Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 25, 2020 | Dec. 31, 2018 | |
Cover [Abstract] | |||
Entity Registrant Name | Ajia Innogroup Holdings, Ltd. | ||
Entity Central Index Key | 0001650739 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Jun. 30, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 101,120,000 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,446 | $ 31,867 |
Accounts receivable | 3,871 | 0 |
Earnest deposit | 105,000 | 0 |
Prepayments and other receivables | 117 | 4,738 |
Total current assets | 114,434 | 36,605 |
Non-current assets | ||
Plant and equipment, net | 662 | 696 |
TOTAL ASSETS | 115,096 | 37,301 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 45,258 | 28,710 |
Amount due to a related party | 107,859 | 387,665 |
Total current liabilities | 153,117 | 416,375 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized; no shares are issued | 0 | 0 |
Common stock, $0.001 par value; 500,000,000 and 75,000,000 shares authorized; 101,120,000 and 7,270,000 shares issued and outstanding as of June 30, 2020 and 2019 | 101,120 | 7,270 |
Additional paid-in capital | 503,550 | 192,400 |
Accumulated other comprehensive loss | (2,756) | (458) |
Accumulated deficit | (639,935) | (578,286) |
Total stockholders' deficit | (38,021) | (379,074) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 115,096 | $ 37,301 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Jun. 30, 2019 |
Stockholders' Deficit | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 75,000,000 |
Common stock, shares issued | 101,120,000 | 7,270,000 |
Common stock, shares outstanding | 101,020,000 | 7,270,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
Revenues, net | $ 92,883 | $ 49,997 |
Cost of revenue | (12,829) | (88,389) |
Gross profit (loss) | 80,054 | (38,392) |
Operating expenses | ||
General and administrative | (165,238) | (97,242) |
Professional fee | (69,343) | (109,374) |
Total operating expenses | (234,581) | (206,616) |
LOSS FROM OPERATIONS | (154,527) | (245,008) |
Other income: | ||
Foreign exchange gain | 259 | 22 |
Government subsidy | 8,852 | 0 |
Sundry income | 83,762 | 0 |
Interest income | 5 | 2 |
Total other income | 92,878 | 24 |
LOSS BEFORE INCOME TAXES | (61,649) | (244,984) |
Income tax expense | 0 | 0 |
NET LOSS | (61,649) | (244,984) |
Other comprehensive loss: | ||
- Foreign currency translation loss | (2,298) | (879) |
COMPREHENSIVE LOSS | $ (63,947) | $ (245,863) |
Net loss per share - Basic and diluted | $ 0 | $ (0.03) |
Weighted average common shares outstanding - Basic and diluted | 94,129,426 | 8,749,452 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (61,649) | $ (244,984) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 200 | 193 |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,871) | 2,768 |
Prepayments and other receivables | 4,621 | (3,138) |
Accounts payable and accrued liabilities | 16,548 | (7,335) |
Net cash used in operating activities | (44,151) | (252,496) |
Cash flows from investing activities: | ||
Purchase of plant and equipment | (169) | 0 |
Net cash used in investing activities | (169) | 0 |
Cash flows from financing activities: | ||
Advances from a director | 20,194 | 283,429 |
Net cash provided by financing activities | 20,194 | 283,429 |
Effect of exchange rate changes on cash and cash equivalents | (2,295) | (882) |
Net change in cash and cash equivalents | (26,421) | 30,051 |
CASH AND CASH EQUIVALENT, BEGINNING OF YEAR | 31,867 | 1,816 |
CASH AND CASH EQUIVALENT, END OF YEAR | 5,446 | 31,867 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
Shares cancelled | $ 0 | $ 3,000 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS DEFICIT - USD ($) | Total | Common Stock [Member] | Common stock to be cancelled [Member] | Additional Paid-in Capital [Member] | Accumulated other comprehensive income (loss) [Member] | Accumulated Deficit [Member] |
Balance, shares at Jun. 30, 2018 | 7,270,000 | |||||
Balance, amount at Jun. 30, 2018 | $ (133,211) | $ 7,270 | $ 3,000 | $ 189,400 | $ 421 | $ (333,302) |
Shares cancelled, amount | 0 | 0 | (3,000) | 3,000 | 0 | 0 |
Net loss for the year | (244,984) | 0 | 0 | 0 | 0 | (244,894) |
Foreign currency translation adjustment | (879) | $ 0 | 0 | 0 | (879) | 0 |
Balance, shares at Jun. 30, 2019 | 7,270,000 | |||||
Balance, amount at Jun. 30, 2019 | (379,074) | $ 7,270 | 0 | 192,400 | (458) | (578,286) |
Net loss for the year | (61,649) | 0 | 0 | 0 | 0 | (61,649) |
Foreign currency translation adjustment | (2,298) | $ 0 | 0 | 0 | (2,298) | 0 |
Issuance of shares for promissory note, shares | 93,750,000 | |||||
Issuance of shares for promissory note, amount | 300,000 | $ 93,750 | 0 | 206,250 | 0 | 0 |
Issuance of shares as earnest deposit, shares | 100,000 | |||||
Issuance of shares as earnest deposit, amount | 105,000 | $ 100 | 0 | 104,900 | 0 | 0 |
Balance, shares at Jun. 30, 2020 | 101,120,000 | |||||
Balance, amount at Jun. 30, 2020 | $ (38,021) | $ 101,120 | $ 0 | $ 503,550 | $ (2,756) | $ (639,935) |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Jun. 30, 2020 | |
