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Condensed Consolidated Statements of Cash Flows (Unaudited)
3 Months Ended 6 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Operating Activities      
Net loss $ (1,168,543) $ (3,583,539) $ (6,697,193)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 329,777
Depreciation and amortization   76,051 155,649
Non-cash lease expense   81,882 254,197 [1]
Provision for doubtful accounts, net 6,992 55,610 7,153 [1]
Impairment loss of cryptocurrencies 72,179 14,801
(Gain) loss on disposal of fixed assets   (6,481)
Loss on disposal of subsidiaries (62,384) (62,384)
Investment loss from unconsolidated subsidiary   34,458
Interest expenses related to convertible notes   21,917
Changes in assets and liabilities      
Accounts receivable   (53,622) (239,396) [1]
Other receivables   97,982 100,458 [1]
Advances to suppliers - third parties   110,526 935 [1]
Advances to suppliers - related party   6,153,546
Prepaid expenses and other current assets   3,197 (92,867)
Other long-term assets – deposits   (2,496,197) (2,850) [1]
Deferred revenue   (1,602) (6,751,135) [1]
Refund payable   (13,000,000)
Accounts payable   98,909 333,423 [1]
Taxes payable   (122,175) 59,888 [1]
Lease liabilities   (154,259) (274,177) [1]
Accrued expenses and other current liabilities   (32,232) (142,861)
Net cash used in operating activities   (5,887,757) (19,762,675) [1]
Investing Activities      
Acquisition of property and equipment   (589) (150,966)
Proceeds from disposal of property and equipment   90,000
Loan receivable-related parties   535,529
Advance to related parties     (422,207) [1]
Repayment from related parties   (25,362)
Net cash provided by (used in) investing activities   (25,951) 52,356 [1]
Financing Activities      
Repayment of convertible notes   (5,000,000)
Payment of accrued interest related to convertible notes   (403,424)
Net cash used in financing activities   (5,403,424)
Net decrease in cash and restricted cash   (11,317,132) (19,710,319) [1]
Cash at beginning of period   17,390,156 55,833,282
Effect of exchange rate fluctuations on cash and restricted cash   81,412 (54,089) [1]
Cash and restricted cash at end of period 6,154,436 6,154,436 36,068,874
Representing:      
Cash, end of period 3,154,436 3,154,436 36,068,874
Restricted cash, end of period 3,000,000 3,000,000
Total cash and restricted cash, end of period $ 6,154,436 6,154,436 36,068,874
Non-cash transactions of operating and investing activities  
[1] Revised