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INVESTMENT PROPERTIES | 3 Months Ended
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Sep. 30, 2019
Investments [Abstract] |
INVESTMENT PROPERTIES | The following table presents the Company’s investment in properties in China as of September 30, 2019. The exchange rate is based on the market rate as of September 30, 2019.
| Investment Date / Reclassification Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I – MaoYe Property | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Currency translation |  |  |  | - |  |  |  | (87 | )
Reclassification as “Assets held for sale” | July 01, 2018 |  |  | (5,554 | ) |  |  | (807 | )
Reclassification from “Assets held for sale” | Mar 31, 2019 |  |  | 2,024 |  |  |  | 301 |
|  |  | 2,024 |  |  |  | 301 |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (175 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,354 |
Accumulated depreciation on rental property | Sep 30, 2019 |  |  | (6,196 | ) |  |  | (885 | )
Reclassified as “Assets held for sale”-Mao Ye Property | July 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”-Mao Ye Property | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  | (4,403 | ) |  |  | (618 | )
Net investment in property – China |  |  |  | 5,246 |  |  |  | 736 |
The following table presents the Company’s investment in properties in China as of June 30, 2019. The exchange rate is based on the market rate as of June 30, 2019.
| Investment Date / Reclassification Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I – MaoYe Property | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Currency translation |  |  |  | - |  |  |  | (87 | )
Reclassification as “Assets held for sale” | July 01, 2018 |  |  | (5,554 | ) |  |  | (807 | )
Reclassification from “Assets held for sale” | Mar 31, 2019 |  |  | 2,024 |  |  |  | 301 |
|  |  | 2,024 |  |  |  | 301 |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (124 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,405 |
Accumulated depreciation on rental property | June 30, 2019 |  |  | (6,075 | ) |  |  | (890 | )
Reclassified as “Assets held for sale”-Mao Ye Property | July 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”-Mao Ye Property | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  | (4,282 | ) |  |  | (623 | )
Net investment in property – China |  |  |  | 5,367 |  |  |  | 782 |
The following table presents the Company’s investment properties in Malaysia as of September 30, 2019 and June 30, 2019. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.
|  |  |  |  |  | Sept. 30, 2019 (Unaudited) |  |  | June 30, 2019 |
| Investment |  | Investment Amount |  |  | Investment Amount |  |  | Investment Amount |
| Date / Reclassification Date |  | (RM) |  |  | (U.S. Dollars) |  |  | (U.S. Dollars) |
Purchase of Penang Property | Dec 31, 2012 |  |  | 681 |  |  |  | 181 |  |  |  | 181 |
Currency translation |  |  |  | - |  |  |  | (18 | ) |  |  | (15 | )
Reclassification as “Assets held for sale” | June 30, 2015 |  |  | (681 | ) |  |  | (163 | ) |  |  | (166 | )
|  |  | - |  |  |  | - |  |  |  | - |
Accumulated depreciation on rental property | June 30, 2015 |  |  | (310 | ) |  |  | (83 | ) |  |  | (83 | )
Currency translation |  |  |  | - |  |  |  | 8 |  |  |  | 6 |
Reclassified as “Assets held for sale” | June 30, 2015 |  |  | 310 |  |  |  | 75 |  |  |  | 77 |
Net investment in rental property - Malaysia |  |  |  | - |  |  |  | - |  |  |  | - |
Rental Property I - Mao Ye Property In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”), for a total cash purchase price of RMB 5,554, or approximately $894. TTCQ identified a new tenant and signed a new rental agreement (653 square meters at a monthly rent of RMB 39, or approximately $6) on August 1, 2015 which expires on July 31, 2020. On April 1, 2019, a supplementary agreement was signed to revise the monthly rent to RMB 20, or approximately $2.6 for 403 square meters for the remaining 2 unsold units. During the 2019 fiscal year, the Company sold thirteen of the fifteen units constituting the Mao Ye Property. Management has decided not to sell the remaining two units of Mao Ye properties, considering the market conditions in China. Property purchased from MaoYe generated a rental income of $8 during the three months ended September 30, 2019 as compared to $22 for the same period in last fiscal year. Rental Property II - JiangHuai In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”) for a total purchase price of RMB 3,600, or approximately $580. Although these units were rented in the past, all eight units are currently vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. Property purchased from JiangHuai did not generate any rental income during the three months ended September 30, 2019 or during the same period in the prior fiscal year. Rental Property III – FuLi In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. . The total purchase price committed and paid was RMB 4,025, or approximately $648. The development was completed and the property was handed over in April 2013 and the title deed was received during the third quarter of fiscal 2014. The two commercial properties were leased to third parties under two separate rental agreements. One of such leases provides for a rent increase of 6% every year on May 1, commencing in 2019 until the rental agreement expired on April 30, 2021. For the other leased property (which lease expired on March 31, 2018), TTCQ has signed a rental agreement to rent out the 161 square meters at a monthly rent of RMB 10, or approximately $2 on November 1, 2018 which expires on October 31, 2019. In September 2019, TTCQ has renewed the agreement at the same month rent of RMB 10 or approximately $2 for a period of one year. Properties purchased from Fu Li generated a rental income of $9 for the three months ended September 30, 2019, and $5 for the same period in the last fiscal year. Summary Total rental income for all investment properties in China was $17 for the three months ended September 30, 2019 and $27 for the same period in the last fiscal year. Depreciation expenses for all investment properties in China were $18 for the three months ended September 30, 2019 and $14 for the same period in the last fiscal year.

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