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Contract Liabilities
 12 Months Ended
Jun. 30, 2024
Contract Liabilities [Abstract]  
Contract liabilities

Note 10 — Contract liabilities

 

Contract liabilities consist of customer deposits, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer.

 

The following table presents the Company’s contract liabilities balances and changes therein:

 

  

For the
Year Ended
June 30,
2024

  

For the
Year Ended
June 30,
2023

 
Balance as of the beginning of the period  $27   $609,229 
Add: net increase in current period contract liabilities   649,450    27 
Less: revenue recognized from beginning contract liabilities   27    609,229 
Total contract liabilities as the end of the period  $649,450   $27