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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Jun. 30, 2024
Parent Company Only Condensed Financial Information [Abstract] |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
ASSETS |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |
Cash |  | $ | 10,711 |  |  | $ | 1,095,007 |
Digital assets, net |  |  | 140,586 |  |  |  | - |
Prepaid expenses and other current assets |  |  | 4,409,914 |  |  |  | 4,179,826 |
Due from subsidiaries and the VIE |  |  | 4,408,299 |  |  |  | 2,607,402 |
TOTAL CURRENT ASSETS |  |  | 8,969,510 |  |  |  | 7,882,235 |
Other non-current assets |  |  | - |  |  |  | 5,062,966 |
Investments in subsidiaries, consolidated VIE, and VIE’s subsidiaries |  |  | 6,372,217 |  |  |  | 13,821,695 |
TOTAL ASSETS |  |  | 15,341,727 |  |  |  | 26,766,896 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Other Payable |  | $ | 32,795 |  |  | $ | 31,600 |
TOTAL CURRENT LIABILITIES |  | $ | 32,795 |  |  | $ | 31,600 |
TOTAL LIABILITIES |  |  | 32,795 |  |  |  | 31,600 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary shares (par value $0.01 per share; 64,400,000 Class A ordinary shares authorized; 3,362,733 and 1,862,733 Class A ordinary shares issued and outstanding as of June 30, 2024 and 2023, respectively; 10,600,000 Class B ordinary shares authorized, 576,308 Class B ordinary shares issued and outstanding as of June 30, 2024 and 2023, 1,000,000 Class C ordinary shares authorized, nil Class C shares issued and outstanding as of June 30, 2024 and 2023)* |  |  | 39,390 |  |  |  | 24,050 |
Subscription receivable |  |  | (15,441 | ) |  |  | (15,441 | )
Additional paid-in capital |  |  | 42,459,143 |  |  |  | 40,174,260 |
Retained earnings |  |  | (25,468,546 | ) |  |  | (11,802,701 | )
Accumulated other comprehensive (loss) income |  |  | (1,705,614 | ) |  |  | (1,644,872 | )
TOTAL SHAREHOLDERS’ EQUITY |  |  | 15,308,932 |  |  |  | 26,735,296 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 15,341,727 |  |  | $ | 26,766,896 |
* | Retroactively restated to reflect 1-for-10 share consolidation effective on October 26, 2023
Schedule of Condensed Statements of Operations and Comprehensive Income (Loss) | Condensed Statements of Operations and Comprehensive Income (Loss)
|  | For the fiscal years ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 150,000 |  |  | $ | 257,169 |  |  | $ | - |
Cost of Revenue |  |  | 139,414 |  |  |  | 150,000 |  |  |  | - |
Gross profit |  | $ | 10,586 |  |  |  | 107,169 |  |  | $ | - |
Selling expenses |  |  | - |  |  |  | 125,000 |  |  |  | - |
General and administrative expenses |  | $ | 6,289,253 |  |  | $ | 1,128,970 |  |  | $ | 1,594,856 |
Financial expenses (income), net |  |  | (1,626 | ) |  |  | (1,452 | ) |  |  | (11,094 | )
Research and development expenses |  |  | - |  |  |  | 8,671,107 |  |  |  | - |
Loss from operation |  |  | (6,277,041 | ) |  |  | (9,816,456 | ) |  |  | (1,583,762 | )
Other loss |  |  | (69 | ) |  |  | (114,097 | ) |  |  |  |
Share of (loss) income of subsidiaries, consolidated VIE, and VIE’s subsidiaries |  |  | (6,130,017 | ) |  |  | (14,399,862 | ) |  |  | 2,371,720 |
(Loss) Income before income tax expenses |  |  | (12,407,127 | ) |  |  | (24,330,415 | ) |  |  | 787,958 |
Income tax expenses |  |  | - |  |  |  | - |  |  |  | - |
Net (loss) income |  | $ | (12,407,127 | ) |  | $ | (24,330,415 | ) |  | $ | 787,958 |
Other Comprehensive income (loss) |  |  | - |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (60,742 | ) |  |  | (1,713,891 | ) |  |  | (873,803 | )
Total comprehensive loss |  | $ | (12,467,869 | ) |  | $ | (26,044,306 | ) |  | $ | (85,845 | )
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|  | For the fiscal years ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (12,407,127 | ) |  | $ | (24,330,415 | ) |  | $ | (8,226,043 | )
Depreciation and amortization |  |  | - |  |  |  | 696,000 |  |  |  | - |
Impairment |  |  | 5,200,000 |  |  |  | - |  |  |  | - |
Equity loss of subsidiaries |  |  | 6,130,017 |  |  |  | 14,399,862 |  |  |  | - |
Other current assets |  |  | (370,674 | ) |  |  | 70,245 |  |  |  | - |
Other payable |  |  | (1,800,897 | ) |  |  | (58,565 | ) |  |  | - |
Due from subsidiaries and the VIE |  |  | 1,196 |  |  |  | (2,607,402 | ) |  |  | - |
Other non-current assets |  |  | (137,034 | ) |  |  | 8,440,200 |  |  |  | - |
Net cash used in operating activities |  | $ | (3,384,519 | ) |  | $ | (3,390,075 | ) |  | $ | (8,226,043 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Investment in a subsidiary |  |  | - |  |  |  | - |  |  |  | (11,050,252 | )
Purchase of intangible assets |  |  | - |  |  |  | - |  |  |  | (720,000 | )
Advance paid for agent license |  |  | - |  |  |  | (4,600,000 | ) |  |  | - |
Net cash used in investing activities |  |  | - |  |  |  | (4,600,000 | ) |  |  | (11,770,252 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of shares |  |  | 4,290,000 |  |  |  | - |  |  |  | 33,521,725 |
Payment for deferred offering costs |  |  | (1,989,777 | ) |  |  | - |  |  |  | (3,570,805 | )
Net cash provided by financing activities |  |  | 2,300,223 |  |  |  | - |  |  |  | 29,950,920 |
Effect of exchange rate changes |  |  | - |  |  |  | - |  |  |  | (873,803 | )
Net (decrease) increase in cash |  |  | (1,084,296 | ) |  |  | (7,990,075 | ) |  |  | 9,080,822 |
Cash at beginning of year |  |  | 1,095,007 |  |  |  | 9,085,082 |  |  |  | 4,260 |
Cash at end of year |  | $ | 10,711 |  |  | $ | 1,095,007 |  |  | $ | 9,085,082 |

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