ORGANIZATION AND BUSINESS BACKGROUND | |
1. ORGANIZATION AND BUSINESS BACKGROUND | Ajia Innogroup Holdings, Ltd., formerly “Wigi4you, Inc.” (the “Company” or “AJIA”) was incorporated in the State of Nevada on March 19, 2014. The Company had intended to provide a website and mobile app to assist event planners in locating performers, bands and speakers, booking locations and planning events in areas around the United States and Canada. However, The Company changed its business plan in 2017 and is currently planning to pursue the business in having self-help photo kiosks to be implemented at major convenient locations, such as shopping mall, buildings near subway stations, etc. to attract customers to use the service. In addition, the Company provides system development consulting and training services. The main revenue for these businesses will be generated from the self-help photo kiosks at which one can do photo printing, Wechat printing, game commemorative photos, copying documents, etc., as well as from consulting contracts. On November 24, 2017, the Board of Directors (the “Board”) accepted the resignation of Ms. Elaine Wan as Chief Executive and Chief Financial Officer of the Company. At the same time, the Board elected the following individuals to the following positions: Mr. Chi Qiang Liang was elected as President, Chief Executive Officer and Director of the Company; Mr. Wai Hing Samuel Lai was elected as Chief Financial Officer of the Company; Shun Ching (Dickson) Wong was elected as a Director and a Member of the Audit Committee of the Company; Ms. Sin Kei Stella Hui was elected as a Director and a Member of the Audit Committee; Ms. Kiu Chung Jacqueline Tang was elected as Chief Operating Officer of the Company; Mr. Jeffrey Firestone was elected as Director and Vice President of Investor Relations of the Company; Dr. Kwai Lam Terence Wong was elected as Vice President of Investor Relations and Elaine Wan was elected as Director, Secretary and Treasurer. On December 1, 2017, the Company acquired a ten percent (10%) ownership interest in a collection code project (“Project”), the purpose of which is to improve the marketability and market penetration of Alipay Network Technology Co., Ltd. (“Alipay”) collection code system. As a part of the agreement, the Company will share 10% of expenses and profit on the Project. Effective February 9, 2018, the Board accepted the resignation of Jeffrey S. Firestone from his position as Vice President and director of the Company. On April 25, 2018, the Company announced that its wholly owned subsidiary, Guangzhou Shengjia Trading Co., Ltd. of Guangzhou, China (“Shengjia”) has entered into an agreement with Guangzhou Renhai Network Technology Co., Ltd. (“Renhai”) in which Shengjia would replace its 10% interest in the Alipay payment code business development project (“Alipay Project”), with a 30% interest of Renhai’s new China Mobile project. Renhai has recently reached an agreement with China Mobile Communications Corporation (“China Mobile”) whereby Renhai and China Mobile are to sign an agreement appointing Renhai as one of China Mobile’s marketers in promoting China Mobile’s business products for the period from April 1, 2018 to September 30, 2018. Renhai’s China Mobile agreement will be extended once certain business targets are fulfilled. Nevertheless, even with the above remedies, the returns from the projects are still not satisfied by the Company’s management and are far below the estimations made from Renhai to the Company. In this regard, on December 28, 2018, both parties agreed that the agreements between Shengia and Renhai are rescinded and voided. Renhai shall return the Company’s 3,000,000 shares to the Company for cancellation and the Company shall return all the incomes previously received from Renhai. The Company cancelled these 3,000,000 shares of common stock on December 28, 2018. The Company’s activities are subject to significant risks and uncertainties including failing to secure additional funding to operationalize the Company’s website and apps before another company develops similar websites or apps. On July 28, 2018, the Company issued a convertible promissory note in the amount of $300,000.00 to Full Yick International Ltd. Pursuant to the terms the convertible promissory note was convertible into 93,750,000 common shares of the Company at $0.0032 per share on July 31, 2019. On or about August 9, 2019, Full Yick International Ltd. exercised their option to convert the $300,000.00 note into 93,750,000 common shares of the Company, which constitutes approximately 92.8% of the issued and outstanding common shares of the Company, and instructed the Company to issue the shares to approximately 84 shareholders. Of those approximately 84 shareholders, the largest, Full Yick International, Ltd., holds 12,038,723 shares, or approximately 11.9% of the issued and outstanding shares of the Company. There are no arrangements between the members of the former and