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Variable interest entity

6 Months Ended

Dec. 31, 2023

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 December 31, 2023 and 2022, 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 unaudited condensed 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:

Schedule of carrying amount of the VIE’s assets and liabilities
		December 31, 2023				June 30, 2023
Cash in bank		$	397,027			$	341,774
Prepayments and other receivables		$	327,931			$	664,886
Rent deposit		$	74,209			$	81,624
Office equipment, net		$	21,422			$	33,774
Right of use – noncurrent		$	543,307			$	6,104
Deferred tax assets		$	–			$	64,510
Advance from shareholders		$	87,305			$	85,200
Accounts payable		$	256,944			$	6,278
Lease liability		$	545,219			$	4,758
Income tax payable		$	283,519			$	276,683
Other payables and accrued liabilities		$	526,727			$	344,735

The operating results of the VIE were as follows for the three and six months ended December 31, 2023:

Schedule of operating results of the VIE
		Three Months				Six Months
Revenue		$	–			$	–
Net income (loss) after elimination of intercompany transactions		$	27,461			$	(391,882	)

The operating results of the VIE were as follows for the three and six months ended December 31, 2022:

		Three Months				Six Months
Revenue		$	–			$	–
Net income (loss) after elimination of intercompany transactions		$	(177,947	)		$	(911,564	)

For the three and six months ended December 31, 2023, the VIE contributed approximately $1.8 million and $3.9 million of revenue and $0.15 million and $0.2 million of net loss before elimination, respectively. For the three and six months ended December 31, 2022, the VIE contributed approximately $1.1 million and $4.3 million of revenue and $0.1 million and $0.6 million of net loss before elimination, respectively.

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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
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent

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