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Variable interest entity

9 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable interest entity

Note 5 – Variable interest entity

Effective February 15, 2022, upon acquisition of Anivia, the Company assumed the contractual arrangements between the WFOE and DHS through a variable interest operating entity structure. See Note 4 for details.

The Company did not provide financial or other support to the VIE for the periods presented where the Company was not otherwise contractually required to provide such support.

As of March 31, 2022 and June 30, 2021, there was no pledge or collateralization of the VIE assets that would be used to settle obligations of the VIE.

The carrying amounts of the assets, liabilities and the results of operations of the VIE included in the Company’s consolidated balance sheets and statements of operations and comprehensive income after the elimination of intercompany balances and transactions with the VIE are as follows:

The carrying amount of the VIE’s assets and liabilities were as follows for the periods indicated: 

Carrying amount of VIE assets and liabilities
		March 31, 2022				June 30, 2021
Cash in bank		$	730,227			$	–
Prepayments and other receivables		$	1,289,406			$	–
Office equipment, net		$	52,142			$	–
Right of use - noncurrent		$	156,706				–
Advance from shareholders		$	97,476			$	–
Lease liability		$	161,401				–
Income tax payable		$	119,291			$	–
Other payables		$	147,010			$	–

The operating results of the VIE were as follows for the period from February 15, 2022 to March 31, 2022:

Operating results of the VIE
		March 31, 2022
Revenue		$	–
Net loss		$	650,194

For the period from February 15, 2022 to March 31, 2022, the VIE contributed approximately $1.3 million of revenue and $0.4 million of net income before elimination.

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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