Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2023 shares | |
Document Information [Line Items] | |
Entity Registrant Name | noco-noco Inc. |
Document Type | 20-F |
Current Fiscal Year End Date | --06-30 |
Entity Common Stock, Shares Outstanding | 135,430,452 |
Amendment Flag | false |
Entity Central Index Key | 0001964021 |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Ex Transition Period | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Transition Report | false |
Document Annual Report | true |
Document Shell Company Report | false |
Securities Act File Number | 001-41789 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 4 Shenton Way |
Entity Address, Address Line Two | #04-06 SGX Centre II |
Entity Address, Postal Zip Code | 068807 |
Entity Address, Country | SG |
Entity Address, City or Town | Singapore |
Document Financial Statement Error Correction [Flag] | false |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Auditor Firm ID | 5395 |
Auditor Location | New York |
Auditor Name | Marcum Asia CPAs LLP |
Business Contract | |
Document Information [Line Items] | |
Entity Address, Address Line One | 4 Shenton Way |
Entity Address, Address Line Two | #04-06 SGX Centre II |
Entity Address, Postal Zip Code | 068807 |
Entity Address, Country | SG |
Entity Address, City or Town | Singapore |
Contact Personnel Name | Masataka Matsumura |
City Area Code | +65 |
Local Phone Number | 69709643 |
Contact Personnel Email Address | contactus@noco-noco.com |
Ordinary Shares | |
Document Information [Line Items] | |
Trading Symbol | NCNC |
Title of 12(b) Security | Ordinary shares, par value US$0.0001 |
Security Exchange Name | NASDAQ |
Warrants | |
Document Information [Line Items] | |
Trading Symbol | NCNCW |
Title of 12(b) Security | Warrants, each whole warrant exercisable for one ordinary share |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 17,789 | $ 81,626 | |
Deposit, upfront payments and other receivables | 104,560 | 102,263 | |
Promissory note - Prime Number Acquisition I Corp. | 333,594 | ||
Total current assets | 455,943 | 183,889 | |
Non-current assets | |||
Property and equipment, net | 14,991 | 10,607 | |
Right of use assets - operating lease, net | 220,261 | 44,925 | |
Total assets | 691,195 | 239,421 | |
Current liabilities | |||
Accruals and other payables | 587,346 | 13,227 | |
Operating lease liability - current | 173,045 | 36,385 | |
Total current liabilities | 760,391 | 49,612 | |
Non-current liabilities | |||
Amount due to immediate holding company | 3,572,358 | 974,632 | |
Operating lease liability - non-current | 36,700 | ||
Total liabilities | 4,369,449 | 1,024,244 | |
Shareholders' equity | |||
Ordinary stock ($0.0001 par value, 323,332 and 311,560 shares issued and outstanding as of June 30, 2023 and 2022, respectively) * | [1] | 12,679 | 12,143 |
Additional paid in capital | 15,903,549 | 1,545,661 | |
Accumulated deficit | (19,143,513) | (2,351,743) | |
Accumulated other comprehensive income | (451,038) | 9,116 | |
Total noco-noco Inc. shareholders' equity | (3,678,323) | (784,823) | |
Non-controlling interest | 69 | ||
Total shareholders' equity | (3,678,254) | (784,823) | |
Total liabilities and shareholder's equity | $ 691,195 | $ 239,421 | |
[1] * Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 28, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | |||
Ordinary Stock, Par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Ordinary stock, shares, issued | 126,799,854 | 121,432,144 | |
Ordinary Stock, Shares, Outstanding | 126,799,854 | 121,432,144 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||
Research and development | $ 137,412 | |
Selling, general and administrative expenses | $ 16,840,854 | 951,239 |
Total operating expenses | 16,840,854 | 1,088,651 |
Loss from operations | (16,840,854) | (1,088,651) |
Other income/(expense): | ||
Other income | 36,439 | 11,792 |
Other expense | (256) | |
Foreign exchange gain | 12,901 | 36 |
Total other income | 49,084 | 11,828 |
Net loss | (16,791,770) | (1,076,823) |
Other comprehensive (loss)/income: | ||
Foreign currency translation adjustment | (460,152) | (14,143) |
Comprehensive loss | $ (17,251,922) | $ (1,090,966) |
Basic loss per ordinary share | $ (0.14) | $ (0.01) |
Diluted loss per ordinary share | $ (0.14) | $ (0.01) |
Basic weighted average number of ordinary shares outstanding | 123,964,463 | 83,748,856 |
Diluted weighted average number of ordinary shares outstanding | 123,964,463 | 83,748,856 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Ordinary shares | Additional Paid in Capital | [1] | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Non-controlling Interest |
Beginning balance, shares at Jun. 30, 2021 | 779,510 | ||||||
Beginning balance at Jun. 30, 2021 | $ (1,241,661) | $ 78 | $ 9,922 | $ 23,259 | $ (1,274,920) | ||
Ordinary shares issued for conversion of debt, shares | 120,652,634 | ||||||
Ordinary shares issued for conversion of debt, value | 1,547,804 | $ 12,065 | 1,535,739 | ||||
Foreign currency translation adjustment | (14,143) | (14,143) | |||||
Net loss | (1,076,823) | (1,076,823) | |||||
Ending balance, shares at Jun. 30, 2022 | 121,432,144 | ||||||
Ending balance at Jun. 30, 2022 | (784,823) | $ 12,143 | 1,545,661 | 9,116 | (2,351,743) | ||
Capital contribution from non-controlling interest | 67 | (2) | $ 69 | ||||
Ordinary shares issued for conversion of debt, shares | 295,824 | ||||||
Ordinary shares issued for conversion of debt, value | 790,287 | $ 29 | 790,258 | ||||
Share issued under stock-based compensation, shares | 5,071,886 | ||||||
Share issued under stock-based compensation, value | 13,568,137 | $ 507 | 13,567,630 | ||||
Foreign currency translation adjustment | (460,152) | (460,152) | |||||
Net loss | (16,791,770) | (16,791,770) | |||||
Ending balance, shares at Jun. 30, 2023 | 126,799,854 | ||||||
Ending balance at Jun. 30, 2023 | $ (3,678,254) | $ 12,679 | $ 15,903,549 | $ (451,038) | $ (19,143,513) | $ 69 | |
[1] Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (16,791,770) | $ (1,076,823) |
Adjustments for reconcile net loss to net cash used in operating activities: | ||
Depreciation for the year | 4,855 | 3,447 |
Stock-based compensation | 13,568,137 | |
Loss on disposal of property and equipment | 256 | |
Changes in operating assets and liabilities: | ||
Inventories | 163,259 | |
Deposit, upfront payments and other receivables | (2,805) | (18,878) |
Accruals and other payables | 574,119 | 121,253 |
Due from promissory note | (333,594) | |
Operating lease liabilities | (1,976) | 2,565 |
Net cash used in operations | (2,982,778) | (805,177) |
Cash flows from investing activities | ||
Purchase of property and equipment | (5,735) | (3,888) |
Cash used in investing activities | (5,735) | (3,888) |
Cash flows from financing activities | ||
Capital contribution from non-controlling interest | 67 | |
Proceeds from immediate holding company | 3,388,520 | 873,066 |
Cash generated from financing activities | 3,388,587 | 873,066 |
Increase/(decrease) in cash and cash equivalents | 400,074 | 64,001 |
Effect of exchange rate changes | (463,911) | (14,065) |
Cash and cash equivalents at beginning of period | 81,626 | 31,690 |
Cash and cash equivalents at end of period | 17,789 | 81,626 |
Supplemental disclosure of non-cash investing and financing information: | ||
Issuance of ordinary shares for conversion of debt | $ 790,287 | $ 1,547,804 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (16,791,770) | $ (1,076,823) |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Jun. 30, 2023 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS The Company incorporated as a Singapore corporation on July 25, 2019 under the name 3DOM (Singapore) Pte. Ltd. The Company is wholly owned by 3DOM Alliance Inc., a Company incorporated in Japan and the ultimate controlling shareholder is Mr. Masataka Matsumara. On November 9, 2022, the Company changed its name from 3DOM (Singapore) Pte. Ltd. to noco-noco Pte. Ltd. noco-noco Inc. (“we”, "our", “us” or collectively known as the “Company”) is a platform-solution provider of decarbonization offerings, aiming to truly solve urgent environmental crises through the comprehensive decarbonization of all forms of transportation. Reverse Capitalization On August 25, 2023 (the “Closing Date”), noco-noco Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company” or “PubCo”), consummated the previously announced Business Combination (defined below). On December 29,2022, PubCo, Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo (“Merger Sub”), Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo (“New SubCo”), noco-noco Pte. Ltd.., a Singapore private company limited by shares (“noco-noco”), and certain shareholders of noco-noco collectively holding a controlling interest (together with other shareholders of noco-noco subsequently joining the transactions, the “Sellers”), entered into a business combination