DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

SCHEDULE OF DISCONTINUED OPERATIONS

	As of June 30, 2023
ASSETS
Cash and cash equivalents	$	57,258
Deposit and prepayments		258,940
Inventory		1,553,524
Other receivables		88,698
Due from related parties		33,222
Property and equipment, net		355,901
Construction in process		74,353
Operating lease right-of-use assets, net		287,659
TOTAL ASSETS HELD FOR SALE AND AT CLOSING DATE	$	2,709,555
LIABILITIES
Trade payables	$	433,345
Accrued liabilities and other payables		246,762
Receipt in advance		1,099,733
Due to related parties		183,472
Income tax payable		5,181
Operating lease liabilities-current		123,163
Operating lease liabilities-noncurrent		131,923
TOTAL LIABILITIES HELD FOR SALE	$	2,223,579
Add back: Weiguan Ship’s due to Vivic US		2,205,872
Add back: accumulated other comprehensive income		149,530
TOTAL LIABILITIES AT CLOSING DATE		4,578,981
Net assets deficit	$	(1,869,426	)
Sales price		137
Gain on disposal	$	1,869,563

The operations of Weiguan Ship and its subsidiaries are accounted for as discontinued operations in the accompanying consolidated financial statements for all periods presented. The following table presents the components of discontinued operations reported in the consolidated statements of operations:

	For the years ended June 30,
	2024		2023
Revenue, Net	$	-	$	890,108
Cost of Sales		-		669,105
Gross Profit		-		221,003
Operating Expenses
Selling Expenses				196,177
General and Administrative Expenses				732,194
Loss From Operations		-		(707,368	)
Other Income
Interest expense		-		(20,445	)
Other Income				266,336
Total Other Income		-		245,891
Loss Before Income Taxes		-		(461,477	)
Income Tax Expense		-		-
Net Loss from Discontinued operations	$	-	$	(461,477	)