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Note 3 - Discontinued Operations

12 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3.	Discontinued operations

On August 14, 2024, the Company exited its businesses in overseas wealth management and asset management and disposed of certain subsidiaries in Hong Kong, namely, Haiyin Insurance (Hong Kong) Co., Limited and Hywin International Insurance Broker Limited for nil consideration, and Haiyin International Asset Management Limited and Hywin Asset Management (Hong Kong) Limited for $641. After the disposals, the Company no longer holds financial service licenses in Hong Kong

The disposal represented a strategic shift from providing wealth management service and asset management service to focusing on exploring opportunities in consumer technology, consumer healthcare and enterprise technology, that had a major effect on the Company’s operations and financial results and was accounted for as discontinued operations. The Company has classified the historical financial results of Wealth management and Asset management service as discontinued operations in the Company’s consolidated statements of operations and comprehensive loss for all periods presented.

The following tables set forth statement of operations of discontinued operations which were included in the Company’s consolidated financial statements:

		Year Ended June 30,								Two Months Ended August 31,
		2023				2024				2024
		US$				US$				US$

*Discontinued operations*

Net revenues
Wealth management			376				2,286				11
Asset management			2,952				3,919				1,170
Total net revenues			3,328				6,205				1,181

Operating cost and expenses
Compensation and benefits			1,372				1,451				602
Sales and marketing expenses			536				359				-
General and administrative expenses			1,720				1,969				266
Asset impairment loss			-				2,158				-
Total operating cost and expenses			3,628				5,937				868

(Loss)/ income from operations			(300	)			268				313

Other expense, net			(8	)			(16	)			(1	)

(Loss)/ income before income tax expense			(308	)			252				312
Income tax expense			-				(230	)			(29	)
Net (loss) / income from discontinued operations			(308	)			22				283

Gain on disposal of subsidiaries from discontinued operations, net			-				-				138

(Loss)/ income for the year from discontinued operations, net of income taxes			(308	)			22				421

Summarized cash flow information for discontinued operations is as follows:
Net cash flows provided by/ (used in) operating activities			370				(587	)			(1,265	)
Net cash flows (used in)/ provided by investing activities			(256	)			-				33

The following table summarizes significant non-cash operating items and capital expenditures of discontinued operations included in the consolidated statements of cash flows for the periods presented.

Significant non-cash operating items
Amortization of intangible asset			13				51				-
Asset impairment loss			-				2,158				-
Significant investing activities:
Purchase of intangible asset			(256	)			-				-

Loss from disposal of subsidiaries under discontinued operations:

		Wealth management business				Asset management business				Total
		US$				US$				US$

Considerations received			-				641				641
Less: Net assets disposed of			(134	)			(369	)			(503	)

(Loss)/ gain from disposal of subsidiaries			(134	)			272				138

Reconciliation of the carrying amount of assets and liabilities:

		As of June 30, 2024				As of August 31, 2025
		US$				US$
Assets
Cash and cash equivalents			1,873				608
Deposits, prepayments and other current assets			-				256
Due from related parties			-				93
Income tax receivable			-				220

Total Assets			1,873				1,177

Liabilities
Commission payable			859				378
Income tax payable			91				210
Due to related parties			1,970				86
Other payable and accrued liabilities			7				-

Total Liabilities			2,927				674

Net (liabilities)/ assets			(1,054	)			503