XML 83 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Accounts Receivable, Net
 12 Months Ended
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.