MILLENNIUM GROUP INTERNATIONAL HOLDINGS LTD, 20-F filed on 10/30/2024
Annual and Transition Report (foreign private issuer)
v3.24.3
Cover
 12 Months Ended
Jun. 30, 2024
shares
Document Information [Line Items]  
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Transition Report false
Document Financial Statement Error Correction [Flag] false
Document Shell Company Report false
Entity Interactive Data Current Yes
Document Accounting Standard U.S. GAAP
ICFR Auditor Attestation Flag false
Amendment Flag false
Document Period End Date Jun. 30, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus FY
Entity Information [Line Items]  
Entity Registrant Name Millennium Group International Holdings Limited
Entity Central Index Key 0001903995
Entity File Number 001-41568
Entity Incorporation, State or Country Code E9
Current Fiscal Year End Date --06-30
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Shell Company false
Entity Filer Category Non-accelerated Filer
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Contact Personnel [Line Items]  
Entity Address, Address Line One Flat B-C, 1st Floor
Entity Address, Address Line Two Wang Kwong Industrial Building
Entity Address, Address Line Three 45 Hung To Road
Entity Address, City or Town Kwun Tong
Entity Address, Country HK
Entity Address, Postal Zip Code 999077
Entity Listings [Line Items]  
Title of 12(b) Security Ordinary shares, par value $0.002 per share
Trading Symbol MGIH
Security Exchange Name NASDAQ
Entity Common Stock, Shares Outstanding 11,250,000
Business Contact [Member]  
Entity Contact Personnel [Line Items]  
Contact Personnel Name Ming Yan Lai
Entity Address, Address Line One Flat B-C, 1st Floor
Entity Address, Address Line Two Wang Kwong Industrial Building
Entity Address, Address Line Three 45 Hung To Road
Entity Address, City or Town Kwun Tong
Entity Address, Country HK
Entity Address, Postal Zip Code 999077
Entity Phone Fax Numbers [Line Items]  
City Area Code +852
Local Phone Number 36195768
v3.24.3
Audit Information
 12 Months Ended
Jun. 30, 2024
Auditor [Table]  
Auditor Name Wei, Wei & Co., LLP
Auditor Firm ID 2388
Auditor Location Flushing, New York
v3.24.3
Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 13,346,584 $ 27,576,622
Accounts receivable, net 9,462,980 10,313,371
Prepayments, other receivables and other current assets 1,240,639 1,001,694
Inventories, net 3,715,494 5,559,282
Total current assets 27,765,697 44,450,969
Non-current assets:    
Property, plant and equipment, net 7,792,835 9,027,615
Right-of-use assets, net 3,474,737 3,076,855
Intangible asset, net 197,787 291,559
Deferred tax assets, net 329,594 397,212
Other non-current assets 4,076,456 1,798,927
Total non-current assets 15,871,409 14,592,168
Total Assets 43,637,106 59,043,137
Current Liabilities:    
Accounts payable 3,648,331 3,411,605
Other payables and accrued liabilities 2,684,556 2,105,028
Lease obligation – current 218,578 157,489
Bank borrowings 5,582,665 13,405,816
Tax payable 6,405
Total current liabilities 12,134,130 19,086,343
Non-current liabilities:    
Lease obligation – non-current 456,933 37,992
Total non-current liabilities 456,933 37,992
Total liabilities 12,591,063 19,124,335
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Ordinary shares: US$0.002 par value per share, 125,000,000 shares authorized; 11,250,000 shares issued and outstanding 22,500 22,500
Additional paid-up capital 34,361,149 34,361,149
Statutory reserves 1,049,119 1,049,119
Accumulated other comprehensive loss (3,888,270) (3,785,555)
Retained earnings (Accumulated deficit) (498,455) 8,271,589
Total shareholders’ equity 31,046,043 39,918,802
Total liabilities and shareholders’ equity $ 43,637,106 $ 59,043,137
v3.24.3
Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2024
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in Dollars per share) $ 0.002 $ 0.002
Ordinary shares, authorized 125,000,000 125,000,000
Ordinary shares, issued 11,250,000 11,250,000
Ordinary shares, outstanding 11,250,000 11,250,000
v3.24.3
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]      
Revenues $ 38,530,773 $ 45,598,620 $ 66,232,757
Cost of revenues (30,226,192) (36,534,358) (49,961,793)
Gross Profit 8,304,581 9,064,262 16,270,964
Operating expenses:      
Selling and marketing (5,651,505) (4,875,650) (5,813,307)
General and administrative (9,581,030) (5,270,966) (4,922,075)
Total operating expenses (15,232,535) (10,146,616) (10,735,382)
(Loss) income from operations (6,927,954) (1,082,354) 5,535,582
Other income (loss):      
Other income 49,163 1,366,394 99,006
Other expenses (725,374) (31,095) (234,269)
Interest expense (958,935) (684,358) (425,791)
Total other (loss) income, net (1,635,146) 650,941 (561,054)
(Loss) income before income tax expenses (8,563,100) (431,413) 4,974,528
Income tax (expenses) credit (206,944) 77,302 (897,157)
Net (loss) income (8,770,044) (354,111) 4,077,371
Other Comprehensive Loss      
Foreign currency translation adjustment (102,715) (3,076,878) (1,108,733)
Total Comprehensive (Loss) Income $ (8,872,759) $ (3,430,989) $ 2,968,638
Net (loss) income per share attributable to ordinary shareholders - basic (in Dollars per share) $ (0.78) $ (0.03) $ 0.41
Net (loss) income per share attributable to ordinary shareholders - diluted (in Dollars per share) $ (0.78) $ (0.03) $ 0.41
Weighted average number of ordinary shares used in computing net (loss) income per share - basic (in Shares) 11,250,000 10,301,370 10,000,000
Weighted average number of ordinary shares used in computing net (loss) income per share - diluted (in Shares) 11,250,000 10,301,370 10,000,000
v3.24.3
Consolidated Statements of Changes in Shareholders’ Equity - USD ($)
Ordinary Shares
Additional paid-in capital
Statutory reserves
Accumulated other comprehensive income (loss)
Retained earnings
Total
Balance at Jun. 30, 2021 $ 20,000 $ 17,514,152 $ 733,182 $ 400,056 $ 11,837,448 $ 30,504,838
Balance (in Shares) at Jun. 30, 2021 10,000,000          
Appropriations to statutory reserves 295,962 (295,962)
Waiver of amounts due to shareholders 6,614,563 6,614,563
Recapitalization 6,973,182 (6,973,182)
Foreign currency translation adjustment   (1,108,733) (1,108,733)
Net income (loss) 4,077,371 4,077,371
Balance at Jun. 30, 2022 $ 20,000 31,101,897 1,029,144 (708,677) 8,645,675 $ 40,088,039
Balance (in Shares) at Jun. 30, 2022 10,000,000         10,000,000
Appropriations to statutory reserves 19,975 (19,975)
Issuance of shares $ 2,500 3,259,252 3,261,752
Issuance of shares (in Shares) 1,250,000          
Foreign currency translation adjustment   (3,076,878) (3,076,878)
Net income (loss) (354,111) (354,111)
Balance at Jun. 30, 2023 $ 22,500 34,361,149 1,049,119 (3,785,555) 8,271,589 $ 39,918,802
Balance (in Shares) at Jun. 30, 2023 11,250,000         11,250,000
Appropriations to statutory reserves     0      
Foreign currency translation adjustment (102,715) $ (102,715)
Net income (loss) (8,770,044) (8,770,044)
Balance at Jun. 30, 2024 $ 22,500 $ 34,361,149 $ 1,049,119 $ (3,888,270) $ (498,455) $ 31,046,043
Balance (in Shares) at Jun. 30, 2024 11,250,000         11,250,000
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:      
Net (loss) income $ (8,770,044) $ (354,111) $ 4,077,371
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 1,398,862 1,702,331 1,936,061
Impairment of inventories 564,020 133,218 71,143
Provision for bad debts (Reversal of provision) 157,765 (116,846) 10,450
Loss (Gain) on disposal of property, plant and equipment (88,241) (1,949)
Changes in operating assets and liabilities:      
Deferred tax assets 67,808 (106,103) (68,194)
Accounts receivable 688,284 6,690,275 (1,388,981)
Prepayments, other receivables and other assets (58,196) (476,360) (951,573)
Inventories 1,284,158 3,408,444 (633,043)
Prepaid tax (264,989) 378,726
Right-of-use assets (419,957) 777,309 840,151
Lease obligation 501,745 (683,205) (740,604)
Accounts payable 250,488 (1,586,850) 1,384,898
Other payables and accrued liabilities 1,248,316 (226,444) (1,188,273)
Tax payable (6,352) (342,621) 354,863
Related party balances – trade nature (659,678) (707,311) (2,043,395)
Net Cash (Used in) Provided by Operating Activities (4,106,011) 8,109,777 2,039,600
Cash Flows from Investing Activities:      
Purchases of property, plant and equipment (2,376,967) (186,565) (510,780)
Proceeds from disposal of property, plant and equipment 162,902 41,301
Purchase of intangible assets (29,458) (29,955) (29,808)
Repayments from related parties 2,567,531
Net Cash (Used in) Provided by Investing Activities (2,243,523) (216,520) 2,068,244
Cash Flows from Financing Activities:      
Net proceeds from issuance of ordinary shares 4,227,000
Repayment of bank borrowings (22,049,203) (18,662,822) (27,289,939)
Proceeds from bank borrowings 14,188,856 16,235,091 26,425,399
Recapitalization - Dividends paid (8,863,135)
Recapitalization – Dividends reinjected as additional paid-in capital 8,863,135
Repayment of loan to related company (1,864,965)
Repayments to related parties (2,855,605)
Net Cash Provided by (Used in) Financing Activities (7,860,347) 1,799,269 (5,585,110)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (20,158) (1,563,355) (345,360)
Net (Decrease) Increase in Cash and Cash Equivalents (14,230,038) 8,129,171 (1,822,626)
Cash, Cash Equivalents and Restricted Cash - Beginning of Year 27,576,622 19,447,451 21,270,077
Cash, Cash Equivalents and Restricted Cash - End of Year 13,346,584 27,576,622 19,447,451
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest (850,614) (684,358) (429,976)
Cash paid for income taxes (593,569) (614,026) (516,793)
Supplemental significant non-cash financing activities:      
Waiver of amounts due to shareholders 6,614,563
Recapitalization - transfer out of retained earnings (6,973,182)
Recapitalization - transfer into additional paid in capital 6,973,182
Prepaid offering costs net off with additional paid-in capital $ 515,952
v3.24.3
Organization and Business Background
 12 Months Ended
Jun. 30, 2024
Organization and Business Background [Abstract]  
Organization and Business Background

(1) Organization and Business Background

 

On May 21, 2021, Millennium Group International Holdings Limited (the “Company” or the “Group”) was incorporated in the Cayman Islands, as an investment holding company. The Company primarily provides paper-based packaging solutions. The Company is headquartered in Hong Kong with significant operations in the People’s Republic of China (“PRC” or China) and Vietnam. The Company operates two production facilities in the Guangdong Province of the PRC. The Company also operates a supply chain management business in Vietnam to provide premium packaging solutions to meet the demand of the Company’s top-tier clients whose products are sold globally.

 

A reorganization of the legal structure was completed in on January 19, 2022. As the Group was under control of the same shareholders and their entire equity interests were held by the same shareholders immediately prior to the group reorganization, the consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows are prepared as if the current group structure had been in existence throughout the year ended June 30, 2022.

 

Initial Public Offering

 

On April 4, 2023, the Company announced the closing of its initial public offering (“IPO”) of 1,250,000 ordinary shares, US$0.002 par value per share (“Ordinary Shares”) at US$4.00 per share for US$5,000,000 in gross proceeds. The Company raised net proceeds of $4.2 million after deducting underwriting discounts and commissions and offering expenses. In addition, the Company granted its underwriters, Revere Securities, LLC, as the Underwriter Representative, an option for 45 days after the closing of the IPO to purchase up to 15% of the total number of the Company’s ordinary shares to be offered by the Company pursuant to the IPO (excluding shares subject to this option), solely for the purpose of covering overallotments, at the IPO price less the underwriting discount. The ordinary shares of the Company began trading on the Nasdaq Capital Market on April 6, 2023 under the ticker symbol “MGIH”.

 

As of June 30, 2024, the Company’s subsidiaries are detailed in the table as follows:

 

    Date of
Incorporation		   Place of
Incorporation 		  Percentage of
Ownership		      
Name   or Establishment   or Establishment   (directly/indirectly)     Principal Activities
Subsidiary:                  
Millennium Investment International Limited   September 13, 2019   HK                  100 %   Investment holding
Millennium Printing (Shenzhen) Co., Ltd   December 3, 2007   The PRC     100 %   Investment holding and Manufacturing of paper-based packaging
Yee Woo Paper Industry (Shenzhen) Co., Ltd.   August 21, 2001   The PRC      100 %   Manufacturing of paper-based packaging
Putian Xiqi Branding Strategy Co., Ltd   September 30, 2017   The PRC     100 %   Trading of paper-based packaging
Millennium Packaging Technology (Huizhou) Co., Ltd.   March 6, 2020   The PRC     100 %   Dormant
Millennium (Huizhou) Technology Co., Ltd.   January 19, 2020   The PRC     100 %   Property holding
Huizhou Yimeinuo Industry Co., Ltd.   April 7, 2017   The PRC     100 %   Property holding
Millennium Strategic International Limited   November 13, 2019   HK     100 %   Investment holding
Wah Tong Investment International Limited   October 18, 2019   HK     100 %   Dormant
Yee Woo Paper Investment International Limited   November 15, 2019   HK     100 %   Dormant
Millennium Printing International Limited   May 12, 2000   HK     100 %   Trading of paper based packaging
Millennium Packaging Group International Limited   August 13, 2003   HK     100 %   Investment holding and trading
Yee Woo Paper Packaging (HK) Company Limited   December 13, 2018   HK     100 %   Trading of paper-based packaging
MPG Global Company Limited   March 9, 2018   Vietnam     100 %   Trading of paper-based packaging
Millennium Group Investment (BVI) Limited   May 20. 2021   BVI     100 %   Investment holding
Millennium Holdings International Limited   September 23, 2019   HK     100 %   Investment holding
Yee Woo Vietnam Paper Products Company Limited   August 3, 2022   Vietnam     100 %   Dormant
Millennium Printing and Packaging Technology (Vietnam) Co. Ltd   4 June 2024   Vietnam     100 %   Manufacturing of paper-based packaging
v3.24.3
Significant Accounting Policies
 12 Months Ended
Jun. 30, 2024
Significant Accounting Policies [Abstract]  
Significant Accounting Policies

(2) Significant Accounting Policies

 

Basis of Presentation and Principles of Consolidation

 

The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company balances and transactions are eliminated on consolidation.

 

Use of estimates and assumptions

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, significant accounting estimates reflected in the Company’s consolidated financial statements include useful lives of property, plant and equipment, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, deferred taxes and uncertain tax position. Actual results could differ from these estimates.

