Token Communities (TKCM) 10-Q 19 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2024	Feb. 10, 2025
Cover [Abstract]
Entity Registrant Name	Token Communities Ltd.
Entity Central Index Key	0001683252
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Entity Common Stock Shares Outstanding		2,095,671,162
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55688
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	81-3709511
Entity Address Address Line 1	850 Tidewater Shore Loop
Entity Address Address Line 2	Suite 402
Entity Address City Or Town	Bradenton
Entity Address State Or Province	FL
Entity Address Postal Zip Code	34208
City Area Code	631
Local Phone Number	397-1111
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Jun. 30, 2024
ASSETS
Cash and equivalents	$ 149,677	$ 25,939
Inventory	5,100,458	3,961,964
Total current assets	5,250,135	3,987,903
TOTAL ASSETS	5,250,135	3,987,903
Current Liabilities:
Accounts payable and accrued expenses	135,050	126,573
Taxes Payable	352,156	352,156
Unearned revenue	552	552
Due to related parties	3,787,646	3,213,162
Total current liabilities	4,275,404	3,692,443
Non-Current Liabilities:
Construction Loan	899,516	35,960
Note payable - related parties	5,000,000	5,000,000
Total non-current liabilities	5,899,516	5,035,960
TOTAL LIABILITIES	10,174,920	8,728,403
STOCKHOLDERS' DEFICIT
Common stock: $0.0001 par value; 5,000,000,000 share authorized; 2,095,671,162 shares of common stock issued and outstanding at December 31, 2024 and June 30, 2024	209,567	209,567
Additional paid-in capital	(3,640,360)	(3,640,360)
Accumulated Other comprehensive income	0	0
Accumulated deficit	(1,484,600)	(1,299,977)
Non-controlling interest	(9,392)	(9,730)
Total stockholders' deficit	(4,924,785)	(4,740,500)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 5,250,135	$ 3,987,903

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2024	Jun. 30, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	2,095,671,162	2,095,671,162
Common stock, shares outstanding	2,095,671,162	2,095,671,162

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Home Sales	$ 0	$ 0	$ 0	$ 0
Lot Sales and Other	9,071	(276)	29,132	1,516
TOTAL REVENUES	9,071	(276)	29,132	1,516
COST OF SALES
Home Sales	0	0	0	0
TOTAL COST OF SALES	0	0	0	0
GROSS PROFIT
Home Sales	0	0	0	0
Lot Sales and Other	9,071	(276)	29,132	1,516
TOTAL GROSS MARGIN	9,071	(276)	29,132	1,516
OPERATING EXPENSES
Payroll Related Expenses	0	11,841	0	23,419
Rent Expense	0	0	0	0
Accounting and Legal Fees	41,110	39,473	71,610	58,067
General and administrative	73,963	4,747	141,808	15,690
TOTAL OPERATING EXPENSES	115,073	56,061	213,418	97,176
INCOME (LOSS) FROM OPERATIONS	(106,002)	(56,337)	(184,286)	(95,660)
OTHER INCOME (EXPENSES)
Loss on Impairment	0	0	0	0
Gain on Extinguisment of Debt	0	0	0	0
TOTAL OTHER INCOME (EXPENSES)	0	0	0	0
PROVISION FOR INCOME TAXES	0	0	0	0
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST	(106,002)	(56,337)	(184,286)	(95,660)
Less non-controlling interest	169	(1,445)	338	(3,379)
NET INCOME (LOSS)	(106,171)	(54,892)	(184,624)	(92,281)
Foreign exchange translation gain (loss)	0	(19,352)	0	(15,580)
Comprehensive income	$ (106,171)	$ (74,244)	$ (184,624)	$ (107,861)
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,095,671,162	2,095,671,162	2,095,671,162	2,095,671,162

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Comprehensive Income	Accumulated Deficit	Non-controlling Interest
Balance, shares at Jun. 30, 2023		2,095,671,162
Balance, amount at Jun. 30, 2023	$ (1,386,948)	$ 209,567	$ 1,039,630	$ (54,481)	$ (2,576,440)	$ (5,224)
Foreign currency translation gain (loss)	(15,580)			(15,580)
Net income for the period	(95,660)				(92,281)	(3,379)
Balance, amount at Dec. 31, 2023	(1,498,188)	$ 209,567	1,039,630	(70,061)	(2,668,721)	(8,603)
Balance, shares at Dec. 31, 2023		2,095,671,162
Balance, shares at Jun. 30, 2024		2,095,671,162
Balance, amount at Jun. 30, 2024	(4,740,500)	$ 209,567	(3,640,360)	0	(1,299,977)	(9,730)
Foreign currency translation gain (loss)	0
Net income for the period	(184,285)				(184,623)	338
Balance, amount at Dec. 31, 2024	$ (4,924,785)	$ 209,567	$ (3,640,360)	$ 0	$ (1,484,600)	$ (9,392)
Balance, shares at Dec. 31, 2024		2,095,671,162

