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Concentrations and Litigation | 6 Months Ended
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Dec. 31, 2020
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND LITIGATION | NOTE 14 – CONCENTRATIONS AND LITIGATION Market Concentration All the Company’s revenue-generating operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. Vendor and Customer Concentration There were two vendors from which the Company purchased more than 10% of its raw materials, with the total of 22.2% of its raw materials for the six months ended December 31, 2020. Total purchases from these vendors are $20,257,292 for the six-month period ended December 31, 2020. There was only one vendor which the Company purchased more than 10% of its raw materials, with the total of 10.4% of its raw materials for the six months ended December 31, 2019. Total purchases from this vendor are $3,534,955 for the six-month period ended December 31, 2019. No customer accounted for over 10% of the Company’s sales for the six months Ended December 31, 2020 and 2019. Litigation On June 5, 2020, an individual filed suit pro se (as in, representing oneself without an attorney) in the Southern District of Florida federal court alleging violations of the Securities Exchange Act. The Company believes the action is without merit and vigorously opposed it. The company has moved to dismiss the litigation and for attorney’s fees from the plaintiff. The motions are pending.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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