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NOTES RECEIVABLE – BANK ACCEPTANCES
12 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
NOTES RECEIVABLE – BANK ACCEPTANCES

NOTE– 7 NOTES RECEIVABLEBANK ACCEPTANCES

 

The Company sold goods to its customers and received notes (bank acceptances) from them in lieu of payment. These bank acceptances were issued by customers to the Company and would be honored by the applicable bank. The Company may hold a bank acceptance until maturity for full payment or have the bank acceptance cashed by the bank at a discount at an earlier date, or transfer the bank acceptance to its vendors in lieu of payment for their own obligations. As of June 30, 2024 and 2023, the Company had notes receivable of $159,708 and $0, respectively. The Company cashed the notes in full in July 2024.