v3.22.4

Income taxes | 3 Months Ended
--- | ---
Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Income taxes | Note 12 – Income taxes The United States and foreign components of loss before income taxes were comprised of the following:
|  | For the three months ended |
|  | September 30, 2022 |
|  | 2022 |  |  | 2021 |
|  | (Unaudited) |  |  | (Unaudited) |
Tax jurisdictions from: |  |  |  |  |  |  |  |
- Local – United States |  | $ | (824,465 | ) |  | $ | (823,254 | )
- Foreign – Malaysia |  |  | (2,836,383 | ) |  |  | (1,946,287 | )
Loss before income tax |  | $ | (3,660,848 | ) |  | $ | (2,769,541 | )
The provision for income taxes consisted of the following:
|  | For the three months ended |
|  | September 30, 2022 |
|  | September 30, 2022 |  |  | June 30, 2022 |
|  | (Unaudited) |  |  |  |
Tax jurisdictions from: |  |  |  |  |  |  |  |
- Local – United States |  | $ | 11,500 |  |  | $ | 3,900 |
- Foreign – Malaysia |  |  | - |  |  |  | - |
Provision for income taxes |  | $ | 11,500 |  |  | $ | 3,900 |
United States of America TGI was incorporated in the State of Delaware and is subject to the tax laws of the United States of America. As of September 30, 2022, the operations in the United States of America incurred $2,368,008 of cumulative net operating losses which can be carried forward indefinitely to offset future taxable income. The deferred tax valuation allowance as of September 30, 2022 and June 30, 2022 were $497,282 and $324,144, respectively. TGI also subject to controlled foreign corporations Subpart F income (“Subpart F”) tax, which is a tax primarily on passive income from controlled foreign corporations with a tax rate of 35%. In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income (“GILTI”) tax, which is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%) with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after the 80% foreign tax credits are applied. For the three months ended September 30, 2022 and 2021, the Company’s foreign subsidiar y did not generate any income that are subject to Subpart F tax and GILTI tax. Malaysia GEM is governed by the income tax laws of Malaysia and the income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. As of September 30, 2022, the operations in the Malaysia incurred $7,279,241 of cumulative net operating losses which can be carried forward for a maximum period of seven consecutive years to offset future taxable income. The deferred tax valuation allowance as of September 30, 2022 and June 30, 2022 were $3,712,278 and $3,031,546, respectively. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of:
|  | As of September 30, 2022 |  |  | As of June 30, 2022 |
|  |  | (Unaudited) |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carry forwards in U.S. |  | $ | 497,282 |  |  | $ | 324,144 |
Net operating loss carry forwards in Malaysia |  |  | 3,712,278 |  |  |  | 3,031,546 |
Stock based compensation |  |  | - |  |  |  | 179,796 |
Amortization of debt discount |  |  | - |  |  |  | 148,081 |
Less: valuation allowance |  |  | (4,209,560 | ) |  |  | (3,683,567 | )
Deferred tax assets |  | $ | - |  |  | $ | - |
Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of September 30, 2022 and June 30, 2022, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the three months ended September 30, 2022 and 2021.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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