Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 12, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Rito Group Corp. | |
Entity Central Index Key | 1,646,576 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 56,128,284 | |
Trading Symbol | RTTO | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
CURRENT ASSETS | ||
Account receivables | $ 32,258 | $ 23,837 |
Deposits paid, prepayments and other receivables | 23,910 | 17,446 |
Inventories | 19,079 | 19,080 |
Cash and cash equivalents | 622,632 | 1,066,636 |
Total current assets | 697,879 | 1,126,999 |
NON-CURRENT ASSETS | ||
Plant and equipment, net | 222,580 | 222,174 |
TOTAL ASSETS | 920,459 | 1,349,173 |
CURRENT LIABILITIES | ||
Current portion of long-term bank loans | 8,138 | 7,394 |
Accrued expenses and other payables | 71,823 | 287,866 |
Due to directors | 61,855 | 151,488 |
Total current liabilities | 141,816 | 446,748 |
NON-CURRENT LIABILITIES | ||
Long-term bank loans | 27,913 | 32,168 |
TOTAL LIABILITIES | 169,729 | 478,916 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 56,045,784 and 55,848,284 shares issued and outstanding as of December 31, 2018 and June 30, 2018 respectively | 5,605 | 5,585 |
Additional paid-in capital | 3,707,206 | 3,327,227 |
Accumulated other comprehensive income /(loss) | 11,950 | (1,281) |
Accumulated deficit | (2,974,031) | (2,461,274) |
TOTAL STOCKHOLDERS' EQUITY | 750,730 | 870,257 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 920,459 | $ 1,349,173 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 56,045,784 | 55,848,284 |
Common stock, shares outstanding | 56,045,784 | 55,848,284 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | ||||
Related party | ||||
Non-related party | 105,613 | 19,758 | 205,188 | 28,509 |
COST OF REVENUE | (69,527) | (14,537) | (182,744) | (20,927) |
GROSS PROFIT | 36,086 | 5,221 | 22,444 | 7,582 |
OTHER INCOME | 313 | 38 | 3,464 | 38 |
OPERATING EXPENSES | ||||
General and administrative | (275,630) | (173,693) | (535,804) | (389,027) |
LOSS FROM OPERATIONS | (239,231) | (168,434) | (509,896) | (381,407) |
Interest expense | (2,861) | (2,398) | (2,861) | (3,362) |
LOSS BEFORE INCOME TAX | (242,092) | (170,832) | (512,757) | (384,769) |
Income tax expense | ||||
NET LOSS | (242,092) | (170,832) | (512,757) | (384,769) |
Other comprehensive loss: | ||||
Foreign currency translation loss | (13,151) | 13,231 | (10) | |
COMPREHENSIVE LOSS | $ (242,103) | $ (170,832) | $ (512,689) | $ (384,779) |
Net loss per share - Basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - Basic and diluted | 56,008,855 | 54,811,806 | 55,987,155 | 54,735,569 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (512,757) | $ (384,769) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 54,284 | |
Interest expenses | 2,861 | 3,362 |
Changes in operating assets and liabilities: | ||
Subscriptions receivable | ||
Trade receivables | (8,420) | (28,032) |
Prepayments, deposits and other receivables | (6,464) | (52,826) |
Trade payables | (9,109) | |
Other payables and accrued liabilities | (216,043) | 341,748 |
Net cash used in operating activities | (686,539) | (129,626) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (54,690) | (121,778) |
Net cash used in investing activities | (54,690) | (121,778) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of shares | 380,000 | 385,500 |
Advances from directors | (89,634) | |
Drawdown of bank borrowings | 45,032 | |
Interest Paid | (2,861) | (3,362) |
Repayment of bank borrowings | (3,511) | (2,301) |
Net cash provided by financing activities | 283,994 | 424,869 |
Effect of exchange rate changes on cash and cash equivalents | 13,231 | 162 |
Net change in cash and cash equivalents | (444,004) | 173,627 |
Cash and cash equivalents, beginning of period | 1,066,636 | 80,487 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 622,632 | 254,114 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Cash paid for income taxes | ||
Cash paid for interest expenses | $ (2,861) |
Basis of Preparation
Basis of Preparation | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | NOTE 1 - BASIS OF PREPARATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the consolidated balance sheet as of December 31, 2018 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the six months ended December 31, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2019 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2018. |
Organization and Business Backg