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (184,285)	$ (95,660)
Other equity adjustments	0	0
Impairment loss	0	0
Changes in operating assets and liabilities
Inventory	(1,138,494)	(11,848)
Accounts payable, taxes payable and accrued expenses	8,477	23,971
Loans payable - related party	574,484	100,082
Net cash provided (used) in operating activities	(739,818)	16,545
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided (used) in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Construction loan proceeds	863,556	0
Acquisition of ASC Global Inc	0	0
Net cash provided (used) by financing activities	863,556	0
Effect of exchange rate changes on cash and equivalents	0	(15,580)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	123,738	965
CASH AND EQUIVALENTS, BEGINNING OF PERIOD	25,939	1,130
CASH AND EQUIVALENTS, END OF PERIOD	$ 149,677	$ 2,095

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2024
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Organization and Line of Business Token Communities Ltd. (the “Company”) was organized under the laws of the State of Delaware on March 6, 2014, under the name Pacific Media Group Enterprises, Inc. On April 7, 2017, the Company amended its Certificate of Incorporation with the Secretary of State of Delaware, changing its name to Extract Pharmaceuticals Inc. On January 26, 2018, the Board of Directors adopted an Amendment to its Certificate of Incorporation, changing its name to Token Communities Ltd. On February 26, 2018, the Company entered into an Acquisition and Share Exchange Agreement with Token Communities PLC (“PLC”). Under the Agreement, the Company’s majority shareholder returned 19,266,000 common shares to treasury, and at closing, 100% of the issued and outstanding shares of PLC were acquired by the Company, for 172,800,000 newly issued common shares equal to 64% of the Company’s outstanding common stock as of the closing date, thus making the stockholders of PLC the majority stockholders of the Company. The transaction closed on May 18, 2018. This transaction was accounted for as a reverse acquisition under the purchase method of accounting since PLC obtained control of Limited. Accordingly, the merger of PLC into Limited was recorded as a recapitalization of PLC, PLC being treated as the continuing entity. The transaction was treated as a recapitalization and not as a business combination. Limited had 116,466,000 shares outstanding prior to the merger. At the time of the merger, Limited’s principal stockholder surrendered 19,266,000 shares, which were cancelled. After the merger, the total number of Limited shares outstanding was 270,000,000. PLC is a Gibraltar Financial Advisory firm which specializes in Blockchain, Artificial Intelligence and Fin-Tech investment in incubating, as well as advising and managing qualified companies in the blockchain and distributed ledger technologies arena, including smart contracts, TGEs, DApps, and more. Advisement comprises the authoring of industry standard White Papers, technical aspects, design and implementation of market strategies, business appraisal and more. All potential clients are vetted and Anti-Money Laundering / Know-Your-Customer approved. The Company is also developing its own software technology with its dedicated team of developers. The historical financial statements presented are the financial statements of PLC. The Acquisition and Share Exchange Agreement was treated as a recapitalization and not as a business combination; therefore, no pro forma information is disclosed. At the date of the merger, the net liabilities of the legal acquirer, Limited, were $57,107. On January 10, 2023 the Company entered into a Stock Purchase Agreement with Elements of Health and Wellness, Inc., a company incorporated in the Florida (“Elements”) whereby the Company acquired ninety shares of common stock of Elements (which represents ninety percent of the outstanding shares of common stock of Elements), in exchange for the issuance of a promissory note in the principal amount of Two Hundred Twenty Five Thousand Dollars ($225,000) (the “Note”). The Note provides for a term of five years and bears interest at a rate of three percent per annum. The transactions set forth above closed on January 10, 2023. As a result of the closing of transaction set forth above, Elements has become a subsidiary of the Company and the Company has expanded its business operations into the health and wellness sector. On May 10, 2024 the Company entered into an agreement with ASC Global Inc. (“ASC Global”), whereby the Company acquired all of the issued and outstanding shares of common stock of ASC Global in exchange for the issuance of a promissory note by the Company to the shareholder (David Champ (Chen), President of the Company) of ASC Global in the principal amount of Five Million Dollars (the “Promissory Note”). The Promissory Note bears interest at the rate of four percent per annum and provides that all outstanding principal of and accrued but unpaid interest thereon shall be paid in full on or before May 10, 2027. With its acquisition of ASC Global the Company entered into the real estate development field in Florida. Basis of Presentation The accompanying consolidated financial statements (“CFS”) were prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company’s functional currency is the United States Dollars (“$” or “USD”) and the Company’s wholly-owned subsidiary, PLC’s functional currency is the Pound Sterling (“GBP”). Going Concern The accompanying CFS were prepared in conformity with U.S. GAAP, which contemplates the continuation of the Company as a going concern. The Company had a stockholders’ deficit of $(4,924,785) as of December 31, 2024 and has incurred losses from operations since inception and expects to continue to generate operating losses and negative cash flows for the foreseeable future. