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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net loss $ (6,773,047) $ (17,928,647)
Stock-based compensation 1,576,756
Depreciation and amortization 432,941 402,294
Non-cash lease expense 169,572 151,866
(Recovery) provision for doubtful accounts, net (321,168) 14,910,502
Impairment loss of fixed assets and intangible asset 855,230 327,632
Gain from loan forgiveness (124,570)
Loss on disposal of fixed assets 6,312
Cryptocurrencies (261,338)
Notes receivable 386,233
Accounts receivable (84,757) 1,078,261
Other receivables 4,227,239 (5,806,997)
Advances to suppliers - third parties (830,889) 75,815
Prepaid expenses and other current assets (251,065) 315,398
Other long-term assets - deposits (224,596) 84,713
Due from related parties (320,219) 413,408
Deferred revenue 403,036 (1,601)
Accounts payable 73,170 (80,420)
Taxes payable 190,995 91,025
Lease liabilities (194,167) (114,840)
Accrued expenses and other current liabilities (1,122,791) 222,068
Net cash used in operating activities (4,150,112) (3,896,534)
Acquisition of property and equipment (1,510,379) (6,984)
Proceeds from disposal of property and equipment 5,626
Loan receivable - related parties (4,529,806)
Net cash used in investing activities (6,040,185) (1,358)
Proceeds from issuance of preferred stock 1,427,600 940,131
Proceeds from issuance of common stock 52,772,977
Proceeds from loan 280,470
Repayment of loan payable (495)
Net cash provided by financing activities 54,200,082 1,220,601
Effect of exchange rate fluctuations on cash 696,350 (334,177)
Net increase (decrease) in cash 44,706,135 (3,011,468)
Cash at beginning of year 131,182 3,142,650
Cash at end of year 44,837,317 131,182
Income taxes paid 38,602
Interest paid 967
Transfer of prepayment to intangible asset 218,678
Initial recognition of right-of-use assets and lease liabilities $ 286,268 $ 452,042