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CONCENTRATIONS AND RISKS | 3 Months Ended
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Sep. 30, 2024
Risks and Uncertainties [Abstract] |
CONCENTRATIONS AND RISKS | NOTE 17 - CONCENTRATIONS AND RISKS The Company maintains principally all bank accounts in the PRC. The cash balance held in the PRC bank accounts was US$205,601 and US$336,776 as of September 30, 2024 and June 30, 2024, respectively. During the three months ended September 30, 2024 and 2023, almost 100% of the Company’s assets were located in the PRC and 100% of the Company’s revenue was derived from its subsidiaries and VIEs located in the PRC. For the three months ended September 30, 2024, two customers accounted for approximately 33% of the Company’s total sales from the continuing operations. As of September 30, 2024, one customer accounted for approximately 89% of the Company’s accounts receivable. For the three months ended September 30, 2023, two customers accounted for approximately 26% of the Company’s total sales from the continuing operations. For the three months ended September 30, 2024, one vendor accounted for approximately 10.4% of the Company’s total purchases from the continuing operations. For the three months ended September 30, 2023, one vendor accounted for approximately 18% of the Company’s total purchases from the continuing operations.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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