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The continued operations of the Company are dependent upon its ability to raise additional capital, obtain additional financing and/or acquire or develop a business that generates sufficient positive cash flows from operations. The accompanying CFS do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern. Foreign Currency Translation Various payables were maintained in GBP and CNY. These accounts were translated into USD in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction, Comprehensive Income On June 30, 2024 all remaining accounts subject to foreign currency fluctuations were deemed to be either discharged, cancelled or expired. These accounts were derecognized on that date and the Company recognized a gain on extinguishment of debt of $730,820.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Real Estate Inventories and Cost of Sales Real estate inventories include actively selling projects as well as projects under development or held for future development. Inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. The Company capitalizes pre-acquisition costs, land deposits, land, development, and other allocated costs, including interest, property taxes, and indirect construction costs to real estate inventories. Pre-acquisition costs, including non-refundable land deposits, are removed from inventory and expensed to other income, net, if the Company determines continuation of the prospective project is not probable. Land, development, and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. If the relative-sales-value-method is impracticable, costs are allocated based on area methods, such as square footage or lot size, or other value methods as appropriate under the circumstances. Home construction costs per production phase are recorded using the specific identification method. Capitalization of Interest The Company follows the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest Home Sales Revenue Home sales revenue is recognized when the Company’s performance obligations within the underlying sales contracts are fulfilled. The Company considers its obligations fulfilled when closing conditions are complete, title has transferred to the homebuyer, and collection of the purchase price is reasonably assured. Sales incentives are recorded as a reduction of revenue when the respective home is closed. When it is determined that the earnings process is not complete, the related revenue is deferred for recognition in future periods. Lot Sales and Other Revenue Revenues from lot sales and other revenue are recorded and a margin is recognized when performance obligations are satisfied, which includes transferring a promised good or service to a customer. Lot sales and other revenue is recognized when all conditions of escrow are met, including delivery of the real estate asset in the agreed-upon condition, passage of title, receipt of appropriate consideration, and collection of associated receivables, if any, is probable, and other applicable criteria are met. Based upon the terms of the agreement, when it is determined that the performance obligation is not satisfied, the sale and the related margin are deferred for recognition in future periods. Use of Estimates The preparation of CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation The accompanying CFS include the accounts of the Company, its wholly owned subsidiary ASC Global and its majority owned subsidiary Elements . All significant intercompany transactions and balances were eliminated in consolidation. Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, accounts receivable, accounts payable, trust liability and advances, the carrying amounts approximate their fair values due to their short maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the FV measurement. The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging Inventory All inventory is valued at the lower of cost or market. All costs of purchase, costs of development, and any other costs incurred in bringing the inventory to its present condition are capitalized as part of the inventory costs. Interest paid or accrued on construction loans is included in inventory costs. Costs of sales include all capitalized costs pertaining to the inventory sold during the period. Sales, Cost of Sales and Gross Margin are presented separately on the income statement. Home Sales includes the sales of developed real property. Lot Sales and Other includes the sales of vacant parcels, rent income and the sale of any non-real estate inventory. Basic and Diluted Earnings (loss) Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share Statement of Cash Flows Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Recent Accounting Pronouncements In November 2024, the Financial Account Standards Board (FASB), issued Accounting Standards Update (ASU) 2024-04, Debt-Debt with Conversions and Other Option. In November 2024, the Financial Account Standards Board (FASB), issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. In March 2024, the United States Securities and Exchange Commission (SEC) issued Final Rulemaking Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the FASB, issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Business Combinations Between Entities under Common Control The Company accounts for combinations between entities under common control in accordance with guidance found in Transactions Between Entities Under Common Control Subsections of Subtopic 805-50, Business Combinations—Related Issues. The transactions referenced above were recorded at the carrying values of the net assets transferred.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Dec. 31, 2024
BUSINESS COMBINATION
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION Effective May 10, 2024, the Company acquired 100% of the outstanding shares of ASC Global. The acquisition was accounted for by applying the guidance in the Transactions Between Entities Under Common Control Subsections of Subtopic 805-50, Business Combinations—Related Issues. The transaction was recorded at the carrying values of the net assets transferred. The following table presents the allocation of the consideration given to the assets acquired and liabilities assumed from ASC Global, based on their carrying values at May 10, 2024: Item Amount Consideration Given Notes Payable $ 5,000,000 Allocation of Consideration Given Cash $ 13,165 Due from Related Parties 174,560 Inventory $ 2,628,800 Total Assets $ 2,816,526 Current Liabilities Due to Related Parties $ 2,496,516 Total Current Liabilities 2,496,516 Net Assets Acquired $ 320,010