new control groups and their associates with respect to election of directors or other matters. On September 20, 2019, Mr. Kin Chung Ken Tam was appointed as members of the Board of Directors (the “Board”) of the Company’s Executive directors. Mr. Hung Hin Samuel Leung and Mr. Kwok Fai Thomas Yip (“Mr. Yip”) were appointed as members of the Board of the Company’s Independent and Non-executive directors – Audit committee. On September 20, 2019, Ms. Sin Kei Stella Hui and Mr. Shun Ching (Dickson) Wong were resigned from the member of the Board of the Company. On March 30, 2020, Splendor Radiant Limited, a wholly-owned subsidiary of Ajia Innogroup Holdings, Ltd. (“Ajia”), entered into a Memorandum of Understanding (“MOU”) with Allied Precision Medicine Consultants Limited (“Allied”), a Hong Kong corporation, in which the Parties have committed to jointly promote stem cell products and services in Hong Kong and Macau. Ajia has initially issued 100,000 shares of its common stock to Allied to acquire 50% sharing of the profits in this project. The Board shall then appoint an independent third party to carry out due diligence and valuation of the project and, based upon the recommendation of this valuation report, the Board shall issue additional common shares of Ajia to Allied as fair consideration and compensation to acquire 50% profit sharing interest in the project. The details of the Company’s subsidiaries are described below: Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest Held Splendor Radiant Limited British Virgin Islands, a limited liability company Investment holding 1 issued shares of US$1 each 100 % A Jia Creative Holdings Limited Hong Kong, a limited liability company Provision of system setup and maintenance services, investment holding 100 issued shares of HK$1 each 100 % Guangzhou Shengjia Trading Co., Ltd The PRC, a limited liability company Trading business HK$1,000,000 100 % AJIA and its subsidiaries are hereinafter referred to as (the “Company”). Subsequent to June 30, 2020 and on September XX, 2020, Mr. Yip was appointed as the Company’s executive directors and his vancancy of the Company’s Independent and Non-Executive Director was replaced by Ms. Tang, Kiu Chung Jacqueline (“Ms. Tang”). Ms. Tang obtained BSc. in Accounting and a Finance degree from University of Surrey in 2012. She has 5 years of business management and director experience. In 2013, she joined Go Fun Project Limited (NGO) and Y&L Group International Company Limited as their director. Since 2015, she has been a director of the Yu On Company Limited. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Jun. 30, 2020 | |
GOING CONCERN UNCERTAINTIES | |
2. GOING CONCERN UNCERTAINTIES | The accompanying consolidated 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. The Company experienced a net loss of $61,649 and suffered from negative cash flows from operations during the year and incurred an accumulated deficit of $639,935 as of June 30, 2020. The continuation of the Company as a going concern through June 30, 2021 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and 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 | 12 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | · Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). · Use of estimates In preparing these 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 years reported. Actual results may differ from these estimates. · Basis of consolidation The consolidated financial statements include the financial statements of AJIA and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · 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 and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. · Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets · Revenue recognition The Company’s revenue recognition policies are in compliance with ASC 605-35 “ Revenue Recognition For the Company’s business in catering system development and training, monthly revenue is recognized when the Company satisfies its obligation by transferring control of the promised goods or performance of services to the customer. The Company recognizes revenues on sales of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract or a customer purchase order and each provides information with respect to the service being sold and the sales price. If the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service is provided to the customer. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. · Comprehensive income or loss ASC Topic 220, “Comprehensive Income” · Income taxes The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 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 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 condition or results of operations for the years ended June 30, 2020 and 2019. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Company’s tax returns remain open subject to examination by major tax jurisdictions. · 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 statement of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiaries operating in Hong Kong and the PRC maintained their books and records in their local currency, Hong Kong Dollars (“HK$”) and Renminbi Yuan (“RMB”), which are functional currencies as being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement”, Translation of amounts from its reporting currencies into US$ has been made at the following exchange rates for the respective year: 2020 2019 Year-end HK$:US$1 exchange rate 7.7506 7.8139 Annual average HK$:US$1 exchange rate 7.7947 7.8405 Year-end RMB:US$1 exchange rate 7.0712 6.8680 Annual average RMB:US$1 exchange rate 7.0325 6.8239 · Pension cost Contributions to retirement schemes (which are defined contribution plans) are charged to general and administrative expenses in the statements of operation and comprehensive income as and when the related employee service is provided. · 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. · Segment reporting ASC Topic 280, “ Segment Reporting · Concentration of credit risk The Company is subject to credit risk through its accounts receivable consisting primarily of amounts due from franchisees for royalty income, and other products. The financial condition of these franchisees is largely dependent upon the underlying business trends of our brands and market conditions within the vending industry. This concentration of credit risk is mitigated, in part, by the large number of franchisees spread over a large geographical area and the short-term nature of the receivables. · Commitments and contingencies The Company follows the ASC 450-20, “ Commitments” If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also 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 Recently Issued and Adopted Accounting Guidance In January 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01 (“ASU 2016-01”), Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Financial Instruments-Overall: Technical Corrections and Improvements In February 2016, the FASB issued ASU No. 2016-02, Leases In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments Recent Accounting Guidance Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2020 | |
PLANT AND EQUIPMENT | |
4. PLANT AND EQUIPMENT | Plant and equipment consisted of the following: As of June 30, 2020 2019 Computer equipment, at cost $ 1,128 $ 967 Foreign translation difference 12 4 1,140 971 Less: accumulated depreciation (474 ) (274 ) Less: foreign translation difference (4 ) (1 ) $ 662 $ 696 Depreciation expense for the years ended June 30, 2020 and 2019 were $200 and $193, respectively. |
AMOUNT DUE TO A RELATED PARTY
AMOUNT DUE TO A RELATED PARTY | 12 Months Ended |
Jun. 30, 2020 | |
AMOUNT DUE TO A RELATED PARTY | |
5. AMOUNT DUE TO A RELATED PARTY | As of June 30, 2020 and 2019, amount due to a related party represented temporary advances made by a director of the Company, Ms. WAN Yin Ling, which was unsecured, interest-free and had no fixed terms of repayment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2020 | |
INCOME TAXES | |
6. INCOME TAXES | The Company operates in various countries: United States, British Virgin Island, Hong Kong and the PRC 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 United States current tax law. British Virgin Island Under the current BVI law, the Company is not subject to tax on income. Hong Kong For the years ended June 30, 2020 and 2019, no provision for Hong Kong Profits Tax is provided for, since the Company’s income neither arises in, nor is derived from Hong Kong under its applicable tax law. The reconciliation of income tax rate to the effective income tax rate based on loss before income taxes from foreign operation for the years ended June 30, 2020 and 2019 are as follows: Years ended June 30, 2020 2019 Loss before income taxes $ 39,604 $ (120,881 ) Statutory income tax rate 16.5 % 16.5 % Income tax impact at the statutory rate 6,534 (19,945 ) Non-deductible items 33 31 Deductible items (1,531 ) (10 ) Tax loss (ultilised)/not recognized as deferred tax (5,036 ) 19,924 Income tax expense $ - $ - The PRC For the years ended June 30, 2020 and 2019, the Company generated no operating result and accordingly, no provision for income tax has been recorded. As of June 30, 2020, the PRC operation incurred $7,837 of net operating losses carryforward available for income tax purposes that may be used to offset future taxable income and will begin to expire in 5 years from the year of incurrence, if unutilized. The Company has provided for a full valuation allowance 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. The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of June 30, 2020 and 2019: As of June 30, 2020 2019 Deferred tax assets: Net operating loss carryforward from: – United States of America $ 131,910 $ 112,293 – Hong Kong 18,046 23,082 – The PRC 6,281 4,322 Total deferred tax assets 156,237 139,697 Less: valuation allowance (156,237 ) (139,697 ) Net deferred tax assets $ - $ - As of June 30, 2020, the Company incurred $639,935 the aggregate net operating loss carryforwards available to offset its taxable income for income tax purposes. The Company has provided for a full valuation allowance against the deferred tax assets of $156,237 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. For the year ended June 30, 2020, the valuation allowance increased by $16,540, primarily relating to net operating loss carryforwards. |
