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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,207,334) $ (7,478,455)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization expense 402,342 393,168
Inventory reserve 222,755 74,998
Loss on equity method investment 1,826 7,328
Impairment loss - goodwill 0 3,060,034
Stock-based compensation expense 259,127 270,148
Non-cash operating lease expense (966) 30,023
Amortization of debt premium / discount and non-cash financing costs 107,452 107,349
Change in operating assets and liabilities    
Accounts receivable 2,305,710 5,785,530
Inventories 4,588,812 7,100,607
Deferred tax assets / liabilities (967,113) (1,788,694)
Prepayments and other current assets 1,278,027 1,729,990
Non-current prepayments 140,844 215,834
Other non-current assets 7,965 5,420
Accounts payable 686,843 2,607,691
Credit cards payable (25,869) (584,648)
Customer deposit (9,719) 95,260
Other payables and accrued liabilities (848,767) (3,844,758)
Income taxes payable 103,796 (8,617)
Net cash provided by operating activities 5,045,731 7,778,208
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (127,367)
Net cash used in investing activities 0 (127,367)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related parties 0 94,409
Payments to related parties 0 (82,500)
Proceeds from short-term loans - related party 2,000,000 31,385
Payment on investment payable 0 (1,500,000)
Payments on short-term loans - related party (1,000,000) 0
Payments on short-term loans (875,000) (906,385)
Proceeds from long-term loans 0 3,022,655
Payments on long-term loans (7,300,000) (6,200,000)
Net cash used in financing activities (7,175,000) (5,540,436)
EFFECT OF EXCHANGE RATE ON CASH (118,346) 64,773
CHANGES IN CASH (2,247,615) 2,175,178
CASH AND CASH EQUIVALENT, beginning of period 3,735,642 1,821,947
CASH AND CASH EQUIVALENT, end of period 1,488,027 3,997,125
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 0 55,000
Cash paid for interest 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Right of use assets acquired under new operating leases $ 632,732 $ 0