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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ (85,804,365) $ (84,618,989)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 2,850,502 3,543,104
Provision for losses on accounts receivable 61,056,089 76,346,104
Gain (Loss) on disposal of property, plant and equipment 1,584 33,923
Amortization of debt discount 41,814
Inventories impairment 30,711,331
Change in fair value of derivative liability (17,782)
Changes in operating assets    
Accounts receivable (72,590,519) (103,436,382)
Amount due from related parties (162,868)  
Other current assets (714,599) (681,319)
Inventories 11,171,731 95,744,236
Advances to suppliers 36,166,189 (30,473,093)
Other assets 1,512,648 1,414,043
Changes in operating liabilities    
Accounts payable 3,084,590 1,906,246
Customer deposits (539,919) 1,414,707
Tax payables 952,179 (663,905)
Accrued expenses and other payables 1,720,890 744,750
Interest payable 25,659
Net cash provided by (used in) operating activities (10,584,537) (38,676,884)
Cash flows from investing activities    
Purchase of plant, property, and equipment (263,711) (66,210)
Change in construction in process (205,679)
Net cash provided by (used in) investing activities (469,390) (66,210)
Cash flows from financing activities    
Proceeds from the sale of common stock 10,252,000
Proceeds from loans 305,200 282,200
Advance from related party 50,000 600,000
Net cash provided by (used in) financing activities 355,200 11,134,200
Effect of exchange rate change on cash and cash equivalents 3,839,537 (3,339,772)
Net increase in cash and cash equivalents (6,859,191) (30,948,665)
Cash and cash equivalents, beginning balance 11,934,778 72,259,804
Cash and cash equivalents, ending balance 5,075,587 41,311,138
Supplement disclosure of cash flow information    
Interest expense paid 181,269 215,195
Income taxes paid $ 283,618 $ 2,802,117