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OTHER ASSETS | 3 Months Ended
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Sep. 30, 2020
Other Assets [Abstract] |
OTHER ASSETS | Other assets consisted of the following:
|  | Sept. 30, 2020 (Unaudited) |  |  | June 30, 2020 |
Down payment for purchase of investment properties * |  | $ | 1,645 |  |  | $ | 1,645 |
Down payment for purchase of property, plant and equipment |  |  | 69 |  |  |  | 8 |
Deposits for rental and utilities |  |  | 166 |  |  |  | 171 |
Currency translation effect |  |  | (142 | ) |  |  | (215 | )
Total |  | $ | 1,738 |  |  | $ | 1,609 |
*Down payment for purchase of investment properties included:
|  | RMB |  |  | US Dollars |
Original investment (10% of Jun Zhou equity) |  | $ | 10,000 |  |  | $ | 1,606 |
Less: Management Fee |  |  | (5,000 | ) |  |  | (803 | )
Net Investment |  |  | 5,000 |  |  |  | 803 |
Less: Share of loss on Joint Venture |  |  | (137 | ) |  |  | (22 | )
Net Investment as down payment(Note *a) |  |  | 4,863 |  |  |  | 781 |
Loans Receivable |  |  | 5,000 |  |  |  | 814 |
Interest Receivable |  |  | 1,250 |  |  |  | 200 |
Less: Impairment of Interest |  |  | (906 | ) |  |  | (150 | )
Transferred to down payment(Note *b) |  |  | 5,344 |  |  |  | 864 |
* Down payment for purchase of investment properties |  |  | 10,207 |  |  |  | 1,645 |
a) On December 2, 2010, the Company signed a Joint Venture agreement (“agreement”) with Jia Sheng Property Development Co. Ltd. (“Developer”) to form a new company, Jun Zhou Co., Limited (“Joint Venture” or “Jun Zhou”) to joint develop the “Singapore Themed Park” project (the “project”), where the Company paid RMB10 million for the 10% investment in the joint venture. The Developer paid Company management fee of RMB5 million in cash upon signing of the agreement with a remaining fee of RMB5 million payable upon fulfilment of certain conditions in accordance with the agreement. The Company further reduced its investment by RMB137, or approximately $22 towards the losses from operations incurred by the joint venture. On October 2, 2013, the Company disposed its entire 10% interest in the joint venture. The Company recognized the disposal of its 10% investment in Jun Zhou based on the recorded net book value of RMB5 million or equivalent to US$803K, from net considerations paid, in accordance with US GAAP under ASC Topic 845 Non-monetary Consideration, and it’s presented under “Other Assets” as non-current assets to defer the recognition of the gain on the disposal of the 10% interest in joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. b) Amounts of RMB 5,000 or approximately $814 as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250 or approximately $200 and impairment on interest of RMB 906 or approximately $150. The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in Singapore Themed Resort Project. The initial targeted date of completion was December 31, 2016. Based on discussion with the developers, the completion date is currently estimated to be December 31, 2022. The delay was primarily due to the time needed by the developers to work with various parties to inject sufficient funds into this project.

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