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Other Payables and Accrued Liabilities
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Other Payables and Accrued Liabilities [Abstract]    
Other payables and accrued liabilities

Note 11 – Other payables and accrued liabilities

 

  

As of

March 31,

2024

  

As of
June 30,

2023

 
   (Unaudited)   (Audited) 
Accrued professional fees (i)  $145,081   $233,600 
Accrued promotion expenses (ii)   1,701    39,538 
Accrued payroll   82,168    157,542 
Accrued interest (iii)   81,658    79,936 
Payables to merchant from ZCITY platform (iv)   196,742    174,056 
Others   42,538    38,724 
Total other payables and accrued liabilities  $549,888   $723,396 

 

(i) Accrued professional fees

 

The balance of accrued professional fees represented amount due to third parties service providers which include mobile application developing, marketing consulting service, IT related professional service, audit fee, tax filing fee, and consulting fee related to capital raising.

 

(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 notes aforementioned in Note 10. 

 

(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. 

Note 9 – Other payables and accrued liabilities

 

   As of
June 30,
2023		   As of
June 30,
2022		 
         
Accrued professional fees (i)  $233,600   $910,186 
Accrued promotion expenses (ii)   39,538    41,476 
Accrued payroll   157,542    112,069 
Accrued interest (iii)   79,936    92,686 
Payables to merchant from ZCITY platform (iv)   174,056    
-
 
Others   38,724    5,443 
Total other payables and accrued liabilities  $723,396   $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 as of 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.