ADVANCES TO SUPPLIERS, NET

12 Months Ended

Jun. 30, 2024

Advances To Suppliers Net

ADVANCES TO SUPPLIERS, NET

NOTE 6 – ADVANCES TO SUPPLIERS, NET

The advances to suppliers, net consisted of the following:

	June 30, 2024			June 30, 2023
Advances to suppliers	$	10,132,190		$	10,170,145
Less: allowance for doubtful accounts		(111,483	)		(10,167,448	)
Advance to suppliers, net		10,020,707			2,697
Less: advance to supplier, net, held for discontinued operations		-			-
Advance to supplier, net, held for continuing operations	$	10,020,707		$	2,697

Advances to suppliers consist of mainly payments to suppliers for raw materials or products that have not been received.

Movement of allowance for doubtful accounts is as follows:

	June 30, 2024			June 30, 2023
Beginning balance	$	10,167,448		$	13,544,627
Acquisition of subsidiaries		6,385			56,831
Charge to (reversal of) allowance		102,514			(2,349,716	)
Less: disposal of VIEs		(10,325,224	)		-
Less: write-off		-			(147,172	)
Foreign currency translation adjustments		160,360			(937,122	)
Ending balance	$	111,483		$	10,167,448