 

Foreign Currency Translation

 

The Company’s reporting currency is the United States dollar (“US$” or “$”). The functional currency of its Hong Kong subsidiaries is the Hong Kong dollar (the “HK$”), its Vietnam subsidiaries is the Vietnamese dong (the “VND”), and its PRC subsidiaries is the Renminbi (the “RMB”). Results of operations and cash flows are translated at the average exchange rates during the year, and assets and liabilities are translated at the exchange rate at the end of the year. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

 

Translation of amounts from HK$ into US$ has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts:   
June 30, 2024  HK$7.81 to US$1
June 30, 2023  HK$7.84 to US$1

 

Statement of operations and cash flow items:
June 30, 2022   HK$7.80 to US$1
June 30, 2023   HK$7.84 to US$1
June 30, 2024   HK$7.82 to US$1

 

Translation of amounts from RMB into US$ has been made at the following exchange rates:

 

Balance sheet items, except for equity accounts:
June 30, 2024   RMB7.27 to US$1
June 30, 2023   RMB7.26 to US$1

 

Statement of operations and cash flow items:    
June 30, 2022   RMB 6.45 to US$1
June 30, 2023   RMB 6.95 to US$1
June 30, 2024   RMB 7.21 to US$1

 

Translation of amounts from VND into US$ has been made at the following exchange rates: 

 

Balance sheet items, except for equity accounts:
June 30, 2024   VND25,455 to US$1
June 30, 2023   VND23,583 to US$1

 

Statement of operations and cash flow items:
June 30, 2022   VND22,860 to US$1
June 30, 2023   VND23,706 to US$1
June 30, 2024   VND24,548 to US$1

 

Cash and cash equivalents

 

Cash and cash equivalents are cash on hand and time deposits, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less from the date of purchase to be cash equivalents.

 

Restricted cash

 

Time deposits that are restricted as to withdrawal for use or pledged as security is reported separately as restricted cash. The Group’s restricted cash primarily represents deposits pledged to banks to secure banking facilities granted to the Company. The restricted deposits for the banking facilities were fully released by respective banks in September 2022 with the revised bank facilities.

 

Accounts receivable, net

 

Accounts receivable are trade receivables from customers. Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The trade receivables are all without customer collateral and interest is not accrued on past due accounts. The Company estimates the allowance for doubtful accounts receivable based on historical collection activity, current business environment and forecasts of future macroeconomic conditions that may affect the customers’ ability of payment according to ASC 326. The accounts receivable was segmented into groups based on certain credit risk characteristics, and the Company determined expected loss rates for each group based on historical loss experience adjusted for judgments about the effects of relevant observable data including default rates, lifetime for debt recovery, current and future economic conditions. As of June 30, 2024, and 2023, the balance of allowance for doubtful accounts was $226,925 and $70,345, respectively.

 

Prepayments, other receivables and other current assets

 

Prepayments are cash deposited or advanced to suppliers for future inventory purchases. This amount is refundable and bears no interest.

 

Other receivables and other current assets primarily include deposits for rental, VAT input and others. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Receivables considered uncollectable are written off against allowances after exhaustive efforts at collection are made.

 

Inventories, net

 

Inventories consist principally of raw materials, work-in-progress and finished goods, and are stated at the lower of cost (average cost method) or net realizable value. Cost of inventories includes labor, raw materials, and allocated overhead.

 

Intangible asset, net

 

Intangible asset is computer software acquired by the Company, it is stated at cost less accumulated amortization and any impairment losses. The intangible assets will be amortized on a straight-line basis over the estimated useful life of 5 years.

 

Property, Plant and Equipment, net

 

Property, plant, and equipment are stated at cost less accumulated depreciation and any impairment losses. Major renewals, betterments, and improvements are capitalized to the asset accounts while replacements, maintenance, and repairs, which do not improve or extend the lives of the respective assets, are expensed to operations. At the time property, plant, and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation or amortization accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to operations.

 

The Company depreciates property, plant, and equipment using the straight-line method as follows:

 

Buildings   20 years to 50 years
     
Leasehold improvements   5 years
     
Plant and machinery   5 years to 20 years
     
Motor Vehicles   5 years to 15 years
     
Office equipment   1 years to 10 years

 

Note: For items bought in second hand, depreciation is provided based on its residual useful based on the above mentioned overall useful life. The useful life of the fixed assets of the Vietnamese company is determined according to the current accounting policies of Vietnam and in consideration of the actual value of the assets.

 

Impairment of long-lived asset 

 

Long-lived assets, are property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value (“FV”) based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2024, and 2023, no impairment of long-lived assets was recognized.

 

Leases

 

ASC 842 supersedes the lease requirements in ASC 840 “Leases”, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The leases in the Group are accounted for as operating leases and finance lease.

 

We determine if an arrangement is a lease at inception. On our balance sheet, our operating leases and finance lease are included in operating lease right-of-use (ROU) asset, Current portion of operating lease liability and non-current of lease liability, net of current portion.

 

ROU assets are our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

 

For our leases, lease expense is recognized on a straight-line basis in operations over the lease term.

 

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

 

All land in mainland China is owned by the Chinese government. The Chinese government may sell land use rights for a specified period of time. The purchase price of land use rights represents the operating lease prepayments for the rights to use the land in mainland China under ASC 842 and is recorded as right-of-use assets on the consolidated balance sheets, which is amortized over the remaining lease term.

 

In July 2000, the Company acquired land use rights from the local Bureau of Land and Resources in Shenzhen for the purpose of building factory. The land use rights are being amortized over the respective lease terms, which are 50 years. In the inception date of lease term, the Company has paid the lease payment to the PRC government.

 

As of 30 June 2024, the Company have land use rights from Huizhou Yimeinuo Industry Co., Ltd to build a factory and this land use rights are being amortized over the respective lease terms, which are 35 years.

 

Other non-current assets

 

Other non-current assets mainly include prepayment for land in Vietnam of USD 4,001,282 and USD 1,798,927 as of June 30, 2024 and 2023, respectively. The prepayment for land in Vietnam is VND 102,476,000,000 for a contract granting the right to use the land in Vietnam, the Company signed a new sublease contract on December 11, 2023, with the land cost released amounting to VND 102,469,851,440. The details of capital commitment are set out in the Note 18.

 

Bank borrowings

 

Bank borrowings are initially recognized at FV, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

 

Accounts payable

 

Accounts payable represents trade payables to vendors.

 

Other payables and accrued liabilities

 

Other payables and accrued liabilities primarily include contract liabilities, salaries payable as well as others accrual and payable.

 

A contract liability is recognized when a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer).

 

Statutory Reserves

 

According to the laws and regulations in the PRC, the Company is required to provide for certain statutory funds, namely, a reserve fund by an appropriation from net profit after taxation but before dividend distribution based on the local statutory financial statements of the PRC subsidiary prepared in accordance with the PRC accounting principles and relevant financial regulations.

 

Each of the Company’s wholly owned subsidiaries in the PRC are required to allocate at least 10% of its net profit to the reserve fund until the balance of such fund has reached 50% of its registered capital. Appropriations of additional reserve fund are determined at the discretion of its directors. The reserve fund can only be used, upon approval by the relevant authority, to offset accumulated losses or increase capital.

 

Employee Benefit Plan

 

Full time employees of the PRC entities participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance and other welfare benefits are provided to employees.

 

Qualified employees of the Hong Kong entities participate in Mandatory Provident Fund and company’s medical insurance plan. Contributions are made by both the employer and the employee at the rate of 5% on the employee’s relevant salary income, subject to a cap of monthly relevant income of approximately US$3,842.

 

During the years ended June 30, 2024, 2023 and 2022, the total expenses for the Company’s costs incurred on both governments mandated multi-employer defined contribution plan in the PRC and Mandatory Provident Fund Scheme in Hong Kong were US$2,011,534, US$1,205,697 and US$1,090,943, respectively.

 

Related parties

 

We follow ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

 

The details of related party transaction during the years ended June 30, 2024, 2023 and 2022 and balances as of June 30, 2024 and 2023 are set out in the Note 10.

 

Revenue Recognition

 

The Company follows ASC Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606. The Company derives revenue principally from producing and sales of paper products. Revenue from contracts with customers is recognized using the following five steps:

 

1.Identify the contract(s) with a customer;

 

2.Identify the performance obligations in the contract;

 

3.Determine the transaction price;

 

4.Allocate the transaction price to the performance obligations in the contract; and

 

5.Recognize revenue when (or as) the entity satisfies a performance obligation.

 

A contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group of promises) that is distinct. The transaction price is the amount of consideration a company expects to be entitled from a customer in exchange for providing the goods or services.

 

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer represent distinct performance obligations. The Company applied the guidance of ASC Topic 606-10-25-16 through 18 to verify which promises should be assessed for classification as distinct performance obligations.

 

The transaction price is allocated to each performance obligation in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual standalone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations.

 

Transaction price is the amount in the contract to which the Company expects to be entitled for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

 

Revenue may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that performance obligation. Typically, performance obligation for products where the process is described as below, the performance obligation is satisfied at point in time.

 

The Company currently generates its revenue mainly from the following sources:

 

a.Revenue from sales of paper products

 

For the sales of paper products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at customer’s truck at the Company’s inventory warehouse or their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred. The amount of revenue recognized from contract liabilities to the Company’s result of operations can be found in Note 11 below.

 

b.Revenue from provision of supply chain management solution

 

The Company provides supply chain management solutions to its customers by designing packaging products, designating approved raw materials for manufacturing of those packaging products, contracting viable manufacturers, and arranging delivery of those packaging products to end customers. The Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is identified as a single performance obligation where delivery of the finished product to the customer at the location specified by the customer indicates that the Company has completed all steps set forth above such as design, manufacture and delivery in order to substantially complete all the services agreed upon in the purchase order. Delivery of the product to the customer is also the point at which title to that asset passes to the customer. The completion of this earning process is typically evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred. The amount of revenue recognized from contract liabilities to the Company’s result of operations can be found in Note 11 below.

 

Following the adoption of ASC 606, we considered the guidance set forth in ASC 340-40, and determined that an asset would be recognized from costs incurred to fulfill a contract under ASC 340-40-25-5 only if those costs meet all of the following criteria:

 

●The costs relate directly to a contract or an anticipated contract that the entity can specifically identify (for example, costs relating to services to be provided under the renewal of an existing contract or costs of designing an asset to be transferred under a specific contract that has not yet been approved).

 

●The costs generate or enhance resources of the entity that will be used in satisfying (or continuing to satisfy) performance obligations in the future.

 

●The costs are expected to be recovered.

 

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less.

 

The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

 

Costs that relate directly to a contract include direct material, labor cost, subcontracting fee and allocated overhead including utilities, depreciation, and other overhead costs.

 

We elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and has been presented as transportation costs which is include in selling and marketing expenses.

 

Cost of revenues

 

a. Cost of sales of paper products

 

Cost of sales of paper products, which are directly related to revenue generating transactions, primarily consists of raw paper cost, labour cost and allocated overhead.

 

b.Cost of provision of supply chain management solution

 

Cost of provision of supply chain management solution, which are directly related to revenue generating transactions, primarily consists of cost of purchase of finished goods and shipping costs.

 

Other income

 

Interest income is mainly from savings and time deposits and is recognized on an accrual basis using the effective interest method.

 

Selling and marketing expenses

 

Selling and marketing expenses consist primarily of staff costs and employee benefits of sales team, consultancy fee for market research and product development, advertising expenses and transportation and handling expenses.

 

General and administrative expenses

 

General and administrative expenses consist primarily of personnel-related compensation expenses, including salaries and related social insurance costs for our operations and support personnel, office rental and property management fees, professional services fees, depreciation, travelling expenses, office supplies, utilities, research and development costs, communication and expenses related to general operations.

 

Income Taxes

 

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain.

 

The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, it prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

 

The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

 

Value Added Tax

 

Revenue is the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All VAT returns filed by our subsidiaries in the PRC have been and remain subject to examination by the tax authorities for five years from the date of filing.

 

Comprehensive Income (Loss)

 

The Company presents comprehensive income (loss) in accordance with ASC Topic 220, Comprehensive Income. ASC Topic 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income (loss) be reported in the consolidated financial statements. The components of comprehensive income (loss) were the net income (loss) for the years and the foreign currency translation adjustments.

 

Segment reporting

 

The Company follows ASC 280, Segment Reporting. The Company’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined that the Company has only one reportable segment. The Company operates and manages its business as a single segment. Please refer to Note 16 to the consolidated financial statement for the Company’s revenue from customers by geographical areas based on the location of the customers.

 

Earnings (Loss) Per Share

 

The Group computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. During the years ended June 30, 2024, 2023 and 2022, there was no dilution impact.

 

Commitments and contingencies

 

In the normal course of business, we are subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. We recognize a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. We may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

 

Recent accounting pronouncements

 

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities.

 

The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Company adopted this update on July 1, 2023. the adoption of ASU 2019-05 did not have a material impact on our CFS.

 

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for the Group for the annual reporting periods beginning July 1, 2022 and interim periods beginning July 1, 2023. Early adoption is permitted. The Company does not expect any material impact on the Company’s CFS.

 

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material impact on the Company’s CFS.

 

In October 2021, the FASB issued ASU 2021-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the likelihood that the disclosure requirement would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2021-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of ASU 2021-10 did not have a material impact on our CFS.

 

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.
v3.24.3
Cash and Cash Equivalents
 12 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash and cash equivalents

(3) Cash and cash equivalents 

 

Cash and cash equivalents in its original currencies is shown below:

 

   As of June 30, 
   2024   2023 
   $   $ 
HKD   3,197,313    7,610,774 
RMB   2,673,761    7,156,490 
USD   7,004,410    12,723,146 
VND   471,100    86,212 
Total   13,346,584    27,576,622 

 

The PRC government imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in obtaining and remitting foreign currency.
v3.24.3
Accounts Receivable, Net
 12 Months Ended
Jun. 30, 2024
Accounts Receivable, Net [Abstract]  
Accounts receivable, net

(4) Accounts receivable, net

 

Accounts receivable, net comprised the following:

 

   As of June 30, 
   2024   2023 
   $   $ 
Accounts receivable   9,689,905    10,383,716 
Allowance for doubtful accounts   (226,925)   (70,345)
Total   9,462,980    10,313,371 

 

Allowance for doubtful accounts, changes was of the following:

 

   For the years ended June 30, 
   2024   2023   2022 
   $   $   $ 
Beginning balance   70,345    186,909    228,413 
Reversals   157,765    (116,846)   (509)
Write-offs   
-
    (3,653)   (36,333)
Foreign currency exchange effect   (1,185)   3,935    (4,662)
Ending balance   226,925    70,345    186,909 

 

As of the end of each of the fiscal year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:

 

   As of June 30, 
   2024   2023 
   $   $ 
Within 90 days   8,560,794    9,821,889 
Between 91 and 180 days   742,822    491,063 
Between 181 and 365 days   159,364    419 
    9,462,980    10,313,371 
v3.24.3
Prepayments, Other Receivables and Other Current Assets
 12 Months Ended
Jun. 30, 2024
Prepayments, Other Receivables and Other Current Assets [Abstract]  
Prepayments, other receivables and other current assets

(5) Prepayments, other receivables and other current assets

 

Prepayments, other receivables and other current assets consisted of the following:

 

    As of June 30,   
   2024   2023 
   $   $ 
Prepayments   501,558    552,458 
Deposits   126,364    238,481 
Other receivables   82,485    48,615 
Prepaid tax   264,727    

-

 
VAT receivables   265,505    162,140 
    1,240,639    1,001,694 
v3.24.3
Inventories, Net
 12 Months Ended
Jun. 30, 2024
Inventories, Net [Abstract]  
Inventories, net

(6) Inventories, net

 

Inventories are stated at the lower of cost and net realizable value. Cost is determined on the first-in, first-out basis and, in the case of work in progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.

