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Variable interest entity | 3 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable interest entity | Note 4 – 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. On September 26, 2024, Mr. Zanyu Li, the equity owner of DHS transferred his shares to Ms. Xiaoyun Liu. Ms. Liu has become the Manager and Legal Representative of DHS and assumed all responsibilities and obligations of Mr. Zanyu Li. The transfer of equity ownership did not change the control the Company had on the VIE, therefore there was no impact on the Company’s financial statements. 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, 2024 and June 30, 2024, 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 VIE’s assets and liabilities |  |  |  |  |  |
|  | September 30, 2024 |  |  | June 30, 2024 |
Cash in bank |  | $ | 330,760 |  |  | $ | 222,648 |
Prepayments and other receivables |  | $ | 337,172 |  |  | $ | 202,904 |
Rent deposit |  | $ | – |  |  | $ | 72,281 |
Office equipment, net |  | $ | 9,174 |  |  | $ | 12,205 |
Right of use – noncurrent |  | $ | – |  |  | $ | 434,034 |
Accounts payable |  | $ | 213,717 |  |  | $ | 381,013 |
Lease liability |  | $ | – |  |  | $ | 443,059 |
Income tax payable |  | $ | 285,963 |  |  | $ | 276,158 |
Other payables and accrued liabilities |  | $ | 652,387 |  |  | $ | 514,285 |
The operating results of the VIE were as follows for the three months ended September 30, 2024:
Schedule of operating results of the VIE |  |  |
|  | September 30, 2024 |
Revenue |  | $ | – |
Net loss after elimination of intercompany transactions |  | $ | 138,930 |
The operating results of the VIE were as follows for the three months ended September 30, 2023 :
|  | September 30, 2023 |
Revenue |  | $ | – |
Net loss after elimination of intercompany transactions |  | $ | 419,343 |
For the three months ended September 30, 2024, the VIE contributed approximately $1.4 million of revenue and $0.2 million of net loss before elimination. For the three months ended September 30, 2023, the VIE contributed approximately $2.1 million of revenue and $0.05 million of net loss before elimination.

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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 + Details
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