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Parent Company Only Condensed Financial Information | 12 Months Ended
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Jun. 30, 2023
Parent Company Only Condensed Financial Information [Abstract] |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | NOTE 22 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets
|  | As of June 30, |
|  | 2023 |  |  | 2022 |
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,044,647 |  |  | $ | 115,901 |
Amounts due from subsidiaries |  |  | 24,717,918 |  |  |  | 22,776,226 |
Prepayments, deposits and other assets, net |  |  | 37,919 |  |  |  | 378,836 |
Total Current Assets |  |  | 25,800,484 |  |  |  | 23,270,963 |
Non-Current assets: |  |  |  |  |  |  |  |
Investments in subsidiaries |  |  | 46,369,097 |  |  |  | 50,416,453 |
Total Assets |  | $ | 72,169,581 |  |  | $ | 73,687,416 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Other payable |  |  | 32 |  |  |  | - |
Amounts due to subsidiaries |  |  | 7,588,546 |  |  |  | 7,134,543 |
Total Current Liabilities |  |  | 7,588,578 |  |  |  | 7,134,543 |
Total Liabilities |  | $ | 7,588,578 |  |  | $ | 7,134,543 |
Shareholders’ Equity |  |  |  |  |  |  |  |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 23,650,122 shares issued and outstanding as of June 30, 2023; 22,444,822 shares issued and outstanding as of June 30, 2022* |  |  | 2,365 |  |  |  | 2,244 |
Additional paid-in capital |  |  | 58,183,383 |  |  |  | 55,705,209 |
Accumulated retained earnings |  |  | 10,385,849 |  |  |  | 11,395,668 |
Accumulated other comprehensive loss |  |  | (3,990,594 | ) |  |  | (550,248 | )
Total Shareholders’ Equity |  |  | 64,581,003 |  |  |  | 66,552,873 |
Total Liabilities and Shareholders’ Equity |  | $ | 72,169,581 |  |  | $ | 73,687,416 |
Condensed statements of comprehensive (loss)/ income
|  | For the years ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
General and administrative expenses |  | $ | (3,308,445 | ) |  | $ | (7,640,065 | ) |  | $ | (6,267,334 | )
Share of profit in subsidiaries, net (Note a) |  |  | 3,023,065 |  |  |  | 12,060,619 |  |  |  | 13,202,527 |
Other income |  |  | 477,909 |  |  |  | 34,874 |  |  |  | 6,365 |
Other expenses |  |  | - |  |  |  | - |  |  |  | (124,986 | )
Income before income tax |  |  | 192,529 |  |  |  | 4,455,428 |  |  |  | 6,816,572 |
Provision for income tax |  |  | - |  |  |  | - |  |  |  | - |
Net income |  |  | 192,529 |  |  |  | 4,455,428 |  |  |  | 6,816,572 |
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |
Foreign currency translation (loss) gain |  | $ | (3,440,346 | ) |  | $ | (1,780,331 | ) |  | $ | 2,592,748 |
Comprehensive (loss) income |  | $ | (3,247,817 | ) |  | $ | 2,675,097 |  |  | $ | 9,409,320 |
Condensed statements of cash flows
|  | For the years ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net cash provided by (used in) operating activities |  | $ | 1,412,346 |  |  | $ | (20,091,683 | ) |  | $ | (2,107,118 | )
Net cash (used in) provided by financing activities |  |  | (404,150 | ) |  |  | 7,395,038 |  |  |  | 14,799,107 |
Effect of exchange rate changes on cash |  |  | (79,450 | ) |  |  | (162,861 | ) |  |  | 101,905 |
Net increase (decrease) in cash and cash equivalents |  |  | 928,746 |  |  |  | (12,859,506 | ) |  |  | 12,793,894 |
Cash and cash equivalents, at the beginning of the year |  | $ | 115,901 |  |  | $ | 12,975,407 |  |  | $ | 181,513 |
Cash, cash equivalents at the end of the year |  | $ | 1,044,647 |  |  | $ | 115,901 |  |  | $ | 12,975,407 |
(a) Basis of presentation In the Company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323. Such investments are presented on the balance sheets as “Investments in subsidiaries” and share of the subsidiaries’ profit or loss are shown as “Share of profit in subsidiaries, net” on the statements of comprehensive (loss) income. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Company’s consolidated financial statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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