XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.24.3

LEASES | 3 Months Ended
--- | ---
Sep. 30, 2024
Leases [Abstract] |
LEASES | NOTE 10 - LEASES Lessee The Company leases offices space and warehouse under non-cancelable operating leases, with terms ranging from one to seven and a half years. The lease terms vary from 2 years to 7.5 years. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of ROU assets and lease liabilities. Lease expenses for lease payment are recognized on a straight-line basis over the lease term. Leases with initial terms of 12 months or less are not recorded on the balance sheet. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The table below presents the operating lease related assets and liabilities recorded on the balance sheets. SCHEDULE OF OPERATING LEASE RELATED ASSETS AND LIABILITIES
|  | September 30, 2024 |  |  | June 30, 2024 |
ROU lease assets |  | $ | 161,693 |  |  | $ | 146,035 |
Operating lease liabilities – current |  |  | 301,980 |  |  |  | 272,787 |
Operating lease liabilities – non-current |  |  | 25,182 |  |  |  | - |
Total operating lease liabilities |  | $ | 327,162 |  |  | $ | 272,787 |
The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of September 30, 2024 and June 30, 2024: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES FOR OPERATING LEASES
|  | September 30, 2024 |  |  | June 30, 2024 |
Remaining lease term and discount rate: |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  | 1.11 |  |  |  | 1.00 |
Weighted average discount rate |  |  | 4.33 | % |  |  | 4.38 | %
The components of lease expenses for continuing operations were as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSES
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 38,174 |  |  | $ | 15,275 |
Interest of operating lease liabilities |  |  | 1,286 |  |  |  | 2,275 |
Total lease cost |  | $ | 39,460 |  |  | $ | 17,550 |
Rent expenses totaled US$91,018 and US$40,551 from the continuing operations for the three months ended September 30, 2024 and 2023, respectively. Rent expenses totaled nil and US$51,778 from the discontinued operations for the three months ended September 30, 2024 and 2023, respectively. The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2024: SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Remainder of 2025 |  | $ | 298,650 |
2026 |  |  | 25,660 |
2027 |  |  | 6,415 |
Total lease payments |  |  | 330,725 |
Less: imputed interest |  |  | (3,563 | )
Present value of lease liabilities |  | $ | 327,162 |
Lessor On September 21, 2023, the Company entered into a two-year rental agreement with a third party to lease its property for its office space. Rental income of US$15,468 and nil was recorded in other income, net on the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended September 30, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration