v3.22.4

Other payables and accrued liabilities (Tables)

3 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Summary of Other Payables and Accrued Liabilities

		As of September 30, 2022				As of June 30, 2022
		(Unaudited)
Accrued professional fees (i)		$	6,471			$	910,186
Accrued promotion expenses (ii)			38,952				41,476
Accrued payroll			118,190				112,069
Accrued interest (iii)			70,868				92,686
Payables to merchant from ZCITY platform (iv)			23,838				-
Others			32,090				5,443
Total other payables and accrued liabilities		$	290,409			$	1,161,860

(i) Accrued professional fees

The balance of accrued professional fees represented amount due to third parties service providers which include marketing consulting service, IT related professional service, audit fee, and consulting fee related to capital raising. In addition, the balance of accrued professional fees also consist of consulting fee which the Company agree to compensate the consultant by issuing 300,000 warrants exercisable for a period of 5 years at $4.00 per share. On August 15, 2022, the Company had issued the warrants to the consultant upon completion of its Offering. The value of the consulting fee was estimated by the fair value of the warrants which was determined by using the Black Scholes model (Note 11). The consulting fee was estimated to be $856,170 and record as accrued professional fee for the year ended June 30, 2022. Upon issuance of the warrants, the above mentioned balance of the accrued professional fee was reduced by increasing the same amount in additional paid in capital.

(ii) Accrued promotion expense

The balance of accrued promotion expense represented the balance of profit sharing payable to the Company’s merchant and subscribed agents to promote business growth.

(iii) Accrued interest

The balance of accrued interest represented the balance of interest payable from convertible note aforementioned in Note 8. 

(iv) Payables to merchants from ZCITY platform

The balance of payables to merchants from ZCITY platform represented the amount the Company collected on behalf of merchant from its customer through the Company’s ZCITY platform.

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- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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