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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Jun. 30, 2022
CURRENT ASSETS:    
Cash $ 1,109,834 $ 1,134,416
Restricted cash 5,303,533 1,817,607
Short-term investments 1,490
Notes receivable 18,000
Accounts receivable, net 76,690,246 76,020,296
Inventories, net 833,858 365,615
Advances to suppliers 1,608,941 6,613,280
Prepaid expenses and other current assets 1,341,201 2,432,913
TOTAL CURRENT ASSETS 86,887,613 88,403,617
Property and equipment, net 126,032 119,244
Right-of-use assets, net 862,852 692,571
Intangible assets, net 288,436 378,338
Other non-current assets 10,600 14,491
Deferred tax assets 305 24,751
TOTAL NON-CURRENT ASSETS 1,288,225 1,229,395
TOTAL ASSETS 88,175,838 89,633,012
CURRENT LIABILITIES:    
Short-term bank loans, net 14,022,523 11,760,387
Short-term borrowings- third-party loans 100,000
Accounts payable 51,127,328 59,558,743
Contract liabilities 1,671,353 3,651,700
Due to related parties 1,508,766 349,684
Taxes payable 2,932,137 2,675,002
Operating lease liabilities 524,698 232,221
Accrued expenses and other current liabilities 469,781 329,924
TOTAL CURRENT LIABILITIES 72,256,586 78,657,661
Operating lease liabilities 375,056 480,436
TOTAL NON-CURRENT LIABILITY 375,056 480,436
TOTAL LIABILITIES 72,631,642 79,138,097
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Ordinary shares value [1]
Additional paid-in capital 18,795,548 14,499,213
Statutory reserve 624,097 624,097
Accumulated deficit (5,334,300) (7,085,470)
Accumulated other comprehensive income(loss) (193,368) 1,044,856
TOTAL SHAREHOLDERS’ EQUITY 15,544,196 10,494,915
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 88,175,838 89,633,012
Class A Ordinary shares    
SHAREHOLDERS’ EQUITY    
Ordinary shares value 1,039,499 799,499
Class B Ordinary shares    
SHAREHOLDERS’ EQUITY    
Ordinary shares value $ 612,720 $ 612,720
[1] Retrospectively restated for effect of 1-for-4 reverse split on October 26, 2020 and 1-for-2 reverse split on August 8, 2022 of the ordinary shares, see Note 16.