DEPOSIT AND PREPAYMENTS

3 Months Ended

Sep. 30, 2024

Deposit And Prepayments

DEPOSIT AND PREPAYMENTS

NOTE– 5 DEPOSIT AND PREPAYMENTS

Deposit and prepayments consisted of the following:

	September 30, 2024		June 30, 2024
Prepayments to vendors	$	114,227	$	233,681
Prepaid service fee		16,589		17,113
Total deposit and prepayments	$	130,816	$	250,794

Prepayments mainly consisted of prepaid expenses to vendors. The prepaid service fee consisted of prepaid OTC listing fee and annual filling fee.

In addition, as of September, 30, 2024 and June 30, 2024, the Company has deposit and prepayments to its related parties of $2,178,793 (of which, $1,610,000 was prepaid Chairman and Directors’ compensation) and $250,462, respectively.

On and effective August 1, 2024, the board of directors (the “Board”) appointed five new directors to the Board. The Company issued an aggregate of 700,000 shares of the Company’s common stock on September 30, 2024 with fair value of $1,932,000 to its chairman and the five new directors in consideration of their agreements to serve for the one-year beginning from August 1, 2024. During the three months ended September 30, 2024, the Company recorded $322,000 of related stock compensation expense. As of September 30, 2024, the Company had prepaid Chairman and Directors’ compensation of $1,610,000.