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Concentrations and Risks | 3 Months Ended
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Sep. 30, 2019
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND RISKS | NOTE 14 - CONCENTRATIONS AND RISKS The Company maintains principally all bank accounts in the PRC. The cash balance held in the PRC bank accounts was US$ 37,591,678 and US$ 35,311,106 as of September 30, 2019 and June 30, 2019, respectively. During the three months ended September 30, 2019 and 2018, almost 100% of the Company's assets were located in the PRC and 100% of the Company's revenues were derived from its subsidiaries and VIEs located in the PRC. For the three months ended September 30, 2019, five customers accounted for approximately 14%, 12%, 11%, 10% and 10% of the Company's total sales, respectively. At September 30, 2019, two customers accounted for approximately 39% of the Company's accounts receivable. For the three months ended September 30, 2018, five customers accounted for approximately 14%, 14%, 14%, 12% and 11% of the Company's total sales, respectively. For the three months ended September 30, 2019, three vendors accounted for approximately 36%, 16% and 12% of the Company's total purchases, respectively. For the three months ended September 30, 2018, three vendors accounted for approximately 38%, 14% and 11% of the Company's total purchases, respectively.

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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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