v3.26.1
Disposition of Subsidiaries
 9 Months Ended
Mar. 31, 2026
Disposition of Subsidiaries [Abstract]  
DISPOSITION OF SUBSIDIARIES

Note 17. Disposition of subsidiaries

 

On August 6, 2025, the Company dissolved its subsidiary, Brilliant Warehouse Service Inc.

 

On September 25, 2025, the Company entered into a share transfer agreement with a third party and disposed its subsidiary, New Energy Tech Limited, for a consideration of $2.7 million.

The following is a reconciliation of the carrying amounts of major classes of assets and liabilities in the consolidated balance sheets as of the date of disposition of subsidiaries:

 

    As of  
    date of  
    disposition  
Carrying amount of major classes of assets      
Cash     754  
Restricted cash     2,590,915  
Prepaid expenses     426,492  
Total assets of disposed entity   $ 3,018,161  
         
Carrying amount of major classes of liabilities        
Loans from third parties     999,940  
Due to intercompany     4,287,542  
Accrued expenses and other current liabilities     478,038  
Total liabilities of disposed entity   $ 5,765,520  
         
Net liabilities disposed of   $ (2,747,359 )
         
Cash outflow arising from disposal:        
Net liabilities disposed of (as above)   $ (2,747,359 )
Less: Consideration     (2,700,000 )
Gain from disposal of subsidiaries   $ 47,359  
　        
Cash proceeds on disposal   $ 2,700,000  
Less: Cash and bank balances in subsidiary disposed of     (2,591,669 )
Net cash inflow on disposal   $ 108,331  

 

The following is a reconciliation of the amounts of major classes of operations of disposed entities in the condensed consolidated statements of income (loss) and comprehensive income (loss) for the period from July 1, 2025 to the date of disposition.

 

    From July 1, 2025  
    to the date of  
    disposition  
Operating expenses     30,588  
Net loss   $ 30,588