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Note 7 - Investment Properties | 3 Months Ended
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Sep. 30, 2024
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 as of September 30, 2024. The exchange rate is based on the market rate as of September 30, 2024.
|  | Sept. 30, 2024 |  |  | June 30, 2024 |
|  | (Unaudited) |  |  |  |  |
Property I – MaoYe Property |  |  |  |  |  |  |  |
Cost |  | $ | 301 |  |  | $ | 301 |
Less: Accumulated depreciation |  |  | (230 | ) |  |  | (226 | )
Currency translation effect |  |  | (19 | ) |  |  | (22 | )
|  | $ | 52 |  |  |  | 53 |
|  | Sept. 30, 2024 |  |  | June 30, 2024 |
|  | (Unaudited) |  |  |  |  |
Property II – JiangHuai Property |  |  |  |  |  |  |  |
Cost |  | $ | - |  |  | $ | 580 |
Less: Accumulated depreciation |  |  | - |  |  |  | (360 | )
Currency translation effect |  |  | - |  |  |  | (83 | )
Carrying value of relinquished asset |  | $ | - |  |  | $ | 137 |
Cost of acquired asset |  |  | 137 |  |  |  | - |
Less: Accumulated depreciation of acquired asset |  |  | (6 | ) |  |  | - |
Currency translation effect |  |  | 4 |  |  |  | - |
|  | $ | 135 |  |  | $ | 137 |
|  | Sept. 30, 2024 |  |  | June 30, 2024 |
|  | (Unaudited) |  |  |  |  |
Property III – FuLi Property |  |  |  |  |  |  |  |
Cost |  | $ | 648 |  |  | $ | 648 |
Less: Accumulated Depreciation |  |  | (345 | ) |  |  | (338 | )
Currency translation effect |  |  | (86 | ) |  |  | (93 | )
|  | $ | 217 |  |  | $ | 217 |
Rental Property I – MaoYe Property MaoYe Property generated a rental income of $6 during the three months ended September 30, 2024, and 2023. A lease agreement was entered into on February 1, 2023 for a period of 4 years at a monthly rate of RMB15, or approximately $2. Pursuant to the agreement, monthly rental will increase by 5% after the second year. Depreciation expense for MaoYe Property was $4 for the three months ended September 30, 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. In July 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 was 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. The title deeds have been received as September 2024. JiangHuai Property did not generate any rental income for the three months ended September 30, 2024 and 2023. Depreciation expense for JiangHuai was $6 for the three months ended September 30, 2024, and 2023, respectively. Rental Property III – FuLi FuLi Property did not generate any rental income for the three months ended September 30, 2024, as compared to $1 for the same period in Fiscal 2024. A lease agreement was entered into October 10, 2024 for a period of 4 years at a monthly rate of RMB9, or approximately $1. Pursuant to the agreement, monthly rental will increase by 5% after the second year. Depreciation expense for FuLi was $7 for the three months ended September 30, 2024, and 2023, respectively. Summary Total rental income for all investment properties in China was $6 for the three months ended September 30, 2024, as compared to $7 for the three months ended 2023, respectively. Depreciation expense for all investment properties in China was $17 for the three months ended September 30, 2024 and 2023, respectively.

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