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OTHER CURRENT ASSETS
 3 Months Ended
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:

 

   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:

 

   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