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Rito Group Corp. – ‘10-K’ for 6/30/20 – ‘EX-101.INS’

On:  Wednesday, 9/30/20, at 10:36am ET   ·   For:  6/30/20   ·   Accession #:  1493152-20-18592   ·   File #:  0-55796

Previous ‘10-K’:  ‘10-K’ on 9/17/19 for 6/30/19   ·   Latest ‘10-K’:  This Filing   ·   1 Reference:  To:  Rito Group Corp. – ‘S-1/A’ on 4/18/16

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/30/20  Rito Group Corp.                  10-K        6/30/20   73:3.9M                                   M2 Compliance LLC/FA

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    493K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     26K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     22K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     23K 
12: R1          Document and Entity Information                     HTML     56K 
13: R2          Consolidated Balance Sheets                         HTML     97K 
14: R3          Consolidated Balance Sheets (Parenthetical)         HTML     38K 
15: R4          Consolidated Statements of Operations And           HTML     74K 
                Comprehensive Loss                                               
16: R5          Consolidated Statements of Changes in               HTML     94K 
                Stockholders' Equity                                             
17: R6          Consolidated Statements of Changes in               HTML     25K 
                Stockholders' Equity (Parenthetical)                             
18: R7          Consolidated Statements of Cash Flows               HTML     92K 
19: R8          Organization and Business Background                HTML     27K 
20: R9          Going Concern Uncertainties                         HTML     24K 
21: R10         Summary of Significant Accounting Policies          HTML     58K 
22: R11         Shareholders' Equity                                HTML     24K 
23: R12         Property, Plant and Equipment                       HTML     28K 
24: R13         Due to a Corporate Shareholder                      HTML     22K 
25: R14         Due to a Director                                   HTML     22K 
26: R15         Bank Loans                                          HTML     26K 
27: R16         Accrued Expenses and Other Payables                 HTML     27K 
28: R17         Income Taxes                                        HTML     46K 
29: R18         Related Party Transactions                          HTML     29K 
30: R19         Concentrations of Risks                             HTML     44K 
31: R20         Commitments and Contingencies                       HTML     27K 
32: R21         Operating Lease                                     HTML     33K 
33: R22         Subsequent Events                                   HTML     23K 
34: R23         Summary of Significant Accounting Policies          HTML     92K 
                (Policies)                                                       
35: R24         Organization and Business Background (Tables)       HTML     25K 
36: R25         Summary of Significant Accounting Policies          HTML     25K 
                (Tables)                                                         
37: R26         Property, Plant and Equipment (Tables)              HTML     27K 
38: R27         Bank Loans (Tables)                                 HTML     29K 
39: R28         Accrued Expenses and Other Payables (Tables)        HTML     26K 
40: R29         Income Taxes (Tables)                               HTML     43K 
41: R30         Related Party Transactions (Tables)                 HTML     27K 
42: R31         Concentrations of Risks (Tables)                    HTML     43K 
43: R32         Commitments and Contingencies (Tables)              HTML     25K 
44: R33         Operating Lease (Tables)                            HTML     35K 
45: R34         Organization and Business Background - Summary of   HTML     34K 
                Company's Subsidiaries (Details)                                 
46: R35         Going Concern Uncertainties (Details Narrative)     HTML     29K 
47: R36         Summary of Significant Accounting Policies          HTML     41K 
                (Details Narrative)                                              
48: R37         Summary of Significant Accounting Policies -        HTML     28K 
                Schedule of Exchange Rates Translation (Details)                 
49: R38         Shareholders' Equity (Details Narrative)            HTML     39K 
50: R39         Property, Plant and Equipment (Details Narrative)   HTML     22K 
51: R40         Property, Plant and Equipment - Schedule of         HTML     31K 
                Property, Plant and Equipment (Details)                          
52: R41         Due to a Corporate Shareholder (Details Narrative)  HTML     23K 
53: R42         Due to a Director (Details Narrative)               HTML     23K 
54: R43         Bank Loans (Details Narrative)                      HTML     31K 
55: R44         Bank Loans - Schedule of Bank Loans (Details)       HTML     28K 
56: R45         Accrued Expenses and Other Payables (Details        HTML     46K 
                Narrative)                                                       
57: R46         Accrued Expenses and Other Payables - Schedule of   HTML     31K 
                Accrued Expenses and Other Payables (Details)                    
58: R47         Income Taxes (Details Narrative)                    HTML     37K 
59: R48         Income Taxes - Schedule of Local (United States)    HTML     31K 
                and Foreign Components of Loss Before Income Taxes               
                (Details)                                                        
60: R49         Income Taxes - Schedule of Provision for Income     HTML     36K 
                Taxes (Details)                                                  
61: R50         Income Taxes - Schedule of Deferred Tax Assets      HTML     30K 
                (Details)                                                        
62: R51         Related Party Transactions - Schedule of Related    HTML     31K 
                Party Transactions (Details)                                     
63: R52         Concentrations of Risks (Details Narrative)         HTML     29K 
64: R53         Concentrations of Risks - Schedule of Major         HTML     58K 
                Customers with Revenue and Accounts Receivable                   
                (Details)                                                        
65: R54         Commitments and Contingencies (Details Narrative)   HTML     30K 
66: R55         Commitments and Contingencies - Schedule of Future  HTML     35K 
                Minimum Rental Payments Under Non-Cancellable                    
                Operating Lease (Details)                                        
67: R56         Operating Lease (Details Narrative)                 HTML     30K 
68: R57         Operating Lease - Schedule of Lease Expense and     HTML     29K 
                Supplemental Cash Flow Information (Details)                     
69: R58         Operating Lease - Schedule of Supplemental Balance  HTML     28K 
                Sheet (Details)                                                  
70: R59         Operating Lease - Schedule of Maturities of Lease   HTML     37K 
                Liabilities (Details)                                            
72: XML         IDEA XML File -- Filing Summary                      XML    131K 
71: EXCEL       IDEA Workbook of Financial Reports                  XLSX     76K 
 6: EX-101.INS  XBRL Instance -- rtto-20200630                       XML    864K 
 8: EX-101.CAL  XBRL Calculations -- rtto-20200630_cal               XML    144K 
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10: EX-101.LAB  XBRL Labels -- rtto-20200630_lab                     XML    757K 
11: EX-101.PRE  XBRL Presentations -- rtto-20200630_pre              XML    580K 
 7: EX-101.SCH  XBRL Schema -- rtto-20200630                         XSD    162K 
73: ZIP         XBRL Zipped Folder -- 0001493152-20-018592-xbrl      Zip     94K

‘EX-101.INS’   —   XBRL Instance — rtto-20200630

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Basis of presentation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">“US GAAP”).</p>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Basis of consolidation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements include the accounts of Rito Group Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. </p>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Cash and cash equivalents</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. </p>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Impairment of long-lived assets</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets primarily include intangible assets. In accordance with the provision of ASC Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. For the years ended June 30, 2020 and 2019, the Company recognized an impairment charge of $Nil and $Nil, respectively for intangible assets. </p>