 

The components of inventories were as follows:

 

   As of June 30, 
   2024   2023 
   $   $ 
Raw materials   2,983,737    4,167,531 
Work in progress   663,644    518,352 
Finished goods   1,331,848    1,606,296 
Total inventories, gross   4,979,229    6,292,179 
Inventories impairment   (1,263,735)   (732,897)
Total inventories, net   3,715,494    5,559,282 

 

Inventories impairment consists of the following:

 

   For the years ended June 30, 
   2024   2023   2022 
   $   $   $ 
Beginning balance   (732,897)   (655,783)   (613,831)
Addition   (564,020)   (133,218)   (71,143)
Write-offs   27,596    
-
    (4,470)
Foreign currency exchange effect   5,586    56,104    33,661 
Ending balance   (1,263,735)   (732,897)   (655,783)
v3.24.3
Property, Plant and Equipment, Net
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract]  
Property, plant and equipment, net

(7) Property, plant and equipment, net

 

As of June 30, 2024, and 2023, property, plant and equipment, net consisted of the following:

 

    As of June 30,  
   2024   2023 
   $   $ 
Buildings   7,185,353    7,159,632 
Leasehold improvements   3,253,163    3,277,579 
Plant and machinery   13,533,299    15,780,713 
Motor vehicles   390,841    528,093 
Office equipment   1,813,396    1,800,073 
Totals   26,176,052    28,546,090 
Less: accumulated depreciation   (18,383,217)   (19,518,475)
Property, plant and equipment, net   7,792,835    9,027,615 

 

Depreciation was US$1,206,371, US$1,556,069 and US$1,792,022 for the years ended June 30, 2024, 2023 and 2022, respectively. No impairment loss was recorded for the years ended June 30, 2024, 2023 and 2022.

v3.24.3
Leases
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

(8) Leases

 

Our operating leases primarily consist of leases of office, factories buildings and factory equipment. Our finance leases consist of lease of motor vehicles. The recognition of whether a contract contains a lease is made by evaluating whether the arrangement conveys the right to use an identified asset and whether we obtain substantially all the economic benefits from and has the ability to direct the use of the asset.

 

Our lease assets and liabilities are included in the lease right-of-use assets, net, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets.

 

We follow ASU No. 2016-02 and related standards (collectively ASC 842, Leases). We used the incremental borrowing rate from 3.18% to 4.25% as the discount rate, based on the information available at commencement date in determining the present value of lease payments.

 

Supplemental balance sheet information related to leases was as follows:

 

   As of June 30, 
   2024   2023 
   $   $ 
Right-of-use assets(“ROU”), net   3,474,737    3,076,855 
Operating lease ROU   3,406,861    3,076,855 
Finance lease ROU   67,876    - 
           
Lease liabilities - current   218,578    157,489 
Current operating lease obligation   203,347    157,489 
Current finance lease obligation   15,231    - 
           
Lease liabilities – non-current   456,933    37,992 
Non-current operating lease obligation   413,871    37,992 
Non-current finance lease obligation   43,062    - 
Total lease obligation   675,511    195,481 

 

Operating and finance lease expenses for the years ended June 30, 2024, 2023 and 2022 were US$834,423, US$790,417 and US$814,377, respectively. 

 

The following table shows the remaining contractual maturities of the Group’s operating and finance lease liabilities as of June 30, 2024 by years:

 

   Operating   Finance 
   $   $ 
Year ending June 30, 2025   225,530    16,864 
Year ending June 30, 2026   219,831    16,864 
Year ending June 30, 2027   210,735    16,864 
Year ending June 30, 2028   1,701    11,243 
Total undiscounted lease obligations   657,796    61,835 
Less: imputed interest   40,578    3,542 
Lease liabilities recognized in the consolidated balance sheet   617,218    58,293 

 

The lease obligations will end between 1 August 2024 and 25 April 2054. The weighted-average discount rate used to determine the operating lease liabilities as of June 30, 2024 was 4.17%.
v3.24.3
Bank Borrowings
 12 Months Ended
Jun. 30, 2024
Bank Borrowings [Abstract]  
Bank borrowings

(9) Bank borrowings

 

Outstanding balances of banks borrowings as of June 30, 2024 and 2023 consisted of the following:

 

   As of June 30, 
   2024   2023 
   $   $ 
Bank borrowings:     
Guaranteed   3,157,475    10,300,386 
Collateralized and guaranteed   2,425,190    3,105,430 
    5,582,665    13,405,816 

 

The details of bank borrowings as at June 30, 2024 and 2023 are as follows:

 

      Maturity     Weighted-average
interest rate		   As of June 30, 
Lender  Type  date  Currency  2024   2023   2024   2023 
DBS Bank Hong Kong Limited  Bank borrowing  November 2027  HKD   7.31%   3.8%   1,800,902    3,515,952 
Bank of China (Hong Kong) Limited  Bank borrowing  June 2027  HKD   6.96%   6.4%   2,821,221    6,393,244 
Hang Sang Bank Limited  Bank borrowing  July 2024  HKD   6.93%   6.3%   960,542    3,496,620 
                              
Total bank borrowings                      5,582,665    13,405,816 

 

   Carrying
value		   Within 1
year or on
demand		   2025   2026   2027   Thereafter 
   $   $   $   $   $   $ 
Loan type in terms of HKD currency                        
June 30, 2023   13,405,816    13,405,816    
    -
    
    -
    
    -
    
    -
 
    13,405,816    13,405,816    
-
    
-
    
-
    
-
 

 

   Carrying
value		   Within 1
year or on
demand		   2025   2026   2027   Thereafter 
   $   $   $   $   $   $ 
Loan type in terms of HKD currency                        
June 30, 2024   5,582,665    5,582,665    
    -
    
    -
    
    -
    
    -
 
    5,582,665    5,582,665    
-
    
-
    
-
    
-
 

 

The average bank borrowings rates for the years ended June 30, 2024, 2023 and 2022 was 7.07%, 5.69% and 2.73%, respectively.

 

As of June 30, 2024, and 2023, the Company had bank borrowings of US$5,582,665 and US$13,405,816, respectively, which contained repayment on demand clauses as of June 30, 2024 and 2023, respectively. Accordingly, portions of the bank borrowings with Bank of China (Hong Kong) Limited contractually due for repayment after one year as of June 30, 2024 and 2023 with carrying amounts of US$2,425,190 and US$4,004,549, respectively, have been classified as current liabilities. For the purpose of the illustration, such bank borrowing is included within short-term bank borrowings and showed as bank borrowings repayable within one year or on demand.

  

Total interest for the bank borrowings for the years ended June 30, 2024, 2023 and 2022 was US$ 850,614, US$684,358 and US$403,862, respectively.

 

Saved to the above disclosure, the following table represent other major loan covenants of aforementioned bank loans:

 

(i)guarantees given by certain shareholders namely Mr. Lai Yau Chuen, Mr. Lai Yau Fai, Mr. Lai Yau Chi and Mr. Lai Yau Sang as of June 30, 2024 and 2023.

 

(ii)guarantees given by certain related companies controlled by the shareholders namely Wah Tong Paper Products Factory Limited and Yee Woo Paper Packaging (China) Company Limited as of June 30, 2024 and 2023.

 

  (iii) The pledge of a leasehold land located in Huizhou, China held by the Company as of June 2024, 2023 and 2022.
v3.24.3
Related Party Balance and Transactions
 12 Months Ended
Jun. 30, 2024
Related Party Balance and Transactions [Abstract]  
Related Party Balance and Transactions

(10) Related Party Balance and Transactions

 

There are no outstanding balances as of June 30, 2024 and 2023.

 

The following are the significant related party transactions for the years ended June 30, 2024, 2023 and 2022.

 

                For the
year ended
June 30,		     For the
year ended
June 30		     For the
year ended
June 30,		  
                2024     2023     2022  
    Relationship   Nature   Description   US$     US$     US$  
M-GEN Innovation Company Limited (hereafter “MGI”)   Common control by the shareholders   Trade nature   The Company’s sales    
       -
      
       -
       26,095  
        Trade nature   The Company’s receipt of sales    
-
      
-
       (152,869 )
        Non-trade nature   The Company’s receipt of advance repaid from M-GEN Innovation Company Limited    
-
      
-
       (926,047 )
Wah Tong Paper Products Group Limited (hereafter “WTPPG”)   Common control by the shareholders   Non-trade nature   The Company’s repayment from Wah Tong Paper Products Group Limited    
-
      
-
       (515,132 )
Wah Tong Paper Products Factory Limited (hereafter “WTPPF”)   Common control by the shareholders   Non-trade nature   The Company’s repayment from Wah Tong Paper Products Factory Limited    
-
      
-
       (1,080,604 )
        Non-trade nature   The Company’s repayment to Wah Tong Paper Products Factory Limited    
-
      
-
       89,145  
Wah Tung Thai Logistics (Shenzhen) Limited (hereafter “WTTLSZ”)   Common control by the shareholders   Trade nature   Logistic fee incurred by the Company    
-
      
-
       (6,109 )
        Trade nature   The Company’s payment on the logistic fee    
-
      
-
       6,109  
        Trade nature   The Company’s receipt of sales    
-
      
-
       (15,998 )
        Non-trade nature   The Company’s repayment to Wah Tung Thai Logistics (Shenzhen) Limited    
-
      
-
       5,544  
Sing Wise Limited (hereafter “Sing Wise”)   Common control by the shareholders   Trade nature   The Company’s receipt of sales    
-
      
-
       (7,072 )
        Non-trade nature   The Company’s repayment to Sing Wise Limited    
-
      
-
       4,921  

 

Wah Tung Thai Logistics Company Limited (hereafter “WTTL”)  Common control by the shareholders  Trade nature  Transportation expenses incurred by the Company   
      -
    
      -
    (10,365)
      Trade nature  The Company’s payment to Transportation expenses   
-
    
-
    14,507 
Kunshan Chuangke Printing Products Co., Ltd  Common control by the shareholders  Trade nature  The Company’s payment on purchase   
-
    
-
    2,161,721 
Yee Woo Paper Packaging (China) Company Limited (hereafter “YWPPC”)  Common control by the shareholders  Trade nature  Rental expenses incurred by the Company   (659,678)   (707,311)   (528,986)
      Trade nature  The Company’s payment on the rental expenses   659,678    707,311    865,767 
      Non-trade nature  The Company’s repayment to Yee Woo Paper Packaging (China) Company Limited   
-
    
-
    2,062,599 
Lai Por  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capita   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Shing  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 

 

Lai Yau Chuen  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Sang  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Fai  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Chi  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
v3.24.3
Other Payables and Accrued Liabilities
 12 Months Ended
Jun. 30, 2024
Other Payables and Accrued Liabilities [Abstract]  
Other payables and accrued liabilities

(11) Other payables and accrued liabilities

 

Other payables and accrued liabilities consist of the following:

 

   As of June 30, 
   2024   2023 
Contract liabilities   63,005    117,128 
Salaries payables   1,103,108    849,386 
Other payables   951,364    434,017 
Other accruals   567,079    704,497 
Total   2,684,556    2,105,028 

 

The revenue recognized from contract liabilities to the Company’s operations was $27,611, $71,103 and $33,259 during the years ended June 30, 2024, 2023 and 2022, respectively.
v3.24.3
Shareholders' Equity
 12 Months Ended
Jun. 30, 2024
Shareholders' Equity [Abstract]  
Shareholders’ equity

(12) Shareholders’ equity

 

Ordinary shares

 

The Company performed a series of group re-organizing activities completed on January 19, 2022, resulting in 10,000,000 ordinary shares issued and outstanding as of June 30, 2022. As the Group was under control of the same shareholders and their entire equity interests were held by the shareholders immediately prior to the group reorganization, the consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows are prepared as if the current group structure had been in existence throughout the year ended June 30, 2022.

 

On April 4, 2023, the Company announced the closing of its IPO of 1,250,000 ordinary shares, US$0.002 par value per share (“Ordinary Shares”) at US$4.00 per share for US$5,000,000 in gross proceeds. The Company raised total net proceeds of US$4.2 million, which was reflected in the statement of cash flows, after deducting underwriting discounts and commissions and outstanding offering expenses as at April 3, 2023. During the IPO, the Company incurred approximately US$1.7 million for underwriting discounts and commissions and total offering expenses, among which approximately US$0.9 million offering expenses were paid before listing and recognized as deferred offering costs. At the date of closing of IPO (i.e. April 4, 2023), the underwriting discounts and commissions and total offering expenses of approximately US$1.7 million were offset against the gross offering proceeds of US$5 million resulted in net amount of approximately US$3.3 million which was recognized in additional paid-in capital.

 

Restricted net assets

 

Our ability to pay dividends is primarily dependent on us receiving distributions of funds from Millennium Printing (Shenzhen) Co., Ltd, Yee Woo Paper Industry (Shenzhen) Co., Ltd., Putian Xiqi Branding Strategy Co., Ltd, Millennium Packaging Technology (Huizhou) Co., Ltd., Millennium (Huizhou) Technology Co., Ltd. and Huizhou Yimeinuo Industry Co., Ltd. (collectively as the “PRC subsidiaries”). Relevant PRC statutory laws and regulations permit payments of dividends by the PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of these subsidiaries.

 

These subsidiaries are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the PRC subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. The PRC subsidiaries may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.

 

As a result of the foregoing restrictions, the PRC subsidiaries are restricted in their ability to transfer their assets to us. Foreign exchange and other regulation in the PRC may further restrict the PRC subsidiaries from transferring funds to us in the form of dividends, loans and advances. As of June 30, 2024, and 2023, amounts restricted are the statutory reserve of the PRC subsidiaries, were US$1,049,119 and US$1,049,119, respectively.

 

During the years ended June 30, 2024, 2023 and 2022, the PRC subsidiaries attributed US$0, US$19,975 and US$295,962 of retained earnings for their statutory reserves, respectively.
v3.24.3
Selling and Marketing Expenses
 12 Months Ended
Jun. 30, 2024
Selling and Marketing Expenses [Abstract]  
Selling and marketing expenses

(13) Selling and marketing expenses

 

Selling and marketing expenses were as follows: 

 

   Year ended June 30, 
   2024   2023   2022 
   $   $   $ 
Staff costs and employee benefits   1,060,564    964,698    938,048 
Consultancy fee   2,597,503    1,888,128    2,424,088 
Transportation and handling   1,178,114    1,468,035    2,074,255 
Advertisement expenses   19,118    18,361    3,154 
Depreciation and amortization   3,206    3,227    3,530 
Other   793,000    533,201    370,232 
Total   5,651,505    4,875,650    5,813,307 
v3.24.3
General and Administrative Expenses
 12 Months Ended
Jun. 30, 2024
General and Administrative Expenses [Abstract]  
General and administrative expenses

(14) General and administrative expenses

 

General and administrative expenses were as follows: 

 

   Year ended June 30, 
   2024   2023   2022 
   $   $   $ 
Staff costs and employee benefits   6,757,235    3,356,644    3,333,846 
Depreciation and amortization   218,334    263,576    344,251 
Research and development   261,837    241,241    305,003 
Office and utilities   172,630    198,135    234,800 
Other   2,170,994    1,211,370    704,175 
Total   9,581,030    5,270,966    4,922,075 
v3.24.3
Income Taxes
 12 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Income Taxes

(15) Income Taxes

 

Cayman Islands

 

The Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of the Cayman Islands. The Company mainly conducts its operating business through its subsidiaries in the PRC and Hong Kong. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

 

British Virgin Islands

 

The Company’s subsidiaries incorporated in the British Virgin Islands is not subject to taxation.

