XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.0.1
Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,685,389 $ 1,337,472
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation expense 8,894 4,869
Inventory reserve 55,958
Credit loss reserve 70,000 0
Stock-based compensation expense 157,489 0
Amortization of debt issuance costs 44,203 0
Non-cash operating lease expense (11,425) 27,567
Preferred stock warrant expense 0 8,047
Change in operating assets and liabilities    
Accounts receivable (7,727,169) (416,040)
Inventories (6,898,717) (3,003,928)
Prepayments and other current assets (2,111,371) (1,522,806)
Non-current prepayments 215,834 0
Other non-current assets (229,599) (96,930)
Accounts payable 604,965 1,463,175
Credit cards payable (34,001) (48,702)
Customer deposit (69,246) (66,658)
Other payables and accrued liabilities 2,412,063 325,024
Income taxes payable (416,310) 521,843
Net cash used in operating activities (12,243,043) (1,467,067)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (56,424) (55,751)
Net cash used in investing activities (56,424) (55,751)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related parties 0 157,624
Payments to related parties 0 (120,498)
Proceeds from short-term loans 1,604,292 15,100,625
Payments of financing fees (796,035)
Payments on short-term loans (1,767,061) (14,407,495)
Payments on long-term loans (17,059) 0
Proceeds from long-term loan 7,715,383 0
Shares issued 0 359,000
Net cash provided by financing activities 6,739,520 1,089,256
CHANGES IN CASH (5,559,947) (433,562)
CASH AND CASH EQUIVALENT, beginning of year 6,651,705 977,635
CASH AND CASH EQUIVALENT, end of year 1,091,758 544,073
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 1,082,000 0
Cash paid for interest 0 49,538
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:    
Right of use assets acquired under new operating leases $ 0 $ 2,346,200