10-Q 1 tgl-20220930.htm FORM 10-Q TREASURE GLOBAL INC
falseQ12023--06-3000019059562635312Revenue recognized at a point in time.The balance of deposits mainly represented deposit made by the Company to third party service provider, and security deposit consist of rent and utilities. As of September 30, 2022 and June 30, 2022, the Company did not record any allowance against doubtful receivables.Revenue recognized over time 0001905956 2022-07-01 2022-09-30 0001905956 2021-07-01 2021-09-30 0001905956 2022-09-30 0001905956 2022-06-30 0001905956 2022-12-13 0001905956 2022-08-15 2022-08-15 0001905956 2021-07-01 2022-06-30 0001905956 2021-06-30 0001905956 2021-10-31 0001905956 2021-09-30 0001905956 2021-02-16 2021-02-16 0001905956 2021-05-12 2021-05-12 0001905956 2021-07-17 2021-07-17 0001905956 2022-10-23 2022-10-23 0001905956 2021-08-26 2021-08-26 0001905956 2021-10-03 2021-10-03 0001905956 2022-08-15 0001905956 2021-07-31 0001905956 2022-04-01 2022-06-30 0001905956 2022-07-01 0001905956 2020-07-01 2020-07-01 0001905956 us-gaap:ForeignCountryMember 2022-09-30 0001905956 us-gaap:DomesticCountryMember 2022-09-30 0001905956 us-gaap:VehiclesMember 2022-09-30 0001905956 us-gaap:FurnitureAndFixturesMember 2022-09-30 0001905956 tgl:ComputerAndOfficeEquipmentMember 2022-09-30 0001905956 us-gaap:LeaseholdImprovementsMember 2022-09-30 0001905956 tgl:DepositsToSuppliersMember 2022-09-30 0001905956 tgl:GiftCardOrEVoucherMember 2022-09-30 0001905956 tgl:NutritionProductsMember 2022-09-30 0001905956 tgl:ConsultantMember 2022-09-30 0001905956 currency:MYR tgl:PeriodAverageAdjustmentMember 2022-09-30 0001905956 currency:MYR tgl:PeriodEndAdjustmentMember 2022-09-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-09-30 0001905956 tgl:TheEvolutionaryZealSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-09-30 0001905956 tgl:EzytronicSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-09-30 0001905956 tgl:ChanChongsamTeoMember 2022-09-30 0001905956 tgl:ChanChongsamTeoMember tgl:AutoLoanMember 2022-09-30 0001905956 tgl:TophillLoanAgreement2Member us-gaap:ConvertibleNotesPayableMember 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreementOneAndTwoMember 2022-09-30 0001905956 tgl:TrueSightSdnBhdMember tgl:ConsultingFeeMember 2022-09-30 0001905956 tgl:OperatingExpensePaidOnBehalfMember tgl:WorldCloudVenturesSdnBhdMember 2022-09-30 0001905956 tgl:KokPindarrenTanMember tgl:InterestfreeLoanDueOnDemandMember 2022-09-30 0001905956 tgl:ChongChansamTeoMember tgl:InterestfreeLoanDueOnDemandMember 2022-09-30 0001905956 tgl:TrueSightSdnBhdMember tgl:ConsultingFeesMember tgl:OwnershipPercentageMember tgl:SuHuaySueChuahTheCompanysChiefMarketingOfficerMember 2022-09-30 0001905956 us-gaap:WarrantMember 2022-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001905956 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001905956 tgl:CustomerTwoMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-07-01 2022-09-30 0001905956 tgl:CustomerOneMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-07-01 2022-09-30 0001905956 tgl:SupplierOneMember us-gaap:SupplierConcentrationRiskMember us-gaap:AccountsPayableMember 2022-07-01 2022-09-30 0001905956 tgl:PurchaseMember us-gaap:SupplierConcentrationRiskMember tgl:SupplierOneMember 2022-07-01 2022-09-30 0001905956 tgl:CustomerOneMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2022-07-01 2022-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember us-gaap:IPOMember 2022-07-01 2022-09-30 0001905956 us-gaap:IPOMember 2022-07-01 2022-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember tgl:NonEmployeeStockCompensationMember 2022-07-01 2022-09-30 0001905956 tgl:NonEmployeeStockCompensationMember 2022-07-01 2022-09-30 0001905956 us-gaap:CommonStockMember tgl:NonEmployeeStockCompensationMember 2022-07-01 2022-09-30 0001905956 us-gaap:CommonStockMember us-gaap:IPOMember 2022-07-01 2022-09-30 0001905956 us-gaap:CommonStockMember tgl:CashlessExerciseOfWarrantsNonEmployeeStockCompensationMember 