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CONCENTRATIONS AND RISKS | 3 Months Ended
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Sep. 30, 2022
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND RISKS | NOTE 17 - CONCENTRATIONS AND RISKS The Company maintains principally all bank accounts in the PRC. The cash balance held in the PRC bank accounts was US$24,237,908 and US$15,164,950 as of September 30, 2022 and June 30, 2022, respectively. During the three months ended September 30, 2022 and 2021 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, 2022, four customers accounted for approximately 80% of the Company’s total sales. At September 30, 2022, three customers accounted for approximately 71% of the Company’s accounts receivable. For the three months ended September 30, 2021, four customers accounted for approximately 76% of the Company’s total sales. For the three months ended September 30, 2022, one vendor accounted for approximately 94% of the Company’s total purchases. For the three months ended September 30, 2021, one vendor accounted for approximately 94% of the Company’s total purchases.

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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 https://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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