  

Vietnam

 

The Company’s Vietnam subsidiaries, MPG Global Company Limited, Yee Woo Vietnam Paper Products Company Limited and Millennium Printing and Packaging Technology (Vietnam) Co., Ltd are subject to Vietnam corporate income tax on its taxable income as reported in their statutory financial statements adjusted in accordance with relevant Vietnam tax laws. The corporate tax rate under Vietnam tax laws is 20%. Tax losses can be carried forward for five years, through 2028, but cannot be carried back. There is no assessable profits from the Vietnam subsidiaries during the years ended June 30, 2024, 2023 and 2022.

 

Hong Kong

 

The Company’s Hong Kong subsidiaries, including Millennium Investment International Limited, Millennium Strategic International Limited, Wah Tong Investment International Limited, Yee Woo Paper Investment International Limited, Millennium Printing International Limited, Millennium Packaging Group International Limited, Yee Woo Paper Packaging (HK) Company Limited and Millennium Holdings International Limited are subject to Hong Kong Profits Tax on their taxable income as reported in their statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for the years ended June 30, 2024, 2023 and 2022. Tax losses can be carried forward to offset profits in future years until fully absorbed but cannot be carried back.

 

PRC

 

The Company’s PRC operating subsidiaries, Millennium Printing (Shenzhen) Co., Ltd, Yee Woo Paper Industry (Shenzhen) Co., Ltd., Putian Xiqi Branding Strategy Co., Ltd., Millennium Packaging Technology (Huizhou) Co., Ltd., Millennium (Huizhou) Technology Co., Ltd. and Huizhou Yimeinuo Industry Co., Ltd are governed by the income tax laws of the PRC and the income tax provisions in respect to operations in the PRC is calculated at the applicable tax rate on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), Chinese enterprises are subject to an income tax of 25% after appropriate tax adjustments. The net tax loss attributable to those PRC entities can only be carried forward for a maximum period of five years, through 2029.

  

Significant components of the provisions for income taxes for the years ended June, 2024, 2023 and 2022 were as follows:

 

   Year Ended June 30, 
   2024   2023   2022 
   $   $   $ 
Provision for Income Taxes            
Current Tax Provision Hong Kong   127,471    125,802    226,148 
Deferred Tax Provision Hong Kong   (5,032)   -    - 
Current Tax Provision PRC   29,862    
-
    694,661 
Over Provision of PRC Income Tax in prior year   
-
    (217,999)   
-
 
Deferred Tax Provision PRC   54,643    14,895    (23,652)
Total Provision (Credit) for Income Taxes   206,944    (77,302)   897,157 

  

The following table reconciles PRC statutory rates to our effective tax rate:

 

   Year Ended June 30, 
   2024   2023   2022 
PRC Statutory rate   25%   25%   25%
Effect of different tax jurisdiction   (6)%   (7)%   (7)%
Overprovision of PRC income tax in prior year   
-
    (50)%   
-
 
Non-deductible expenses   (3)%   -    - 
Tax losses not recognized   (18)%   14%   
-
 
Effective income tax rate   (2)%   (18)%   18%

  

Management reviews this valuation allowance periodically and will make adjustments as warranted. A summary of the otherwise deductible (or taxable) deferred tax items is as follows:

 

   June 30,   June 30, 
   2024   2023 
   $   $ 
Deferred tax assets        
Miscellaneous   22,239    29,899 
Allowance for doubtful accounts   15,240    20,145 
Allowance for inventories   92,971    119,038 
Tax loss   199,144    228,130 
    329,594    397,212 
Less: valuation allowance   
-
    
-
 
Total deferred tax assets   329,594    397,212 
v3.24.3
Segment Reporting
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting

(16) Segment Reporting

 

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products or services. Based on management’s assessment, the Company has determined that it has only one operating segment.

 

The following table presents revenue by major merchandise or services categories for the years ended June 30, 2024, 2023 and 2022, respectively:

 

   2024   2023   2022 
   $   $   $ 
Packaging products   22,348,633    23,065,859    36,256,189 
Corrugated products   11,833,698    16,977,098    23,986,957 
Packaging products supply chain management solutions   4,348,442    5,555,663    5,989,611 
    38,530,773    45,598,620    66,232,757 

 

In the following table, the Company additionally provided the revenue in term of geographical locations of customers.

 

   Year Ended June 30, 2024 
   Packaging products   Corrugated products   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   19,316,785    9,284,023    61,829    28,662,637 
Hong Kong SAR   1,110,428    880,875    1,392,561    3,383,864 
Vietnam   935,670    266    431,149    1,367,085 
Other Southeast Asian countries*   445,218    205,496    1,390,853    2,041,567 
Australia   4,543    948,618    
-
    953,161 
United States of America   45,701    446,467    1,068,613    1,560,781 
Other countries   490,288    67,953    3,437    561,678 
    22,348,633    11,833,698    4,348,442    38,530,773 

 

   Year Ended June 30, 2023 
   Packaging
products		   Corrugated
products		   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   19,677,726    13,481,344    107,244    33,266,314 
Hong Kong SAR   797,390    1,327,396    1,160,720    3,285,506 
Vietnam   1,802,700    5,322    1,322,317    3,130,339 
Other Southeast Asian countries*   516,753    861,594    1,986,331    3,364,678 
Australia   812    1,167,379    
-
    1,168,191 
United States of America   12,214    47,688    788,887    848,789 
Other countries   258,264    86,375    190,164    534,803 
    23,065,859    16,977,098    5,555,663    45,598,620 

 

   Year Ended June 30, 2022 
   Packaging
products		   Corrugated
products		   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   31,459,882    20,947,090    257,857    52,664,829 
Hong Kong SAR   1,374,684    1,696,811    897,656    3,969,151 
Vietnam   1,129,772    
-
    1,559,921    2,689,693 
Other Southeast Asian countries*   699,621    
-
    2,280,800    2,980,421 
Australia   1,123    1,342,230    
-
    1,343,353 
United States of America   437,395    
-
    795,294    1,232,689 
Other countries   1,153,712    826    198,083    1,352,621 
    36,256,189    23,986,957    5,989,611    66,232,757 

 

*Other Southeast Asian countries include Singapore, Indonesia, Malaysia, Philippines and Myanmar.
v3.24.3
Risks and Uncertainties
 12 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
Risks and Uncertainties

(17) Risks and Uncertainties

 

Credit risk

 

Our assets that potentially subject to a significant concentration of credit risk primarily consist of cash and accounts receivable.

 

We believe there is no significant credit risk associated with cash in Hong Kong, which was held by reputable financial institutions in Hong Kong. The Hong Kong Deposit Protection Board pays compensation up to US$64,036 (equivalent to HK$500,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$3,249,185 (equivalent to HK$25,369,928) was maintained at financial institutions in Hong Kong and approximately US$64,036 (equivalent to HK$500,000) was insured by the Hong Kong Deposit Protection Board.

 

We believe there is no significant credit risk associated with cash in the PRC, which was held by reputable financial institutions in PRC. The People’s Bank of China pays compensation up to US$78,632 (equivalent to RMB500,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$9,341,215 (equivalent to RMB$67,886,813) was maintained at financial institutions in PRC and approximately US$78,632 (equivalent to RMB500,000) was insured by The People’s Bank of China.

 

We believe there is no significant credit risk associated with cash in Vietnam, which was held by reputable financial institutions in Vietnam. The Deposit insurance of Vietnam pays compensation up to US$4,911 (equivalent to VND 125,000,000) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024, cash balance of US$756,185 (equivalent to VND19,248,525,918) was maintained at financial institutions in Vietnam and approximately US$4,911 (equivalent to VND 125,000,000) was insured by The Deposit Insurance of Vietnam.

 

We designed credit policies with an objective to minimize their exposure to credit risk. Our accounts receivable is short term in nature and the associated risk is minimal. We conduct credit evaluations on our clients and generally do not require collateral or other security from such clients. We periodically evaluate the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

 

We are also exposed to risk from other receivables. These assets are subjected to credit evaluations. An allowance, where applicable, would make for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

 

Customer concentration risk

 

For the year ended June 30, 2024, one customer accounted for 18.8% of our total revenues. For the year ended June 30, 2023, one customer accounted for 13.9% of our total revenues. For the year ended June 30, 2022, one customer accounted for 12.5% of our total revenues.

 

As of June 30, 2024, three customers accounted for 15.6%, 11.0% and 10.9% of the total balance of accounts receivable. As of June 30, 2023, two customers accounted for 12.5% and 11.4% of the total balance of accounts receivable.

 

Vendor concentration risk

 

For the year ended June 30, 2024, two vendors accounted for 19.7% and 13.3% of our total purchases. For the year ended June 30, 2023, three vendors accounted for 21.5%, 10.1% and 9.0% of our total purchases. For the year ended June 30, 2022, three vendors accounted for 18.3%, 14.9% and 10.8% of our total purchases.

 

As of June 30, 2024, one vendor accounted for 9.3% of the total balance of accounts payable. As of June 30, 2023, one vendor accounted for 12.9% of the total balance of accounts payable.
v3.24.3
Capital Commitment
 12 Months Ended
Jun. 30, 2024
Capital Commitment [Abstract]  
Capital Commitment

(18) Capital Commitment

 

a.Operating lease commitment

 

The Company had outstanding commitment on non-cancelable operating lease arrangements. The details of operating lease commitment contracted as of June 30, 2024 are set out in Note 8.

 

b.Capital commitment

 

On March 14, 2020, the Company entered into a contract for the right to use of a land in Vietnam for VND 102,476,000,000(equivalent to USD 4,184,513) with Viglacera Yen My Industrial Zone Development, Subsequently, due to a change in land mapping area from 50,000 sq.m to 49,997 sq.m, the Company signed a new sublease contract on December 11, 2023, with the released land cost to VND 102,469,851,440(equivalent to USD 4,184,262) . The payment for land in Vietnam was VND 97,812,130,920 (equivalent to USD 4,001,282) as of June 30, 2024.The amount to be paid is equivalent to 5% of the total contract price as of June 30, 2024, which is VND 4,657,720,520 (equivalent to USD 182,980).
v3.24.3
Subsequent Events
 12 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

(19) Subsequent Events

 

The Company assessed all events from June 30, 2024, up through October 30, 2024, which is the date that these consolidated financial statements are available to be issued, unless as disclosed else where in the consolidated financial statements, there are not any material subsequent events that require disclosure in these consolidated financial statements.
v3.24.3
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ (8,770,044) $ (354,111) $ 4,077,371
v3.24.3
Insider Trading Policies and Procedures
 3 Months Ended
Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.3
Accounting Policies, by Policy (Policies)
 12 Months Ended
Jun. 30, 2024
Significant Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company balances and transactions are eliminated on consolidation.
Use of estimates and assumptions

Use of estimates and assumptions

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, significant accounting estimates reflected in the Company’s consolidated financial statements include useful lives of property, plant and equipment, impairment of long-lived assets, allowance for doubtful accounts, provision for contingent liabilities, deferred taxes and uncertain tax position. Actual results could differ from these estimates.
Foreign Currency Translation

Foreign Currency Translation

The Company’s reporting currency is the United States dollar (“US$” or “$”). The functional currency of its Hong Kong subsidiaries is the Hong Kong dollar (the “HK$”), its Vietnam subsidiaries is the Vietnamese dong (the “VND”), and its PRC subsidiaries is the Renminbi (the “RMB”). Results of operations and cash flows are translated at the average exchange rates during the year, and assets and liabilities are translated at the exchange rate at the end of the year. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

Translation of amounts from HK$ into US$ has been made at the following exchange rates:

Balance sheet items, except for equity accounts:   
June 30, 2024  HK$7.81 to US$1
June 30, 2023  HK$7.84 to US$1
Statement of operations and cash flow items:
June 30, 2022   HK$7.80 to US$1
June 30, 2023   HK$7.84 to US$1
June 30, 2024   HK$7.82 to US$1

Translation of amounts from RMB into US$ has been made at the following exchange rates:

Balance sheet items, except for equity accounts:
June 30, 2024   RMB7.27 to US$1
June 30, 2023   RMB7.26 to US$1
Statement of operations and cash flow items:    
June 30, 2022   RMB 6.45 to US$1
June 30, 2023   RMB 6.95 to US$1
June 30, 2024   RMB 7.21 to US$1

Translation of amounts from VND into US$ has been made at the following exchange rates: 

Balance sheet items, except for equity accounts:
June 30, 2024   VND25,455 to US$1
June 30, 2023   VND23,583 to US$1
Statement of operations and cash flow items:
June 30, 2022   VND22,860 to US$1
June 30, 2023   VND23,706 to US$1
June 30, 2024   VND24,548 to US$1

 
Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents are cash on hand and time deposits, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less from the date of purchase to be cash equivalents.
Restricted cash

Restricted cash

Time deposits that are restricted as to withdrawal for use or pledged as security is reported separately as restricted cash. The Group’s restricted cash primarily represents deposits pledged to banks to secure banking facilities granted to the Company. The restricted deposits for the banking facilities were fully released by respective banks in September 2022 with the revised bank facilities.
Accounts receivable, net

Accounts receivable, net

Accounts receivable are trade receivables from customers. Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The trade receivables are all without customer collateral and interest is not accrued on past due accounts. The Company estimates the allowance for doubtful accounts receivable based on historical collection activity, current business environment and forecasts of future macroeconomic conditions that may affect the customers’ ability of payment according to ASC 326. The accounts receivable was segmented into groups based on certain credit risk characteristics, and the Company determined expected loss rates for each group based on historical loss experience adjusted for judgments about the effects of relevant observable data including default rates, lifetime for debt recovery, current and future economic conditions. As of June 30, 2024, and 2023, the balance of allowance for doubtful accounts was $226,925 and $70,345, respectively.
Prepayments, other receivables and other current assets

Prepayments, other receivables and other current assets

Prepayments are cash deposited or advanced to suppliers for future inventory purchases. This amount is refundable and bears no interest.

Other receivables and other current assets primarily include deposits for rental, VAT input and others. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Receivables considered uncollectable are written off against allowances after exhaustive efforts at collection are made.
Inventories, net

Inventories, net

Inventories consist principally of raw materials, work-in-progress and finished goods, and are stated at the lower of cost (average cost method) or net realizable value. Cost of inventories includes labor, raw materials, and allocated overhead.
Intangible asset, net

Intangible asset, net

Intangible asset is computer software acquired by the Company, it is stated at cost less accumulated amortization and any impairment losses. The intangible assets will be amortized on a straight-line basis over the estimated useful life of 5 years.
Property, Plant and Equipment, net

Property, Plant and Equipment, net

Property, plant, and equipment are stated at cost less accumulated depreciation and any impairment losses. Major renewals, betterments, and improvements are capitalized to the asset accounts while replacements, maintenance, and repairs, which do not improve or extend the lives of the respective assets, are expensed to operations. At the time property, plant, and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation or amortization accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to operations.

The Company depreciates property, plant, and equipment using the straight-line method as follows:

Buildings   20 years to 50 years
     
Leasehold improvements   5 years
     
Plant and machinery   5 years to 20 years
     
Motor Vehicles   5 years to 15 years
     
Office equipment   1 years to 10 years

Note: For items bought in second hand, depreciation is provided based on its residual useful based on the above mentioned overall useful life. The useful life of the fixed assets of the Vietnamese company is determined according to the current accounting policies of Vietnam and in consideration of the actual value of the assets.

