XML 86 R14.htm IDEA: XBRL DOCUMENT

Prepaid Expenses and Other Current Assets

12 Months Ended

Jun. 30, 2024

Prepaid Expenses and Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

7.	PREPAID EXPENSES AND OTHER CURRENT ASSETS

As of June 30, 2024 and 2023, prepaid expenses and other current assets consisted of the following:

	As of June 30,
	2024			2023
Deferred costs ⁽¹⁾	$	1,258,916		$	683
Prepaid tax		650,237			-
Prepaid expenses		44,760			-
Other receivables		102,256			109,100
		2,056,169			109,783
Allowance for credit losses ⁽²⁾		(30,349	)		(13,791	)
	$	2,025,820		$	95,992

An analysis of the allowance for credit losses was as follows:

	As of June 30,
	2024			2023
Balance at beginning of the year	$	13,791		$	14,930
Provision		16,685			-
Foreign exchange		(127	)		(1,139	)
Balance at the end of the year	$	30,349		$	13,791

(1)

Deferred costs represent the costs incurred to fulfill a contract with a customer which relates directly to a contract that the Company can specifically identify, generate, or enhance resources of the Company that will be used in satisfying performance obligations in the future as well as are expected to be recovered.

As of June 30, 2023, deferred costs primarily consisted of costs paid by the Company in advance to various vendors for the events and performances to be carried out subsequently in July and December 2023.

As of June 30, 2024, deferred costs primarily consisted of costs paid by the Company in advance to various vendors for the events and performances to be carried out subsequently in July 2024.

(2)	The Company recorded credit loss of $16,685, nil, and negative $12,407 for other receivables for the fiscal years ended June 30, 2024, 2023, and 2022, respectively.