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Prepayments, Deposits and Other Assets, Net

12 Months Ended

Jun. 30, 2023

NOTE 5 – PREPAYMENTS, DEPOSITS AND OTHER ASSETS, NET

Prepayments, deposits and other assets, net consisted of the following:

	As of June 30,
	2023			2022
Prepaid expenses*	$	510,462		$	928,025
Contract assets		691,025			1,461,411
Advances and deposits to suppliers*		155,179			728,238
Deferred contract costs		114,400			714,127
Note receivables		280,223			187,916
Advances to employees		100,090			6,865
Government subsidies		-			437,288
Prepaid VAT		74,329			-
Less: allowance for credit loss		(7,316	)		-
Total		1,918,392			4,463,870
Less: non-current portion		(252,656	)		(248,456	)
Prepayments, deposits and other assets – current portion	$	1,665,736		$	4,215,414

*	Prepaid expenses, advances and deposits to suppliers primarily consists of advances and deposits to suppliers for purchasing goods or services that have not been received or provided.

The movement of the allowance for doubtful accounts is as follows:

	Fiscal Year
	2023			2022
Balance as of June 30, 2022	$	-		$	-
Adoption of ASU 2016-13		13,292			-
Recovery of doubtful accounts		(5,976	)		-
Balance as of June 30, 2023	$	7,316		$	-