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NOTES RECEIVABLE - BANK ACCEPTANCES
6 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
NOTES RECEIVABLE - BANK ACCEPTANCES

NOTE– 6 NOTES RECEIVABLE – BANK 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 will 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 its obligations. As of December 31, 2024 and June 30, 2024, the Company had notes receivable of $nil and $159,708, respectively. The Company cashed the notes in full in July 2024.