Total current liabilities 3,909,576 12,370,512 TOTAL LIABILITIES 3,909,576 12,370,512 |
Schedule of Comprehensive Income | For the June 30, 2023 2022 Gross profit $ 91,621 230,491 Net loss $ (1,095,887 ) (664,782 ) |
Schedule of Depreciation is Computed Using the Straight-Line Method Over the Estimated Useful Lives of the Assets | Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Useful Categories (Years) Furniture and equipment 3 Machinery 5 Motor vehicles 4 |
Schedule of Revenue Streams | There are two revenue streams within the Company’s operations: For the Years Ended 2023 2022 Sales Sales Health product sales $ 461,302 $ 817,954 Others 1,774 11,417 Total revenues $ 463,076 829,371 |
Schedule of Exchange Rates | Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates: Balance sheet items, except for equity accounts June 30, 2023 RMB7.2513 to $1 June 30, 2022 RMB6.6991 to $1 Income statement and cash flows items For the years ended June30, 2023 RMB6.9536 to $1 For the years ended June 30, 2022 RMB6.4556 to $1 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consist of the following: June 30, 2023 June 30, 2022 Accounts receivable 83,465 62,804 Less: allowance for doubtful accounts (58,021 ) (62,804 ) Accounts receivable, net 25,444 - |
Schedule of Sets Forth the Movement of Allowance for Doubtful Accounts | June 30, 2023 June 30, 2022 Beginning $ 62,804 $ 86,868 Additions - - Reversal - (21,685 ) Exchange rate different (4,783 ) (2,379 ) Balance $ 58,021 $ 62,804 |
Prepayments (Tables)
Prepayments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Prepayments [Abstract] | |
Schedule of Prepayments | Prepayments consist of the following: June 30, 2023 June 30, 2022 Prepayments for inventory $ 107,613 $ 105,216 Prepayments $ 107,613 $ 105,216 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Receivable [Abstract] | |
Schedule of other receivable | Other receivables consists of the following: June 30, June 30, 2022 Receivables from third party companies $ - $ 149,262 Loans receivable from employees 36,740 1,161,604 Other receivables - current $ 36,740 $ 1,310,866 June 30, June 30, Other receivable - long term, net $ 612,276 $ 615,987 Less: allowance for doubtful accounts (612,276 ) - Other receivable - long term, net $ - $ 615,987 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Inventory [Abstract] | |
Schedule of Inventory | Inventory consisted of the following: June 30, 2023 June 30, 2022 Raw materials, parts, and components $ 294,030 $ 87,478 Finished goods 69,908 207,052 Miscellaneous supplies 5,389 10,516 Inventory $ 369,327 $ 305,046 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following: June 30, 2023 June 30, 2022 Vehicle $ 17,940 $ 19,419 Office equipment 67,370 72,177 Machinery, equipment, and tools 77,104 82,987 Total 162,414 174,583 Less: accumulated depreciation (113,608 ) (86,993 ) Property, plant and equipment, net $ 48,806 $ 87,590 |
Advance From Customers (Tables)
Advance From Customers (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Advance From Customers [Abstract] | |
Schedule of Advance From Customers | Changes in advance from customers as follows: June 30, June 30, 2023 2022 Advance from clients, beginning of the period $ 6,668,713 $ - Revenue deferred during the period 8,274 6,668,713 Returned of revenue deferred in prior periods (6,239,928 ) - Recognition of revenue deferred in prior periods (89,630 ) - Advance from clients, end of the period $ 347,429 $ 6,668,713 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Payables [Abstract] | |
Schedule of other payables | Other payables consist of the following: June 30, 2023 June 30, 2022 Accruals $ 63,651 $ 4,376,863 Other - 80 Other payables $ 63,651 $ 4,376,943 |
Amounts Due From and Due to R_2
Amounts Due From and Due to Related Parties (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Amounts Due From and Due to Related Parties [Abstract] | |
