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Accounts Receivable, Net | 12 Months Ended
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Jun. 30, 2024
Accounts Receivable, Net [Abstract] |
ACCOUNTS RECEIVABLE, NET |
4. | ACCOUNTS RECEIVABLE, NET
As of June 30, 2024 and 2023, accounts receivable consisted of the following:
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
Accounts receivable |  |  |  |  |  |
- third parties |  | $ | 34,334,313 |  |  | $ | 24,000,374 |
- related parties |  |  | 2,130,263 |  |  |  | - |
Less: allowance for credit losses |  |  |  |  |  |  |  |
- third parties |  |  | (12,160,121 | ) |  |  | (4,358,037 | )
- related parties |  |  | (1,513 | ) |  |  | - |
Accounts receivable, net |  | $ | 24,302,942 |  |  | $ | 19,642,337 |
An analysis of the allowance for credit losses for accounts receivable – third parties was as follows:
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of the year |  | $ | 4,358,037 |  |  | $ | 1,815,665 |
Adoption ASU 2016-13 |  |  | 1,258,718 |  |  |  | - |
Additional provision charged to expense |  |  | 8,312,150 |  |  |  | 2,795,662 |
Written-off |  |  | (1,575,814 | ) |  |  | - |
Decrease on disposal of a subsidiary |  |  | (137,592 | ) |  |  | - |
Foreign exchange |  |  | (55,378 | ) |  |  | (253,290 | )
Balance at the end of the year |  | $ | 12,160,121 |  |  | $ | 4,358,037 |
An analysis of the allowance for credit losses for accounts receivable – related parties was as follows:
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of the year |  | $ | - |  |  | $ | - |
Provision |  |  | 1,522 |  |  |  | - |
Foreign exchange |  |  | (9 | ) |  |  | - |
Balance at the end of the year |  | $ | 1,513 |  |  | $ | - |
The Company recorded expected credit loss of $8,313,672, $2,795,662, and $1,319,925, for the fiscal years ended June 30, 2024, 2023, and 2022, respectively.

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/326/tableOfContent + Details
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- References No definition available. + Details
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