INCOME TAXES

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 – INCOME TAXES

The Company had no income tax expense for the years ended June 30, 2024 and 2023, respectively. The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

	Year ended June 30,
	2024			2023
Loss from continuing operations before income tax:	$	(798,804	)	$	(1,077,360	)
U.S. Federal statutory tax rate		21	%		21	%
Income tax benefit at statutory rate		(167,749	)		(226,246	)
Foreign tax rate difference		-			-
Change in valuation allowance		-			-
Income tax provision	$	-		$	-

	As of June 30,
	2024		2023
Components of deferred tax assets:
Net operating loss carry forwards	$	-	$	383,000
Gross deferred tax assets		-		383,000
Less: valuation allowance		-		(383,000	)
Net deferred tax asset	$	-	$	-

The provisions of ASC Topic 740, Accounting for Income Taxes, require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. As of June 30, 2024 and 2023, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was more likely than not that the net deferred tax assets were not fully realizable. Accordingly, the Company established a full valuation allowance against its net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance.

The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. ASC 740 also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. As of June 30, 2024 and 2023, no liability for unrecognized tax benefits was required to be recorded or disclosed.

The Company’s primary operations are located in Malaysia, which is taxed at 24%.