OTHER ASSETS

12 Months Ended

Jun. 30, 2020

Other Assets [Abstract]

OTHER ASSETS

	June 30,
	2020			2019
Down payment for purchase of investment properties*	$	1,645		$	1,645
Down payment for purchase of property, plant and equipment		8			100
Deposits for rental and utilities		171			169
Currency translation effect		(215	)		(164	)
Total	$	1,609		$	1,750

*Down payment for purchase of investment properties included:

	RMB			U.S. Dollars
Original Investment (10% of Junzhou equity)	$	10,000		$	1,606
Less: Management Fee		(5,000	)		(803	)
Net Investment		5,000			803
Less: Share of Loss on Joint Venture		(137	)		(22	)
Net Investment as Down Payment (Note *a)		4,863			781
Loans Receivable		5,000			814
Interest Receivable		1,250			200
Less: Impairment of Interest		(906	)		(150	)
Transferred to Down Payment (Note *b)		5,344			864
* Down Payment for Purchase of Investment Properties		10,207			1,645

a) On December 2, 2010, the Company signed a Joint Venture agreement (“agreement”) with Jia Sheng Property Development Co. Ltd. (“Developer”) to form a new company, Junzhou Co. Limited (“Joint Venture” or “Junzhou”), to jointly develop the “Singapore Themed Park” project (the “project”). The Company paid RMB10 million for the 10% investment in the joint venture. The Developer paid the Company a management fee of RMB 5 million in cash upon signing of the agreement, with a remaining fee of RMB 5 million payable upon fulfilment of certain conditions in accordance with the agreement. The Company further reduced its investment by RMB 137, or approximately $22, through the losses from operations incurred by the Joint Venture.

On October 2, 2013, the Company disposed of its entire 10% interest in the Joint Venture but to date has not received payment in full therefor. The Company recognized that disposal based on the recorded net book value of RMB 5 million, or equivalent to $803K, from net considerations paid, in accordance with GAAP under ASC Topic 845 Non-monetary Consideration. It is presented under “Other Assets” as non-current assets to defer the recognition of the gain on the disposal of the 10% interest in the joint venture investment until such time that the consideration is paid, so that the gain can be ascertained.

b) Amounts of RMB 5,000, or approximately $814, as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250, or approximately $200, and impairment on interest of RMB 906, or approximately $150.

The shop lots in the Singapore Themed Resort Project being developed by the Developer under the agreement are to be delivered to TTCQ upon completion thereof. The initial targeted date of completion was December 31, 2016. Based on discussion with the Developer, the completion date is currently estimated to be December 31, 2022. The delay was primarily due to the time needed by the developer to work with various parties to inject sufficient funds into this project, especially during the COVID-19 pandemic. Based on the available information, management believes that the Developer is capable of working with new investors to complete certain phases of this project.