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Parent Company Only Condensed Financial Information
 12 Months Ended
Jun. 30, 2024
Parent Company Only Condensed Financial Information [Abstract]  
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
22.PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

 

The Company performed a test on the restricted net assets of its consolidated subsidiaries, the VIE, and the VIE’s subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

 

The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

 

As of June 30, 2024, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements.

 

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

 

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)

 

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