2022-07-01 2022-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember tgl:CashlessExerciseOfWarrantsNonEmployeeStockCompensationMember 2022-07-01 2022-09-30 0001905956 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001905956 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2022-07-01 2022-09-30 0001905956 us-gaap:CustomerConcentrationRiskMember 2022-07-01 2022-09-30 0001905956 us-gaap:SupplierConcentrationRiskMember tgl:PurchaseMember 2022-07-01 2022-09-30 0001905956 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsPayableMember 2022-07-01 2022-09-30 0001905956 tgl:ConsultantMember 2022-07-01 2022-09-30 0001905956 tgl:HealthCareProductsAndComputerProductsRevenueMember 2022-07-01 2022-09-30 0001905956 tgl:LoyaltyProgramRevenueMember 2022-07-01 2022-09-30 0001905956 tgl:TransactionRevenueMember 2022-07-01 2022-09-30 0001905956 tgl:AgentSubscriptionRevenueMember 2022-07-01 2022-09-30 0001905956 tgl:MemberSubscriptionRevenueMember 2022-07-01 2022-09-30 0001905956 tgl:GiftCardEVoucherRevenueMember 2022-07-01 2022-09-30 0001905956 us-gaap:LeaseholdImprovementsMember 2022-07-01 2022-09-30 0001905956 us-gaap:VehiclesMember 2022-07-01 2022-09-30 0001905956 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2022-07-01 2022-09-30 0001905956 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2022-07-01 2022-09-30 0001905956 tgl:ComputerAndOfficeEquipmentMember 2022-07-01 2022-09-30 0001905956 tgl:InterestfreeLoanDueOnDemandMember tgl:KokPindarrenTanMember 2022-07-01 2022-09-30 0001905956 tgl:InterestfreeLoanDueOnDemandMember tgl:ChongChansamTeoMember 2022-07-01 2022-09-30 0001905956 tgl:TrueSightSdnBhdMember tgl:ConsultingFeeMember 2022-07-01 2022-09-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-07-01 2022-09-30 0001905956 tgl:VCapitalKronosBerhadMember 2022-07-01 2022-09-30 0001905956 tgl:CloudmaxxSdnBhdMember 2022-07-01 2022-09-30 0001905956 tgl:ClickDevelopmentBerhadMember 2022-07-01 2022-09-30 0001905956 tgl:ChuahSuMeiMember 2022-07-01 2022-09-30 0001905956 tgl:OperatingExpensePaidOnBehalfMember tgl:WorldCloudVenturesSdnBhdMember 2022-07-01 2022-09-30 0001905956 tgl:TheEvolutionaryZealSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-07-01 2022-09-30 0001905956 tgl:EzytronicSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-07-01 2022-09-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember 2022-07-01 2022-09-30 0001905956 country:US 2022-07-01 2022-09-30 0001905956 country:MY 2022-07-01 2022-09-30 0001905956 us-gaap:DomesticCountryMember 2022-07-01 2022-09-30 0001905956 tgl:PurchaseOfProductsMember tgl:EzytronicSdnBhdMember 2022-07-01 2022-09-30 0001905956 tgl:SalesOfProductsMember tgl:EzytronicSdnBhdMember 2022-07-01 2022-09-30 0001905956 tgl:EzytronicSdnBhdMember tgl:PurchaseOfEquipmentMember 2022-07-01 2022-09-30 0001905956 tgl:VCapitalInvestmentLimitedMember tgl:ConsultingFeesMember 2022-07-01 2022-09-30 0001905956 tgl:ImejJiwaCommunicationsSdnBhdMember tgl:ConsultingFeesMember 2022-07-01 2022-09-30 0001905956 tgl:ConsultingFeesMember tgl:TrueSightSdnBhdMember 2022-07-01 2022-09-30 0001905956 us-gaap:ForeignCountryMember 2022-07-01 2022-09-30 0001905956 tgl:ChanChongsamTeoMember tgl:AutoLoanMember 2022-07-01 2022-09-30 0001905956 tgl:ChanChongsamTeoMember 2022-07-01 2022-09-30 0001905956 tgl:TophillLoanAgreement2Member us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:AccreditedInvestorMember us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:TophillLoanAgreement1Member us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreementOneAndTwoMember 2022-07-01 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:LoansFromThirdPartiesMember 2022-07-01 2022-09-30 0001905956 tgl:SocialSecurityOrganizationMember 2022-07-01 2022-09-30 0001905956 tgl:EmploymentInsuranceSystemMember 2022-07-01 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfPrincipalValueMember 2022-07-01 2022-09-30 0001905956 tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:ThirdPartiesMember us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:RelatedPartiesMember us-gaap:ConvertibleNotesPayableMember 2022-07-01 2022-09-30 0001905956 tgl:EmployeesProvidentFundMember 2022-07-01 2022-09-30 0001905956 tgl:ConvertibleNoteMember 2022-07-01 2022-09-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001905956 us-gaap:WarrantMember 2022-07-01 2022-09-30 0001905956 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0001905956 tgl:PurchaseMember us-gaap:SupplierConcentrationRiskMember tgl:SupplierOneMember 2021-07-01 2021-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember tgl:NonEmployeeStockCompensationMember 2021-07-01 2021-09-30 0001905956 tgl:NonEmployeeStockCompensationMember 2021-07-01 2021-09-30 0001905956 us-gaap:CommonStockMember tgl:NonEmployeeStockCompensationMember 2021-07-01 2021-09-30 0001905956 us-gaap:CustomerConcentrationRiskMember 2021-07-01 2021-09-30 0001905956 tgl:GiftCardEVoucherRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:HealthCareProductsAndComputerProductsRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:LoyaltyProgramRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:TransactionRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:AgentSubscriptionRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:MemberSubscriptionRevenueMember 2021-07-01 2021-09-30 0001905956 tgl:ChanChongsamTeoMember 2021-07-01 2021-09-30 0001905956 tgl:ChanChongsamTeoMember tgl:AutoLoanMember 2021-07-01 2021-09-30 0001905956 tgl:AccreditedInvestorMember us-gaap:ConvertibleNotesPayableMember 2021-07-01 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreement1Member 2021-07-01 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreementOneAndTwoMember 2021-07-01 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2021-07-01 2021-09-30 0001905956 tgl:LoansFromThirdPartiesMember 2021-07-01 2021-09-30 0001905956 tgl:ConvertibleNoteMember 2021-07-01 2021-09-30 0001905956 tgl:SalesOfProductsMember tgl:EzytronicSdnBhdMember 2021-07-01 2021-09-30 0001905956 tgl:PurchaseOfProductsMember tgl:EzytronicSdnBhdMember 2021-07-01 2021-09-30 0001905956 tgl:EzytronicSdnBhdMember tgl:PurchaseOfEquipmentMember 2021-07-01 2021-09-30 0001905956 tgl:ImejJiwaCommunicationsSdnBhdMember tgl:ConsultingFeesMember 2021-07-01 2021-09-30 0001905956 tgl:ConsultingFeesMember tgl:TrueSightSdnBhdMember 2021-07-01 2021-09-30 0001905956 tgl:VCapitalInvestmentLimitedMember tgl:ConsultingFeesMember 2021-07-01 2021-09-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001905956 us-gaap:IPOMember us-gaap:CommonStockMember 2022-08-15 2022-08-15 0001905956 tgl:AccreditedInvestorMember us-gaap:ConvertibleNotesPayableMember 2022-08-15 2022-08-15 0001905956 tgl:TophillLoanAgreementOneAndTwoMember us-gaap:ConvertibleNotesPayableMember 2022-08-15 2022-08-15 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TenAccreditedInvestorsMember 2022-08-15 2022-08-15 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:RelatedPartiesMember 2022-08-15 2022-08-15 0001905956 tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember 2022-08-15 2022-08-15 0001905956 us-gaap:WarrantMember 2022-08-15 2022-08-15 0001905956 us-gaap:IPOMember us-gaap:CommonStockMember 2022-08-15 0001905956 tgl:TenAccreditedInvestorsMember us-gaap:ConvertibleNotesPayableMember 2022-08-15 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:AccreditedInvestorMember 2022-08-15 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:RelatedPartiesAccreditedInvestorsMember 2022-08-15 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreementOneAndTwoMember 2022-08-15 0001905956 us-gaap:WarrantMember 2022-08-15 0001905956 us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2022-08-15 0001905956 tgl:RelatedPartiesMember us-gaap:ConvertibleNotesPayableMember 2022-08-15 0001905956 us-gaap:VehiclesMember 2022-06-30 0001905956 us-gaap:FurnitureAndFixturesMember 2022-06-30 0001905956 