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Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of VIEs consolidated financial statements

		September 30,				June 30,
		2020				2020
ASSETS
Current Assets
Cash and cash equivalents		$	667,378			$	712,301
Accounts receivable, net			36,848,525				33,727,918
Inventories			22,740,149				22,995,075
Other current assets			822,549				593,942
Related party receivable			160,895				66
Advances to suppliers			2,371,607				520,901
Total Current Assets			63,611,103				58,550,203
Plant, Property and Equipment, Net			8,594,747				8,513,395
Other assets			70,994				59,575
Intangible Assets, Net			9,600,971				9,391,626
Goodwill			2,611,885				2,510,745
Total Assets		$	84,489,700			$	79,025,544
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable			17,748,704				16,416,828
Customer deposits			610,086				86,430
Accrued expenses and other payables			7,584,304				6,996,544
Amount due to related parties			43,268,066				41,549,931
Total Current Liabilities		$	69,211,160			$	65,049,733
Total Liabilities		$	69,211,160			$	65,049,733
Stockholders’ equity			15,278,540				13,975,811
Total Liabilities and Stockholders’ Equity		$	84,489,700			$	79,025,544

		Three Months Ended September 30,
		2020				2019
Revenue		$	13,800,717			$	15,443,538
Expenses			13,695,080				11,420,496
Net income (loss)		$	105,637			$	4,023,042

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- References

No definition available.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-Name Accounting Standards Codification
-Topic 810
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-URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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