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Discontinued Operations (Tables) | 12 Months Ended
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Jun. 30, 2021
Discontinued Operations [Abstract] |
Schedule of consolidated statements of operations and comprehensive loss |
|  | For the Year Ended June 30, |  |  | For the Year Ended June 30, |
|  | 2020 |  |  | 2019 |
Revenue |  | $ | 28,747,362 |  |  | $ | 43,651,923 |
Cost of revenue |  |  | 26,553,802 |  |  |  | 39,093,782 |
Gross profit |  |  | 2,193,560 |  |  |  | 4,558,141 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Provision for doubtful accounts |  |  | (8,385,084 | ) |  |  | (2,559,785 | )
Selling, general and administrative expenses |  |  | (3,484,700 | ) |  |  | (3,930,780 | )
Research and development expenses |  |  | (139,780 | ) |  |  | (223,668 | )
Total operating expenses |  |  | (12,009,564 | ) |  |  | (6,714,233 | )
Loss from operations |  |  | (9,816,004 | ) |  |  | (2,156,092 | )
OTHER INCOME (EXPENSES) |  |  |  |  |  |  |  |
Other expenses, net |  |  | 1,872 |  |  |  | (4,113 | )
Interest income |  |  | 235 |  |  |  | 2,198 |
Interest expense |  |  | (1,783,833 | ) |  |  | (2,038,291 | )
Finance expense |  |  | (825 | ) |  |  | (11,724 | )
Estimated claims charges |  |  | (591,884 | ) |  |  | (3,521,086 | )
Total other expense, net |  |  | (2,374,435 | ) |  |  | (5,573,016 | )
Loss before income taxes |  |  | (12,190,439 | ) |  |  | (7,729,108 | )
Income tax expense |  |  | - |  |  |  | - |
Net loss from discontinued operations |  | $ | (12,190,439 | ) |  | $ | (7,729,108 | )
Schedule of discontinued operations and reconciliation of gain on sale of discontinued operations |
|  | May 6, 2020 |
CURRENT ASSETS: |  |  |
Cash and cash equivalents |  | $ | 222,591 |
Accounts and notes receivable, net |  |  | 28,598,318 |
Inventories |  |  | 77,049 |
Other receivables, net |  |  | 1,815,307 |
Other receivables – related party |  |  | 160,505 |
Prepayments and advances, net |  |  | 15,077,736 |
Prepayment – related party |  |  | 247,598 |
Total current assets |  |  | 46,199,104 |
OTHER ASSETS: |  |  |  |
Property, plant and equipment, net |  |  | 795,974 |
Operating lease right-of-use assets |  |  | 1,031,940 |
Total other assets |  |  | 1,827,914 |
Total assets |  | $ | 48,027,018 |
CURRENT LIABILITIES: |  |  |  |
Short-term loan - bank |  | $ | 23,996,261 |
Accounts payable |  |  | 16,158,660 |
Customer deposits |  |  | 888,592 |
Other payables |  |  | 23,197,053 |
Other payables – related parties |  |  | 6,541 |
Accrued liabilities |  |  | 5,143,410 |
Operating lease liabilities- current |  |  | 291,228 |
Taxes payable |  |  | 154,680 |
Accrued contingent liabilities |  |  | 6,997,071 |
Total current liabilities |  |  | 76,833,496 |
OTHER LIABILITIES: |  |  |  |
Operating lease liabilities - noncurrent |  |  | 595,086 |
Total other liabilities |  |  | 595,086 |
Total liabilities |  | $ | 77,428,582 |
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 |
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 |  |  | (1,000,000 | )
Total loss on sale of discontinued operations |  | $ | 835,070 |

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