XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2

Variable interest entity

3 Months Ended

Sep. 30, 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 September 30, 2022 and 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
		September 30, 2022				September 30, 2021
Cash in bank		$	219,520			$	–
Prepayments and other receivables		$	569,244			$	–
Rent deposit		$	47,930			$	–
Office equipment, net		$	50,551			$	–
Right of use - noncurrent		$	108,844			$	–
Deferred tax asset		$	178,116			$	–
Advance from shareholders		$	86,847			$	–
Accounts payable		$	153,756			$	–
Lease liability		$	103,121			$	–
Income tax payable		$	282,029			$	–
Other payables and accrued liabilities		$	192,604			$	–

The operating results of the VIE were as follows for the three months ended September 30, 2022:

Operating results of the VIE
		September 30, 2022
Revenue		$	–
Net loss after elimination of intercompany transactions		$	733,617

For the three months ended September 30, 2022, the VIE contributed approximately $3.2 million of revenue and $0.6 million of net loss before elimination.

X

- References

No definition available.

+ Details

Name:	us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration