Stockholders’ Equity

9 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 13 – STOCKHOLDERS’ EQUITY

Common Stock

On November 23, 2021, the Company entered into a Share Purchase Agreement with certain non-US investors, giving them the right to purchase up to 13,142,857 shares of the Company’s common stock, par value $0.001 per share, at the price of $15 per share in a transaction exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 903 of Regulation S and/or Section 4(a)(2) of the Securities Act. The aggregate purchase price for the issuable shares is up to $197,142,855.

On April 4, 2022, the Company completed the issuance of 1,314,286 shares of its Common Stock to Ran Caihua for $19,714,290 and 2,286,857 shares of its Common Stock to Xu Xiuzhen for $34,302,855.  Both sales were made pursuant to a Share Purchase Agreement dated November 23, 2021 in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 903 of Regulation S and/or Section 4(a)(2) of the Securities Act.

On April 8, 2022, the Company issued 52,695 shares of common stock to settle the payable of consulting services under the 2009 Plan. The value of the stock was $440,000 and was based on the fair value of the Company’s common stock on the grant date of March 15, 2022 when the Company authorized the grant.

There were no shares of common stock issued during the nine months ended March 31, 2022 and 2021.

As of March 31, 2022, the Company received $70,774,275   stock purchase fund and booked it as other payables.

As of March 31, 2022, and June 30, 2021, there were 8,487,629 and 8,487,629 shares of common stock issued and outstanding, respectively.

Preferred Stock

Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock.

As of March 31, 2022, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.