Condensed financial information of the parent company (Tables)

12 Months Ended

Jun. 30, 2019

Condensed financial information of the parent company

Statement of balance sheets of parent company

	June 30, 2019		June 30, 2018
ASSETS
CURRENT ASSETS
Intercompany receivables	$	6,623,561	$	1,800,000
OTHER ASSETS
Investment in subsidiary		18,554,729		14,149,218
Total assets	$	25,178,290	$	15,949,218
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Other payable – related parties	$	257,384	$	74,131
Accrued expenses		167,765		41,552
Intercompany payables		227,927		—
Total current liabilities		653,076		115,683
Total liabilities		653,076		115,683
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY
Ordinary shares, $0.01 par value, 0 and 725,000 shares issued and outstanding as of June 30, 2019 and 2018, respectively		—		1,800,000
SHAREHOLDERS' EQUITY
Ordinary shares, $0.01 par value, 50,000,000 shares authorized, 21,964,027 and 20,000,000 share 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 and shareholders' equity	$	25,178,290	$	15,949,218

Statement of income and comprehensive income of parent company

	For the Years Ended June 30,
	2019		2018		2017
OPERATING EXPENSES
General and administrative	$	(309,466)	$	(115,683)	$	—
LOSS FROM OPERATIONS		(309,466)		(115,683)		—
EQUITY INCOME OF SUBSIDIARY		4,673,057		3,883,792		2,454,874
NET INCOME		4,363,591		3,768,109		2,454,874
FOREIGN CURRENCY TRANSLATION ADJUSTMENT		(267,546)		133,553		(135,663)
COMPREHENSIVE INCOME	$	4,096,045	$	3,901,662	$	2,319,211

Statement of cash flows of parent company

	For the Years Ended June 30,
	2019		2018		2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,363,591	$	3,768,109	$	2,454,874
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Equity income of subsidiary		(4,673,057)		(3,883,792)		(2,454,874)
Change in operating assets and liabilities
Other payable – related parties		183,253		74,131		—
Accrued expenses		126,213		41,552		—
Net cash (used in) provided by operating activities		—		—		—
CHANGES IN CASH		—		—		—
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year		—		—		—
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year	$	—	$	—	$	—