tgl:ComputerAndOfficeEquipmentMember 2022-06-30 0001905956 us-gaap:LeaseholdImprovementsMember 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2022-06-30 0001905956 tgl:DepositsToSuppliersMember 2022-06-30 0001905956 tgl:GiftCardOrEVoucherMember 2022-06-30 0001905956 tgl:NutritionProductsMember 2022-06-30 0001905956 currency:MYR tgl:PeriodEndAdjustmentMember 2022-06-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-06-30 0001905956 tgl:TheEvolutionaryZealSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-06-30 0001905956 tgl:EzytronicSdnBhdMember tgl:PurchaseOfInventoriesMember 2022-06-30 0001905956 us-gaap:ForeignCountryMember 2022-06-30 0001905956 us-gaap:DomesticCountryMember 2022-06-30 0001905956 tgl:TechnovativeLoanAgreementMember 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TenAccreditedInvestorsMember 2022-06-30 0001905956 us-gaap:SeniorNotesMember 2022-06-30 0001905956 us-gaap:IPOMember us-gaap:ConvertibleNotesPayableMember tgl:TenAccreditedInvestorsMember 2022-06-30 0001905956 tgl:AccreditedInvestorMember us-gaap:ConvertibleNotesPayableMember 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreement1Member 2022-06-30 0001905956 tgl:TrueSightSdnBhdMember tgl:ConsultingFeeMember 2022-06-30 0001905956 tgl:OperatingExpensePaidOnBehalfMember tgl:WorldCloudVenturesSdnBhdMember 2022-06-30 0001905956 tgl:KokPindarrenTanMember tgl:InterestfreeLoanDueOnDemandMember 2022-06-30 0001905956 tgl:ChongChansamTeoMember tgl:InterestfreeLoanDueOnDemandMember 2022-06-30 0001905956 tgl:ChuahSuMeiMember 2022-06-30 0001905956 tgl:ClickDevelopmentBerhadMember 2022-06-30 0001905956 tgl:CloudmaxxSdnBhdMember 2022-06-30 0001905956 tgl:VCapitalKronosBerhadMember 2022-06-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember 2022-06-30 0001905956 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember tgl:CustomerOneMember 2021-07-01 2022-06-30 0001905956 us-gaap:SupplierConcentrationRiskMember us-gaap:AccountsPayableMember tgl:SupplierFourMember 2021-07-01 2022-06-30 0001905956 us-gaap:SupplierConcentrationRiskMember tgl:SupplierThreeMember us-gaap:AccountsPayableMember 2021-07-01 2022-06-30 0001905956 tgl:SupplierTwoMember us-gaap:AccountsPayableMember us-gaap:SupplierConcentrationRiskMember 2021-07-01 2022-06-30 0001905956 us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-07-01 2022-06-30 0001905956 us-gaap:SupplierConcentrationRiskMember us-gaap:AccountsPayableMember 2021-07-01 2022-06-30 0001905956 tgl:TophillLoanAgreement2Member us-gaap:ConvertibleNotesPayableMember 2021-07-01 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TenAccreditedInvestorsMember 2021-07-01 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfPrincipalValueMember 2021-07-01 2022-06-30 0001905956 tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember us-gaap:ConvertibleNotesPayableMember 2021-07-01 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2021-07-01 2022-06-30 0001905956 tgl:ThirdPartiesMember us-gaap:ConvertibleNotesPayableMember 2021-07-01 2022-06-30 0001905956 tgl:RelatedPartiesMember us-gaap:ConvertibleNotesPayableMember 2021-07-01 2022-06-30 0001905956 tgl:AgtiqLoanAgreementMember tgl:AqtiqSolutionsSdnBhdMember us-gaap:RevolvingCreditFacilityMember 2022-06-27 2022-06-27 0001905956 tgl:AgtiqLoanAgreementMember tgl:AqtiqSolutionsSdnBhdMember us-gaap:RevolvingCreditFacilityMember 2022-06-27 0001905956 tgl:TechnovativeLoanAgreementMember 2022-06-27 0001905956 tgl:TechnovativeLoanAgreementMember 2022-07-18 0001905956 us-gaap:SeniorNotesMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreement2Member 2021-06-30 0001905956 tgl:ChuahSuMeiMember 2021-06-30 0001905956 tgl:ClickDevelopmentBerhadMember 2021-06-30 0001905956 tgl:CloudmaxxSdnBhdMember 2021-06-30 0001905956 tgl:VCapitalKronosBerhadMember 2021-06-30 0001905956 tgl:WorldCloudVenturesSdnBhdMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:AccreditedInvestorMember 2020-11-13 0001905956 tgl:TophillLoanAgreement1Member