Rito Group Corp.

CIK:0001646576|SEC Filings

Consolidated Statements of Operations And Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
REVENUE - Non-related party	$ 438,845	$ 425,252
COST OF REVENUE	(241,095)	(303,664)
GROSS PROFIT	197,750	121,588
OTHER INCOME	5,505	11,358
GENERAL AND ADMINISTRATIVE EXPENSES	(945,293)	(1,639,979)
LOSS FROM OPERATIONS	(742,038)	(1,507,033)
INTEREST EXPENSE	(5,683)	(5,395)
LOSS BEFORE INCOME TAX	(747,721)	(1,512,428)
INCOME TAXES EXPENSE
NET LOSS	(747,721)	(1,512,428)
Other comprehensive income:
Foreign exchange adjustment gain	1,238	88
COMPREHENSIVE LOSS	$ (746,483)	$ (1,512,340)
Net loss per share - Basic and diluted	$ (0.01)	$ (0.03)
Weighted average number of common shares outstanding - Basic and diluted	56,526,270	56,114,212

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (747,721)	$ (1,512,428)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	40,539	95,397
Accrued interest expense	3,907	5,395
Loss on disposal of plant and equipment	7,664
Changes in operating assets and liabilities:
Accounts receivables	(89,764)	(99,452)
Prepayments, deposits and other receivables	8,145	(13,903)
Inventories		19,080
Operating lease right-of-use assets	(256,720)
Other payables and accrued liabilities	109,838	(176,245)
Operating lease liabilities	255,756
Net cash used in operating activities	(668,356)	(1,682,156)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment		(62,873)
Sale of plant and equipment	1,936
Net cash provided by (used in) investing activities	10,401	(62,873)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares in IPO and private placements	300,000	1,181,410
Interest paid for bank loans	(3,907)	(5,395)
Repayment of bank loans	(8,882)	(7,395)
Advances from / (repayment to) a director	80,517	(141,235)
Advances from a corporate shareholder	12,902
Net cash provided by financing activities	380,630	1,027,385
Effect of exchange rate changes on cash and cash equivalents	1,238	88
Net change in cash and cash equivalents	(284,552)	(717,556)
Cash and cash equivalents, beginning of year	349,080	1,066,636
CASH AND CASH EQUIVALENTS, END OF YEAR	64,528	349,080
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid	(3,907)	(5,395)
Income taxes paid

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Jun. 30, 2019
CURRENT ASSETS
Account receivables	$ 213,053	$ 123,289
Deposits paid, prepayments and other receivables	23,203	31,350
Cash and cash equivalents	64,528	349,080
Total current assets	300,784	503,719
NON-CURRENT ASSETS
Operating lease right-of-use assets	256,720
Plant and equipment, net	139,511	189,650
TOTAL ASSETS	697,015	693,369
CURRENT LIABILITIES
Current portion of long-term bank loans	10,370	8,882
Accrued expenses and other payables	221,457	111,621
Due to a director	90,772	10,255
Due to a corporate shareholder	12,902
Operating lease liabilities	53,624
Total current liabilities	389,125	130,758
NON-CURRENT LIABILITIES
Long-term bank loans	12,914	23,284
Operating lease liabilities	202,132
TOTAL LIABILITIES	604,171	154,042
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 200,000,000 shares authorized, None issued and outstanding
Common stock, $0.0001 par value, 600,000,000 shares authorized, 56,596,489 and 56,446,489 shares issued and outstanding as of June 30, 2020 and June 30, 2019 respectively	5,660	5,645
Additional paid-in capital	4,808,562	4,508,577
Accumulated other comprehensive income (loss)	45	(1,193)
Accumulated deficit	(4,721,423)	(3,973,702)
TOTAL STOCKHOLDERS' EQUITY	92,844	539,327
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 697,015	$ 693,369