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Discontinued Operations (Tables) | 12 Months Ended
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Jun. 30, 2020
Discontinued Operations [Abstract] |
Schedule of discontinued operations consolidated balance sheets |
|  | June 30, 2019 |
CURRENT ASSETS: |  |  |
Cash |  | $ | 27,972 |
Accounts and notes receivable, net |  |  | 37,010,458 |
Inventories |  |  | 511,160 |
Other receivables, net |  |  | 1,421,263 |
Other receivables – related party |  |  | 165,075 |
Prepayments and advances, net |  |  | 12,566,372 |
Prepayment – related party |  |  | 456,399 |
Total current assets of discontinued operations |  |  | 52,158,699 |
OTHER ASSETS: |  |  |  |
Property, plant and equipment, net |  |  | 1,659,520 |
Total other assets of discontinued operations |  |  | 1,659,520 |
Total assets of the disposal group classified as discontinued operations |  | $ | 53,818,219 |
Carrying amounts of major classes of liabilities included as part of discontinued operations of BVI-ACM: |  |  |  |
CURRENT LIABILITIES: |  |  |  |
Short-term loan – bank |  | $ | 24,686,899 |
Accounts payable |  |  | 12,841,076 |
Customer deposits |  |  | 635,762 |
Other payables |  |  | 195,821 |
Other payables – related parties |  |  | 217,737 |
Loans payable – employees |  |  | 4,285,785 |
Accrued liabilities |  |  | 2,907,729 |
Taxes payable |  |  | 80,860 |
Accrued contingent liabilities |  |  | 6,591,185 |
Total current liabilities of discontinued operations |  |  | 52,442,854 |
Total liabilities of the disposal group classified as discontinued operations |  | $ | 52,442,854 |
Schedule of consolidated statements of operations and comprehensive loss |
|  | For the Year Ended June 30, |  |  | For the Year Ended June 30, |  |  | For the Year Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenue |  | $ | 28,747,362 |  |  | $ | 43,651,923 |  |  | $ | 45,734,647 |
Cost of revenue |  |  | 26,553,802 |  |  |  | 39,093,782 |  |  |  | 39,022,360 |
Gross profit |  |  | 2,193,560 |  |  |  | 4,558,141 |  |  |  | 6,712,287 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Provision for doubtful accounts |  |  | (8,385,084 | ) |  |  | (2,559,785 | ) |  |  | (2,184,221 | )
Selling, general and administrative expenses |  |  | (3,484,700 | ) |  |  | (3,930,780 | ) |  |  | (4,382,563 | )
Research and development expenses |  |  | (139,780 | ) |  |  | (223,668 | ) |  |  | (1,182,133 | )
Total operating expenses |  |  | (12,009,564 | ) |  |  | (6,714,233 | ) |  |  | (7,748,917 | )
Loss from operations |  |  | (9,816,004 | ) |  |  | (2,156,092 | ) |  |  | (1,036,630 | )
OTHER INCOME (EXPENSES) |  |  |  |  |  |  |  |  |  |  |  |
Other expenses, net |  |  | 1,872 |  |  |  | (4,113 | ) |  |  | 111,922 |
Interest income |  |  | 235 |  |  |  | 2,198 |  |  |  | 6,038 |
Interest expense |  |  | (1,783,833 | ) |  |  | (2,038,291 | ) |  |  | (1,360,608 | )
Finance expense |  |  | (825 | ) |  |  | (11,724 | ) |  |  | (5,111 | )
Estimated claims charges |  |  | (591,884 | ) |  |  | (3,521,086 | ) |  |  | (2,808,457 | )
Total other expense, net |  |  | (2,374,435 | ) |  |  | (5,573,016 | ) |  |  | (4,056,216 | )
Loss before income taxes |  |  | (12,190,439 | ) |  |  | (7,729,108 | ) |  |  | (5,092,846 | )
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
Net loss from discontinued operations |  | $ | (12,190,439 | ) |  | $ | (7,729,108 | ) |  | $ | (5,092,846 | )
Schedule of reconciliation of loss on sale of discontinued operations |
|  | June 25, 2020 (unaudited) |
Total consideration paid |  | $ | 3,583,952 |
Forgiven of fair value of earn out payment |  |  | (1,694,153 | )
Expenses incurred from February 14 to June 25, 2020 |  |  | (54,729 | )
Total consideration received |  |  | (1,00,000 | )
Total loss on sale of discontinued operations |  | $ | 835,070 |

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