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INVESTMENT PROPERTIES | 3 Months Ended
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Sep. 30, 2020
Investments [Abstract] |
INVESTMENT PROPERTIES | The following table presents the Company’s investment in properties in China as of September 30, 2020. The exchange rate is based on the market rate as of September 30, 2020.
| 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, 2019 |  |  | (5,554 | ) |  |  | (807 | )
Reclassification from “Assets held for sale” | Mar 31, 2020 |  |  | 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 |  |  |  | - |  |  |  | (113 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,416 |
Accumulated depreciation on rental property | Sep 30, 2020 |  |  | (6,678 | ) |  |  | (984 | )
Reclassified as “Assets held for sale”-Mao Ye Property | July 01, 2019 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”-Mao Ye Property | Mar 31, 2020 |  |  | (1,029 | ) |  |  | (143 | )
|  |  | (4,885 | ) |  |  | (717 | )
Net investment in property – China |  |  |  | 4,764 |  |  |  | 699 |
The following table presents the Company’s investment in properties in China as of June 30, 2020. The exchange rate is based on the market rate as of June 30, 2020.
| 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, 2019 |  |  | (5,554 | ) |  |  | (807 | )
Reclassification from “Assets held for sale” | Mar 31, 2020 |  |  | 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 |  |  |  | - |  |  |  | (166 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,363 |
Accumulated depreciation on rental property | June 30, 2020 |  |  | (6,558 | ) |  |  | (940 | )
Reclassified as “Assets held for sale”-Mao Ye Property | July 01, 2019 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”-Mao Ye Property | Mar 31, 2020 |  |  | (1,029 | ) |  |  | (143 | )
|  |  | (4,765 | ) |  |  | (673 | )
Net investment in property – China |  |  |  | 4,884 |  |  |  | 690 |
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. Property purchased from MaoYe generated a rental income of $nil during the three months ended September 30, 2020 as compared to $8 for the same period in last fiscal year. Depreciation expense for MaoYe was $4 for the three months ended September 30, 2020 and 2019, respectively. 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. TTCQ had yet to receive the title deed for these properties. TTCQ was in the legal process of obtaining the title deed until the developer encountered cash flow difficulties in the recent years. Since fiscal year 2018, JiangHuai has been under liquidation and is now undergoing asset distribution. Nonetheless, this is not expected to affect the property’s market value but, in view of the COVID-19 pandemic and current economic situation, it is likely to be more tedious and time-consuming for the Court in their execution of the sale. Property purchased from JiangHuai did not generate any rental income for the three months ended September 30, 2020 and 2019. Depreciation expense for JiangHuai was $6 for the three months ended September 30, 2020 and 2019, respectively. 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, the property was handed over to TTCQ in April 2013 and the title deed was received during the third quarter of fiscal 2014. One of the two commercial properties was leased by TTCQ to a third party under a lease providing for a rent increase of 6% every year on May 1, commencing in 2019 until the rental agreement expires on April 30, 2021. The agreement was terminated in April 2020 due to the current slow and cautious market rental conditions. Management is still actively looking for a tenant for this property. For the other leased property , TTCQ renewed the lease agreement to rent out the 161 square meter space at a monthly rate of RMB10, or approximately $1, from November 1, 2019 to October 31, 2020. Properties purchased from Fu Li generated a rental income of $4 for the three months ended September 30, 2020, and $9 for the same period in the last fiscal year. Depreciation expense for Fu Li was $7 for the three months ended September 30, 2020 and 2019, respectively. Summary Total rental income for all investment properties in China was $4 for the three months ended September 30, 2020 and $17 for the same period in the last fiscal year. Depreciation expenses for all investment properties in China were $17 for the three months ended September 30, 2020 for the same period in the last fiscal year.

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