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<us-gaap:RevenueFromContractWithCustomerPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Revenue recognition </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the Accounting Standard Codification (“ASC”) Topic 605 <i>“Revenue Recognition”</i>, the Company recognizes revenue when the following four criteria are met: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transferred to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there were no sales return for the period reported.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company derives its revenue from sales of goods to individuals. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer.</p>
</us-gaap:RevenueFromContractWithCustomerPolicyTextBlock>
<us-gaap:CostOfSalesPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Cost of revenues</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenue includes the purchase cost of retail goods for re-sale to the customers.</p>
</us-gaap:CostOfSalesPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Income taxes</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, <i>“Income Taxes”</i> (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><u>Net loss per share</u></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company calculates net loss per share in accordance with ASC Topic 260 “<i>Earnings per share</i>”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.</p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Foreign currencies translation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reporting currency of the Company and its subsidiary in Anguilla is United States Dollars (“US$”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), which is functional currency as being the primary currency of the economic environment in which the entity operates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, <i>“Translation of Financial Statement”</i>, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Translation of amounts from HK$ into US$1 and from RMB into US$1 has been made at the following exchange rates for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of and for the year ended  June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Period-end HK$ : US$1 exchange rate</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7.75</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7.75</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Average HK$ : US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.75</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.75</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Period-end CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.07</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">6.86</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Average CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.09</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">6.86</font></td> <td> </td></tr> </table>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<RTTO:RelatedPartiesPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Related parties</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</p>
</RTTO:RelatedPartiesPolicyTextBlock>
<us-gaap:LesseeLeasesPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Lease</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which was subsequently amended in 2018 by ASU 2018-10, ASU 2018-11 and ASU 2018-20 (collectively, Topic 842). Topic 842 will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective July 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on July 1, 2019 resulted in the recognition of operating lease right-of-use assets of $80,185, lease liabilities for operating leases of $80,185, and $0 cumulative-effect adjustment to accumulated deficit. After the adoption, $256,720 of operating lease right-of-use asset and $255,756 of operating lease liabilities and $964 adjustment to accumulated deficit were retroactively reflected to June 30, 2020 financial statements. See Note 13 for further information regarding the impact of the adoption of ASC 842 on the Company’s financial statements.</p>
</us-gaap:LesseeLeasesPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Fair value of financial instruments</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also follows the guidance of the ASC Topic 820-10, “<i>Fair Value Measurements and Disclosures</i>” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="text-align: justify"><font style="font-size: 10pt"><i>Level 1 </i>: Observable inputs such as quoted prices in active markets; </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font-size: 10pt"><i>Level 2 </i>: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and </font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font-size: 10pt"><i>Level 3 </i>: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.</p>
</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif; width: 24px"><font style="font-size: 10pt">●</font></td> <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Recent accounting pronouncements</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term “substantial doubt” and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statement presentation and disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after December 15, 2019, however early application is permitted for reporting periods beginning after December 15, 2018. The Company does not anticipate ASU 2016-13 to have a material impact to the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business.” ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value is concentrated in a single asset or a group of similar assets, the acquired set is not a business. If this is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Determining whether a set constitutes a business is critical because the accounting for a business combination differs significantly from that of an asset acquisition. We early adopted ASU 2017-01 on January 1, 2017 on a prospective basis, and it has not had a material impact to our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 provides a more stream-lined approach to evaluating goodwill impairment and we early adopted on January 1, 2017 on a prospective basis as a change in accounting principle. See Note 4 to the consolidated financial statements for an update on goodwill impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 29, 2017 the FASB issued “ASU 2017-13—Revenue recognition (Topic 605), Revenue from contracts with customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)”. This update addresses Transition Related to Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), and No. 2016-02, Leases (Topic 842). This Update also supersedes SEC paragraphs pursuant the rescission of SEC Staff Announcement, “Accounting for Management Fees Based on a Formula”, effective upon the initial adoption of Topic 606, Revenue from Contracts with Customers, and SEC Staff Announcement, “Lessor Consideration of Third-Party Value Guarantees,” effective upon the initial adoption of Topic 842, Leases. The adoption of this standard is not expected to have a material impact on the Company´s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2018, the FASB issued ASU 2018-02, <i>Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income </i>(ASU 2018-02), which allows companies to reclassify stranded tax effects resulting from the Tax Act, from accumulated other comprehensive income to retained earnings. The guidance also requires certain new disclosures regardless of the election. ASU 2018-02 is effective for us in the first quarter of fiscal 2020, and earlier adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2018-02 on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 removes, modifies and adds certain disclosure requirements in Topic 820 “Fair Value Measurement”. ASU 2018-13 eliminates certain disclosures related to transfers and the valuations process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. ASU 2018-13 is effective for the Company for annual and interim reporting periods beginning July 1, 2020. The Company is currently evaluating the impact ASU 2018-13 will have on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. ORGANIZATION AND BUSINESS BACKGROUND</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rito Group Corp. (the “Company”) was incorporated on March 24, 2015 under the laws of the state of Nevada.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, through its subsidiaries, mainly engages in trading of retail goods such as handmade accessories, necklaces, watches, cookware, AgriGaia Farming Products, and numerous other products. Our business model remains to be Online to Offline (O2O) business, and we have been actively expanding our product range.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details of the Company’s subsidiaries:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 24%"><font style="font-size: 10pt">Company name</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 20%; text-align: center"><font style="font-size: 10pt">Place/date of incorporation</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 22%; text-align: center"><font style="font-size: 10pt">Particulars of issued capital</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 30%; text-align: center"><font style="font-size: 10pt">Principal activities</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">1.</font></td> <td><font style="font-size: 10pt">Sino Union International Limited (“Sino Union”)</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Anguilla</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 3, 2014</p></td> <td> </td> <td><font style="font-size: 10pt">84,500 shares of ordinary share of US$1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Investment holding</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">2.