SCHEDULE OF OTHER CURRENT ASSETS |
Other
current assets, net consisted of the following:
SCHEDULE
OF OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Loans to third parties (1) | |
$ | 2,576,064 | | |
$ | 1,481,101 | |
Other receivables (2) | |
| 2,440,400 | | |
| 2,629,733 | |
Prepayment for business acquisition (3) | |
| - | | |
| 2,000,000 | |
Short-term deposit | |
| 44,841 | | |
| 37,015 | |
Prepaid expenses | |
| 2,101 | | |
| 1,629 | |
Subtotal | |
| 5,063,406 | | |
| 6,149,478 | |
Less: allowance for credit losses | |
| (2,503,102 | ) | |
| (3,287,793 | ) |
Less: other current assets, net, held for discontinued operations | |
| - | | |
| (34,643 | ) |
Other current assets, net, held for continuing operations | |
$ | 2,560,304 | | |
$ | 2,827,042 | |
|
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS |
Movement
of allowance for credit losses is as follows:
SCHEDULE
OF ALLOWANCE FOR DOUBTFUL ACCOUNTS
| |
March 31, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Beginning balance | |
$ | 3,287,793 | | |
$ | 2,545,565 | |
Acquisition of subsidiaries | |
| 35,990 | | |
| 14,504 | |
Charge to allowance | |
| 83,103 | | |
| 1,867,474 | |
Less: disposal of VIEs | |
| (605,786 | ) | |
| - | |
Less: write-off | |
| - | | |
| (964,509 | ) |
Foreign currency translation adjustments | |
| (297,998 | ) | |
| (175,241 | ) |
Ending balance | |
$ | 2,503,102 | | |
$ | 3,287,793 | |
|