PENSION COSTS
PENSION COSTS | 12 Months Ended |
Jun. 30, 2020 | |
PENSION COSTS | |
8. PENSION COSTS | Contributions to retirement schemes (which are defined contribution plans) are charged to general and administrative expenses in the statements of operation and comprehensive income as and when the related employee service is provided. The Company is required to make contribution under a defined contribution pension scheme for all of its eligible employees in Hong Kong. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. The total contributions made were $4,398 and $551 for the years ended June 30, 2020 and 2019, respectively |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Jun. 30, 2020 | |
STOCKHOLDERS' DEFICIT | |
9. STOCKHOLDERS' DEFICIT | (a) Preferred stock The Company was authorized to issue one hundred million (100,000,000) shares of preferred stock, par value $0.001 per share. On June 30, 2020, none of the preferred shares have been issued. (b) Common stock Shares authorized Upon formation, the total number of shares of all classes of stock which the Company was authorized to issue seventy-five million (75,000,000) shares of common stock, par value $0.001 per share. On December 15, 2018, the Company increased its authorized common shares to 500,000,000 shares at par value $0.001 per share. Common stock issued On July 28, 2018, the Company issued a convertible promissory note in the amount of $300,000 to Full Yick International Ltd, a major shareholder to settle with the related party loan. Pursuant to the terms of the convertible promissory note, the note has an option to convert into 93,750,000 common shares of the Company at $0.0032 per share, on or the earlier of July 31, 2019. On July 31, 2019, Full Yick International Limited exercised their option to convert the $300,000 note into 93,750,000 common shares of the Company, at the price of $0.0032 per share. On August 9, 2019, the Company approved the share issuance of 93,750,000 common shares to Full Yick International Limited. On March 30, 2020, the Company, through its wholly-owned subsidiary entered into a Memorandum of Understanding (“MOU”) with Allied Precision Medicine Consultants Limited (“Allied”), a Hong Kong corporation, in which the Parties have committed to jointly promote stem cell products and services in Hong Kong and Macau. The Company agreed to issue 100,000 shares of its common stock at the current market value of $1.05 per share, to Allied as a non-refundable deposit of $105,000 to anticipate the business collaboration in this project. The Company shall appoint an independent third party to carry out due diligence and valuation of this project. As of June 30, 2020 and 2019, the Company had a total of 101,120,000 and 7,270,000 shares of its common stock issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
10. RELATED PARTY TRANSACTIONS | From time to time, the stockholder and director of the Company advanced funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand. The imputed interest on the loan from a related party was not significant. As of June 30, 2020 and 2019, the balance $107,859 and $387,665 represented the loan account of the Director - Wan Yin Ling, which is unsecured, non-interest bearing, and due on demand. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Jun. 30, 2020 | |
GOING CONCERN UNCERTAINTIES | |
11. CONCENTRATIONS OF RISK | The Company is exposed to the following concentrations of risk: (a) Major customers For the years ended June 30, 2020 and 2019, the individual customer who accounts for 10% or more of the Company’s revenues and its outstanding receivable balances as at year-end dates, are presented as follows: Year ended June 30, 2020 June 30, 2020 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 45,030 48 % $ - Customer B 35,024 38 % - Customer C 12,829 14 % 3,871 Total: $ 92,883 100 % Total: $ 3,871 Year ended June 30, 2019 June 30, 2019 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 49,997 100 % Total: $ - These customers are located in Hong Kong. (b) Credit risk Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade 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. (c) Exchange rate risk The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in HK$ and a significant portion of the assets and liabilities are denominated in HK$. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and HK$.. The Company does not hold any derivative or other financial instruments that expose to substantial market risk. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
