| Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
| Dec. 31, 2019 |
| Accounting Policies [Abstract] | |
| Basis of Presentation | ● Basis of presentation The accompanying condensed consolidated financial
statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US
GAAP”). |
| Basis of Consolidation | ● Basis of consolidation The condensed consolidated financial statements
include the accounts of Rito Group Corp. and its subsidiaries. All significant inter-company balances and transactions within
the Company have been eliminated upon consolidation. |
| Use of Estimates | ● Use of estimates In preparing these condensed consolidated
financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in
the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
| Cash and Cash Equivalents | ● Cash and cash equivalents The company considers all highly liquid instruments
with a maturity of three months or less at the time of issuance to be cash equivalents. |
| Plant and Equipment | ● Plant and equipment Plant and equipment are stated at cost less
accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over
the following expected useful lives from the date on which they become fully operational:
Categories Estimated useful life Residual value
Leasehold improvement Over the shorter of estimated useful life or term of lease -
Equipment 3-10 years -
Motor Vehicle 3-10 years - Expenditures for maintenance and repairs are
expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds
and the carrying amount of the relevant assets and is recognized in the statement of operations. |
| Accounts Receivable | ● Accounts receivable Accounts receivable are recorded at the invoiced amount and
do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical
collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition,
credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account
balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery
is considered remote. |
| Revenue Recognition | ● Revenue recognition In accordance with the Accounting Standard
Codification (“ASC”) Topic 605 “Revenue Recognition” Revenue is measured at the fair value of the
consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from trading of retail goods
is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the
risks and rewards of ownership transferred to and accepted by the customer when the products are collected by the customer at the
Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon
management’s best estimates and historical experience and are provided for in the same period as the related revenues are
recorded. Based on limited operating history, management estimates that there were no sales return for the period reported. The Company derives its revenue from sales
of goods to individuals. Generally, the Company recognizes revenue when products are sold and accepted by the customers and there
are no continuing obligations to the customer. |
| Cost of Revenues | ● Cost of revenues Cost of revenue includes the purchase cost
of retail goods for re-sale to the customers. |
| Income Taxes | ● Income taxes The provision of income taxes is determined
in accordance with the provisions of ASC Topic 740, “Income Taxes” ASC Topic 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken
or expected to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements
when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must
initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized
upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company did not have any unrecognized
tax positions or benefits and there was no effect on the financial conditions or results of operations for the six months ended
December 31, 2019. The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result
of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority. |
| Net Loss Per Share | ● Net loss per share The Company calculates net loss per share
in accordance with ASC Topic 260 “Earnings per share” |
| Foreign Currencies Translation | ● Foreign currencies translation Transactions denominated in currencies other
than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional
currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the
statements of operations. The reporting currency of the Company and its
subsidiary in Anguilla is United States Dollars (“US$”). The Company’s subsidiary in Hong Kong maintains its
books and record in Hong Kong Dollars (“HK$”), which is functional currency as being the primary currency of the economic
environment in which the entity operates. In general, for consolidation purposes, assets
and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic
830-30, “Translation of Financial Statement” Translation of amounts from the local currencies
of the Company into US$ has been made at the following exchange rates for the respective periods:
As of and for the
2019 2018
Period-end / average HK$ : US$1 exchange rate 7.7880 7.7500
Period-end / average CNY¥: US$1 exchange rate 6.9692 6.8800 |
| Related Parties | ● Related parties Parties, which can be a corporation or individual, are considered
to be related if the Company 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. Companies are also considered to be related if they are subject
to common control or common significant influence. |
| Lease | ● Lease In February 2016, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which was subsequently amended in 2018 by
ASU 2018-10, ASU 2018-11 and ASU 2018-20 (collectively, Topic 842). Topic 842 will require the recognition of a right-of-use asset
and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer
than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with
all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability
will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the
repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component
will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting
periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at
the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect
adjustment in the period the new lease standard is adopted and will not require restatement of prior periods. Prior to July 1, 2019, the Company accounted
for leases under ASC 840, Accounting for Leases. Effective July 1, 2019, the Company adopted the guidance of ASC 842, Leases,
which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The Company adopted
ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the
required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards
in effect for those periods. The adoption of ASC 842 on July 1, 2019 resulted in the recognition of operating lease right-of-use
assets of $42,423, lease liabilities for operating leases of $42,423, and a zero cumulative-effect adjustment to accumulated deficit.
See Note 12 for further information regarding the impact of the adoption of ASC 842 on the Company’s financial statements. |
| Fair Value of Financial Instruments | ● Fair value of financial instruments The carrying value of the Company’s financial
instruments: cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable, other payables and
accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC
Topic 820-10, “Fair Value Measurements and Disclosures”
Level 1
Level 2
Level 3 Fair value estimates are made at a specific
point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions
could significantly affect the estimates. |
| Recent Accounting Pronouncements | ● Recent accounting pronouncements The Company has reviewed all recently issued,
but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected
to cause a material impact on its financial condition or the results of its operations. |
