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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (24,352,735) $ (13,956,031)
Net income (loss) from discontinued operations, net of tax 8,855,247 (3,244,863)
Net loss from continuing operations (33,207,982) (10,711,168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,990,100 663,159
Loss from disposal of property and equipment 27,111 166
Allowance for credit losses and doubtful accounts 2,592,305 2,871,714
Reversal of inventory reserve (26,325) (166,718)
Deferred tax benefit (771,676) (194,564)
Loss from equity method investment 20,876
Operating lease expenses 166,490 34,340
Impairment loss on goodwill 14,824,819
Impairment loss on an unconsolidated entity 26,003 596,570
Impairment loss on property and equipment 93,353
Forgiveness of subscription receivable 3,024,000
Common stock issued for management and employees 2,872,162 1,107,044
Common stock issued for services 30,000
Amortization of debt issuance and other costs 655,751 803,355
Accrued interest expense for convertible notes 895,785 933,524
Accrued interest income from third parties (58,351) (119,978)
Changes in operating assets and liabilities:    
Accounts receivable 10,519,013 186,647
Advances to suppliers (6,719,315) 67,696
Inventories 516,971 474,096
Other current assets 105,725 (1,109,500)
Accounts payable 1,359,404 (147,779)
Contract liabilities (6,791,744) (310,867)
Other payables and accrued expenses 1,191,629 316,254
Other long-term payable (69,342) 71,916
Operating lease liabilities (37,666) (91,873)
Taxes payable 147,293 60,393
Net cash used in operating activities from continuing operations (3,767,840) (4,521,344)
Net cash used in operating activities from discontinued operations (162,411) (869,250)
Net cash used in operating activities (3,930,251) (5,390,594)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of property and equipment (264,800) (18,846)
Proceeds from disposal of property and equipment 9,500
Payment made for loans to third parties (8,434,440)
Repayment from loan to third parties 50,000 10,915,129
Repayment from loan to related parties 572,170
Payment for derivative financial assets (36,512)
Redemption of derivative financial assets 36,235
Investment in unconsolidated entity (26,003)
Payment made for business acquisition   (9,000,000)
Acquisition of subsidiaries, net of cash 1,003,678 621,979
Prepayment for business acquisition (2,000,000)
Disposal of VIEs - Tenet-Jove, net of cash (13,889,752)
Net cash provided by (used in) investing activities from continuing operations (20,979,924) 518,262
Net cash provided by investing activities from discontinued operations 515,212
Net cash provided by (used in) investing activities (20,979,924) 1,033,474
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term loans 22,144,419 1,294,487
Repayment of short-term loans (21,057,366) (1,582,151)
Repayment of long-term loans (948,899)
Proceeds from loan from third party 1,034,009
Repayment of convertible note (650,000)
Proceeds from issuance of common stock 2,198,362 4,844,007
Proceeds received from investors for subscription of common stock 6,728,291
Proceeds from (repayments of) advances from related parties 1,261,138 (82,611)
Net cash provided by financing activities from continuing operations 10,709,954 4,473,732
Net cash provided by financing activities from discontinued operations 293,592 7,636
Net cash provided by financing activities 11,003,546 4,481,368
EFFECT OF EXCHANGE RATE CHANGE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 134,906 (1,122,720)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (13,771,723) (998,472)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of the year 14,166,759 15,165,231
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of the year 395,036 14,166,759
Less: cash, cash equivalents and restricted cash of discontinued operations - Ended of the year 13,540,793
Cash, cash equivalents and restricted cash of continuing operations - Ended of the year 395,036 625,966
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Cash paid for interest 665,105 31,059
SUPPLEMENTAL NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
Issuance of common shares for convertible notes redemption 2,895,721 1,027,637
Issuance of common shares for proceeds received in prior year 5,000,000
Issuance of common shares for business acquisition 2,300,000 3,097,000
Transferal of equity interest of Tenet Jove for business acquisition of Wintus 37,705,951
Right-of-use assets obtained in exchange for operating lease obligations 192,266 2,337,257
Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement 24,489 972,168
Repayments of loans to third parties offset by other payables $ 2,750,356