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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
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 | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
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 | ) |
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 | |
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 | |
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 $, consisted of United States source loss
of $ and Hong Kong source income of $. For the six months ended January 31, 2023, the loss before benefit from income
taxes of $ was all Hong Kong source loss.
Significant
components of the provision for income taxes are as follows:
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 | | |
$ | – | |
The
following table reconciles the Hong Kong statutory rates to the Company’s Hong Kong effective tax rate:
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% | | |
| –% | |
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:
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 | |
Disaggregated information of revenues by regions
are as follows:
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 | |
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
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
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 |
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.;
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/ 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:
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/ Wei Fang |
|
Wei Fang, Chief Financial Officer |
v3.24.0.1
Cover - shares
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6 Months Ended |
|
Jan. 31, 2024 |
Feb. 26, 2024 |
Cover [Abstract] |
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Document Period End Date |
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|
|
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
|
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Entity Current Reporting Status |
Yes
|
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Yes
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v3.24.0.1
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
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v3.24.0.1
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
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.0.1
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
|
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v3.24.0.1
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)
|
|
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.0.1
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] |
0
|
|
1,500,000
|
|
|
|
|
|
|
Payments of Shenzhen China rent by related parties (Note 3) |
|
|
[1] |
|
[1] |
|
3,519
|
|
|
3,519
|
Net income |
|
|
[1] |
|
[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] |
0
|
|
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] |
0
|
|
1,500,000
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
(6,629)
|
Ending balance, value at Jan. 31, 2023 |
|
$ 0
|
[1] |
$ 150
|
[1] |
0
|
157,461
|
58,723
|
6,525
|
222,859
|
Ending balance, shares at Jan. 31, 2023 |
[1] |
0
|
|
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] |
0
|
|
1,500,000
|
|
|
|
|
|
|
RQS United Subscription receivable |
|
|
[1] |
|
[1] |
50,000
|
|
|
|
50,000
|
Capital contribution |
|
|
[1] |
|
[1] |
|
65,650
|
|
|
65,650
|
Payments of Shenzhen China rent by related parties (Note 3) |
|
|
[1] |
|
[1] |
|
5,560
|
|
|
5,560
|
Net income |
|
|
[1] |
|
[1] |
|
|
(4,947)
|
(550)
|
(5,497)
|
Ending balance, value at Jan. 31, 2023 |
|
$ 0
|
[1] |
$ 150
|
[1] |
0
|
157,461
|
58,723
|
6,525
|
222,859
|
Ending balance, shares at Jan. 31, 2023 |
[1] |
0
|
|
1,500,000
|
|
|
|
|
|
|
Beginning balance, value at Jul. 31, 2023 |
|
$ 8
|
[1] |
$ 590
|
[1] |
0
|
4,982
|
(276,521)
|
(7,691)
|
(278,632)
|
Beginning balance, shares at Jul. 31, 2023 |
[1] |
80,000
|
|
5,903,481
|
|
|
|
|
|
|
Net income |
|
|
[1] |
|
[1] |
|
|
(15,784)
|
9,672
|
(6,112)
|
Ending balance, value at Oct. 31, 2023 |
|
$ 8
|
[1] |
$ 590
|
[1] |
0
|
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] |
0
|
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] |
0
|
882,424
|
(211,172)
|
21,562
|
694,292
|
Ending balance, shares at Jan. 31, 2024 |
[1] |
0
|
|
14,781,803
|
|
|
|
|
|
|
Beginning balance, value at Oct. 31, 2023 |
|
$ 8
|
[1] |
$ 590
|
[1] |
0
|
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] |
|
[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] |
0
|
|
14,781,803
|
|
|
|
|
|
|
|
|
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v3.24.0.1
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
|
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v3.24.0.1
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
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.
|
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v3.24.0.1
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
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.
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.
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.
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.
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.
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.
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.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.0.1
RELATED PARTIES BALANCES AND TRANSACTIONS
|
6 Months Ended |
Jan. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTIES BALANCES AND TRANSACTIONS |
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.
