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Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (1,842,225) $ (1,784,193)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 710,403 656,959
Provision for losses on accounts receivable 632,074 (538,416)
Inventories impairment 2,038,575 2,379,234
Change in fair value of Bitcoin 262
Changes in operating assets    
Digital assets 42,206 168,777
Accounts receivable (5,759,561) (3,024,768)
Amount due from related parties 27,631
Other current assets 55,875 (77,657)
Inventories 1,716,380 1,272,227
Advances to suppliers (3,335,723) (426,393)
Other assets 470,581 464,911
Deferred tax assets (38,878) (4,413)
Changes in operating liabilities    
Accounts payable (105,889) (112,632)
Customer deposits 2,160,214 208,770
Amount due to related parties 86,979
Tax payables 6,920 (47,678)
Accrued expenses and other payables 607,896 211,131
Net cash used in operating activities (2,553,911) (626,510)
Cash flows from investing activities    
Purchase of plant, property, and equipment (48,239) (1,507,026)
Long-term equity investment (8,495,862)
Net cash used in investing activities (8,544,101) (1,507,026)
Cash flows from financing activities    
Proceeds from loans 5,726,880
Repayment of loans (3,743,424) (1,574,960)
Advance from related party 191,000
Net cash provided by (used in) financing activities 1,983,456 (1,383,960)
Effect of exchange rate change on cash and cash equivalents 1,819,541 (338,869)
Net decrease in cash and cash equivalents (7,295,015) (3,856,365)
Cash and cash equivalents, beginning balance 58,772,587 71,142,188
Cash and cash equivalents, ending balance 51,477,572 67,285,823
Supplement disclosure of cash flow information    
Interest expense paid 104,983 67,554
Income taxes paid $ 66,407 $ 60,650