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Accounts Payable
 12 Months Ended
Jun. 30, 2023
Accounts Payable [Abstract]  
ACCOUNTS PAYABLE

NOTE 12 — ACCOUNTS PAYABLE

The Company’s accounts payable (“AP”) primarily include balance due to suppliers for purchase of electronic components products. The June 30, 2022 accounts payable balance has been fully settled. Approximately 70.7% of the accounts payable balance as of June 30, 2023 has been settled as of the date the Company’s interim financial statements for the year ended June 30, 2023 were issued.

The following table summarizes the Company’s outstanding accounts payable and subsequent settlement by aging bucket:

 

Balance as of
June 30,
2023

  

Subsequent
settlement

  

% of
collection

Accounts payable aged less than 6 months

  

$

50,049,201

  

$

35,071,648

  

70.1

%

Accounts payable aged from 7 to 12 months

  

 

1,078,127

  

 

1,078,127

  

100.0

%

Total accounts payable

  

$

51,127,328

  

$

36,149,775

  

70.7

%
 

Balance as of
June 30,
2022

  

Subsequent
settlement

  

% of
collection

Accounts payable aged less than 6 months

  

$

59,541,103

  

$

59,541,103

  

100.0

%

Accounts payable aged from 7 to 12 months

  

 

17,640

  

 

17,640

  

100.0

%

Total accounts payable

  

$

59,558,743

  

$

59,558,743

  

100.0

%