</font></td> <td><font style="font-size: 10pt">Rito International Enterprise Company Limited (“Rito International”)</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Hong Kong</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">August 12, 2014</p></td> <td> </td> <td><font style="font-size: 10pt">630,001 shares of ordinary share of HK$1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Trading of retail goods</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">3.</font></td> <td><font style="font: 10pt MS Gothic, Helvetica, Sans-Serif">深圳市</font><font style="font: 10pt SimSun">汇图贸易有限公司</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Shenzhen, PRC</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">June 27, 2017</p></td> <td> </td> <td><font style="font-size: 10pt">500,000 shares of ordinary share of RMB 1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Trading of retail goods, business and agriculture technology consulting</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rito Group Corp. and its subsidiaries are hereinafter referred to as the “Company”.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. GOING CONCERN UNCERTAINTIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The acompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2020, the Company suffered an accumulated deficit of $4,721,423 and net loss of $747,721. The continuation of the Company as a going concern through June 30, 2020 is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basis of presentation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basis of consolidation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements include the accounts of Rito Group Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Use of estimates</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Impairment of long-lived assets</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets primarily include intangible assets. In accordance with the provision of ASC Topic 360-10-5, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. For the years ended June 30, 2020 and 2019, the Company recognized an impairment charge of $Nil and $Nil, respectively for intangible assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenue recognition</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the Accounting Standard Codification (“ASC”) Topic 605 <i>“Revenue Recognition”</i>, the Company recognizes revenue when the following four criteria are met: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) selling price is fixed or determinable; and (4) collectability is reasonably assured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from trading of retail goods is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transferred to and accepted by the customer when the products are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there were no sales return for the period reported.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company derives its revenue from sales of goods to individuals. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there are no continuing obligations to the customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cost of revenues</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenue includes the purchase cost of retail goods for re-sale to the customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision of income taxes is determined in accordance with the provisions of ASC Topic 740, <i>“Income Taxes”</i> (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company conducts much of its businesses activities in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>Net loss per share</u></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company calculates net loss per share in accordance with ASC Topic 260 “<i>Earnings per share</i>”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign currencies translation</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reporting currency of the Company and its subsidiary in Anguilla is United States Dollars (“US$”). The Company’s subsidiary in Hong Kong maintains its books and record in Hong Kong Dollars (“HK$”), which is functional currency as being the primary currency of the economic environment in which the entity operates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, <i>“Translation of Financial Statement”</i>, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Translation of amounts from HK$ into US$1 and from RMB into US$1 has been made at the following exchange rates for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of and for the year ended  June 30,</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Period-end HK$ : US$1 exchange rate</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.75</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.75</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Average HK$ : US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.75</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.75</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Period-end CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.07</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.86</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Average CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.09</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.86</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Related parties</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Lease</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which was subsequently amended in 2018 by ASU 2018-10, ASU 2018-11 and ASU 2018-20 (collectively, Topic 842). Topic 842 will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective July 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 on July 1, 2019 resulted in the recognition of operating lease right-of-use assets of $80,185, lease liabilities for operating leases of $80,185, and $0 cumulative-effect adjustment to accumulated deficit. After the adoption, $256,720 of operating lease right-of-use asset and $255,756 of operating lease liabilities and $964 adjustment to accumulated deficit were retroactively reflected to June 30, 2020 financial statements. See Note 13 for further information regarding the impact of the adoption of ASC 842 on the Company’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of financial instruments</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the Company’s financial instruments: cash and cash equivalents, subscription receivables, prepayment and deposits, accounts payable, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also follows the guidance of the ASC Topic 820-10, “<i>Fair Value Measurements and Disclosures</i>” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 1 </i>: Observable inputs such as quoted prices in active markets;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 2 </i>: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 3 </i>: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Recent accounting pronouncements</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations, as follow:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term “substantial doubt” and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Company’s financial statement presentation and disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact of the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is evaluating this ASU and has not determined the effect of this standard on its ongoing financial reporting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after December 15, 2019, however early application is permitted for reporting periods beginning after December 15, 2018. The Company does not anticipate ASU 2016-13 to have a material impact to the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-01, “Clarifying the Definition of a Business.” ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value is concentrated in a single asset or a group of similar assets, the acquired set is not a business. If this is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Determining whether a set constitutes a business is critical because the accounting for a business combination differs significantly from that of an asset acquisition. We early adopted ASU 2017-01 on January 1, 2017 on a prospective basis, and it has not had a material impact to our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 provides a more stream-lined approach to evaluating goodwill impairment and we early adopted on January 1, 2017 on a prospective basis as a change in accounting principle. See Note 4 to the consolidated financial statements for an update on goodwill impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 29, 2017 the FASB issued “ASU 2017-13—Revenue recognition (Topic 605), Revenue from contracts with customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)”. This update addresses Transition Related to Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), and No. 2016-02, Leases (Topic 842). This Update also supersedes SEC paragraphs pursuant the rescission of SEC Staff Announcement, “Accounting for Management Fees Based on a Formula”, effective upon the initial adoption of Topic 606, Revenue from Contracts with Customers, and SEC Staff Announcement, “Lessor Consideration of Third-Party Value