agreement (“Business Combination Agreement”), pursuant to which, PNAC proposed to enter into a business combination with noco-noco involving a merger and a share exchange, among which: (i) Merger Sub would merge with and into PNAC, with PNAC as the surviving entity and a wholly-owned subsidiary of PubCo (the “Merger”), (ii) New SubCo would acquire all of the issued and outstanding shares of noco-noco from the Sellers, and in exchange, PubCo would issue to the Sellers the ordinary shares of PubCo, with noco-noco becoming a subsidiary of New SubCo and an indirect subsidiary of PubCo (the “Share Exchange”, and together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). Upon the consummation of the Business Combination, each of PNAC and noco-noco would become a subsidiary of PubCo, and PNAC stockholders and the Sellers would receive ordinary shares, par value $ 0.0001 per share, of PubCo (“PubCo Ordinary Shares”) as consideration and become the shareholders of PubCo. The Merger was consummated on August 24, 2023, and the Share Exchange and Business Combination were consummated on the Closing Date. Pursuant to the Business Combination Agreement, upon the consummation of the Business Combination: (i) each PNAC unit (“PNAC Units”) issued and outstanding immediately prior to the effective time of the Merger was automatically detached and the holder thereof was deemed to hold one share of PNAC Class A Common Stock (defined below), one half of PNAC Warrant (defined below), and one PNAC Right (defined below); (ii) each share of PNAC Class A common stock, par value $ 0.0001 per share (“PNAC Class A Common Stock”, together with PNAC Class B Common Stock, par value $ 0.0001 per share, the “PNAC Common Stock”) issued and outstanding immediately prior to the effective time of the Merger was canceled in exchange for the right to receive one PubCo Ordinary Share, (iii) each PNAC warrant (“PNAC Warrant”) outstanding immediately prior to the effective time of the Merger ceased to be a warrant with respect to PNAC Common Stock and was assumed by PubCo and converted into a warrant of PubCo (“PubCo Warrant”) to purchase one PubCo Ordinary Share subject to substantially the same terms and conditions prior to the effective time of the Merger; and (iv) each PNAC Right (“PNAC Right”) outstanding immediately prior to the effective time of the Merger was cancelled in exchange for the right to receive one-eighth (1/8) of one PubCo Ordinary Share. In addition, pursuant to the Business Combination Agreement, upon the consummation of the Share Exchange (i) New SubCo acquired all the outstanding shares of noco-noco (“noco-noco Shares”) from the Sellers, (ii) in exchange, each Seller received such number of newly issued PubCo Ordinary Share that was equal to the product of (a) the quotient of (i) $ 1,350,000,000 (the “noco-noco Valuation”), divided by (ii) the price per PubCo Ordinary Share that equals to the redemption price of each share of PNAC Class A Common Stock in connection with the Business Combination (the “PubCo Per Share Price”), multiplied by (b) such Seller’s Pro Rata Portion as set out in the Allocation Schedule of the Business Combination Agreement. The Company was determined to be the accounting acquirer given that the original shareholders of noco-noco Group effectively controlled the combined entity after the Transaction. PNAC is treated as the acquired company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the SPAC Transaction, the Company’s shareholders have a majority of the voting power of the combined company, the Company comprised all of the ongoing operations of the combined entity, the Company comprised a majority of the governing body of the combined company, and the Company’s senior management comprised all of the senior management of the combined company. Accordingly, for accounting purposes, the SPAC Transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by the Company for the net assets of PNAC, accompanied by a recapitalization. The Company is determined as the predecessor, and the historical financial statements of noco-noco Group became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The share and per share data is retrospectively restated to give effect to the reverse recapitalization. Net assets of PNAC were stated at historical costs. No goodwill or other intangible assets were recorded. Operations prior to the SPAC Transaction were those of the noco-noco Group. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Jun. 30, 2023 | |
Liquidity and Going Concern [Abstract] | |
Liquidity and Going Concern | NOTE 2 – LIQUIDITY AND GOING CONCERN As of June 30, 2023 and 2022, the Company had an accumulated deficit of $ 19,143,513 and $ 2,351,743 respectively. The Company incurred net loss of $ 16,791,770 and $ 1,076,823 for the financial years ended June 30, 2023 and 2022, respectively. The cash used in operating activities for the financial year ended June 30, 2023 and 2022, was $ 2,982,778 and $ 805,177 , respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company’s liquidity is based on its ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds on favorable economic terms to fund its general operations and capital expansion needs. The Company’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of June 30, 2023, the Company’s balance of cash and cash equivalents was $ 17,789 . In addition, up to June 30, 2023, the immediate holding Company, 3DOM Alliance Inc, has extended the Promissory Note for the Company with a principal amount up to $ 6,022,258 (S$ 8,000,000 ) and the Company has drawdown of $ 3,572,358 (S$ 4,809,164 ) from 3DOM Alliance Inc. Moreover, 3DOM Alliance Inc will not demand for payment on the amounts owing by the Company for at least the next twelve months from the issuance of the financial statements. Furthermore, on August 14, 2023, PubCo entered into a purchase agreement with Arena Business Solutions Global SPC II, Ltd. (“Arena”) as amended from time to time, (the “Purchase Agreement”), pursuant to which, PubCo have the right to sell to Arena up to $ 150,000,000 of PubCo’s Ordinary Shares, subject to certain limitations and conditions set forth in the Purchase Agreement, from time to time during the 36-month term of the Purchase Agreement. However, it is uncertain how much can be raised from the new share issuances to Arena in the next twelve months, as it is dependent on the PubCo’s Ordinary Shares daily trading volumes and transacted prices. There is no assurance that the plans will be successfully implemented. If the Company fails to achieve these goals, the Company may need additional financing to repay debt obligations and execute its business plan, and the Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that financing sources are not available, or that the Company is unsuccessful in increasing its gross profit margin and reducing operating losses, the Company may be unable to implement its current plans for expansion, repay debt obligations or respond to competitive pressures, any of which would have a material adverse effect on the Company’s business, financial condition and results of operations and may materially adversely affect its ability to continue as a going concern. The financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern. The 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. We have made all the adjustments that we believe are necessary for a fair presentation of our financial statements. Use of estimates The preparation of the financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Fiscal Year End The Company operates on a fiscal year basis with the fiscal year ending on June 30. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposit with banks, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. Deposit, upfront payments and other receivables Security deposits paid for office lease are accounted for as deposits. Amounts paid in advance for future expenses are accounted for as prepaid expenses. Goods and Service Tax (“GST”) refunds are accounted for as other receivables. We expect that the result of adopting current expected credit loss model (“CECL”) is immaterial to other receivables. Promissory Note – Prime Number Acquisition I Corp. During the year, the Company agreed to loan Prime Number Acquisition I Corp. an aggregate of $ 333,594 to be used for a portion of the expenses of the Business Combination. These loans are non-interest bearing, unsecured and are due at the closing of the Business Combination. