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Income Taxes
 9 Months Ended
Mar. 31, 2023
Income Taxes [Abstract]  
INCOME TAXES

13. INCOME TAXES

 

For the three months ended March 31, 2022 and 2023 and nine months ended March 31, 2022 and 2023, income(loss) before income taxes consists of:

 

   Three months ended
March 31,		   Nine months ended
March 31,		 
   2022   2023   2022   2023 
HK  $1,034,709   $2,103,638   $5,389,710    6,405,657 
U.S.   (1,866,511)   (4,972,501)   (4,313,238)   (11,393,434)
Total  $(831,802)  $(2,868,863)  $1,076,472   $(4,987,777)

  

The Company’s effective tax rate for the three months ended March 31, 2022 and 2023 and nine months ended March 31, 2022 and 2023 was different from the Hong Kong statutory income tax rate due primarily to the U.S. subsidiary being in a loss position. No tax benefit has been recognized for this current loss and the related carryforward losses of this subsidiary, as a full valuation allowance has been established against the deferred tax asset arising from the losses.