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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (13,281,985) $ (98,364,332)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,403,150 3,137,560
Provision for losses on accounts receivable 10,111,571 39,215,231
Gain (Loss) on disposal of property, plant and equipment 34
Inventories impairment 8,758,775 32,280,954
Gain (Loss) on sales of discontinued operations (1,748,951)
Changes in operating assets    
Digital Assets (210,342)
Accounts receivable 447,487 24,155,212
Amount due from related parties (16,176) 29,217
Other current assets 525,285 394,426
Inventories (16,592,290) (18,443,105)
Advances to suppliers 4,991,682 2,017,306
Other assets 1,935,491 2,084,133
Deferred tax assets (97,820)
Changes in operating liabilities    
Accounts payable 536,882 (8,556,310)
Customer deposits (1,971,174) 2,499,043
Amount due to related parties (9,971) 105,854
Tax payables (44,055) (71,935)
Accrued expenses and other payables 2,260,998 1,317,447
Interest payable (737,630)
Net cash used in operating activities (990,122) (19,948,216)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of plant, property, and equipment (1,371,393) (164,278)
Change in construction in process 486,452
Sales of discontinued operations 898,673 6,809,200
Net cash provided by (used in) investing activities (472,720) 7,131,374
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the sale of common stock 16,757,130 54,017,145
Proceeds from loans 6,587,971 4,031,100
Repayment of loans (3,913,520) (4,031,100)
Other payables-investors 287,130
Advance from related party 340,000 150,000
Net cash provided by financing activities 19,771,581 54,454,275
Effect of exchange rate change on cash and cash equivalents (4,936,854) (2,461,073)
Net increase (decrease) in cash and cash equivalents 13,371,885 39,176,360
Cash and cash equivalents, beginning balance 57,770,303 18,593,944
Cash and cash equivalents, ending balance 71,142,188 57,770,303
Supplement disclosure of cash flow information    
Interest expense paid 295,804 256,873
Income taxes paid 464,342 362,163
SUPPLEMENT NON-CASH ACTIVITIES    
Common stock issued to repay accrued expense 658,000 440,000
Nonmonetary sales and purchases $ 71,040,024 $ 99,317,794