TAXES (Tables)
|
9 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF INCOME TAX BENEFIT |
i)
The components of the income tax provision (benefit) were as follows:
SCHEDULE OF INCOME TAX BENEFIT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the nine months ended March 31, | | |
For the three months ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Current income tax provision | |
$ | 5,744 | | |
$ | - | | |
$ | 5,744 | | |
$ | - | |
Deferred income tax provision (benefit) | |
| (465,783 | ) | |
| (33,089 | ) | |
| 492,145 | | |
| (33,089 | ) |
Less: income tax provision, held for discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | |
Income tax provision (benefit), held for continuing operations | |
$ | (460,039 | ) | |
$ | (33,089 | ) | |
$ | 497,889 | | |
$ | (33,089 | ) |
|
SCHEDULE OF FINANCIAL BASIS AND TAX BASIS OF ASSETS AND LIABILITIES |
ii)
The components of the deferred tax liability were as follows:
SCHEDULE OF FINANCIAL BASIS AND TAX BASIS OF ASSETS AND LIABILITIES
| |
March 31, 2024 | | |
June 30, 2023 | |
Deferred tax assets: | |
| | | |
| | |
Allowance for credit loss/doubtful accounts | |
$ | 577,553 | | |
$ | 1,360,693 | |
Inventory reserve | |
| 1,532 | | |
| 281,237 | |
Net operating loss carry-forwards | |
| 1,710,650 | | |
| 1,223,159 | |
Total | |
| 2,289,735 | | |
| 2,865,089 | |
Valuation allowance | |
| (1,884,763 | ) | |
| (2,471,066 | ) |
Total deferred tax assets | |
| 404,972 | | |
| 394,023 | |
Deferred tax liability: | |
| | | |
| | |
Intangible assets | |
| (10,542,990 | ) | |
| (1,810,615 | ) |
Total deferred tax liability | |
| (10,542,990 | ) | |
| (1,810,615 | ) |
Deferred tax liability, net | |
| (10,138,018 | ) | |
| (1,416,592 | ) |
Less: deferred tax liability, net, held for discontinued operations | |
| - | | |
| - | |
Deferred tax liability, net, held for continuing operations | |
$ | (10,138,018 | ) | |
$ | (1,416,592 | ) |
|
SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE |
Movement
of the valuation allowance:
SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE
| |
March 31, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Beginning balance | |
$ | 2,471,066 | | |
$ | 2,543,366 | |
Acquisition of subsidiaries | |
| 155,452 | | |
| 376,085 | |
Disposal of Tenet Jove | |
| (2,407,610 | ) | |
| - | |
Current year addition (reduction) | |
| 1,654,403 | | |
| (252,836 | ) |
Exchange difference | |
| 11,452 | | |
| (195,549 | ) |
Ending balance | |
| 1,884,763 | | |
| 2,471,066 | |
Less: valuation allowance, held for discontinued operations | |
| - | | |
| (2,396,504 | ) |
Valuation allowance, held for continuing operations | |
$ | 1,884,763 | | |
$ | 74,562 | |
|
SCHEDULE OF TAXES PAYABLE |
Taxes
payable consisted of the following:
SCHEDULE OF TAXES PAYABLE
| |
March 31, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Income tax payable | |
$ | 1,236,597 | | |
$ | 1,048,188 | |
Value added tax payable | |
| 240,403 | | |
| 46,451 | |
Business tax and other taxes payable | |
| 832 | | |
| 3,834 | |
Total tax payable | |
| 1,477,832 | | |
| 1,098,473 | |
Less: tax payable, held for discontinued operations | |
| - | | |
| (262,459 | ) |
Tax payable, held for continuing operations | |
$ | 1,477,832 | | |
$ | 836,014 | |
| |
| | | |
| | |
Income tax payable - current portion | |
$ | 1,142,687 | | |
$ | 763,328 | |
Less: income tax payable - current portion, held for discontinued operations | |
| - | | |
| (262,459 | ) |
Income tax payable - current portion, held for continuing operations | |
$ | 1,142,687 | | |
$ | 500,869 | |
| |
| | | |
| | |
Income tax payable - noncurrent portion | |
$ | 335,145 | | |
$ | 335,145 | |
Less: income tax payable - noncurrent portion, held for discontinued operations | |
| - | | |
| - | |
Income tax payable - noncurrent portion, held for continuing operations | |
$ | 335,145 | | |
$ | 335,145 | |
|