v3.21.1
Other Receivables, Net (Details) - Schedule of other receivables - USD ($)
Mar. 31, 2021
Jun. 30, 2020
Sep. 30, 2019
Schedule of other receivables [Abstract]      
Advances to customers [1] $ 11,240,510 $ 10,004,893  
Employee business advances 592 51,334  
Total 11,241,102 10,056,227  
Less: allowances for doubtful accounts (10,660,834) (10,005,193)
Other receivables, net $ 580,268 $ 51,034  
[1] As of March 31, 2021 and June 30, 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 $11.0 million. For the three and nine months ended March 31, 2021, the recovery of such allowances amounted to $94,046 and $124,216, respectively. On December 1, 2020, the Company entered into a freight logistics services and import contract with a third party for equipment import. Per contract term, the Company will act as their freight carriers and in charge the import matter of such equipment. The Company agreed to pay a deposit of $580,000 which is based on 20% of the total carrying value of equipment on behalf of customer to secure the equipment. The advance will be repaid to the Company when the contract is fulfilled in around June 2021.