v3.21.2

Other Receivables, Net | 12 Months Ended
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Jun. 30, 2021
Receivables [Abstract] |
OTHER RECEIVABLES, NET | Note 5. OTHER RECEIVABLES, NET The Company’s other receivables are as follows:
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
Advances to customers* |  | $ | 6,025,670 |  |  | $ | 10,004,893 |
Employee business advances |  |  | 1,154 |  |  |  | 51,334 |
Total |  |  | 6,026,824 |  |  |  | 10,056,227 |
Less: allowances for doubtful accounts |  |  | (6,024,266 | ) |  |  | (10,005,193 | )
Other receivables, net – continuing operations |  | $ | 2,558 |  |  | $ | 51,034 |
| * | As of June 30, 2021 and 2020, the Company entered into certain contracts with customers (state-owned entities) where the Company’s services included freight costs and cost of commodities to be shipped to customers’ designated locations. The Company prepaid the costs of commodities and recognized as advance payments on behalf of its customers. These advance payments on behalf of the customers will be repaid to the Company when either the contract terms are expired or the contracts are terminated by the Company. As aforementioned customers were negatively impacted by the pandemic and required additional time to execute existing contracts, they required additional time to pay. Due to significant uncertainty on whether the delayed contracts will be executed timely. As such, the Company had provided an allowance due to contract delay and recorded allowances of approximately $10.0 million for the year ended June 30, 2020. For the year ended June 30, 2021, the Company recovered $4,786,814 of the reserved amount.
Movement of allowance for doubtful accounts are as follows:
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 10,005,193 |  |  | $ | - |
Provision (recovery) for doubtful accounts |  |  | (4,786,814 | ) |  |  | 10,055,203 |
Less: write-off |  |  | (11,665 | ) |  |  | (1,763 | )
Exchange rate effect |  |  | 817,550 |  |  |  | (48,247 | )
Ending balance |  | $ | 6,024,266 |  |  | $ | 10,005,193 |
For the year ended June 30, 2021 and 2020, the provision for doubtful accounts of other receivables was nil and $10,055,203, respectively. The Company recovered $4,786,814 and nil of other receivables for the years ended June 30, 2021 and 2020. For the years ended June 30, 2021 and 2020, the Company wrote off $11,665 and $1,763 of other receivables respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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