Discontinued Operations (Tables)

12 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinuation of Xindeguo and Xinyulei

Working Capital	$	(1,135,366	)
Intangible Assets		28,050
Long-term equity investment		139,320
Goodwill		1,257,784
Total Asset		288,898

Working Capital	$	2,930,551
Intangible assets		23,890
Goodwill		316,200
Total Asset	$	3,270,641

Schedule of purchase consideration of shareholders

Cash	$	286,380
Total Payback	$	286,380
Net Gain (Loss)		(2,518	)

Cash	$	3,781,764
Total Payback	$	3,781,764
Net Gain (Loss)		511,123

Schedule of discontinued operation of balance sheet and operations

	June 30,		June 30,
	2021		2020
ASSETS
Current Assets
Cash and cash equivalents	$	26,426	$	96,185
Accounts receivable, net		4,905,066		6,641,255
Inventories		2,896,198		512,441
Other current assets		1,392,245		159,165
Related party receivable		0		0
Advances to suppliers		390,656		79,095
Total Current Assets		9,610,591		7,488,141
Plant, Property and Equipment, Net		0		14,780
Other assets		139,320		152,820
Intangible Assets, Net		51,940		112,575
Goodwill		1,573,984		1,438,751
Total Assets	$	11,375,835	$	9,207,067
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,235,297	$	445,059
Customer deposits		595,528		15,701
Accrued expenses and other payables		5,985,470		4,390,475
Amount due to related parties		0		0
Total Current Liabilities		7,816,295		4,851,235
Total Liabilities	$	7,816,295		4,851,235
Stockholders’ equity		3,559,540		4,355,832
Total Liabilities and Stockholders’ Equity	$	11,375,835	$	9,207,067

	Years Ended June 30,
	2021			2020
Revenue	$	8,519,069		$	19,815,384
Cost of goods sold		7,053,703			17,119,372
Selling expenses		297,449			344,185
General and administrative expenses		2,260,980			(1,397,894	)
Other income (expense)		125			(34	)
Income before provision (benefit) from income taxes		(1,092,938	)		3,749,687
Provision (benefit) for income taxes		83,560			240,941
(Loss) income from discontinued operations, net of taxes	$	(1,176,498	)	$	3,508,746