Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

U. S. Securities and Exchange Commission

Washington, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2024

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 333-184061

	TIANCI INTERNATIONAL, INC.
	(Exact Name of Registrant in its Charter)

Nevada		45-5440446
(State or Other Jurisdiction of incorporation or organization)		(I.R.S. Employer I.D. No.)

	Unit B,10/F., Ritz Plaza, No.122 Austin Road, Tsim Sha Tsui, Kowloon, Hong Kong
	(Address of Principal Executive Offices)
	00000
	Issuer’s Telephone Number: 852-22510781
	(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	Not Applicable

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One)

Large accelerated Filer ☐	Accelerated Filer ☐
Non-accelerated Filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

February 26, 2024

Common Voting Stock: 14,781,803

TIANCI INTERNATIONAL, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE FISCAL QUARTER ENDED JANUARY 31, 2024

TABLE OF CONTENTS

		*Page No.*
*Part I. Financial Information*

Item 1.	Financial Statements (unaudited):	3

	Condensed Consolidated Balance Sheets – January 31, 2024 (Unaudited) and July 31, 2023	3

	Condensed Consolidated Statements of Operations (Unaudited) - for the Three and Six Months Ended January 31, 2024 and 2023	4

	Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) for the Three and Six Months Ended January 31, 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) – for the Six Months Ended January 31, 2024 and 2023	6

	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25

Item 4.	Controls and Procedures	25

*Part II. Other Information*

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3.	Defaults Upon Senior Securities	31

Item 4.	Mine Safety Disclosures	31

Item 5.	Other Information	31

Item 6.	Exhibits	31

	Signatures	32

PART I – FINANCIAL INFORMATION

ITEM 1

FINANCIAL STATEMENTS

TIANCI INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN UNITED STATES DOLLARS)


	January 31,			July 31,
	2024			2023
		(Unaudited)
ASSETS
Current assets:
Cash	$	799,377		$	256,342
Accounts receivable		86,513			–
Prepaid expense		250			1,750
Due from related party		–			54,134
Total current assets		886,140			312,226

Other assets:
Lease security deposit		1,656			1,542
Right-of-use asset		–			6,436
Total non-current assets		1,656			7,978

TOTAL ASSETS	$	887,796		$	320,204

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	–		$	779
Income taxes payable		38,270			26,298
Due to related parties		30,215			276,077
Lease liability - current		–			4,368
Advances from customers		–			29,070
Accrued liabilities and other payables		125,019			260,176
Total current liabilities		193,504			596,768

Lease liability - noncurrent		–			2,068

Total liabilities		193,504			598,836

Commitments and contingencies		–			–

Stockholders’ equity (deficit):
Series A Preferred stock, $0.0001 par value; 80,000 shares authorized; 0 and 80,000 shares issued and outstanding as of January 31, 2024 and July 31, 2023		–			8
Undesignated preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		–			–
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		1,478			590
Additional paid-in capital		882,424			4,982
Accumulated deficit		(211,172	)		(276,521	)
Total stockholders' equity (deficit) attributable to TIANCI INTERNATIONAL, INC.		672,730			(270,941	)
Non-controlling interest		21,562			(7,691	)

Total stockholders’ equity (deficit)		694,292			(278,632	)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	887,796		$	320,204

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

TIANCI INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(EXPRESSED IN UNITED STATES DOLLARS)


	For the three months ended January 31,						For the six months ended January 31,
	2024			2023			2024		2023
	(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)
OPERATING REVENUES
Global logistics services	$	2,819,056		$	–		$	4,000,776	$	–
Other revenue		75,072			98,730			220,000		223,100
Total Operating Revenues		2,894,128			98,730			4,220,776		223,100

COST OF REVENUES
Global logistics services		2,504,764			–			3,534,734		–
Other revenue		50,260			78,800			113,161		187,355
Total Cost of Revenues		2,555,024			78,800			3,647,895		187,355

Gross profit		339,104			19,930			572,881		35,745

Operating expenses:
Selling and marketing		133,763			6,001			235,834		8,160
General and administrative		136,721			19,202			255,426		34,214

Total operating expenses		270,484			25,203			491,260		42,374

(Loss) income from operations		68,620			(5,273	)		81,621		(6,629	)

Other income		24,953			–			24,953		–

Income (loss) before provision for (benefit from) income taxes		93,573			(5,273	)		106,574		(6,629	)
Provision for (benefit from) income taxes		(7,141	)		224			11,972		–

Net income (loss)		100,714			(5,497	)		94,602		(6,629	)
Less: net income (loss) attributable to non-controlling interest		19,581			(550	)		29,253		(663	)

Net income (loss) attributable to TIANCI INTERNATIONAL, INC.	$	81,133		$	(4,947	)	$	65,349	$	(5,966	)

Weighted average number of common shares*
Basic and diluted		6,803,418			1,500,000			6,363,163		1,500,000

Loss per common share attributable to TIANCI INTERNATIONAL, INC.*
Basic and diluted	$	0.01		$	(0.00	)	$	0.01	$	(0.00	)

*	Shares are presented on a retroactive basis to reflect the reorganization on March 3, 2023

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

TIANCI INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2024 AND 2023

(EXPRESSED IN UNITED STATES DOLLARS)


	Preferred Stock		Preferred Stock amount*		Common stock*		Common stock amount*		Subscription receivable*			Additional Paid-in Capital		(Accumulated Deficit) Retained Earnings			Noncontrolling interest			Total

Balance at July 31, 2022		–	$	–		1,500,000	$	150	$	(50,000	)	$	82,732	$	64,689		$	7,188		$	104,759
Payments of Shenzhen China rent by related parties (Note 3)		–		–		–		–		–			3,519		–			–			3,519
Net loss		–		–		–		–		–			–		(1,019	)		(113	)		(1,132	)
Balance at October 31, 2022 (unaudited)		–	$	–		1,500,000	$	150	$	(50,000	)	$	86,251	$	63,670		$	7,075		$	107,146
RQS United Subscription receivable		–		–		–		–		50,000			–		–			–			50,000
Capital contribution		–		–		–		–					65,650		–			–			65,650
Payments of Shenzhen China rent by related parties (Note 3)		–		–		–		–		–			5,560		–			–			5,560
Net loss		–		–		–		–		–			–		(4,947	)		(550	)		(5,497	)
Balance at January 31, 2023 (unaudited)		–	$	–		1,500,000	$	150	$	–		$	157,461	$	58,723		$	6,525		$	222,859

	Preferred Stock			Preferred Stock amount*			Common stock*		Common stock amount*		Subscription receivable*		Additional Paid-in Capital			(Accumulated Deficit) Retained Earnings			Noncontrolling interest			Total

Balance at July 31, 2023		80,000		$	8			5,903,481	$	590	$	–	$	4,982		$	(276,521	)	$	(7,691	)	$	(278,632	)
Net loss		–			–			–		–		–		–			(15,784	)		9,672			(6,112	)
Balance at October 31, 2023 (unaudited)		80,000		$	8			5,903,481	$	590	$	–	$	4,982		$	(292,305	)	$	1,981		$	(284,744	)
Conversion of liabilities to common stock		–			–			445,109		44		–		445,065			–			–			445,109
Conversion of preferred stock to common stock		(80,000	)		(8	)		8,000,000		800		–		(792	)		–			–			–
Private offering		–			–			433,213		44		–		433,169			–			–			433,213
Net income		–			–			–		–		–		–			81,133			19,581			100,714
Balance at January 31, 2024 (unaudited)		–		$	–			14,781,803	$	1,478	$	–	$	882,424		$	(211,172	)	$	21,562		$	694,292

*	Shares are presented on a retroactive basis to reflect the reorganization on March 3, 2023

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

TIANCI INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(EXPRESSED IN UNITED STATES DOLLARS)


	For the six months ended January 31,
	2024			2023
	(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	94,602		$	(6,629	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax benefit		–			–
Amortization of operating lease right-of-use asset		356			162
Debt forgiven by related party		(24,953	)		–
Change in operating assets and liabilities:
Accounts receivable		(86,513	)		540,914
Prepaid expense		1,500			–
Lease security deposit		(114	)		(103	)
Due from related party		54,137			–
Advances from customers		(29,070	)		–
Accounts payable		(779	)		(325,062	)
Income taxes payable		11,972			939
Operating lease liabilities		(356	)		(162	)
Accrued liabilities and other payables		89,040			6,941
Net cash provided by operating activities		109,822			217,000

Cash flows from financing activities:
Proceeds received from private offerings		433,213			–
Subscription receivable collected		–			50,000
Capital contribution received		–			65,650
Working capital advance from related party		–			61,490
Repayment of working capital advance from related party		–			(296,884	)
Operating expenses directly paid by shareholders		–			47,360
Payments of Shenzhen China rent by related parties		–			9,079
Net cash (used in) provided by financing activities		433,213			(63,305	)

Net increase in cash		543,035			153,695
Cash, beginning		256,342			21,237
Cash, ending	$	799,377		$	174,932

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	–		$	–
Income taxes	$	–		$	–

Non-Cash Activities:
Initial recognition of right-of-use assets and lease liabilities	$	–		$	8,704
Early termination of right-of-use assets and lease liabilities	$	6,080		$	–
Conversion of liabilities to common stock	$	445,109		$	–
Conversion of preferred stock to common stock	$	800		$	–

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

NOTE 1 – NATURE OF BUSINESS AND ORGANIZATION

Tianci International, Inc. (the “Company”, “Tianci”) was incorporated under the laws of the State of Nevada as Freedom Petroleum, Inc. on June 13, 2012. In May 2015, the Company changed its name to Steampunk Wizards, Inc. and on November 9, 2016, the Company changed its name to Tianci International, Inc. The Company is a holding company. As of January 31, 2024, the Company had one operating subsidiary, Roshing International Co., Ltd. (“Roshing”). The Company owns 90% of the capital stock of Roshing through RQS United, a wholly-owned subsidiary. The Company’s fiscal year end is July 31.

On February 13, 2023, the Company incorporated a wholly owned subsidiary, Tianci Group Holding Limited, in the Republic of Seychelles.

Reorganization

On March 3, 2023 the Company entered into a Share Exchange Agreement with RQS United Group Limited (“RQS United”) and RQS Capital Limited (“RQS Capital”), which was the sole shareholder of RQS United (the “Exchange Agreement”). RQS United owns 90% of the equity in Roshing International Co., Ltd. (“Roshing”), which is engaged in the business of providing global logistics services including ocean freight forwarding and related logistics solutions, distributing electronic components and providing software services. Pursuant to the Exchange Agreement, on March 6, 2023 RQS Capital transferred all of the issued and outstanding capital stock of RQS United to the Company, and the Company issued to RQS Capital 1,500,000 shares of our common stock and paid a cash price of $350,000 (the “Share Exchange”). Pursuant to the Exchange Agreement, the Company also issued a total of 700,000 shares of our common stock to nine employees or affiliates of Roshing to induce continued services to Roshing.

