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Long-Term Investments
 12 Months Ended
Jun. 30, 2023
Long-Term Investments [Abstract]  
LONG-TERM INVESTMENTS

NOTE 10 – LONG-TERM INVESTMENTS

  

   As of June 30, 
   2023   2022 
Equity investments without readily determinable fair values        
Beijing UniDev Software Co., Ltd. (“UniDev”)  $232,924   $252,161 
Shenzhen Huaqin Robotics Co., Ltd. (“Huaqin Robotics”)   
-
    149,296 
Total equity investments without readily determinable fair values   232,924    401,457 
           
Equity method investments          
Fuson Group Limited (“Fuson”)   210,243    139,164 
Shanghai Shier Information Technology Co., Ltd. (“Shier”)   13,431    69,765 
Total equity method investments   223,674    208,929 
   $456,598   $610,386 

 

Equity investments without readily determinable fair values

 

The Company recognized an impairment loss of $32,744 for Huaqin Robotics for the year ended June 30, 2023 as “Other expenses” in the Consolidated Statements of Comprehensive (Loss)/Income. The investment was further disposed with no gains or losses recorded. There were no other downward adjustments (including impairment charges) or any upward adjustments recognized on equity investments without readily determinable fair value during any of the years presented

 

Equity method investments

 

On February 3, 2021, the Company purchased a 35% equity interest of Shier at a cash consideration of $83,228 (RMB 0.54 million).

 

On September 16, 2021, the Company purchased a 35.02% equity interest of Fuson at a cash consideration of $157,464 (HK$1.2 million).

 

The Company accounts for the investments in Shier and Fuson as equity method investments due to its significant influence over the entities.

 

The company recognized an impairment loss of $52,582 for Shier of for the year ended June 30, 2023 and an impairment loss of $102,155 of EMIT for the year ended June 30, 2022 as “Other expenses” in the Consolidated Statements of Comprehensive (Loss)/Income. No impairment loss was recorded for the year ended June 30, 2021.

 

The carrying amount of the equity method investments in excess of the Company’s proportionate interest was not material and recognized as equity method goodwill.

 

Selected financial information of the equity method investees are not presented as the effects were not material.