Organization and Business Background | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | NOTE 2 - ORGANIZATION AND BUSINESS BACKGROUND Rito Group Corp. (the “Company”) was incorporated on March 24, 2015 under the laws of the state of Nevada. The Company, through its subsidiaries, mainly engages in trading of retail goods such as cookware, jewelry and watches, AgriGaia Farming Products, and numerous other products. Details of the Company’s subsidiaries: Company name Place/date of incorporation Particulars of issued capital Equity ownership Principal activities 1. Sino Union International Limited (“Sino Union”) Anguilla January 3, 2014 84,500 shares of ordinary share of US$1 each 100% Investment holding 2. Rito International Enterprise Company Limited (“Rito International”) Hong Kong August 12, 2014 630,001 shares of ordinary share of HK$1 each 100% Trading of retail goods 3. 深圳市 汇图贸易有限公司 Shenzhen, PRC June 27, 2017 500,000 shares of ordinary share of RMB 1 each 100% Trading of retail goods, business and agriculture technology consulting Rito Group Corp. and its subsidiaries are hereinafter referred to as the “Company”. |
Going Concern Uncertainties
Going Concern Uncertainties | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern Uncertainties | NOTE 3 - GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2018, the Company suffered an accumulated deficit of $2,974,031 and continuously incurred a net operating loss of $512,757 for the six months ended December 31, 2018. The continuation of the Company as a going concern through June 30, 2018 is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Furthermore, management plans to import healthy food and drinks produced by Taiwanese AgriGaia Biomimicry Farming System into Hong Kong and arrange the food and drinks to be sold in various outlets by our sole agent in Hong Kong. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. ● Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). ● Basis of consolidation The condensed consolidated financial statements include the accounts of Rito Group Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. ● Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. ● Cash and cash equivalents The company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. ● Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Residual value Leasehold improvement Over the shorter of estimated useful life or term of lease - Equipment 3-10 years - Motor Vehicle 3-10 years - Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. ● Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. ● Revenue recognition In accordance with the Accounting Standard Codification (“ASC”) Topic 605 “Revenue Recognition” Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from trading of retail goods and farming are recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transferred to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there were no sales return for the period reported. The Company derives its revenue from sales of goods to individuals. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. ● Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to the customers, farm expense of direct labor, farm expense of seeds, fertilizers and others, and farm expense of consumables and tools. ● Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” ASC Topic 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial conditions or results of operations for the six months ended December 31, 2018. The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. ● Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share” ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company and its subsidiary in Anguilla is United States Dollars (“US$”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement” Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended December 31, 2018 2017 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 Period-end / average RMB¥ : US$1 exchange rate 6.88 6.87 ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” Level 1 Level 2 Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. ● Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 5 - SHAREHOLDERS’ EQUITY From July to September, 2018, the Company issued 30,000 shares of its common stock at $1.5 per share for gross proceeds of $45,000 and 122,500 shares of its common stock at $2.00 per share for aggregate gross proceeds of $245,000. In November and December 2018, the Company issued an aggregated of 45,000 shares of its common stock at $2.00 per share for aggregate gross proceeds of $90,000. |
Plant and Equipment
Plant and Equipment | 6 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | NOTE 6 - PLANT AND EQUIPMENT As of December 31, 2018 June 30, 2018 (unaudited) (audited) Leasehold improvement $ 236,630 $ 207,062 Equipment 22,169 17,329 Motor vehicle 18,065 - 276,864 224,391 Less: Accumulated depreciation (54,284 ) (2,217 ) Total $ 222,580 $ 222,174 Depreciation expense, classified as operating expenses, was $54,284 for the six months ended December 31, 2018. |
Long-Term Bank Loans