As a result of the Share Exchange, RQS United became our wholly-owned subsidiary and the former RQS United stockholder became our controlling stockholder. The share exchange transaction was treated as a reverse acquisition, with RQS United as the acquirer and the Company as the acquired party for accounting purposes. Unless the context suggests otherwise, when we refer in this report to business and financial information for periods prior to the consummation of the reverse acquisition, we are referring to the business and financial information of RQS United and its consolidated subsidiary, Roshing.

Prior to the Share Exchange, the Company was a shell company as defined in Rule 12b-2 under the Exchange Act. As a result of the transactions under the Exchange Agreement, the Company ceased to be a shell company.

RQS United is a holding company incorporated on November 4, 2022 in the Republic of Seychelles. RQS United has no substantive operations other than holding 90% of the outstanding share capital of its subsidiary, Roshing, which was incorporated on June 22, 2011 in Hong Kong, is principally engaged in global logistics services. In addition, less than 6% of its revenue for the six months ended January 31, 2024 was derived from sales of electronic device hardware components, development of logistics software and websites, technical consulting, and software maintenance. Roshing’s business is primarily carried out in Hong Kong.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The interim financial information referred to above has been prepared and presented in U.S. dollars in conformity with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. These interim financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. This report on Form 10-Q should be read in conjunction with the Company’s financial statements for the years ended July 31, 2023 and 2022 and notes thereto included in the Company’s Form 10-K filed with the SEC on October 23, 2023.

Results of the three and six months ended January 31, 2024 are not necessarily indicative of the results that may be expected for the year ending July 31, 2024 or any other future periods.

Principles of consolidation

The consolidated financial statements include the financial statements of Tianci and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting periods. Actual results could differ from these good faith estimates and judgments.

Foreign currency translation and transactions

The Company uses the U.S. dollar as its reporting currency and functional currency. Transaction gains and losses are recognized in the consolidated statement of operations.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains its bank accounts in United States and Hong Kong.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Accounts receivable, net

Accounts receivable include trade accounts due from customers which are generally collected within six months. In establishing the allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial condition of the customer. Management reviews its receivables on a regular basis to determine if the allowance for doubtful accounts is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of January 31, 2024 and July 31, 2023, no allowance for doubtful accounts was deemed necessary.

Fair Value Measurements

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

The accounting standard defines fair value, establishes as a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follow:

·		Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

·		Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.

·		Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial instruments included in current assets and current liabilities (such as cash, accounts receivable, due from related party, accounts payable, and due to related parties) are reported in the consolidated balance sheets at cost, which approximates fair value because of the short period of time between the origination of such instruments and their expected realization.

Revenue recognition

The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606. This standard requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identifies the contract with the customer, (ii) identifies the performance obligations in the contract, (iii) determines the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocates the transaction price to the respective performance obligations in the contract, and (v) recognizes revenue when (or as) the Company satisfies the performance obligations.

The Company records revenue net of sales taxes which are subsequently remitted to governmental authorities and are excluded from the transaction price.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

The Company’s revenue recognition policies are as follows:

a. Global Logistics Services

The Company provides global logistics services, including ocean freight forwarding and related logistics solutions. As a non-asset-based carrier, the Company does not own transportation assets.

The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer via either container ships or general cargo vessels. The most significant drivers of changes in gross revenues and related transportation expenses are volume and weight.

In general, each shipment transaction or service order constitutes a separate contract with the customer. A performance obligation is created once a customer agreement with an agreed upon transaction price exists. The transaction price, which is based on volume, weight, and shipping time, is fixed and not contingent upon the occurrence or non-occurrence of any other event.

The Company typically satisfies its performance obligations at a point in time when freight is shipped to destination port and accepted by its customers. The Company does not have significant variable consideration in its contracts. Taxes assessed concurrently with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenues.

The Company evaluates whether amounts billed to customers should be reported as gross or net revenue. Revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. In most cases we act as an indirect carrier. When acting as an indirect carrier, we issue a Fixture Note to customers as the contract of carriage. In turn, when the freight is physically tendered to a direct carrier, we receive a Master Ocean Bill of Lading.

The Company’s evaluation determined that it is in control of establishing the transaction price, managing all aspects of the shipment process and assumes the risk of loss for delivery, collection, and returns. Based on its evaluation of the control of services and risk involved, the Company determined that it acts as a principal rather than an agent in global logistics service arrangements and such revenues are reported on a gross basis.

b. Electronic Device Hardware Components Products Sales

The Company is a distributor of electronic device hardware components and generates revenue through resale of these components. The Company’s products include high performance computer chips, Wi-Fi modules, Bluetooth modules, 4G network modules, LED screens, and touch screens. In accordance with ASC 606, Revenue Recognition: Principal Agent Consideration, an entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. Otherwise, the entity is an agent in the transaction. The Company evaluates three indicators of control in accordance with ASC 606: 1) For hardware sales, the Company is the most visible entity to customers and assumes fulfillment risk and risks related to the acceptability of products, including addressing customer complaints directly and handling of product returns or refunds directly; 2) The Company is exposed to inventory risk before transfer of control to customers; and 3) The Company determines the resale price of hardware products. After evaluating the above circumstances, the Company considers itself the principal of these arrangements and records hardware sales revenue on a gross basis.

Hardware sales contracts are on a fixed price basis with no separate sales rebate, discount, or other incentive. Revenue is recognized at a point in time when the Company has delivered products that have been accepted by its customer with no future obligations. The Company generally permits returns of products due to product failure; however, returns are historically insignificant.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

c. Software and Website Development Services

The Company generates revenue by developing customized freight shipping and related logistic software and websites, which are generally on a fixed-priced basis. The software helps wholesalers, ecommerce retailers, and freight shipping providers to manage complex workflows and improve work efficiency. The Company generally has no enforceable right to payment for performance completed to date and is only entitled to payment after software is fully developed, delivered, tested, and accepted by the customer. As a result, revenues from software development contracts are recognized at a point in time when services are fully rendered, and written acceptances have been received from customers.

d. Technical Consulting and Training Services

The Company provides technical consulting and training services to help customers, generally its existing customers, to better understand and properly use its customized software and related hardware. Services are generally carried out on a per-time fixed rate basis. Revenue is recognized at a point in time when service is rendered and the customer confirms the completion of consulting or training.

e. Software Maintenance and Business Promotion Services

The Company provides software maintenance service to keep customer’s software up to date and assists customers in promoting business with ongoing marketing support. The Company charges a flat rate for a fixed duration on a subscription basis, generally 12 months. Revenue is recognized ratably each month over the contract period.

f. Business Consulting Services

The Company provides business consulting services to help customers apply for immigration and non-immigration visas. The Company is responsible for performing background checks, case analysis, and preparing related application paper works. The Company charges a flat fee for the visa application services. Revenue is recognized at a point in time when an application is submitted with proper authorities.

Cost of revenues

For global logistics services, cost of revenue consists primarily of cargo space charged by direct ocean carriers, freight forwarders and ancillary logistics services fees.

For hardware products sales, the cost of revenue consists primarily of the costs of hardware products sold.

For software, consulting, services-based revenue, the cost of revenue consists primarily of costs paid to outsourced service providers and compensation expenses paid the Company’s service vendor.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Advertising costs

Advertising costs amounted to $0 and $192 for the six months ended January 31, 2024 and 2023, respectively. Advertising costs are expensed as incurred and included in selling and marketing expenses.

Operating leases

Effective August 1, 2022, the Company adopted FASB ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Upon adoption of ASU 2016-02 effective August 1, 2022, the Company recognized a $8,704 right of use (“ROU”) asset and operating lease liabilities in January 2023 based on the present value of the future minimum rental payments of leases, using an incremental borrowing rate of 5%.

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of the Company’s real estate leases are classified as operating leases.

Lease payments for an operating lease transitioning to ASC 842 using the effective date are based on future payments at the transition date and on the present value of lease payments over the remaining lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception; therefore, operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Lease expense is recognized on a straight-line basis over the lease term.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations.

The lease for the Company’s Hong Kong office facility was early terminated in September 2023, which resulted in a derecognition of $6,080 right of use (“ROU”) asset and operating lease liabilities in August 2023.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Income taxes

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items which are non-taxable or non-deductible. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited interim consolidated financial statements and the corresponding tax bases used in the computation of taxable income (loss). In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the statements of operations, except when it is related to items credited or charged directly to equity, in which case the deferred tax is dealt with in equity. Net deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the net deferred tax asset will not be realized.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax for uncertain tax positions are classified as income tax expense in the period incurred.

The Hong Kong tax returns filed for 2017 and subsequent years are subject to examination by the applicable tax authorities.

The US tax returns filed for 2021 and subsequent years are subject to examination by the applicable tax authorities.

Earnings (loss) per share

The Company computes earnings (loss) per share (“EPS”) in accordance with FASB ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary shares outstanding for the period. Diluted EPS presents the diluted 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. As of January 31, 2024 and July 31, 2023, there were 0 and 8,000,000 dilutive shares outstanding related to the convertible Series A Preferred Stock (see Note 4),respectively.

Noncontrolling Interests

The Company’s noncontrolling interest represents the minority shareholder’s 10% ownership interest in Roshing. The noncontrolling interest is presented in the consolidated balance sheets separately from stockholders’ equity attributable to Tianci. Noncontrolling interest in the results of Roshing are presented on the consolidated statements of operations as allocations of the total income or loss of Roshing for the three and six months ended January 31, 2024 and 2023 between the noncontrolling interest holder and the shareholders of RQS United.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Related parties

Parties, which can be a corporation, other business entity, or an individual, are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence.

Recently issued accounting pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

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 provide an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In November 2019, the FASB issued ASU No. 2019-10, which updates the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning August 1, 2023 as the Company is qualified as an emerging growth company. The adoption of this standard on August 1, 2023 has not had and is not expected to have a material impact on the Company’s future consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The adoption of this standard on August 1, 2022 did not have a material impact on the Company’s consolidated financial statements.

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 Financial Statements.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

NOTE 3 – RELATED PARTIES BALANCES AND TRANSACTIONS

Due from related party consists of:

Due from related party represents a receivable of $54,167 from RQS Capital at July 31, 2023. The receivable, which was non-interest bearing and due on demand, was collected by the Company in December 2023.

Due to related parties consist of:

Schedule of due to related parties
		Transaction	January 31,		July 31,
Name	Relationship	Nature	2024		2023
Zhigang Pei*	Former Chairman of the Board	Working capital advances and operating expenses paid on behalf of the Company	$	–	$	220,909
RQS Capital	68% shareholder	Company cash collection due to RQS Capital		2,132		2,132
Ying Deng**	RQS Capital 30% owner and Roshing’s 10% owner	Working capital advances and operating expense paid on behalf of the Company		28,083		53,036

TOTAL			$	30,215	$	276,077

*	$220,909 of this liability was converted to 220,909 shares of common stock on January 19, 2024.

**	$24,953 of this liability was forgiven in November 2023.

These liabilities are unsecured, non-interest bearing, and due on demand.

Employment agreements with officers and director retainer agreements

Tianci currently maintains two employment agreements and six director retainer agreements with its officers and directors. The agreements have terms of 3 years and each provide for monthly compensation in amounts ranging from $1,300 per month to $3,800 per month.

