v3.22.4
Other Receivables, Net (Details) - Schedule of other receivables - USD ($)
Sep. 30, 2022
Jun. 30, 2022
Schedule of Other Receivables [Abstract]    
Advances to customers [1] $ 4,052,528 $ 3,943,547
Employee business advances 21,810 23,768
Total 4,074,338 3,967,315
Less: allowances for doubtful accounts (4,052,528) (3,942,258)
Other receivables, net $ 21,810 $ 25,057
[1] In fiscal year 2019 and 2020, the Company entered into certain contracts with customers (state-owned entities in China) 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 expire or the contracts are terminated by either party. 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, the Company had provided an allowance due to contract delay and recorded allowances of approximately $6.0 million as of June 30, 2021.