us-gaap:ConvertibleNotesPayableMember 2022-01-03 2022-01-03 0001905956 tgl:TophillLoanAgreement1Member us-gaap:ConvertibleNotesPayableMember 2022-01-03 0001905956 tgl:TophillLoanAgreement2Member us-gaap:ConvertibleNotesPayableMember 2022-05-13 2022-05-13 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:TophillLoanAgreement2Member 2022-05-13 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-10-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-10-31 0001905956 tgl:RepresentativeWarrantsMember 2022-08-10 0001905956 tgl:RepresentativeWarrantsMember tgl:UnderwriterAgreementMember 2022-08-10 0001905956 currency:MYR tgl:PeriodAverageAdjustmentMember 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-09-30 0001905956 tgl:SuHuaySueChuahTheCompanysChiefMarketingOfficerMember tgl:TrueSightSdnBhdMember tgl:ConsultingFeesMember tgl:OwnershipPercentageMember 2021-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:AccreditedInvestorMember 2020-11-13 2020-11-13 0001905956 tgl:ChanChongsamTeoMember 2020-12-07 2020-12-07 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-05-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-05-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-07-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-07-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesAccreditedInvestorsMember 2021-12-31 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:SevenAccreditedInvestorsMember 2021-12-31 0001905956 us-gaap:WarrantMember 2020-07-01 2020-07-01 0001905956 us-gaap:WarrantMember 2020-07-01 0001905956 tgl:RepresentativeWarrantsMember tgl:UnderwriterAgreementMember 2022-08-10 2022-08-10 0001905956 country:US 2022-04-01 2022-06-30 0001905956 country:MY 2022-04-01 2022-06-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001905956 us-gaap:CommonStockMember 2022-06-30 0001905956 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001905956 us-gaap:RetainedEarningsMember 2022-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfPrincipalValueMember 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:ThirdPartiesMember 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:RelatedPartiesMember 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember 2022-09-30 0001905956 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001905956 us-gaap:RetainedEarningsMember 2022-09-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001905956 us-gaap:CommonStockMember 2022-09-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2022-09-30 0001905956 us-gaap:WarrantMember 2022-06-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001905956 us-gaap:CommonStockMember 2021-06-30 0001905956 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001905956 us-gaap:RetainedEarningsMember 2021-06-30 0001905956 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001905956 us-gaap:RetainedEarningsMember 2021-09-30 0001905956 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001905956 us-gaap:CommonStockMember 2021-09-30 0001905956 tgl:RelatedPartiesMember us-gaap:ConvertibleNotesPayableMember 2021-06-30 0001905956 tgl:ThirdPartiesMember us-gaap:ConvertibleNotesPayableMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfPrincipalValueMember 2021-06-30 0001905956 tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember us-gaap:ConvertibleNotesPayableMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember 2021-06-30 0001905956 us-gaap:ConvertibleNotesPayableMember tgl:LongTermDebtPortionOfPrincipalValueMember 2022-06-30 0001905956 tgl:ThirdPartiesMember us-gaap:ConvertibleNotesPayableMember 2022-06-30 0001905956 tgl:RelatedPartiesMember us-gaap:ConvertibleNotesPayableMember 2022-06-30 0001905956 tgl:LongTermDebtPortionOfUnamortizedDebtDiscountsMember us-gaap:ConvertibleNotesPayableMember 2022-06-30 iso4217:USD xbrli:shares xbrli:pure utr:Year iso4217:MYR utr:Day utr:Month iso4217:USD xbrli:shares tgl:number tgl:cases tgl:doses
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form
 