 
Impairment of long-lived asset

Impairment of long-lived asset 

Long-lived assets, are property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value (“FV”) based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2024, and 2023, no impairment of long-lived assets was recognized.
Leases

Leases

ASC 842 supersedes the lease requirements in ASC 840 “Leases”, and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The leases in the Group are accounted for as operating leases and finance lease.

We determine if an arrangement is a lease at inception. On our balance sheet, our operating leases and finance lease are included in operating lease right-of-use (ROU) asset, Current portion of operating lease liability and non-current of lease liability, net of current portion.

ROU assets are our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

For our leases, lease expense is recognized on a straight-line basis in operations over the lease term.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

All land in mainland China is owned by the Chinese government. The Chinese government may sell land use rights for a specified period of time. The purchase price of land use rights represents the operating lease prepayments for the rights to use the land in mainland China under ASC 842 and is recorded as right-of-use assets on the consolidated balance sheets, which is amortized over the remaining lease term.

In July 2000, the Company acquired land use rights from the local Bureau of Land and Resources in Shenzhen for the purpose of building factory. The land use rights are being amortized over the respective lease terms, which are 50 years. In the inception date of lease term, the Company has paid the lease payment to the PRC government.

As of 30 June 2024, the Company have land use rights from Huizhou Yimeinuo Industry Co., Ltd to build a factory and this land use rights are being amortized over the respective lease terms, which are 35 years.

 
Other non-current assets

Other non-current assets

Other non-current assets mainly include prepayment for land in Vietnam of USD 4,001,282 and USD 1,798,927 as of June 30, 2024 and 2023, respectively. The prepayment for land in Vietnam is VND 102,476,000,000 for a contract granting the right to use the land in Vietnam, the Company signed a new sublease contract on December 11, 2023, with the land cost released amounting to VND 102,469,851,440. The details of capital commitment are set out in the Note 18.
Bank borrowings

Bank borrowings

Bank borrowings are initially recognized at FV, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.
Accounts payable

Accounts payable

Accounts payable represents trade payables to vendors.
Other payables and accrued liabilities

Other payables and accrued liabilities

Other payables and accrued liabilities primarily include contract liabilities, salaries payable as well as others accrual and payable.

A contract liability is recognized when a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer).
Statutory Reserves

Statutory Reserves

According to the laws and regulations in the PRC, the Company is required to provide for certain statutory funds, namely, a reserve fund by an appropriation from net profit after taxation but before dividend distribution based on the local statutory financial statements of the PRC subsidiary prepared in accordance with the PRC accounting principles and relevant financial regulations.

Each of the Company’s wholly owned subsidiaries in the PRC are required to allocate at least 10% of its net profit to the reserve fund until the balance of such fund has reached 50% of its registered capital. Appropriations of additional reserve fund are determined at the discretion of its directors. The reserve fund can only be used, upon approval by the relevant authority, to offset accumulated losses or increase capital.
Employee Benefit Plan

Employee Benefit Plan

Full time employees of the PRC entities participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance and other welfare benefits are provided to employees.

Qualified employees of the Hong Kong entities participate in Mandatory Provident Fund and company’s medical insurance plan. Contributions are made by both the employer and the employee at the rate of 5% on the employee’s relevant salary income, subject to a cap of monthly relevant income of approximately US$3,842.

During the years ended June 30, 2024, 2023 and 2022, the total expenses for the Company’s costs incurred on both governments mandated multi-employer defined contribution plan in the PRC and Mandatory Provident Fund Scheme in Hong Kong were US$2,011,534, US$1,205,697 and US$1,090,943, respectively.

 
Related parties

Related parties

We follow ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

The details of related party transaction during the years ended June 30, 2024, 2023 and 2022 and balances as of June 30, 2024 and 2023 are set out in the Note 10.
Revenue Recognition

Revenue Recognition

The Company follows ASC Topic 606, Revenue from Contracts with Customers, and all subsequent ASUs that modified ASC 606. The Company derives revenue principally from producing and sales of paper products. Revenue from contracts with customers is recognized using the following five steps:

1.Identify the contract(s) with a customer;
2.Identify the performance obligations in the contract;
3.Determine the transaction price;
4.Allocate the transaction price to the performance obligations in the contract; and
5.Recognize revenue when (or as) the entity satisfies a performance obligation.

A contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group of promises) that is distinct. The transaction price is the amount of consideration a company expects to be entitled from a customer in exchange for providing the goods or services.

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer represent distinct performance obligations. The Company applied the guidance of ASC Topic 606-10-25-16 through 18 to verify which promises should be assessed for classification as distinct performance obligations.

The transaction price is allocated to each performance obligation in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual standalone selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations if it relates specifically to those performance obligations.

Transaction price is the amount in the contract to which the Company expects to be entitled for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

 

Revenue may be recognized at a point in time or over time following the timing of satisfaction of the performance obligation. If a performance obligation is satisfied over time, revenue is recognized based on the percentage of completion reflecting the progress towards complete satisfaction of that performance obligation. Typically, performance obligation for products where the process is described as below, the performance obligation is satisfied at point in time.

The Company currently generates its revenue mainly from the following sources:

a.Revenue from sales of paper products

For the sales of paper products, the Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at customer’s truck at the Company’s inventory warehouse or their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred. The amount of revenue recognized from contract liabilities to the Company’s result of operations can be found in Note 11 below.

b.Revenue from provision of supply chain management solution

The Company provides supply chain management solutions to its customers by designing packaging products, designating approved raw materials for manufacturing of those packaging products, contracting viable manufacturers, and arranging delivery of those packaging products to end customers. The Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The key performance obligation is identified as a single performance obligation where delivery of the finished product to the customer at the location specified by the customer indicates that the Company has completed all steps set forth above such as design, manufacture and delivery in order to substantially complete all the services agreed upon in the purchase order. Delivery of the product to the customer is also the point at which title to that asset passes to the customer. The completion of this earning process is typically evidenced by a written customer acceptance indicating receipt of the product. Typical payment terms set forth in the purchase order ranges from 30 to 90 days from invoice date. The transaction price does not include variable consideration related to returns or refunds as our contracts do not include provisions that allow for sales refunds or returns of products. The Company provides no warranties for the products transferred. The amount of revenue recognized from contract liabilities to the Company’s result of operations can be found in Note 11 below.

Following the adoption of ASC 606, we considered the guidance set forth in ASC 340-40, and determined that an asset would be recognized from costs incurred to fulfill a contract under ASC 340-40-25-5 only if those costs meet all of the following criteria:

●The costs relate directly to a contract or an anticipated contract that the entity can specifically identify (for example, costs relating to services to be provided under the renewal of an existing contract or costs of designing an asset to be transferred under a specific contract that has not yet been approved).
●The costs generate or enhance resources of the entity that will be used in satisfying (or continuing to satisfy) performance obligations in the future.
●The costs are expected to be recovered.

 

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less.

The Company has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Company elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects that, upon the inception of revenue contracts, the period between when the Company transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

Costs that relate directly to a contract include direct material, labor cost, subcontracting fee and allocated overhead including utilities, depreciation, and other overhead costs.

We elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and has been presented as transportation costs which is include in selling and marketing expenses.
Cost of revenues

Cost of revenues

a. Cost of sales of paper products

Cost of sales of paper products, which are directly related to revenue generating transactions, primarily consists of raw paper cost, labour cost and allocated overhead.

b.Cost of provision of supply chain management solution

Cost of provision of supply chain management solution, which are directly related to revenue generating transactions, primarily consists of cost of purchase of finished goods and shipping costs.
Other income

Other income

Interest income is mainly from savings and time deposits and is recognized on an accrual basis using the effective interest method.
Selling and marketing expenses

Selling and marketing expenses

Selling and marketing expenses consist primarily of staff costs and employee benefits of sales team, consultancy fee for market research and product development, advertising expenses and transportation and handling expenses.
General and administrative expenses

General and administrative expenses

General and administrative expenses consist primarily of personnel-related compensation expenses, including salaries and related social insurance costs for our operations and support personnel, office rental and property management fees, professional services fees, depreciation, travelling expenses, office supplies, utilities, research and development costs, communication and expenses related to general operations.
Income Taxes

Income Taxes

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC Topic 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, it prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

 

The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.
Value Added Tax

Value Added Tax

Revenue is the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All VAT returns filed by our subsidiaries in the PRC have been and remain subject to examination by the tax authorities for five years from the date of filing.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

The Company presents comprehensive income (loss) in accordance with ASC Topic 220, Comprehensive Income. ASC Topic 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income (loss) be reported in the consolidated financial statements. The components of comprehensive income (loss) were the net income (loss) for the years and the foreign currency translation adjustments.
Segment reporting

Segment reporting

The Company follows ASC 280, Segment Reporting. The Company’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined that the Company has only one reportable segment. The Company operates and manages its business as a single segment. Please refer to Note 16 to the consolidated financial statement for the Company’s revenue from customers by geographical areas based on the location of the customers.
Earnings Per Share

Earnings (Loss) Per Share

The Group computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. During the years ended June 30, 2024, 2023 and 2022, there was no dilution impact.
Commitments and contingencies

Commitments and contingencies

In the normal course of business, we are subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. We recognize a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. We may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.
Recent accounting pronouncements

Recent accounting pronouncements

In May 2019, the FASB issued ASU 2019-05, which is an update to ASU Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments — Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments — Credit Losses — Available-for-Sale Debt Securities.

 

The amendments in this Update address those stakeholders’ concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For those entities, the targeted transition relief will increase comparability of financial statement information by providing an option to align measurement methodologies for similar financial assets. Furthermore, the targeted transition relief also may reduce the costs for some entities to comply with the amendments in Update 2016-13 while still providing financial statement users with decision-useful information. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-02 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. The Company adopted this update on July 1, 2023. the adoption of ASU 2019-05 did not have a material impact on our CFS.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for the Group for the annual reporting periods beginning July 1, 2022 and interim periods beginning July 1, 2023. Early adoption is permitted. The Company does not expect any material impact on the Company’s CFS.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material impact on the Company’s CFS.

In October 2021, the FASB issued ASU 2021-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification. That reduce the likelihood that the disclosure requirement would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2021-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period for which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of ASU 2021-10 did not have a material impact on our CFS.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.
v3.24.3
Organization and Business Background (Tables)
 12 Months Ended
Jun. 30, 2024
Organization and Business Background [Abstract]  
Schedule of Subsidiaries As of June 30, 2024, the Company’s subsidiaries are detailed in the table as follows:
    Date of
Incorporation		   Place of
Incorporation 		  Percentage of
Ownership		      
Name   or Establishment   or Establishment   (directly/indirectly)     Principal Activities
Subsidiary:                  
Millennium Investment International Limited   September 13, 2019   HK                  100 %   Investment holding
Millennium Printing (Shenzhen) Co., Ltd   December 3, 2007   The PRC     100 %   Investment holding and Manufacturing of paper-based packaging
Yee Woo Paper Industry (Shenzhen) Co., Ltd.   August 21, 2001   The PRC      100 %   Manufacturing of paper-based packaging
Putian Xiqi Branding Strategy Co., Ltd   September 30, 2017   The PRC     100 %   Trading of paper-based packaging
Millennium Packaging Technology (Huizhou) Co., Ltd.   March 6, 2020   The PRC     100 %   Dormant
Millennium (Huizhou) Technology Co., Ltd.   January 19, 2020   The PRC     100 %   Property holding
Huizhou Yimeinuo Industry Co., Ltd.   April 7, 2017   The PRC     100 %   Property holding
Millennium Strategic International Limited   November 13, 2019   HK     100 %   Investment holding
Wah Tong Investment International Limited   October 18, 2019   HK     100 %   Dormant
Yee Woo Paper Investment International Limited   November 15, 2019   HK     100 %   Dormant
Millennium Printing International Limited   May 12, 2000   HK     100 %   Trading of paper based packaging
Millennium Packaging Group International Limited   August 13, 2003   HK     100 %   Investment holding and trading
Yee Woo Paper Packaging (HK) Company Limited   December 13, 2018   HK     100 %   Trading of paper-based packaging
MPG Global Company Limited   March 9, 2018   Vietnam     100 %   Trading of paper-based packaging
Millennium Group Investment (BVI) Limited   May 20. 2021   BVI     100 %   Investment holding
Millennium Holdings International Limited   September 23, 2019   HK     100 %   Investment holding
Yee Woo Vietnam Paper Products Company Limited   August 3, 2022   Vietnam     100 %   Dormant
Millennium Printing and Packaging Technology (Vietnam) Co. Ltd   4 June 2024   Vietnam     100 %   Manufacturing of paper-based packaging
v3.24.3
Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2024
Significant Accounting Policies [Abstract]  
Schedule of Translation of Amounts Translation of amounts from HK$ into US$ has been made at the following exchange rates:
Balance sheet items, except for equity accounts:   
June 30, 2024  HK$7.81 to US$1
June 30, 2023  HK$7.84 to US$1
Statement of operations and cash flow items:
June 30, 2022   HK$7.80 to US$1
June 30, 2023   HK$7.84 to US$1
June 30, 2024   HK$7.82 to US$1
Translation of amounts from RMB into US$ has been made at the following exchange rates:
Balance sheet items, except for equity accounts:
June 30, 2024   RMB7.27 to US$1
June 30, 2023   RMB7.26 to US$1
Statement of operations and cash flow items:    
June 30, 2022   RMB 6.45 to US$1
June 30, 2023   RMB 6.95 to US$1
June 30, 2024   RMB 7.21 to US$1
Translation of amounts from VND into US$ has been made at the following exchange rates:
Balance sheet items, except for equity accounts:
June 30, 2024   VND25,455 to US$1
June 30, 2023   VND23,583 to US$1
Statement of operations and cash flow items:
June 30, 2022   VND22,860 to US$1
June 30, 2023   VND23,706 to US$1
June 30, 2024   VND24,548 to US$1

 
Schedule of Depreciates Property, Plant, and Equipment Using The Straight-Line Method The Company depreciates property, plant, and equipment using the straight-line method as follows:
Buildings   20 years to 50 years
     
Leasehold improvements   5 years
     
Plant and machinery   5 years to 20 years
     
Motor Vehicles   5 years to 15 years
     
Office equipment   1 years to 10 years
v3.24.3
Cash and Cash Equivalents (Tables)
 12 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents on its Original Currencies Cash and cash equivalents in its original currencies is shown below:
   As of June 30, 
   2024   2023 
   $   $ 
HKD   3,197,313    7,610,774 
RMB   2,673,761    7,156,490 
USD   7,004,410    12,723,146 
VND   471,100    86,212 
Total   13,346,584    27,576,622 
v3.24.3
Accounts Receivable, Net (Tables)
 12 Months Ended
Jun. 30, 2024
Accounts Receivable, Net [Abstract]  
Schedule of Accounts Receivable Accounts receivable, net comprised the following:
   As of June 30, 
   2024   2023 
   $   $ 
Accounts receivable   9,689,905    10,383,716 
Allowance for doubtful accounts   (226,925)   (70,345)
Total   9,462,980    10,313,371 
Schedule of Allowance for Doubtful Accounts Allowance for doubtful accounts, changes was of the following:
   For the years ended June 30, 
   2024   2023   2022 
   $   $   $ 
Beginning balance   70,345    186,909    228,413 
Reversals   157,765    (116,846)   (509)
Write-offs   
-
    (3,653)   (36,333)
Foreign currency exchange effect   (1,185)   3,935    (4,662)
Ending balance   226,925    70,345    186,909 
Schedule of Ageing Analysis of Accounts Receivable As of the end of each of the fiscal year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:
   As of June 30, 
   2024   2023 
   $   $ 
Within 90 days   8,560,794    9,821,889 
Between 91 and 180 days   742,822    491,063 
Between 181 and 365 days   159,364    419 
    9,462,980    10,313,371 
v3.24.3
Prepayments, Other Receivables and Other Current Assets (Tables)
 12 Months Ended
Jun. 30, 2024
Prepayments, Other Receivables and Other Current Assets [Abstract]  
Schedule of Prepayments, Other Receivables and Other Current Assets Prepayments, other receivables and other current assets consisted of the following:
    As of June 30,   
   2024   2023 
   $   $ 
Prepayments   501,558    552,458 
Deposits   126,364    238,481 
Other receivables   82,485    48,615 
Prepaid tax   264,727    

