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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,130,649 $ 797,946
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation expense 8,394 0
Non-cash operating lease expense 86,321 0
Credit loss expenses 189,206 0
PPP loan forgiven (175,500) 0
Preferred stock warrant expense 8,047 0
Amortization of debt discount and non-cash financing costs 501,562 0
Change in fair value of warrants and conversion features 334,564 0
Change in operating assets and liabilities    
Accounts receivable (2,214,794) (1,155,185)
Inventories (4,272,742) (2,129,274)
Deferred tax assets (52,947) 0
Prepayments and other current assets (2,307,340) 7,713
Other non current assets (99,395) 0
Accounts payable 2,765,091 1,886,144
Credit cards payable (639,240) 131,541
Customer deposit (113,221) 193,816
Other payables and accrued liabilities (51,215) 978,691
Income taxes payable 116,483 64,515
Net cash (used in) / provided by operating activities (4,786,077) 775,907
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (61,498) (6,252)
Net cash used in investing activities (61,498) (6,252)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related parties 532,222 1,203,170
Payments to related parties (150,498) (2,476,217)
Proceeds from short-term loans 22,414,846 11,757,178
Payments on short-term loans (21,691,308) (11,275,098)
Proceeds from convertible notes 3,000,000 0
Payments for financing cost (120,000) 0
Shares issued 359,000 427,010
Net cash provided by / (used in) financing activities 4,344,262 (363,957)
CHANGES IN CASH (503,313) 405,698
CASH AND CASH EQUIVALENT, beginning of year 977,635 471,458
CASH AND CASH EQUIVALENT, end of year 474,322 877,156
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 696,119 244,923
Cash paid for interest 109,656 43,519
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:    
Right of use assets acquired under new operating leases $ 2,346,200 $ 0