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Non-current prepayments
6 Months Ended
Dec. 31, 2021
Non-current Prepayments  
Non-current prepayments

Note 6 – Non-current prepayments

 

Non-current prepayments included $1.06 million for product sourcing, marketing research and promotion, and other management advisory and consulting services to companies owned by an employee and minority shareholder and by relatives of a minority shareholder of the Company. The terms of these services are from two years to five years. In addition, there was a $84,425 down payment on a four-year car lease. As of December 31, 2021 and June 30, 2021, total non-current prepayments were $1,141,458 and $1,357,292, respectively. For the three and six months ended December 31, 2021, the Company recorded amortization expenses of $107,917 and $215,834, respectively. For the three and six months ended December 31, 2020, the Company recorded amortization expenses of $0.