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets. The estimated useful lives are as follows: Useful lives Office equipment 5 years Other current liabilities Other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Deferred Tax Asset Allowance Deferred tax assets are recognized for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognized to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilized, management’s judgement is required to assess the probability of future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognized if it becomes probable that future taxable profits will allow the deferred tax asset to be recovered. Share-based compensation transaction The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based compensation transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about them. The fair value of the ordinary shares was determined by obtaining quoted prices over-the-counter market based on the latest transacted price of the Company shares that were sold. Leases We have entered into operating lease agreements primarily for office. We determine if an arrangement is a lease at inception. For all classes of underlying assets, we elect not to recognize right of use assets or lease liabilities when a lease has a lease term of 12 months or less at the commencement date and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating lease assets and liabilities are included on our balance sheet as of June 30, 2023 and 2022. Operating lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease assets also include any prepaid lease payments and lease incentives. Our lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not disaggregate its revenue streams as the economic factors underlying the contracts are similar and provide no significant distinction. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (I) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Comprehensive Gain or Loss ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As of June 30, 2023 and 2022, the Company established that there are items that represented components of comprehensive income and, therefore, has included a statement of operations and comprehensive loss in the financial statements. Income Taxes The Company utilizes ASC Topic 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations and comprehensive loss. There were no unrecognized tax benefits as of June 30, 2023 and 2022. Measurement of Fair Value The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. At June 30, 2023 and 2022, the Company has no financial assets or liabilities subject to recurring fair value measurements. The Company’s financial instruments include cash, upfront payments, other receivables, other payables and related payables. Management estimates that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value of amounts with immediate holding company is not practicable to estimate due to the related party nature of the underlying transactions. Net Loss 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 financial statements, basic earnings per share is computed by dividing net loss by the weighted average number of shares of ordinary shares outstanding during the period. For the periods ended June 30, 2023, and 2022, the ordinary shares were included in the computation of diluted net loss per share. Accumulated Other Comprehensive Income/(Loss) Unrealized gains and losses related to foreign currency translation are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive income (loss)" on the Condensed Consolidated Statements of Comprehensive Income. Foreign Currency Translation The functional currency of the Company is the currency of the primary economic environment in which the Company operates. Assets and liabilities denominated in currencies other than the functional currency are remeasured using the current exchange rate for monetary accounts and historical exchange rates for nonmonetary accounts, with exchange differences on remeasurement included in comprehensive income in our Statements of Comprehensive Income. The Company that utilizes foreign currency as their functional currency translate such currency into U.S. dollars using (i) the exchange rate on the balance sheet dates for assets and liabilities, (ii) the average exchange rates prevailing during the period for revenues and expenses, and (iii) historical exchange rates for equity. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive loss within shareholders’ deficit in Balance Sheets. Comparative Information Certain items in prior years consolidated financial statements have been reclassified to conform to the current period’s presentation to facilitate comparison.. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. We adopted the new standard effective January 1, 2023 and the adoption of this guidance did not have a material impact on our financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We adopted the new standard effective January 1, 2021 and the adoption of this guidance did not have a material impact on our financial statements. We do not expect any other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Deposit, Upfront Payments and O
Deposit, Upfront Payments and Other Receivables | 12 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposit, Upfront Payments and Other Receivables | NOTE 4 – DEPOSIT, UPFRONT PAYMENTS AND OTHER RECEIVABLES Deposit, upfront payments and other receivables consists of the following: June 30, 2023 June 30, 2022 Deposits $ 45,369 $ 44,971 Upfront payments 47,161 51,840 Other receivables 12,030 5,452 Total $ 104,560 $ 102,263 Deposit consists of the security deposit paid for lease of office, increased mainly due to foreign exchange. Upfront payments as of June 30, 2023 and 2022 relates to the operating expenses paid in advance. Other receivables relate to GST receivables. |
Promissory Note - Prime Number
Promissory Note - Prime Number Acquisition I Corp | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Promissory Note | NOTE 5 – PROMISSORY NOTE – PRIME NUMBER ACQUISITION I CORP. On May 17, 2023, Prime Number Acquisition I Corp. (“PNAC”) issued an unsecured promissory note of $ 208,594 (the “noco-noco Note 1”) to evidence the payments made by the Company for the First Monthly Extension payment and 50 % of the registration fee for filing of a registration statement/proxy statement in Form F-4 with the U.S. securities and exchange commission. The noco-noco Note 1 bears no interest and is payable in full upon the earlier to occur of (i) the consummation of an initial business combination or (ii) the date of expiry of the term of PNAC, in cash or shares of PNAC at $ 10.00 per share, at the discretion of the note holder. On June 14, 2023, PNAC issued an unsecured promissory note of $ 125,000 (the “noco-noco Note 2”) to evidence the payments made by the Company for the Second Monthly Extension payment. The noco-noco Note 2 bears no interest and is payable in full upon the earlier to occur of (i) the consummation of an initial business combination or (ii) the date of expiry of the term of the PNAC, in cash or shares of PNAC at $ 10.00 per share, at the discretion of the note holder. As of June 30, 2023, a total amount of $ 333,594 was outstanding under the noco-noco Note 1 and Note 2. Following the completion of the Business Combination, the promissory note has become an intra-group item to be eliminated, and the Company has no intention of demanding repayment as of the date of issuance of the audited consolidated financial statement s |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | NOTE 6 – PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: Office Total Cost At July 1, 2021 $ 15,453 15,453 Additions 3,888 3,888 Effects of movements in exchange rates ( 210 ) ( 210 ) At June 30, 2022 19,131 19,131 Additions 8,888 8,888 Disposal ( 703 ) ( 703 ) Effects of movements in exchange rates 948 948 At June 30, 2023 28,264 28,264 Accumulated depreciation At July 1, 2021 $ 5,209 5,209 Depreciation for the year 3,447 3,447 Effects of movements in exchange rates ( 132 ) ( 132 ) At June 30, 2022 8,524 8,524 Depreciation for the year 4,855 4,855 Disposal ( 442 ) ( 442 ) Effects of movements in exchange rates 336 336 At June 30, 2023 13,273 13,273 Carrying amounts At July 1, 2021 $ 10,244 $ 10,244 At June 30, 2022 $ 10,607 $ 10,607 At June 30, 2023 $ 14,991 $ 14,991 Depreciation expense for the year ended June 30, 2023 and 2022 was $ 4,855 and $ 3,447 , respectively. During the year ended June 30, 2023, the Company purchased assets of $ 8,888 (S$ 12,399 ) and disposed of assets of $ 703 (S$ 952 ). During the year ended June 30, 2022, the Company purchased assets of $ 3,888 (S$ 5,345 ). |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | NOTE 7 – LEASES As of June 30, 2023 and 2022, the Company has operating lease agreement for its office premises. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. Operating lease The Company has entered into commercial operating leases for the use of office premises in Singapore. The lease has varying terms, escalation clauses and run for a period of three years with an option to renew the lease after that term. When measuring lease liabilities for leases that were classified as operating leases as of June 30, 2023 and 2022, the Company discounted lease payments using its estimated borrowing rate of 5.25 %. Information pertaining to lease amounts recognized in financial statements is summarized as follows: June 30, 2023 June 30, 2022 Assets: ROU asset $ 220,261 $ 44,925 Liabilities: Current: Operating lease liabilities $ 173,045 $ 36,385 Non-current Operating lease liabilities 36,700 — Total lease liabilities $ 209,745 $ 36,385 Minimum lease payments for the Company’s operating lease liabilities were as follows for the twelve-month period ended June 30: Operating leases 2023 $ 173,045 2024 36,700 2025 — Total operating lease payment $ 209,745 |
