Note 6. ADVANCES TO SUPPLIERS
The Company’s advances to suppliers – third parties are
as follows:
| |
|
December 31, |
|
|
June 30, |
|
| |
|
2024 |
|
|
2024 |
|
| Freight fees (1) |
|
$ |
313,686 |
|
|
$ |
300,051 |
|
| Less: allowances for credit losses |
|
|
(300,000 |
) |
|
|
(300,000 |
) |
| Advances to suppliers-third parties, net |
|
$ |
13,686 |
|
|
$ |
51 |
|
| (1) | The advanced freight fee is the Company’s prepayment made for various shipping costs for shipments from January 1, 2024 to September 30, 2024. The Company provided an allowance of $300,000 for the year ended June 30, 2022, and there was no change in the fiscal year 2024 and for the three and six months ended December 31, 2024. |
|