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Disposal of Subsidiary | 3 Months Ended
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Sep. 30, 2023
Disposal of Subsidiary [Abstract] |
DISPOSAL OF SUBSIDIARY | NOTE 13 – DISPOSAL OF SUBSIDIARY On July 20, 2023, the Company’s shareholders decided to sell Zhangxun to a third party at a price of RMB 2 (US $0.28). There was no material transactions for Zhangxun for the period from July 1, 2023 through July 20, 2023, and for the purpose of complying with the Company’s monthly accounting cut-off date, the Company used Zhangxun’s financial statements as of June 30, 2023 as the date of disposal. The Company recorded $0.83 million gain on disposal of the subsidiary, which was the difference between the selling price of US$0.28 and the carrying value of the negative net assets of $2.35 million of the disposal entity, which includes $1.52 million of inter-company payables. The gain is calculated after netting off these inter-company receivables from Zhangxun of $1.52 million, due to uncertainty of the repayment from Zhangxun. The following table summarizes the carrying value of the assets and liabilities of Zhangxun at June 30, 2023.
Cash |  | $ | 34 |
Accounts receivable |  |  | 254,988 |
Other current assets |  |  | 50,406 |
Fixed assets, net |  |  | 10,012 |
Intangible assets, net |  |  | 344,629 |
Total assets |  |  | 660,069 |
Accounts payable |  |  | 530,260 |
Advance from customers |  |  | 94,126 |
Accrued liability and other payables |  |  | 749,156 |
Loan payables |  |  | 153,045 |
Total liabilities |  |  | 1,526,587 |
The following tables shows the results of operations relating to discontinued operations Zhangxun for the three months ended September 30, 2023 and 2022, respectively.
|  | THREE MONTHS ENDED SEPTEMBER 30, |
|  | 2023 |  |  | 2022 |
Revenues |  | $ | - |  |  | $ | 1,164,305 |
Cost of goods sold |  |  | - |  |  |  | 1,014,108 |
Gross profit |  |  | - |  |  |  | 150,197 |
Operating expenses |  |  |  |  |  |  |  |
Selling |  |  | - |  |  |  | 188,950 |
General and administrative |  |  | - |  |  |  | 165,485 |
Research and development |  |  | - |  |  |  | 156,704 |
Total operating expenses |  |  | - |  |  |  | 511,139 |
Loss from operations |  |  | - |  |  |  | (360,942 | )
Gain on disposal |  |  | 833,546 |  |  |  | 0 |
Other income, net |  |  | - |  |  |  | 23,880 |
Gain (loss) before income tax |  |  | 833,546 |  |  |  | (337,062 | )
Income tax |  |  | - |  |  |  | - |
Gain (loss) before noncontrolling interest |  |  | 833,546 |  |  |  | (337,062 | )
Less: loss attributable to noncontrolling interest |  |  | - |  |  |  | (101,759 | )
Net gain (loss) to the Company |  | $ | 833,546 |  |  | $ | (235,303 | )

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