Restricted Net Assets (Tables)

12 Months Ended

Jun. 30, 2021

Restricted Net Assets

Schedule of parent company condensed balance sheets

	As of June 30,
	2021			2020
ASSETS
Current Assets:
Cash and cash equivalents	$	75,165		$	65,520
Other current assets		169,071			169,071
Total Current Assets		244,236			234,590
Long-term equity investment		199,250,069			273,573,440
Total long-term assets		199,250,069			273,573,440
Total Assets	$	199,494,305		$	273,808,030
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	214,520		$	214,520
Amount due to related parties		3,861,449			3,192,986
Other payables and accrued expenses		7,907,483			7,594,602
Total Current Liabilities		11,983,452			11,002,108
Stockholders’ Equity
Common stock, $.001 par value, 115,197,165 shares authorized, 8,487,629 and 6,350,129 shares issued and outstanding as of June 30, 2021 and June 30, 2020, respectively		8,488			6,350
Additional paid in capital		170,223,195			155,455,332
Accumulated other comprehensive income (loss)		(4,581,541	)		(34,264,089	)
Retained earnings		14,980,428			141,608,329
Total Stockholders’ Equity		187,510,853			262,805,922
Total Liabilities and Stockholders’ Equity	$	199,494,305		$	273,808,030

Schedule of parent company condensed statements of operations

	Year ended June 30,
	2021			2020
Revenue	$	-		$	-
General and administrative expenses		1,830,382			1,555,269
Interest income		13			19
Provision for tax		2,699,570			-
Equity investment in subsidiaries		(115,217,678	)		(135,196,887	)
Net income	$	(119,747,617	)	$	(136,752,136	)

Schedule of parent company condensed statements of cash flows

Condensed Statements of Cash Flows	Year Ended June 30,
	2021			2020
Net cash provided by (used in) operating activities	$	(13,990,355	)	$	(10,864,886	)
Net cash provided by (used in) investing activities		-			-
Net cash provided by (used in) financing activities		14,000,000			10,852,000
Cash and cash equivalents, beginning balance		65,520			78,405
Cash and cash equivalents, ending balance	$	75,165		$	65,520