Long-Term Bank Loans | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Bank Loans | NOTE 7 - LONG-TERM BANK LOANS As of December 31, 2018 June 30, 2018 (unaudited) (audited) Bank loan from financial institution in Hong Kong: The Hongkong and Shanghai Banking Corporation Limited $ 36,051 $ 39,562 36,051 39,562 Less: Current portion (8,138 ) (7,394 ) Long-term portion $ (27,913 ) $ 32,168 In July 2017, the Company obtained a loan in the principal amount of HKD349,000 (approximately $45,032) from The Hongkong and Shanghai Banking Corporation Limited, a financial institution in Hongkong which bears interest at the base lending rate less 0.7% flat rate per month with 60 monthly installments of HKD8,260 (approximately $1,066) each and will mature in July 2022. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 - INCOME TAXES For the six months ended December 31, 2018 and 2017, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the six months ended December 31, 2018 2017 (unaudited) (audited) Tax jurisdictions from: – Local $ (22,918 ) $ (29,300 ) – Foreign, representing Anguilla (2,072 ) (3,441 ) Hong Kong (486,891 ) (352,028 ) Shenzhen (876 ) - Loss before income taxes (512,757 ) (384,769 ) Provision for income taxes consisted of the following: For the six months ended December 31, 2018 2017 Current: – Local $ - $ - – Foreign (Hong Kong) - - Deferred: – Local - - – Foreign (Hong Kong) - - $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Anguilla and Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of December 31, 2018, the operations in the United States of America incurred $272,141 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2035, if unutilized. The Company has provided for a full valuation allowance of $57,149 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. Currently the tax rate remains at 21%. Anguilla Under the current laws of the Anguilla, Sino Union is registered as an international business company which is governed by the International Business Companies Act of Anguilla and there is no income tax charged in Anguilla. Hong Kong Rito International is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. For the six months ended December 31, 2018, no provision for income tax is required due to operating loss incurred. As of December 31, 2018, Rito International incurred $2,578,653 of cumulative net operating losses which can be carried forward to offset future taxable income at no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $425,478 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. People’s Republic of China 深圳市 汇图贸易有限公司 For the six months ended December 31, 2018, no provision for income tax is required due to operating loss incurred. As of December 31, 2018, 深圳市 汇图贸易有限公司 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2018 and June 30, 2018: As of December 31, 2018 June 30, 2018 (unaudited) (audited) Deferred tax assets: Net operating loss carryforwards - United States of America $ 57,149 $ 52,337 - Hong Kong 425,478 345,141 - Shenzhen 500 281 $ 483,127 $ 397,759 Less: valuation allowance (483,127 ) (397,759 ) Deferred tax assets - - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $483,127 as of December 31, 2018. During the six months ended December 31, 2018, the valuation allowance increased by $85,368, primarily relating to net operating loss carryforwards from the various tax regime. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 9 - RELATED PARTY TRANSACTIONS For the six months ended December 31, 2018 2017 Professional fee paid to: - Related party A 1,746 7,292 - Related party B $ 10,803 $ 7,200 - Related party C 294 430 Website design and maintenance fee paid to: - Related party D 179 588 $ 13,023 $ 15,510 Related party A, B, C and D are the fellow subsidiaries of a corporate shareholder of the Company. The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
Concentrations of Risks
Concentrations of Risks | 6 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | NOTE 10 - CONCENTRATIONS OF RISKS (a) Major customers For the three months ended December 31, 2018, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the three months ended December 31, 2018 As of December 31, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 105,613 100 % $ 32,258 Total: $ 105,613 100 % $ 32,258 For the three months ended December 31, 2017, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the three months ended December 31, 2017 As of December 31, 2017 Revenue Percentage of revenue Accounts receivable Customer A $ 19,758 100 % $ 19,758 Total: $ 19,758 100 % $ 19,758 For the six months ended December 31, 2018, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the six months ended December 31, 2018 As of December 31, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 80,156 39 % $ 32,258 Customer B 125,032 61 % - Total: $ 205,188 100 % $ 32,258 For the six months ended December 31, 2017, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the six months ended December 31, 2017 As of December 31, 2017 Revenue Percentage of revenue Accounts receivable Customer A $ 28,509 99 % $ 11,715 Total: $ 28,509 99 % $ 11,715 (b) Major vendors For the three months ended December 31, 2018, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the three months ended December 31, 2018 As of December 31, 2018 Purchases Percentage of purchases Accounts