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Related party transactions
 9 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related party transactions

Note 12 – Related party transactions

 

On December 1, 2018, the Company acquired certain assets and assumed liabilities from BizRight, LLC, an entity owned and managed by the founders and officers of the Company and the purchase price was recorded as payable due to related parties. During the nine months ended March 31, 2021, the Company recorded proceeds of $532,222 and payments of $150,498, respectively. The Company had paid off the amount due to related party during the quarter ended June 30, 2021. The amount due to related parties was $0 as of March 31, 2022 and June 30, 2021.

 

Starting March 1, 2022, the Company subleases 50,000 square feet of its warehouse space to Box Harmony, LLC, which is a 40% owned joint venture of the Company as disclosed on Note 1 and Note 2 above. For the quarter ended March 31, 2022, the Company recorded sublease fee of $82,500 as other non-operating income. As of March 31, 2022, other receivables due from Box Harmony was 20,746.

 

On February 15, 2022, the Company assumed $97,476 of advance from shareholders of DHS through acquisition of Anivia. This amount was for capital injection pending capital inspection by the local government in accordance with the PRC rules. As of March 31, 2022, the balance of advance from shareholders was $97,476.