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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net (loss) $ (3,935,055) $ (85,138,971)
Adjustments to reconcile Net (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 1,812,893 2,424,425
Provision for losses on accounts receivable 9,329,683 40,069,195
Gain (Loss) on disposal of property, plant and equipment 34
Inventories impairment 1,691,679 10,999,380
Gain (Loss) on sales of discontinued operations (1,762,864)
Changes in operating assets    
Accounts receivable (14,159,591) 14,059,798
Amount due from related parties (2,696) 40,003
Other current assets (9,295,056) (12,496,618)
Inventories (4,593,619) (4,101,489)
Advances to suppliers 12,028,741 (13,895,949)
Other assets 1,455,556 1,575,544
Changes in operating liabilities    
Accounts payable 276,584 (8,515,619)
Customer deposits (673,151) (80,238)
Amount due to related parties (3,751) 94,000
Tax payables 7,826 (41,894)
Accrued expenses and other payables 1,328,059 11,001,661
Interest payable (739,631)
Net cash provided by (used in) operating activities (5,471,529) (45,769,602)
Cash flows from investing activities    
Purchase of plant, property, and equipment (309,514) (92,931)
Change in construction in process 32,605
Sales of discontinued operations 901,109 5,115,534
Net cash provided by investing activities 591,595 5,055,208
Cash flows from financing activities    
Proceeds from the sale of common stock 16,757,130
Proceeds from loans 2,884,076
Repayment of loans (58,200)
Other payables-investors 70,774,275
Advance from related party 320,000 150,000
Net cash provided by financing activities 19,903,006 70,924,275
Effect of exchange rate change on cash and cash equivalents (1,032,771) 2,632,571
Net increase in cash and cash equivalents 13,990,301 32,842,451
Cash and cash equivalents, beginning balance 57,770,303 18,593,944
Cash and cash equivalents, ending balance 71,760,603 51,436,395
Supplement disclosure of cash flow information    
Interest expense paid 216,391 203,796
Income taxes paid $ 330,861 $ 308,157