payable Vendor A $ 57,294 95 % $ - Total: $ 57,294 95 % $ - For the three months ended December 31, 2017, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the three months ended December 31, 2017 As of December 31, 2017 Purchases Percentage of purchases Accounts payable Vendor A $ 10,178 100 % $ - Total: $ 10,178 100 % $ - For the six months ended December 31, 2018, there was two vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the six months ended December 31, 2018 As of December 31, 2018 Purchases Percentage of purchases Accounts payable Vendor A $ 50,013 27 % $ - Vendor B 99,156 54 % $ - Total: $ 149,169 81 % $ - For the six months ended December 31, 2017, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the six months ended December 31, 2017 As of December 31, 2017 Purchases Percentage of purchases Accounts payable Vendor A $ 20,588 99 % $ - Total: $ 20,588 99 % $ - (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its accounts receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 - COMMITMENTS AND CONTINGENCIES The Company leases an office premises in Hong Kong under a non-cancellable operating lease that expire on December 2018, with an aggregate fixed monthly rent of approximately $1,548. The aggregate lease expense for the three months ended December 31, 2018 and 2017 were $10451 and $4,645, respectively. The aggregate lease expense for the six months ended December 31, 2018 and 2017 were $18,968 and $9,290, respectively. As of December 31, 2019, the Company has the aggregate future minimum rental payments due under a non-cancellable operating lease in next two years, as follows: Period ending December 31: 2019 $ 41,806 2020 24,387 $ 66,193 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 - SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2018 up through the date the Company presented this condensed consolidated financial statements. On January 11,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 15,000 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Lai Kwai Chun (the “Investor”), pursuant to the Subscription Agreements dated as of January 11, 2019 between the Company and the Investor . The net proceeds to the Company amounted to $30,000. The $30,000 in proceeds went directly to the Company as working capital. On January 15,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 7,500 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Cheng Sung Kuen Betty (the “Investor”), pursuant to the Subscription Agreements dated as of January 15, 2019 between the Company and the Investor . The net proceeds to the Company amounted to $15,000. The $15,000 in proceeds went directly to the Company as working capital. On January 30,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 37,500 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Lui Tin Shing (the “Investor A”), pursuant to the Subscription Agreements dated as of January 30, 2019 between the Company and the Investor A. The net proceeds to the Company amounted to $75,000. The $75,000 in proceeds went directly to the Company as working capital. On January 31,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 7,500 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Qi Wen Juan (the “Investor B”), pursuant to the Subscription Agreements dated as of January 31, 2019 between the Company and the Investor B. The net proceeds to the Company amounted to $15,000. The $15,000 in proceeds went directly to the Company as working capital. On January 31,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 7,500 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Or Sau Bing (the “Investor C”), pursuant to the Subscription Agreements dated as of January 31, 2019 between the Company and the Investor C. The net proceeds to the Company amounted to $15,000. The $15,000 in proceeds went directly to the Company as working capital. On February 8,2019, Rito Group Corp. (the “Company”) completed the issuance and sale of an aggregate of 7,500 shares at a price of $2.00 per share with each share consisting of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) in a private placement to Lai Hoi Lam (the “Investor”), pursuant to the Subscription Agreements dated as of February 8, 2019 between the Company and the Investor A. The net proceeds to the Company amounted to $15,000. The $15,000 in proceeds went directly to the Company as working capital. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ● Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of Consolidation | ● Basis of consolidation The condensed consolidated financial statements include the accounts of Rito Group Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Use of Estimates | ● Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | ● Cash and cash equivalents The company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. |