10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED September 30, 2022
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM  
 
 to
 
 
 
COMMISSION FILE NUMBER
001-4147
 
Treasure Global Inc
(Exact name of registrant as specified in its charter)
 
Delaware
 
 
36-4965082
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
276 5th Avenue, Suite 704 #739,
New York, New York 10001
 
 
+6012 643 7688
(Address of principal executive offices) (Zip Code)
 
 
(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
Common Stock, par value $0.00001 per share
 
TGL
 
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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
 
 
x
    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
 
  
x
 
   No  
¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
 
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
 
 
Emerging growth company
x
 
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  
x
 
 
As of
December 13
, 2022, the registrant had a total of 17,288,116 shares of its common stock, par value $0.001 per share, issued and outstanding.
 
 
 
INDEX
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
2
 
 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends impacting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
 
Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “intend,” “seek,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” “might,” “forecast,” “continue,” or the negative of those terms, and similar expressions and comparable terminology intended to reference future periods. Forward-looking statements include, but are not limited to, statements about:
 
·
Our ability to effectively operate our business.
 
·
Our ability to manage our research, development, expansion, growth and operating expenses;
 
·
Our ability to evaluate and measure our business, prospects and performance metrics;

·
Our ability to respond and adapt to changes in technology and customer behavior;
 
·
Our ability to protect our intellectual property and to develop, maintain and enhance a strong brand; and
 
Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
 
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Accordingly, the forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as representations that the results or conditions described in such statements will occur or that our objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements.
 
 
3
 

PART I – FINANCIAL INFORMATION
 
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
TREASURE GLOBAL INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
September 30,
 
 
June 30,
 
 
 
2022
 
 
2022
 
 
 
(Unaudited)
 
 
 
 
ASSETS
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
Cash and cash equivalents
 
$
7,007,815
 
 
$
1,845,232
 
Accounts receivable, net
 
 
1,056
 
 
 
-
 
Inventories
 
 
141,467
 
 
 
216,069
 
Other receivable and other current assets
 
 
414,356
 
 
 
8,780
 
Prepayments
 
 
440,944
 
 
 
203,020
 
Total current assets
 
 
8,005,638
 
 
 
2,273,101
 
 
 
 
 
 
 
 
 
 
OTHER ASSETS
 
 
 
 
 
 
 
 
Property and equipment, net
 
 
327,832
 
 
 
337,645
 
Operating lease right-of-use asset
 
 
76,671
 
 
 
-
 
Deferred offering costs
 
 
-
 
 
 
93,536
 
Total other assets
 
 
404,503
 
 
 
431,181
 
 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
8,410,141
 
 
$
2,704,282
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Related party loan, current portion
 
$
3,734
 
 
$
4,505
 
Convertible notes payable, net of unamortized discounts of $717,260 as of June 30, 2022
 
 
-
 
 
 
10,954,042
 
Convertible notes payable, related parties
 
 
-
 
 
 
