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Note 8 - Other Assets | 9 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Other Assets Disclosure [Text Block] | 8. OTHER ASSETS Other assets consisted of the following:
|  | Mar. 31, |  |  | Jun. 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  |  |  |
Down payment for purchase of investment properties * |  | $ | - |  |  | $ | - |
Deposits for rental and utilities and others |  |  | 243 |  |  |  | 142 |
Currency translation effect |  |  | (11 | ) |  |  | (5 | )
Total |  | $ | 232 |  |  | $ | 137 |
*Down payment for purchase of investment properties included:
|  | RMB |  |  | U.S. Dollars |
Original Investment (10% of Junzhou 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 |  |  |  | 728 |
Interest Receivable |  |  | 1,250 |  |  |  | 182 |
Less: Impairment of Interest |  |  | (906 | ) |  |  | (132 | )
Transferred to Down Payment (Note *b) |  |  | 5,344 |  |  |  | 778 |
* Down Payment for Purchase of Investment Properties |  |  | 10,207 |  |  |  | 1,486 |
Add: Effect of foreign currency exchange |  |  | - |  |  |  | 94 |
Less: Provision of Impairment loss on other assets |  |  | (10,207 | ) |  |  | (1,580 | )
* Down Payment for Purchase of Investment Properties |  | $ | - |  |  | $ | - |
a) | In Fiscal 2011, the Company signed a Joint Venture agreement (the “Agreement”) with Jia Sheng Property Development Co. Ltd. (the “Developer”) to form a new company, Junzhou Co. Limited (“Joint Venture” or “Junzhou”), to jointly develop the “Singapore Themed Park” project (the “Project”). The Company paid RMB10,000 for the 10% investment in the Joint Venture. The Developer paid the Company a management fee of RMB 5,000 in cash upon signing of the Agreement, with a remaining fee of RMB 5,000 payable upon fulfilment of certain conditions in accordance with the Agreement. The Company further reduced its investment by RMB 137, or approximately $22, through the losses from operations incurred by the Joint Venture. In Fiscal 2014, the Company disposed of its entire 10% interest in the Joint Venture but, to date, has not received payment in full. The Company recognized a disposal based on the recorded net book value of RMB 5,000, or equivalent to $803, from net considerations paid, in accordance with GAAP under ASC Topic 845 Non-monetary Consideration. It is presented under “Other Assets” as non-current 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 the gain can be ascertained.
b) | Amounts of RMB 5,000, or approximately $728, as disclosed in Note 5, plus the interest receivable on long-term loan receivable of RMB 1,250, or approximately $182, and impairment on interest of RMB 906, or approximately $132. The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in the Project. The initial targeted date of completion was in the fiscal year ended June 30, 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 property in the Project in Chongqing, China. The Company recorded a non-cash impairment charge due to increased uncertainties regarding the project’s viability, given the developers weakening financial condition as well as uncertainties arising from the negative real-estate environment in China, implementation of control measures on real-estate lending in China and its relevant government policies, together with effects of the ongoing pandemic. The local court is verifying the documents due to the sizable number of creditors as of March 31, 2023.

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