Plant and Equipment | ● Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Residual value Leasehold improvement Over the shorter of estimated useful life or term of lease - Equipment 3-10 years - Motor Vehicle 3-10 years - Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. |
Trade Receivables | ● Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Revenue Recognition | ● Revenue recognition In accordance with the Accounting Standard Codification (“ASC”) Topic 605 “Revenue Recognition” Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from trading of retail goods and farming are recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transferred to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there were no sales return for the period reported. The Company derives its revenue from sales of goods to individuals. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer. |
Cost of Revenues | ● Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to the customers, farm expense of direct labor, farm expense of seeds, fertilizers and others, and farm expense of consumables and tools. |
Income Taxes | ● Income taxes The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, “Income Taxes” ASC Topic 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company did not have any unrecognized tax positions or benefits and there was no effect on the financial conditions or results of operations for the six months ended December 31, 2018. The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. |
Net Loss Per Share | ● Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share” |
Foreign Currencies Translation | ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company and its subsidiary in Anguilla is United States Dollars (“US$”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement” Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended December 31, 2018 2017 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 Period-end / average RMB¥ : US$1 exchange rate 6.88 6.87 |
Related Parties | ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair Value of Financial Instruments | ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” Level 1 Level 2 Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent Accounting Pronouncements | ● Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Organization and Business Bac_2
Organization and Business Background (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Company's Subsidiaries | Details of the Company’s subsidiaries: Company name Place/date of incorporation Particulars of issued capital Equity ownership Principal activities 1. Sino Union International Limited (“Sino Union”) Anguilla January 3, 2014 84,500 shares of ordinary share of US$1 each 100% Investment holding 2. Rito International Enterprise Company Limited (“Rito International”) Hong Kong August 12, 2014 630,001 shares of ordinary share of HK$1 each 100% Trading of retail goods 3. 深圳市 汇图贸易有限公司 Shenzhen, PRC June 27, 2017 500,000 shares of ordinary share of RMB 1 each 100% Trading of retail goods, business and agriculture technology consulting |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life of Plant and Equipment | Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational: Categories Estimated useful life Residual value Leasehold improvement Over the shorter of estimated useful life or term of lease - Equipment 3-10 years - Motor Vehicle 3-10 years - |
Schedule of Exchange Rates Translation | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended December 31, 2018 2017 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 Period-end / average RMB¥ : US$1 exchange rate 6.88 6.87 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Plant and Equipment | As of December 31, 2018 June 30, 2018 (unaudited) (audited) Leasehold improvement $ 236,630 $ 207,062 Equipment 22,169 17,329 Motor vehicle 18,065 - 276,864 224,391 Less: Accumulated depreciation (54,284 ) (2,217 ) Total $ 222,580 $ 222,174 |
Long-Term Bank Loans (Tables)
Long-Term Bank Loans (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Bank Loans | As of December 31, 2018 June 30, 2018 (unaudited) (audited) Bank loan from financial institution in Hong Kong: The Hongkong and Shanghai Banking Corporation Limited $ 36,051 $ 39,562 36,051 39,562 Less: Current portion (8,138 ) (7,394 ) Long-term portion $ (27,913 ) $ 32,168 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Local (United States) and Foreign Components of Loss Before Income Taxes | For the six months ended December 31, 2018 and 2017, the local (United States) and foreign components of loss before income taxes were comprised of the following: For the six months ended December 31, 2018 2017 (unaudited) (audited) Tax jurisdictions from: – Local $ (22,918 ) $ (29,300 ) – Foreign, representing Anguilla (2,072 ) (3,441 ) Hong Kong (486,891 ) (352,028 ) Shenzhen (876 ) - Loss before income taxes (512,757 ) (384,769 ) |
