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Statutory Reserve | 6 Months Ended
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Dec. 31, 2021
Statutory Reserve [Abstract] |
STATUTORY RESERVE | 14. STATUTORY RESERVE WFOE, Pop Culture, Shanghai Pudu, Pop Network, Guangzhou Shuzhi, Shenzhen Pop, and Xiamen Sikai are required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Company is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by the Company in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital, which was $2,663,330 and $2,663,330 as of June 30, 2020 and 2021, respectively. This statutory reserve is not distributable in the form of cash dividends. For the six months ended December 31, 2020 and 2021, the Company provided statutory reserve as follows:
Balance - June 30, 2020 |  | $ | 779,094 |
Appropriation to statutory reserve |  |  | - |
Balance - December 31, 2020 |  |  | 779,094 |
Appropriation to statutory reserve |  |  | 462,479 |
Balance - June 30, 2021 |  |  | 1,241,573 |
Appropriation to statutory reserve |  |  | 150,197 |
Balance - December 31, 2021 |  | $ | 1,391,770 |

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- Definition Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.23(c)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6486098&loc=d3e24708-158529 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=6486098&loc=d3e24790-158529 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6486098&loc=d3e24746-158529 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=82848697&loc=d3e24959-158530 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=82848697&loc=d3e24938-158530 + Details
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