2,437,574
 
Loans from third parties
 
 
-
 
 
 
1,417,647
 
Account payable
 
 
130,162
 
 
 
25,397
 
Account payable, related parties
 
 
5,119
 
 
 
14,326
 
Customer deposits
 
 
88,462
 
 
 
73,317
 
Contract liability
 
 
165,579
 
 
 
56,757
 
Other payables and accrued liabilities
 
 
290,409
 
 
 
1,161,860
 
Other payables, related parties
 
 
90,270
 
 
 
-
 
Amount due to related parties
 
 
428,857
 
 
 
2,060,088
 
Operating lease liability
 
 
33,429
 
 
 
-
 
Income tax payables
 
 
27,945
 
 
 
16,445
 
Total current liabilities
 
 
1,263,966
 
 
 
18,221,958
 
 
 
 
 
 
 
 
 
 
NON-CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Operating lease liability, non-current
 
 
43,326
 
 
 
-
 
Related party loan, non-current portion
 
 
12,585
 
 
 
13,883
 
Senior note
 
 
-
 
 
 
65,000
 
Total non-current liabilities
 
 
55,911
 
 
 
78,883
 
TOTAL LIABILITIES
 
 
1,319,877
 
 
 
18,300,841
 
 
 
 
 
 
 
 
 
 
COMMITMENTS AND CONTINGENCIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY (DEFICIENCY)
 
 
 
 
 
 
 
 
Common stock, par value $0.00001; 150,000,000 shares authorized, 17,288,116 and 10,545,251 shares issued and outstanding as of September 30, 2022 and June 30, 2022, respectively
 
 
173
 
 
 
105
 
Additional paid-in capital
 
 
30,514,931
 
 
 
4,020,552
 
Accumulated deficit
 
 
(23,388,088
)
 
 
(19,715,740
)
Accumulated other comprehensive income (loss)
 
 
(36,752
)
 
 
98,524
 
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)
 
 
7,090,264
 
 
 
(15,596,559
)
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
 
$
8,410,141
 
 
$
2,704,282
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
4

TREASURE GLOBAL INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS
 
 
 
For the Three Months Ended September 30,
 
 
 
2022
 
 
2021
 
 
 
 
 
 
 
 
REVENUES
 
$
15,556,340
 
 
$
20,368,518
 
 
 
 
 
 
 
 
 
 
COST OF REVENUES
 
 
(15,519,247
)
 
 
(20,296,943
)
 
 
 
 
 
 
 
 
 
GROSS PROFIT
 
 
37,093
 
 
 
71,575
 
 
 
 
 
 
 
 
 
 
SELLING
 
 
(1,293,030
)
 
 
(1,749,965
)
GENERAL AND ADMINISTRATIVE
 
 
(810,746
)
 
 
(509,055
)
RESEARCH AND DEVELOPMENT
 
 
(129,297
)
 
 
(68,373
)
STOCK-BASED COMPENSATION
 
 
(439,332
)
 
 
(320,823
)
TOTAL OPERATING EXPENSES
 
 
(2,672,405
)
 
 
(2,648,216
)
 
 
 
 
 
 
 
 
 
LOSS FROM OPERATIONS
 
 
(2,635,312
)
 
 
(2,576,641
)
 
 
 
 
 
 
 
 
 
OTHER (EXPENSE) INCOME
 
 
 
 
 
 
 
 
Other income, net
 
 
14,325
 
 
 
10,932
 
Interest expense
 
 
(41,785
)
 
 
(73,680
)
Amortization of debt discount
 
 
(998,076
)
 
 
(130,152
)
TOTAL OTHER EXPENSE, NET
 
 
(1,025,536
)
 
 
(192,900
)
 
 
 
 
 
 
 
 
 
LOSS BEFORE INCOME TAXES
 
 
(3,660,848
)
 
 
(2,769,541
)
 
 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
 
 
(11,500
)
 
 
(3,900
)
 
 
 
 
 
 
 
 
 
NET LOSS
 
 
(3,672,348
)
 
 
(2,773,441
)
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE LOSS
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
 
(135,276
)
 