Schedule of Provision for Income Taxes | Provision for income taxes consisted of the following: For the six months ended December 31, 2018 2017 Current: – Local $ - $ - – Foreign (Hong Kong) - - Deferred: – Local - - – Foreign (Hong Kong) - - $ - $ - |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2018 and June 30, 2018: As of December 31, 2018 June 30, 2018 (unaudited) (audited) Deferred tax assets: Net operating loss carryforwards - United States of America $ 57,149 $ 52,337 - Hong Kong 425,478 345,141 - Shenzhen 500 281 $ 483,127 $ 397,759 Less: valuation allowance (483,127 ) (397,759 ) Deferred tax assets - - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For the six months ended December 31, 2018 2017 Professional fee paid to: - Related party A 1,746 7,292 - Related party B $ 10,803 $ 7,200 - Related party C 294 430 Website design and maintenance fee paid to: - Related party D 179 588 $ 13,023 $ 15,510 |
Concentrations of Risks (Tables
Concentrations of Risks (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Major Customers with Revenue and Accounts Receivable | (a) Major customers For the three months ended December 31, 2018, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the three months ended December 31, 2018 As of December 31, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 105,613 100 % $ 32,258 Total: $ 105,613 100 % $ 32,258 For the three months ended December 31, 2017, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the three months ended December 31, 2017 As of December 31, 2017 Revenue Percentage of revenue Accounts receivable Customer A $ 19,758 100 % $ 19,758 Total: $ 19,758 100 % $ 19,758 For the six months ended December 31, 2018, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the six months ended December 31, 2018 As of December 31, 2018 Revenue Percentage of revenue Accounts receivable Customer A $ 80,156 39 % $ 32,258 Customer B 125,032 61 % - Total: $ 205,188 100 % $ 32,258 For the six months ended December 31, 2017, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at period-end are presented as follows: For the six months ended December 31, 2017 As of December 31, 2017 Revenue Percentage of revenue Accounts receivable Customer A $ 28,509 99 % $ 11,715 Total: $ 28,509 99 % $ 11,715 (b) Major vendors For the three months ended December 31, 2018, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the three months ended December 31, 2018 As of December 31, 2018 Purchases Percentage of purchases Accounts payable Vendor A $ 57,294 95 % $ - Total: $ 57,294 95 % $ - For the three months ended December 31, 2017, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the three months ended December 31, 2017 As of December 31, 2017 Purchases Percentage of purchases Accounts payable Vendor A $ 10,178 100 % $ - Total: $ 10,178 100 % $ - For the six months ended December 31, 2018, there was two vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the six months ended December 31, 2018 As of December 31, 2018 Purchases Percentage of purchases Accounts payable Vendor A $ 50,013 27 % $ - Vendor B 99,156 54 % $ - Total: $ 149,169 81 % $ - For the six months ended December 31, 2017, there was one vendor who accounted for 10% or more of the Company’s cost of revenues and its accounts payable balance at period-end are presented as follows: For the six months ended December 31, 2017 As of December 31, 2017 Purchases Percentage of purchases Accounts payable Vendor A $ 20,588 99 % $ - Total: $ 20,588 99 % $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments | Period ending December 31: 2019 $ 41,806 2020 24,387 $ 66,193 |
Organization and Business Bac_3
Organization and Business Background - Summary of Company's Subsidiaries (Details) | 6 Months Ended |
Dec. 31, 2018 | |
Sino Union [Member] | |
Company name | Sino Union International Limited ("Sino Union") |
Place/date of incorporation | Anguilla January 3, 2014 |
Particulars of issued capital | 84,500 shares of ordinary share of US$1 each |
Equity ownership | 100.00% |
Principal activities | Investment holding |
Rito International [Member] | |
Company name | Rito International Enterprise Company Limited ("Rito International") |
Place/date of incorporation | Hong Kong August 12, 2014 |
Particulars of issued capital | 630,001 shares of ordinary share of HK$1 each |
Equity ownership | 100.00% |
Principal activities | Trading of retail goods |
Shenzhen Huitu Trade [Member] | |
Company name | Shenzhen Huitu Trading Co., Ltd. |
Place/date of incorporation | Shenzhen, PRC June 27, 2017 |
Particulars of issued capital | 500,000 shares of ordinary share of RMB 1 each |
Equity ownership | 100.00% |
Principal activities | Trading of retail goods, business and agriculture technology consulting |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Accumulated deficit | $ (2,974,031) | $ (2,974,031) | $ (2,461,274) | ||
Net operating loss | $ (242,092) | $ (170,832) | $ (512,757) | $ (384,769) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Percentage of recognized benefit likelihood of being realized upon ultimate settlement | Greater than 50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Plant and Equipment (Details) | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Leasehold Improvement [Member] | |
