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Shares to Be Issued
6 Months Ended
Dec. 31, 2022
Shares To Be Issued  
Shares to Be Issued

26. Shares to Be Issued

 

On April 19, 2018, the Company entered into a consulting agreement with TAAD, LLP. (“the Consultant”) to provide certain financial reporting preparation services. The Company will grant the Consultant 5,000,000 shares of the Company’s stock per quarter as consulting fees. As of December 31, 2022 and June 30, 2022, 35,000,000 and 25,000,000 common shares have not been issued to the Consultant. As of December 31, 2022 and June 30, 2022, the Company had potential shares to be issued in total amount of $57,000 and $54,500, respectively.

 

Starting July 1, 2021, Mr. Jimmy Chan, the Company’s CEO, receives an annual salary of $250,000 with 50,000,000 commons shares at the end of fiscal year 2022. In addition, upon closing of each acquisition, Mr. Chan will receive 10% of the purchase price as a special bonus. As of December 31, 2022 and June 30, 2022, 112,500,000 and 100,000,000 common shares have not been issued to Mr. Chan. As of December 31, 2022 and June 30, 2022, the Company recorded potential shares to be issued in total amount of $233,577 and $228,577, respectively.

 

On October 20, 2022, the Company entered into a share subscription agreement with an accelerated investor to issue 73,223,963 shares of the Company’s common stock in total cash of $8,270. As of December 31, 2022, the shares have not been issued to the investor. As of December 31, 2022, the Company recorded potential shares to be issued in total amount of $8,270.

 

As of December 31, 2022 and June 30, 2022, the Company had total potential shares to be issued to the consulting agreement and share subscriptions of $298,847 and $283,077, respectively.