For the three and six months ended January 31, 2024, we accrued management compensation expenses of $60,000 and $120,000, respectively. These amounts are included in “general and administrative expenses” in the accompanying consolidated statement of operations.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Office space sharing agreement with related parties

On August 28, 2021, Roshing entered into an office space sharing agreement with Shufang Gao, 60% owner of RQS Capital, and Ying Deng, 30% owner of RQS Capital, for office space in Shenzhen, China. The agreement provided for Gao and Deng, sub lessees under a separate office space sharing agreement relating to the use of the premises from August 28, 2021, to August 31, 2024, to pay monthly rent to the lessee ranging from RMB 12,320 (approximately $1,726) to RMB 13,583 (approximately $1,903) on behalf of Roshing. The rent expenses paid by Gao and Deng were billed directly to Gao and Deng by the Lessee and the sublease is between Gao and Deng and the Lessee. The Company has no obligation, directly or indirectly, to reimburse or otherwise compensate Gao and Deng for paying these expenses. For the three months ended January 31, 2024 and 2023, the Company has accounted for this agreement by charging general and administrative expenses for $0 and $5,560, respectively, and crediting additional paid-in capital for $0 and $5,560, respectively. For the six months ended January 31, 2024 and 2023, the Company has accounted for this agreement by charging general and administrative expenses for $0 and $9,079, respectively, and crediting additional paid-in capital for $0 and $9,079, respectively. The office sharing agreement was terminated on May 31, 2023 when Roshing moved all of its operations to its office in Hong Kong.

NOTE 4 – STOCKHOLDERS EQUITY

On January 26, 2023 the Company filed with the Nevada Secretary of State a Certificate of Amendment of Articles of Incorporation (the “Amendment”). The Amendment amended Article 3 of the Company’s Articles of Incorporation to provide that the authorized capital stock of the Company will be 120,080,000 shares of capital stock consisting of 100,000,000 shares of common stock, $0.0001 par value, 80,000 shares of Series A Preferred Stock, $0.0001 par value, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value.

The following table sets forth information, as of January 31, 2024, regarding the classes of capital stock that are authorized by the Articles of Incorporation of Tianci International, Inc.

Schedule of capital stock authorized
			January 31, 2024
Class	Shares Authorized		Shares Outstanding
Common Stock, $.0001 par value		100,000,000		14,781,803
Series A Preferred Stock, $.0001 par value		80,000		–
Undesignated Preferred Stock, $.0001 par value		20,000,000		–

Series A Preferred Stock

Each share of Series A Preferred Stock may be converted by the holder of the share into 100 shares of common stock, subject to equitable adjustment of the conversion rate. Each holder of Series A Preferred Stock will have voting rights equal to the holder of the number of shares of common stock into which the Series A Preferred Stock is convertible. Upon liquidation of the Company, each holder of Series A Preferred Stock will be entitled to receive, out of the net assets of the Company, $0.01 per share, then to share in the distribution on an as-converted basis.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Undesignated Preferred Stock

The Board of Directors has the authority, without shareholder approval, to amend the Company’s Articles of Incorporation to divide the class of undesignated Preferred Stock into series, and to determine the relative rights and preferences of the shares of each series, including (i) voting power, (ii) the rate of dividend, (iii) the price at which, and the terms and conditions on which, the shares may be redeemed, (iv) the amount payable upon the shares in the event of liquidation, (v) any sinking fund provision for the redemption or purchase of the shares, and (vi) the terms and conditions on which the shares may be converted to shares of another series or class, if the shares of any series are issued with the privilege of conversion.

Issuances of Preferred Stock and Common Stock

On January 27, 2023, Tianci sold 80,000 shares of its Series A Preferred Stock to RQS Capital for $24,000 cash.

On March 1, 2023, Tianci sold a total of 1,253,333 shares of its common stock to 13 non-US persons at a price of $0.30 per share or $376,000 total.

On March 6, 2023, Tianci issued 1,500,000 shares of its common stock to RQS Capital pursuant to the Share Exchange Agreement dated March 3, 2023 (see Note 1 above).

Also on March 6, 2023 pursuant to the Share Exchange Agreement dated March 3, 2023, Tianci issued a total of 700,000 shares of its common stock to nine employees or affiliates of Roshing to induce continued services to Roshing. For the year ended July 31, 2023, the Company accounted for this issuance by expensing the $210,000 estimated fair value of the 700,000 shares of common stock to (1) cost of revenues-services ($144,000), (2) selling and marketing ($36,000), and (3) general and administrative ($30,000).

On January 19, 2024 the Company sold an aggregate of 445,109 shares of its common stock to five present or former members of the Company’s Board of Directors for an aggregate price of $445,109 or $1.00 per share. The purchasers included Zhigang Pei, who received 220,909 shares in settlement of a loan by Mr. Pei to the Company in the amount of $220,909, and five present or former members of the Company’s Board of Directors, who received an aggregate of 224,200 shares (Zhigang Pei – 110,200 shares; David Wei Fang – 64,600 shares; Jack Fan Liu – 22,100 shares, Jimmy Weiyu Zhu – 5,200 shares; and Yee Man Yung - 22,100 shares) in satisfaction of the Company’s liability to them for unpaid compensation.

On January 19, 2024 the Company issued 8,000,000 shares of its common stock to RQS Capital Limited. The shares were issued upon RQS Capital’s exercise of its right to convert 80,000 shares of the Company’s Series A Preferred Stock into 8,000,000 shares of common stock.

On January 24, 2024 the Company sold an aggregate of 433,213 shares of its common stock to nine investors for an aggregate price of $433,213 or $1.00 per share. The shares were issued in a private offering to investors.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

NOTE 5 – INCOME TAXES

Income Taxes

Seychelles

RQS United is incorporated in Seychelles and is not subject to tax on income generated outside of Seychelles under the current law. In addition, upon payment of dividends, no withholding tax is imposed under current law.

Hong Kong

Roshing is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 8.25% in Hong Kong. Hong Kong income tax expenses (benefit) for the six months ended January 31, 2024 and 2023 amounted to $11,972 and $0, respectively.

For the six months ended January 31, 2024, the income before provision for income taxes of $106,574, consisted of United States source loss of $(197,930) and Hong Kong source income of $304,504. For the six months ended January 31, 2023, the loss before benefit from income taxes of $(6,629) was all Hong Kong source loss.

Significant components of the provision for income taxes are as follows:


	For the six months ended
	January 31, 2024		January 31, 2023
	(Unaudited)		(Unaudited)
Current Hong Kong	$	11,972	$	–
Deferred Hong Kong		–		–
Provision (benefit) for income taxes	$	11,972	$	–

The following table reconciles the Hong Kong statutory rates to the Company’s Hong Kong effective tax rate:


	For the six months ended January 31, 2024		For the six months ended January 31, 2023
		(Unaudited)		(Unaudited)
Hong Kong statutory income tax rate		8.25%		8.25%
Prior year overaccrual of provision for income taxes		(4.32)%		–
Change in deferred tax asset valuation allowance				(8.25)%
Effective tax rate		3.93%		–%

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

For United States income tax purposes, Tianci has a net operating loss carry forward of approximately $1,165,337 at January 31, 2024. Management has not determined that it is more likely than not that this carryforward will be realized and thus the Company maintained a 100% valuation allowance for the deferred tax asset relating to the United States net operating loss carryforward. Current United States income tax law limits the amount of loss available to offset against future taxable income when a substantial change in ownership occurs.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of January 31, 2024 and July 31, 2023, the Company did not have any significant unrecognized uncertain tax positions.

As of January 31, 2024, tax years 2021 and forward generally remain open for examination for United States Federal and State tax purposes and tax years 2017 and forward generally remain open for examination for foreign tax purposes.

NOTE 6 — CONCENTRATION OF RISK

Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash held in banks. The cash balance in each financial institution in the United States is insured by the FDIC up to $250,000. As of January 31, 2024, no United States account balance exceeded $250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD 500,000 (approximately US$64,000) if the bank with which an individual/company holds its eligible deposit fails. As of January 31, 2024, a cash balance of $676,256 was maintained at a financial institution in Hong Kong of which approximately $612,000 was subject to credit risk. Management believes that the financial institution is of high credit quality and continually monitors its credit worthiness.

Customer concentration risk

For the six months ended January 31, 2024, two customers accounted for 68.4% and 16.9% of the Company’s total revenues.

For the six months ended January 31, 2023, four customers accounted for 23.3% 26.9%, 16.2% and 13.4% of the Company’s total revenues.

As of January 31, 2024, one customer accounted for 100% of the Company’s total accounts receivable.

Vendor concentration risk

For the six months ended January 31, 2024, two vendors accounted for 59.9% and 16.2% of the Company’s total purchases. For the six months ended January 31, 2023, four vendors accounted for 51.1%, 21.9%, 15.2%, and 11.7% of the Company’s total purchases.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

NOTE 7— COMMITMENTS AND CONTINGENCIES

Lease commitments

On January 1, 2021, Roshing entered into an operating lease agreement for office space in Hong Kong with a third party. The agreement had a term of two years and provided for monthly rent of HKD 2,800 (approximately $360). On January 13, 2023, the Company entered a new operating lease agreement for office space in Hong Kong with a third party for two years with monthly rent of HKD 3,000 (approximately $382). Upon adoption of ASU 2016-02 effective August 1, 2022, the Company recognized a $8,704 right of use (“ROU”) asset and operating lease liabilities in January 2023 based on the present value of the future minimum rental payments of leases, using an incremental borrowing rate of 5%. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants. The lease does not contain an option to extend at the time of expiration. The lease was early terminated in September 2023 which resulted in a derecognition of $6,080 right of use (“ROU”) asset and operating lease liabilities in August 2023.

In September 2023, the Company entered into a one-year lease with a monthly lease payment of approximately $828 (HKD 6500).

Rent expenses were $2,484 and $6,478 for the three months ended January 31, 2024 and 2023, respectively, and $5,669 and $11,076 for the six months ended January 31, 2024 and 2023, respectively.

Contingencies

From time to time, the Company may be a party to legal proceedings, as well as certain asserted and un-asserted claims. The Company was not involved in any material legal proceedings nor asserted claims as of January 31, 2024.

NOTE 8 — ENTERPRISE-WIDE DISCLOSURE

The Company follows ASC 280, Segment Reporting, which requires companies to disclose segment data based on how management makes decisions about allocating resources to each segment and evaluates their performances. The Company’s chief operating decision-makers (i.e., the Company’s chief executive officer and his direct assistants, including the Company’s chief financial officer) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues, cost of revenues, and gross profit by business lines and by regions (Hong Kong, Vietnam, Japan and Singapore) for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by ASC 280, the Company considers itself to be operating within one reportable segment.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

Disaggregated information of revenues by business lines are as follows:


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Electronic Device Hardware Components Sales	$	43,479	$	75,686	$	103,381	$	179,880
Software and Website Development Services		–		–		19,230		–
Technical Consulting and Training Services		–		8,044		–		14,470
Software Maintenance and Business Promotion Services		14,013		15,000		29,276		28,750
Business Consulting Services		17,580		–		68,113		–
Global Logistics Services		2,819,056		–		4,000,776		–
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

Disaggregated information of revenues by regions are as follows:


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Hong Kong	$	2,151,434	$	91,230	$	3,202,451	$	209,350
Vietnam		538,694		–		712,225		–
Japan		204,000		–		304,850		–
Singapore		–		7,500		1,250		13,750
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

NOTE 9 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Unaudited)

The Company performed a test on the restricted net assets of its consolidated subsidiaries in accordance with Rule 4-08(e)(3) of Regulation S-X promulgated by the SEC, “General Notes to Financial Statements” and concluded that it was applicable and the Company is required to disclose the required financial statement information for the parent company.