Schedule of Amounts Due from Related Parties | Note June 30, 2023 June 30, 2022 Amounts due from related parties: Duolun Kangbaier Biotechnology Co. LTD (a) $ 1,103 $ 1,194 Panjin Kangying Health Food Co., LTD (a) 138 149 Liaoning Baijiakang Health Technology Co. LTD (a) 50 45 Ms. Xiuzhi Sun (b) - 4,757,546 Ms. Xiuhua Sun (c) 13,791 1,087,722 Mr. Yuewen Sun (d) - 970,281 Mr. Zengwen Wang (e) - 746,370 Mr. Mingkai Cao (f) 4,137 4,479 Total $ 19,219 $ 7,567,786 Amounts due to related parties: Jilin Kangbaier Biotechnology Co., LTD (a) $ - $ 298,548 Panjin Double Eagle Green Health Food Co. LTD (g) 132,450 114,180 Panjin Double Eagle Weishi Green Health Food Co. LTD (g) 127,259 107,897 Suzhou Weixuan Information Technology Co., LTD (h) 20,686 - Mr. Zengwen Wang (e) - 620,846 Ms. Xiuhua Sun (c) - 67,173 Ms. Xiuzhi Sun (b) 3,140,932 - Total $ 3,421,327 $ 1,208,644 (a) These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. The amount is due on demand, interest-free and unsecured. (b) Ms. Xiuzhi Sun is the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. As of June 30, 2022, the amount due from Ms. Xiuzhi Sun of $4,757,546 was wholly settled by September 2022. As of June 30, 2023, there is an amount of $3,140,932 due to Ms. Xiuzhi Sun that is interest free, unsecured, and due demand without an agreement. The Company used the funds borrowed from Ms. Xiuzhi Sun to fund its operations. (c) Ms. Xiuhua Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. (d) Mr. Yuewen Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount due from Mr. Yuewen Sun was wholly settled by September 2022. (e) Mr. Zengwen Wang is family member of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount due from and due to Mr. Yuewen Sun was wholly settled by September 2022. (f) Mr. Mingkai Cao is family member of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. (g) These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. Such balances are interest free, unsecured, and due demand without an agreement. Office located in PRC of the Company was provided by Panjin Double Eagle Green Health Food Co. LTD free for charge. (h) These companies are controlled by Ms. Jing Li, daughter of Ms. Xiuzhi Sun. The amount is due on demand, interest-free and unsecured. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of Reconciliation of Income Tax Expense | For the years ended June 30, 2023 and 2022, a reconciliation of the income tax benefit determined at the statutory income tax rate to the Company’s income taxes is as follows: For the years ended 2023 2022 Loss before income taxes $ (1,096,278 ) $ (664,782 ) United States statutory income tax rate 21 % 21 % Income tax credit computed at statutory corporate income tax rate (230,218 ) (139,604 ) Reconciling items: Non-deductible expenses 2,307 205,309 Change in valuation allowance 227,520 (65,705 ) Income tax benefit $ (391 ) $ - |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) - Parent Company [Member] | 12 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Information of the Parent Company (Tables) [Line Items] | |
Schedule of Condensed Parent Company Balance Sheets | June 30, June 30, Non-current assets Investment in subsidiary $ - $ - Total assets $ - $ - LIABILITIES AND SHAREHOLDERS’ DEFICIT Total liabilities $ - $ - COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ DEFICIT Preferred shares, par value $0.001, 10,000,000 shares authorized, 10,000,000 and 0 shares issued and outstanding as of June 30, 2023 and 2022, respectively 10,000 - Common shares, par value $0.001; 75,000,000 shares authorized, 7,250,750 and 6,250,750 shares issued and outstanding as of June 30, 2023 and 2022, respectively 7,251 6,251 Shares subscription receivables (17,251 ) (6,251 ) Accumulated deficits - - Accumulated other comprehensive loss - - Total shareholders’ deficit - - Total liabilities and shareholders’ deficit $ - $ - |
Schedule of Condensed Parent Company Statements of Operations and Comprehensive Loss | For the years ended 2023 2022 INCOME FROM SUBSIDIARIES $ (1,095,887 ) $ (664,782 ) NET LOSS (1,095,887 ) (664,782 ) FOREIGN CURRENCY TRANSLATION ADJUSTMENTS - - COMPREHENSIVE LOSS $ (1,095,887 ) $ (664,782 ) |
Schedule of Condensed Parent Company Statements Of Cash Flows | For the years ended 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,095,887 ) $ (664,782 ) Adjustments to reconcile net loss to cash used in operating activities: Equity income of subsidiary 1,095,887 664,782 Net cash used in operating activities - - CHANGES IN CASH - - CASH, beginning of year - - CASH, end of year $ - $ - |
Organization and Business (Deta
Organization and Business (Details) - shares | 1 Months Ended | 12 Months Ended |
Sep. 23, 2020 | Jun. 30, 2023 | |
Organization and Business (Details) [Line Items] | ||
Aggregate shares (in Shares) | 1,000,000 | |
Ms. Yuan Xiaoyan [Member] | ||
Organization and Business (Details) [Line Items] | ||
Aggregate shares (in Shares) | 9,000,000 | |
Consulting Service Agreement [Member] | ||
Organization and Business (Details) [Line Items] | ||
Agreement term | 10 years | |