Immediate Holding Company Balan
Immediate Holding Company Balances | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Immediate Holding Company Balances | NOTE 8 – IMMEDIATE HOLDING COMPANY BALANCES The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Related parties are any entities or individuals that, through employment, ownership or other means, possess the ability to direct or cause the direction of the management and policies of the Company. Directors’ remuneration The Directors’ remuneration for the financial years ended June 30, 2023 and 2022 as follow: June 30, 2023 June 30, 2022 Andrew Khine $ — $ 68,242 Shusuke Oguro — 76,222 Hiroshi Ilzuka — 41,857 Teo Lai Wah, Timothy 33,002 27,580 Goh Chao Kuang 49,693 — Hilda Sin Mei Fong 58,125 — Total $ 140,820 $ 213,901 Amounts due to immediate holding company As of June 30, 2023 and 2022, the Company reported amounts due to immediate holding company, 3DOM Alliance Inc. of amount $ 3,572,358 and $ 974,632 , respectively. These amounts have been reclassified and retrospectively applied to non-current liabilities as the liabilities is expected to be settled over a longer-term horizon from the nature of the promissory note. The transactions amount due to an immediate holding company are as of the following: June 30, 2023 June 30, 2022 Beginning of the year July 1 $ 974,632 $ 1,531,488 Advances for operation and administration expenses 2,079,901 873,066 Expenses paid on behalf of Company 1,308,112 117,882 Ordinary shares issued for conversion of debt ( 790,287 ) ( 1,547,804 ) Year ended June 30 $ 3,572,358 $ 974,632 On July 15, 2022, the Company agreed with 3DOM Alliance Inc. to convert the debt amounting to $ 790,287 (S$ 1,100,000 ) into ordinary shares of the Company at $ 1,041 per share. The Company issued 759 shares of ordinary shares on July 18, 2022. On January 23, 2023. 3DOM Alliance Inc. issued an amendment of the Original Promissory Note (“First Amendment to Original Promissory Note”) extending the principal amount up to S$ 3,000,000 to the Company. There is no other change in terms and conditions to the Original Promissory Note. On February 2, 2023, the Company requested an additional drawdown of S$ 2,980,000 of which 3DOM Alliance Inc. split the amount into two tranches. The Company received S$ 1,370,000 on February 3, 2023 and S$ 1,610,000 on February 6, 2023. On February 6, 2023. 3DOM Alliance Inc. further issued an amendment of the Original Promissory Note ("Second Amendment to Original Promissory Note") extending the principal amount up to S$ 8,000,000 to the Company. There is no other change in terms and conditions to the Original Promissory Note. The promissory is interest free and 3DOM Alliance Inc will not demand any payment for at least the next twelve months from the issuance of the financial statements (refer to Note 2). |
Shareholders Equity
Shareholders Equity | 12 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders Equity | NOTE 9 – SHAREHOLDERS’ EQUITY The Company was incorporated on December 28, 2022 with having authorized 500,000,000 ordinary shares with par value of $ 0.0001 each. Pursuant to the Business Combination Agreement, upon the consummation of the Share Exchange, New SubCo acquired all the outstanding shares of noco-noco from the Sellers, in exchange, the Seller received such number of newly issued PubCo Ordinary Share that amounted to 126,799,854 . On July 18, 2022, the Company issued 295,824 shares of ordinary shares to 3DOM Alliance Inc. in connection with the conversion of debt (refer to Note 7). On January 19, 2023, the Company granted 5,071,886 shares to Gregory Hannan and Arun Ramachandran (“Gregory and Arun”) during the incorporation of noco-noco Australia Pty Ltd (“noco-noco Australia) and recognized the stock-based compensation expenses as a settlement of their management expertise in the generation of carbon credits. The Company entered into a Share Swap Agreement (“Share Swap”) on July 19, 2022 with Hop2it Holdings Pte. Ltd. (“Hop2it”) and its two shareholders, Gregory and Arun for the purpose of establishing a carbon abatement management business under Hop2it. In this Share Swap, Gregory and Arun transferred 42 % and 10 % of their respective Hop2it shares in exchange for 3.2 % and 0.8 % shares in the Company. This resulted the Company to own 52 % interest in Hop2it while the Gregory and Arun own 38 % and 10 % respectively. Subsequent to the Share Swap, on December 27, 2022, the Company together with Hop2it, Gregory and Arun entered into a Restructuring Deed as all parties have decided to carry out the carbon abatement management business through a newly incorporated entity, noco-noco Australia, instead of Hop2it. This was done by the Restructuring Deed specifying that all future potential economic benefits of the carbon abatement management business of Hop2it (represented by the gross proceeds of potential future sales of carbon credits by Hop2it from anticipated issuance of such credits by regulators in Australia and Papua New Guinea; and the expertise and network of potential clients) are to be assigned to noco-noco Australia. The fair value of the ordinary shares was determined by obtaining quoted prices over-the-counter market based on the latest transacted price of the Company shares that were sold. The consolidated financial statements for the years ended and as of June 30, 2023 and 2022 were prepared on a retroactive basis to reflect the Group’s consummation of the business combination. The number of shares and net loss per share information is presented as if the consummation took place at the beginning of the period presented. As of June 30, 2023 and 2022, the Company had 126,799,854 shares and 121,432,144 shares of ordinary shares issued, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | NOTE 10 – INCOME TAX noco-noco Pte. Ltd. is incorporated in Singapore, and under the current tax laws of Singapore, its standard corporate income tax rate is 17 %. Due to the Company’s net loss position, there was no provision for income taxes recorded. Management considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more-likely-than-not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, and the duration of statutory carry forward periods. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Due to a history of losses, the Company assessed it was not more likely than not that the deferred tax assets would be realized in the foreseeable future. June 30, June 30, Loss before tax $ 16,791,770 $ 1,076,823 Tax rate 17 % 17 % Computed tax benefit (expense) at statutory tax rate 2,854,601 183,060 Tax effect of non-deductible or taxable items: Share-based compensation expenses ( 2,236,523 ) - Additional deduction for R&D expenses — 11,680 Change in valuation allowance ( 618,078 ) ( 194,740 ) Effect of preferential tax rates — — Income tax expense (benefit) — — The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2023 and 2022, the Company did no t have any significant unrecognized uncertain tax positions. The Company did no t accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations for the years ended June 30, 2023 and 2022. The Company does not believe that its uncertain tax benefits position will materially change over the next twelve months. As of June 30, 2023, Singapore tax returns for the years 2020 to 2023 are subject to examination by the tax authorities. Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of June 30, 2023 and 2022 are as follows: June 30, 2023 June 30, 2022 Deferred tax assets Net operating loss carry-forward $ 1,015,370 $ 391,242 Capital allowance 4,805 3,253 Lease liabilities 35,657 6,185 Other provisions 22,470 22,471 Less: valuation allowance ( 1,040,858 ) ( 415,300 ) Subtotal 37,444 7,851 Deferred tax liabilities Deferred tax liabilities arising from assets ( 37,444 ) ( 7,851 ) Total deferred tax assets, net — — The Company had net operating loss carried forward for tax purposes of approximately $ 5,972,000 as of June 30, 2023 and approximately $ 2,351,000 as of June 30, 2022, which may be carried forward indefinitely to offset future taxable income. June 30, 2023 June 30, 2022 The changes related to valuation allowance are as follows: Balance at the beginning of the year $ 415,300 $ 220,560 Current year addition 625,558 194,740 Balance at the end of the year 1,040,858 415,300 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2023 and through November 14, 2023, the date the financial statements were available to be issued. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – SUBSEQUENT EVENTS In accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to June 30, 2023 to the date these consolidated financial statements were issued, and has determined that there is a material subsequent event to disclose in these consolidated financial statements, because we believe that this event will have a significant effect on the future operations of the Company. On July 14, 2023, PNAC issued an unsecured promissory note of $ 125,000 (the “noco-noco Note 3”) to evidence the payments made by the Company for the Third Monthly Extension payment. The noco-noco Note 3 bears no interest and is payable in full upon the earlier to occur of (i) the consummation of an initial business combination or (ii) the date of expiry of the term of the PNAC, in cash or shares of PNAC at $ 10.00 per share, at the discretion of the note holder. On August 13, 2023, the Company entered into a Forward Purchase Agreement (the “Forward Purchase Agreement”) and Subscription Agreement (the “FPA Subscription Agreement”) with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, the “Meteora Parties”) for an OTC Equity Prepaid Forward Transaction. Pursuant to the terms of the Forward Purchase Agreement and FPA Subscription Agreement, Seller agreed to subscribe for and purchase, and the Company agreed to issue and sell to Seller, on the Closing, up to 2,000,000 Class A Common Stock of the Company, less the number of Class A Common Stock of the Company purchased by Seller separately from third parties through a broker in the open market at prices no higher than the redemption price. Seller has agreed to waive any redemption rights under the Company’s current Charter with respect to any Class A ordinary shares of the Company purchased through the FPA Subscription Agreement and any Recycled Shares (as defined Form F1 File No. 001-41789) in connection with the Business Combination, extensions or otherwise that would require redemption by the Company of such shares. On August 14, 2023, PubCo entered into a purchase agreement (the “ELOC Purchase Agreement”) with ARENA BUSINESS SOLUTIONS GLOBAL SPC II, LTD on behalf of and for the account of SEGREGATED PORTFOLIO #9 – SPC #9 (“Arena”), which provides that, upon the terms and subject to the conditions and limitations set forth therein, PubCo has the right to direct Arena to purchase up to an aggregate of $ 150,000,000 of PubCo Ordinary Shares over the 36-month term of the ELOC Purchase Agreement. Under the ELOC Purchase Agreement, after the satisfaction of certain commencement conditions, including, without limitation, the effectiveness of the Resale Registration Statement (as defined below), PubCo has the right to present Arena with an advance notice (each, an “Advance Notice”) directing Arena to purchase any amount of PubCo Shares (each, an “Advance”) up to the Maximum Advance Amount (as defined herein). After the SEC declares a Resale effective relating to the transaction, PubCo will have the right and the sole discretion to sell to Arena up to $ 150 million worth of shares over a 36-month period subject to certain limitations. PubCo will control the timing and amount of any future investment and Arena will be obligated to make purchases in accordance with the ELOC Purchase Agreement On August 17, 2023, PNAC issued an unsecured promissory note of $ 125,000 (the “noco-noco Note 4”) to evidence the payments made by the Company for the Forth Monthly Extension payment. The noco-noco Note 4 bears no interest and is payable in full upon the earlier to occur of (i) the consummation of an initial business combination or (ii) the date of expiry of the term of the PNAC, in cash or shares of PNAC at $ 10.00 per share, at the discretion of the note holder. On August 25, 2023 (the “Closing Date”), noco-noco Inc. (formerly known as Prime Number Holding Limited), an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company” or “PubCo”), consummated the previously announced Business Combination (defined below). The Business Combination was announced on December 29, 2022, where PubCo, Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo (“Merger Sub”), Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo (“New SubCo”), noco-noco Pte. Ltd.., a Singapore private company limited by shares (“noco-noco”), and certain shareholders of noco-noco collectively holding a controlling interest (together with other shareholders of noco-noco subsequently joining the transactions, the “Sellers”), entered into a business combination agreement (“Business Combination Agreement”), pursuant to which, PNAC proposed to enter into a business combination with noco-noco involving a merger and a share exchange, among which: (i) Merger Sub would merge with and into PNAC, with PNAC as the surviving entity and a wholly-owned subsidiary of PubCo (the “Merger”), (ii) New SubCo would acquire all of the issued and outstanding shares of noco-noco from the Sellers, and in exchange, PubCo would issue to the Sellers the ordinary shares of PubCo, with noco-noco becoming a subsidiary of New SubCo and an indirect subsidiary of PubCo (the “Share Exchange”, and together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). Upon the consummation of the Business Combination, each of PNAC and noco-noco would become a subsidiary of PubCo, and PNAC stockholders and the Sellers would receive ordinary shares, par value $ 0.0001 per share, of PubCo (“PubCo Ordinary Shares”) as consideration and become the shareholders of PubCo. The Merger was consummated on August 24, 2023, and the Share Exchange and Business Combination were consummated on the Closing Date. Pursuant to the Business Combination Agreement, upon the consummation of the Business Combination: (i) each PNAC unit (“PNAC Units”) issued and outstanding immediately prior to the effective time of the Merger was automatically detached and the holder thereof was deemed to hold one share of PNAC Class A Common Stock (defined below), one half of PNAC Warrant (defined below), and one PNAC Right (defined below); (ii) each share of PNAC Class A common stock, par value $ 0.0001 per share (“PNAC Class A Common Stock”, together with PNAC Class B Common Stock, par value $ 0.0001 per share, the “PNAC Common Stock”) issued and outstanding immediately prior to the effective time of the Merger was canceled in exchange for the right to receive one PubCo Ordinary Share, (iii) each PNAC warrant (“PNAC Warrant”) outstanding immediately prior to the effective time of the Merger ceased to be a warrant with respect to PNAC Common Stock and was assumed by PubCo and converted into a warrant of PubCo (“PubCo Warrant”) to purchase one PubCo Ordinary Share subject to substantially the same terms and conditions prior to the effective time of the Merger; and (iv) each PNAC Right (“PNAC Right”) outstanding immediately prior to the effective time of the Merger was cancelled in exchange for the right to receive one-eighth (1/8) of one PubCo Ordinary Share. In addition, pursuant to the Business Combination Agreement, upon the consummation of the Share Exchange (i) New SubCo acquired all the outstanding shares of noco-noco (“noco-noco Shares”) from the Sellers, (ii) in exchange, each Seller received such number of newly issued PubCo Ordinary Share that was equal to the product of (a) the quotient of (i) $ 1,350,000,000 (the “noco-noco Valuation”), divided by (ii) the price per PubCo Ordinary Share that equals to the redemption price of each share of PNAC Class A Common Stock in connection with the Business Combination (the “PubCo Per Share Price”), multiplied by (b) such Seller’s Pro Rata Portion as set out in the Allocation Schedule of the Business Combination Agreement. On August 28, 2023, the PubCo Ordinary Shares and PubCo Warrants commenced trading on the Nasdaq Capital Market (“Nasdaq”) under the symbols “NCNC” and “NCNCW”, respectively. On October 23, 2023, noco-noco Inc., through its Singapore subsidiary, noco-noco Pte. Ltd. has entered into a Sales and Purchase Agreement to acquire noco-tech Inc. (“noco-tech”), a technology innovator from 3DOM Alliance Inc. (“3DOM”). The agreement includes an indefinite license to produce and market the X-SEPA separator technology developed by 3DOM. Under the terms of the transaction, noco-noco will issue up to twenty-five million new shares at US$ 2 per share to fund the acquisition. The transaction is expected to close in Q4 of 2023. Completion of the Sale and Purchase Agreement is subject to customary conditions precedent, which includes satisfactory completion of due diligence, and noco-noco having obtained the approval of its shareholders for the transaction and necessary regulatory consents and approval (as applicable) for the transaction. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. We have made all the adjustments that we believe are necessary for a fair presentation of our financial statements. |