Guarantees,” effective upon the initial adoption of Topic 842, Leases. The adoption of this standard is not expected to have a material impact on the Company´s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2018, the FASB issued ASU 2018-02, <i>Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income </i>(ASU 2018-02), which allows companies to reclassify stranded tax effects resulting from the Tax Act, from accumulated other comprehensive income to retained earnings. The guidance also requires certain new disclosures regardless of the election. ASU 2018-02 is effective for us in the first quarter of fiscal 2020, and earlier adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2018-02 on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 removes, modifies and adds certain disclosure requirements in Topic 820 “Fair Value Measurement”. ASU 2018-13 eliminates certain disclosures related to transfers and the valuations process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. ASU 2018-13 is effective for the Company for annual and interim reporting periods beginning July 1, 2020. The Company is currently evaluating the impact ASU 2018-13 will have on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. SHAREHOLDERS’ EQUITY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020, the Company issued an aggregate of 150,000 of its common stock at $2 per share, for aggregate gross proceeds of $300,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2019, the Company issued an aggregate of 30,000 and 568,205 of its common stock at $1.5 and $2 per share, for aggregate gross proceeds of $45,000 and $1,136,410.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2020, and 2019, the Company had a total of 56,596,489 and 56,446,489 shares of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5 - PROPERTY, PLANT AND EQUIPMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of June 30,</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Leasehold improvement</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">236,630</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">236,630</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Equipment</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,570</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,570</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Motor Vehicle</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,065</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">269,200</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">287,265</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: Accumulated depreciation</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129,689</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">97,615</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">139,511</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">189,650</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense, classified as operating expenses, was $40,539 and $95,397 for the twelve months ended June 30, 2020 and June 30, 2019, respectively.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<RTTO:BankLoansTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. BANK LOANS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Bank loan from financial institution in Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; padding-bottom: 1.5pt"><font style="font-size: 10pt">The Hongkong and Shanghai Banking Corporation Limited</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">23,284</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">32,166</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">23,284</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">32,166</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Current portion</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10,370</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,882</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Long-term portion</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,914</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,284</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the Company obtained a loan in the principal amount of HKD349,000 (approximately $45,032) from The Hongkong and Shanghai Banking Corporation Limited, a financial institution in Hongkong which bears interest at the base lending rate less 0.7% flat rate per month with 60 monthly installments of HKD8,260 (approximately $1,066) each and will mature in July 2022.</p>
</RTTO:BankLoansTextBlock>
<RTTO:AccruedExpensesAndOtherPayablesTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. ACCRUED EXPENSES AND OTHER PAYABLES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of June 30,</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Accrued audit fee</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued accounting fee</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,088</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,473</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued other expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other payables</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">104,982</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">86,148</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Loan from third party A</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">78,205</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Loan interest payable</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">482</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">221,457</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,621</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2020 and 2019, other payables were $104,982 and $86,148, respectively. Other payables were included the farm expenses (direct labor / property management fee etc.), marketing expenses, payroll expenses and MPF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 17 May 2020, the Company obtained a loan in the principal amount of HKD610,000 (approximately $78,205) from Chow Yuen Kuen, Tina, an investor which bears 5% interest rate per year with 1 year of HKD30,500 (approximately $3,910) and will mature in 16 May 2021. The Company will pay the lender 41,058 shares would be paid in lieu of cash HKD640,500 ($82,115) ($2 per share*41,057 shares) on 16 May 2021.</p>
</RTTO:AccruedExpensesAndOtherPayablesTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. INCOME TAXES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended June 30, 2020 and 2019 the local (United States) and foreign components of loss before income taxes were comprised of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Tax jurisdictions from:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%"><font style="font-size: 10pt">– Local</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(81,017</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(73,850</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Foreign, representing</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Anguilla</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(8,966</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(4,719</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(655,888</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(1,431,941</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">PRC</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,850</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,918</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Loss before income taxes</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(747,721</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,512,428</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provision for income taxes consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%"><font style="font-size: 10pt">– Local</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">          -</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">        -</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Foreign (Hong Kong)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Foreign (PRC)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Local</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Foreign (Hong Kong)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">– Foreign (PRC)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Anguilla, Hong Kong and People’s Republic of China that are subject to taxes in the jurisdictions in which they operate, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>United States of America</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rito Group Corp. is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of June 30, 2020 and 2019, the operations in the United States of America incurred $404,091 and $323,074 of cumulative net operating losses, respectively, which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2035, if unutilized. The Company has provided for a full valuation allowance of $84,859 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Anguilla</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the current laws of the Republic of Anguilla (“Anguilla”), Sino Union International Limited is registered as an international business company which governs by the International Business Companies Act of Anguilla. A company is subject to Anguilla income tax if it does business in Anguilla. A company that incorporated in Anguilla, but does