Business Operation Agreement [Member] | ||
Organization and Business (Details) [Line Items] | ||
Agreement term | 10 years | |
Proxy Agreement [Member] | ||
Organization and Business (Details) [Line Items] | ||
Agreement term | 10 years | |
Equity Disposal Agreement [Member] | ||
Organization and Business (Details) [Line Items] | ||
Agreement term | 10 years |
Organization and Business (De_2
Organization and Business (Details) - Schedule of Consolidated Financial Statements | 12 Months Ended |
Jun. 30, 2023 | |
Cambell International [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Cambell International |
Background | A United State company |
Ownership | Holding company |
Holding Limited [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Holding Limited |
Background | Principal activities: Investment holding |
Win&win Industrial [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Win&win Industrial |
Background | A British Virgin Islands company |
Ownership | 100% |
Development Limited [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Development Limited |
Background | Principal activities: Investment holding |
BJK Holding Group [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | BJK Holding Group |
Background | A Hong Kong company |
Ownership | 100% |
Limited [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Limited |
Background | Principal activities: Investment holding |
Baijiakang (LiaoNing) Health Information [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Baijiakang (LiaoNing) Health Information |
Background | A PRC limited liability company and deemed a wholly foreign-invested enterprise |
Ownership | 100% |
Consulting Service Co., Ltd [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Consulting Service Co., Ltd |
Background | Principal activities: Consultancy and information technology support |
LiaoNing KangBaiEr [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | LiaoNing KangBaiEr |
Background | A PRC limited liability company |
Ownership | VIE by contractual |
Biotechnology [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Biotechnology |
Background | Incorporated on September 22, 2015 |
Ownership | arrangements |
Development Co., Ltd. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Development Co., Ltd. |
Background | Principal activities: research and development of extraction processes of natural β -carotene, the planting and harvesting of raw materials as well as the production, distribution marketing and sales of natural β -carotene health food products. |
Doron KangBaier [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Doron KangBaier |
Background | A PRC limited liability company |
Ownership | 100% owned by |
Biotechnology Co.LTD [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Biotechnology Co.LTD |
Background | Principal activities: research and support |
Ownership | LiaoNing KangBaiEr |
LiaoNing BaiJiaKang [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | LiaoNing BaiJiaKang |
Background | A PRC limited liability company |
Ownership | 100% owned by |
Health Technology Co.LTD [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Name | Health Technology Co.LTD |
Background | Principal activities: promotion and support |
Ownership | LiaoNing KangBaiEr |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Current assets | $ 3,064,961 | |
Accumulated deficit | 3,296,036 | |
Working deficit | 3,064,961 | $ 2,877,594 |
Working deficit decrease | 187,367 | |
Cash | 286,272 | 204,004 |
Allowance | 58,021 | 62,804 |
Impairment charges | 2,652 | 2,871 |
Advertising costs | $ 16,049 | $ 161,853 |
Tax benefit rate | 50% | |
Value added tax percentage | 13% | 13% |
Reportable segment | 1 | |
PRC [Member] | ||
Summary of Significant Accounting Policies [Abstract] | ||
Cash | $ 286,272 | $ 204,004 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Consolidated Financial Statements - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
CURRENT ASSETS | |||
Cash | $ 286,272 | $ 204,004 | |
Accounts receivable, net of $58,021 and $62,804 allowance for doubtful accounts as of June 30, 2023 and 2022, respectively | 25,444 | ||
Prepayments | 107,613 | 105,216 | |
Other receivables | 36,740 | 1,310,866 | |
Amounts due from related parties | 36,740 | 1,310,866 | |
Inventory | 369,327 | 305,046 | |
Total current assets | 844,615 | 9,492,918 | |
NON-CURRENT ASSETS | |||
Other receivable - long term, net | 615,987 | ||
Property, plant and equipment, net | 48,806 | 87,590 | |
