XML 56 R2.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Jun. 30, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 3,216,005 $ 308,033
Restricted cash 0 11,060
Accounts receivable, net 39,522,737 24,364,119
Accounts receivable - related party 0 56,955
Other receivables, net 259,350 150,376
Other receivables - related parties 0 373,065
Inventories 112,641 2,728
Prepayments 213,596 317,860
Security deposits 2,374,586 1,502,819
Loan receivable, net 0 1,957,720
Total current assets 45,698,915 29,044,735
PLANT AND EQUIPMENT, net 4,549,212 3,962,455
OTHER ASSETS    
Other receivables 132,181 9,951
Intangible assets, net 462,738 492,330
Prepaid expenses 508,271 0
Deferred tax assets 0 220,222
Total other assets 1,103,190 722,503
Total assets 51,351,317 33,729,693
CURRENT LIABILITIES    
Short-term loans - banks 4,514,380 4,530,011
Loans from third parties 3,075,249 4,907,512
Short-term loans - related parties 329,120 0
Accounts payable 8,872,009 2,941,104
Other payables and accrued liabilities 991,912 262,987
Other payables - related parties 1,334,534 549,858
Customer deposits 706,972 654,117
Customer deposits - related party 29,643 31,482
Taxes payable 2,975,046 3,037,585
Total current liabilities 22,828,865 16,914,656
OTHER LIABILITIES    
Long-term loan - bank 866,231 981,502
Loan from a third party 3,131,007 0
Total other liabilities 3,997,238 981,502
Total liabilities 26,826,103 17,896,158
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY    
Redeemable ordinary shares, $0.01 par value, 0 and 725,000 shares issued and outstanding as of June 30, 2019 and 2018, respectively 0 1,800,000
SHAREHOLDERS' EQUITY    
Ordinary shares, $0.01 par value, 50,000,000 shares authorized, 21,964,027 and 20,000,000 shares issued and outstanding as of June 30, 2019 and 2018, respectively 219,640 200,000
Additional paid-in capital 11,031,937 4,655,943
Statutory reserves 1,496,642 940,816
Retained earnings 12,085,566 8,277,801
Accumulated other comprehensive loss (308,571) (41,025)
Total shareholders' equity 24,525,214 14,033,535
Total liabilities, mezzanine equity and shareholders' equity $ 51,351,317 $ 33,729,693