Other Long-Term Assets - Deposits

12 Months Ended

Jun. 30, 2019

Other Long Term Assets Deposits [Abstract]

OTHER LONG-TERM ASSETS - DEPOSITS

Note 6. OTHER LONG-TERM ASSETS - DEPOSITS

The Company's other long-term assets – deposits are as follows:

	June 30,		June 30,
	2019		2018
Rental and utilities deposits	$	60,435	$	59,777
Freight logistic deposits (1)		2,994,271		83,526
Total other long-term assets - deposits	$	3,054,706	$	143,303

(1) Certain customers require the Company to pay deposits for the security of shipments and merchandise. These deposits are refundable at the end of their respective contract term. Approximately $2.9 million (RMB 20 million) of the balance was paid to BaoSteel Resources Co., Ltd. according to the agreement entered in March 2018. This refundable deposit is to cover any possible loss of merchandise, as well as any non-performance on the part of the Company and its vendors.