not do business in Anguilla, is not subject to income tax there. Sino Union International Limited did not do business in Anguilla for the year ended June 30, 2020, and it does not intend to do business in Anguilla in the future. For the years ended June 30, 2020 and 2019, Sino Union International Limited had a net operating loss of $132,848 and $123,882, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Hong Kong</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rito International Enterprise Company Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income. For the year ended June 30, 2020 and 2019, Rito International incurred a cumulative operating loss of $4,179,592 and $3,523,705, respectively for income tax purposes which can be carried forward to offset future taxable income at no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $689,633 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>People’s Republic of China</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: MS Gothic, Helvetica, Sans-Serif">深圳市</font><font style="font-family: SimSun">汇图贸易有限公司</font> is operating in the People’s Republic of China (“PRC”) subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020 and June 30, 2019, no provision for income tax is required due to operating loss incurred. As of June 30, 2020 and June 30, 2019 <font style="font-family: MS Gothic, Helvetica, Sans-Serif">深圳市</font><font style="font-family: SimSun">汇图贸易有限公司</font> incurred $4,892 and $3,042 of cumulative net operating losses which can be carried forward to offset future taxable income at no expiration. The Company has provided for a full valuation allowance against the deferred tax assets of $1,223 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2020 and 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred tax assets:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Net operating loss carryforwards</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">– United States of America</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">84,859</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">67,845</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">689,633</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">581,411</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">– PRC</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,223</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">761</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">775,715</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">650,017</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: valuation allowance</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(775,715</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(650,017</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Deferred tax assets</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $775,715 as of June 30, 2020. During the year ended June 30, 2020, the valuation allowance increased by $125,698, primarily relating to net operating loss carry forwards from the various tax regime.</p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>11. RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Professional fee paid to:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify"><font style="font-size: 10pt">- Related party A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">19,955</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">22,593</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">- Related party B</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">22,867</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">23,320</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">- Related party C</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">2,989</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">394</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Website design and maintenance fee paid to:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">- Related party D</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">597</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,506</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,895</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Related party A, B, C and D are the fellow subsidiaries of a corporate shareholder of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business.</p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12 - CONCENTRATIONS OF RISKS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) Major customers</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020, the customers who accounted for 10% or more of the Company’s revenues and the accounts receivable balances at period-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> receivable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Customer A</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">438,845</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">213,053</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">438,845</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">213,053</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> receivable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Customer A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">93,510</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">22</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">26,515</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Customer B</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">234,968</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">55</font></td> <td><font style="font-size: 10pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Customer C</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">96,774</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">23</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">96,774</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">425,252</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">123,289</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Major vendors</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> payable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Vendor A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">39,136</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">16</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vendor B</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">201,959</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">84</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">241,095</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> payable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Vendor A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">79,986</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">26</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vendor B</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">209,275</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">69</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">289,261</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">95</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(c) Credit risk</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(d) Exchange rate risk</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.</p>
</us-gaap:ConcentrationRiskDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>13. COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company leases an office premises and a farm premises in Hong Kong under a non-cancellable operating lease that expire on July 2020 with an aggregate fixed monthly rent of approximately $3,457 and $3,063, respectively; and a storage premises in Hong Kong under a non-cancellable operating lease that expire on July 2020, with an aggregate fixed monthly rent of approximately $82.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company leases a farm premises and a warehouse premises in Hong Kong under a non-cancellable operating lease that expire on July 2024 with an aggregate fixed monthly rent of approximately $4,516 and $645, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The aggregate lease expense for the years ended June 30, 2020 and 2019 are $83,355 and $9,290, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of June 30, 2020, the Company has aggregate future minimum rental payments of due under those non-cancellable operating lease in the next one years and coming years, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">Period ending June 30:</font></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,026</font></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,932</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,286</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,737</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,192</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,173</font></td> <td style="vertical-align: bottom"> </td></tr> </table>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>15. SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet but before financial statements are issued, the Company has analyzed its operations subsequent to June 30, 2020 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.</p>
</us-gaap:SubsequentEventsTextBlock>