12. COMMITMENTS AND CONTINGENCIES | As of June 30, 2020 and 2019, there were no commitments and contingencies involved. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2020 | |
SUBSEQUENT EVENTS | |
13. SUBSEQUENT EVENTS | In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of Estimates | In preparing these 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 years reported. Actual results may differ from these estimates. |
Basis of consolidation | The consolidated financial statements include the financial statements of AJIA and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
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 and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. |
Impairment of long-lived assets | In accordance with the provisions of ASC Topic 360, “ Impairment or Disposal of Long-Lived Assets |
Revenue recognition | The Company’s revenue recognition policies are in compliance with ASC 605-35 “ Revenue Recognition For the Company’s business in catering system development and training, monthly revenue is recognized when the Company satisfies its obligation by transferring control of the promised goods or performance of services to the customer. The Company recognizes revenues on sales of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract or a customer purchase order and each provides information with respect to the service being sold and the sales price. If the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service is provided to the customer. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. |
Comprehensive income or loss | ASC Topic 220, “Comprehensive Income” |
Income taxes | The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 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 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 condition or results of operations for the years ended June 30, 2020 and 2019. The Company and its subsidiaries are subject to local and various foreign tax jurisdictions. The Company’s tax returns remain open subject to examination by major tax jurisdictions. |
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 statement of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiaries operating in Hong Kong and the PRC maintained their books and records in their local currency, Hong Kong Dollars (“HK$”) and Renminbi Yuan (“RMB”), which are functional currencies as being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement”, Translation of amounts from its reporting currencies into US$ has been made at the following exchange rates for the respective year: 2020 2019 Year-end HK$:US$1 exchange rate 7.7506 7.8139 Annual average HK$:US$1 exchange rate 7.7947 7.8405 Year-end RMB:US$1 exchange rate 7.0712 6.8680 Annual average RMB:US$1 exchange rate 7.0325 6.8239 |
Pension cost | Contributions to retirement schemes (which are defined contribution plans) are charged to general and administrative expenses in the statements of operation and comprehensive income as and when the related employee service is provided. |
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. |
Segment reporting | ASC Topic 280, “ Segment Reporting |
Concentration of credit risk | The Company is subject to credit risk through its accounts receivable consisting primarily of amounts due from franchisees for royalty income, and other products. The financial condition of these franchisees is largely dependent upon the underlying business trends of our brands and market conditions within the vending industry. This concentration of credit risk is mitigated, in part, by the large number of franchisees spread over a large geographical area and the short-term nature of the receivables. |
Commitments and contingencies | As of June 30, 2020 and 2019, there were no commitments and contingencies involved. |
Fair Value of Financial Instruments | The carrying value of the Company’s financial instruments: cash and cash equivalents, prepayments and other receivables, accounts payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company also 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 | Recently Issued and Adopted Accounting Guidance In January 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01 (“ASU 2016-01”), Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Financial Instruments-Overall: Technical Corrections and Improvements In February 2016, the FASB issued ASU No. 2016-02, Leases In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments Recent Accounting Guidance Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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) | 12 Months Ended |
Jun. 30, 2020 | |
ORGANIZATION AND BUSINESS BACKGROUND | |
Schedule of Company's subsidiaries | Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of issued/ registered share capital Effective interest Held Splendor Radiant Limited British Virgin Islands, a limited liability company Investment holding 1 issued shares of US$1 each 100 % A Jia Creative Holdings Limited Hong Kong, a limited liability company Provision of system setup and maintenance services, investment holding 100 issued shares of HK$1 each 100 % Guangzhou Shengjia Trading Co., Ltd The PRC, a limited liability company Trading business HK$1,000,000 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | |
