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Prepayments and other current assets, net

3 Months Ended

Sep. 30, 2024

Prepayments And Other Current Assets Net

Prepayments and other current assets, net

Note 7 – Prepayments and other current assets, net

As of September 30, 2024 and June 30, 2024, prepayments and other current assets consisted of the following:

Schedule of prepayments and other current assets
		September 30, 2024				June 30, 2024
Advance to suppliers		$	1,953,093			$	1,567,528
Prepaid income taxes			16,687				31,496
Prepaid expenses and other receivables			839,134				747,510
Less: Allowance for credit losses			–				–
Total		$	2,808,914			$	2,346,534

Other receivables consisted of delivery fees of $2,786 and $3,995 from a third party for using the Company’s courier accounts at September 30, 2024 and June 30, 2024.

The changes in allowance for credit losses on other receivables are summarized below:

Schedule of changes in allowance for credit losses on other receivables
		Allowance for Credit Losses
Balance at June 30, 2023		$	249,128
Allowance recorded during the three months ended September 30, 2023			–
Balance at September 30, 2023		$	249,128
Balance at June 30, 2024		$	–
Allowance recorded during the three months ended September 30, 2024			–
Balance at September 30, 2024		$	–

During the year ended June 30, 2024, the Company collected $249,128 of aged other receivables and recorded a reduction of bad debts expense as a reversal of the allowance of credit loss.

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