XML 68 R29.htm IDEA: XBRL DOCUMENT v3.23.4
Organization and Business Description (Tables)
12 Months Ended
Jun. 30, 2023
Organization and Business Description (Tables) [Line Items]  
Schedule of Consolidated Financial Statements of the Company The consolidated financial statements of the Company include the following entities:

Name of Entity

 

Date of
Formation

 

Place of
Incorporation

 

% of
Ownership

 

Principal
Activities

ICZOOM

 

June 18, 2015

 

Cayman Islands

 

Parent, 100%

 

Investment holding

ICZOOM HK

 

May 22, 2012

 

Hong Kong

 

100%

 

Purchase of electronic components from overseas suppliers

Ehub

 

September 13, 2012

 

Hong Kong

 

100%

 

Purchase of electronic components from overseas suppliers

Hjet HK

 

August 6, 2013

 

Hong Kong

 

100%

 

Purchase of electronic components from overseas suppliers

Components Zone HK

 

May 19, 2020

 

Hong Kong

 

100%

 

Investment holding

ICZOOM WFOE

 

September 17, 2020

 

PRC

 

100%

 

WFOE, Consultancy

Hjet Shuntong

 

November 8, 2013

 

PRC

 

100%

 

Investment holding

Hjet Supply Chain

 

July 3, 2006

 

PRC

 

100%

 

Order fulfilment

ICZOOM Shenzhen

 

July 20, 2015

 

PRC

 

100%

 

Sales of electronic components through B2B e-commerce platform

Hjet Logistics

 

May 31, 2013

 

PRC

 

100%

 

Logistics and product shipping

Heng Nuo Chen

 

May 25, 2015

 

PRC

 

100%

 

Logistics and product shipping. Deregistered in August 2021

Pai Ming Shenzhen

 

May 9, 2012

 

PRC

 

0%, Former VIE

 

Holds an EDI license and an ICP License. The VIE agreements has been terminated in December 2021

Schedule of Unaudited Balance Sheet
 

June 30,
2023

 

June 30,
2022

ASSETS

 

 

 

 

 

 

 

 

Non-current asset

 

 

 

 

 

 

 

 

Investment in subsidiaries and the VIE

 

$

15,544,196

 

 

$

10,494,915

 

Total assets

 

$

15,544,196

 

 

$

10,494,915

 

   

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES

 

$

 

 

$

 

   

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Ordinary shares, US$0.16 par value, 35,000,000 shares authorized, 10,326,374 and 8,826,374 shares issued and outstanding as of June 30, 2023 and 2022, respectively: *

 

 

 

 

 

 

 

 

Class A shares, 30,000,000 shares authorized, 6,496,874 and 4,996,874 shares issued and outstanding

 

 

1,039,499

 

 

 

799,499

 

Class B shares, 5,000,000 shares authorized, 3,829,500 shares issued and outstanding

 

 

612,720

 

 

 

612,720

 

Additional paid-in capital

 

 

18,795,548

 

 

 

14,499,213

 

Accumulated deficit

 

 

(4,710,203

)

 

 

(6,461,373

)

Accumulated other comprehensive income(loss)

 

 

(193,368

)

 

 

1,044,856

 

Total shareholders’ equity

 

 

15,544,196

 

 

 

10,494,915

 

Total liabilities and shareholders’ equity

 

$

15,544,196

 

 

$

10,494,915

 

*        Retrospectively restated for effect of 1-for-4 reverse split on November 2020 and 1-for-2 reverse split on August 8, 2022 of the ordinary shares, see Note 16.

Schedule of Unaudited Cash flow
 

For the Year Ended
June 30,

   

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

1,751,170

 

 

$

2,569,810

 

Adjustments to reconcile net cash flows from operating activities:

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries and VIE

 

 

(1,751,170

)

 

 

(2,569,810

)

Net cash used in operating activities

 

 

 

 

 

 

   

 

 

 

 

 

 

 

CHANGES IN CASH AND RESTRICTED CASH

 

 

 

 

 

 

CASH AND RESTRICTED CASH, beginning of year

 

 

 

 

 

 

CASH AND RESTRICTED CASH, end of year

 

$

 

 

$

 

Pai Ming Shenzhen [Member]  
Organization and Business Description (Tables) [Line Items]  
Schedule of Unaudited Balance Sheet
 

December 10,
2021 (the VIE
termination
date)

 

June 30,
2021

ASSETS

 

 

   

 

 

CURRENT ASSETS

 

 

   

 

 

Cash

 

$

41,912

 

$

2,891

Accounts receivable

 

 

173,550

 

 

Prepaid expenses and other current assets

 

 

2,024

 

 

7,061

TOTAL CURRENT ASSETS

 

 

217,486

 

 

9,952

Other noncurrent assets

 

 

2,411

 

 

1,452

TOTAL ASSETS

 

$

219,897

 

$

11,404

   

 

   

 

 

LIABILITIES

 

 

   

 

 

CURRENT LIABILITIES

 

 

   

 

 

Accrued expenses and other current liabilities

 

$

427,395

 

$

566,158

TOTAL CURRENT LIABILITIES

 

 

427,395

 

 

566,158

TOTAL LIABILITIES

 

$

427,395

 

$

566,158

Schedule of Unaudited Operation Statement
 

From July 1,
2021 to
December 10,
2021 (the VIE
termination
date)

 

For the
years ended
June 30,

2021

   

(Unaudited)

   

REVENUE, net

 

$

72,425

 

 

$

36,273

 

COST OF REVENUE

 

 

1,122

 

 

 

32,229

 

GROSS PROFIT

 

 

71,303

 

 

 

4,044

 

   

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Selling expenses

 

 

14,265

 

 

 

37,809

 

General and administrative expenses

 

 

75,751

 

 

 

182,628

 

Total operating expenses

 

 

90,016

 

 

 

220,437

 

LOSS FROM OPERATIONS

 

 

(18,713

)

 

 

(216,393

)

   

 

 

 

 

 

 

 

OTHER INCOME

 

 

 

 

 

 

 

 

Other income, net

 

 

92

 

 

 

243

 

Total other income, net

 

 

92

 

 

 

243

 

LOSS BEFORE INCOME TAX PROVISION

 

 

(18,621

)

 

 

(216,150

)

PROVISION FOR INCOME TAXES

 

 

 

 

 

 

NET LOSS

 

$

(18,621

)

 

$

(216,150

)

Schedule of Unaudited Cash flow
 

From July 1, 2021 to December 10, 2021 (the VIE
termination
date)

 

For the
years ended
June 30,
2021

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(18,621

)

 

$

(216,150

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

 

 

 

Advances to suppliers

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

4,095

 

 

 

(2,847

)

Other noncurrent assets

 

 

 

 

 

(1,421

)

Accrued expenses and other current liabilities

 

 

53,198

 

 

 

216,478

 

Net cash provided by (used in) operating activities

 

 

38,672

 

 

 

(3,940

)

Effect of exchange rate fluctuation on cash

 

 

349

 

 

 

515

 

Net increase (decrease) in cash

 

 

39,021

 

 

 

(3,425

)

Cash at beginning of the period

 

 

2,891

 

 

 

6,316

 

Cash at end of the period

 

$

41,912

 

 

$

2,891