-

 
VAT receivables   265,505    162,140 
    1,240,639    1,001,694 
v3.24.3
Inventories, Net (Tables)
 12 Months Ended
Jun. 30, 2024
Inventories, Net [Abstract]  
Schedule of Components of Inventories The components of inventories were as follows:
   As of June 30, 
   2024   2023 
   $   $ 
Raw materials   2,983,737    4,167,531 
Work in progress   663,644    518,352 
Finished goods   1,331,848    1,606,296 
Total inventories, gross   4,979,229    6,292,179 
Inventories impairment   (1,263,735)   (732,897)
Total inventories, net   3,715,494    5,559,282 
Schedule of Inventories Impairment Consists Inventories impairment consists of the following:
   For the years ended June 30, 
   2024   2023   2022 
   $   $   $ 
Beginning balance   (732,897)   (655,783)   (613,831)
Addition   (564,020)   (133,218)   (71,143)
Write-offs   27,596    
-
    (4,470)
Foreign currency exchange effect   5,586    56,104    33,661 
Ending balance   (1,263,735)   (732,897)   (655,783)
v3.24.3
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract]  
Schedule of Property, Plant and Equipment, Net As of June 30, 2024, and 2023, property, plant and equipment, net consisted of the following:
    As of June 30,  
   2024   2023 
   $   $ 
Buildings   7,185,353    7,159,632 
Leasehold improvements   3,253,163    3,277,579 
Plant and machinery   13,533,299    15,780,713 
Motor vehicles   390,841    528,093 
Office equipment   1,813,396    1,800,073 
Totals   26,176,052    28,546,090 
Less: accumulated depreciation   (18,383,217)   (19,518,475)
Property, plant and equipment, net   7,792,835    9,027,615 
v3.24.3
Leases (Tables)
 12 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Supplemental balance sheet information related to leases was as follows:
   As of June 30, 
   2024   2023 
   $   $ 
Right-of-use assets(“ROU”), net   3,474,737    3,076,855 
Operating lease ROU   3,406,861    3,076,855 
Finance lease ROU   67,876    - 
           
Lease liabilities - current   218,578    157,489 
Current operating lease obligation   203,347    157,489 
Current finance lease obligation   15,231    - 
           
Lease liabilities – non-current   456,933    37,992 
Non-current operating lease obligation   413,871    37,992 
Non-current finance lease obligation   43,062    - 
Total lease obligation   675,511    195,481 
Schedule of Contractual Maturities of the Group’s Operating and Finance Lease Liabilities The following table shows the remaining contractual maturities of the Group’s operating and finance lease liabilities as of June 30, 2024 by years:
   Operating   Finance 
   $   $ 
Year ending June 30, 2025   225,530    16,864 
Year ending June 30, 2026   219,831    16,864 
Year ending June 30, 2027   210,735    16,864 
Year ending June 30, 2028   1,701    11,243 
Total undiscounted lease obligations   657,796    61,835 
Less: imputed interest   40,578    3,542 
Lease liabilities recognized in the consolidated balance sheet   617,218    58,293 
v3.24.3
Bank Borrowings (Tables)
 12 Months Ended
Jun. 30, 2024
Bank Borrowings [Abstract]  
Schedule of Outstanding Balances of Banks Borrowings Outstanding balances of banks borrowings as of June 30, 2024 and 2023 consisted of the following:
   As of June 30, 
   2024   2023 
   $   $ 
Bank borrowings:     
Guaranteed   3,157,475    10,300,386 
Collateralized and guaranteed   2,425,190    3,105,430 
    5,582,665    13,405,816 

 
Schedule of Bank Borrowings The details of bank borrowings as at June 30, 2024 and 2023 are as follows:
      Maturity     Weighted-average
interest rate		   As of June 30, 
Lender  Type  date  Currency  2024   2023   2024   2023 
DBS Bank Hong Kong Limited  Bank borrowing  November 2027  HKD   7.31%   3.8%   1,800,902    3,515,952 
Bank of China (Hong Kong) Limited  Bank borrowing  June 2027  HKD   6.96%   6.4%   2,821,221    6,393,244 
Hang Sang Bank Limited  Bank borrowing  July 2024  HKD   6.93%   6.3%   960,542    3,496,620 
                              
Total bank borrowings                      5,582,665    13,405,816 
Schedule of Loan type in Terms of Currency
   Carrying
value		   Within 1
year or on
demand		   2025   2026   2027   Thereafter 
   $   $   $   $   $   $ 
Loan type in terms of HKD currency                        
June 30, 2023   13,405,816    13,405,816    
    -
    
    -
    
    -
    
    -
 
    13,405,816    13,405,816    
-
    
-
    
-
    
-
 
   Carrying
value		   Within 1
year or on
demand		   2025   2026   2027   Thereafter 
   $   $   $   $   $   $ 
Loan type in terms of HKD currency                        
June 30, 2024   5,582,665    5,582,665    
    -
    
    -
    
    -
    
    -
 
    5,582,665    5,582,665    
-
    
-
    
-
    
-
 
v3.24.3
Related Party Balance and Transactions (Tables)
 12 Months Ended
Jun. 30, 2024
Related Party Balance and Transactions [Abstract]  
Schedule of Significant Related Party Transactions The following are the significant related party transactions for the years ended June 30, 2024, 2023 and 2022.
                For the
year ended
June 30,		     For the
year ended
June 30		     For the
year ended
June 30,		  
                2024     2023     2022  
    Relationship   Nature   Description   US$     US$     US$  
M-GEN Innovation Company Limited (hereafter “MGI”)   Common control by the shareholders   Trade nature   The Company’s sales    
       -
      
       -
       26,095  
        Trade nature   The Company’s receipt of sales    
-
      
-
       (152,869 )
        Non-trade nature   The Company’s receipt of advance repaid from M-GEN Innovation Company Limited    
-
      
-
       (926,047 )
Wah Tong Paper Products Group Limited (hereafter “WTPPG”)   Common control by the shareholders   Non-trade nature   The Company’s repayment from Wah Tong Paper Products Group Limited    
-
      
-
       (515,132 )
Wah Tong Paper Products Factory Limited (hereafter “WTPPF”)   Common control by the shareholders   Non-trade nature   The Company’s repayment from Wah Tong Paper Products Factory Limited    
-
      
-
       (1,080,604 )
        Non-trade nature   The Company’s repayment to Wah Tong Paper Products Factory Limited    
-
      
-
       89,145  
Wah Tung Thai Logistics (Shenzhen) Limited (hereafter “WTTLSZ”)   Common control by the shareholders   Trade nature   Logistic fee incurred by the Company    
-
      
-
       (6,109 )
        Trade nature   The Company’s payment on the logistic fee    
-
      
-
       6,109  
        Trade nature   The Company’s receipt of sales    
-
      
-
       (15,998 )
        Non-trade nature   The Company’s repayment to Wah Tung Thai Logistics (Shenzhen) Limited    
-
      
-
       5,544  
Sing Wise Limited (hereafter “Sing Wise”)   Common control by the shareholders   Trade nature   The Company’s receipt of sales    
-
      
-
       (7,072 )
        Non-trade nature   The Company’s repayment to Sing Wise Limited    
-
      
-
       4,921  

 

Wah Tung Thai Logistics Company Limited (hereafter “WTTL”)  Common control by the shareholders  Trade nature  Transportation expenses incurred by the Company   
      -
    
      -
    (10,365)
      Trade nature  The Company’s payment to Transportation expenses   
-
    
-
    14,507 
Kunshan Chuangke Printing Products Co., Ltd  Common control by the shareholders  Trade nature  The Company’s payment on purchase   
-
    
-
    2,161,721 
Yee Woo Paper Packaging (China) Company Limited (hereafter “YWPPC”)  Common control by the shareholders  Trade nature  Rental expenses incurred by the Company   (659,678)   (707,311)   (528,986)
      Trade nature  The Company’s payment on the rental expenses   659,678    707,311    865,767 
      Non-trade nature  The Company’s repayment to Yee Woo Paper Packaging (China) Company Limited   
-
    
-
    2,062,599 
Lai Por  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capita   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Shing  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 

 

Lai Yau Chuen  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Sang  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Fai  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
Lai Yau Chi  Controlling shareholder  Non-trade nature  The Company’s net repayment to shareholders   
-
    
-
    115,566 
      Non-trade nature  Increase in dividend payable to the Controlling Shareholders   
-
    
-
    (1,162,197)
      Non-trade nature  Dividend waived and capitalized as additional paid in capital   -    -    1,162,197 
      Non-trade nature  Amount due to shareholders was waived and capitalized as additional paid in capital   -    -    1,102,427 
v3.24.3
Other Payables and Accrued Liabilities (Tables)
 12 Months Ended
Jun. 30, 2024
Other Payables and Accrued Liabilities [Abstract]  
Schedule of Other Payables and Accrued Liabilities Other payables and accrued liabilities consist of the following:
   As of June 30, 
   2024   2023 
Contract liabilities   63,005    117,128 
Salaries payables   1,103,108    849,386 
Other payables   951,364    434,017 
Other accruals   567,079    704,497 
Total   2,684,556    2,105,028 
v3.24.3
Selling and Marketing Expenses (Tables)
 12 Months Ended
Jun. 30, 2024
Selling and Marketing Expenses [Abstract]  
Schedule of Selling and Marketing Expenses Selling and marketing expenses were as follows:
   Year ended June 30, 
   2024   2023   2022 
   $   $   $ 
Staff costs and employee benefits   1,060,564    964,698    938,048 
Consultancy fee   2,597,503    1,888,128    2,424,088 
Transportation and handling   1,178,114    1,468,035    2,074,255 
Advertisement expenses   19,118    18,361    3,154 
Depreciation and amortization   3,206    3,227    3,530 
Other   793,000    533,201    370,232 
Total   5,651,505    4,875,650    5,813,307 
v3.24.3
General and Administrative Expenses (Tables)
 12 Months Ended
Jun. 30, 2024
General and Administrative Expenses [Abstract]  
Schedule of General and Administrative Expenses General and administrative expenses were as follows:
   Year ended June 30, 
   2024   2023   2022 
   $   $   $ 
Staff costs and employee benefits   6,757,235    3,356,644    3,333,846 
Depreciation and amortization   218,334    263,576    344,251 
Research and development   261,837    241,241    305,003 
Office and utilities   172,630    198,135    234,800 
Other   2,170,994    1,211,370    704,175 
Total   9,581,030    5,270,966    4,922,075 
v3.24.3
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Schedule of Provisions for Income Taxes Significant components of the provisions for income taxes for the years ended June, 2024, 2023 and 2022 were as follows:
   Year Ended June 30, 
   2024   2023   2022 
   $   $   $ 
Provision for Income Taxes            
Current Tax Provision Hong Kong   127,471    125,802    226,148 
Deferred Tax Provision Hong Kong   (5,032)   -    - 
Current Tax Provision PRC   29,862    
-
    694,661 
Over Provision of PRC Income Tax in prior year   
-
    (217,999)   
-
 
Deferred Tax Provision PRC   54,643    14,895    (23,652)
Total Provision (Credit) for Income Taxes   206,944    (77,302)   897,157 

  
Schedule of Effective Tax Rate The following table reconciles PRC statutory rates to our effective tax rate:
   Year Ended June 30, 
   2024   2023   2022 
PRC Statutory rate   25%   25%   25%
Effect of different tax jurisdiction   (6)%   (7)%   (7)%
Overprovision of PRC income tax in prior year   
-
    (50)%   
-
 
Non-deductible expenses   (3)%   -    - 
Tax losses not recognized   (18)%   14%   
-
 
Effective income tax rate   (2)%   (18)%   18%
Schedule of Deferred Tax Management reviews this valuation allowance periodically and will make adjustments as warranted. A summary of the otherwise deductible (or taxable) deferred tax items is as follows:
   June 30,   June 30, 
   2024   2023 
   $   $ 
Deferred tax assets        
Miscellaneous   22,239    29,899 
Allowance for doubtful accounts   15,240    20,145 
Allowance for inventories   92,971    119,038 
Tax loss   199,144    228,130 
    329,594    397,212 
Less: valuation allowance   
-
    
-
 
Total deferred tax assets   329,594    397,212 
v3.24.3
Segment Reporting (Tables)
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenue by Major Merchandise or Services Categories The following table presents revenue by major merchandise or services categories for the years ended June 30, 2024, 2023 and 2022, respectively:
   2024   2023   2022 
   $   $   $ 
Packaging products   22,348,633    23,065,859    36,256,189 
Corrugated products   11,833,698    16,977,098    23,986,957 
Packaging products supply chain management solutions   4,348,442    5,555,663    5,989,611 
    38,530,773    45,598,620    66,232,757 

