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COMMITMENTS AND CONTINGENCIES
6 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

The Company had capital commitments in China for the purchase of equipment and other related infrastructure costs amounting to RMB 1,856, or approximately $277 as at December 31, 2020, as compared to no capital commitment as at June 30, 2020.

 

Deposits with banks in China are not insured by the local government or agency, and are consequently exposed to risk of loss. The Company believes the probability of a bank failure, causing loss to the Company, is remote.

 

The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations. In the opinion of management, resolution of these matters will not have a material adverse effect on the Company’s financial statements.