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SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($)
Mar. 31, 2023
Jun. 30, 2022
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
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) $ (995,760)
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.