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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,824,816) $ (20,033,826)
Net loss from discontinued operations, net of tax (3,135,237)
Net loss from continuing operations (7,824,816) (16,898,589)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 505,498 853,287
Loss from disposal of property and equipment 8,044
Provision for doubtful accounts 1,209,571 6,399,667
Provision for (reversal of) inventory reserve (15,067) 126,685
Stock written off due to natural disaster 668,088 1,303,312
Deferred tax benefit (33,089)
Loss from equity method investments 20,932 156,235
Amortization of right of use assets 591,665 817,395
Impairment loss on distribution rights 1,140,551
Impairment loss on an unconsolidated entity 149,790
Common stock issued for management and employees 1,016,444
Common stock issued for services 30,000
Amortization of debt issuance costs 579,664 1,142,215
Accrued interest expense for convertible notes 704,596 628,760
Accrued interest expenses due to related parties 14,332
Accrued interest income from related parties (248,205) (173,263)
Accrued interest income from third parties (119,978) (200,063)
Changes in operating assets and liabilities:    
Accounts receivable (404,988) (560,583)
Advances to suppliers 1,855,394 2,255,904
Inventories (604,596) (1,333,129)
Other current assets 1,015 (4,365,846)
Accounts payable (25,039) (75,613)
Advances from customers (233,231) (549)
Other payables and accrued expenses 93,023 2,378,307
Operating lease liabilities (595,964) (397,850)
Taxes payable (38,636) (110,129)
Net cash used in operating activities (2,853,387) (6,755,462)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of property and equipment (18,488) (310,121)
Proceeds from disposal of property and equipment 1,562
Payment made for loans to third parties (2,050,477) (12,200,000)
Repayments of loans to third parties 11,242,881
Payment made for loans to related parties (6,703,954)
Repayments of loans to related parties 217,691
Investment in unconsolidated entity (750,000)
Payment made for business acquisition (9,000,000)
Acquisition of subsidiaries, net of cash 621,979 112,070
Disposal of a VIE - Ankang, net of cash (12,669,913)
Net cash provided (used in) by investing activities 1,013,586 (32,520,356)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 432,657
Repayment of short-term bank loans (721,095)
Proceeds from issuance of common stock 1,609,978 7,481,203
Proceeds received from investors for subscription of common stock 1,164,815
Proceeds from (repayments of) advances from related parties (65,350) 748,515
Proceeds from issuance of convertible notes 17,000,000
Net cash provided by financing activities 2,421,005 25,229,718
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS (351,260) 499,127
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 229,944 (13,546,973)
CASH AND CASH EQUIVALENTS - Beginning of the period 15,165,231 29,024,394
CASH AND CASH EQUIVALENTS - End of the period 15,395,175 15,477,421
SUPPLEMENTAL NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
Issuance of common shares for convertible notes redemption 827,637 7,250,000
Issuance of common shares for proceeds received in prior year 5,000,000
Issuance of common shares for business acquisition 3,097,000
Right-of-use assets obtained in exchange for operating lease obligations 65,843 1,952,449
Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement 651,745 1,057,311
Repayments of loans to third parties offset by other payables $ 3,159,217