 
Schedule of Revenue in Term of Geographical Locations of Customers In the following table, the Company additionally provided the revenue in term of geographical locations of customers.
   Year Ended June 30, 2024 
   Packaging products   Corrugated products   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   19,316,785    9,284,023    61,829    28,662,637 
Hong Kong SAR   1,110,428    880,875    1,392,561    3,383,864 
Vietnam   935,670    266    431,149    1,367,085 
Other Southeast Asian countries*   445,218    205,496    1,390,853    2,041,567 
Australia   4,543    948,618    
-
    953,161 
United States of America   45,701    446,467    1,068,613    1,560,781 
Other countries   490,288    67,953    3,437    561,678 
    22,348,633    11,833,698    4,348,442    38,530,773 
   Year Ended June 30, 2023 
   Packaging
products		   Corrugated
products		   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   19,677,726    13,481,344    107,244    33,266,314 
Hong Kong SAR   797,390    1,327,396    1,160,720    3,285,506 
Vietnam   1,802,700    5,322    1,322,317    3,130,339 
Other Southeast Asian countries*   516,753    861,594    1,986,331    3,364,678 
Australia   812    1,167,379    
-
    1,168,191 
United States of America   12,214    47,688    788,887    848,789 
Other countries   258,264    86,375    190,164    534,803 
    23,065,859    16,977,098    5,555,663    45,598,620 
   Year Ended June 30, 2022 
   Packaging
products		   Corrugated
products		   Packaging products
supply chain
management
solutions		   Total 
   $   $   $   $ 
Geographical location:                
Mainland China   31,459,882    20,947,090    257,857    52,664,829 
Hong Kong SAR   1,374,684    1,696,811    897,656    3,969,151 
Vietnam   1,129,772    
-
    1,559,921    2,689,693 
Other Southeast Asian countries*   699,621    
-
    2,280,800    2,980,421 
Australia   1,123    1,342,230    
-
    1,343,353 
United States of America   437,395    
-
    795,294    1,232,689 
Other countries   1,153,712    826    198,083    1,352,621 
    36,256,189    23,986,957    5,989,611    66,232,757 
*Other Southeast Asian countries include Singapore, Indonesia, Malaysia, Philippines and Myanmar.
v3.24.3
Organization and Business Background (Details) - USD ($)
 12 Months Ended
Apr. 04, 2023
Apr. 04, 2023
Jun. 30, 2024
Organization and Business Background [Line Items]      
Gross proceeds   $ 1,700,000  
Closing initial public offering     45 days
IPO [Member]      
Organization and Business Background [Line Items]      
Offering price per share $ 4 $ 4  
Gross proceeds   $ 5,000,000  
Net proceeds     $ 4,200,000
Percentage of ordinary share     15.00%
IPO [Member] | Common Stock [Member]      
Organization and Business Background [Line Items]      
Ordinary shares 1,250,000    
Offering price per share $ 0.002 $ 0.002  
v3.24.3
Organization and Business Background (Details) - Schedule of Subsidiaries - Principal Activities
 12 Months Ended
Jun. 30, 2024
Millennium Investment International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Sep. 13, 2019
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding
Millennium Printing (Shenzhen) Co., Ltd [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Dec. 03, 2007
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding and Manufacturing of paper-based packaging
Yee Woo Paper Industry (Shenzhen) Co., Ltd. [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Aug. 21, 2001
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Manufacturing of paper-based packaging
Putian Xiqi Branding Strategy Co., Ltd [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Sep. 30, 2017
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Trading of paper-based packaging
Millennium Packaging Technology (Huizhou) Co., Ltd.[Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Mar. 06, 2020
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Dormant
Millennium (Huizhou) Technology Co., Ltd. [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Jan. 19, 2020
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Property holding
Huizhou Yimeinuo Industry Co., Ltd. [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Apr. 07, 2017
Place of Incorporation or Establishment The PRC
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Property holding
Millennium Strategic International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Nov. 13, 2019
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding
Wah Tong Investment International Limited []  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Oct. 18, 2019
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Dormant
Yee Woo Paper Investment International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Nov. 15, 2019
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Dormant
Millennium Printing International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment May 12, 2000
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Trading of paper based packaging
Millennium Packaging Group International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Aug. 13, 2003
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding and trading
Yee Woo Paper Packaging (HK) Company Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Dec. 13, 2018
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Trading of paper-based packaging
MPG Global Company Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Mar. 09, 2018
Place of Incorporation or Establishment Vietnam
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Trading of paper-based packaging
Millennium Group Investment (BVI) Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment May 20, 2021
Place of Incorporation or Establishment BVI
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding
Millennium Holdings International Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Sep. 23, 2019
Place of Incorporation or Establishment HK
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Investment holding
Yee Woo Vietnam Paper Products Company Limited [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Aug. 03, 2022
Place of Incorporation or Establishment Vietnam
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Dormant
Millennium Printing and Packaging Technology (Vietnam) Co. Ltd [Member]  
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]  
Date of Incorporation or Establishment Jun. 04, 2024
Place of Incorporation or Establishment Vietnam
Percentage of Ownership (directly/indirectly) 100.00%
Principal Activities Manufacturing of paper-based packaging
v3.24.3
Significant Accounting Policies (Details)
 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2024
VND (₫)
Significant Accounting Policies [Line Items]        
Allowance for doubtful accounts $ 226,925 $ 70,345    
Estimated useful life 5 years     5 years
Right of use asset (in Dong) $ 3,474,737 3,076,855    
Contract for right to use of lan (in Dong) $ 182,980     ₫ 4,657,720,520
Net profit reserve fund percentage 10.00%      
Registered capital percentage 50.00%      
Contributions percentage 5.00%      
Relevant income $ 3,842      
Defined contribution plan $ 2,011,534 1,205,697 $ 1,090,943  
Value added tax rate 13.00%      
Reportable segment 1      
Huizhou Yimeinuo Industry Co., Ltd. [Member]        
Significant Accounting Policies [Line Items]        
Term lease 35 years     35 years
Maximum [Member]        
Significant Accounting Policies [Line Items]        
Term lease 50 years     50 years
Vietnam [Member]        
Significant Accounting Policies [Line Items]        
Land cost $ 4,001,282 $ 1,798,927    
Other Noncurrent Assets [Member]        
Significant Accounting Policies [Line Items]        
Right of use asset (in Dong) | ₫       ₫ 102,476,000,000
Contract for right to use of lan (in Dong) | ₫       ₫ 102,469,851,440
v3.24.3
Significant Accounting Policies (Details) - Schedule of Translation of Amounts
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Balance sheet items, except for equity accounts [Member] | HKD [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 7.81 7.84  
Balance sheet items, except for equity accounts [Member] | USD [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 1 1  
Balance sheet items, except for equity accounts [Member] | RMB [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 7.27 7.26  
Balance sheet items, except for equity accounts [Member] | VND [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 25,455 23,583  
Statement of operations and cash flow [Member] | HKD [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 7.82 7.84 7.8
Statement of operations and cash flow [Member] | USD [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 1 1 1
Statement of operations and cash flow [Member] | RMB [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 7.21 6.95 6.45
Statement of operations and cash flow [Member] | VND [Member]      
Balance sheet items, except for equity accounts:      
June 30, 2024 24,548 23,706 22,860
v3.24.3
Significant Accounting Policies (Details) - Schedule of Depreciates Property, Plant, and Equipment Using The Straight-Line Method
Jun. 30, 2024
Leasehold improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 5 years
Minimum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 20 years
Minimum [Member] | Plant and machinery [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 5 years
Minimum [Member] | Motor Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 5 years
Minimum [Member] | Office equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 1 year
Maximum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 50 years
Maximum [Member] | Plant and machinery [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 20 years
Maximum [Member] | Motor Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 15 years
Maximum [Member] | Office equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment using the straight-line method 10 years
v3.24.3
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents on its Original Currencies - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Cash and Cash Equivalents on its Original Currencies [Line Items]    
Cash and cash equivalents $ 13,346,584 $ 27,576,622
HKD [Member]    
Schedule of Cash and Cash Equivalents on its Original Currencies [Line Items]    
Cash and cash equivalents 3,197,313 7,610,774
RMB [Member]    
Schedule of Cash and Cash Equivalents on its Original Currencies [Line Items]    
Cash and cash equivalents 2,673,761 7,156,490
USD [Member]    
Schedule of Cash and Cash Equivalents on its Original Currencies [Line Items]    
Cash and cash equivalents 7,004,410 12,723,146
VND [Member]    
Schedule of Cash and Cash Equivalents on its Original Currencies [Line Items]    
Cash and cash equivalents $ 471,100 $ 86,212
v3.24.3
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Accounts Receivable [Abstract]    
Accounts receivable $ 9,689,905 $ 10,383,716
Allowance for doubtful accounts (226,925) (70,345)
Total $ 9,462,980 $ 10,313,371
v3.24.3
Accounts Receivable, Net (Details) - Schedule of Allowance for Doubtful Accounts - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Accounts Receivable, Net [Abstract]      
Beginning balance $ 70,345 $ 186,909 $ 228,413
Reversals 157,765 (116,846) (509)
Write-offs (3,653) (36,333)
Foreign currency exchange effect (1,185) 3,935 (4,662)
Ending balance $ 226,925 $ 70,345 $ 186,909
v3.24.3
Accounts Receivable, Net (Details) - Schedule of Ageing Analysis of Accounts Receivable - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Net of allowance for doubtful accounts $ 9,462,980 $ 10,313,371
Within 90 days [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Net of allowance for doubtful accounts 8,560,794 9,821,889
Between 91 and 180 days [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Net of allowance for doubtful accounts 742,822 491,063
Between 181 and 365 days [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Net of allowance for doubtful accounts $ 159,364 $ 419
v3.24.3
Prepayments, Other Receivables and Other Current Assets (Details) - Schedule of Prepayments, Other Receivables and Other Current Assets - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Prepayments, Other Receivables and Other Current Assets [Abstract]    
Prepayments $ 501,558 $ 552,458
Deposits 126,364 238,481
Other receivables 82,485 48,615
Prepaid tax 264,727
VAT receivables 265,505 162,140
Prepayments, other receivables and other current assets $ 1,240,639 $ 1,001,694
v3.24.3
Inventories, Net (Details) - Schedule of Components of Inventories - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2021
Schedule of Components of Inventories [Abstract]        
Raw materials $ 2,983,737 $ 4,167,531    
Work in progress 663,644 518,352    
Finished goods 1,331,848 1,606,296    
Total inventories, gross 4,979,229 6,292,179    
Inventories impairment (1,263,735) (732,897) $ (655,783) $ (613,831)
Total inventories, net $ 3,715,494 $ 5,559,282    
v3.24.3
Inventories, Net (Details) - Schedule of Inventories Impairment Consists - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Schedule of Inventories Impairment Consists [Abstract]      
Beginning balance $ (732,897) $ (655,783) $ (613,831)
Addition (564,020) (133,218) (71,143)
Write-offs 27,596 (4,470)
Foreign currency exchange effect 5,586 56,104 33,661
Ending balance $ (1,263,735) $ (732,897) $ (655,783)
v3.24.3
Property, Plant and Equipment, Net (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Property, Plant and Equipment, Net [Abstract]      
Depreciation expense $ 1,206,371 $ 1,556,069 $ 1,792,022
v3.24.3
Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross $ 26,176,052 $ 28,546,090
Less: accumulated depreciation (18,383,217) (19,518,475)
Property, plant and equipment, net 7,792,835 9,027,615
Buildings [Member]    
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross 7,185,353 7,159,632
Leasehold improvements [Member]    
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross 3,253,163 3,277,579
Plant and machinery [Member]    
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross 13,533,299 15,780,713
Motor vehicles [Member]    
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross 390,841 528,093
Office equipment [Member]    
Schedule of Property, Plant and Equipment, Net [Line Items]    
Property and equipment, gross $ 1,813,396 $ 1,800,073
v3.24.3
Leases (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Lease Liabilities [Line Items]]      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net  
Operating lease expenses $ 834,423 $ 790,417 $ 814,377
Finance lease expenses $ 834,423 $ 790,417 $ 814,377
Weighted-average discount rate percentage 4.17%    
Minimum [Member]      
Lease Liabilities [Line Items]]      
Discount rate 3.18%    
Maximum [Member]      
Lease Liabilities [Line Items]]      
Discount rate 4.25%    
v3.24.3
Leases (Details) - Schedule of Supplemental Balance Sheet Information - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
Right-of-use assets(“ROU”), net $ 3,474,737 $ 3,076,855
Operating lease ROU 3,406,861 3,076,855
Finance lease ROU 67,876  
Lease liabilities - current 218,578 157,489
Current operating lease obligation 203,347 157,489
Current finance lease obligation 15,231  
Lease liabilities – non-current 456,933 37,992
Non-current operating lease obligation 413,871 37,992
Non-current finance lease obligation 43,062  
Total lease obligation $ 675,511 $ 195,481
v3.24.3
Leases (Details) - Schedule of Contractual Maturities of the Group’s Operating and Finance Lease Liabilities
Jun. 30, 2024
USD ($)
Leases [Abstract]  
Operating, Year ending June 30, 2025 $ 225,530
Finance, Year ending June 30, 2025 16,864
Operating, Year ending June 30, 2026 219,831
Finance, Year ending June 30, 2026 16,864
Operating, Year ending June 30, 2027 210,735
Finance, Year ending June 30, 2027 16,864
Operating, Year ending June 30, 2028 1,701
Finance, Year ending June 30, 2028 11,243
Operating, Total undiscounted lease obligations 657,796
Finance, Total undiscounted lease obligations 61,835
Operating, Less: imputed interest 40,578
Finance, Less: imputed interest 3,542
Operating, Lease liabilities recognized in the consolidated balance sheet 617,218
Finance, Lease liabilities recognized in the consolidated balance sheet $ 58,293
v3.24.3
Bank Borrowings (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Bank Borrowings [Line Items]      
Bank borrowings $ 5,582,665 $ 13,405,816  
Interest expenses $ 850,614 $ 684,358 $ 403,862
Bank Borrowings [Member]      
Bank Borrowings [Line Items]      
Average bank borrowings rates 7.07% 5.69% 2.73%
Bank of China (Hong Kong) Limited [Member]      
Bank Borrowings [Line Items]      
Repayment of short term debt $ 2,425,190 $ 4,004,549  
v3.24.3
Bank Borrowings (Details) - Schedule of Outstanding Balances of Banks Borrowings - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Outstanding Balances of Banks Borrowings [Line Items]    
Bank borrowings $ 5,582,665 $ 13,405,816
Guaranteed [Member]    
Schedule of Outstanding Balances of Banks Borrowings [Line Items]    
Bank borrowings 3,157,475 10,300,386
Collateralized and guaranteed [Member]    
Schedule of Outstanding Balances of Banks Borrowings [Line Items]    
Bank borrowings $ 2,425,190 $ 3,105,430
v3.24.3
Bank Borrowings (Details) - Schedule of Bank Borrowings - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Schedule of Bank Borrowings [Line Items]    
Total bank borrowings $ 5,582,665 $ 13,405,816
DBS Bank Hong Kong Limited [Member]    
Schedule of Bank Borrowings [Line Items]    
Maturity date November 2027  
Currency HKD  
Weighted-average interest rate 7.31% 3.80%
Total bank borrowings $ 1,800,902 $ 3,515,952
Bank of China (Hong Kong) Limited [Member]    
Schedule of Bank Borrowings [Line Items]    
Maturity date June 2027  
Currency HKD  
Weighted-average interest rate 6.96% 6.40%
Total bank borrowings $ 2,821,221 $ 6,393,244
Hang Sang Bank Limited [Member]    
Schedule of Bank Borrowings [Line Items]    
Maturity date July 2024  
Currency HKD  
Weighted-average interest rate 6.93% 6.30%
Total bank borrowings $ 960,542 $ 3,496,620
v3.24.3
Bank Borrowings (Details) - Schedule of Loan Type in Terms of Currency - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Loan Type In Terms of Currency [Abstract]    
Carrying value $ 5,582,665 $ 13,405,816
Within 1 year or on demand 5,582,665 13,405,816
2025
2026
2027
Thereafter
v3.24.3
Related Party Balance and Transactions (Details) - Schedule of Significant Related Party Transactions - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
M-GEN Innovation Company Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description The Company’s sales    
Related party transactions amount $ 26,095
M-GEN Innovation Company Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Trade nature    
Description The Company’s receipt of sales    
Related party transactions amount (152,869)
M-GEN Innovation Company Limited2 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description The Company’s receipt of advance repaid from M-GEN Innovation Company Limited    
Related party transactions amount (926,047)
Wah Tong Paper Products Group Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Non-trade nature    
