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Parent Company Only Condensed Financial Information | 12 Months Ended
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Jun. 30, 2024
Parent Company Only Condensed Financial Information [Abstract] |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
22. | PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
The Company performed a test on the restricted net assets of its consolidated subsidiaries, the VIE, and the VIE’s subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. As of June 30, 2024, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
ASSETS |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |
Cash |  | $ | 10,711 |  |  | $ | 1,095,007 |
Digital assets, net |  |  | 140,586 |  |  |  | - |
Prepaid expenses and other current assets |  |  | 4,409,914 |  |  |  | 4,179,826 |
Due from subsidiaries and the VIE |  |  | 4,408,299 |  |  |  | 2,607,402 |
TOTAL CURRENT ASSETS |  |  | 8,969,510 |  |  |  | 7,882,235 |
Other non-current assets |  |  | - |  |  |  | 5,062,966 |
Investments in subsidiaries, consolidated VIE, and VIE’s subsidiaries |  |  | 6,372,217 |  |  |  | 13,821,695 |
TOTAL ASSETS |  |  | 15,341,727 |  |  |  | 26,766,896 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Other Payable |  | $ | 32,795 |  |  | $ | 31,600 |
TOTAL CURRENT LIABILITIES |  | $ | 32,795 |  |  | $ | 31,600 |
TOTAL LIABILITIES |  |  | 32,795 |  |  |  | 31,600 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary shares (par value $0.01 per share; 64,400,000 Class A ordinary shares authorized; 3,362,733 and 1,862,733 Class A ordinary shares issued and outstanding as of June 30, 2024 and 2023, respectively; 10,600,000 Class B ordinary shares authorized, 576,308 Class B ordinary shares issued and outstanding as of June 30, 2024 and 2023, 1,000,000 Class C ordinary shares authorized, nil Class C shares issued and outstanding as of June 30, 2024 and 2023)* |  |  | 39,390 |  |  |  | 24,050 |
Subscription receivable |  |  | (15,441 | ) |  |  | (15,441 | )
Additional paid-in capital |  |  | 42,459,143 |  |  |  | 40,174,260 |
Retained earnings |  |  | (25,468,546 | ) |  |  | (11,802,701 | )
Accumulated other comprehensive (loss) income |  |  | (1,705,614 | ) |  |  | (1,644,872 | )
TOTAL SHAREHOLDERS’ EQUITY |  |  | 15,308,932 |  |  |  | 26,735,296 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 15,341,727 |  |  | $ | 26,766,896 |
* | Retroactively restated to reflect 1-for-10 share consolidation effective on October 26, 2023
Condensed Statements of Operations and Comprehensive Income (Loss)
|  | For the fiscal years ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 150,000 |  |  | $ | 257,169 |  |  | $ | - |
Cost of Revenue |  |  | 139,414 |  |  |  | 150,000 |  |  |  | - |
Gross profit |  | $ | 10,586 |  |  |  | 107,169 |  |  | $ | - |
Selling expenses |  |  | - |  |  |  | 125,000 |  |  |  | - |
General and administrative expenses |  | $ | 6,289,253 |  |  | $ | 1,128,970 |  |  | $ | 1,594,856 |
Financial expenses (income), net |  |  | (1,626 | ) |  |  | (1,452 | ) |  |  | (11,094 | )
Research and development expenses |  |  | - |  |  |  | 8,671,107 |  |  |  | - |
Loss from operation |  |  | (6,277,041 | ) |  |  | (9,816,456 | ) |  |  | (1,583,762 | )
Other loss |  |  | (69 | ) |  |  | (114,097 | ) |  |  |  |
Share of (loss) income of subsidiaries, consolidated VIE, and VIE’s subsidiaries |  |  | (6,130,017 | ) |  |  | (14,399,862 | ) |  |  | 2,371,720 |
(Loss) Income before income tax expenses |  |  | (12,407,127 | ) |  |  | (24,330,415 | ) |  |  | 787,958 |
Income tax expenses |  |  | - |  |  |  | - |  |  |  | - |
Net (loss) income |  | $ | (12,407,127 | ) |  | $ | (24,330,415 | ) |  | $ | 787,958 |
Other Comprehensive income (loss) |  |  | - |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (60,742 | ) |  |  | (1,713,891 | ) |  |  | (873,803 | )
Total comprehensive loss |  | $ | (12,467,869 | ) |  | $ | (26,044,306 | ) |  | $ | (85,845 | )
Condensed Statements of Cash Flows
|  | For the fiscal years ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (12,407,127 | ) |  | $ | (24,330,415 | ) |  | $ | (8,226,043 | )
Depreciation and amortization |  |  | - |  |  |  | 696,000 |  |  |  | - |
Impairment |  |  | 5,200,000 |  |  |  | - |  |  |  | - |
Equity loss of subsidiaries |  |  | 6,130,017 |  |  |  | 14,399,862 |  |  |  | - |
Other current assets |  |  | (370,674 | ) |  |  | 70,245 |  |  |  | - |
Other payable |  |  | (1,800,897 | ) |  |  | (58,565 | ) |  |  | - |
Due from subsidiaries and the VIE |  |  | 1,196 |  |  |  | (2,607,402 | ) |  |  | - |
Other non-current assets |  |  | (137,034 | ) |  |  | 8,440,200 |  |  |  | - |
Net cash used in operating activities |  | $ | (3,384,519 | ) |  | $ | (3,390,075 | ) |  | $ | (8,226,043 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Investment in a subsidiary |  |  | - |  |  |  | - |  |  |  | (11,050,252 | )
Purchase of intangible assets |  |  | - |  |  |  | - |  |  |  | (720,000 | )
Advance paid for agent license |  |  | - |  |  |  | (4,600,000 | ) |  |  | - |
Net cash used in investing activities |  |  | - |  |  |  | (4,600,000 | ) |  |  | (11,770,252 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of shares |  |  | 4,290,000 |  |  |  | - |  |  |  | 33,521,725 |
Payment for deferred offering costs |  |  | (1,989,777 | ) |  |  | - |  |  |  | (3,570,805 | )
Net cash provided by financing activities |  |  | 2,300,223 |  |  |  | - |  |  |  | 29,950,920 |
Effect of exchange rate changes |  |  | - |  |  |  | - |  |  |  | (873,803 | )
Net (decrease) increase in cash |  |  | (1,084,296 | ) |  |  | (7,990,075 | ) |  |  | 9,080,822 |
Cash at beginning of year |  |  | 1,095,007 |  |  |  | 9,085,082 |  |  |  | 4,260 |
Cash at end of year |  | $ | 10,711 |  |  | $ | 1,095,007 |  |  | $ | 9,085,082 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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