Acquisition of Acellent |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2026 | ||||
| Acquisition of Acellent [Abstract] | ||||
| ACQUISITION OF ACELLENT |
On April 2, 2026, the Company and an independent individual entered into a sale and purchase agreement that the Company agreed to acquire 100% of the equity interests in Acellent. In connection with the transaction, the Company issued 270,000 shares of common stock of the Company as a consideration of acquiring the 100% equity interest in Acellent and compensation to the seller to accept the position as director and CEO of the Company. As of the date of acquisition, the financial statements of Acellent only consisted of cash of $12,891 without other assets and there were no operations and no profit generation. As a result, the acquisition of Acellent was treated as acquisition of asset, i.e. the cash. The issue of common stock serves two purposes, (i) acquisition of entire equity interest of Acellent; and (ii) as compensation to current seller for accepting the position of CEO and director of the Company after the acquisition. The fair value of common stock of the Company amounting to US$1,746,900 as the date of acquisition was divided into two parts, $12,891 was treated as acquisition of Acellent with equivalent to fair value of only asset, i.e. cash, acquired in Acellent and the remaining part of $1,734,009 was treated as stock-based compensation to the director based on ASC 718. The stock-based compensation was charged to statements of operations fully for the year ended June 30, 2026 since based on the agreement with the seller, there were no vesting period, no options, no service conditions and were awarded the common stock of the Company to the seller directly upon transferred of shares on April 23, 2026.
The results of operations of Acellent have been included in the Company’s consolidated financial statements from the accounting acquisition date. For the year ended June 30, 2026, the Company’s revenue generated by Acellent was $127,637 and net loss incurred by Acellent which was consolidated was $13,406. |