Use of Estimates | Use of estimates The preparation of the financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. |
Fiscal Year End | Fiscal Year End The Company operates on a fiscal year basis with the fiscal year ending on June 30. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposit with banks, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. |
Deposit, Upfront Payments and Other Receivables | Deposit, upfront payments and other receivables Security deposits paid for office lease are accounted for as deposits. Amounts paid in advance for future expenses are accounted for as prepaid expenses. Goods and Service Tax (“GST”) refunds are accounted for as other receivables. We expect that the result of adopting current expected credit loss model (“CECL”) is immaterial to other receivables. |
Promissory Note - Prime Number Acquisition I Corp. | Promissory Note – Prime Number Acquisition I Corp. During the year, the Company agreed to loan Prime Number Acquisition I Corp. an aggregate of $ 333,594 to be used for a portion of the expenses of the Business Combination. These loans are non-interest bearing, unsecured and are due at the closing of the Business Combination. |
Property and Equipment | Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets. The estimated useful lives are as follows: Useful lives Office equipment 5 years |
Other Current Liabilities | Other current liabilities Other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Deferred Tax Asset Allowance | Deferred Tax Asset Allowance Deferred tax assets are recognized for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognized to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilized, management’s judgement is required to assess the probability of future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognized if it becomes probable that future taxable profits will allow the deferred tax asset to be recovered. |
Share-Based Compensation Transaction | Share-based compensation transaction The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based compensation transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about them. The fair value of the ordinary shares was determined by obtaining quoted prices over-the-counter market based on the latest transacted price of the Company shares that were sold. |
Leases | Leases We have entered into operating lease agreements primarily for office. We determine if an arrangement is a lease at inception. For all classes of underlying assets, we elect not to recognize right of use assets or lease liabilities when a lease has a lease term of 12 months or less at the commencement date and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating lease assets and liabilities are included on our balance sheet as of June 30, 2023 and 2022. Operating lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease assets also include any prepaid lease payments and lease incentives. Our lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not disaggregate its revenue streams as the economic factors underlying the contracts are similar and provide no significant distinction. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (I) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. |
Comprehensive Gain or Loss | Comprehensive Gain or Loss ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As of June 30, 2023 and 2022, the Company established that there are items that represented components of comprehensive income and, therefore, has included a statement of operations and comprehensive loss in the financial statements. |
Income Taxes | Income Taxes The Company utilizes ASC Topic 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations and comprehensive loss. There were no unrecognized tax benefits as of June 30, 2023 and 2022. |
Measurement of Fair Value | Measurement of Fair Value The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. At June 30, 2023 and 2022, the Company has no financial assets or liabilities subject to recurring fair value measurements. The Company’s financial instruments include cash, upfront payments, other receivables, other payables and related payables. Management estimates that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value of amounts with immediate holding company is not practicable to estimate due to the related party nature of the underlying transactions. |
Net Loss Per Share | Net Loss 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 financial statements, basic earnings per share is computed by dividing net loss by the weighted average number of shares of ordinary shares outstanding during the period. For the periods ended June 30, 2023, and 2022, the ordinary shares were included in the computation of diluted net loss per share. |
Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) Unrealized gains and losses related to foreign currency translation are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive income (loss)" on the Condensed Consolidated Statements of Comprehensive Income. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is the currency of the primary economic environment in which the Company operates. Assets and liabilities denominated in currencies other than the functional currency are remeasured using the current exchange rate for monetary accounts and historical exchange rates for nonmonetary accounts, with exchange differences on remeasurement included in comprehensive income in our Statements of Comprehensive Income. The Company that utilizes foreign currency as their functional currency translate such currency into U.S. dollars using (i) the exchange rate on the balance sheet dates for assets and liabilities, (ii) the average exchange rates prevailing during the period for revenues and expenses, and (iii) historical exchange rates for equity. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive loss within shareholders’ deficit in Balance Sheets. |
Comparative Information | Comparative Information Certain items in prior years consolidated financial statements have been reclassified to conform to the current period’s presentation to facilitate comparison.. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. We adopted the new standard effective January 1, 2023 and the adoption of this guidance did not have a material impact on our financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We adopted the new standard effective January 1, 2021 and the adoption of this guidance did not have a material impact on our financial statements. We do not expect any other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives | The estimated useful lives are as follows: Useful lives Office equipment 5 years |
Deposit, Upfront Payments and_2
Deposit, Upfront Payments and Other Receivables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Summary of Deposit, Upfront Payments and other Receivables | Deposit, upfront payments and other receivables consists of the following: June 30, 2023 June 30, 2022 Deposits $ 45,369 $ 44,971 Upfront payments 47,161 51,840 Other receivables 12,030 5,452 Total $ 104,560 $ 102,263 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: Office Total Cost At July 1, 2021 $ 15,453 15,453 Additions 3,888 3,888 Effects of movements in exchange rates ( 210 ) ( 210 ) At June 30, 2022 19,131 19,131 Additions 8,888 8,888 Disposal ( 703 ) ( 703 ) Effects of movements in exchange rates 948 948 At June 30, 2023 28,264 28,264 Accumulated depreciation At July 1, 2021 $ 5,209 5,209 Depreciation for the year 3,447 3,447 Effects of movements in exchange rates ( 132 ) ( 132 ) At June 30, 2022 8,524 8,524 Depreciation for the year 4,855 4,855 Disposal ( 442 ) ( 442 ) Effects of movements in exchange rates 336 336 At June 30, 2023 13,273 13,273 Carrying amounts At July 1, 2021 $ 10,244 $ 10,244 At June 30, 2022 $ 10,607 $ 10,607 At June 30, 2023 $ 14,991 $ 14,991 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Information Pertaining to Lease Amounts in Financial Statements | Information pertaining to lease amounts recognized in financial statements is summarized as follows: June 30, 2023 June 30, 2022 Assets: ROU asset $ 220,261 $ 44,925 Liabilities: Current: Operating lease liabilities $ 173,045 $ 36,385 Non-current Operating lease liabilities 36,700 — Total lease liabilities $ 209,745 $ 36,385 |
Summary of Minimum Lease Payments for Operating Lease Liabilities | Minimum lease payments for the Company’s operating lease liabilities were as follows for the twelve-month period ended June 30: Operating leases 2023 $ 173,045 2024 36,700 2025 — Total operating lease payment $ 209,745 |
Immediate Holding Company Bal_2
