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ACQUISITION (Tables)

3 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

SCHEDULE OF FAIR VALUE OF DISTRIBUTION RIGHTS AND ESTIMATED USEFUL LIVES

The fair value of distribution rights and its estimated useful lives from continuing operations are as follows:

 SCHEDULE OF FAIR VALUE OF DISTRIBUTION RIGHTS AND ESTIMATED USEFUL LIVES

		Preliminary Fair Value				Weighted Average Useful Life (in Years)
Distribution rights		$	1,101,871				0(a	)

(a) The distribution rights with no expiration date has been determined to have an indefinite life.

SUMMARIZES THE ALLOCATION OF ESTIMATED FAIR VALUES

The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:

 SUMMARIZES THE ALLOCATION OF ESTIMATED FAIR VALUES

Due from related party		$	108,296
Inventory			18,115,423
Other current assets			224,522
Right of use assets			1,127,130
Long-term investments and other non-current assets			166,107
Other payables and other current assets			(2,503,607	)
Operating lease liabilities			(1,013,492	)
Total purchase price for acquisition, net of US$112,070 of cash		$	16,224,379

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- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472

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