v3.26.3
Discontinued Operations
 12 Months Ended
Jun. 30, 2026
Discontinued Operations [Abstract]  
Discontinued operations

Note 3 – Discontinued operations

 

On December 31, 2025, the Company entered into a share sale and purchase agreement with a third party buyer, pursuant to which the Company agreed to sell and the buyer agreed to purchase all the shares of DMCC, which was 100% owned by the Company, for a consideration of $1. The transfer of shares has been completed on January 5, 2026.

 

Reconciliation of the carrying amounts of major classes of assets and liabilities from discontinued operations in the consolidated balance sheets as of June 30, 2026, and 2025 are as follows:

 

    June 30,     June 30,  
    2026     2025  
ASSETS            
NON-CURRENT ASSETS            
Right-of-use asset   $ -     $ 8,583  
Total non-current assets of discontinued operations     -       8,583  
                 
Total assets of discontinued operations   $ -     $ 8,583  
                 
LIABILITIES                
CURRENT LIABILITIES:                
Other payables and accrued liabilities   $ -     $ 1,379,584  
Lease liability - current     -       206,875  
Total current liabilities of discontinued operations     -       1,586,459  
                 
Total liabilities of discontinued operations   $ -     $ 1,586,459  

 

Reconciliation of the amounts of major classes of income and losses from discontinued operations in the consolidated statements of operations for the years ended June 30, 2026, 2025 and 2024 are as follows:

 

    For the Years Ended June 30,  
    2026     2025     2024  
REVENUE   $ -     $ -     $ 2,722,642  
                         
COST OF REVENUE     -       -       1,979,400  
                         
GROSS PROFIT     -       -       743,242  
                         
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     (8,621 )     (2,539,722 )     (4,776,122 )
ALLOWANCE FOR CREDIT LOSSES     -       (1,105,000 )     (16,911,550 )
PROVISION FOR IMPAIRMENT LOSS ON PREPAYMENTS     -       (10,535,833 )     -  
IMPAIRMENT LOSS OF INTANGIBLE ASSETS     -       (14,626,083 )     -  
                         
LOSS FROM DISCONTINUED OPERATIONS     (8,621 )     (28,806,638 )     (20,944,430 )
                         
OTHER INCOME (EXPENSE), NET     1,586,497 *     (229,055 )     333,333  
                         
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     1,577,876       (29,035,693 )     (20,611,097 )
                         
PROVISION FOR INCOME TAXES     -       -       -  
                         
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS   $ 1,577,876     $ (29,035,693 )   $ (20,611,097 )

 

* This amount represents the gain recognized from the disposal of discontinued operations.

 

Reconciliation of the amount of cash flows from discontinued operations in the consolidated statements of cash flows for the years ended June 30, 2026, 2025 and 2024 are as follows:

 

    For the Years Ended June 30,  
    2026     2025     2024  
                         
Net cash provided by operating activities from discontinued operations    $          -     $          -     $           -  
                         
Net cash provided by investing activities from discontinued operations    $ -     $ -     $ -  
                         
Net cash provided by financing activities from discontinued operations    $ -     $ -     $ -