v3.22.4

Related party balances and transactions | 3 Months Ended
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Sep. 30, 2022
Related Party Transactions [Abstract] |
Related party balances and transactions | Note 10 – Related Party balances and transactions Related party balances Convertible notes payable, related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  | As of September 30, 202 2 |  |  | As of June 30, 202 2 |
|  |  |  |  |  |  |  | (Unaudited) |  |  |  |
Chuah Su Mei |  |  | Spouse of Kok Pin “Darren” Tan, shareholder of TGI |  |  |  | CLN |  |  | $ | - |  |  | $ | 240,444 |
Click Development Berhad |  |  | Shareholder of TGI |  |  |  | CLN |  |  |  | - |  |  |  | 120,235 |
Cloudmaxx Sdn Bhd |  |  | Jau Long “Jerry” Ooi and Kok Pin “Darren” Tan are common shareholder |  |  |  | CLN |  |  |  | - |  |  |  | 568,305 |
V Capital Kronos Berhad |  |  | Shareholder of TGI, and Voon Him “Victor” Hoo is the common shareholder |  |  |  | CLN |  |  |  | - |  |  |  | 1,400,000 |
World Cloud Ventures Sdn Bhd |  |  | Jau Long “Jerry” Ooi is the common shareholder |  |  |  | CLN |  |  |  | - |  |  |  | 108,590 |
Total |  |  |  |  |  |  |  |  |  | $ | - |  |  | $ | 2,437,574 |
Pursuant to the convertible note agreement related to above convertible notes payable, related parties, the convertible note shall not be interest bearing if the Company completes its Offering within the 36 months from the date of issuance of the convertible note, unless it has not been converted by the third anniversary of its issuance date, in which case it shall bear interest from the time of issuance at 12% per annum. As the Company completed its Offering on August 15, 2022, no interest expenses pertained to above convertible notes payable, related parties were accrued for the three months ended September 30, 2022 and 2021. Account payable, related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  | As of September 30, 2022 |  |  | As of June 30, 2022 |
|  |  |  |  |  |  |  | (Unaudited) |  |  |  |
Ezytronic Sdn Bhd |  |  | Jau Long “Jerry” Ooi is the common shareholder |  |  |  | Purchase of inventories |  |  | $ | 5,119 |  |  | $ | 4,229 |
The Evolutionary Zeal Sdn Bhd |  |  | Shareholder of TGI |  |  |  | Purchase of inventories |  |  |  | - |  |  |  | 9,034 |
World Cloud Ventures Sdn Bhd |  |  | Jau Long “Jerry” Ooi is a common shareholder |  |  |  | Purchase of inventories |  |  |  | - |  |  |  | 1,063 |
Total |  |  |  |  |  |  |  |  |  | $ | 5,119 |  |  | $ | 14,326 |
Other payables, related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  | As of September 30, 2022 |  |  | As of June 30, 2022 |
|  |  |  |  |  |  |  | (Unaudited) |  |  |  |
True Sight Sdn Bhd |  |  | Su Huay “Sue” Chuah, the Company’s Chief Marketing Officer is the shareholder of this entity |  |  |  | Consulting fee |  |  | $ | 75,488 |  |  | $ | - |
World Cloud Ventures Sdn Bhd |  |  | Jau Long “Jerry” Ooi is a common shareholder |  |  |  | Operating expense paid on behalf |  |  |  | 14,782 |  |  |  | - |
Total |  |  |  |  |  |  |  |  |  | $ | 90,270 |  |  | $ | - |
Amount due to related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  | As of September 30, 2022 |  |  | As of June 30, 2022 |
|  |  |  |  |  |  |  | (Unaudited) |  |  |  |
Chong Chan “Sam” Teo |  |  | Directors, Chief Executive Officer, and Shareholder of TGI |  |  |  | Interest-free loan, due on demand |  |  | $ | 187,750 |  |  | $ | 197,480 |
Kok Pin “Darren” Tan* |  |  | Shareholder of TGI |  |  |  | Interest-free loan, due on demand |  |  |  | 241,107 |  |  |  | 1,862,608 |
Total |  |  |  |  |  |  |  |  |  | $ | 428,857 |  |  | $ | 2,060,088 |
*As of the date of this report, the Company has repaid $106,729 to Kok Pin “Darren” Tan. Related party transaction Revenue from related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  | For the Three Months Ended September 30, 2022 |  |  | For the Three Months Ended September 30, 2021 |
|  |  |  |  |  |  |  | (Unaudited) |  |  | (Unaudited) |
Ezytronic Sdn Bhd |  |  | Jau Long “Jerry” Ooi is a common shareholder |  |  |  | Sales of products |  |  | $ | - |  |  | $ | 30,661 |
Purchase from related parties
Name of Related Party |  |  | Relationship |  | Nature |  |  | For the Three Months Ended September 30, 2022 |  |  | For the Three Months Ended September 30, 2021 |
|  |  |  |  |  |  |  | (Unaudited) |  |  | (Unaudited) |
Ezytronic Sdn Bhd |  |  | Jau Long “Jerry” Ooi is a common shareholder |  |  | Purchase of products |  |  | $ | - |  |  | $ | 1,695 |
Equipment purchase from related party
Name of Related Party |  |  | Relationship |  | Nature |  |  | For the Three Months Ended September 30, 202 2 |  |  | For the Three Months Ended September 30, 2021 |
|  |  |  |  |  |  |  | (Unaudited) |  |  | (Unaudited) |
Ezytronic Sdn Bhd |  |  | Jau Long “Jerry” Ooi is a common shareholder |  |  | Purchase of equipment |  |  | $ | 13,490 |  |  | $ | - |
Consulting fees from related parties
Name of Related Party |  | Relationship |  |  | Nature |  |  |  | For the Three Months Ended September 30, 2022 |  |  |  | For the Three Months Ended September 30, 2021 |
|  |  |  |  |  |  |  |  | (Unaudited) |  |  |  | (Unaudited) |
True Sight Sdn Bhd |  |  | Su Huay “Sue” Chuah, the Company’s Chief Marketing Officer is a 40% shareholder of this entity |  |  |  | Consulting fees |  |  | $ |  | 150,175 |  |  | $ |  | 115,388 |
Imej Jiwa Communications Sdn Bhd |  |  | Voon Him “Victor” Hoo, the Company’s Chairman and Managing Director is the director of this entity |  |  |  | Consulting fees |  |  |  |  | 2,744 |  |  |  |  | - |
V Capital Investment Limited |  |  | Voon Him “Victor” Hoo, the Company’s Chairman and Managing Director is the director of this entity |  |  |  | Consulting fees |  |  |  |  | - |  |  |  |  | 75,000 |
|  |  |  |  |  |  |  |  |  | $ |  | 152,919 |  |  | $ |  | 190,388 |
Related party loan On December 7, 2020, the Company obtained right of use of a vehicle through signing a trust of deed with Chan Chong “Sam” Teo, the Chief Executive Officer and a shareholder of TGI. In return, the Company is obligated to remit monthly installment auto loan payment related to this vehicle on behalf of the related party mentioned above. The total amount of loan that the Company is entitled to repay is approximately $27,000 (RM 114,000). The auto loan bear 5.96% of interest rate per annum with 60 equal monthly installment payment due on the first of each month. As of September 30, 2022, such loan has an outstanding balance of $3,734, of which $12,585 due after 12 months period and classified as related party loan, non-current portion. The interest expense was $271 and $363 during the three months ended September 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI https://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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