ASSETS HELD FOR SALE

3 Months Ended

Sep. 30, 2019

Assets Held-for-sale, Not Part of Disposal Group [Abstract]

ASSETS HELD FOR SALE

Penang Property

During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In accordance with ASC Topic 360, during fiscal year 2015 the property was reclassified from investment property, which had a net book value of RM 371, or approximately $98*, to assets held for sale, since there was an intention to sell the factory building. In May 2015, Trio-Tech Malaysia was approached by a potential buyer to purchase the factory building. On September 14, 2015, application to sell the property was rejected by Penang Development Corporation (PDC). The rejection was because the business activity of the purchaser was not suitable to the industry that is being promoted on said property. PDC made an offer to purchase the property, which was not at the expected value and the offer expired on March 28, 2016 and no further conversations with PDC have occurred since. During the fourth quarter of fiscal year 2019, Management entered into a Sales and Purchase Agreement with a potential buyer. The completion of sale is subject to the approval by local government. The net book value of the building was RM371, or $88, as at September 30, 2019 and RM371, or $89, as at June 30, 2019.

The following table presents the Company’s assets held for sale in Malaysia as of September 30, 2019 and June 30, 2019. *The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.

					Sept. 30, 2019 (Unaudited)			June 30, 2019
	Investment	Investment Amount			Investment Amount			Investment Amount
	Date / Reclassification Date	(RM)			(U.S. Dollars)			(U.S. Dollars)
Penang Property Reclassification from investment property	June 30, 2015		681			181	*		181	*
Currency translation			-			(18	)		(15	)
			681			163			166
Accumulated depreciation on rental property	June 30, 2015		(310	)		(83	)*		(83	)*
Currency translation			-			8			6
			(310	)		(75	)		(77	)
Net investment in rental property - Malaysia			371			88			89