| Schedule of prepaid expenses and other current assets |
| | |
June 30, | | |
June 30, | |
| | |
2018 | | |
2017 | |
| | |
| | |
| |
| Consultant fees (1) | |
$ | - | | |
$ | 158,150 | |
| Advance to employees | |
| 355,294 | | |
| 64,160 | |
| Prepaid income taxes | |
| 800 | | |
| 41,891 | |
| Other (including prepaid insurance, rent, listing fees) | |
| 232,345 | | |
| 53,817 | |
| Deposit for leasehold improvement on IT infrastructure facility (2) | |
| 438,151 | | |
| - | |
| Total | |
| 1,026,590 | | |
| 318,018 | |
| Less: current portion | |
| (588,439 | ) | |
| (311,136 | ) |
| Total noncurrent portion | |
$ | 438,151 | | |
$ | 6,882 | |
| (1): | The Company entered into a management consulting services
agreement with a consulting company on November 12, 2015, pursuant to which the consulting company shall assist the Company with
its regulatory filings during the period from July 1, 2016 to June 30, 2018. In return for its services, as approved by the Board,
a total of $316,298 was paid to the consulting company. Consulting fees have been and will be ratably charged to expenses over
the terms of the above-mentioned agreements. The prepaid consulting fees had been fully amortized as of June 30, 2018 upon the
maturity of service period. |
| (2): | The Company paid a $438,151 deposit for leasehold improvements on its IT infrastructure facility including
upgrading the server room of its Shanghai office. The total project cost is approximately $615,000 and is expected to be completed
in October 2019. |
|