<RTTO:SummaryOfCompanysSubsidiariesTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details of the Company’s subsidiaries:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 24%"><font style="font-size: 10pt">Company name</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 20%; text-align: center"><font style="font-size: 10pt">Place/date of incorporation</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 22%; text-align: center"><font style="font-size: 10pt">Particulars of issued capital</font></td> <td style="vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 30%; text-align: center"><font style="font-size: 10pt">Principal activities</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">1.</font></td> <td><font style="font-size: 10pt">Sino Union International Limited (“Sino Union”)</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Anguilla</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 3, 2014</p></td> <td> </td> <td><font style="font-size: 10pt">84,500 shares of ordinary share of US$1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Investment holding</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">2.</font></td> <td><font style="font-size: 10pt">Rito International Enterprise Company Limited (“Rito International”)</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Hong Kong</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">August 12, 2014</p></td> <td> </td> <td><font style="font-size: 10pt">630,001 shares of ordinary share of HK$1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Trading of retail goods</font></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 10pt">3.</font></td> <td><font style="font: 10pt MS Gothic, Helvetica, Sans-Serif">深圳市</font><font style="font: 10pt SimSun">汇图贸易有限公司</font></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Shenzhen, PRC</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">June 27, 2017</p></td> <td> </td> <td><font style="font-size: 10pt">500,000 shares of ordinary share of RMB 1 each</font></td> <td> </td> <td><font style="font-size: 10pt">Trading of retail goods, business and agriculture technology consulting</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rito Group Corp. and its subsidiaries are hereinafter referred to as the “Company”.</p>
</RTTO:SummaryOfCompanysSubsidiariesTableTextBlock>
<us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Translation of amounts from HK$ into US$1 and from RMB into US$1 has been made at the following exchange rates for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of and for the year ended  June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Period-end HK$ : US$1 exchange rate</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7.75</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7.75</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Average HK$ : US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.75</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.75</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Period-end CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.07</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">6.86</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Average CNY¥: US$1 exchange rate</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">7.09</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">6.86</font></td> <td> </td></tr> </table>
</us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of June 30,</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Leasehold improvement</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">236,630</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">236,630</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Equipment</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,570</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,570</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Motor Vehicle</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,065</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">269,200</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">287,265</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: Accumulated depreciation</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129,689</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">97,615</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">139,511</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">189,650</font></td> <td> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Bank loan from financial institution in Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; padding-bottom: 1.5pt"><font style="font-size: 10pt">The Hongkong and Shanghai Banking Corporation Limited</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">23,284</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">32,166</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">23,284</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">32,166</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Current portion</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10,370</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,882</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Long-term portion</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,914</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,284</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of June 30,</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Accrued audit fee</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued accounting fee</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,088</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,473</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued other expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other payables</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">104,982</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">86,148</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Loan from third party A</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">78,205</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Loan interest payable</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">482</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">221,457</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,621</font></td> <td> </td></tr> </table>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended June 30, 2020 and 2019 the local (United States) and foreign components of loss before income taxes were comprised of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Tax jurisdictions from:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%"><font style="font-size: 10pt">– Local</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(81,017</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(73,850</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Foreign, representing</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Anguilla</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(8,966</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(4,719</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(655,888</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(1,431,941</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">PRC</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,850</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,918</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Loss before income taxes</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(747,721</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,512,428</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table>
</us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provision for income taxes consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%"><font style="font-size: 10pt">– Local</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">          -</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">        -</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Foreign (Hong Kong)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Foreign (PRC)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">– Local</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Foreign (Hong Kong)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">– Foreign (PRC)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2020 and 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred tax assets:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Net operating loss carryforwards</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font-size: 10pt">– United States of America</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">84,859</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">67,845</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">– Hong Kong</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">689,633</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">581,411</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">– PRC</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,223</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">761</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">775,715</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">650,017</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: valuation allowance</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(775,715</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(650,017</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Deferred tax assets</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended<br /> June 30,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Professional fee paid to:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify"><font style="font-size: 10pt">- Related party A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">19,955</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">22,593</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">- Related party B</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">22,867</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">23,320</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">- Related party C</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">2,989</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">394</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Website design and maintenance fee paid to:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">- Related party D</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">597</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">588</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">32,506</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">46,895</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Related party A, B, C and D are the fellow subsidiaries of a corporate shareholder of the Company.</p>