The subsidiaries did not pay any dividends to the parent during the periods presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiaries under the equity method of accounting. Such investments are presented on the separate parent only balance sheets as “investment in subsidiaries” and the income (loss) of the subsidiaries is presented as “share of income (loss) of subsidiaries.” Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed or are not required.

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

PARENT COMPANY BALANCE SHEET

Parent Company Balance Sheet
	January 31,
	2024
		(Unaudited)
ASSETS
Cash	$	117,661
Prepaid expense		250
Receivable from subsidiaries		207,584
Investment in subsidiaries		359,167
Total Assets	$	684,662

LIABILITIES
Accounts payable and other accrued liabilities	$	9,800
Due to related parties		2,132
Total Liabilities		11,932

Stockholders’ equity
Series A Preferred stock, $0.0001 par value; 80,000 shares authorized; 0 and 80,000 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		–
Undesignated preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		–
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		1,478
Additional paid-in capital		882,424
Accumulated deficit		(211,172	)
Total stockholders’ equity		672,730

Total Liabilities and Stockholders’ Equity	$	684,662

TIANCI INTERNATIONAL, INC.

Notes To Condensed Consolidated Financial Statements

Three And Six Months Ended January 31, 2024 And 2023

(Unaudited)

PARENT COMPANY STATEMENT OF OPERATIONS


	For the six months ended January 31,
	2024
		(Unaudited)
EXPENSES:
General and administrative	$	(197,930	)

OTHER INCOME:
Income from investment in subsidiaries		263,279

Net Income	$	65,349

PARENT COMPANY STATEMENT OF CASH FLOWS


	For the six months ended
	January 31, 2024

Cash flows from operating activities:
Net income	$	65,349
Adjustments to reconcile net income to net cash (used in) operating activities:
Share of gain from investment in subsidiaries		(263,279	)
Change in operating assets and liabilities:
Prepaid expense		1,500
Accounts payable and other accrued liabilities		(7,578	)
Net cash (used in) operating activities		(204,008	)

Cash flows from financing activities:
Proceeds received from private offerings		433,213
Repayment of operating funds to related party		(178,097	)
Net cash provided by financing activities		255,116

Net increase in cash and cash equivalents		51,108
Cash and cash equivalents at beginning of period		66,553
Cash and cash equivalents at end of period	$	117,661

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

On March 3, 2023, we acquired ownership of RQS United Group Limited, a company organized under the laws of the Republic of Seychelles (“RQS United”), pursuant to the Share Exchange Agreement dated March 3, 2023 among the Company, RQS United and RQS Capital Limited, the prior owner of RQS United.

RQS United is a holding company incorporated in the Republic of Seychelles. RQS United has no operations other than holding 90% of the outstanding share capital of its subsidiary, Roshing International Co., Ltd., a company organized under the laws of Hong Kong (“Roshing”). Roshing was incorporated on June 22, 2011 and is primarily engaged in logistics solutions, including sea freight forwarding, and logistic software development and maintenance. We also generate revenue from the sale of electronic parts, and certain technical consulting services.

As a non-asset-based freight forwarder, we currently do not own or operate any transportation assets. In our role as an indirect carrier, we issue fixture notes to customers as the contract of carriage. In turn, when the freight is physically tendered to a direct carrier, we receive a contract of carriage known as a Master Ocean Bill of Lading (MOBL). By leveraging our senior management’s expertise on the global logistics industry and adopting an asset-light strategy at the early stage, we’ve seen a significant growth in logistics revenue during the six months ended January 31, 2024. Our business is primarily carried out in Hong Kong and other locations in the Asia-Pacific region.

We are optimistic about the future of the logistics service industry. We expect that the global demand for coal, grains and iron ore, electric vehicles, and green energy equipment will continue to increase in response to changes in international trade flows and growing emerging market economies, as well as post pandemic stimulus policies in many countries, all of which should boost demand for global logistics services. Our vision is to continue exploring opportunities in the Asia-Pacific region, and other emerging markets to increase our customer base and global logistics service revenue.

Results of Operations

Comparison of the three months ended January 31, 2024 and 2023

	For the three months ended January 31,
	2024		2023			Change		Change Percentage
Revenues		2,894,128		98,730			2,795,398		2,831%
Cost of Revenues		2,555,024		78,800			2,476,224		3,142%
Gross profit		339,104		19,930			319,174		1,601%
Selling and marketing		133,763		6,001			127,762		2,129%
General and administrative		136,721		19,202			117,519		612%
(Loss) income from operations		68,620		(5,273	)		73,893		(1,401%	)
Provision for income taxes		7,141		(224	)		7,365		(3,288%	)
Net (loss) income		100,714		(5,497	)		106,211		(1,932%	)
Less: net (loss) income attributable to non-controlling interest		19,581		(550	)		20,131		(3,660%	)
Net (loss) income attributable to Tianci		81,133		(4,947	)		86,080		(1,740%	)

Comparison of the six months ended January 31, 2024 and 2023

	For the six months ended January 31,
	2024			2023			Change			Change Percentage
Revenues		4,220,776			223,100			3,997,676			1792%
Cost of Revenues		3,647,895			187,355			3,460,540			1847%
Gross profit		572,881			35,745			537,136			1503%
Selling and marketing		235,834			8,160			227,674			2790%
General and administrative		255,426			34,214			221,212			647%
(Loss) income from operations		81,621			(6,629	)		88,250			(1331%	)
Provision for income taxes		(11,972	)		–			(19,337	)		–
Net (loss) income		94,602			(6,629	)		101,231			(1527%	)
Less: net (loss) income attributable to non-controlling interest		29,253			(663	)		29,916			(4512%	)
Net (loss) income attributable to Tianci		65,349			(5,966	)		71,315			(1195%	)

Revenues

During the three and six months ended January 31, 2024, our revenue increased significantly: to $2,894,128 for the three months ended January 31, 2024 from $98,730 for the three months ended January 31, 2023 and to $4,220,776 for the six months ended January 31, 2024 from $223,100 for the six months ended January 31, 2023. The increase was mainly attributable to the launch and growth of our global logistics service, which contributed 97% of our revenue in the quarter ended January 31, 2024 and 95% of our revenue during the six months ended January 31, 2024.

Our revenues from our revenue streams are categorized as follows:

	For the Three Months Ended January 31,				For the Six Months Ended January 31,
	2024		2023		2024		2023
Global Logistics Service Revenue	$	2,819,056	$	–	$	4,000,776	$	–
Product Revenue		43,479		75,686		103,381		179,880
Other Service Revenue		31,593		23,044		116,619		43,220
Total	$	2,894,128	$	98,730	$	4,220,776	$	223,100

Cost of Revenues

Total cost of revenues increased from $78,800 to $2,555,024 for the three months ended January 31, 2024 and from $187,355 to $3,647,895 for the six months ended January 31, 2024. The increase was attributable to the growth of our global logistics services.

Our cost of revenues from our revenue categories are summarized as follows:

	For the Three Months Ended January 31,				For the Six Months Ended January 31,
	2024		2023		2024		2023
Cost of Global Logistics Service	$	2,504,764	$	–	$	3,534,734	$	–
Cost of Product		37,080		65,910		87,088		139,110
Cost of Other Service		13,180		12,890		26,073		48,245
Total	$	2,555,024	$	78,800	$	3,647,895	$	187,355

Our cost of revenues from global logistics services represented 98% and 97% of total cost of revenues during the three and six months ended January 31, 2024, respectively. We did not have any cost of global logistics service in the same period in 2023 as this is a new service sector. Cost of global logistics services primarily include the cargo space charged by direct ocean carriers, freight forwarders and ancillary logistics services fees.

Our cost of revenues from hardware product sales decreased by 44% and 37% for the three and six month periods ended January 31, 2024, respectively, reflecting the reduction in our revenue from hardware product sales.

Gross Profit

Our gross profits from our major revenue categories are summarized as follows:

Margins

	For the Three Months Ended January 31,				For the Six Months Ended January 31,
	2024		2023		2024		2023
Global Logistics Service
Gross Profit Margin	$	314,292	$	–	$	466,042	$	–
Gross Profit Margin		11.1%		–		11.6%		–
Hardware Product Sales
Gross Profit Margin	$	6,399	$	9,776	$	16,293	$	40,770
Gross Profit Percentage		14.7%		12.3%		15.8%		22.7%
Other Services
Gross Profit Margin	$	18,413	$	10,154	$	90,546	$	-5,025
Gross Profit Percentage		58.3%		44.1%		77.64%		-11.6%
Total
Gross Profit Margin	$	339,104	$	19,930	$	572,881	$	35,745
Gross Profit Percentage		11.7%		20.2%		13.6%		16%

Our gross profit increased by $319,174 to $339,104 for the three months and by $537,136 to $572,881 during the three and six months ended January 31, 2024, respectively. The increase in gross profit was primarily due to the launch and growth of our global logistics service, as discussed above. For the three and six months ended January 31, 2024, our overall gross profit margin was 11.7% and 13.6%, respectively, a reduction from gross margins of 20.2% and 16.0% during the three and six months ended January 31, 2023. Our overall gross margins fell because the gross margins from our global logistics service was 11.1% and 11.6% during the three and six months ended January 31, 2024. We anticipate that the gross margin realized from logistics services is likely to increase in the future as demand picks up post-pandemic with relatively stable global logistics supply.

Operating Expenses

With the significant increase in our operations came a significant increase in our total operating expenses, which were $270,484 and $491,260 for the three and six months ended January 31, 2024, compared to $25,203 and $42,374 for the three and six months ended January 31, 2023, respectively. Our operating expenses primarily include payroll expenses, commissions, advertising, rent and professional fees relating to our obligations as a public company. The increase was mainly due to the increasing commission expense we paid to agents for referring global logistics customers, and professional fees for compliance services.

Income tax expense

Our income tax expense amounted to $7,141 and $11,972 for the three and six months ended January 31, 2024, compared to $0 and $(224) for the three and six months ended January 31, 2023, respectively. The change was due to the increase in revenue realized during the recent six month period.

Net Income

The Company realized net income of $100,714 and $94,602 for the three months and six months ended January 31, 2024. However, since the Company owns only 90% of its operating subsidiary, Roshing, 10% of net income generated by Roshing was attributed to the minority interest. As a result, the net income for the three and six months ended January 31, 2024 attributable to the shareholders of Tianci International was $81,133 and $65,349, respectively. In comparison, during the three and six months ended January 31, 2023, the Company incurred net losses of $5,497 and $6,629 respectively. We believe our pivot to the logistics market gives our shareholders an opportunity to benefit from the opportunity presented by this market as the global economy recovers from the pandemic.