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	6 Months Ended
	Dec. 31, 2024
STOCKHOLDERS EQUITY
STOCKHOLDERS' EQUITY	NOTE 4 - STOCKHOLDERS’ EQUITY As of December 31, 2024, the authorized share capital of the Company consists of 5,000,000,000 shares of common and 20,000,000 shares of preferred stock with $0.0001 par value. 2,095,671,162 shares of common stock and 0 shares of preferred stock were issued and outstanding as of December 31, 2024 and June 30, 2024. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS Amounts due to a related party are, for advances, made by a director of the Company. The balances of $3,787,646 and $3,213,162 as of December 31, 2024 and June 30, 2024 respectively, are presented as due to related parties in the accompanying consolidated balance sheet. On May 10, 2024, the Company entered into a promissory note for $5,000,000 with the President of the Company in connection with the Company’s acquisition of ASC Global. The note is presented as a note payable to related parties in the accompanying consolidated balance sheet. The note bears a 4% interest rate, is unsecured and principle and interest are due on May 10, 2027. $100,000 of interest has accrued as of December 31, 2024.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 6 - COMMITMENTS AND CONTINGENCIES The Company is party to certain legal proceedings, from time to time, incidental to the conduct of its business. These proceedings could result in fines, penalties, compensatory or treble damages or non-monetary relief. The nature of legal proceedings is such that the Company cannot assure the outcome of any particular matter, and an unfavorable ruling or development could have a materially adverse effect on the Company’s CFS in the period in which a ruling or settlement occurs. However, based on information available to the Company’s management to date, the Company’s management does not expect the outcome of any matter pending against the Company, to likely to have a material effect on the Company’s CFS.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 7 - SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to December 31, 2024, to the date these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real Estate Inventories and Cost of Sales	Real estate inventories include actively selling projects as well as projects under development or held for future development. Inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its fair value. The Company capitalizes pre-acquisition costs, land deposits, land, development, and other allocated costs, including interest, property taxes, and indirect construction costs to real estate inventories. Pre-acquisition costs, including non-refundable land deposits, are removed from inventory and expensed to other income, net, if the Company determines continuation of the prospective project is not probable. Land, development, and other common costs are typically allocated to real estate inventories using a methodology that approximates the relative-sales-value method. If the relative-sales-value-method is impracticable, costs are allocated based on area methods, such as square footage or lot size, or other value methods as appropriate under the circumstances. Home construction costs per production phase are recorded using the specific identification method.
Capitalization of Interest	The Company follows the practice of capitalizing interest to real estate inventories during the period of development and to investments in unconsolidated joint ventures, when applicable, in accordance with ASC 835, Interest
Home Sales Revenue	Home sales revenue is recognized when the Company’s performance obligations within the underlying sales contracts are fulfilled. The Company considers its obligations fulfilled when closing conditions are complete, title has transferred to the homebuyer, and collection of the purchase price is reasonably assured. Sales incentives are recorded as a reduction of revenue when the respective home is closed. When it is determined that the earnings process is not complete, the related revenue is deferred for recognition in future periods.
Lot Sales and Other Revenue	Revenues from lot sales and other revenue are recorded and a margin is recognized when performance obligations are satisfied, which includes transferring a promised good or service to a customer. Lot sales and other revenue is recognized when all conditions of escrow are met, including delivery of the real estate asset in the agreed-upon condition, passage of title, receipt of appropriate consideration, and collection of associated receivables, if any, is probable, and other applicable criteria are met. Based upon the terms of the agreement, when it is determined that the performance obligation is not satisfied, the sale and the related margin are deferred for recognition in future periods.
Use of Estimates	The preparation of CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Principles of Consolidation	The accompanying CFS include the accounts of the Company, its wholly owned subsidiary ASC Global and its majority owned subsidiary Elements . All significant intercompany transactions and balances were eliminated in consolidation.
Cash Equivalents	For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less.
Fair Value of Financial Instruments	For certain of the Company’s financial instruments, including cash and equivalents, accounts receivable, accounts payable, trust liability and advances, the carrying amounts approximate their fair values due to their short maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the FV measurement. The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging
Inventory	All inventory is valued at the lower of cost or market. All costs of purchase, costs of development, and any other costs incurred in bringing the inventory to its present condition are capitalized as part of the inventory costs. Interest paid or accrued on construction loans is included in inventory costs. Costs of sales include all capitalized costs pertaining to the inventory sold during the period. Sales, Cost of Sales and Gross Margin are presented separately on the income statement. Home Sales includes the sales of developed real property. Lot Sales and Other includes the sales of vacant parcels, rent income and the sale of any non-real estate inventory.
Basic and Diluted Earnings (loss) Per Share	Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share
Statement of Cash Flows	Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Recent Accounting Pronouncements	In November 2024, the Financial Account Standards Board (FASB), issued Accounting Standards Update (ASU) 2024-04, Debt-Debt with Conversions and Other Option. In November 2024, the Financial Account Standards Board (FASB), issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. In March 2024, the United States Securities and Exchange Commission (SEC) issued Final Rulemaking Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the FASB, issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Business Combinations Between Entities under Common Control	The Company accounts for combinations between entities under common control in accordance with guidance found in Transactions Between Entities Under Common Control Subsections of Subtopic 805-50, Business Combinations—Related Issues. The transactions referenced above were recorded at the carrying values of the net assets transferred.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	6 Months Ended
	Dec. 31, 2024
BUSINESS COMBINATION
Schedule of Business Acquisition	Item Amount Consideration Given Notes Payable $ 5,000,000 Allocation of Consideration Given Cash $ 13,165 Due from Related Parties 174,560 Inventory $ 2,628,800 Total Assets $ 2,816,526 Current Liabilities Due to Related Parties $ 2,496,516 Total Current Liabilities 2,496,516 Net Assets Acquired $ 320,010