Immediate Holding Company Balances (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Directors' Remuneration | The Directors’ remuneration for the financial years ended June 30, 2023 and 2022 as follow: June 30, 2023 June 30, 2022 Andrew Khine $ — $ 68,242 Shusuke Oguro — 76,222 Hiroshi Ilzuka — 41,857 Teo Lai Wah, Timothy 33,002 27,580 Goh Chao Kuang 49,693 — Hilda Sin Mei Fong 58,125 — Total $ 140,820 $ 213,901 |
Schedule of Amounts Due to Immediate Holding Company | The transactions amount due to an immediate holding company are as of the following: June 30, 2023 June 30, 2022 Beginning of the year July 1 $ 974,632 $ 1,531,488 Advances for operation and administration expenses 2,079,901 873,066 Expenses paid on behalf of Company 1,308,112 117,882 Ordinary shares issued for conversion of debt ( 790,287 ) ( 1,547,804 ) Year ended June 30 $ 3,572,358 $ 974,632 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | June 30, June 30, Loss before tax $ 16,791,770 $ 1,076,823 Tax rate 17 % 17 % Computed tax benefit (expense) at statutory tax rate 2,854,601 183,060 Tax effect of non-deductible or taxable items: Share-based compensation expenses ( 2,236,523 ) - Additional deduction for R&D expenses — 11,680 Change in valuation allowance ( 618,078 ) ( 194,740 ) Effect of preferential tax rates — — Income tax expense (benefit) — — |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the deferred tax balances as of June 30, 2023 and 2022 are as follows: June 30, 2023 June 30, 2022 Deferred tax assets Net operating loss carry-forward $ 1,015,370 $ 391,242 Capital allowance 4,805 3,253 Lease liabilities 35,657 6,185 Other provisions 22,470 22,471 Less: valuation allowance ( 1,040,858 ) ( 415,300 ) Subtotal 37,444 7,851 Deferred tax liabilities Deferred tax liabilities arising from assets ( 37,444 ) ( 7,851 ) Total deferred tax assets, net — — |
Summary of Valuation Allowance | June 30, 2023 June 30, 2022 The changes related to valuation allowance are as follows: Balance at the beginning of the year $ 415,300 $ 220,560 Current year addition 625,558 194,740 Balance at the end of the year 1,040,858 415,300 |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Details) - USD ($) | Aug. 25, 2023 | Jun. 30, 2023 | Dec. 28, 2022 | Jun. 30, 2022 | |
Organization and Nature of Operations [Line Items] | |||||
Ordinary Stock, Par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock value | [1] | $ 12,679 | $ 12,143 | ||
Prime Number Acquisition I Corp. | Subsequent Event | |||||
Organization and Nature of Operations [Line Items] | |||||
Ordinary Stock, Par value | $ 0.0001 | ||||
Common stock value | $ 1,350,000,000 | ||||
Prime Number Acquisition I Corp. | Class A Common Stock | Subsequent Event | |||||
Organization and Nature of Operations [Line Items] | |||||
Ordinary Stock, Par value | $ 0.0001 | ||||
Prime Number Acquisition I Corp. | Class B Common Stock | Subsequent Event | |||||
Organization and Nature of Operations [Line Items] | |||||
Ordinary Stock, Par value | $ 0.0001 | ||||
[1] * Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization. |
Liquidity and Going Concern - A
Liquidity and Going Concern - Additional Information (Details) | 12 Months Ended | |||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Aug. 14, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2021 USD ($) | ||
Liquidity and Going Concern [Line Items] | ||||||
Accumulated deficit | $ (19,143,513) | $ (2,351,743) | ||||
Net loss | (16,791,770) | (1,076,823) | ||||
Net cash used in operations | (2,982,778) | (805,177) | ||||
Cash and cash equivalents | 17,789 | 81,626 | ||||
Common stock value | [1] | 12,679 | 12,143 | |||
Maximum | ELOC Purchase Agreement | Subsequent Event | ||||||
Liquidity and Going Concern [Line Items] | ||||||
Common stock value | $ 150,000,000 | |||||
3DOM Alliance Inc. | ||||||
Liquidity and Going Concern [Line Items] | ||||||
Amounts due to immediate holding company | 3,572,358 | $ 974,632 | $ 4,809,164 | $ 1,531,488 | ||
3DOM Alliance Inc. | Maximum | ||||||
Liquidity and Going Concern [Line Items] | ||||||
Principal amount of note issued | $ 6,022,258 | $ 8,000,000 | ||||
[1] * Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Promissory note | $ 333,594 | |
Unrecognized tax benefits | 0 | $ 0 |
Financial assets subject to recurring fair value measurements | 0 | 0 |
Financial liabilities subject to recurring fair value measurements | 0 | $ 0 |
Prime Number Acquisition I Corp. | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Promissory note | $ 333,594 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | Jun. 30, 2023 |
Office Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Deposit, Upfront Payments and_3
Deposit, Upfront Payments and Other Receivables - Summary of Deposit Upfront Payments and other Receivables (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Deposits [Abstract] | ||
Deposits | $ 45,369 | $ 44,971 |
Upfront payments | 47,161 | 51,840 |
Other receivables | 12,030 | 5,452 |
Total | $ 104,560 | $ 102,263 |
Promissory Note - Prime Numbe_2
Promissory Note - Prime Number Acquisition I Corp - Additional Information (Details) - USD ($) | Jun. 14, 2023 | May 17, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||||
Ordinary Stock, Shares, Outstanding | 126,799,854 | 121,432,144 | ||
Promissory note | $ 333,594 | |||
Prime Number Acquisition I Corp. | ||||
Debt Instrument [Line Items] | ||||
Promissory note | $ 333,594 | |||
Prime Number Acquisition I Corp. | First Monthly Extension Payment | ||||
Debt Instrument [Line Items] | ||||
Debt instrument issued, amount | $ 208,594 | |||
Percentage of registration fee for filing registration statement/proxy statement | 50% | |||
Debt instrument, convertible, conversion price | $ 10 | |||
Prime Number Acquisition I Corp. | Second Monthly Extension Payment | ||||
Debt Instrument [Line Items] | ||||
Debt instrument issued, amount | $ 125,000 | |||
Debt instrument, convertible, conversion price | $ 10 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) | 12 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | Jun. 30, 2021 USD ($) | |
Movement in Property, Plant and Equipment [Roll Forward] | |||||
Cost, Beginning balance | $ 19,131 | $ 15,453 | |||
Additions | 8,888 | $ 12,399 | 3,888 | $ 5,345 | |
Disposal | (703) | $ (952) | |||
Effects of movements in exchange rates | 948 | (210) | |||
Cost, Ending balance | 28,264 | 19,131 | |||
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||||
Accumulated depreciation, Beginning balance | 8,524 | 5,209 | |||
Depreciation for the year | 4,855 | 3,447 | |||
Disposal | (442) | ||||
Effects of movements in exchange rates | 336 | (132) | |||
Accumulated depreciation, Ending balance | 13,273 | 8,524 | |||
Carrying amounts | 14,991 | 10,607 | $ 10,244 | ||
Office Equipment | |||||
Movement in Property, Plant and Equipment [Roll Forward] | |||||
Cost, Beginning balance | 19,131 | 15,453 | |||
Additions | 8,888 | 3,888 | |||
Disposal | (703) | ||||
Effects of movements in exchange rates | 948 | (210) | |||
Cost, Ending balance | 28,264 | 19,131 | |||
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||||
Accumulated depreciation, Beginning balance | 8,524 | 5,209 | |||
Depreciation for the year | 4,855 | 3,447 | |||
Disposal | (442) | ||||
Effects of movements in exchange rates | 336 | (132) | |||
Accumulated depreciation, Ending balance | 13,273 | 8,524 | |||
Carrying amounts | $ 14,991 | $ 10,607 | $ 10,244 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) | 12 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 SGD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 4,855 | $ 3,447 | ||
Purchased assets, Amount | 8,888 | $ 12,399 | $ 3,888 | $ 5,345 |
Disposal, Amount | $ 703 | $ 952 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases initial term description | Leases with an initial term of 12 months or less are not recorded on the balance sheet. |
Lease terms | 3 years |
Operating lease, option to renew description | The lease has varying terms, escalation clauses and run for a period of three years with an option to renew the lease after that term. |
Operating lease, option to renew | true |
Operating lease discounted lease payments using estimated borrowing rate | 5.25% |
Leases - Summary of Information
Leases - Summary of Information Pertaining to Lease Amounts in Financial Statements (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
ROU asset | $ 220,261 | $ 44,925 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | ROU asset | ROU asset |
Operating lease liabilities - Current | $ 173,045 | $ 36,385 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities - Current | Operating lease liabilities - Current |
Operating lease liabilities - Non-current | $ 36,700 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities - Non-current | Operating lease liabilities - Non-current |
Total lease liabilities | $ 209,745 | $ 36,385 |
Leases - Summary of Minimum Lea
Leases - Summary of Minimum Lease Payments for Operating Lease Liabilities (Details) | Jun. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
2023 | $ 173,045 |