Liquidity and Capital Resources

In assessing our liquidity, we monitor and analyze our cash on-hand and our operating expenditure commitments. Our liquidity needs are to meet our working capital requirements and operating expenses obligations. As of January 31, 2024, we had working capital of $692,636, as our cash amounted to $799,377, our current assets were $886,140 and our current liabilities were $193,504. To date, we have financed our operations primarily through capital contributions and advances from shareholders and by private placement of securities. At January 31, 2024 we owed $30,215 to related parties (See Note 3 to the financial statements).

We believe that our liquidity and working capital will be sufficient to sustain our business operation for the next twelve months. We may, however, need additional cash resources in the future if there are changes in business conditions or other developments or if the company finds and wishes to pursue opportunities for investment, acquisition, capital expenditure, or similar actions.

We started providing shipping & freight forwarding services during the quarter ended October 31, 2023. Although the business grew quickly during its first six months, it may occur that to continue to take advantage of the opportunity offered by this business, we may require significant capital expenditure for developing our position in the market. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity may result in dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. Our obligation to bear credit risk for certain financing transactions we facilitate may also strain our operating cash flow. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

The following table summarizes the key components of our cash flows for the six months ended January 31, 2024 and 2023.

	For the six months ended
	January 31,
	2024		2023
Net cash provided by operating activities	$	109,822	$	217,000
Net cash used in investing activities		–		–
Net cash provided by (used in) financing activities		433,213		(63,305	)
Net change in cash and restricted cash	$	543,035	$	153,695

Operating activities

Net cash of $109,822 provided by operating activities for the six months ended January 31, 2024 was primarily the result of net income of $94,602. While an increase of $86,513 in accounts receivable during the period served to reduce the cash provided by our operations, we offset that item with a $89,040 increase in accrued liabilities..

Net cash of $217,000 provided by operating activities for the six months ended January 31, 2023 was primarily the result of an decrease in accounts receivable of $540,914, which was partially offset by the decrease of $325,062 in accounts payable.

Investing activities

The company has no investing activities during either of the six month periods ended January 31, 2024 and 2023.

Financing activities

Net cash provided by financing activities for the six months ended January 31, 2024 was $433,213. This was attributable to proceeds received from private offering of common stock in that amount.

Net cash of $63,305 used in financing activities during the six months ended January 31, 2023 was primarily attributable to our repayment of a working capital loan of $296,884 during that period. Other than existing cash resources, the funds used to repay the loan were derived from a capital contribution received amounting to $65,650, collection of a subscription receivable amounting to $50,000, and a working capital advance from a related party amounting to $61,490. Our cash balance was also aided by reason of the direct payment of operating expenses by shareholders amounting to $47,360, and the payments of rent for our premises in Shenzhen China by related parties amounting to $9,079.

Critical Accounting Estimates

Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

In connection with the preparation of our financial statements for the three and six months ended January 31, 2024, there was no accounting estimate we made that was subject to a high degree of uncertainty and was critical to our results.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. The Company does not believe that any 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 income and statements of cash flows.

ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2024. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms as a result of the following material weaknesses:

	·	Because of the company’s limited resources, there are limited controls over information processing.

	·	There is an inadequate segregation of duties consistent with control objectives. Our Company’s management is limited in number, resulting in a situation where limitations on segregation of duties exist. In order to remedy this situation, we would need to hire additional staff to provide greater segregation of duties. Currently, it is not feasible to hire additional staff to obtain optimal segregation of duties. Management will reassess this matter in the following year to determine whether improvement in segregation of duty is feasible.

	·	The Company does not have a sitting audit committee financial expert, and thus the Company lacks the board oversight role within the financial reporting process.

	·	There is a lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third-party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third-party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions.

Our management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Changes in Internal Controls

There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the quarter ended January 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None.

Item 1A	Risk Factors
	There have been no material changes in our risk factors from those previously disclosed in our annual report on Form 10-K for the year ended July 31, 2024.

Item 2	Unregistered Sale of Securities and Use of Proceeds
	(a) Unregistered sales of equity securities
	There were no unregistered sales of equity securities by the Company during the second quarter of fiscal year 2024, other than those reported in Current Reports on Form 8-K.

	(c) Purchases of equity securities
	The Company did not repurchase any of its equity securities that were registered under Section 12 of the Securities Exchange Act during the second quarter of fiscal year 2024.

Item 3.	Defaults Upon Senior Securities.
	None.

Item 4.	Mine Safety Disclosures.
	Not Applicable.

Item 5.	Other Information.
	During the quarter ended January 1, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

Item 6.	Exhibits

	31.1	Rule 13a-14(a) Certification of CEO
	31.2	Rule 13a-14(a) Certification of CFO
	32.1	Rule 13a-14(b) Certification of CEO
	32.2	Rule 13a-14(b) Certification of CFO
	101.INS	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
	101.SCH	Inline XBRL Schema
	101.CAL	Inline XBRL Calculation
	101.DEF	Inline XBRL Definition
	101.LAB	Inline XBRL Label
	101.PRE	Inline XBRL Presentation
	104	Cover page formatted as Inline XBRL and contained in Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	TIANCI INTERNATIONAL, INC.

Date: February 27, 2024	By:	/s/ Shufang Gao
	Shufang Gao, Chief Executive Officer

Date: February 27, 2024	By:	/s/ Wei Fang
	Wei Fang, Chief Financial and Accounting Officer

Exhibit 31.1

EXHIBIT 31.1: Rule 13a-14(a) Certification of CEO

I, Shufang Gao, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tianci International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2024	By: /s/ Shufang Gao
	Shufang Gao, Chief Executive Officer

Exhibit 31.2

EXHIBIT 31.2: Rule 13a-14(a) Certification of CFO

I, Wei Fang, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tianci International, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 27, 2024	By: /s/ Wei Fang
	Wei Fang, Chief Financial Officer

Exhibit 32.1

EXHIBIT 32.1: Rule 13a-14(b) Certification of CEO

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tianci International, Inc. (the “Company”) certifies that:

1. The Quarterly Report on Form 10-Q of the Company for the period ended January 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 27, 2024	By: /s/ Shufang Gao
	Shufang Gao, Chief Executive Officer

Exhibit 32.2

EXHIBIT 32.2: Rule 13a-14(b) Certification of CFO

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tianci International, Inc. (the “Company”) certifies that:

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 27, 2024	By: /s/ Wei Fang
	Wei Fang, Chief Financial Officer

Cover - shares	6 Months Ended
Cover - shares	Jan. 31, 2024	Feb. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--07-31
Entity File Number	333-184061
Entity Registrant Name	TIANCI INTERNATIONAL, INC.
Entity Central Index Key	0001557798
Entity Tax Identification Number	45-5440446
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	Unit B,10/F., Ritz Plaza
Entity Address, Address Line Two	No.122 Austin Road
Entity Address, Address Line Three	Tsim Sha Tsui
Entity Address, City or Town	Kowloon
Entity Address, Country	HK
Entity Address, Postal Zip Code	00000
City Area Code	852
Local Phone Number	22510781
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,781,803

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2024	Jul. 31, 2023
Current assets:
Cash	$ 799,377	$ 256,342
Accounts receivable	86,513	0
Prepaid expense	250	1,750
Due from related party	0	54,134
Total current assets	886,140	312,226
Other assets:
Lease security deposit	1,656	1,542
Right-of-use asset	0	6,436
Total non-current assets	1,656	7,978
TOTAL ASSETS	887,796	320,204
Current liabilities:
Accounts payable	0	779
Income taxes payable	38,270	26,298
Due to related parties	30,215	276,077
Lease liability - current	0	4,368
Advances from customers	0	29,070
Accrued liabilities and other payables	125,019	260,176
Total current liabilities	193,504	596,768
Lease liability - noncurrent	0	2,068
Total liabilities	193,504	598,836
Commitments and contingencies
Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively	1,478	590
Additional paid-in capital	882,424	4,982
Accumulated deficit	(211,172)	(276,521)
Total stockholders' equity (deficit) attributable to TIANCI INTERNATIONAL, INC.	672,730	(270,941)
Non-controlling interest	21,562	(7,691)
Total stockholders’ equity (deficit)	694,292	(278,632)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	887,796	320,204
Series A Preferred Stock [Member]
Stockholders’ equity (deficit):
Preferred stock value	0	8
Undesignated Preferred Stock [Member]
Stockholders’ equity (deficit):
Preferred stock value	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2024	Jul. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,781,803	5,903,481
Common stock, shares outstanding	14,781,803	5,903,481
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	80,000	80,000
Preferred stock, shares issued	0	80,000
Preferred stock, shares outstanding	0	80,000
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
OPERATING REVENUES
Total Operating Revenues	$ 2,894,128	$ 98,730	$ 4,220,776	$ 223,100
COST OF REVENUES
Total Cost of Revenues	2,555,024	78,800	3,647,895	187,355
Gross profit	339,104	19,930	572,881	35,745
Operating expenses:
Selling and marketing	133,763	6,001	235,834	8,160
General and administrative	136,721	19,202	255,426	34,214
Total operating expenses	270,484	25,203	491,260	42,374
(Loss) income from operations	68,620	(5,273)	81,621	(6,629)
Other income	24,953	0	24,953	0
Income (loss) before provision for (benefit from) income taxes	93,573	(5,273)	106,574	(6,629)
Provision for (benefit from) income taxes	(7,141)	224	11,972	0
Net income (loss)	100,714	(5,497)	94,602	(6,629)
Less: net income (loss) attributable to non-controlling interest	19,581	(550)	29,253	(663)
Net income (loss) attributable to TIANCI INTERNATIONAL, INC.	81,133	(4,947)	65,349	(5,966)
Global Logistics Services [Member]
OPERATING REVENUES
Total Operating Revenues	2,819,056	0	4,000,776	0
COST OF REVENUES
Total Cost of Revenues	2,504,764	0	3,534,734	0
Other Revenue [Member]
OPERATING REVENUES
Total Operating Revenues	75,072	98,730	220,000	223,100
COST OF REVENUES
Total Cost of Revenues	$ 50,260	$ 78,800	$ 113,161	$ 187,355

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - $ / shares

3 Months Ended

6 Months Ended

Jan. 31, 2024

Jan. 31, 2023

Jan. 31, 2024

Jan. 31, 2023

Income Statement [Abstract]

Weighted average number of common shares, basic

^[1]

6,803,418

1,500,000

6,363,163

1,500,000

Weighted average number of common shares, diluted

^[1]

6,803,418

1,500,000

6,363,163

1,500,000

Loss per common share attributable to TIANCI INTERNATIONAL, INC, basic

^[1]

$ 0.01

$ (0.00)

$ 0.01

$ (0.00)

Loss per common share attributable to TIANCI INTERNATIONAL, INC, diluted

^[1]

$ 0.01

$ (0.00)

$ 0.01

$ (0.00)

[1]	Shares are presented on a retroactive basis to reflect the reorganization on March 3, 2023

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)

Preferred Stock [Member]

Common Stock [Member]

