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Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,867,146 $ 1,130,649
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization expense 95,325 8,394
Inventory reserve 92,659 0
Credit loss reserve 70,000 189,206
PPP loan forgiven 0 (175,500)
Stock-based compensation expense 306,788 0
Amortization of debt issuance costs 113,016 0
Loss on equity method investment 12,289 0
Non-cash operating lease expense 181,781 86,321
Preferred stock warrant expense 0 8,047
Amortization of debt discount and non-cash financing costs 0 501,562
Change in fair value of warrants and conversion features 0 334,564
Change in operating assets and liabilities    
Accounts receivable (11,257,207) (2,214,794)
Inventories (9,437,854) (4,272,742)
Deferred tax liabilities (552,783) (52,947)
Prepayments and other current assets (2,502,967) (2,307,340)
Non-current prepayments 323,751 0
Other non-current assets (200,701) (99,395)
Accounts payable 2,401,872 2,765,091
Credit cards payable 161,274 (639,240)
Customer deposit (92,917) (113,221)
Other payables and accrued liabilities 2,584,973 (51,215)
Income taxes payable 73,286 116,483
Net cash used in operating activities (14,760,269) (4,786,077)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (41,420) (61,498)
Cash acquired on acquisition 268,828 0
Investment in joint venture (50,000) 0
Net cash provided by (used in) investing activities 177,408 (61,498)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related parties 0 532,222
Payments to related parties (20,746) (150,498)
Proceeds from short-term loans 1,604,292 22,414,846
Payments of financing fees (796,035) (120,000)
Payments on short-term loans (1,767,061) (21,691,308)
Proceeds from convertible notes 0 3,000,000
Proceeds from long-term loans 11,602,367 0
Payments on long-term loans (24,370) 0
Shares issued 0 359,000
Net cash provided by financing activities 10,598,447 4,344,262
EFFECT OF EXCHANGE RATE ON CASH (25,707) 0
CHANGES IN CASH (4,010,121) (503,313)
CASH AND CASH EQUIVALENT, beginning of year 6,651,705 977,635
CASH AND CASH EQUIVALENT, end of year 2,641,584 474,322
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 1,181,710 696,119
Cash paid for interest 0 109,656
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Shares issued for acquisition 5,528,373 0
Promissory note issued for acquisition 3,600,627 0
Investment payable for acquisition 1,500,000 0
Goodwill acquired in business acquisition 6,094,144 0
Deferred tax liabilities 1,389,113 0
Identifiable intangible assets acquired in business acquisition 5,172,956 0
Net assets acquired in business acquisition 751,015 0
Right of use assets acquired under new operating leases $ 7,780,766 $ 2,346,200