ADVANCES TO SUPPLIERS, NET

9 Months Ended

Mar. 31, 2023

Advances To Suppliers Net

ADVANCES TO SUPPLIERS, NET

NOTE 6 – ADVANCES TO SUPPLIERS, NET

The advances to suppliers, net consisted of the following:

	March 31, 2023			June 30, 2022
Advances to suppliers	$	11,276,859		$	13,548,178
Less: allowance for doubtful accounts		(11,256,031	)		(13,544,627	)
Advance to suppliers, net	$	20,828		$	3,551

Advances to suppliers consist of mainly payments to suppliers for yew trees, as well as raw materials or products that have not been received.

Movement of allowance for doubtful accounts is as follows:

	March 31, 2023			June 30, 2022
Beginning balance	$	13,544,627		$	13,320,307
Acquisition of Biowin		60,038			-
Charge to (reversal of) expense		(1,853,183	)		4,938,064
Less: cessation of subsidiaries and disposal of VIE		-			(4,210,407	)
Foreign currency translation adjustments		(495,451	)		(503,337	)
Ending balance	$	11,256,031		$	13,544,627