Subscription Receivable [Member]

^[1]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Noncontrolling Interest [Member]

Total

Beginning balance, value at Jul. 31, 2022

$ 0

^[1]

$ 150

^[1]

$ (50,000)

$ 82,732

$ 64,689

$ 7,188

$ 104,759

Beginning balance, shares at Jul. 31, 2022

^[1]

1,500,000

Payments of Shenzhen China rent by related parties (Note 3)

^[1]

3,519

Net income

^[1]

(1,019)

(113)

(1,132)

Ending balance, value at Oct. 31, 2022

$ 0

^[1]

$ 150

^[1]

(50,000)

86,251

63,670

7,075

107,146

Ending balance, shares at Oct. 31, 2022

^[1]

1,500,000

Beginning balance, value at Jul. 31, 2022

$ 0

^[1]

$ 150

^[1]

(50,000)

82,732

64,689

7,188

104,759

Beginning balance, shares at Jul. 31, 2022

^[1]

1,500,000

Net income

(6,629)

Ending balance, value at Jan. 31, 2023

$ 0

^[1]

$ 150

^[1]

157,461

58,723

6,525

222,859

Ending balance, shares at Jan. 31, 2023

^[1]

1,500,000

Beginning balance, value at Oct. 31, 2022

$ 0

^[1]

$ 150

^[1]

(50,000)

86,251

63,670

7,075

107,146

Beginning balance, shares at Oct. 31, 2022

^[1]

1,500,000

RQS United Subscription receivable

^[1]

50,000

Capital contribution

^[1]

65,650

Payments of Shenzhen China rent by related parties (Note 3)

^[1]

5,560

Net income

^[1]

(4,947)

(550)

(5,497)

Ending balance, value at Jan. 31, 2023

$ 0

^[1]

$ 150

^[1]

157,461

58,723

6,525

222,859

Ending balance, shares at Jan. 31, 2023

^[1]

1,500,000

Beginning balance, value at Jul. 31, 2023

$ 8

^[1]

$ 590

^[1]

4,982

(276,521)

(7,691)

(278,632)

Beginning balance, shares at Jul. 31, 2023

^[1]

80,000

5,903,481

Net income

^[1]

(15,784)

9,672

(6,112)

Ending balance, value at Oct. 31, 2023

$ 8

^[1]

$ 590

^[1]

4,982

(292,305)

1,981

(284,744)

Ending balance, shares at Oct. 31, 2023

^[1]

80,000

5,903,481

Beginning balance, value at Jul. 31, 2023

$ 8

^[1]

$ 590

^[1]

4,982

(276,521)

(7,691)

(278,632)

Beginning balance, shares at Jul. 31, 2023

^[1]

80,000

5,903,481

Net income

94,602

Ending balance, value at Jan. 31, 2024

$ 0

^[1]

$ 1,478

^[1]

882,424

(211,172)

21,562

694,292

Ending balance, shares at Jan. 31, 2024

^[1]

14,781,803

Beginning balance, value at Oct. 31, 2023

$ 8

^[1]

$ 590

^[1]

4,982

(292,305)

1,981

(284,744)

Beginning balance, shares at Oct. 31, 2023

^[1]

80,000

5,903,481

Conversion of liabilities to common stock

^[1]

$ 44

^[1]

445,065

445,109

Conversion of liabilities to common stock, shares

^[1]

445,109

Conversion of preferred stock to common stock

$ (8)

^[1]

$ 800

^[1]

(792)

Conversion of preferred stock to common stock, shares

^[1]

(80,000)

8,000,000

Private offering

^[1]

$ 44

^[1]

433,169

433,213

Private offering, shares

^[1]

433,213

Net income

^[1]

81,133

19,581

100,714

Ending balance, value at Jan. 31, 2024

$ 0

^[1]

$ 1,478

^[1]

$ 0

$ 882,424

$ (211,172)

$ 21,562

$ 694,292

Ending balance, shares at Jan. 31, 2024

^[1]

14,781,803

[1]	Shares are presented on a retroactive basis to reflect the reorganization on March 3, 2023

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 94,602	$ (6,629)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax benefit	0	0
Amortization of operating lease right-of-use asset	356	162
Debt forgiven by related party	(24,953)	0
Change in operating assets and liabilities:
Accounts receivable	(86,513)	540,914
Prepaid expense	1,500	0
Lease security deposit	(114)	(103)
Due from related party	54,137	0
Advances from customers	(29,070)	0
Accounts payable	(779)	(325,062)
Income taxes payable	11,972	939
Operating lease liabilities	(356)	(162)
Accrued liabilities and other payables	89,040	6,941
Net cash provided by operating activities	109,822	217,000
Cash flows from financing activities:
Proceeds received from private offerings	433,213	0
Subscription receivable collected	0	50,000
Capital contribution received	0	65,650
Working capital advance from related party	0	61,490
Repayment of working capital advance from related party	0	(296,884)
Operating expenses directly paid by shareholders	0	47,360
Payments of Shenzhen China rent by related parties	0	9,079
Net cash (used in) provided by financing activities	433,213	(63,305)
Net increase in cash	543,035	153,695
Cash, beginning	256,342	21,237
Cash, ending	799,377	174,932
Cash paid during the period for:
Interest	0	0
Income taxes	0	0
Non-Cash Activities:
Initial recognition of right-of-use assets and lease liabilities	0	8,704
Early termination of right-of-use assets and lease liabilities	6,080	0
Conversion of liabilities to common stock	445,109	0
Conversion of preferred stock to common stock	$ 800	$ 0

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ 81,133	$ (4,947)	$ 65,349	$ (5,966)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF BUSINESS AND ORGANIZATION

6 Months Ended

Jan. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF BUSINESS AND ORGANIZATION

NOTE 1 – NATURE OF BUSINESS AND ORGANIZATION

On February 13, 2023, the Company incorporated a wholly owned subsidiary, Tianci Group Holding Limited, in the Republic of Seychelles.

Reorganization

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Results of the three and six months ended January 31, 2024 are not necessarily indicative of the results that may be expected for the year ending July 31, 2024 or any other future periods.

Principles of consolidation

Use of Estimates

Foreign currency translation and transactions

The Company uses the U.S. dollar as its reporting currency and functional currency. Transaction gains and losses are recognized in the consolidated statement of operations.

Cash and Cash Equivalents

Accounts receivable, net

Fair Value Measurements

·		Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

·		Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.

·		Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Revenue recognition

The Company records revenue net of sales taxes which are subsequently remitted to governmental authorities and are excluded from the transaction price.

The Company’s revenue recognition policies are as follows:

a. Global Logistics Services

The Company provides global logistics services, including ocean freight forwarding and related logistics solutions. As a non-asset-based carrier, the Company does not own transportation assets.

b. Electronic Device Hardware Components Products Sales

c. Software and Website Development Services

d. Technical Consulting and Training Services

e. Software Maintenance and Business Promotion Services

f. Business Consulting Services

Cost of revenues

For global logistics services, cost of revenue consists primarily of cargo space charged by direct ocean carriers, freight forwarders and ancillary logistics services fees.

For hardware products sales, the cost of revenue consists primarily of the costs of hardware products sold.

For software, consulting, services-based revenue, the cost of revenue consists primarily of costs paid to outsourced service providers and compensation expenses paid the Company’s service vendor.

Advertising costs

Advertising costs amounted to $0 and $192 for the six months ended January 31, 2024 and 2023, respectively. Advertising costs are expensed as incurred and included in selling and marketing expenses.

Operating leases

Income taxes

The Hong Kong tax returns filed for 2017 and subsequent years are subject to examination by the applicable tax authorities.

The US tax returns filed for 2021 and subsequent years are subject to examination by the applicable tax authorities.

Earnings (loss) per share

Noncontrolling Interests

Related parties

Recently issued accounting pronouncements

RELATED PARTIES BALANCES AND TRANSACTIONS

6 Months Ended

Jan. 31, 2024

NOTE 3 – RELATED PARTIES BALANCES AND TRANSACTIONS

Due from related party consists of:

Due to related parties consist of:

Schedule of due to related parties
		Transaction	January 31,		July 31,
Name	Relationship	Nature	2024		2023
Zhigang Pei*	Former Chairman of the Board	Working capital advances and operating expenses paid on behalf of the Company	$	–	$	220,909
RQS Capital	68% shareholder	Company cash collection due to RQS Capital		2,132		2,132
Ying Deng**	RQS Capital 30% owner and Roshing’s 10% owner	Working capital advances and operating expense paid on behalf of the Company		28,083		53,036

TOTAL			$	30,215	$	276,077

*	$220,909 of this liability was converted to 220,909 shares of common stock on January 19, 2024.

**	$24,953 of this liability was forgiven in November 2023.

These liabilities are unsecured, non-interest bearing, and due on demand.

Employment agreements with officers and director retainer agreements

Office space sharing agreement with related parties

STOCKHOLDERS EQUITY

6 Months Ended

Jan. 31, 2024

Equity [Abstract]

STOCKHOLDERS EQUITY

NOTE 4 – STOCKHOLDERS EQUITY

The following table sets forth information, as of January 31, 2024, regarding the classes of capital stock that are authorized by the Articles of Incorporation of Tianci International, Inc.

Schedule of capital stock authorized
			January 31, 2024
Class	Shares Authorized		Shares Outstanding
Common Stock, $.0001 par value		100,000,000		14,781,803
Series A Preferred Stock, $.0001 par value		80,000		–
Undesignated Preferred Stock, $.0001 par value		20,000,000		–

Series A Preferred Stock

Undesignated Preferred Stock

Issuances of Preferred Stock and Common Stock

On January 27, 2023, Tianci sold 80,000 shares of its Series A Preferred Stock to RQS Capital for $24,000 cash.

On March 1, 2023, Tianci sold a total of 1,253,333 shares of its common stock to 13 non-US persons at a price of $0.30 per share or $376,000 total.

On March 6, 2023, Tianci issued 1,500,000 shares of its common stock to RQS Capital pursuant to the Share Exchange Agreement dated March 3, 2023 (see Note 1 above).

INCOME TAXES

6 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 5 – INCOME TAXES

Income Taxes

Seychelles

Hong Kong

Significant components of the provision for income taxes are as follows:


	For the six months ended
	January 31, 2024		January 31, 2023
	(Unaudited)		(Unaudited)
Current Hong Kong	$	11,972	$	–
Deferred Hong Kong		–		–
Provision (benefit) for income taxes	$	11,972	$	–

The following table reconciles the Hong Kong statutory rates to the Company’s Hong Kong effective tax rate:


	For the six months ended January 31, 2024		For the six months ended January 31, 2023
		(Unaudited)		(Unaudited)
Hong Kong statutory income tax rate		8.25%		8.25%
Prior year overaccrual of provision for income taxes		(4.32)%		–
Change in deferred tax asset valuation allowance				(8.25)%
Effective tax rate		3.93%		–%

Uncertain tax positions

CONCENTRATION OF RISK

6 Months Ended

Jan. 31, 2024

Risks and Uncertainties [Abstract]

CONCENTRATION OF RISK

NOTE 6 — CONCENTRATION OF RISK

Credit risk

Customer concentration risk

For the six months ended January 31, 2024, two customers accounted for 68.4% and 16.9% of the Company’s total revenues.

