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Condensed Financial Information of the Parent Company (Tables) | 6 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule of parent company balance sheets |
|  | As of December 31, |  |  | As of June 30, |
|  | 2022 |  |  | 2022 |
ASSETS |  |  |  |  |  |
Cash |  | $ | 241,839 |  |  | $ | 9,085,082 |
Prepaid expenses and other current assets |  |  | 4,250,000 |  |  |  | 4,250,071 |
Due from a related party |  |  | 3,500,072 |  |  |  | - |
TOTAL CURRENT ASSETS |  |  | 7,991,911 |  |  |  | 13,335,153 |
Intangible assets, net |  |  | 764,125 |  |  |  | 696,000 |
Other non-current assets |  |  | 13,351,509 |  |  |  | 8,903,166 |
Investments in subsidiaries, consolidated VIE and VIE’s subsidiaries |  |  | 25,068,096 |  |  |  | 29,919,831 |
TOTAL ASSETS |  |  | 47,175,641 |  |  |  | 52,854,150 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Other Payable |  | $ | 20,165 |  |  | $ | - |
Due to a related party |  |  |  |  |  |  | 90,165 |
TOTAL CURRENT LIABILITIES |  | $ | 20,165 |  |  | $ | 90,165 |
TOTAL LIABILITIES |  |  | 20,165 |  |  |  | 90,165 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary Shares (par value $0.001 per share;44,000,000 Class A Ordinary Shares authorized as of December 31, 2021 and 2022; 18,286,923 Class A Ordinary Shares issued and outstanding as of December 31, 2021 and 2022; 6,000,000 Class B Ordinary Shares authorized, 5,763,077 Class B Ordinary Shares issued and outstanding as of December 31, 2021 and 2022, respectively * |  |  | 24,050 |  |  |  | 24,050 |
Subscription receivable |  |  | (15,441 | ) |  |  | (15,441 | )
Additional paid-in capital |  |  | 40,157,723 |  |  |  | 40,158,643 |
Retained earnings |  |  | 7,813,333 |  |  |  | 12,527,714 |
Accumulated other comprehensive (loss) income |  |  | (824,189 | ) |  |  | 69,019 |
TOTAL SHAREHOLDERS’ EQUITY |  |  | 47,155,476 |  |  |  | 52,763,985 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 47,175,641 |  |  | $ | 52,854,150 |
* | Certain shares are presented on a retroactive basis to reflect the Reorganization (see Note 13).
Schedule of parent company statements of comprehensive income |
|  | For the Six Months Ended December 31, |
|  | 2022 |  |  | 2021 |
Selling expenses |  | $ | 36,000 |  |  | $ | - |
General and administrative expenses |  |  | 605,795 |  |  |  | 1,052,619 |
Financial expenses |  |  | 114,980 |  |  |  | (43 | )
Loss from operation |  |  | 756,775 |  |  |  | 1,052,576 |
Other income: |  |  |  |  |  |  |  |
Share of income of subsidiaries, consolidated VIE, and VIE’s subsidiaries |  |  | (3,957,606 | ) |  |  | 1,499,211 |
Income before income tax expense |  |  | (4,714,381 | ) |  |  | 446,635 |
Income tax expense |  |  |  |  |  |  |  |
Net income |  | $ | (4,714,381 | ) |  | $ | 446,635 |
Other Comprehensive loss |  |  |  |  |  |  |  |
Foreign currency translation (loss) income |  |  | (893,208 | ) |  |  | (59,682 | )
Total comprehensive income |  | $ | (5,607,589 | ) |  | $ | 386,953 |
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, 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 |
Issuance of Class A Ordinary Shares |  |  | 6,200,000 |  |  |  | 6,200 |  |  |  | - |  |  |  | 33,515,525 |  |  |  | - |  |  |  | - |  |  |  | 33,521,725 |
Net income for the period |  |  |  |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | 787,958 |  |  |  |  |  |  |  | 787,958 |
Foreign currency translation adjustment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (873,803 | ) |  |  | (873,803 | )
Balance as of June 30, 2022 |  |  | 24,050,000 |  |  | $ | 24,050 |  |  | $ | (15,441 | ) |  | $ | 40,158,643 |  |  | $ | 12,527,714 |  |  | $ | 69,019 |  |  | $ | 52,763,985 |
Acquisition of Non-controlling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (920 | ) |  |  | - |  |  |  | - |  |  |  | (920 | )
Net income for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,714,381 | ) |  |  | - |  |  |  | (4,714,381 | )
Foreign currency translation adjustment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (893,208 | ) |  |  | (893,208 | )
Balance as of December 31, 2022 |  |  | 24,050,000 |  |  | $ | 24,050 |  |  | $ | (15,441 | ) |  | $ | 40,157,723 |  |  | $ | 7,813,333 |  |  | $ | (824,189 | ) |  | $ | 47,155,476 |
* | Certain shares are presented on a retroactive basis to reflect the Reorganization (see Note 13).
Schedule of parent company statements of cash flows |
|  | For the Six Months Ended December 31, |
|  | 2022 |  |  | 2021 |
Net Income |  |  | (4,714,381 | ) |  |  | 446,635 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 36,875 |  |  |  | - |
Equity loss (income) of subsidiaries |  |  | 3,957,606 |  |  |  | (1,499,211 | )
Other non-current assets |  |  | (4,448,342 | ) |  |  | - |
Changes in operating assets and liabilities |  |  |  |  |  |  | - |
Other payable |  |  | (70,000 | ) |  |  | (155,000 | )
Due from a related party |  |  | (3,500,001 | ) |  |  | - |
Net cash used in operating activities |  | $ | (8,738,243 | ) |  |  | (1,207,576 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |
Investment in a subsidiary |  |  | - |  |  |  | (7,081,000 | )
Purchase of intangible assets |  |  | (105,000 | ) |  |  | - |
Net cash used in investing activities |  |  | (105,000 | ) |  |  | (7,081,000 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |
Contribution from shareholders |  |  | - |  |  |  | 34,069,438 |
Payment for deferred offering costs |  |  |  |  |  |  | (528,221 | )
Net cash provided by (used in) financing activities |  |  | - |  |  |  | 33,541,217 |
Net increase (decrease) in cash |  |  | (8,843,243 | ) |  |  | 25,252,641 |
Cash at the beginning of the period |  |  | 9,085,082 |  |  |  | 4,260 |
Cash at the end of the period |  | $ | 241,839 |  |  |  | 25,256,901 |

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