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Related Party Balances and Transactions
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Related Party Balances and Transactions [Abstract]    
Related Party balances and transactions

Note 12 – Related party balances and transactions

 

Related party balances

 

Other receivable, a related party

 

 

Name of related party

  Relationship  Nature 

As of

March 31,

2024

   As of
June 30,
2023		 
         (Unaudited)   (Audited) 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi is the common shareholder  Equipment rental deposit  $12,229   $12,379 

  

Other payables, related parties

 

 

Name of Related Party

  Relationship  Nature  As of
March 31,
2024		   As of
June 30,
2023		 
         (Unaudited)   (Audited) 
True Sight Sdn Bhd  Su Huay “Sue” Chuah, the Company’s former Chief Marketing Officer is the shareholder of this entity  Consulting fee  $
          -
   $345 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi is a common
shareholder		  Operating expense paid on behalf   
-
    1,315 
Total        $
-
   $1,660 

 

Amount due to related parties

 

 

Name of Related Party

  Relationship  Nature  As of
March 31,
2024		   As of
June 30,
2023		 
         (Unaudited)   (Audited) 
Chong Chan “Sam” Teo  Directors, Chief Executive Officer, and Shareholder of TGL  Interest-free loan, due on demand  $
       -
   $186,579 
Kok Pin “Darren” Tan  Shareholder of TGL  Interest-free loan, due on demand   
-
    134,381 
Total        $
-
   $320,960 

 

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 TGL. 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 March 31, 2024, such loan has an outstanding balance of $10,144, of which $4,084 due after 12 months period and classified as related party loan, non-current portion. The interest expense was $151 and $507 for the three and nine months ended March 31, 2024, respectively. The interest expense was $239 and $758 during the three and nine months ended March 31,2023, respectively. 

 

Related party transactions

 

Revenue from related parties

 

         For the Three Months Ended   For the Nine months Ended 
         March 31,   March 31, 
Name of Related Party  Relationship  Nature  2024   2023   2024   2023 
         (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Matrix Ideal Sdn Bhd  Director Yu Weng Lok is shareholder of TGI, Spouse of Chuah Su Chen, COO of the Company    $
-
   $126   $
-
   $126 

 

Purchase from related parties

 

         For the Three Months Ended   For the Nine months Ended 
         March 31,   March 31, 
Name of Related Party  Relationship  Nature  2024   2023   2024   2023 
         (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi
is a common shareholder		  Purchase of products  $181   $12,310   $25,594   $20,511 

 

Equipment purchased from a related party

 

         For the Three Months Ended   For the Nine months Ended 
         March 31,   March 31, 
Name of Related Party  Relationship  Nature  2024   2023   2024   2023 
         (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi
is a common shareholder		  Purchase of equipment  $1,003   $11,001   $13,149   $49,656 

  

 

Operating expenses from related parties

 

         For the Three Months Ended   For the Nine months Ended 
         March 31,   March 31, 
Name of Related Party  Relationship  Nature  2024   2023   2024   2023 
         (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
True Sight Sdn Bhd  Su Huay “Sue” Chuah, the Company’s former Chief Marketing Officer is a 40% shareholder of this entity  Consulting fees  $17,675   $96,483   $51,414   $279,886 
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 
World Cloud Ventures Sdn Bhd  Jau Long “Jerry” Ooi is the common shareholder  Operating expense   
-
    10,797    
-
    46,441 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi
is a common shareholder		  Operating expense   
-
    
-
    16,244    
-
 
Total        $17,675   $107,280   $67,658   $329,071 

Note 10 – Related Party balances and transactions

 

Related party balances

 

Other receivable, a related party

 

Name of related party  Relationship  Nature  As of
June 30,
2023		   As of
June 30,
2022		 
Ezytronic Sdn Bhd  Jau Long “Jerry” Ooi is the common shareholder  Equipment rental deposit  $12,379   $
-
 

 

Convertible notes payable, related parties

 

Name of related party   Relationship   Nature     As of
June 30,
2023		     As of
June 30,
2022		  
Chuah Su Mei   Spouse of Kok Pin “Darren” Tan, shareholder of TGL     CLN     $            -     $ 240,444  
Click Development Berhad   Shareholder of TGL     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 TGL, 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 years ended June 30, 2023 and 2022.