For the six months ended January 31, 2023, four customers accounted for 23.3% 26.9%, 16.2% and 13.4% of the Company’s total revenues.

As of January 31, 2024, one customer accounted for 100% of the Company’s total accounts receivable.

Vendor concentration risk

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jan. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7— COMMITMENTS AND CONTINGENCIES

Lease commitments

In September 2023, the Company entered into a one-year lease with a monthly lease payment of approximately $828 (HKD 6500).

Rent expenses were $2,484 and $6,478 for the three months ended January 31, 2024 and 2023, respectively, and $5,669 and $11,076 for the six months ended January 31, 2024 and 2023, respectively.

Contingencies

ENTERPRISE-WIDE DISCLOSURE

6 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

ENTERPRISE-WIDE DISCLOSURE

NOTE 8 — ENTERPRISE-WIDE DISCLOSURE

Disaggregated information of revenues by business lines are as follows:


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Electronic Device Hardware Components Sales	$	43,479	$	75,686	$	103,381	$	179,880
Software and Website Development Services		–		–		19,230		–
Technical Consulting and Training Services		–		8,044		–		14,470
Software Maintenance and Business Promotion Services		14,013		15,000		29,276		28,750
Business Consulting Services		17,580		–		68,113		–
Global Logistics Services		2,819,056		–		4,000,776		–
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

Disaggregated information of revenues by regions are as follows:


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Hong Kong	$	2,151,434	$	91,230	$	3,202,451	$	209,350
Vietnam		538,694		–		712,225		–
Japan		204,000		–		304,850		–
Singapore		–		7,500		1,250		13,750
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Unaudited)

6 Months Ended

Jan. 31, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Unaudited)

NOTE 9 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Unaudited)

PARENT COMPANY BALANCE SHEET

Parent Company Balance Sheet
	January 31,
	2024
		(Unaudited)
ASSETS
Cash	$	117,661
Prepaid expense		250
Receivable from subsidiaries		207,584
Investment in subsidiaries		359,167
Total Assets	$	684,662

LIABILITIES
Accounts payable and other accrued liabilities	$	9,800
Due to related parties		2,132
Total Liabilities		11,932

Stockholders’ equity
Series A Preferred stock, $0.0001 par value; 80,000 shares authorized; 0 and 80,000 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		–
Undesignated preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		–
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		1,478
Additional paid-in capital		882,424
Accumulated deficit		(211,172	)
Total stockholders’ equity		672,730

Total Liabilities and Stockholders’ Equity	$	684,662

PARENT COMPANY STATEMENT OF OPERATIONS


	For the six months ended January 31,
	2024
		(Unaudited)
EXPENSES:
General and administrative	$	(197,930	)

OTHER INCOME:
Income from investment in subsidiaries		263,279

Net Income	$	65,349

PARENT COMPANY STATEMENT OF CASH FLOWS


	For the six months ended
	January 31, 2024

Cash flows from operating activities:
Net income	$	65,349
Adjustments to reconcile net income to net cash (used in) operating activities:
Share of gain from investment in subsidiaries		(263,279	)
Change in operating assets and liabilities:
Prepaid expense		1,500
Accounts payable and other accrued liabilities		(7,578	)
Net cash (used in) operating activities		(204,008	)

Cash flows from financing activities:
Proceeds received from private offerings		433,213
Repayment of operating funds to related party		(178,097	)
Net cash provided by financing activities		255,116

Net increase in cash and cash equivalents		51,108
Cash and cash equivalents at beginning of period		66,553
Cash and cash equivalents at end of period	$	117,661

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Results of the three and six months ended January 31, 2024 are not necessarily indicative of the results that may be expected for the year ending July 31, 2024 or any other future periods.

Principles of consolidation

Principles of consolidation

Use of Estimates

Use of Estimates

Foreign currency translation and transactions

Foreign currency translation and transactions

The Company uses the U.S. dollar as its reporting currency and functional currency. Transaction gains and losses are recognized in the consolidated statement of operations.

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts receivable, net

Accounts receivable, net

Fair Value Measurements

Fair Value Measurements

·		Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

·		Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments.

·		Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Revenue recognition

Revenue recognition

The Company records revenue net of sales taxes which are subsequently remitted to governmental authorities and are excluded from the transaction price.

The Company’s revenue recognition policies are as follows:

a. Global Logistics Services

The Company provides global logistics services, including ocean freight forwarding and related logistics solutions. As a non-asset-based carrier, the Company does not own transportation assets.

b. Electronic Device Hardware Components Products Sales

c. Software and Website Development Services

d. Technical Consulting and Training Services

e. Software Maintenance and Business Promotion Services

f. Business Consulting Services

Cost of revenues

Cost of revenues

For global logistics services, cost of revenue consists primarily of cargo space charged by direct ocean carriers, freight forwarders and ancillary logistics services fees.

For hardware products sales, the cost of revenue consists primarily of the costs of hardware products sold.

For software, consulting, services-based revenue, the cost of revenue consists primarily of costs paid to outsourced service providers and compensation expenses paid the Company’s service vendor.

Advertising costs

Advertising costs

Advertising costs amounted to $0 and $192 for the six months ended January 31, 2024 and 2023, respectively. Advertising costs are expensed as incurred and included in selling and marketing expenses.

Operating leases

Operating leases

Income taxes

Income taxes

The Hong Kong tax returns filed for 2017 and subsequent years are subject to examination by the applicable tax authorities.

The US tax returns filed for 2021 and subsequent years are subject to examination by the applicable tax authorities.

Earnings (loss) per share

Earnings (loss) per share

Noncontrolling Interests

Noncontrolling Interests

Related parties

Recently issued accounting pronouncements

RELATED PARTIES BALANCES AND TRANSACTIONS (Tables)

6 Months Ended

Jan. 31, 2024

Schedule of due to related parties

Schedule of due to related parties
		Transaction	January 31,		July 31,
Name	Relationship	Nature	2024		2023
Zhigang Pei*	Former Chairman of the Board	Working capital advances and operating expenses paid on behalf of the Company	$	–	$	220,909
RQS Capital	68% shareholder	Company cash collection due to RQS Capital		2,132		2,132
Ying Deng**	RQS Capital 30% owner and Roshing’s 10% owner	Working capital advances and operating expense paid on behalf of the Company		28,083		53,036

TOTAL			$	30,215	$	276,077

*	$220,909 of this liability was converted to 220,909 shares of common stock on January 19, 2024.

**	$24,953 of this liability was forgiven in November 2023.

STOCKHOLDERS EQUITY (Tables)

6 Months Ended

Jan. 31, 2024

Equity [Abstract]

Schedule of capital stock authorized

Schedule of capital stock authorized
			January 31, 2024
Class	Shares Authorized		Shares Outstanding
Common Stock, $.0001 par value		100,000,000		14,781,803
Series A Preferred Stock, $.0001 par value		80,000		–
Undesignated Preferred Stock, $.0001 par value		20,000,000		–

INCOME TAXES (Tables)

6 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense


	For the six months ended
	January 31, 2024		January 31, 2023
	(Unaudited)		(Unaudited)
Current Hong Kong	$	11,972	$	–
Deferred Hong Kong		–		–
Provision (benefit) for income taxes	$	11,972	$	–

Schedule of effective income tax reconciliation


	For the six months ended January 31, 2024		For the six months ended January 31, 2023
		(Unaudited)		(Unaudited)
Hong Kong statutory income tax rate		8.25%		8.25%
Prior year overaccrual of provision for income taxes		(4.32)%		–
Change in deferred tax asset valuation allowance				(8.25)%
Effective tax rate		3.93%		–%

ENTERPRISE-WIDE DISCLOSURE (Tables)

6 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Schedule of information of revenues by business


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Electronic Device Hardware Components Sales	$	43,479	$	75,686	$	103,381	$	179,880
Software and Website Development Services		–		–		19,230		–
Technical Consulting and Training Services		–		8,044		–		14,470
Software Maintenance and Business Promotion Services		14,013		15,000		29,276		28,750
Business Consulting Services		17,580		–		68,113		–
Global Logistics Services		2,819,056		–		4,000,776		–
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

Schedule of information of revenues by regions


	For the three months ended				For the six months ended
	January 31,				January 31,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Hong Kong	$	2,151,434	$	91,230	$	3,202,451	$	209,350
Vietnam		538,694		–		712,225		–
Japan		204,000		–		304,850		–
Singapore		–		7,500		1,250		13,750
Total revenues	$	2,894,128	$	98,730	$	4,220,776	$	223,100

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Unaudited) (Tables)

6 Months Ended

Jan. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Balance Sheet

Parent Company Balance Sheet
	January 31,
	2024
		(Unaudited)
ASSETS
Cash	$	117,661
Prepaid expense		250
Receivable from subsidiaries		207,584
Investment in subsidiaries		359,167
Total Assets	$	684,662

LIABILITIES
Accounts payable and other accrued liabilities	$	9,800
Due to related parties		2,132
Total Liabilities		11,932

Stockholders’ equity
Series A Preferred stock, $0.0001 par value; 80,000 shares authorized; 0 and 80,000 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		–
Undesignated preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		–
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively		1,478
Additional paid-in capital		882,424
Accumulated deficit		(211,172	)
Total stockholders’ equity		672,730

Total Liabilities and Stockholders’ Equity	$	684,662

Parent Company Statement of Operations


	For the six months ended January 31,
	2024
		(Unaudited)
EXPENSES:
General and administrative	$	(197,930	)

OTHER INCOME:
Income from investment in subsidiaries		263,279

Net Income	$	65,349

Parent Company Statement of Cash Flows


	For the six months ended
	January 31, 2024

Cash flows from operating activities:
Net income	$	65,349
Adjustments to reconcile net income to net cash (used in) operating activities:
Share of gain from investment in subsidiaries		(263,279	)
Change in operating assets and liabilities:
Prepaid expense		1,500
Accounts payable and other accrued liabilities		(7,578	)
Net cash (used in) operating activities		(204,008	)

Cash flows from financing activities:
Proceeds received from private offerings		433,213
Repayment of operating funds to related party		(178,097	)
Net cash provided by financing activities		255,116

Net increase in cash and cash equivalents		51,108
Cash and cash equivalents at beginning of period		66,553
Cash and cash equivalents at end of period	$	117,661

NATURE OF BUSINESS AND ORGANIZATION (Details Narrative) - Roshing International Co [Member] - USD ($)	Mar. 03, 2023	Jan. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage		90.00%
Stock issued for acquisition, shares	1,500,000
Payment to acquire business	$ 350,000
Roshing Related Parties [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional stock issued for acquisition, shares	700,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023	Aug. 01, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Allowance for doubtful accounts			$ 0		$ 0
Advertising costs			0	$ 192
Operating Lease, Right-of-Use Asset			0		$ 6,436	$ 8,704
Operating Lease, Weighted Average Discount Rate, Percent						5.00%
Decrease in operating lease liabilities	$ (6,080)		$ (356)	$ (162)
RQS [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ownership interest			10.00%
Convertible Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares			0		8,000,000
Hong Kong Office Facility [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Decrease in operating lease liabilities		$ 6,080

RELATED PARTIES BALANCES AND TRANSACTIONS (Details) - USD ($)

Jan. 31, 2024

Jan. 19, 2024

Nov. 30, 2023

Jul. 31, 2023

Due to related parties

$ 30,215

$ 276,077

Liability

$ 220,909

$ 24,953

common stock

220,909

Zhigang Pei [Member]

Due to related parties

^[1]

220,909

RQS Capital [Member]

Due to related parties

2,132

Ying Deng [Member]

Due to related parties

^[2]

$ 28,083

$ 53,036

[1]	$220,909 of this liability was converted to 220,909 shares of common stock on January 19, 2024.
[2]	$24,953 of this liability was forgiven in November 2023.