</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) Major customers</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020, the customers who accounted for 10% or more of the Company’s revenues and the accounts receivable balances at period-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> receivable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Customer A</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">438,845</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">213,053</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">438,845</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">213,053</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2019, the customers who accounted for 10% or more of the Company’s revenues and its accounts receivable balance at year end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> revenues</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> receivable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Customer A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">93,510</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">22</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">26,515</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Customer B</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">234,968</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">55</font></td> <td><font style="font-size: 10pt">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Customer C</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">96,774</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">23</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">96,774</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">425,252</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">123,289</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Major vendors</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2020</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> payable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Vendor A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">39,136</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">16</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vendor B</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">201,959</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">84</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">241,095</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">100</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended June 30, 2019, the vendors who accounted for 10% or more of the Company’s purchases and its accounts payable balance at year-end are presented as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the year ended <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">As of <br /> June 30, 2019</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Percentage of<br /> purchases</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Accounts<br /> payable</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">(audited)</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; text-align: justify"><font style="font-size: 10pt">Vendor A</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">79,986</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">26</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vendor B</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">209,275</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">69</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Total:</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">289,261</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">95</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>
</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>
<RTTO:ScheduleOfFutureMinimumRentalPaymentsUnderNoncancellableOperatingLeaseTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of June 30, 2020, the Company has aggregate future minimum rental payments of due under those non-cancellable operating lease in the next one years and coming years, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">Period ending June 30:</font></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="vertical-align: bottom; width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,026</font></td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,932</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,286</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,737</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,192</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td> </td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,173</font></td> <td style="vertical-align: bottom"> </td></tr> </table>
</RTTO:ScheduleOfFutureMinimumRentalPaymentsUnderNoncancellableOperatingLeaseTableTextBlock>
<us-gaap:ImpairmentOfIntangibleAssetsFinitelived contextRef="From2019-07-01to2020-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:ImpairmentOfIntangibleAssetsFinitelived contextRef="From2018-07-01to2019-06-30" unitRef="USD" xsi:nil="true"/>
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<us-gaap:AccountsPayableCurrentAndNoncurrent contextRef="AsOf2020-06-30_custom_AccountsPayablesMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LeaseExpirationDate1 contextRef="From2019-07-01to2020-06-30_country_HK_custom_FarmPremisesMember"> 2020-07-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="From2019-07-01to2020-06-30_country_HK_custom_OfficePremisesMember"> 2024-07-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:PaymentsForRent contextRef="From2019-07-01to2020-06-30_country_HK_custom_FarmPremisesMember" unitRef="USD" decimals="0"> 3457 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="From2018-07-01to2019-06-30_country_HK_custom_FarmPremisesMember" unitRef="USD" decimals="0"> 3063 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="From2019-07-01to2020-06-30_custom_FixedMonthlyRentMember" unitRef="USD" decimals="0"> 82 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="From2019-07-01to2020-06-30_country_HK_custom_OfficePremisesMember" unitRef="USD" decimals="0"> 4516 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="From2018-07-01to2019-06-30_country_HK_custom_OfficePremisesMember" unitRef="USD" decimals="0"> 645 </us-gaap:PaymentsForRent>
<us-gaap:OperatingLeaseExpense contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 83355 </us-gaap:OperatingLeaseExpense>
<us-gaap:OperatingLeaseExpense contextRef="From2018-07-01to2019-06-30" unitRef="USD" decimals="0"> 9290 </us-gaap:OperatingLeaseExpense>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 62026 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 62026 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 61932 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 61932 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 73286 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 73286 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 79737 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 79737 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 6192 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 6192 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="AsOf2020-06-30_custom_NonCancellableOperatingLeaseMember137567390" unitRef="USD" decimals="0"> 283173 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 283173 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<dei:EntityWellKnownSeasonedIssuer contextRef="From2019-07-01to2020-06-30"> No </dei:EntityWellKnownSeasonedIssuer>
<RTTO:AccruedInterestExpense contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 3907 </RTTO:AccruedInterestExpense>
<RTTO:AccruedInterestExpense contextRef="From2018-07-01to2019-06-30" unitRef="USD" decimals="0"> 5395 </RTTO:AccruedInterestExpense>
<RTTO:AdjustmentToAccumulatedDeficit contextRef="AsOf2020-06-30" unitRef="USD" decimals="0"> 964 </RTTO:AdjustmentToAccumulatedDeficit>
<RTTO:AdjustmentToAccumulatedDeficit contextRef="AsOf2019-07-02_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" unitRef="USD" decimals="0"> 0 </RTTO:AdjustmentToAccumulatedDeficit>
<RTTO:DueToCorporateShareholderTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. DUE TO A CORPORATE SHAREHOLDER</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2020 and June 30, 2019, a corporate shareholder, Rito Group Holding Limited advanced $12,902 and $0 to the Company, which is unsecured, interest-free with no fixed payment term, for working capital purpose. Imputed interest is considered insignificant.</p>
</RTTO:DueToCorporateShareholderTextBlock>
<us-gaap:LesseeOperatingLeasesTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>14. OPERATING LEASE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has operating lease agreements for three office spaces with remaining lease terms of 1 month to 48 months. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This standard did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of lease expense and supplemental cash flow information related to leases for the period are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the year ended<br /> June 30,2020</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Lease cost</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease cost (included in general and administrative in company’s unaudited condensed statement of operations)</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,643</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Other information</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of lease liabilities for the year ended June 30, 2020</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75,608</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average remaining lease term-operating leases (in years)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.5</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Average discount rate - operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The supplemental balance sheet information related to leases for the period is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As at<br /> June 30, 2020</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Operating leases</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long -term right-of-use assets</font></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">256,720</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Short-term operating lease liabilities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,624</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-term operating lease liabilites</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">202,132</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total operating lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,756</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Maturities of the Company’s lease liabilities are as follows:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Year ending June 30,</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,026</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,932</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,286</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,737</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,192</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,173</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: Imputed interest/present value discount</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(27,417</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Present value of lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,756</font></td> <td> </td></tr> </table>
</us-gaap:LesseeOperatingLeasesTextBlock>
<us-gaap:OperatingLeaseCost contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 74643 </us-gaap:OperatingLeaseCost>
<RTTO:CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 75608 </RTTO:CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2020-07-30"> P4Y6M </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2020-07-30" unitRef="Percentage" decimals="INF"> 0.04 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of lease expense and supplemental cash flow information related to leases for the period are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the year ended<br /> June 30,2020</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Lease cost</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease cost (included in general and administrative in company’s unaudited condensed statement of operations)</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,643</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Other information</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of lease liabilities for the year ended June 30, 2020</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75,608</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average remaining lease term-operating leases (in years)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.5</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Average discount rate - operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table>
</us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock>
<RTTO:ScheduleOfSupplementalBalanceSheetTableTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The supplemental balance sheet information related to leases for the period is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As at<br /> June 30, 2020</font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Operating leases</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long -term right-of-use assets</font></td> <td style="width: 2%"> </td> <td style="border-bottom: black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 17%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">256,720</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Short-term operating lease liabilities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,624</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-term operating lease liabilites</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">202,132</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total operating lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,756</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>
</RTTO:ScheduleOfSupplementalBalanceSheetTableTextBlock>
<us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock contextRef="From2019-07-01to2020-06-30">
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Maturities of the Company’s lease liabilities are as follows:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Year ending June 30,</u></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,026</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,932</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,286</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,737</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,192</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,173</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: Imputed interest/present value discount</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(27,417</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Present value of lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,756</font></td></tr> </table>
</us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock>
<us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount contextRef="AsOf2020-07-30" unitRef="USD" decimals="0"> 27417 </us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount>
<RTTO:DueToDirectorTextBlock contextRef="From2019-07-01to2020-06-30">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. DUE TO A DIRECTOR</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2020 and June 30, 2019, a director of the Company advanced $90,772 and $10,255 to the Company, which is unsecured, interest-free with no fixed payment term, for working capital purpose. Imputed interest is considered insignificant.</p>
</RTTO:DueToDirectorTextBlock>
<RTTO:DueToCorporateShareholder contextRef="AsOf2019-06-30" unitRef="USD" xsi:nil="true"/>
<RTTO:DueToCorporateShareholder contextRef="AsOf2020-06-30" unitRef="USD" decimals="0"> 12902 </RTTO:DueToCorporateShareholder>
<us-gaap:LesseeOperatingLeaseTermOfContract contextRef="AsOf2020-06-30"> P12M </us-gaap:LesseeOperatingLeaseTermOfContract>
<us-gaap:LesseeOperatingLeaseRemainingLeaseTerm contextRef="AsOf2020-06-30_srt_MinimumMember"> P1M </us-gaap:LesseeOperatingLeaseRemainingLeaseTerm>
<us-gaap:LesseeOperatingLeaseRemainingLeaseTerm contextRef="AsOf2020-06-30_srt_MaximumMember"> P48M </us-gaap:LesseeOperatingLeaseRemainingLeaseTerm>
<RTTO:RepaymentsOfBankLoanInterest contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 3907 </RTTO:RepaymentsOfBankLoanInterest>
<RTTO:RepaymentsOfBankLoanInterest contextRef="From2018-07-01to2019-06-30" unitRef="USD" decimals="0"> 5395 </RTTO:RepaymentsOfBankLoanInterest>
<us-gaap:IncreaseDecreaseInInventories contextRef="From2019-07-01to2020-06-30" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncreaseDecreaseInInventories contextRef="From2018-07-01to2019-06-30" unitRef="USD" decimals="0"> -19080 </us-gaap:IncreaseDecreaseInInventories>
<us-gaap:OtherOperatingIncomeExpenseNet contextRef="From2019-07-01to2020-06-30" unitRef="USD" decimals="0"> 5505 </us-gaap:OtherOperatingIncomeExpenseNet>
<us-gaap:OtherOperatingIncomeExpenseNet contextRef="From2018-07-01to2019-06-30" unitRef="USD" decimals="0"> 11358 </us-gaap:OtherOperatingIncomeExpenseNet>
</xbrli:xbrl>

1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/18/16  Rito Group Corp.                  S-1/A¶                 9:8M                                     British Cambridge, Inc.
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