Other Long-Term Assets – Deposits, Net

6 Months Ended

Dec. 31, 2023

Other Long Term Assets Deposits [Abstract]

OTHER LONG-TERM ASSETS – DEPOSITS, NET

Note 8. OTHER LONG-TERM ASSETS – DEPOSITS, NET  

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

	December 31,			June 30,
	2023			2023
Rental and utilities deposits	$	2,692,677		$	244,923
Less: allowances for deposits		(8,337	)		(8,157	)
Other long-term assets- deposits, net	$	2,684,340		$	236,766

On October 19, 2023, New Energy Tech Limited, a wholly owned subsidiary of the Company deposited $2,500,000 with Faith Group Company in connection with their provision of consulting services with respect to the Company’s new Solar EPC project and for solar panel and associated equipment marketing services.

Movements of allowance for deposits are as follows:

	December 31,		June 30,
	2023		2023
Beginning balance	$	8,157	$	8,832
Allowance for deposits		-		-
Less: Write-off		-		-
Exchange rate effect		180		(675	)
Ending balance	$	8,337	$	8,157