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.
|
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v3.24.0.1
STOCKHOLDERS EQUITY
|
6 Months Ended |
Jan. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS EQUITY |
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.
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.
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- DefinitionThe entire disclosure for equity.
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v3.24.0.1
INCOME TAXES
|
6 Months Ended |
Jan. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
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 $, consisted of United States source loss
of $ and Hong Kong source income of $. For the six months ended January 31, 2023, the loss before benefit from income
taxes of $ was all Hong Kong source loss.
Significant
components of the provision for income taxes are as follows:
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 | | |
$ | – | |
The
following table reconciles the Hong Kong statutory rates to the Company’s Hong Kong effective tax rate:
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% | | |
| –% | |
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.
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v3.24.0.1
CONCENTRATION OF RISK
|
6 Months Ended |
Jan. 31, 2024 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF RISK |
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.
|
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v3.24.0.1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jan. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
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.
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v3.24.0.1
ENTERPRISE-WIDE DISCLOSURE
|
6 Months Ended |
Jan. 31, 2024 |
Segment Reporting [Abstract] |
|
ENTERPRISE-WIDE DISCLOSURE |
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.
Disaggregated information of revenues by business
lines are as follows:
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 | |
Disaggregated information of revenues by regions
are as follows:
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 | |
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v3.24.0.1
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)
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.
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
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
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 | |
|
X |
- DefinitionThe entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jan. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
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 |
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 |
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 |
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
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.
|
Accounts receivable, net |
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 |
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 |
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.
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.
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 |
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
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.
|
Income taxes |
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 |
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 |
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.
|
Related parties |
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 |
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.
|
X |
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- DefinitionDisclosure of accounting policy for advertising cost.
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v3.24.0.1
RELATED PARTIES BALANCES AND TRANSACTIONS (Tables)
|
6 Months Ended |
Jan. 31, 2024 |
Related Party Transactions [Abstract] |
|
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. |
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v3.24.0.1
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 | | |
| – | |
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v3.24.0.1
INCOME TAXES (Tables)
|
6 Months Ended |
Jan. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of components of income tax expense |
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 |
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% | | |
| –% | |
|
X |
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v3.24.0.1
ENTERPRISE-WIDE DISCLOSURE (Tables)
|
6 Months Ended |
Jan. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of information of revenues by business |
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 |
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 | |
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v3.24.0.1
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 |
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 |
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 | |
|
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v3.24.0.1
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
|
|
|
|
|
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v3.24.0.1
RELATED PARTIES BALANCES AND TRANSACTIONS (Details) - USD ($)
|
Jan. 31, 2024 |
Jan. 19, 2024 |
Nov. 30, 2023 |
Jul. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Due to related parties |
|
$ 30,215
|
|
|
$ 276,077
|
Liability |
|
|
$ 220,909
|
$ 24,953
|
|
common stock |
|
|
220,909
|
|
|
Zhigang Pei [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Due to related parties |
[1] |
|
|
|
220,909
|
RQS Capital [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Due to related parties |
|
2,132
|
|
|
2,132
|
Ying Deng [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Due to related parties |
[2] |
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|
|
|
$ 53,036
|
|
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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] |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
0
|
5,560
|
0
|
9,079
|
|
|
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|
$ 0
|
$ 5,560
|
$ 0
|
$ 9,079
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
$ 54,167
|
|
Shufang Gao [Member] |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Ying Deng [Member] |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
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v3.24.0.1
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
|
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v3.24.0.1
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
|
|
|
|
|
|
|
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v3.24.0.1
v3.24.0.1
v3.24.0.1
INCOME TAXES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
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)
|
|
X |
- DefinitionAmount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.
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v3.24.0.1
CONCENTRATION OF RISK (Details Narrative)
|
6 Months Ended |
|
|
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
|
|
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v3.24.0.1
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
|
|
|
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v3.24.0.1
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
|
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v3.24.0.1
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
|
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v3.24.0.1
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
|
|
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v3.24.0.1
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
|
|
X |
- References
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v3.24.0.1
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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