Estimated useful life, description | Over the shorter of estimated useful life or term of lease |
Residual value | |
Equipment [Member] | |
Residual value | |
Equipment [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Equipment [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Motor Vehicle [Member] | |
Residual value | |
Motor Vehicle [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Motor Vehicle [Member] | Maximum [Member] | |
Estimated useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Exchange Rates Translation (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Hong Kong, Dollars [Member] | ||
Period-end / average exchange rate | 7.75 | 7.75 |
China, Yuan Renminbi [Member] | ||
Period-end / average exchange rate | 6.88 | 6.87 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Exchange Rates Translation (Details) (Parenthetical) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Hong Kong, Dollars [Member] | ||
Exchange rate | $ 1 | $ 1 |
China, Yuan Renminbi [Member] | ||
Exchange rate | $ 1 | $ 1 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Nov. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gross proceeds from issuance of common stock | $ 380,000 | $ 385,500 | |||
Common Stock One [Member] | |||||
Number of common stock shares issued during the period | 30,000 | ||||
Share subscription price per share | $ 1.5 | ||||
Gross proceeds from issuance of common stock | $ 45,000 | ||||
Common Stock Two [Member] | |||||
Number of common stock shares issued during the period | 122,500 | ||||
Share subscription price per share | $ 2 | ||||
Gross proceeds from issuance of common stock | $ 245,000 | ||||
Common Stock [Member] | |||||
Number of common stock shares issued during the period | 45,000 | 45,000 | |||
Share subscription price per share | $ 2 | $ 2 | $ 2 | ||
Gross proceeds from issuance of common stock | $ 90,000 | $ 90,000 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation expense classified as operating expenses | $ 54,284 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Plant and Equipment (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Plant and Equipment, gross | $ 276,864 | $ 224,391 |
Less: Accumulated depreciation | (54,284) | (2,217) |
Total | 222,580 | 222,174 |
Leasehold Improvement [Member] | ||
Plant and Equipment, gross | 236,630 | 207,062 |
Equipment [Member] | ||
Plant and Equipment, gross | 22,169 | 17,329 |
Motor Vehicle [Member] | ||
Plant and Equipment, gross | $ 18,065 |
Long-Term Bank Loans (Details N
Long-Term Bank Loans (Details Narrative) - Hongkong and Shanghai Banking Corporation Limited [Member] | 1 Months Ended |
Jul. 31, 2017USD ($) | |
Principal amount of loan | $ 45,032 |
Loan interest rate | 0.70% |
Number of installments | 60 monthly installments |
Loan monthly installment amount | $ 1,066 |
Loan maturity date | Jul. 31, 2022 |
Hong Kong, Dollars [Member] | |
Principal amount of loan | $ 349,000 |
Loan monthly installment amount | $ 8,260 |
Long-Term Bank Loans - Schedule
Long-Term Bank Loans - Schedule of Long-Term Bank Loans (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Bank loan | $ 36,051 | $ 39,562 |
Less: Current portion | (8,138) | (7,394) |
Long-term portion | 27,913 | 32,168 |
Hongkong and Shanghai Banking Corporation Limited [Member] | ||
Bank loan | $ 36,051 | $ 39,562 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Deferred tax assets valuation allowance | $ 483,127 |
Change in valuation allowance | 85,368 |
United States of America [Member] | |
Net operating losses carryforwards | $ 272,141 |
Net operating loss carryforwards expiration year | 2,035 |
Deferred tax assets valuation allowance | $ 57,149 |
Tax rate | 21.00% |
Hong Kong [Member] | |
Net operating losses carryforwards | $ 2,578,653 |
Deferred tax assets valuation allowance | $ 425,478 |
Statutory income tax rate | 16.50% |
People's Republic of China [Member] | |
Net operating losses carryforwards | $ 2,001 |
Deferred tax assets valuation allowance | $ 500 |
Statutory income tax rate | 25.00% |
Income Taxes - Schedule of Loca
Income Taxes - Schedule of Local (United States) and Foreign Components of Loss Before Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss before income taxes | $ (242,092) | $ (170,832) | $ (512,757) | $ (384,769) |
Local [Member] | ||||
Loss before income taxes | (22,918) | (29,300) | ||
Anguilla [Member] | ||||
Loss before income taxes | (2,072) | (3,441) | ||
Hong Kong [Member] | ||||
Loss before income taxes | (486,891) | (352,028) | ||
Shenzhen [Member] | ||||
Loss before income taxes | $ (876) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes Current - Local | ||||
Provision for income taxes Current - Foreign | ||||
Provision for income taxes Deferred - Local | ||||
Provision for income taxes Deferred - Foreign | ||||
