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OTHER CURRENT ASSETS | 3 Months Ended
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Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
OTHER CURRENT ASSETS | NOTE 7 – OTHER CURRENT ASSETS Other current assets consisted of the following: SCHEDULE OF OTHER CURRENT ASSETS
|  | September 30, 2022 |  |  | June 30, 2022 |
Loan to third parties (1) |  | $ | 2,373,854 |  |  | $ | 16,345,717 |
Other receivables (2) |  |  | 2,205,091 |  |  |  | 3,246,293 |
Short-term deposit |  |  | 1,066,520 |  |  |  | 164,261 |
Prepaid expenses |  |  | 14,897 |  |  |  | 20,872 |
Subtotal |  |  | 5,660,362 |  |  |  | 19,777,143 |
Less: allowance for doubtful accounts |  |  | 2,404,614 |  |  |  | 2,545,565 |
Total other current assets, net |  | $ | 3,255,748 |  |  | $ | 17,231,578 |
(1) | Loans to third-parties are mainly used for short-term funding to support the Company’s external business partners or employees of the Company. These loans bear interest or no interest and have terms of no more than one year. The Company periodically reviewed the loans to third parties as to whether their carrying values remain realizable. The Company believes that the risk associated with the above loans are relatively low based on the evaluation of the creditworthiness of these third-party debtors and the relationships with them. The loans to third-parties are expected to be paid in full by end of June 2023.
(2) | Other receivable are mainly business advances to officers and staffs represent advances for business travel and sundry expenses.
Movement of allowance for doubtful accounts is as follows: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS
|  | September 30, 2022 |  |  | June 30, 2022 |
Beginning balance |  | $ | 2,545,565 |  |  | $ | 995,760 |
Charge to (reversal of) expense |  |  | (22,093 | ) |  |  | 2,117,316 |
Less: cessation of subsidiaries and disposal of VIE |  |  | - |  |  |  | (326,491 | )
Foreign currency translation adjustments |  |  | (118,858 | ) |  |  | (241,020 | )
Ending balance |  | $ | 2,404,614 |  |  | $ | 2,545,565 |

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