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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net loss $ (23,098,342) $ (28,928,369)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 329,778 10,064,622
Depreciation and amortization 164,348 533,638
Non-cash lease expense 351,005 611,022
Provision for doubtful accounts, net 2,827,511 1,613,504
Impairment loss of fixed assets and intangible asset 33,469 1,006,305
Gain on disposal of ROU (177,970)
(Gain) loss on disposal of fixed assets (12,926) 147,154
Loss on disposal of subsidiaries 42,191 6,131,616
Impairment loss of investment 128,369
Impairment loss of cryptocurrencies 18,279 170,880
Investment loss from unconsolidated subsidiary 34,459 47,181
Changes in assets and liabilities    
Accounts receivable 28,362 (39,669)
Other receivables 228,593 1,418,393
Advances to suppliers – third parties (96,941) 543,321
Advances to suppliers – related party 6,153,546 (34,081,129)
Prepaid expenses and other current assets 113,866 (24,463)
Other long-term assets – deposits 418 (123,869)
Deferred revenue (6,888,971) 34,047,696
Refund payable (13,000,000) 13,000,000
Accounts payable (10,948) 24,967
Taxes payable (114,845) 94,393
Lease liabilities (564,813) (633,376)
Accrued expenses and other current liabilities (131,843) 294,253
Net cash (used in) provided by operating activities (33,643,405) 5,918,070
Investing Activities    
Acquisition of property and equipment (35,588) (874,518)
Proceeds from disposal of property and equipment 90,956
Loan receivable – related parties 510,087 (573,252)
Investment in unconsolidated entity (210,010)
Advance to related parties (74,934) (1,923,896)
Repayment from related parties 283,771
Amount paid to Goalowen (3,000,000)
Net cash provided by (used in) investing activities (2,225,708) (3,581,676)
Financing Activities    
Proceeds from issuance of preferred stock
Proceeds from issuance of common stock 10,525,819
Warrant exercise 929,550
Proceeds from convertible notes 10,000,000
Repayment of convertible notes (5,000,000)
Warrant repurchase (7,948,000)
Repayment of loan payable (155,405)
Payment of legal settlement to cancel shares (2,125,420)
Net cash (used in) provided by financing activities (2,125,420) 8,351,964
Effect of exchange rate fluctuations on cash (448,593) 307,607
Net (decrease) increase in cash (38,443,126) 10,995,965
Cash at beginning of year 55,833,282 44,837,317
Cash at end of year 17,390,156 55,833,282
Supplemental information    
Income taxes paid
Interest paid 2,404
Non-cash transactions of operating and investing activities    
Initial recognition of right-of-use assets and lease liabilities $ 1,523,433