Total non-current assets | 48,806 | 703,577 | |
TOTAL ASSETS | 893,421 | 10,196,495 | |
CURRENT LIABILITIES | |||
Accounts payable | 16,541 | 82,365 | |
Advance from customers | 347,429 | 6,668,713 | |
Payroll payable | 16,212 | 22,447 | |
Tax payable | 44,416 | 11,400 | |
Other payables | 63,651 | 4,376,943 | |
Total current liabilities | 3,909,576 | 12,370,512 | |
TOTAL LIABILITIES | 3,909,576 | 12,370,512 | |
Related Party [Member] | |||
CURRENT ASSETS | |||
Amounts due from related parties | 19,219 | 7,567,786 | |
CURRENT LIABILITIES | |||
Amounts due to related parties | $ 3,421,327 | $ 1,208,644 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Consolidated Financial Statements (Parentheticals) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule Of Consolidated Financial Statements Abstract | ||
Accounts receivable, net allowance for doubtful accounts | $ 58,021 | $ 62,804 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Comprehensive Income - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Comprehensive Income [Abstract] | ||
Gross profit | $ 91,621 | $ 230,491 |
Net loss | $ (1,095,887) | $ (664,782) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of Depreciation is Computed Using the Straight-Line Method Over the Estimated Useful Lives of the Assets | Jun. 30, 2023 |
Furniture and equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful Lives (Years) | 3 years |
Machinery [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful Lives (Years) | 5 years |
Motor vehicles [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Useful Lives (Years) | 4 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of Revenue Streams - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Revenue Streams within the Company Operations [Abstract] | ||
Total revenues | $ 463,076 | $ 829,371 |
Health product sales [Member] | ||
Schedule of Revenue Streams within the Company Operations [Abstract] | ||
Total revenues | 461,302 | 817,954 |
Others [Member] | ||
Schedule of Revenue Streams within the Company Operations [Abstract] | ||
Total revenues | $ 1,774 | $ 11,417 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates | Jun. 30, 2023 | Jun. 30, 2022 |
Balance Sheet Items, Except For Equity Accounts [Member] | RMB [Member] | ||
Balance sheet items, except for equity accounts | ||
Exchange rates on translation of amounts | 7.2513 | 6.6991 |
Balance Sheet Items, Except For Equity Accounts [Member] | USD [Member] | ||
Balance sheet items, except for equity accounts | ||
Exchange rates on translation of amounts | 1 | 1 |
Income Statement and Cash Flows [Member] | RMB [Member] | ||
Balance sheet items, except for equity accounts | ||
Exchange rates on translation of amounts | 6.9536 | 6.4556 |
Income Statement and Cash Flows [Member] | USD [Member] | ||
Balance sheet items, except for equity accounts | ||
Exchange rates on translation of amounts | 1 | 1 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Accounts Receivable [Abstract] | ||
Accounts receivable | $ 83,465 | $ 62,804 |
Less: allowance for doubtful accounts | (58,021) | (62,804) |
Accounts receivable, net | $ 25,444 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of Sets Forth the Movement of Allowance for Doubtful Accounts - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Sets Forth the Movement of Allowance for Doubtful Accounts [Abstract] | ||
Beginning | $ 62,804 | $ 86,868 |
Additions | ||
Reversal | (21,685) | |
Exchange rate different | (4,783) | (2,379) |
Balance | $ 58,021 | $ 62,804 |
Prepayments (Details) - Schedul
Prepayments (Details) - Schedule of Prepayments - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Prepayments [Abstract] | ||
Prepayments for inventory | $ 107,613 | $ 105,216 |
Prepayments | $ 107,613 | $ 105,216 |
Other Receivables (Details)
Other Receivables (Details) | Jun. 30, 2023 USD ($) |
Other Receivable [Abstract] | |
Loan receivable | $ 1,124,864 |
Other Receivables (Details) - S
Other Receivables (Details) - Schedule of other receivable - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Other Receivable [Abstract] | ||
Receivables from third party companies | $ 149,262 | |
Loans receivable from employees | 36,740 | 1,161,604 |
Other receivables - current | 36,740 | 1,310,866 |
Other receivable - long term, net | 612,276 | 615,987 |
Less: allowance for doubtful accounts | (612,276) | |
Other receivable - long term, net | $ 615,987 |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of Inventory - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Inventory [Abstract] | ||
