Loan Receivable	9 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Loan Receivable	Note 3 - Loan Receivable Loan receivable amounted $8,242,010 and $0 as of March 31, 2021 and June 30, 2020, respectively. On October 25, 2020, the Company signed an agreement with the Company’s major customer. The Company agreed to loan the $9,157,789 (RMB60,000,000) at an annual interest rate of 7.2%. The actual loan amount shall prevail within the total amount. The loan is guaranteed by the Company’s supplier and due on October 25, 2021. The Borrower is required to pay all the principal and the relevant interest in full amount on the repayment date. The Company assessed the implication on Revenue Recognition, ASC 606 and determined that the terms of the loan are at the fair market value and does not impact the revenue recognition of the Company.

Loan Receivable

9 Months Ended

Mar. 31, 2021

Note 3 - Loan Receivable

Loan receivable amounted $8,242,010 and $0 as of March 31, 2021 and June 30, 2020, respectively. On October 25, 2020, the Company signed an agreement with the Company’s major customer. The Company agreed to loan the $9,157,789 (RMB60,000,000) at an annual interest rate of 7.2%. The actual loan amount shall prevail within the total amount. The loan is guaranteed by the Company’s supplier and due on October 25, 2021. The Borrower is required to pay all the principal and the relevant interest in full amount on the repayment date.

The Company assessed the implication on Revenue Recognition, ASC 606 and determined that the terms of the loan are at the fair market value and does not impact the revenue recognition of the Company.