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Condensed financial information of the parent company (Tables) | 12 Months Ended
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Jun. 30, 2019
Condensed financial information of the parent company |
Statement of balance sheets of parent company |
|  | June 30, 2019 |  | June 30, 2018
ASSETS |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |
Intercompany receivables |  | $ | 6,623,561 |  | $ | 1,800,000
OTHER ASSETS |  |  |  |  |  |
Investment in subsidiary |  |  | 18,554,729 |  |  | 14,149,218
Total assets |  | $ | 25,178,290 |  | $ | 15,949,218
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |
Other payable – related parties |  | $ | 257,384 |  | $ | 74,131
Accrued expenses |  |  | 167,765 |  |  | 41,552
Intercompany payables |  |  | 227,927 |  |  | —
Total current liabilities |  |  | 653,076 |  |  | 115,683
Total liabilities |  |  | 653,076 |  |  | 115,683
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |
MEZZANINE EQUITY |  |  |  |  |  |
Ordinary shares, $0.01 par value, 0 and 725,000 shares issued and outstanding as of June 30, 2019 and 2018, respectively |  |  | — |  |  | 1,800,000
SHAREHOLDERS' EQUITY |  |  |  |  |  |
Ordinary shares, $0.01 par value, 50,000,000 shares authorized, 21,964,027 and 20,000,000 share issued and outstanding as of June 30, 2019 and 2018, respectively |  |  | 219,640 |  |  | 200,000
Additional paid-in capital |  |  | 11,031,937 |  |  | 4,655,943
Statutory reserves |  |  | 1,496,642 |  |  | 940,816
Retained earnings |  |  | 12,085,566 |  |  | 8,277,801
Accumulated other comprehensive loss |  |  | (308,571) |  |  | (41,025)
Total shareholders' equity |  |  | 24,525,214 |  |  | 14,033,535
Total liabilities and shareholders' equity |  | $ | 25,178,290 |  | $ | 15,949,218
Statement of income and comprehensive income of parent company |
|  | For the Years Ended June 30,
|  | 2019 |  | 2018 |  | 2017
OPERATING EXPENSES |  |  |  |  |  |  |  |  |
General and administrative |  | $ | (309,466) |  | $ | (115,683) |  | $ | —
LOSS FROM OPERATIONS |  |  | (309,466) |  |  | (115,683) |  |  | —
EQUITY INCOME OF SUBSIDIARY |  |  | 4,673,057 |  |  | 3,883,792 |  |  | 2,454,874
NET INCOME |  |  | 4,363,591 |  |  | 3,768,109 |  |  | 2,454,874
FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  | (267,546) |  |  | 133,553 |  |  | (135,663)
COMPREHENSIVE INCOME |  | $ | 4,096,045 |  | $ | 3,901,662 |  | $ | 2,319,211
Statement of cash flows of parent company |
|  | For the Years Ended June 30,
|  | 2019 |  | 2018 |  | 2017
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income |  | $ | 4,363,591 |  | $ | 3,768,109 |  | $ | 2,454,874
Adjustments to reconcile net income to cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |
Equity income of subsidiary |  |  | (4,673,057) |  |  | (3,883,792) |  |  | (2,454,874)
Change in operating assets and liabilities |  |  |  |  |  |  |  |  |
Other payable – related parties |  |  | 183,253 |  |  | 74,131 |  |  | —
Accrued expenses |  |  | 126,213 |  |  | 41,552 |  |  | —
Net cash (used in) provided by operating activities |  |  | — |  |  | — |  |  | —
CHANGES IN CASH |  |  | — |  |  | — |  |  | —
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year |  |  | — |  |  | — |  |  | —
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year |  | $ | — |  | $ | — |  | $ | —

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