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Condensed Financial Information of the Parent Company

12 Months Ended

Jun. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed financial information of the parent company

Note 18 – Condensed financial information of the parent company

The Company performed a test on the restricted net assets of the consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company.

The subsidiaries did not pay any dividend to the Company for the periods presented. For the purpose of presenting parent-only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries” and the loss of the subsidiaries is presented as “Equity loss of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of June 30, 2021 and 2020.  

		June 30, 2021				June 30, 2020
ASSETS
CURRENT ASSETS:
Cash		$	26,636			$	793,234
Other receivables			8,900				1,002,300
Prepayments and advances			4,300				150,000
Total current assets			39,836				1,945,534
OTHER ASSETS:
Intercompany receivable			74,858,613				1,709,710
Investment in subsidiaries			2,459,560				3,457,764
Total other assets			77,318,173				5,167,474
Total assets		$	77,358,009			$	7,113,008
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Other payables and accrued liabilities		$	396,797			$	511,799
Other payables - shareholders			10,711				10,711
Total current liabilities			407,508				552,510
Total liabilities			407,508				552,510
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred share, $0.001 par value, 1,000,000 shares authorized, no share issued or outstanding			-				-
Ordinary share, $0.001 par value, 200,000,000 shares authorized, 110,356,629 and 25,623,822 shares issued and outstanding as of June 30, 2021 and 2020, respectively			110,357				25,624
Additional paid-in-capital			147,684,772				69,689,789
Deferred stock compensation			(682,383	)			(1,201,183	)
Deficit			(70,162,245	)			(61,923,732	)
Total shareholders’ equity			76,950,501				6,590,498
Total liabilities and shareholders’ equity		$	77,358,009			$	7,113,008

		For the Years Ended June 30,
		2021				2020				2019
GENERAL AND ADMINISTRATIVE EXPENSES		$	(2,821,121	)		$	(1,402,044	)		$	(1,756,972	)
STOCK COMPENSATION EXPENSE			(5,717,900	)			(3,444,617	)			(4,592,200	)
LOSS FROM OPERATIONS			(8,539,021	)			(4,846,661	)			(6,349,172	)
OTHER INCOME (EXPENSE), NET
Interest income			-				-				84
Finance expense			(6,480	)			(5,007	)			(1,465	)
Equity loss of subsidiaries			(1,118,204	)			(12,562,142	)			(8,037,977	)
Gain on debt settlement			25,092				-				-
Gain on sale of subsidiaries			1,400,100				5,787,213				-
TOTAL OTHER INCOME (EXPENSE), NET			300,508				(6,779,936	)			(8,039,358	)
NET LOSS			(8,238,513	)			(11,626,597	)			(14,388,530	)
OTHER COMPREHENSIVE LOSS:
Foreign currency translation loss			-				-				(335,080	)
COMPREHENSIVE LOSS		$	(8,238,513	)		$	(11,626,597	)		$	(14,723,610	)

		For the Years Ended June 30,
		2021				2020				2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(8,238,513	)		$	(11,626,597	)		$	(14,388,530	)
Adjustments to reconcile net loss to cash used in operating activities:
Stock compensation expense			5,717,900				3,444,617				4,592,200
Equity loss of subsidiaries			1,118,204				12,562,142				8,037,977
Gain on debt settlement			(25,092	)			-				-
Gain on sale of discontinued operations			(1,400,100	)			(5,787,213	)			-
Changes in operating assets and liabilities
Other receivables			(6,600	)			-				-
Prepayments and advances			(4,300	)			(125,000	)			15,458
Intercompany receivables			(65,500,903	)			(1,231,449	)			(575,094	)
Other payables and accrued liabilities			60,090				93,711				509,381
Other payables – related parties			-				-				540,000
Net cash used in operating activities			(68,279,314	)			(2,669,789	)			(1,268,608	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment			-				(2,000,000	)			-
Proceeds from disposal of subsidiaries			100				600,000				-
Net cash provided by (used in) investing activities			100				(1,400,000	)			-
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from shareholders			-				300,000				-
Proceeds from sale of ordinary shares			62,341,025				4,502,901				950,000
Proceeds from exercise of warrants			5,171,591				-				-
Net cash provided by financing activities			67,512,616				4,802,901				950,000
NET CHANGE IN CASH			(766,598	)			733,112				(318,608	)
CASH, beginning of year			793,234				60,122				378,730
CASH, end of year		$	26,636			$	793,234			$	60,122
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES:
Accrued liabilities reclassified to loans payable – employees upon tri-party agreements		$	-			$	-			$	308,089
Ordinary shares issued to repay other payables – related parties and service providers		$	-			$	1,137,378			$	4,928,400
Ordinary shares issued to repay debt in subsidiary		$	-			$	5,240,679			$	-
Ordinary share issued for acquisition of subsidiary		$	-			$	1,889,799			$	-
Ordinary share issued for acquisition of equipment		$	3,818,000			$	1,963,607			$	-
Ordinary share issued for acquisition of intangible assets held in a subsidiary		$	1,550,000			$	-			$	-
Other receivables outstanding from disposal of subsidiary		$	-			$	1,000,000			$	-
Forgiveness of former subsidiary’s receivable upon disposal of subsidiary		$	120,000			$	-			$	-
Recognition of accrued liabilities from subsidiary		$	-			$	214,792			$	-
Derecognition of intercompany balance upon disposal of subsidiary		$	-			$	23,164,488			$	-
Proceeds from disposal of subsidiary received by intercompany		$	1,400,000			$	-			$	-

X

- References

No definition available.

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X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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