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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (98,364,332) $ (119,747,617)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 3,137,560 3,814,131
Provision for losses on accounts receivable 39,215,231 80,998,759
Gain (Loss) on disposal of property, plant and equipment 34 1,597
Goodwill impairment 5,984,611
Inventories impairment 32,280,954 31,154,089
Gain (Loss) on sales of discontinued operations (1,748,951)
Changes in operating assets    
Accounts receivable 24,155,212 (73,251,435)
Amount due from related parties 29,217 (41,651)
Other current assets 394,426 (765,594)
Inventories (18,443,105) 8,859,281
Advances to suppliers 2,017,306 45,786,780
Other assets 2,084,133 2,060,702
Changes in operating liabilities    
Accounts payable (8,556,310) (1,229,630)
Customer deposits 2,499,043 (1,151,411)
Amount due to related parties 105,854 668,462.9
Tax payables (71,935) 2,142,145
Accrued expenses and other payables 1,317,447 1,837,263
Net cash used in operating activities (19,948,216) (12,879,517)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of plant, property, and equipment (164,278) (268,800)
Change in construction in process 486,452 (207,380)
Sales of discontinued operations 6,809,200
Net cash provided by (used) in investing activities 7,131,374 (476,180)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the sale of common stock 54,017,145 14,000,000
Proceeds from loans 4,031,100 4,078,350
Repayment of loans (4,031,100) (3,776,250)
Other payables-investors 287,130
Advance from related party 150,000
Net cash provided by financing activities 54,454,275 14,302,100
Effect of exchange rate change on cash and cash equivalents (2,461,073) 5,712,763
Net increase (decrease) in cash and cash equivalents 39,176,360 6,659,167
Cash and cash equivalents, beginning balance 18,593,944 11,934,778
Cash and cash equivalents, ending balance 57,770,303 18,593,944
Supplement disclosure of cash flow information    
Interest expense paid 256,873 266,506
Income taxes paid 362,163 386,482
SUPPLEMENT NON-CASH ACTIVITIES    
Common stock issued to repay accrued expense 440,000 770,000
Nonmonetary sales and purchases $ 99,317,794 $ 43,763,144