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Condensed Financial Information of the Parent Company (Tables)

6 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of 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

Schedule of 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

Schedule of 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

Schedule of 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