Schedule of plant and equipment expected useful lives | Expected useful lives Computer equipment 5 years |
Schedule of Foreign currencies translation exchange rates | 2020 2019 Year-end HK$:US$1 exchange rate 7.7506 7.8139 Annual average HK$:US$1 exchange rate 7.7947 7.8405 Year-end RMB:US$1 exchange rate 7.0712 6.8680 Annual average RMB:US$1 exchange rate 7.0325 6.8239 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
PLANT AND EQUIPMENT | |
Schedule of plant and equipment | As of June 30, 2020 2019 Computer equipment, at cost $ 1,128 $ 967 Foreign translation difference 12 4 1,140 971 Less: accumulated depreciation (474 ) (274 ) Less: foreign translation difference (4 ) (1 ) $ 662 $ 696 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
INCOME TAXES | |
Reconciliation of income tax rate | Years ended June 30, 2020 2019 Loss before income taxes $ 39,604 $ (120,881) Statutory income tax rate 16.5% 16.5% Income tax impact at the statutory rate 6,534 (19,945) Non-deductible items 33 31 Deductible items (1,531) (10) Tax loss (ultilised)/not recognized as deferred tax (5,036) 19,924 Income tax expense $ - $ - |
Schedule of net deferred tax assets | As of June 30, 2020 2019 Deferred tax assets: Net operating loss carryforward from: – United States of America $ 131,910 $ 112,293 – Hong Kong 18,046 23,082 – The PRC 6,281 4,322 Total deferred tax assets 156,237 139,697 Less: valuation allowance (156,237) (139,697) Net deferred tax assets $ - $ - |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
GOING CONCERN UNCERTAINTIES | |
Schedule of concentrations of risk | Year ended June 30, 2020 June 30, 2020 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 45,030 48% $ - Customer B 35,024 38% - Customer C 12,829 14% 3,871 Total: $ 92,883 100% Total: $ 3,871 Year ended June 30, 2019 June 30, 2019 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 49,997 100% Total: $ - |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Guangzhou Shengjia Trading Co., Ltd. [Member] | |
Place of incorporation and kind of legal entity | The PRC, a limited liability company |
Company Name | Guangzhou Shengjia Trading Co., Ltd |
Principal place of operation | Trading business |
Particulars of issued/ registered share capital | HK$1,000,000 |
Effective interest Held | 100.00% |
Splendor Radiant Limited [Member] | |
Place of incorporation and kind of legal entity | British Virgin Islands, a limited liability company |
Company Name | Splendor Radiant Limited |
Principal place of operation | Investment holding |
Particulars of issued/ registered share capital | 1 issued shares of US$1 each |
Effective interest Held | 100.00% |
AJIA Creative Holdings Limited [Member] | |
Place of incorporation and kind of legal entity | Hong Kong, a limited liability company |
Company Name | AJia Creative Holdings Limited |
Principal place of operation | Provision of system setup and maintenance services, investment holding |
Particulars of issued/ registered share capital | 100 issued shares of HK$1 each |
Effective interest Held | 100.00% |
ORGANIZATION AND BUSINESS BAC_4
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($) | 1 Months Ended | ||||
Mar. 30, 2020 | Dec. 28, 2018 | Jul. 28, 2018 | Apr. 25, 2018 | Dec. 31, 2017 | |
Alipay Network Technology Co., Ltd [Member] | |||||
Ownership interest percent | 10.00% | ||||
Agreement, expenses and profit on the Project | 10.00% | ||||
Yick International Ltd. [Member] | |||||
Convertible promissory note | $ 30,000,000 | ||||
Conversion of convertible promissory note into common share | 93,750,000 | ||||
Share price | $ 0.0032 | ||||
Issued and outstanding | 92.80% | ||||
Description | Company, and instructed the Company to issue the shares to approximately 84 shareholders. Of those approximately 84 shareholders, the largest, Full Yick International, Ltd., holds 12,038,723 shares, or approximately 11.9% of the issued and outstanding shares of the Company. | ||||
Allied Precision Medicine Consultants Limited [Member] | |||||
Issuance of common stock | 100,000 | ||||
Profit share | 50.00% | ||||
Description | Ajia to Allied as fair consideration and compensation to acquire 50% profit sharing interest in the project. | ||||
Shengia and Renhai [Member] | |||||
Cancellation of share | 3,000,000 | ||||
Renhai's new China Mobile project [Member] | |||||
Interest rate | 30.00% | ||||
Description | Guangzhou, China (“Shengjia”) has entered into an agreement with Guangzhou Renhai Network Technology Co., Ltd. (“Renhai”) in which Shengjia would replace its 10% interest in the Alipay payment code business development project (“Alipay Project”), with a 30% interest of Renhai’s new China Mobile project. |
GOING CONCERN (Detail Narrative
GOING CONCERN (Detail Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
GOING CONCERN UNCERTAINTIES | ||