2024 | 36,700 |
Total operating lease payment | $ 209,745 |
Immediate Holding Company Bal_3
Immediate Holding Company Balances - Schedule of Directors' Remuneration (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Directors' remuneration | $ 140,820 | $ 213,901 |
Andrew Khine | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | 68,242 | |
Shusuke Oguro | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | 76,222 | |
Hiroshi Ilzuka | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | 41,857 | |
Teo Lai Wah, Timothy | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | 33,002 | $ 27,580 |
Goh Chao Kuang | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | 49,693 | |
Hilda Sin Mei Fong | ||
Related Party Transaction [Line Items] | ||
Directors' remuneration | $ 58,125 |
Immediate Holding Company Bal_4
Immediate Holding Company Balances - Additional Information (Details) - 3DOM Alliance Inc. | 12 Months Ended | ||||||||||
Feb. 06, 2023 SGD ($) | Feb. 03, 2023 SGD ($) | Feb. 02, 2023 SGD ($) | Jul. 18, 2022 shares | Jul. 15, 2022 USD ($) $ / shares | Jul. 15, 2022 SGD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 SGD ($) | Jan. 23, 2023 SGD ($) | Jun. 30, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Amounts due to immediate holding company | $ 3,572,358 | $ 974,632 | $ 4,809,164 | $ 1,531,488 | |||||||
Ordinary shares issued for conversion of debt, value | $ 790,287 | $ 1,100,000 | 790,287 | $ 1,547,804 | |||||||
Ordinary shares issued for conversion price per share | $ / shares | $ 1,041 | ||||||||||
Ordinary shares issued for conversion of debt, shares | shares | 759 | ||||||||||
Additional drawdown notes requested | $ 2,980,000 | ||||||||||
Additional drawdown notes received | $ 1,610,000 | $ 1,370,000 | |||||||||
Maximum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Principal amount of note issued | $ 6,022,258 | $ 8,000,000 | |||||||||
Maximum | First Amendment to Original Promissory Note | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Principal amount of note issued | $ 3,000,000 | ||||||||||
Maximum | Second Amendment to Original Promissory Note | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Principal amount of note issued | $ 8,000,000 |
Immediate Holding Company Bal_5
Immediate Holding Company Balances - Schedule of Amounts Due to Immediate Holding Company (Details) - 3DOM Alliance Inc. | 12 Months Ended | ||||
Jul. 15, 2022 USD ($) | Jul. 15, 2022 SGD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 SGD ($) | Jun. 30, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||
Beginning balance | $ 974,632 | $ 1,531,488 | |||
Advances for operation and administration expenses | 2,079,901 | 873,066 | |||
Expenses paid on behalf of Company | 1,308,112 | 117,882 | |||
Ordinary shares issued for conversion of debt | $ (790,287) | $ (1,100,000) | (790,287) | (1,547,804) | |
Year ended balance | $ 3,572,358 | $ 4,809,164 | $ 974,632 |
Shareholders Equity - Additiona
Shareholders Equity - Additional Information (Details) | Jan. 19, 2023 shares | Jul. 19, 2022 Shareholder | Jun. 30, 2023 $ / shares shares | Dec. 28, 2022 $ / shares shares | Jul. 18, 2022 shares | Jun. 30, 2022 $ / shares shares |
Class of Stock [Line Items] | ||||||
Ordinary stock, shares, issued | 126,799,854 | 121,432,144 | ||||
Ordinary shares authorized | 500,000,000 | |||||
Ordinary Stock, Par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Shares granted | 5,071,886 | |||||
Hop2it | Share Swap Agreement | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage | 52% | |||||
Number of shareholders | Shareholder | 2 | |||||
Gregory | Share Swap Agreement | ||||||
Class of Stock [Line Items] | ||||||
Percentage of shares held after exchange | 3.20% | |||||
Gregory | Hop2it | Share Swap Agreement | ||||||
Class of Stock [Line Items] | ||||||
Percentage of shares transferred in exchange | 42% | |||||
Ownership percentage | 38% | |||||
Arun | Share Swap Agreement | ||||||
Class of Stock [Line Items] | ||||||
Percentage of shares held after exchange | 0.80% | |||||
Arun | Hop2it | Share Swap Agreement | ||||||
Class of Stock [Line Items] | ||||||
Percentage of shares held after exchange | 10% | |||||
Ownership percentage | 10% | |||||
Prime Number Acquisition I Corp. | ||||||
Class of Stock [Line Items] | ||||||
Ordinary stock, shares, issued | 126,799,854 | |||||
3DOM Alliance Inc. | ||||||
Class of Stock [Line Items] | ||||||
Ordinary stock, shares, issued | 295,824 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax [Line Items] | ||
Standard corporate income tax rate | 17% | 17% |
Provision for income taxes | $ 0 | |
Unrecognized uncertain tax positions | 0 | $ 0 |
Amount of liability, interest or penalties related to uncertain tax positions accrued | 0 | 0 |
Net operating loss carried forward | $ 5,972,000 | $ 2,351,000 |
Inland Revenue, Singapore (IRAS) | ||
Income Tax [Line Items] | ||
Standard corporate income tax rate | 17% | |
Inland Revenue, Singapore (IRAS) | Earliest Tax Year | ||
Income Tax [Line Items] | ||
Years subject to examination by tax authorities | 2020 | |
Inland Revenue, Singapore (IRAS) | Latest Tax Year | ||
Income Tax [Line Items] | ||
Years subject to examination by tax authorities | 2023 |
Income Tax - Schedule of Effect
Income Tax - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Loss before tax | $ 16,791,770 | $ 1,076,823 |
Tax rate | 17% | 17% |
Computed tax benefit (expense) at statutory tax rate | $ 2,854,601 | $ 183,060 |
Tax effect of non-deductible or taxable items: | ||
Share-based compensation expenses | (2,236,523) | |
Additional deduction for R&D expenses | 11,680 | |
Change in valuation allowance | (618,078) | $ (194,740) |
Income tax expense (benefit) | $ 0 |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets | |||
Net operating loss carry-forward | $ 1,015,370 | $ 391,242 | |
Capital allowance | 4,805 | 3,253 | |
Lease liabilities | 35,657 | 6,185 | |
Other provisions | 22,470 | 22,471 | |
Less: valuation allowance | (1,040,858) | (415,300) | $ (220,560) |
Subtotal | 37,444 | 7,851 | |
Deferred tax liabilities | |||
Deferred tax liabilities arising from assets | $ (37,444) | $ (7,851) |
Income Tax - Summary of Valuati
Income Tax - Summary of Valuation Allowance (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Valuation Allowance [Abstract] | ||
Balance at the beginning of the year | $ 415,300 | $ 220,560 |
Current year addition | 625,558 | 194,740 |
Balance at the end of the year | $ 1,040,858 | $ 415,300 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Oct. 23, 2023 | Aug. 17, 2023 | Aug. 14, 2023 | Jul. 14, 2023 | Aug. 25, 2023 | Aug. 13, 2023 | Jun. 30, 2023 | Dec. 28, 2022 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | ||||||||||
Ordinary Stock, Par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common stock value | [1] | $ 12,679 | $ 12,143 | |||||||
Ordinary stock, shares, issued | 126,799,854 | 121,432,144 | ||||||||
Subsequent Event | ELOC Purchase Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary stock, shares, issued | 150,000,000 | |||||||||
Agreement term | 36 months | |||||||||
Subsequent Event | Maximum | ELOC Purchase Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock value | $ 150,000,000 | |||||||||
Subsequent Event | Class A Common Stock | Maximum | Forward Purchase Agreement and FPA Subscription Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary stock, shares, issued | 2,000,000 | |||||||||
Prime Number Acquisition I Corp. | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary stock, shares, issued | 126,799,854 | |||||||||
Prime Number Acquisition I Corp. | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary Stock, Par value | $ 0.0001 | |||||||||
Common stock value | $ 1,350,000,000 | |||||||||
Prime Number Acquisition I Corp. | Subsequent Event | Third Monthly Extension Payment | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument issued, amount | $ 125,000 | |||||||||
Debt instrument, convertible, conversion price | $ 10 | |||||||||
Prime Number Acquisition I Corp. | Subsequent Event | Forth Monthly Extension Payment | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument issued, amount | $ 125,000 | |||||||||
Debt instrument, convertible, conversion price | $ 10 | |||||||||
Prime Number Acquisition I Corp. | Subsequent Event | Class A Common Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary Stock, Par value | $ 0.0001 | |||||||||
Prime Number Acquisition I Corp. | Subsequent Event | Class B Common Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Ordinary Stock, Par value | $ 0.0001 | |||||||||
Noco-tech | Subsequent Event | Sales and Purchase Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued, price per share | $ 2 | |||||||||
Noco-tech | Subsequent Event | Maximum | Sales and Purchase Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued | 25,000,000 | |||||||||
[1] * Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization. |