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GOING CONCERN UNCERTAINTIES
12 Months Ended
Jun. 30, 2022
GOING CONCERN UNCERTAINTIES  
GOING CONCERN UNCERTAINTIES

2. GOING CONCERN UNCERTAINTIES

 

The accompanying consolidated 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.

 

The Company experienced a net loss of $412,837 and suffered from negative cash flows from operations during the year and incurred an accumulated deficit of $1,118,412 as of June 30, 2022. The continuation of the Company as a going concern through June 30, 2023 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

 

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.