Raw materials, parts, and components | $ 294,030 | $ 87,478 |
Finished goods | 69,908 | 207,052 |
Miscellaneous supplies | 5,389 | 10,516 |
Inventory | $ 369,327 | $ 305,046 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment, Net [Abstract] | ||
Depreciation expenses | $ 34,663 | $ 73,448 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 162,414 | $ 174,583 |
Less: accumulated depreciation | (113,608) | (86,993) |
Property, plant and equipment, net | 48,806 | 87,590 |
Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,940 | 19,419 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 67,370 | 72,177 |
Machinery, equipment, and tools [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 77,104 | $ 82,987 |
Advance From Customers (Details
Advance From Customers (Details) | Jun. 30, 2023 USD ($) |
Advance From Customers [Abstract] | |
Advance from customers | $ 6,239,928 |
Advance From Customers (Detai_2
Advance From Customers (Details) - Schedule of Advance From Customers - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Advance from Customers [Abstract] | ||
Advance from clients, beginning of the period | $ 6,668,713 | |
Revenue deferred during the period | 8,274 | 6,668,713 |
Returned of revenue deferred in prior periods | (6,239,928) | |
Recognition of revenue deferred in prior periods | (89,630) | |
Advance from clients, end of the period | $ 347,429 | $ 6,668,713 |
Other Payables (Details) - Sche
Other Payables (Details) - Schedule of other payables - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Other Payables [Abstract] | ||
Accruals | $ 63,651 | $ 4,376,863 |
Other | 80 | |
Other payables | $ 63,651 | $ 4,376,943 |
Amounts Due From and Due to R_3
Amounts Due From and Due to Related Parties (Details) - Xiruzhi Sun [Member] - Related Party [Member] | Jun. 30, 2023 USD ($) |
Amounts Due From and Due to Related Parties (Details) [Line Items] | |
Other receivable | $ 4,757,546 |
Due to related parties | $ 3,140,932 |
Amounts Due From and Due to R_4
Amounts Due From and Due to Related Parties (Details) - Schedule of Amounts Due from Related Parties - Related Party [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Amounts due from related parties: | |||
Amounts due from related parties | $ 19,219 | $ 7,567,786 | |
Amounts due to related parties: | |||
Amounts due to related parties | 3,421,327 | 1,208,644 | |
Duolun Kangbaier Biotechnology Co. LTD [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [1] | 1,103 | 1,194 |
Panjin Kangying Health Food Co., LTD [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [1] | 138 | 149 |
Liaoning Baijiakang Health Technology Co. LTD [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [1] | 50 | 45 |
Ms. Xiuzhi Sun [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [2] | 4,757,546 | |
Amounts due to related parties: | |||
Amounts due to related parties | [2] | 3,140,932 | |
Ms. Xiuhua Sun [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [3] | 13,791 | 1,087,722 |
Amounts due to related parties: | |||
Amounts due to related parties | [3] | 67,173 | |
Mr. Yuewen Sun [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [4] | 970,281 | |
Mr. Zengwen Wang [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [5] | 746,370 | |
Amounts due to related parties: | |||
Amounts due to related parties | [5] | 620,846 | |
Mr. Mingkai Cao [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [6] | 4,137 | 4,479 |
Jilin Kangbaier Biotechnology Co., LTD [Member] | |||
Amounts due to related parties: | |||
Amounts due to related parties | [1] | 298,548 | |
Panjin Double Eagle Green Health Food Co. LTD [Member] | |||
Amounts due to related parties: | |||
Amounts due to related parties | [7] | 132,450 | 114,180 |
Panjin Double Eagle Weishi Green Health Food Co. LTD [Member] | |||
Amounts due to related parties: | |||
Amounts due to related parties | [7] | 127,259 | 107,897 |
Suzhou Weixuan Information Technology Co., LTD [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [8] | $ 20,686 | |
