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Concentration of risk | 9 Months Ended
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Mar. 31, 2022
Risks and Uncertainties [Abstract] |
Concentration of risk | Note 17 - Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. As of March 31, 2022 and June 30, 2021, $2,641,584 and $6,651,705, respectively, were deposited with various major financial institutions in the United States and PRC. Accounts at each institution in the United States, are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. The Company had approximately $2.0 million and $5.4 million, respectively, in excess of the FDIC insurance limit, as of March 31, 2022 and June 30, 2021. Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposing the Company to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company maintains reserves for estimated credit losses, and such losses have generally been within expectations. The business of DHS, the Company’s VIE, may be impacted by Chinese economic conditions, changes in regulations and laws, and other uncertainties. Customer and vendor concentration risk For the nine months ended March 31, 2022 and 2021, Amazon Vendor and Amazon Seller customers accounted for 89% and 78% of the Company's total revenues, respectively. As of March 31, 2022 and June 30, 2021, accounts receivable from Amazon Vendor and Amazon Seller accounted for 92% and 98% of the Company’s total accounts receivable. For the nine months ended March 31, 2022 and 2021, two suppliers accounted for 27% (19% and 8%) and 28% (17% and 11%) of the Company's total purchases, respectively. As of March 31, 2022, accounts payable to three suppliers accounted for 44% (20%, 13% and 11%) of the Company’s total accounts payable. As of June 30, 2021, accounts payable to two suppliers accounted for 11% and 10% of the Company’s total accounts payable.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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