OTHER CURRENT ASSETS

3 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER CURRENT ASSETS

NOTE 6 – OTHER CURRENT ASSETS

Other current assets include loans to third parties, deposits, advances to employees, prepaid expenses and others. During the three months ended September 30, 2021, the Company entered into a series of short-term loan agreements with the Company’s external business partners in an amount of US$12,703,315 for their working capital for six months to one year, with a maturity date of February 3, 2022, March 14, 2022 and September 18, 2022, respectively. The loans bore a fixed annual interest rate of 6.0% and 10.0%. The Company periodically reviewed the loans to third parties as to whether their carrying values remain realizable. The Company believes that the risk associated with the above loans are relatively low based on the evaluation of the creditworthiness of these third-party debtors and the relationships with them.

Movement of allowance for doubtful accounts is as follows:

	September 30, 2021		June 30, 2021
Beginning balance	$	635,502	$	452,471
Charge to expense		577,123		158,335
Less: cessation of subsidiaries and disposal of VIE		-		-
Foreign currency translation adjustments		22,488		24,696
Ending balance	$	1,235,113	$	635,502