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Condensed Financial Information of the Parent Company (Tables)

6 Months Ended

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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Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

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-Name Regulation S-X (SX)
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-Name Accounting Standards Codification
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