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v3.20.4

Discontinued Operations (Details) - USD ($) | Jun. 30, 2020 | May 06, 2020 | Jun. 30, 2019
--- | --- | --- | ---
CURRENT ASSETS: |  |  |
Total current assets of discontinued operations | $ 3,160,996 |  | $ 52,505,513
OTHER ASSETS: |  |  |
Property, plant and equipment, net | 3,958,335 |  |
Total assets | 7,119,331 |  | 54,165,033
CURRENT LIABILITIES: |  |  |
Total current liabilities | 528,833 |  | 53,644,235
OTHER LIABILITIES: |  |  |
Total liabilities | 528,833 |  | 53,644,235
Additional paid-in-capital carryover | 69,689,789 |  | 54,237,082
Retained earnings carryover | $ (61,923,732) |  | (64,031,446)
Discontinued Operations [Member] |  |  |
CURRENT ASSETS: |  |  |
Cash |  | $ 222,591 | 27,972
Accounts and notes receivable, net |  | 28,598,318 | 37,010,458
Inventories |  | 77,049 | 511,160
Other receivables, net |  | 1,815,307 | 1,421,263
Other receivables - related party |  | 160,505 | 165,075
Prepayments and advances, net |  | 15,077,736 | 12,566,372
Prepayment - related party |  | 247,598 | 456,399
Total current assets of discontinued operations |  | 46,199,104 | 52,158,699
OTHER ASSETS: |  |  |
Property, plant and equipment, net |  | 795,974 | 1,659,520
Operating lease right-of-use assets |  | 1,031,940 |
Total other assets of discontinued operations |  | 1,827,914 | 1,659,520
Total assets |  | 48,027,018 | 53,818,219
CURRENT LIABILITIES: |  |  |
Short-term loan – bank |  | 23,996,261 | 24,686,899
Accounts payable |  | 16,158,660 | 12,841,076
Customer deposits |  | 888,592 | 635,762
Other payables |  | 23,197,053 | 195,821
Other payables - related parties |  | 6,541 | 217,737
Loans payable - employees |  |  | 4,285,785
Accrued liabilities |  | 5,143,410 | 2,907,729
Operating lease liabilities- current |  | 291,228 |
Taxes payable |  | 154,680 | 80,860
Accrued contingent liabilities |  | 6,997,071 | 6,591,185
Total current liabilities |  | 76,833,496 | 52,442,854
OTHER LIABILITIES: |  |  |
Operating lease liabilities - noncurrent |  | 595,086 |
Total other liabilities |  | 595,086 |
Total liabilities |  | 77,428,582 | $ 52,442,854
Total net deficit |  | 29,401,564 |
Additional paid-in-capital carryover |  | (13,128,249) |
Retained earnings carryover |  | (7,486,219) |
Total consideration received |  | 600,000 |
Exchange rate effect |  | (2,764,813) |
Total gain on sale of discontinued operations |  | $ 6,622,283 |

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