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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 1,751,170 $ 2,569,810
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 197,233 148,071
Loss (gain) from disposal of property and equipment 882 (2,296)
Amortization of right-of-use assets 381,795 41,968
(Reversal)/Provision for doubtful accounts (99,003) 30,187
Provision for inventory impairment 1,851
Amortization of share-based compensation 1,325,616 54,171
Amortization of debt issuance costs 102,783 197,366
Deferred income tax provision 23,465 5,994
Unrealized exchange gain (383,469) (172,794)
Loss from termination of the VIE agreements 205,249
Changes in operating assets and liabilities:    
Notes receivable 18,000
Accounts receivable (3,711,373) (9,211,978)
Inventories (495,580) 2,096,212
Advances to suppliers 5,004,076 30,759
Prepaid expenses and other current assets 315,056 622,011
Accounts payable (6,364,245) 5,179,267
Contract liabilities (1,832,960) (1,632,254)
Taxes payable 421,057 454,963
Operating Lease liabilities (392,422) (22,985)
Accrued expenses and other current liabilities (15,764) (455,171)
Net cash (used in) provided by operating activities (3,751,832) 138,550
Cash flows from investing activities:    
Purchase of property and equipment (81,913) (22,218)
Proceeds from disposal of property and equipment 3,096
Purchase of intangible assets (63,698) (9,669)
Purchase of short-term investments (4,125,704) (20,025,600)
Proceeds upon maturity of short-term investments 4,127,088 20,918,110
Net cash (used in) provided by investing activities (144,227) 863,719
Cash flows from financing activities:    
Proceeds from short-term bank loans 30,912,118 30,052,076
Repayments of short-term bank loans (27,708,103) (32,900,000)
Proceeds from loans payable to third-parties 660,000 962,239
Repayments from loans payable to third-parties (760,000) (1,232,239)
Proceeds from banker’s acceptance notes payable 1,500,000
Repayment of banker’s acceptance notes payable (1,500,035)
Proceeds from borrowings from related parties 5,540,543 940,300
Proceeds from sale of common stock, net of issuance costs 4,433,552
Payment for deferred IPO costs (231,355)
Repayment of related party borrowings (4,328,894) (1,086,860)
Net cash provided by (used in) financing activities 8,749,216 (3,495,874)
Effect of exchange rate fluctuation on cash and restricted cash (1,391,813) (1,362,562)
Net increase (decrease) in cash and restricted cash 3,461,344 (3,856,167)
Cash and restricted cash at beginning of year 2,952,023 6,808,190
Cash and restricted cash at end of year 6,413,367 2,952,023
Supplemental cash flow information    
Cash paid for income taxes (190,438) (151,055)
Cash paid for interest (567,915) (356,624)
Supplemental disclosure of non-cash investing and financing activities    
Right-of-use assets obtained in exchange for operating lease obligations $ 241,678 $ 732,993