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Condensed Financial Information of the Parent Company | 6 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 17. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The Company performed a test on the restricted net assets of its consolidated subsidiaries, VIE, and VIE’s 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 information for the parent company only. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. As of December 31, 2021, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. PARENT COMPANY BALANCE SHEETS
|  | As of December 31, |  |  | As of June 30, |
|  | 2021 |  |  | 2021 |
ASSETS |  |  |  |  |  |
Cash |  | $ | 25,256,901 |  |  | $ | 4,260 |
Prepaid expenses and other current assets |  |  | 1,207,417 |  |  |  | 679,266 |
Due from related party |  |  | 71 |  |  |  | - |
TOTAL CURRENT ASSETS |  |  | 26,464,389 |  |  |  | 683,526 |
Investments in subsidiaries, consolidated VIE and VIE’s subsidiaries |  |  | 27,390,107 |  |  |  | 18,869,579 |
TOTAL ASSETS |  |  | 53,854,496 |  |  |  | 19,553,105 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Other Payable |  | $ | 70,000 |  |  | $ | - |
Due to a related party |  |  | - |  |  |  | 225,000 |
TOTAL CURRENT LIABILITIES |  | $ | 70,000 |  |  | $ | 225,000 |
TOTAL LIABILITIES |  |  | 70,000 |  |  |  | 225,000 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary shares (par value $0.001 per share; 44,000,000 Class A ordinary shares authorized as of June 30, 2020 and 2021; 11,021,834 and 12,086,923 Class A ordinary shares issued and outstanding as of June 30, 2020 and 2021 respectively; 6,000,000 Class B ordinary shares authorized, 5,763,077 Class B ordinary shares issued and outstanding as of June 30 2020 and 2021 respectively) * |  |  | 24,050 |  |  |  | 17,850 |
Subscription receivable |  |  | (15,441 | ) |  |  | (15,441 | )
Additional paid-in capital |  |  | 40,706,356 |  |  |  | 6,643,118 |
Retained earnings |  |  | 12,186,391 |  |  |  | 11,739,756 |
Accumulated other comprehensive (loss) income |  |  | 883,140 |  |  |  | 942,822 |
TOTAL SHAREHOLDERS’ EQUITY |  |  | 53,784,496 |  |  |  | 19,328,105 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 53,714,496 |  |  | $ | 19,553,105 |
* | Certain shares are presented on a retroactive basis to reflect the reorganization (see Note 13).
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME
|  | For the Six Months Ended December 31, |
|  | 2021 |  |  | 2020 |
General and administrative expenses |  | $ | 1,052,619 |  |  | $ | 234,000 |
Financial expenses |  |  | (43 | ) |  |  | 911 |
Loss from operation |  |  | 1,052,576 |  |  |  | 234,911 |
Other income: |  |  |  |  |  |  |  |
Share of income of subsidiaries, consolidated VIE and VIE’s subsidiaries |  |  | 1,499,211 |  |  |  | 2,437,070 |
Income before income tax expense |  |  | 446,635 |  |  |  | 2,202,159 |
Income tax expense |  |  |  |  |  |  | - |
Net income |  | $ | 446,635 |  |  | $ | 2,202,159 |
Other Comprehensive loss |  |  |  |  |  |  |  |
Foreign currency translation (loss) income |  |  | (59,682 | ) |  |  | 1,147,991 |
Total comprehensive income |  | $ | 386,953 |  |  | $ | 3,350,150 |
PARENT COMPANY STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|  | Ordinary shares |  |  | Subscription |  |  | Additional paid-in |  |  | Retained |  |  | Accumulated other comprehensive |  |  | Total Shareholders’ |
|  | Shares* |  |  | Amount |  |  | receivable |  |  | capital |  |  | earnings |  |  | (loss) income |  |  | Equity |
Balance as of June 30, 2019 |  |  | 13,425,911 |  |  | $ | 13,426 |  |  | $ | (13,426 | ) |  | $ | 2,142,518 |  |  | $ | 5,036,393 |  |  | $ | (141,346 | ) |  | $ | 7,037,565 |
Issuance of additional shares |  |  | 3,359,000 |  |  |  | 3,359 |  |  |  | (2,015 | ) |  |  | 3,671,227 |  |  |  | - |  |  |  | - |  |  |  | 3,672,571 |
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,435,821 |  |  |  | - |  |  |  | 2,435,821 |
Foreign currency translation adjustment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (226,235 | ) |  |  | (226,235 | )
Balance as of June 30, 2020 |  |  | 16,784,911 |  |  | $ | 16,785 |  |  | $ | (15,441 | ) |  | $ | 5,813,745 |  |  | $ | 7,472,214 |  |  | $ | (367,581 | ) |  | $ | 12,919,722 |
Acquisition of Non-controlling interests |  |  | 1,065,089 |  |  |  | 1,065 |  |  |  | - |  |  |  | 829,373 |  |  |  | - |  |  |  | (25,354 | ) |  |  | 805,084 |
Net income for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,267,542 |  |  |  | - |  |  |  | 4,267,542 |
Foreign currency translation adjustment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,335,757 |  |  |  | 1,335,757 |
Balance as of June 30, 2021 |  |  | 17,850,000 |  |  | $ | 17,850 |  |  | $ | (15,441 | ) |  | $ | 6,643,118 |  |  | $ | 11,739,756 |  |  | $ | 942,822 |  |  | $ | 19,328,105 |
Acquisition of Non-controlling interests |  |  | 6,200,000 |  |  |  | 6,200 |  |  |  | - |  |  |  | 34,063,238 |  |  |  | - |  |  |  | - |  |  |  | 34,069,438 |
Net income for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 446,635 |  |  |  | - |  |  |  | 446,635 |
Foreign currency translation adjustment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (59,682 | ) |  |  | (59,682 | )
Balance as of December 31, 2021 |  |  | 24,050,000 |  |  | $ | 24,050 |  |  | $ | (15,411 | ) |  | $ | 40,706,356 |  |  | $ | 12,186,391 |  |  | $ | 883,140 |  |  | $ | 53,784,496 |
* | Certain shares are presented on a retroactive basis to reflect the reorganization (see Note 13).
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | For the Six Months Ended December 31, |
|  | 2021 |  |  | 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net cash used in operating activities |  | $ | (1,207,576 | ) |  |  | (204,982 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Investment in a subsidiary |  |  | (7,081,000 | ) |  |  | (600,000 | )
Net cash used in investing activities |  |  | (7,081,000 | ) |  |  | (600,000 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Contribution from shareholders |  |  | 34,069,438 |  |  |  | - |
Payment for deferred offering costs |  |  | (528,221 | ) |  |  | (247,681 | )
Net cash provided by (used in) financing activities |  |  | 33,541,217 |  |  |  | (247,681 | )
Effect of exchange rate changes |  |  |  |  |  |  | - |
Net increase (decrease) in cash |  |  | 25,252,641 |  |  |  | (1,052,663 | )
Cash at beginning of period |  |  | 4,260 |  |  |  | 1,139,229 |
Cash at end of period |  | $ | 25,256,901 |  |  |  | 86,566 |

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- 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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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