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Note 8 - Other Assets | 9 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Other Assets Disclosure [Text Block] | 8. OTHER ASSETS Other assets consisted of the following:
|  | Mar. 31, 2022 (Unaudited) |  |  | June 30, 2021 |
Down payment for purchase of investment properties * |  | $ | - |  |  | $ | - |
Down payment for purchase of property, plant and equipment |  |  | 6 |  |  |  | 372 |
Deposits for rental and utilities and others |  |  | 153 |  |  |  | 160 |
Currency translation effect |  |  | (18 | ) |  |  | (270 | )
Total |  | $ | 141 |  |  | $ | 262 |
*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 |  |  |  | 788 |
Interest Receivable |  |  | 1,250 |  |  |  | 197 |
Less: Impairment of Interest |  |  | (906 | ) |  |  | (143 | )
Transferred to Down Payment (Note *b) |  |  | 5,344 |  |  |  | 842 |
* Down Payment for Purchase of Investment Properties |  |  | 10,207 |  |  |  | 1,623 |
Less: Provision of Impairment loss on other assets |  |  | (10,207 | ) |  |  | (1,623 | )
* Down Payment for Purchase of Investment Properties |  |  | - |  |  |  | - |
a) | In fiscal year 2011, 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 RMB 10 million for a 10% investment in the joint venture. The Developer paid the Company a 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 RMB 137, or approximately $22, towards the losses from operations incurred by the joint venture.
In fiscal year 2014, the Company disposed of 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 $788, from net considerations paid, in accordance with US GAAP under ASC Topic 845 Non-monetary Consideration, and it’s presented under “Other Assets” as noncurrent assets to defer the recognition of the gain on the disposal of the 10% interest in the joint venture investment until such time that the consideration is paid, so that the gain can be ascertained. As of Mar 31, 2022, asset reorganization undertaken by local government still in process.
b) | Amounts of RMB 5,000, or approximately $788, as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250, or approximately $197, and impairment on interest of RMB 906, or approximately $143.
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 in fiscal year 2017. However, the progress has been delayed as the developer is currently undergoing asset reorganization process, to re-negotiate with their creditors to complete the project. During the fourth quarter of fiscal 2021, the Company accrued an impairment charge of $1,580 related to the doubtful recovery of the down payment on shop lots in the Singapore Theme Resort Project in Chongqing, China, which the impairment loss translated based on the exchange rate used in the fiscal year 2021. The Company accounted for this noncash impairment charge because of increased uncertainties regarding the project’s viability given the developer’s weakening financial condition as well as uncertainties arising from the negative real estate environment in China, implementation of control measures on real estate lending and its relevant government policies, together with effects of the ongoing pandemic.

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