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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 4,363,591 $ 3,768,109 $ 2,454,874
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 689,534 542,189 531,625
Amortization of long-term prepaid expenses 109,544 0 0
Provision for doubtful accounts 743,986 2,425,718 175,317
Deferred tax expense (benefit) 213,649 (126,936) (43,829)
Change in operating assets and liabilities      
Accounts receivable (16,864,582) (12,021,191) (8,778,203)
Accounts receivable - related party 0 (40,780) (16,432)
Other receivables (147,078) (88,954) 73,744
Inventories 167,860 291,594 829,946
Prepayments 93,508 209,777 (471,910)
Security deposits (1,388,179) 0 0
Loan receivables - interest 727,338 (384,788) (735,200)
Accounts payable 5,526,477 68,175 2,413,550
Other payables and accrued liabilities 382,309 245,373 20,028
Customer deposits 74,675 554,889 76,673
Customer deposits - related party (723) 32,049 0
Taxes payable 40,830 929,745 955,988
Net cash used in operating activities (5,267,261) (3,595,031) (2,513,829)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of plant and equipment (20,635) (89,351) (11,674)
Repayments from loan to third party 1,171,945 0 0
Cash received from acquisition of grocery stores 42,234 0 0
Net cash provided by (used in) investing activities 1,193,544 (89,351) (11,674)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayments from (loans to) other receivables - related parties, net 272,710 2,736,001 (1,557,884)
Proceeds from (repayments of) other payables - related parties, net 353,321 609,048 (5,342)
Proceeds from capital contribution 0 0 286,361
Proceeds from issuance of ordinary shares through private placements 200,000 0 0
Proceeds from issuance of ordinary shares through initial public offering, net 4,395,634 0 0
Proceeds from issuance of ordinary shares with redemption rights 0 1,800,000 0
Proceeds from short-term loans - banks 4,901,661 6,148,734 9,427,898
Repayments of short-term loans - banks (5,194,743) (11,375,158) (3,994,374)
Proceeds from short-term loans - third parties 1,218,401 11,134,708 3,068,377
Repayments of short-term loans - third parties (322,285) (6,138,861) (4,316,619)
Proceeds from short-term loans - related parties 331,075 0 0
Proceeds from long-term loan 923,830 0 0
Repayments of long-term loan (1,004,659) 0 0
Proceeds from notes payable 0 0 1,475,863
Repayments of notes payable 0 (1,537,184) (7,343)
Changes in security deposits 575,581 615,426 (1,880,588)
Net cash provided by financing activities 6,650,526 3,992,714 2,496,349
EFFECT OF EXCHANGE RATE ON CASH 320,103 (10,769) (1,164)
CHANGES IN CASH 2,896,912 297,563 (30,318)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 319,093 21,530 51,848
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year 3,216,005 319,093 21,530
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for income tax 0 0 0
Cash paid for interest 823,551 1,389,533 667,748
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES      
Other receivable - related party offset with other payable - related party upon execution of the tri-party offset agreement 439,479 50,627 0
Issuance of ordinary shares with redemption rights of mezzanine equity $ 1,800,000 $ 0 $ 0