[1] These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. The amount is due on demand, interest-free and unsecured. Ms. Xiuzhi Sun is the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. As of June 30, 2022, the amount due from Ms. Xiuzhi Sun of $4,757,546 was wholly settled by September 2022. Ms. Xiuhua Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. Mr. Yuewen Sun is the sibling of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount due from Mr. Yuewen Sun was wholly settled by September 2022. Mr. Mingkai Cao is family member of Ms. Xiuzhi Sun, the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company. The amount is due on demand, interest-free and unsecured. These companies are controlled by the Chief Executive Officer and Chief Financial Officer, as well as the shareholder of the Company, Ms. Xiuzhi Sun. Such balances are interest free, unsecured, and due demand without an agreement. Office located in PRC of the Company was provided by Panjin Double Eagle Green Health Food Co. LTD free for charge. |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
Federal corporate income tax rate | 21% | 21% |
Profits tax rate | 16.50% | |
Income tax rate percentage | 25% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Reconciliation of Income Tax Expense - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Reconciliation of Income Tax Expense [Abstract] | ||
Loss before income taxes | $ (1,096,278) | $ (664,782) |
United States statutory income tax rate | 21% | 21% |
Income tax credit computed at statutory corporate income tax rate | $ (230,218) | $ (139,604) |
Non-deductible expenses | 2,307 | 205,309 |
Change in valuation allowance | 227,520 | (65,705) |
Income tax benefit | $ (391) |
Concentrations and Credit Risk
Concentrations and Credit Risk (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Concentrations and Credit Risk (Details) [Line Items] | ||
Number of customer | 2 | |
Account receivable percentage | 10% | 10% |
Accounts payable percentage | 10% | 10% |
Two Customer [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Number of customer | 2 | |
One Customer [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Number of customer | 1 | 1 |
Account receivable percentage | 89.97% | 100% |
Revenue Benchmark [Member] | Concentrations [Member] | Two Customer [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Revenue percentage | 80.82% | 98.93% |
Revenue Benchmark [Member] | Concentrations [Member] | Other Customer [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Revenue percentage | 10% | 10% |
Two Suppliers [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Number of suppliers | 2 | |
Accounts payable percentage | 73.72% | |
Four Suppliers [Member] | ||
Concentrations and Credit Risk (Details) [Line Items] | ||
Number of suppliers | 4 | |
Accounts payable percentage | 88.41% |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Balance Sheets - Parent Company [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Non-current assets | ||
Investment in subsidiary | ||
Total assets | ||
Total liabilities | ||
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ DEFICIT | ||
Preferred shares, par value $0.001, 10,000,000 shares authorized, 10,000,000 and 0 shares issued and outstanding as of June 30, 2023 and 2022, respectively | 10,000 | |
Common shares, par value $0.001; 75,000,000 shares authorized, 7,250,750 and 6,250,750 shares issued and outstanding as of June 30, 2023 and 2022, respectively | 7,251 | 6,251 |
Shares subscription receivables | (17,251) | (6,251) |
Accumulated deficits | ||
Accumulated other comprehensive loss | ||
Total shareholders’ deficit | ||
Total liabilities and shareholders’ deficit |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Balance Sheets (Parentheticals) - Parent Company [Member] - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 10,000,000 | 0 |
Preferred stock, outstanding shares | 10,000,000 | 0 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized Shares | 75,000,000 | 75,000,000 |
Common stock, issued shares | 7,250,750 | 6,250,750 |
Common stock, outstanding Shares | 7,250,750 | 6,250,750 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Statements of Operations and Comprehensive Loss - Parent Company [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Statement of Income Captions [Line Items] | ||
INCOME FROM SUBSIDIARIES | $ (1,095,887) | $ (664,782) |
NET LOSS | (1,095,887) | (664,782) |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | ||
COMPREHENSIVE LOSS | $ (1,095,887) | $ (664,782) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company (Details) - Schedule of Condensed Parent Company Statements Of Cash Flows - Parent Company [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (1,095,887) | $ (664,782) |
Equity income of subsidiary | 1,095,887 | 664,782 |
Net cash used in operating activities | ||
CHANGES IN CASH | ||
CASH, beginning of year | ||
CASH, end of year |