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Security deposits (Tables)
 12 Months Ended
Jun. 30, 2020
Security deposits  
Schedule of security deposits

Security deposits consist of the following:

 

 

 

 

 

 

 

 

 

 

    

June 30, 2020

    

June 30, 2019

 

 

 

 

 

 

 

 

 

Loan deposits

 

$

955,700

 

$

986,407

 

Sales performance deposit

 

 

 —

 

 

1,388,179

(1) 

Allowance for security deposits

 

 

(715,024)

 

 

 —

 

Total security deposits, net

 

$

240,676

 

$

2,374,586

 

Less: security deposits - discontinued operations

 

 

(3,267)

 

 

(21,844)

 

Security deposits, net - continuing operations

 

$

237,409

 

$

2,352,742

 

 

In May 2019, the Company signed a sales contract with a customer for its fresh killed hogs in 2019. The contract requires the customer to prepay approximately $1.4 million (RMB 9,551,078) to the Company as customer deposits, and it also requires the Company to provide a sales performance deposit of $1,388,179 to the customer for guaranteeing its hog supplies from May 2019 to August 2019, and was extended to December 2019.  The sales performances have been completed by June 30, 2020, the customer returned the deposit back to the Company.