v3.22.4
Related party balances and transactions
3 Months Ended
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.