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Restricted Net Assets (Tables) | 12 Months Ended
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Jun. 30, 2020
Disclosure Text Block Supplement [Abstract] |
Schedule of parent company condensed balance sheets |
|  | As of June 30, |
|  | 2020 |  |  | 2019 |
ASSETS |  |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 65,520 |  |  | $ | 78,406 |
Other current assets |  |  | 169,071 |  |  |  | 71 |
Total Current Assets |  |  | 234,590 |  |  |  | 78,476 |
Long-term equity investment |  |  | 273,573,440 |  |  |  | 406,084,910 |
Total long-term assets |  |  | 273,573,440 |  |  |  | 406,084,910 |
Total Assets |  | $ | 273,808,030 |  |  | $ | 406,163,387 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 214,520 |  |  | $ | 214,520 |
Amount due to related parties |  |  | 3,192,986 |  |  |  | 2,592,986 |
Other payables and accrued expenses |  |  | 7,594,602 |  |  |  | 6,800,194 |
Total Current Liabilities |  |  | 11,002,108 |  |  |  | 9,607,701 |
Stockholders’ Equity |  |  |  |  |  |  |  |
Common stock, $.001 par value, 115,197,165 shares authorized, 3,986,912 and 3,241,413 shares issued and outstanding as of June 30, 2020 and June 30, 2019, respectively |  |  | 6,350 |  |  |  | 3,987 |
Additional paid in capital |  |  | 155,455,332 |  |  |  | 138,012,445 |
Accumulated other comprehensive income |  |  | (34,264,089 | ) |  |  | (19,821,211 | )
Retained earnings |  |  | 141,608,329 |  |  |  | 278,360,465 |
Total Stockholders’ Equity |  |  | 262,805,922 |  |  |  | 396,555,686 |
Total Liabilities and Stockholders’ Equity |  | $ | 273,808,030 |  |  | $ | 406,163,387 |
Schedule of parent company condensed statements of operations |
|  | Year ended June 30, |
|  | 2020 |  |  | 2019 |
Revenue |  | $ | - |  |  | $ | - |
General and administrative expenses |  |  | 1,555,269 |  |  |  | 1,807,010 |
Interest income |  |  | 19 |  |  |  | 9 |
Provision for tax |  |  | - |  |  |  | - |
Equity investment in subsidiaries |  |  | (135,196,887 | ) |  |  | 13,397,397 |
Net income |  | $ | (136,752,136 | ) |  | $ | 11,590,395 |
Schedule of parent company condensed statements of cash flows |
Condensed Statements of Cash Flows |  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |
Net cash provided by (used in) operating activities |  | $ | (10,864,886 | ) |  | $ | (8,617,776 | )
Net cash provided by (used in) investing activities |  |  | - |  |  |  | - |
Net cash provided by (used in) financing activities |  |  | 10,852,000 |  |  |  | 8,679,230 |
Cash and cash equivalents, beginning balance |  |  | 78,405 |  |  |  | (29,103,559 | )
Cash and cash equivalents, ending balance |  | $ | 65,520 |  |  | $ | (29,042,104 | )

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