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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (119,747,617) $ (136,752,136)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 3,814,131 4,698,482
Provision for losses on accounts receivable 80,998,759 118,362,520
Gain (Loss) on disposal of property, plant and equipment 1,597 38,223
Amortization of debt discount 41,707
Goodwill impairment 5,984,611 607,677
Inventories impairment 31,154,089 39,643,198
Change in fair value of derivative liability (17,736)
Changes in operating assets    
Accounts receivable (73,251,435) (82,782,877)
Amount due from related parties (41,651) (66)
Other current assets (765,594) (873,111)
Inventories 8,859,281 19,170,514
Advances to suppliers 45,786,780 (33,450,217)
Other assets 2,060,702 1,889,043
Changes in operating liabilities    
Accounts payable (1,229,630) (759,998)
Customer deposits (1,151,411) 1,016,311
Amount due to related parties 668,463  
Tax payables 2,142,145 355,567
Accrued expenses and other payables 1,837,263 2,590,822
Interest payable 25,593
Net cash used in operating activities (12,879,517) (66,196,484)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of plant, property, and equipment (268,800) (97,483)
Change in construction in process (207,380)
Net cash used in investing activities (476,180) (97,483)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the sale of common stock 14,000,000 10,252,000
Proceeds from loans 4,078,350 3,537,500
Repayment of loans (3,776,250) (3,537,500)
Repayment of convertible notes   (1,100,735)
Advance from related party 600,000
Net cash provided by financing activities 14,302,100 9,751,265
Effect of exchange rate change on cash and cash equivalents 5,712,763 (3,782,324)
Net increase (decrease) in cash and cash equivalents 6,659,166 (60,325,026)
Cash and cash equivalents, beginning balance 11,934,778 72,259,804
Cash and cash equivalents, ending balance 18,593,944 11,934,778
Supplement disclosure of cash flow information    
Interest paid 266,506 303,966
Income taxes paid 386,482 2,889,673
SUPPLEMENT NON-CASH ACTIVITIES    
Common stock issued to repay accrued expense 770,000 330,000
Convertible notes payments 6,863,250
Nonmonetary sales and purchases $ 43,763,144 $ 43,537,582