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Variable interest entity

3 Months Ended

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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- 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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