Income tax expense |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Deferred tax assets, gross | $ 483,127 | $ 397,759 |
Less: valuation allowance | (483,127) | (397,759) |
Deferred tax assets | ||
United States of America [Member] | ||
Deferred tax assets, gross | 57,149 | 52,337 |
Hong Kong [Member] | ||
Deferred tax assets, gross | 425,478 | 345,141 |
Shenzhen [Member] | ||
Deferred tax assets, gross | $ 500 | $ 281 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transaction, Total | $ 13,023 | $ 15,510 |
Related Party A [Member] | ||
Professional fee paid | 1,746 | 7,292 |
Related Party B [Member] | ||
Professional fee paid | 10,803 | 7,200 |
Related Party C [Member] | ||
Professional fee paid | 294 | 430 |
Related Party D [Member] | ||
Website design and maintenance fee paid | $ 179 | $ 588 |
Concentrations of Risks (Detail
Concentrations of Risks (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues and Accounts Receivable [Member] | Customer [Member] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Cost of Revenues and Accounts Payable [Member] | One Vendor [Member] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |
Cost of Revenues and Accounts Payable [Member] | Two Vendor [Member] | ||||
Concentration risk percentage | 10.00% |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Major Customers with Revenue and Accounts Receivable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [Member] | ||||
Revenue | $ 105,613 | $ 19,758 | $ 205,188 | $ 28,509 |
Percentage of revenue | 100.00% | 100.00% | 100.00% | 99.00% |
Accounts Receivable [Member] | ||||
Accounts receivable | $ 32,258 | $ 19,758 | $ 32,258 | $ 19,758 |
Accounts Receivable One [Member] | ||||
Accounts receivable | 11,715 | 11,715 | ||
Customer A [Member] | Revenue [Member] | ||||
Revenue | $ 105,613 | $ 19,758 | $ 80,156 | $ 28,509 |
Percentage of revenue | 100.00% | 100.00% | 39.00% | 99.00% |
Customer A [Member] | Accounts Receivable [Member] | ||||
Accounts receivable | $ 32,258 | $ 19,758 | $ 32,258 | $ 19,758 |
Customer A [Member] | Accounts Receivable One [Member] | ||||
Accounts receivable | 11,715 | 11,715 | ||
Customer B [Member] | Revenue [Member] | ||||
Revenue | $ 125,032 | |||
Percentage of revenue | 61.00% | |||
Customer B [Member] | Accounts Receivable [Member] | ||||
Accounts receivable | 32,258 | $ 32,258 | ||
Customer A [Member] | Accounts Receivable [Member] | ||||
Accounts receivable | ||||
Vendor A [Member] | Revenue [Member] | ||||
Revenue | $ 57,294 | $ 10,178 | $ 50,013 | $ 20,588 |
Percentage of revenue | 95.00% | 100.00% | 27.00% | 99.00% |
Vendor A [Member] | Accounts Payable [Member] | ||||
Accounts payable | ||||
One Vendor [Member] | Revenue [Member] | ||||
Revenue | $ 57,294 | $ 10,178 | $ 20,588 | |
Percentage of revenue | 95.00% | 100.00% | 99.00% | |
One Vendor [Member] | Accounts Payable [Member] | ||||
Accounts payable | ||||
Vendor B [Member] | Revenue [Member] | ||||
Revenue | $ 99,156 | |||
Percentage of revenue | 54.00% | |||
Vendor B [Member] | Accounts Payable [Member] | ||||
Accounts payable | ||||
Two Vendor [Member] | Revenue [Member] | ||||
Revenue | $ 149,169 | |||
Percentage of revenue | 81.00% | |||
Two Vendor [Member] | Accounts Payable [Member] | ||||
Accounts payable |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Aggregate lease expense | $ 10,451 | $ 4,645 | $ 18,968 | $ 9,290 |
Hong Kong [Member] | ||||
Operating lease expiration date | Dec. 31, 2018 | |||
Future minimum rental payments | $ 1,548 | $ 1,548 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 41,806 |
2,020 | 24,387 |
Total | $ 66,193 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Feb. 08, 2019 | Jan. 31, 2019 | Jan. 30, 2019 | Jan. 15, 2019 | Jan. 11, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Proceeds from issuance | $ 380,000 | $ 385,500 | ||||||||
Common Stock [Member] | ||||||||||
Proceeds from issuance | $ 90,000 | $ 90,000 | ||||||||
Subsequent Event [Member] | Investor [Member] | Common Stock [Member] | ||||||||||
Aggregate to sale of issuance | 7,500 | 7,500 | 15,000 | |||||||
Sale of price per shares | $ 2 | $ 2 | $ 2 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Proceeds from issuance | $ 15,000 | $ 15,000 | $ 30,000 | |||||||
Subsequent Event [Member] | Investor A [Member] | Common Stock [Member] | ||||||||||
Aggregate to sale of issuance | 37,500 | |||||||||
Sale of price per shares | $ 2 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Proceeds from issuance | $ 75,000 | |||||||||
Subsequent Event [Member] | Investor B [Member] | Common Stock [Member] | ||||||||||
Aggregate to sale of issuance | 7,500 | |||||||||
Sale of price per shares | $ 2 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Proceeds from issuance | $ 15,000 | |||||||||
Subsequent Event [Member] | Investor C [Member] | Common Stock [Member] | ||||||||||
Aggregate to sale of issuance | 7,500 | |||||||||
Sale of price per shares | $ 2 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Proceeds from issuance | $ 15,000 |