ASSETS ACQUISITION |
9 Months Ended | |||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||
| ASSETS ACQUISITION | ||||||||||||||||
| ASSETS ACQUISITION | NOTE 5. ASSETS ACQUISITION
On May 15, 2024, the Company issued 3,500,000 common stock to acquire 100% interest of AEN Trading as its wholly owned subsidiary. The transaction results in AEN Trading’s shareholders taking control of the Company by voting rights through 53.03% of ownership interest. As a result, AEN Trading, being the legal acquiree, is considered as the accounting acquirer according to guidance in the Accounting Standards Codification (“ASC”) 805-10. As the Company, being the accounting acquiree, does not meet the definition of a business according to ASC 805-10, the transaction is accounted for in accordance to ASC 805-50 as an acquisition of assets.
The net liabilities acquired were the fair value of the net liabilities of AEN Group as of May 15, 2024. The amount was calculated as follow:
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