Net loss for the year | $ (61,649) | $ (244,984) |
Accumulated deficit | $ (639,935) | $ (578,286) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Computer Equipment [Member] | |
Expected useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Jun. 30, 2020 | Dec. 31, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Year-end HK$:US$1 exchange rate | (7.7506) | 7.8139 |
Annual average HK$:US$1 exchange rate | (7.7947) | 7.8405 |
Year-end RMB:US$1 exchange rate | (7.0712) | 6.8680 |
Annual average RMB:US$1 exchange rate | (7.0325) | 6.8239 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
PLANT AND EQUIPMENT | ||
Computer equipment, at cost | $ 1,128 | $ 967 |
Foreign translation difference | 12 | 4 |
Total | 1,140 | 971 |
Less: accumulated depreciation | (474) | (274) |
Less: foreign translation difference | (4) | (1) |
Total Plant and equipment | $ 662 | $ 696 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
PLANT AND EQUIPMENT | ||
Depreciation expense | $ 200 | $ 193 |
AMOUNT DUE TO A RELATED PARTY (
AMOUNT DUE TO A RELATED PARTY (Detail Narrative) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Amount due to a related party | $ 107,859 | $ 387,665 |
WanYinLing [Member] | ||
Amount due to a related party | $ 0 | $ 0 |
INCOME TAXES (Detail)
INCOME TAXES (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
INCOME TAXES | ||
Loss before income taxes | $ 39,604 | $ (120,881) |
Statutory income tax rate | 16.50% | 16.50% |
Income tax impact at the statutory rate | $ 6,534 | $ (19,945) |
Non-deductible items | 33 | 31 |
Deductible items | (1,536) | (10) |
Tax loss (ultilised)/not recognized as deferred tax | (5,036) | 19,924 |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Detail 2)
INCOME TAXES (Detail 2) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Net operating loss carryforward from: | ||
- United States of America | $ 131,910 | $ 112,293 |
- Hong Kong | 18,046 | 23,082 |
- The PRC | 6,281 | 4,322 |
Total deferred tax assets | 156,237 | 139,697 |
Less: valuation allowance | (156,237) | (139,697) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Detail Narrative)
INCOME TAXES (Detail Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net operating loss carryforwards | $ 639,935 | |
Deferred tax assets | 156,237 | $ 139,697 |
Increase in valuation allowance | 16,540 | |
PRC [Member] | ||
Net operating loss carryforwards | $ 7,837 | |
Offset future taxable income | 5 years |
PENSION COSTS (Details Narrativ
PENSION COSTS (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
AMOUNT DUE TO A RELATED PARTY | ||
Pension cost | $ 4,398 | $ 551 |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | Aug. 09, 2019 | Jul. 31, 2019 | Jul. 28, 2018 | Jun. 30, 2020 | Mar. 30, 2020 | Jun. 30, 2019 |
Preferred stock authorized | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||||
Preferred stock, issued | 0 | 0 | ||||
Common stock, authorized | 500,000,000 | 75,000,000 | ||||
Common stock, par value per share | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 101,120,000 | 7,270,000 | ||||
Common stock shares outstanding | 101,020,000 | 7,270,000 | ||||
Yick International Ltd. [Member] | ||||||
Price per share | $ 0.0032 | |||||
Convertible promissory note | $ 300,000 | |||||
Shares issuable upon conversion of debt | 93,750,000 | |||||
Conversion price per share | $ 0.0032 | |||||
Shares Issued | 93,750,000 | |||||
Debt conversion, converted instrument, amount | $ 300,000 | |||||
Exercise of conversion feature, shares | 93,750,000 | |||||
Conversion of Stock, Shares Issued | 93,750,000 | |||||
Allied Precision Medicine Consultants Limited [Member] | ||||||
Common stock, shares issued | 100,000 | |||||
Price per share | $ 1.05 | |||||
Non-refundable deposit | $ 105,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Amount due to a related party | $ 107,859 | $ 387,665 |
WanYinLing [Member] | ||
Amount due to a related party | $ 0 | $ 0 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Customer [Member] | ||
concentrations of risk | 100.00% | |
Customer A [Member] | ||
concentrations of risk | 48.00% | 100.00% |
Customer B [Member] | ||
concentrations of risk | 38.00% | |
Customer C [Member] | ||
concentrations of risk | 14.00% | |
Accounts Receivable [Member] | Customer [Member] | ||
Revenues from customer | $ 3,871 | |
Accounts Receivable [Member] | Customer A [Member] | ||
Revenues from customer | 0 | $ 0 |
Accounts Receivable [Member] | Customer C [Member] | ||
Revenues from customer | 3,871 | |
Revenues [Member] | Customer [Member] | ||
Revenues from customer | 92,883 | |
Revenues [Member] | Customer A [Member] | ||
Revenues from customer | 45,030 | $ 49,997 |
Revenues [Member] | Customer B [Member] | ||
Revenues from customer | 35,024 | |
Revenues [Member] | Customer C [Member] | ||
Revenues from customer | $ 12,829 |
CONCENTRATIONS OF RISK (Detai_2
CONCENTRATIONS OF RISK (Details Narrative) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Individual Customer [Member] | ||
Concentration of risk, percentage | 10.00% | 10.00% |