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Discontinued Operations (Tables) | 12 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of discontinuation of Xindeguo and Xinyulei |
Working Capital |  | $ | (1,135,366 | )
Intangible Assets |  |  | 28,050 |
Long-term equity investment |  |  | 139,320 |
Goodwill |  |  | 1,257,784 |
Total Asset |  |  | 288,898 |
Working Capital |  | $ | 2,930,551 |
Intangible assets |  |  | 23,890 |
Goodwill |  |  | 316,200 |
Total Asset |  | $ | 3,270,641 |
Schedule of purchase consideration of shareholders |
Cash |  | $ | 286,380 |
Total Payback |  | $ | 286,380 |
Net Gain (Loss) |  |  | (2,518 | )
Cash |  | $ | 3,781,764 |
Total Payback |  | $ | 3,781,764 |
Net Gain (Loss) |  |  | 511,123 |
Schedule of discontinued operation of balance sheet and operations |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 26,426 |  |  | $ | 96,185 |
Accounts receivable, net |  |  | 4,905,066 |  |  |  | 6,641,255 |
Inventories |  |  | 2,896,198 |  |  |  | 512,441 |
Other current assets |  |  | 1,392,245 |  |  |  | 159,165 |
Related party receivable |  |  | 0 |  |  |  | 0 |
Advances to suppliers |  |  | 390,656 |  |  |  | 79,095 |
Total Current Assets |  |  | 9,610,591 |  |  |  | 7,488,141 |
Plant, Property and Equipment, Net |  |  | 0 |  |  |  | 14,780 |
Other assets |  |  | 139,320 |  |  |  | 152,820 |
Intangible Assets, Net |  |  | 51,940 |  |  |  | 112,575 |
Goodwill |  |  | 1,573,984 |  |  |  | 1,438,751 |
Total Assets |  | $ | 11,375,835 |  |  | $ | 9,207,067 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,235,297 |  |  | $ | 445,059 |
Customer deposits |  |  | 595,528 |  |  |  | 15,701 |
Accrued expenses and other payables |  |  | 5,985,470 |  |  |  | 4,390,475 |
Amount due to related parties |  |  | 0 |  |  |  | 0 |
Total Current Liabilities |  |  | 7,816,295 |  |  |  | 4,851,235 |
Total Liabilities |  | $ | 7,816,295 |  |  |  | 4,851,235 |
Stockholders’ equity |  |  | 3,559,540 |  |  |  | 4,355,832 |
Total Liabilities and Stockholders’ Equity |  | $ | 11,375,835 |  |  | $ | 9,207,067 |
|  | Years Ended June 30, |
|  | 2021 |  |  | 2020 |
Revenue |  | $ | 8,519,069 |  |  | $ | 19,815,384 |
Cost of goods sold |  |  | 7,053,703 |  |  |  | 17,119,372 |
Selling expenses |  |  | 297,449 |  |  |  | 344,185 |
General and administrative expenses |  |  | 2,260,980 |  |  |  | (1,397,894 | )
Other income (expense) |  |  | 125 |  |  |  | (34 | )
Income before provision (benefit) from income taxes |  |  | (1,092,938 | ) |  |  | 3,749,687 |
Provision (benefit) for income taxes |  |  | 83,560 |  |  |  | 240,941 |
(Loss) income from discontinued operations, net of taxes |  | $ | (1,176,498 | ) |  | $ | 3,508,746 |

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