 

Accounts payable, related parties

 

Name of Related Party   Relationship   Nature   As of
June 30,
2023		     As of
June 30,
2022		  
Ezytronic Sdn Bhd   Jau Long “Jerry” Ooi is the common shareholder   Purchase of inventories   $      -     $ 4,229  
The Evolutionary Zeal Sdn Bhd   Shareholder of TGL   Purchase of inventories     -       9,034  
World Cloud Ventures Sdn Bhd   Jau Long “Jerry” Ooi is a common shareholder   Purchase of inventories     -       1,063  
Total           $ -     $ 14,326  

  

Other payables, related parties

 

Name of Related Party   Relationship   Nature   As of
June 30
2023		     As of
June 30,
2022		  
True Sight Sdn Bhd   Su Huay “Sue” Chuah, the Company’s former Chief Marketing Officer is the shareholder of this entity   Consulting fee   $ 345     $ -  
Ezytronic Sdn Bhd   Jau Long “Jerry” Ooi is a common
shareholder		   Operating expense paid on behalf     1,315       -  
Total           $ 1,660     $ -  

 

Amount due to related parties

 

Name of Related Party   Relationship     Nature   As of
June 30,
2023		     As of
June 30,
2022		  
Chong Chan “Sam” Teo   Directors, Chief Executive Officer, and Shareholder of TGL   Interest-free loan, due on demand   $ 186,579     $ 197,480  
Kok Pin “Darren” Tan   Shareholder of TGL   Interest-free loan, due on demand     134,381       1,862,608  
Total           $ 320,960     $ 2,060,088  

 

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 TGL. 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 June 30, 2023, such loan has an outstanding balance of $13,422, of which $8,099 due after 12 months period and classified as related party loan, non-current portion. The interest expense was $1,779 and $1,333 during the years ended June 30, 2023 and 2022, respectively.

 

Related party transaction

 

Revenue from related parties

 

Name of Related Party   Relationship   Nature     For the
year ended
June 30,
2023		     For the
year ended
June 30,
2022		  
Ezytronic Sdn Bhd   Jau Long “Jerry” Ooi is a common shareholder     Sales of products     $            -     $ 166,139  
Matrix Ideal Sdn Bhd   Yu Weng Lok is a common shareholder     Sales of products       126       2,837  
Total               $ 126     $ 168,976  

 

Purchase from related parties

 

Name of Related Party   Relationship   Nature    

For the
year ended
June 30,

2023

     For the
year ended
June 30,
2022		  
Ezytronic Sdn Bhd   Jau Long “Jerry” Ooi is a common shareholder     Purchase of products     $ 22,036     $ 54,328  
World Cloud Ventures Sdn Bhd   Shareholder of TGL     Purchase of Services       55,484       48,259  
The Evolutionary Zeal Sdn Bhd   Jay Long “Jerry” Ooi is a common shareholder     Purchase of products       -       18,824  
Total               $ 77,520     $ 121,411  

 

Equipment purchased from a related party

 

Name of Related Party   Relationship   Nature    

For the
year ended
June 30,

2023

     For the
year ended
June 30,
2022		  
Ezytronic Sdn Bhd   Jau Long “Jerry” Ooi is a common shareholder     Purchase of equipment      $ 52,328     $ -  

 

Consulting fees from related parties

 

Name of Related Party   Relationship   Nature     For the
Year Ended
June 30,
2023		     For the
Year Ended
June 30,
2022		  
V Capital Investment Limited   Voon Him “Victor” Hoo, the Company’s Chairman and Managing Director is the director of this entity beginning on June 1, 2021.     Consulting fees     $ -     $ 75,000  
Imej Jiwa Communications Sdn Bhd   Voon Him “Victor” Hoo, the Company’s former Chairman and Managing Director is the director of this entity     Consulting fess       2,744       -  
True Sight Sdn Bhd   Su Huay “Sue” Chuah, the Company’s former Chief Marketing Officer is a 40% shareholder of this entity     Consulting fees       290,476       615,367  
Total               $ 293,220     $ 690,367