v3.26.1
BUSINESS SEGMENT INFORMATION
 9 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION

NOTE 4 – BUSINESS SEGMENT INFORMATION

 

The Company applies the provisions of ASC Topic 280, Segment Reporting, which requires disclosure of information about operating segments based on how management organizes the Company’s business activities for making operating decisions and assessing performance. The Company’s Chief Executive Officer serves as the Chief Operating Decision Maker (“CODM”).

 

The CODM reviews consolidated financial information, including revenue, operating expenses and net loss, when evaluating performance and allocating resources. The CODM uses net loss as the primary measure of performance and uses revenue as the primary measure for allocating resources.

 

During the fiscal year ended June 30, 2025, the Company reassessed its segment reporting conclusions in accordance with ASC Topic 280 due to changes in how the business is managed and how information is reviewed by the CODM.

 

Specifically, the Company’s operations have become more integrated, with centralized decision-making, shared resources, and aligned strategic objectives across the organization. As a result, the CODM no longer reviews discrete financial information for separate components of the business and instead evaluates performance and allocates resources based on consolidated financial information for the Company as a single segment.

 

Accordingly, the Company has determined that it operates as a single operating and reportable segment under ASC Topic 280. This conclusion reflects current-period facts and circumstances and differs from prior period assessments due to the evolution of the Company’s internal reporting structure and operational focus.

 

In prior periods, the Company had evaluated its operations as potentially comprising multiple segments based on earlier organizational structures and internal considerations and these segments were (i) trading and production of building materials and renewable commodities, (ii) holding of real property and (iii) licensor of proprietary pyrolysis technology. The CODM used sales and operating loss as the primary measure of segment profit or loss to assess performance and allocate resources.

 

 

Because the Company operates as a single segment and the CODM reviews consolidated financial information, the significant expense categories reviewed by the CODM are reflected in the consolidated statements of operations. The presentation of the comparative information has been revised for comparability with the current year presentation. The CODM reviews on a consolidated financial information basis the significant expense categories as disclosed below.

 

       
  

Three months ended

March 31,

 
   2026   2025 
       (revised) 
Revenue  $460,005   $697 
Cost of revenue   296,093    155 
Gross profit   163,912    542 
Operating expenses:          
Depreciation and amortization   84,649    82,686 
Impairment on assets held for sales   -    5,867 
Payroll expenses   307,604    363,401 
Consultant fees   110,442    484,866 
Research and development expense   62,500    72,090 
Legal and professional fees   125,276    57,700 
Other segment expenses   183,433    150,202 
Loss from operations   (709,992)   (1,216,270)
Interest expense   -    (1,343)
Rental income   -    4,100 
Unrealized foreign exchange gains   24,617    43,808 
Gain on forgiveness of debts   162,266    - 
Gain on disposal of property, plant and equipment   -    2,488 
Interest income   9,666    21,533 
Other income   374    (696)
Loss before income tax   (513,069)   (1,146,380)
Income tax   -    - 
Net loss  $(513,069)   (1,146,380)

 

 

       
  

Nine months ended

March 31,

 
   2026   2025 
       (revised) 
Revenue  $466,953   $128,690 
Cost of revenue   298,314    59,303 
Gross profit   168,639    69,387 
Operating expenses:          
Depreciation and amortization   247,754    271,490 
Impairment on property, plant and equipment   -    137,632 
Impairment on assets held for sales   -    5,867 
Payroll expenses   918,653    2,214,214 
Consultant fees   745,911    1,047,909 
Research and development expense   187,500    122,090 
Legal and professional fees   409,125    171,667 
Other segment expenses   493,502    550,637 
Loss from operations   (2,833,806)   (4,452,119)
Interest expense   -    (102,703)
Rental income   -    38,200 
Unrealized foreign exchange gains   276,351    320,488 
Gain from insurance claim   -    481,513 
Gain on forgiveness of debts   162,266    - 
Gain on disposal of property, plant and equipment   -    163,644 
Interest income   21,489    60,342 
Other income   7,000    4,641 
Loss before income tax   (2,366,700)   (3,485,994)
Income tax   -    - 
Net loss  $(2,366,700)   (3,485,994)

 

Substantially all of the Company’s revenue is generated in the United States. Long-lived assets are located primarily in the United States and in its subsidiaries in Malaysia and the British Virgin Islands, with the Company’s key intellectual property held by its BVI subsidiary.