Other Receivables, Net (Tables)

9 Months Ended

Mar. 31, 2024

Other Receivables, Net [Abstract]

Schedule of Other Receivables

The Company’s other receivables are as follows:

	March 31,			June 30,
	2024			2023
Advances to customers*	$	7,049,292		$	7,060,456
Employee business advances		8,338			10,570
Total		7,057,630			7,071,026
Less: allowances for credit losses		(7,011,066	)		(6,994,212	)
Other receivables, net	$	46,564		$	76,814

* On March 23, 2023, SG Shipping & Risk Solution Inc. an indirect wholly owned subsidiary of SGLY entered into an operating income right transfer contract with Goalowen Inc. (“Goalowen”) pursuant to which Goalowen agreed to transfer its rights to receive income from operating a tuna fishing vessel to SG Shipping for $3,000,000 and on May 5, 2023, Ms. Shan made a wire transfer of $3,000,000 to Goalowen . Such contract was signed and payment was made by the Company’s former COO, Jing Shan, without the  authorization of the board of directors of the Company.. The payment was recorded as an advance to a customer. The Company filed a complaint against Jing Shan accusing her of the unauthorized transfers in the United States District Court for the Eastern District of New York and has brought a lawsuit against Goalowen to recover the $3 million. As of June 30, 2023, the Company evaluated the collection possibility, and decided to provide a 100% allowance provision in the amount of $3,000,000.

Schedule of Movement of Allowance for Doubtful Accounts

Movement of allowance for doubtful accounts are as follows:

	March 31,		June 30,
	2024		2023
Beginning balance	$	6,994,212	$	3,942,258
Increase		-		3,000,000
Exchange rate effect		16,854		51,954
Ending balance	$	7,011,066	$	6,994,212