Other Long-Term Assets - Deposits, Net

9 Months Ended

Mar. 31, 2024

Other Long-Term Assets - Deposits, Net [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:

	March 31,			June 30,
	2024			2023
Rental and utilities deposits	$	192,128		$	244,923
Less: allowances for deposits		(8,195	)		(8,157	)
Other long-term assets- deposits, net	$	183,933		$	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 agreement to provide consulting services with respect to the Company’s new Solar EPC project and for solar panel and associated equipment marketing services. The entire deposit of $2,500,000 was returned to Singularity on March 28, 2024 upon the execution of a termination agreement.

Movements of allowance for deposits are as follows:

	March 31,		June 30,
	2024		2023
Beginning balance	$	8,157	$	8,832
Exchange rate effect		38		(675	)
Ending balance	$	8,195	$	8,157