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Note 7 - Investment Properties | 9 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Investment Property In China [Text Block] | 7. INVESTMENT PROPERTIES The following table presents the Company’s investment in properties in China (with estimated 20 years useful life in years) as of March 31, 2022. The exchange rate is based on the market rate as of March 31, 2022.
| 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 - FuLi | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (15 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,514 |
Accumulated depreciation on rental property | Mar 31, 2022 |  |  | (7,402 | ) |  |  | (1,145 | )
Reclassified as “Assets held for sale”- MaoYe Property | July 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”- MaoYe Property | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  |  | (5,488 | ) |  |  | (878 | )
Net investment in property – China |  |  |  | 4,161 |  |  |  | 636 |
The following table presents the Company’s investment in properties in China (with estimated 20 years useful life in years) as of June 30, 2021. The exchange rate is based on the market rate as of June 30, 2021.
| 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” | Jul 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 - FuLi | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (36 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,493 |
Accumulated depreciation on rental property | Jun 30, 2021 |  |  | (7,040 | ) |  |  | (1,079 | )
Reclassified as “Assets held for sale” - MaoYe Property | Jul 01, 2019 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale” - MaoYe Property | Mar 31, 2020 |  |  | (1,029 | ) |  |  | (143 | )
|  |  |  | (5,247 | ) |  |  | (812 | )
Net investment in properties – China |  |  |  | 4,402 |  |  |  | 681 |
Rental Property I - MaoYe 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 $nil and $4 during the three and nine months ended March 31, 2022, as compared to $6 and $9 for the same periods, respectively, in last fiscal year. Depreciation expense for MaoYe was $4 and $12 for the three and nine months ended March 31, 2022 and 2021, respectively as compared to $4 and $11 for the same period in the lsat 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. TTCQ has 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 recent years. Since fiscal year 2018, JiangHuai has been under liquidation and is now undergoing asset distribution. During the third quarter of fiscal 2022, TTCQ agreed to the local court’s administration’s proposal for the amounts owed by JiangHuai to be paid to TTCQ in the form of assets after the fall through of the three auctions conducted. Nonetheless, this is not expected to affect the property’s recoverable amount but, in view of the COVID-19 pandemic and the complexity of this case, the process and execution will take some time. Property purchased from JiangHuai did not generate any rental income for the three and nine months ended March 31, 2022 and 2021. Depreciation expense for JiangHuai was $7 and $21 for the three and nine months ended March 31, 2022, as compared to $6 and $19 for the same period in last 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, 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 from TTCQ by a third party under a two-year lease to rent out the 154.49 square meter space at a monthly rate of RMB9, or approximately $1, commencing from May 21, 2021, to May 23, 2023. 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. After which, TTCQ renewed the lease agreement at a monthly rate of RMB10, or approximately $1, from November 1, 2020, to April 30, 2021, and May 1, 2021, to October 31, 2021. As the space is currently vacant, TTCQ is actively searching for a tenant for this space. Properties purchased from FuLi generated a rental income of $4 and $19 for the three and nine months ended March 31, 2022, as compared to $5 and $12 for the same period in the last fiscal year. Depreciation expense for FuLi was $8 and $23 for the three and nine months ended March 31, 2022, respectively, as compared to $7 and $22 for the same period in the last fiscal year. Summary Total rental income for all investment properties in China was $4 and $23 for the three and nine months ended March 31, 2022, as compared to $11 and $21 for the same periods, respectively, in the last fiscal year. Depreciation expenses for all investment properties in China were $19 and $56 for the three and nine months ended March 31, 2022, respectively, as compared to $17 and $52 same periods, respectively, in the last fiscal year.

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