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OTHER CURRENT ASSETS, NET (Tables)
 9 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
SCHEDULE OF OTHER CURRENT ASSETS

Other current assets, net consisted of the following:

  

March 31,

2023

  

June 30,

2022

 
         
Loans to third parties (1)  $4,074,779   $16,345,717 
Other receivables (2)   1,943,934    3,246,293 
Short-term deposit   947,746    164,261 
Prepaid expenses   21,239    20,872 
Subtotal   6,987,698    19,777,143 
Less: allowance for doubtful accounts   (4,532,183)   (2,545,565)
Total other current assets, net  $2,455,515   $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. Due to the impact from COVID-19, the Company did not receive repayments of loans to third parties according to the loan agreements, hence, the Company recorded allowance according to the Company’s accounting policy based on its best estimates. As of March 31, 2023 and June 30, 2022, the allowance for doubtful accounts was US$1,766,448 and US$384,915, respectively. Management will continue putting effort in collection of overdue loans to third parties.
   
2) Other receivable are mainly business advances to officers and staffs represent advances for business travel and sundry expenses.
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS

Movement of allowance for doubtful accounts is as follows:

  

March 31,

2023

  

June 30,

2022

 
         
Beginning balance  $2,545,565   $995,760 
Acquisition of Biowin   15,322    - 
Charge to expense   2,401,297    2,117,316 
Less: cessation of subsidiaries and disposal of VIE   -    (326,491)
Foreign currency translation adjustments   (430,001)   (241,020)
Ending balance  $4,532,183   $2,545,565