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Advance to Suppliers	3 Months Ended
Sep. 30, 2022
Advance To Suppliers
Advance to Suppliers	Note 3 - Advance to Suppliers On February 2, 2022, the Company entered into a purchase agreement with an unrelated party, which is the Company’s major supplier. The Company agreed to purchase $25,303,999 (RMB 180 million) from this supplier over the next three years. As of September 30, 2022, the Company made advance of $7,011,558 (RMB 50 million) to this supplier, of which $5,576,252 (RMB 39,666,667) is 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 which 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. The advances are refundable and there is no penalty for the Company if it does not purchase the entire RMB 180 million of inventory. With advances to all suppliers, advance to suppliers – current was $2,458,417 and $3,725,143 as of September 30, 2022 and June 30, 2022, respectively; and advance to supplier – non-current was $5,576,252 and $5,922,077 as of September 30, 2022 and June 30, 2022, respectively. Advance to suppliers – second supplier was $1,020,140 and $1,427,420 as of September 30, 2022 and June 30, 2022, respectively.

Advance to Suppliers

3 Months Ended

Sep. 30, 2022

Note 3 - Advance to Suppliers

On February 2, 2022, the Company entered into a purchase agreement with an unrelated party, which is the Company’s major supplier. The Company agreed to purchase $25,303,999 (RMB 180 million) from this supplier over the next three years. As of September 30, 2022, the Company made advance of $7,011,558 (RMB 50 million) to this supplier, of which $5,576,252 (RMB 39,666,667) is 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 which 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. The advances are refundable and there is no penalty for the Company if it does not purchase the entire RMB 180 million of inventory.

With advances to all suppliers, advance to suppliers – current was $2,458,417 and $3,725,143 as of September 30, 2022 and June 30, 2022, respectively; and advance to supplier – non-current was $5,576,252 and $5,922,077 as of September 30, 2022 and June 30, 2022, respectively. Advance to suppliers – second supplier was $1,020,140 and $1,427,420 as of September 30, 2022 and June 30, 2022, respectively.