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Long Term Investment
9 Months Ended
Mar. 31, 2024
Long Term Investments [Abstract]  
LONG TERM INVESTMENT

9. LONG TERM INVESTMENT

 

On February 13, 2024, the Company invested $1,000,000 into a preferred equity investment in Touch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation (“Berify”). The Company purchased 909,091 shares of Berify Series Seed Preferred equity for $1 million, yielding a 2.3% ownership in Berify, and the Company also committed to invest an additional of $1 million into Berify’s preferred equity for 909,091 shares. As of March 31, 2024, the Company recorded the unpaid $1 million consideration in accrued liabilities and other payables on the consolidated balance sheet. On April 5, 2024, the Company completed its investment into Berify, giving the Company a total of 1,818,182 shares equal to a 4.5% interest in Berify for $2 million. The Series Seed Preferred equity comes with a variety of protective rights for Series Seed Preferred shareholders. The investment is accounted for by the cost method.