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Advance to Suppliers	9 Months Ended
Mar. 31, 2022
Advance To Suppliers
Advance to Suppliers	Note 3 - Advance to Suppliers Advance to suppliers – current, net of allowance amounted $3,097,902 and $0 as of March 31, 2022 and June 30, 2021, respectively. The Company has recorded an allowance for uncollectible amount of $1,017,490 as of March 31, 2022. Advance to suppliers – non-current amounted $6,257,263 and $0 as of March 31, 2022 and June 30, 2021, respectively. Advance to suppliers are mainly prepayment for suppliers. On February 2, 2022, the Company entered into a purchase agreement with an unrelated party, which is also the Company’s major supplier. The Company agreed to purchase $28,394,302 (RMB 18,000 million) from the unrelated party over next three years. As of March 31, 2022, the Company has made advance payment of $9,385,894 (RMB 5,950 million) to the unrelated party, of which $6,257,263 (RMB 39,666,667) are recorded as advance to suppliers – non-current. The payment is interest free and without collateral. The reasons for making such advance are that the Company started to provide products to clients who are in the internet live broadcasting business. The company has no inventory, and the supplier directly delivers the goods to customers according to the order.

Advance to Suppliers

9 Months Ended

Mar. 31, 2022

Note 3 - Advance to Suppliers

Advance to suppliers – current, net of allowance amounted $3,097,902 and $0 as of March 31, 2022 and June 30, 2021, respectively. The Company has recorded an allowance for uncollectible amount of $1,017,490 as of March 31, 2022. Advance to suppliers – non-current amounted $6,257,263 and $0 as of March 31, 2022 and June 30, 2021, respectively. Advance to suppliers are mainly prepayment for suppliers. On February 2, 2022, the Company entered into a purchase agreement with an unrelated party, which is also the Company’s major supplier. The Company agreed to purchase $28,394,302 (RMB 18,000 million) from the unrelated party over next three years. As of March 31, 2022, the Company has made advance payment of $9,385,894 (RMB 5,950 million) to the unrelated party, of which $6,257,263 (RMB 39,666,667) are recorded as advance to suppliers – non-current. The payment is interest free and without collateral. The reasons for making such advance are that the Company started to provide products to clients who are in the internet live broadcasting business. The company has no inventory, and the supplier directly delivers the goods to customers according to the order.