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Parent Company Only Condensed Financial Information
 12 Months Ended
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.