XML 22 R12.htm IDEA: XBRL DOCUMENT v3.23.3
Other Receivables and Other Current Assets
 3 Months Ended
Sep. 30, 2023
Other Receivable and Other Current Assets [Abstract]  
Other Receivables and Other Current Assets

Note 5 – Other receivables and other current assets

 

  

As of
September 30,

2023

  

As of

June 30,

2023

 
   (Unaudited)   (Audited) 
Deposits (i)  $113,773   $59,486 
Prepaid tax   2,701    1,595 
Prepaid expense (ii)   435,389    552,044 
Service deposit (iii)   209,768    
-
 
Total other receivables and other current assets  $761,631   $613,125 

 

(i) The balance of deposits mainly represented deposit made by the Company to a third-party service provider to secure the service, security deposit consists of rent and utilities, and others. As of September 30, 2023 and 2022, no allowance was recorded against doubtful receivables.

 

(ii)The balance of prepaid expense mainly represented prepayment made by the Company to third parties for cyber security service, director & officer liability insurance (“D&O Insurance”) or other professional service.

 

In July 2022, the Company entered into an IT service agreement (“Service Agreement”) with a third party. Pursuant to the Service Agreement, the third party will provide IT and advisory service to the Company to enhance its cyber security for a two-year period with a consideration of $477,251. The Company expenses the prepaid expense related to Service Agreement based on the service performed and completed during each period. As of September 30, 2023, the balance of prepaid expense pertained to the Service Agreement amounted to $168,846. 

 

In March 2023, the Company has purchased a D&O Insurance premium amounted to $311,250 which cover a period of twelve months, to be expired on February 24, 2024. As of September 30, 2023, the balance of prepaid expense pertained to the D&O Insurance amounted to $129,688. 

 

(iii)

On July 20, 2023, the Company entered into a software development agreement (the “Agreement”) with Nexgen Advisory Sdn Bhd (“Nexgen”), an unrelated third party. Pursuant to the Agreement, the Company engaged with Nexgen in software development related to the creation of an artificial intelligence-powered travel platform. As of September 30, 2023, the Company had made a $209,768 service deposit to Nexgen; however, the service had not yet commenced. On September 25, 2023, the Company terminated the Agreement with Nexgen and expects to collect the service deposit by the end of December 2023.