Description The Company’s repayment from Wah Tong Paper Products Group Limited    
Related party transactions amount (515,132)
Wah Tong Paper Products Factory Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Non-trade nature    
Description The Company’s repayment from Wah Tong Paper Products Factory Limited    
Related party transactions amount (1,080,604)
Wah Tong Paper Products Factory Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description The Company’s repayment to Wah Tong Paper Products Factory Limited    
Related party transactions amount 89,145
Wah Tung Thai Logistics (Shenzhen) Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description Logistic fee incurred by the Company    
Related party transactions amount (6,109)
Wah Tung Thai Logistics (Shenzhen) Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Trade nature    
Description The Company’s payment on the logistic fee    
Related party transactions amount 6,109
Wah Tung Thai Logistics (Shenzhen) Limited2 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Trade nature    
Description The Company’s receipt of sales    
Related party transactions amount (15,998)
Wah Tung Thai Logistics (Shenzhen) Limited3 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description The Company’s repayment to Wah Tung Thai Logistics (Shenzhen) Limited    
Related party transactions amount 5,544
Sing Wise Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description The Company’s receipt of sales    
Related party transactions amount (7,072)
Sing Wise Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description The Company’s repayment to Sing Wise Limited    
Related party transactions amount 4,921
Wah Tung Thai Logistics Company Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description Transportation expenses incurred by the Company    
Related party transactions amount (10,365)
Wah Tung Thai Logistics Company Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Trade nature    
Description The Company’s payment to Transportation expenses    
Related party transactions amount 14,507
Kunshan Chuangke Printing Products Co., Ltd [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description The Company’s payment on purchase    
Related party transactions amount 2,161,721
Yee Woo Paper Packaging (China) Company Limited [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Common control by the shareholders    
Nature Trade nature    
Description Rental expenses incurred by the Company    
Related party transactions amount $ (659,678) (707,311) (528,986)
Yee Woo Paper Packaging (China) Company Limited1 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Trade nature    
Description The Company’s payment on the rental expenses    
Related party transactions amount $ 659,678 707,311 865,767
Yee Woo Paper Packaging (China) Company Limited2 [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description The Company’s repayment to Yee Woo Paper Packaging (China) Company Limited    
Related party transactions amount 2,062,599
Lai Por [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Por [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Por [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capita    
Related party transactions amount     1,162,197
Lai Por [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     1,102,427
Lai Yau Shing [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Yau Shing [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Yau Shing [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capital    
Related party transactions amount     1,162,197
Lai Yau Shing [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     1,102,427
Lai Yau Chuen [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Yau Chuen [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Yau Chuen [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capital    
Related party transactions amount     1,162,197
Lai Yau Chuen [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     1,102,427
Lai Yau Sang [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Yau Sang [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Yau Sang [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capital    
Related party transactions amount     1,162,197
Lai Yau Sang [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     1,102,427
Lai Yau Fai [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Yau Fai [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Yau Fai [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capital    
Related party transactions amount     1,162,197
Lai Yau Fai [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     1,102,427
Lai Yau Chi [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Relationship Controlling shareholder    
Nature Non-trade nature    
Description The Company’s net repayment to shareholders    
Related party transactions amount 115,566
Lai Yau Chi [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Increase in dividend payable to the Controlling Shareholders    
Related party transactions amount (1,162,197)
Lai Yau Chi [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Dividend waived and capitalized as additional paid in capital    
Related party transactions amount     1,162,197
Lai Yau Chi [Member]      
Schedule of Significant Related Party Transactions [Line Items]      
Nature Non-trade nature    
Description Amount due to shareholders was waived and capitalized as additional paid in capital    
Related party transactions amount     $ 1,102,427
v3.24.3
Other Payables and Accrued Liabilities (Details) - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Other Payables and Accrued Liabilities [Abstract]      
Revenue recognized from contract liabilities $ 27,611 $ 71,103 $ 33,259
v3.24.3
Other Payables and Accrued Liabilities (Details) - Schedule of Other Payables and Accrued Liabilities - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Schedule of Other Payables and Accrued Liabilities [Abstract]    
Contract liabilities $ 63,005 $ 117,128
Salaries payables 1,103,108 849,386
Other payables 951,364 434,017
Other accruals 567,079 704,497
Total $ 2,684,556 $ 2,105,028
v3.24.3
Shareholders' Equity (Details) - USD ($)
 12 Months Ended
Apr. 04, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Class of Stock [Line Items]        
Shares issued (in Shares)   11,250,000 11,250,000 10,000,000
Shares outstanding (in Shares)   11,250,000 11,250,000 10,000,000
Shares par value per share (in Dollars per share)   $ 0.002 $ 0.002  
Gross proceeds $ 1,700,000      
Net proceeds 5,000,000      
Payment of underwriting expenses 900,000      
Additional paid-in capital $ 3,300,000      
After tax profits percentage   10.00%    
Registered capital percentage   50.00%    
Statutory reserve   $ 1,049,119 $ 1,049,119  
Appropriations to statutory reserves    
Statutory Reserves [Member]        
Class of Stock [Line Items]        
Appropriations to statutory reserves   $ 0 $ 19,975 $ 295,962
IPO [Member]        
Class of Stock [Line Items]        
Shares issued (in Shares) 1,250,000      
Shares par value per share (in Dollars per share) $ 0.002      
Offering price per share (in Dollars per share) $ 4      
Gross proceeds $ 5,000,000      
Net proceeds 4,200,000      
Underwriting discounts $ 1,700,000      
v3.24.3
Selling and Marketing Expenses (Details) - Schedule of Selling and Marketing Expenses - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Selling and Marketing Expenses [Line Items]      
Total $ 5,651,505 $ 4,875,650 $ 5,813,307
Staff costs and employee benefits [Member]      
Selling and Marketing Expenses [Line Items]      
Total 1,060,564 964,698 938,048
Consultancy fee [Member]      
Selling and Marketing Expenses [Line Items]      
Total 2,597,503 1,888,128 2,424,088
Transportation and handling [Member]      
Selling and Marketing Expenses [Line Items]      
Total 1,178,114 1,468,035 2,074,255
Advertisement expenses [Member]      
Selling and Marketing Expenses [Line Items]      
Total 19,118 18,361 3,154
Depreciation and amortization [Member]      
Selling and Marketing Expenses [Line Items]      
Total 3,206 3,227 3,530
Other [Member]      
Selling and Marketing Expenses [Line Items]      
Total $ 793,000 $ 533,201 $ 370,232
v3.24.3
General and Administrative Expenses (Details) - Schedule of General and Administrative Expenses - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Schedule of General and Administrative Expenses [Line Items]      
Total $ 9,581,030 $ 5,270,966 $ 4,922,075
Staff costs and employee benefits [Member]      
Schedule of General and Administrative Expenses [Line Items]      
Total 6,757,235 3,356,644 3,333,846
Depreciation and amortization [Member]      
Schedule of General and Administrative Expenses [Line Items]      
Total 218,334 263,576 344,251
Research and development [Member]      
Schedule of General and Administrative Expenses [Line Items]      
Total 261,837 241,241 305,003
Office and utilities [Member]      
Schedule of General and Administrative Expenses [Line Items]      
Total 172,630 198,135 234,800
Other [Member]      
Schedule of General and Administrative Expenses [Line Items]      
Total $ 2,170,994 $ 1,211,370 $ 704,175
v3.24.3
Income Taxes (Details)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Vietnam Tax Laws [Member]      
Income Taxes [Line Items]      
Corporate tax rate 20.00%    
Hong Kong Tax Laws [Member]      
Income Taxes [Line Items]      
Foreign income tax rate 16.50% 16.50% 16.50%
PRC [Member]      
Income Taxes [Line Items]      
Foreign income tax rate 25.00%    
v3.24.3
Income Taxes (Details) - Schedule of Provisions for Income Taxes - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Provision for Income Taxes      
Current Tax Provision Hong Kong $ 127,471 $ 125,802 $ 226,148
Deferred Tax Provision Hong Kong (5,032)    
Current Tax Provision PRC 29,862 694,661
Over Provision of PRC Income Tax in prior year (217,999)
Deferred Tax Provision PRC 54,643 14,895 (23,652)
Total Provision (Credit) for Income Taxes $ 206,944 $ (77,302) $ 897,157
v3.24.3
Income Taxes (Details) - Schedule of Effective Tax Rate
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Schedule of Effective Tax Rate [Abstract]      
PRC Statutory rate 25.00% 25.00% 25.00%
Effect of different tax jurisdiction (6.00%) (7.00%) (7.00%)
Overprovision of PRC income tax in prior year (50.00%)
Non-deductible expenses (3.00%)    
Tax losses not recognized (18.00%) 14.00%
Effective income tax rate (2.00%) (18.00%) 18.00%
v3.24.3
Income Taxes (Details) - Schedule of Deferred Tax - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Deferred tax assets    
Miscellaneous $ 22,239 $ 29,899
Allowance for doubtful accounts 15,240 20,145
Allowance for inventories 92,971 119,038
Tax loss 199,144 228,130
Deferred tax assets gross 329,594 397,212
Less: valuation allowance
Total deferred tax assets $ 329,594 $ 397,212
v3.24.3
Segment Reporting (Details)
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Operating segment 1
v3.24.3
Segment Reporting (Details) - Schedule of Revenue by Major Merchandise or Services Categories - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Schedule of Revenue by Major Merchandise or Services Categories [Line Items]      
Total revenue $ 38,530,773 $ 45,598,620 $ 66,232,757
Packaging products [Member]      
Schedule of Revenue by Major Merchandise or Services Categories [Line Items]      
Total revenue 22,348,633 23,065,859 36,256,189
Corrugated products [Member]      
Schedule of Revenue by Major Merchandise or Services Categories [Line Items]      
Total revenue 11,833,698 16,977,098 23,986,957
Packaging products supply chain management solutions [Member]      
Schedule of Revenue by Major Merchandise or Services Categories [Line Items]      
Total revenue $ 4,348,442 $ 5,555,663 $ 5,989,611
v3.24.3
Segment Reporting (Details) - Schedule of Revenue in Term of Geographical Locations of Customers - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]      
Geographical total revenue $ 38,530,773 $ 45,598,620 $ 66,232,757
Mainland China [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 28,662,637 33,266,314 52,664,829
Hong Kong SAR [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 3,383,864 3,285,506 3,969,151
Vietnam [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 1,367,085 3,130,339 2,689,693
Other Southeast Asian countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue [1] 2,041,567 3,364,678 2,980,421
Australia [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 953,161 1,168,191 1,343,353
United States of America [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 1,560,781 848,789 1,232,689
Other countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 561,678 534,803 1,352,621
Packaging products [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 22,348,633 23,065,859 36,256,189
Packaging products [Member] | Mainland China [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 19,316,785 19,677,726 31,459,882
Packaging products [Member] | Hong Kong SAR [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 1,110,428 797,390 1,374,684
Packaging products [Member] | Vietnam [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 935,670 1,802,700 1,129,772
Packaging products [Member] | Other Southeast Asian countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue [1] 445,218 516,753 699,621
Packaging products [Member] | Australia [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 4,543 812 1,123
Packaging products [Member] | United States of America [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 45,701 12,214 437,395
Packaging products [Member] | Other countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 490,288 258,264 1,153,712
Corrugated products [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 11,833,698 16,977,098 23,986,957
Corrugated products [Member] | Mainland China [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 9,284,023 13,481,344 20,947,090
Corrugated products [Member] | Hong Kong SAR [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 880,875 1,327,396 1,696,811
Corrugated products [Member] | Vietnam [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 266 5,322
Corrugated products [Member] | Other Southeast Asian countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue [1] 205,496 861,594
Corrugated products [Member] | Australia [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 948,618 1,167,379 1,342,230
Corrugated products [Member] | United States of America [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 446,467 47,688
Corrugated products [Member] | Other countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 67,953 86,375 826
Packaging products supply chain management solutions [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 4,348,442 5,555,663 5,989,611
Packaging products supply chain management solutions [Member] | Mainland China [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 61,829 107,244 257,857
Packaging products supply chain management solutions [Member] | Hong Kong SAR [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 1,392,561 1,160,720 897,656
Packaging products supply chain management solutions [Member] | Vietnam [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 431,149 1,322,317 1,559,921
Packaging products supply chain management solutions [Member] | Other Southeast Asian countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue [1] 1,390,853 1,986,331 2,280,800
Packaging products supply chain management solutions [Member] | Australia [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue
Packaging products supply chain management solutions [Member] | United States of America [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue 1,068,613 788,887 795,294
Packaging products supply chain management solutions [Member] | Other countries [Member]      
Segment Reporting Information [Line Items]      
Geographical total revenue $ 3,437 $ 190,164 $ 198,083
[1] Other Southeast Asian countries include Singapore, Indonesia, Malaysia, Philippines and Myanmar.
v3.24.3
Risks and Uncertainties (Details)
 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2024
VND (₫)
Jun. 30, 2024
HKD ($)
Jun. 30, 2024
CNY (¥)
Credit Risk [Member] | Hong Kong Deposit Protection Board [Member]            
Risks and Uncertainties [Line Items]            
Compensation limit $ 64,036       $ 500,000  
Cash balance 3,249,185       25,369,928  
Insured 64,036       $ 500,000  
Credit Risk [Member] | People’s Bank of China [Member]            
Risks and Uncertainties [Line Items]            
Compensation limit 78,632         ¥ 500,000
Cash balance 9,341,215         67,886,813
Insured 78,632         ¥ 500,000
Credit Risk [Member] | Deposit insurance of Vietnam [Member]            
Risks and Uncertainties [Line Items]            
Compensation limit 4,911     ₫ 125,000,000    
Cash balance 756,185     248,525,918    
Insured $ 4,911     ₫ 125,000,000    
Customer Concentration Risk [Member] | Customer One [Member] | Revenue Benchmark [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 18.80% 13.90% 12.50%      
Customer Concentration Risk [Member] | Customer One [Member] | Accounts Receivable [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 15.60% 12.50%        
Customer Concentration Risk [Member] | Customer Two [Member] | Accounts Receivable [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 11.00% 11.40%        
Customer Concentration Risk [Member] | Customer Three [Member] | Accounts Receivable [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 10.90%          
Vendor concentration risk [Member] | Total Purchases [Member] | Vendor One [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 19.70% 21.50% 18.30%      
Vendor concentration risk [Member] | Total Purchases [Member] | Vendor Two [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 13.30% 10.10% 14.90%      
Vendor concentration risk [Member] | Total Purchases [Member] | Vendor Three [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage   9.00% 10.80%      
Vendor concentration risk [Member] | Accounts Payable [Member] | Vendor One [Member]            
Risks and Uncertainties [Line Items]            
Concentration risk, percentage 9.30% 12.90%        
v3.24.3
Capital Commitment (Details)
 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
VND (₫)
Dec. 11, 2023
USD ($)
Dec. 11, 2023
VND (₫)
Jun. 30, 2023
USD ($)
Mar. 14, 2020
USD ($)
m²
Mar. 14, 2020
VND (₫)
m²
Capital Commitment [Line Items]              
Right of use asset | $ $ 3,474,737       $ 3,076,855    
Land cost $ 182,980 ₫ 4,657,720,520          
Percentage of contract price 5.00%            
Maximum [Member]              
Capital Commitment [Line Items]              
Area of land           50,000 50,000
Minimum [Member]              
Capital Commitment [Line Items]              
Area of land           49,997 49,997
Capital commitment [Member]              
Capital Commitment [Line Items]              
Right of use asset           $ 4,184,513 ₫ 102,476,000,000
Land cost     $ 4,184,262 ₫ 102,469,851,440      
Capital commitment [Member] | Vietnam [Member]              
Capital Commitment [Line Items]              
Land cost $ 4,001,282 ₫ 97,812,130,920