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Note 8 - Investment Properties | 12 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Investment Property In China [Text Block] | 8. INVESTMENT PROPERTIES The following table presents the Company’s investment in properties in China as of June 30, 2024. The exchange rate is based on the market rate as of June 30, 2024.
| Investment Date / |  | Investment |  |  | Investment |
| Reclassification Date |  | Amount (RMB) |  |  | Amount (USD) |
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 |  |  | - |  |  |  | (201 | )
Gross investment in rental property |  |  | 9,649 |  |  |  | 1,328 |
Accumulated depreciation on rental property | Jun 30, 2024 |  |  | (8,487 | ) |  |  | (1,188 | )
Reclassified as “Assets held for sale”- MaoYe Property | Jul 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”- MaoYe Property | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  |  | (6,694 | ) |  |  | (921 | )
Net investment in property – China |  |  | 2,955 |  |  |  | 407 |
The following table presents the Company’s investment in properties in China as of June 30, 2023. The exchange rate is based on the market rate as of June 30, 2023.
| Investment Date / |  | Investment |  |  | Investment |
| Reclassification Date |  | Amount (RMB) |  |  | 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 |  |  | - |  |  |  | (199 | )
Gross investment in rental property |  |  | 9,649 |  |  |  | 1,330 |
Accumulated depreciation on rental property | Jun 30, 2023 |  |  | (7,884 | ) |  |  | (1,123 | )
Reclassified as “Assets held for sale”- MaoYe Property | Jul 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale”- MaoYe Property | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  |  | (6,091 | ) |  |  | (856 | )
Net investment in property – China |  |  | 3,558 |  |  |  | 474 |
Rental Property I - MaoYe Property During the fiscal year ended June 30, 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. During the year ended June 30, 2019, the Company sold thirteen of the fifteen units constituting the MaoYe Property. Management has decided not to sell the remaining two units of MaoYe properties in the near future, due to current conditions of the property market in China. A new lease agreement was entered into on February 1, 2023 for a period of 4 years at a monthly rate of RMB14, or approximately $2, after termination of the previous agreement. Pursuant to the agreement, monthly rental will increase by 5% each year. Property purchased from MaoYe generated a rental income of $25 and $14 for Fiscal 2024 and 2023, respectively. Depreciation expense for MaoYe was $14 and $15 for Fiscal 2024 and 2023, respectively. Rental Property II - JiangHuai During the year ended June 30, 2010 (“Fiscal 2010”), TTCQ purchased eight units of commercial property in Chongqing, China, from JiangHuai for RMB 3,600, or approximately $580. The title deeds for these properties had not been received by TTCQ since the entire project had not been completed by JiangHuai. JiangHuai is currently in liquidation and the local court had appointed a Management Company to manage the liquidation process and address claims from stakeholders. To expedite the resolution, TTCQ agreed to settle the claims through an asset exchange. The court directed the Management Company to engage a third-party valuer to assess the assets involved. Based on the valuation, the court determined that TTCQ would receive title deeds for 5 shop units having a total area of 547.67 m² in exchange of the claim made for the 8 units without title deeds. Subsequent to June 30, 2024, the court concluded that the value of these 5 shop units was equivalent to the original purchase price of 8 shop units of RMB 3,600 and issued a court order to process title deeds for the 5 units in the name of TTCQ. The carrying value of the JiangHuai asset group as at June 30, 2024 is RMB 990. Applying the guidance in ASC Topic 845, Nonmonetary transactions, this transaction lacks commercial substance and hence, the JiangHuai asset group will continue to be accounted based on the carrying value of the exchanged investment properties. Property purchased from JiangHuai did not generate any rental income for Fiscal 2024 and 2023. Depreciation expense for JiangHuai was $25 and $26 for Fiscal 2024 and 2023, 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 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 transferred to TTCQ in April 2013 and the title deed was received during the third quarter of Fiscal 2014. TTCQ is actively searching for tenants to occupy the commercial properties, which are vacant as of the date of this Report. Properties purchased from FuLi generated a rental income of $1 and $10 for Fiscal 2024 and 2023, respectively. Depreciation expense for FuLi was $28 and $30 for Fiscal 2024 and 2023, respectively. Summary Total rental income for all investment properties in China was $26 and $24 for Fiscal 2024 and 2023, respectively. Depreciation expense for all investment properties in China was $67 and $71 for Fiscal 2024 and 2023, respectively.

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