 
(12,807
)
 
 
 
 
 
 
 
 
 
COMPREHENSIVE LOSS
 
$
(3,807,624
)
 
$
(2,786,248
)
 
 
 
 
 
 
 
 
 
LOSS PER SHARE
 
 
 
 
 
 
 
 
Basic and diluted
 
$
(0.26
)
 
$
(0.26
)
 
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
 
 
 
 
 
 
 
 
Basic and diluted
 
 
13,909,851
 
 
 
10,542,722
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
5
 
 
TREASURE GLOBAL INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY (DEFICIENCY)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACCUMULATED
 
 
TOTAL
 
 
 
 
 
 
 
 
 
ADDITIONAL
 
 
 
 
 
OTHER
 
 
STOCKHOLDERS'
 
 
 
COMMON STOCK
 
 
PAID IN
 
 
ACCUMULATED
 
 
COMPREHENSIVE
 
 
EQUITY
 
 
 
Number of shares
 
 
Par value
 
 
CAPITAL
 
 
DEFICIT
 
 
INCOME (LOSS)
 
 
(DEFICIENCY)
 
Balance as of June 30, 2022
 
 
10,545,251
 
 
$
105
 
 
$
4,020,552
 
 
$
(19,715,740
)
 
$
98,524
 
 
$
(15,596,559
)
Beneficial conversion feature from issuance of convertible notes
 
 
-
 
 
 
-
 
 
 
537,383
 
 
 
-
 
 
 
-
 
 
 
537,383
 
Net loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(3,672,348
)
 
 
-
 
 
 
(3,672,348
)
Issuance of common stock - non-employee stock compensation
 
 
109,833
 
 
 
1
 
 
 
439,331
 
 
 
-
 
 
 
-
 
 
 
439,332
 
Conversion of convertible note payable
 
 
3,799,801
 
 
 
38
 
 
 
14,097,376
 
 
 
-
 
 
 
-
 
 
 
14,097,414
 
Conversion of convertible note payable, related parties
 
 
376,088
 
 
 
4
 
 
 
2,437,570
 
 
 
-
 
 
 
-
 
 
 
2,437,574
 
Issuance of common stock in initial public offering, net of issuance costs
 
 
2,300,000
 
 
 
23
 
 
 
7,951,202
 
 
 
-
 
 
 
-
 
 
 
7,951,225
 
Fair value of warrants issued in initial public offering
 
 
-
 
 
 
-
 
 
 
175,349
 
 
 
-
 
 
 
-
 
 
 
175,349
 
Issuance of warrants - non- employee stock compensation
 
 
-
 
 
 
-
 
 
 
856,170
 
 
 
-
 
 
 
-
 
 
 
856,170
 
Cashless exercise of warrants- non- employee stock compensation into common stock  
 
 
157,143
 
 
 
2
 
 
 
(2
)
 
 
-
 
 
 
-
 
 
 
-
 
Foreign currency translation adjustment
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(135,276
)
 
 
(135,276
)
Balance as of September 30, 2022
 
(Unaudited)
 
 
17,288,116
 
 
$
173
 
 
$
30,514,931
 
 
$
(23,388,088
)
 
$
(36,752
)
 
$
7,090,264
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACCUMULATED
 
 
 
 
 
 
 
 
 
 
 
 
ADDITIONAL
 
 
 
 
 
OTHER
 
 
TOTAL
 
 
 
COMMON STOCK
 
 
PAID IN
 
 
ACCUMULATED
 
 
COMPREHENSIVE
 
 
STOCKHOLDERS'
 
 
 
Number of shares
 
 
Par value
 
 
CAPITAL
 
 
DEFICIT
 
 
LOSS
 
 
DEFICIENCY
 
Balance as of June 30, 2021
 
 
10,312,585
 
 
$
103
 
 
$
1,504,950
 
 
$
(7,969,726
)
 
$
(55,580
)
 
$
(6,520,253
)
Net loss
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(2,773,441
)
 
 
-
 
 
 
(2,773,441
)
Issuance of common stock - non-employee stock compensation
 
 
232,666
 
 
 
2