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Other Non-Current Assets
 12 Months Ended
Jun. 30, 2024
Other Non-Current Assets [Abstract]  
OTHER NON-CURRENT ASSETS
10.OTHER NON-CURRENT ASSETS

 

   As of June 30, 
   2024   2023 
Equity investment   54,289    41,372 
Prepayment of brand authorization   4,600,000    4,600,000 
Prepaid consulting fees or other expenses   16,430    462,967 
Security deposit   -    16,260 
Other long-term receivables   195,477    - 
   $4,866,196   $5,120,599 
Impairment   (4,600,000)   - 
Other non-current assets   266,196    5,120,599 

 

As of June 30, 2024, other non-current assets mainly consisted of the prepayment for brand authorization in the amount of $4,600,000. It included the payment to Wanyee Trading Company Limited and LiheTrading Limited for negotiating with the brand owner of “Stussy” and “fear of god” for acting as an agent for these brands in mainland China. As the recoverability of the prepayment is doubtful, the Company made full impairment against the cost. The equity investment as of June 30, 2024 represented the equity investment in Junpu Jiyuan of $26,650 and Xiamen Hualiu Boying Film & Media Co., Ltd of $27,639.  

 

As of June 30, 2023, other non-current assets mainly consisted of the prepayment for brand authorization in the amount of $4,600,000. It included the payment to Wanyee Trading Company Limited and LiheTrading Limited for negotiating with the brand owner of “Stussy” and “fear of god” for acting as an agent for these brands in mainland China.