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Contract Liabilities
12 Months Ended
Jun. 30, 2024
Contract Liabilities [Abstract]  
CONTRACT LIABILITIES

NOTE 10. CONTRACT LIABILITIES

 

As of June 30, 2023 and 2024, the Company had total contract liabilities of $988,556 and $2,218,166, respectively. These liabilities are advance deposits received from customers after an order has been placed. As of June 30, 2024, the Company expects all of the contract liabilities to be settled in less than one year. The increase in the balance at June 30, 2024 was due to more orders on hand on that date.

 

Changes in the contract liabilities is below:

 

   Year ended
June 30,
2024
 
Balance at July 1, 2023  $988,556 
Contract liabilities recognized related to advanced deposits   26,880,112 
Revenue recognized in current period   (25,650,502)
Balance at June 30, 2024  $2,218,166