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	Jan. 10, 2023	Feb. 26, 2018	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
ORGANIZATION AND BASIS OF PRESENTATION
Common shares returned to treasury		19,266,000
Principal amount of promissory note	$ 225,000
Common stock of ownership percentage		100%
PLC acquired		172,800,000
Shares outstanding, prior to merger			116,466,000
Shares surrendered and cancelled in merger			19,266,000
Net liabilities of legal acquirer (in Dollars)			$ 57,107
Stockholders' deficit (in Dollars)			$ (4,924,785)	$ (4,740,500)	$ (1,498,188)	$ (1,386,948)
Common stock shares outstanding after merger			270,000,000
Gain on extinguishment of debt			$ 730,820

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	6 Months Ended
	Dec. 31, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total interest capitalized	$ 21,815

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024	May 10, 2024
Inventory	$ 5,100,458	$ 3,961,964
Total Assets	5,250,135	3,987,903
Due to Related Parties	3,787,646	3,213,162
Total Current Liabilities	$ 4,275,404	$ 3,692,443
Business Combination [Member]
Notes Payable			$ 5,000,000
Cash			13,165
Due from Related Parties			174,560
Inventory			2,628,800
Total Assets			2,816,526
Due to Related Parties			2,496,516
Total Current Liabilities			2,496,516
Net Assets Acquired			$ 320,010

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - $ / shares	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
STOCKHOLDERS EQUITY
Common stock, shares authorized	5,000,000,000	5,000,000,000
Preferred stock, shares authorized	20,000,000
Common stock, shares issued	2,095,671,162	2,095,671,162
Preferred stock, par value	$ 0.0001
Common stock, voting rights	Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights
Common stock, shares outstanding	2,095,671,162	2,095,671,162
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	May 10, 2024
RELATED PARTY TRANSACTIONS
Promissory note issued			$ 5,000,000
Due to related parties	$ 3,787,646	$ 3,213,162
Interest rate	4%
Accrued interest	$ 100,000
Note due date	May 10, 2027