Quarterly Financial Information

12 Months Ended

Jun. 30, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

AREM PACIFIC CORPORATION

CONSOLIDATED BALANCE SHEETS

FOR THE QUARTERS ENDED (UNAUDITED)

	September 30, 2021			December 31, 2021			March 31, 2022
	(Unaudited)			(Unaudited)			(Unaudited)
	*US$*			*US$*			*US$*
Assets
Cash and cash equivalents		141,059			87,900			91,292
Other assets		28,782			28,983			29,893
Other receivables		226			226			226
Total current assets		170,067			117,109			121,411

Right-of-use assets		311,350			297,294			289,833
Total non-current asset		311,350			297,294			289,833
Total assets		481,417			414,403			411,244

Liabilities and Stockholders’ Equity/(Deficit)
Liabilities
Accrued and other liabilities		37,907			51,286			50,817
Borrowings		125,752			17,784			3,374
Lease liabilities		58,992			60,799			64,146
Total current liabilities		222,651			129,869			118,337

Lease liabilities		281,621			267,665			259,452
Total non-current liability		281,621			267,665			259,452
Total liabilities		504,272			397,534			377,789

Stockholders’ (deficit)/equity
Common stock, $0.000001 par value, 500,000,000 shares authorized and 373,950,544 (2019: 294,552,235) shares issued and outstanding, respectively		356			356			356
Additional paid in capital		157,150			157,150			157,150
Other comprehensive loss		(2,595	)		(2,929	)		(1,893	)
Accumulated losses		(177,766	)		(137,708	)		(122,158	)
Total stockholders’ (deficit)/equity		(22,855	)		16,869			33,455
Total liabilities and stockholders’ (deficit)/equity		481,417			414,403			411,244

AREM PACIFC CORPORATION

CONSOLIDATED INCOME STATEMENTS (UNAUDITED)


	THREE MONTHS ENDED
	September 30, 2021			September 30, 2020
	US$			US$

Revenue		24,849			13,531
Operating expenses
Payroll and employee related expense		12,718			17,280
Depreciation on right-of-use assets		16,425			15,982
General and administrative expenses		4,417			9,305
Total operating expenses		33,560			42,567
Loss from operations		(8,711	)		(29,036	)
Other income (expenses)
Interest expenses		(3,074	)		(3,451	)
Other income		15,876			34,687
Interest income		1			1
Total other income		12,803			31,237
Income from continuing operations before income tax expenses		4,092			2,201
Income tax expense		—			—
Net income after income tax expense for the year		4,092			2,201


	THREE MONTHS ENDED						SIX MONTHS ENDED
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
	US$			US$			US$			US$

Revenue		75,991			54,194			100,840			67,725
Operating expenses
Payroll and employee related expense		23,439			24,016			36,157			41,296
Depreciation on right-of-use assets		16,285			16,323			32,710			32,305
General and administrative expenses		5,608			2,326			10,025			11,631
Total operating expenses		45,332			42,665			78,892			85,232
Income/(loss) from operations		30,659			11,529			21,948			(17,507	)
Other income (expenses)
Interest expenses		(2,920	)		(3,410	)		(5,994	)		(6,861	)
Other income		12,242			19,796			28,118			54,483
Interest income		77			185			78			186
Total other income		9,399			16,571			22,202			47,808
Income from continuing operations before income tax expenses		40,058			28,100			44,150			30,301
Income tax expense		—			—			—			—
Net income after income tax expense for the year		40,058			28,100			44,150			30,301

AREM PACIFC CORPORATION

CONSOLIDATED INCOME STATEMENTS (UNAUDITED)


	THREE MONTHS ENDED						NINE MONTHS ENDED
	March 31, 2022			March 31, 2021			March 31, 2022			March 31, 2021
	US$			US$			US$			US$

Revenue		77,768			69,577			178,608			137,302
Operating expenses
Payroll and employee related expense		27,687			36,444			63,844			77,740
Depreciation on right-of-use assets		16,185			17,273			48,895			49,578
General and administrative expenses		15,572			3,825			25,597			15,456
Total operating expenses		59,444			57,542			138,336			142,774
Income/(loss) from operations		18,324			12,035			40,272			(5,472	)
Other income (expenses)
Interest expenses		(2,775	)		(3,485	)		(8,769	)		(10,346	)
Other income		—			18,585			28,118			73,068
Interest income		1			7			79			193
Total other income/(expenses)		(2,774	)		15,107			19,428			62,915
Income from continuing operations before income tax expenses		15,550			27,142			59,700			57,443
Income tax expense		—			—			—			—
Net income after income tax expense for the year		15,550			27,142			59,700			57,443

AREM PACIFIC CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2021			September 30, 2020			December 31, 2021			December 31, 2020			March 31, 2022			March 31, 2021
	*US$*			*US$*			*US$*			*US$*			*US$*			*US$*
Cash flows from operating activities:
Net income		4,092			2,201			44,150			30,301			59,700			57,443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of right-of-use assets		16,425			15,982			32,710			32,305			48,895			49,578
Interest expenses		3,074			3,451			5,994			6,861			8,769			10,346
Interest income		(1	)		(1	)		(78	)		(186	)		(79	)		(193	)
Net changes in operating assets and liabilities
Decrease in other receivable		1,256			(3,224	)		1,055			(3,479	)		145			(4,944	)
Decrease in other payable and accrued liabilities		(984	)		13,946			29,421			53,808			37,765			100,966
Decrease in borrowings		(5,445	)		4,275			(113,413	)		91,662			(127,823	)		12,897
Cash used in operating activities		18,417			36,630			(161	)		211,272			27,372			226,093
Income tax paid		—			—			—			—
Interest received		1			1			78			186			79			193
Net cash generated from/(used in) operating activities		18,418			36,631			(83	)		211,458			27,451			226,286

Cash flows from financing activities
Repayment of interest on lease liabilities		(3,074	)		(3,451	)		(5,994	)		(6,861	)		(8,769	)		(10,346	)
Repayment of lease liabilities		(17,366	)		(16,093	)		(34,862	)		(32,794	)		(52,250	)		(50,468	)
Net cash used in financing activities		(20,440	)		(19,544	)		(40,856	)		(39,655	)		(61,019	)		(60,814	)

Net (decrease)/increase in cash and cash equivalents		(2,022	)		17,087			(40,939	)		171,803			(33,568	)		165,472
Cash and cash equivalents at the beginning of year		140,136			31,595			140,136			31,595			140,136			31,595
Exchange difference on translation of foreign operations		2,945			1,192			(11,297	)		(14,634	)		(15,276	)		(44,434	)
Cash and cash equivalents at the end of year		141,059			49,874			87,900			188,764			91,292			152,633

AREM PACIFIC Corp 10-K