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Concentrations of Risk | 12 Months Ended
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Jun. 30, 2021
Risks and Uncertainties [Abstract] |
Concentrations of risk | Note 16 – Concentrations of risk Credit Risk The Company is exposed to credit risk from its cash in banks and advances on performance obligations. As of June 30, 2021 and 2020, $0 and approximately $0.5 million was deposit with a bank located in the US or Hong Kong subject to credit risk. In the US, the insurance coverage of each bank is USD $250,000. In Hong Kong, the insurance coverage of each bank is HKD 500,000 (approximately $64,000). Prepayments and advances are subject to credit evaluation. An allowance will be made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment. Vendor Concentration Risk For the year ended June 30, 2021, one vendor accounted for 89% of the Company’s total purchases.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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