XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES:    
Net loss $ (986,860) $ (1,510,361)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 20,510 30,025
Amortization of intangible assets 490,244 360,893
Stock based compensation 138,780 360,525
Forgiveness of debt 0 (165,000)
Amortization of right of use assets 152,665 146,436
Deferred tax (benefit) provision (266,192) 14,683
Increase (decrease) in cash due to change in:    
Accounts receivable (4,495,638) (6,748,926)
Advance to vendors (56,791) (100,270)
Other receivables, prepaid expenses, and other current assets (85,409) (5,106)
Prepaid income taxes (124,583) 0
Inventories 2,581,682 (3,191,635)
Other assets (12,060) (2,024)
Accounts payable (3,869,191) 3,771,831
Income tax payable (6,556) (4,853)
Contract liabilities 128,705 27,649
Lease liabilities (159,104) (152,876)
Advance from customers (15,924) 12,905
Accrued liabilities 372,188 57,914
Net cash used in operating activities (6,193,534) (7,098,190)
CASH FLOW FROM INVESTING ACTIVITIES:    
Purchases of short-term investments (779,571) (293,545)
Purchases of property and equipment (15,961) (45,483)
Payments for capitalized product development costs (68,733) (1,046,980)
Purchases of intangible assets (5,216) (7,756)
Net cash used in investing activities (869,481) (1,393,764)
CASH FLOW FROM FINANCING ACTIVITIES:    
Loan to an employee (2,046) (89,000)
Cash received from exercise of stock options 0 134,000
Net cash (used in) provided by financing activities (2,046) 45,000
Effect of foreign currency translation 65,643 74,039
Net decrease in cash and cash equivalents (6,999,418) (8,372,915)
Cash and cash equivalents, beginning of period 12,241,286 26,277,418
Cash and cash equivalents, end of period 5,241,868 17,904,503
Cash paid during the periods for:    
Income taxes $ (975) $ (800)