RELATED PARTIES BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 28, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Aug. 31, 2023	Jul. 31, 2023
Related Party Transaction [Line Items]
Due from related party		$ 0		$ 0			$ 54,134
Compensation expenses		60,000		120,000
General and administrative expenses		136,721	$ 19,202	255,426	$ 34,214
Office Space Sharing Agreement [Member]
Related Party Transaction [Line Items]
General and administrative expenses		0	5,560	0	9,079
Adjustment to additional paid in capital		$ 0	$ 5,560	$ 0	$ 9,079
RQS Capital [Member]
Related Party Transaction [Line Items]
Due from related party						$ 54,167
Shufang Gao [Member]
Related Party Transaction [Line Items]
Office space sharing related parties percentage	60.00%
Ying Deng [Member]
Related Party Transaction [Line Items]
Office space sharing related parties percentage	30.00%

STOCKHOLDERS EQUITY (Details) - shares	Jan. 31, 2024	Jul. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	14,781,803	5,903,481
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	80,000	80,000
Preferred stock, shares outstanding	0	80,000
Undesignated Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0

STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	Jan. 24, 2024	Jan. 19, 2024	Mar. 03, 2023	Mar. 01, 2023	Jan. 27, 2023	Jan. 31, 2024	Jul. 31, 2023	Mar. 06, 2023
Class of Stock [Line Items]
Capital stock authorized						120,080,000
Common stock, shares authorized						100,000,000	100,000,000
Common stock, par value						$ 0.0001	$ 0.0001
Shares issued								1,500,000
Five Present Or Former Members Of The Board [Member]
Class of Stock [Line Items]
Stock issued new, shares		445,109
Proceeds from issuance of common stock		$ 445,109
Nine Investors [Member]
Class of Stock [Line Items]
Stock issued new, shares	433,213
Proceeds from issuance of common stock	$ 433,213
Roshing International Co [Member] \| Roshing Related Parties [Member]
Class of Stock [Line Items]
Additional stock issued for acquisition, shares			700,000
Additional stock issued for acquisition, value			210,000
Roshing International Co [Member] \| Roshing Related Parties [Member] \| Cost Of Revenues Services [Member]
Class of Stock [Line Items]
Additional stock issued for acquisition, value			144,000
Roshing International Co [Member] \| Roshing Related Parties [Member] \| Selling And Marketing [Member]
Class of Stock [Line Items]
Additional stock issued for acquisition, value			36,000
Roshing International Co [Member] \| Roshing Related Parties [Member] \| General And Administrative [Member]
Class of Stock [Line Items]
Additional stock issued for acquisition, value			30,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						80,000	80,000
Preferred stock, par value						$ 0.0001	$ 0.0001
Number of shares sold					80,000
Number of shares sold, value					$ 24,000
Series A Preferred Stock [Member] \| RQS Capital [Member]
Class of Stock [Line Items]
Stock converted, shares converted		80,000
Undesignated Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						20,000,000	20,000,000
Preferred stock, par value						$ 0.0001	$ 0.0001
Common Stock [Member]
Class of Stock [Line Items]
Number of shares sold				1,253,333
Number of shares sold, value				$ 376,000
Sale of stock per share				$ 0.30
Common Stock [Member] \| RQS Capital [Member]
Class of Stock [Line Items]
Stock converted, shares issued		8,000,000

INCOME TAXES (Details - Schedule of components of income tax expense) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Current Hong Kong			$ 11,972	$ 0
Deferred Hong Kong			0	0
Provision (benefit) for income taxes	$ (7,141)	$ 224	$ 11,972	$ 0

INCOME TAXES (Details - Schedule of effective income tax reconciliation)	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Hong Kong statutory income tax rate	8.25%	8.25%
Prior year overaccrual of provision for income taxes	(4.32%)
Change in deferred tax asset valuation allowance		(8.25%)
Effective tax rate	3.93%	0.00%

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income tax rate			8.25%	8.25%
Income tax expenses	$ (7,141)	$ 224	$ 11,972	$ 0
Income before provision from income taxes	93,573	$ (5,273)	106,574	(6,629)
Net operating loss carry forward	$ 1,165,337		$ 1,165,337
HONG KONG
Income tax rate			8.25%
Income tax expenses			$ 11,972	0
Income before provision from income taxes			304,504	$ (6,629)
UNITED STATES
Income before provision from income taxes			$ (197,930)

CONCENTRATION OF RISK (Details Narrative)	6 Months Ended
CONCENTRATION OF RISK (Details Narrative)	Jan. 31, 2024 USD ($)	Jan. 31, 2023	Jan. 31, 2024 HKD ($)	Jul. 31, 2023 USD ($)
Concentration Risk [Line Items]
Cash insured by the FDIC	$ 250,000
Cash, Uninsured Amount	0
Cash insured by Hong Kong	64,000		$ 500,000
Cash	$ 799,377			$ 256,342
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	68.40%	23.30%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.90%	26.90%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage		16.20%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk percentage		13.40%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%
Total Purchases [Member] \| Customer Concentration Risk [Member] \| Vendors One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	59.90%	51.10%
Total Purchases [Member] \| Customer Concentration Risk [Member] \| Vendors Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.20%	21.90%
Total Purchases [Member] \| Customer Concentration Risk [Member] \| Vendors Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage		15.20%
Total Purchases [Member] \| Customer Concentration Risk [Member] \| Vendors Four [Member]
Concentration Risk [Line Items]
Concentration risk percentage		11.70%
HONG KONG
Concentration Risk [Line Items]
Cash	$ 676,256
[custom:CashUninsuredAmountHongKong-0]	$ 612,000

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023	Aug. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset		$ 0		$ 0		$ 6,436	$ 8,704
Operating Lease, Weighted Average Discount Rate, Percent							5.00%
Increase (Decrease) in Operating Lease Liability	$ 6,080			356	$ 162
Rent expenses		$ 2,484	$ 6,478	$ 5,669	$ 11,076

ENTERPRISE WIDE DISCLOSURE (Details - Revenues by business) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenue from External Customer [Line Items]
Revenues	$ 2,894,128	$ 98,730	$ 4,220,776	$ 223,100
Electronic Device Hardware Components Sales [Member]
Revenue from External Customer [Line Items]
Revenues	43,479	75,686	103,381	179,880
Software And Website Development Services [Member]
Revenue from External Customer [Line Items]
Revenues	0	0	19,230	0
Technical Consulting And Training Services [Member]
Revenue from External Customer [Line Items]
Revenues	0	8,044	0	14,470
Software Maintenance And Business Promotion Services [Member]
Revenue from External Customer [Line Items]
Revenues	14,013	15,000	29,276	28,750
Business Consulting Services [Member]
Revenue from External Customer [Line Items]
Revenues	17,580	0	68,113	0
Global Logistics Services [Member]
Revenue from External Customer [Line Items]
Revenues	$ 2,819,056	$ 0	$ 4,000,776	$ 0

ENTERPRISE WIDE DISCLOSURE (Details - Revenue by regions) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,894,128	$ 98,730	$ 4,220,776	$ 223,100
HONG KONG
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,151,434	91,230	3,202,451	209,350
VIET NAM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	538,694	0	712,225	0
JAPAN
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	204,000	7,500	304,850	13,750
SINGAPORE
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 0	$ 0	$ 1,250	$ 0

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details - Balance sheets) - USD ($)	Jan. 31, 2024	Jul. 31, 2023
ASSETS
Cash	$ 799,377	$ 256,342
Total Assets	887,796	320,204
LIABILITIES
Total Liabilities	193,504	598,836
Stockholders’ equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively	$ 1,478	$ 590
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,781,803	5,903,481
Common stock, shares outstanding	14,781,803	5,903,481
Additional paid-in capital	$ 882,424	$ 4,982
Accumulated deficit	(211,172)	(276,521)
Total stockholders’ equity	672,730	(270,941)
Total Liabilities and Stockholders’ Equity	$ 887,796	$ 320,204
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	80,000	80,000
Preferred stock, shares issued	0	80,000
Preferred stock, shares outstanding	0	80,000
Preferred stock value	$ 0	$ 8
Undesignated Preferred Stock [Member]
Stockholders’ equity
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock value	$ 0	$ 0
Consolidated Entities [Member]
ASSETS
Cash	117,661
Prepaid expense	250
Receivable from subsidiaries	207,584
Investment in subsidiaries	359,167
Total Assets	684,662
LIABILITIES
Accounts payable and other accrued liabilities	9,800
Due to related parties	2,132
Total Liabilities	11,932
Stockholders’ equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,781,803 and 5,903,481 shares issued and outstanding as of January 31, 2024 and July 31, 2023, respectively	1,478
Additional paid-in capital	882,424
Accumulated deficit	(211,172)
Total stockholders’ equity	672,730
Total Liabilities and Stockholders’ Equity	$ 684,662

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details - Statements of Operations) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
EXPENSES:
General and administrative	$ 136,721	$ 19,202	$ 255,426	$ 34,214
OTHER INCOME:
Net Income	$ 81,133	$ (4,947)	65,349	$ (5,966)
Consolidated Entities [Member]
EXPENSES:
General and administrative			(197,930)
OTHER INCOME:
Income from investment in subsidiaries			263,279
Net Income			$ 65,349

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details - Statements of cash flows) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income	$ 81,133	$ (4,947)	$ 65,349	$ (5,966)
Change in operating assets and liabilities:
Prepaid expense			1,500	0
Net cash (used in) operating activities			109,822	217,000
Cash flows from financing activities:
Repayment of operating funds to related party			(0)	296,884
Net cash provided by financing activities			433,213	(63,305)
Net increase in cash and cash equivalents			543,035	$ 153,695
Consolidated Entities [Member]
Cash flows from operating activities:
Net income			65,349
Adjustments to reconcile net income to net cash (used in) operating activities:
Share of gain from investment in subsidiaries			(263,279)
Change in operating assets and liabilities:
Prepaid expense			1,500
Accounts payable and other accrued liabilities			(7,578)
Net cash (used in) operating activities			(204,008)
Cash flows from financing activities:
Proceeds received from private offerings			433,213
Repayment of operating funds to related party			(178,097)
Net cash provided by financing activities			255,116
Net increase in cash and cash equivalents			51,108
Cash and cash equivalents at beginning of period			66,553
Cash and cash equivalents at end of period	$ 117,661		$ 117,661

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