v3.22.4

Concentrations of risks | 3 Months Ended
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Sep. 30, 2022
Risks and Uncertainties [Abstract] |
Concentrations of risks | Note 13 – Concentrations of risks (a) Major customers For the three months ended September 30, 2022 and 2021, no customer accounted for 10.0% or more of the Company’s total revenues. As of September 30, 2022, two customer account for 79.4% and 20.6% of the total balance of accounts receivable, respectively. As of June 30, 2022, no customer account for 10.0% or more of the total balance of accounts receivable. (b) Major vendors For the three months ended September 30, 2022, one vendor accounted for approximately 85.0% of the Company’s total purchases. For the three months ended September 30, 2021, one vendor accounted for approximately 86.0% of the Company’s total purchases. As of September 30, 2022, one vendor accounted for approximately 92.0% of the total balance of accounts payable. As of June 30, 2022, three vendors accounted for approximately 46.2%, 24.2%, and 12.3% of the total balance of accounts payable, respectively. (c) Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of September 30, 2022 and June 30, 2022 , $7,007,815 and $1,845,232 were deposited with financial institutions or fund received from customer being held in third party platform’s fund account, and $6,532,537 and $1,759,715 of these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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