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Subsequent Events
12 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 23 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2021 to the date these consolidated financial statements were available to be issued and has determined that there were below significant subsequent events or transactions that would require recognition or disclosure in the consolidated financial statements.

 

On August 30, 2021, at the Company’s annual shareholder meeting for fiscal year 2020, a majority of the Company’s shareholders approved a proposal for the issuance of the Company’s common stock to ten non-US investors in a private placement. The proposal includes offerings up to 13,142,857 shares of Common Stock with par value $0.001 per share. The proposed purchase price per share of the offering was $15.00 for total proceeds up to $197,142,855. The purpose of the stock issuance was to raise fund for expanding the Company’s business into that of blockchain applications including cryptocurrency mining.

 

At the meeting, the Company’s majority shareholder also approved the nomination of Mr. Jian Huang and Mr. Xiaolai Li, who have extensive knowledge and experience within the blockchain and cryptocurrency industries, to the Company’s Board of Directors. Messrs. Zhuoyu Li, Jian Huang, Xiaolai Li, Shiyu Zhang, Daqing Zhu, Lianfu Liu, and Jinjun Lu were elected to serve as directors until the next annual shareholders meeting or until their successors are duly elected or appointed.