Condensed Financial Information of the Parent Company (Tables)
|
12 Months Ended |
Jun. 30, 2022 |
Condensed Financial Information Disclosure [Abstract] |
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Schedule of parent company balance sheets |
| |
June 30, 2022 | | |
June 30, 2021 | |
ASSETS | |
| | |
| |
CURRENT ASSETS: | |
| | |
| |
Cash | |
$ | 470,634 | | |
$ | 26,636 | |
Other receivables | |
| - | | |
| 8,900 | |
Prepayments and advances | |
| - | | |
| 4,300 | |
Total current assets | |
| 470,634 | | |
| 39,836 | |
| |
| | | |
| | |
OTHER ASSETS: | |
| | | |
| | |
Intercompany receivable | |
| 114,222,952 | | |
| 74,858,613 | |
Investment in subsidiaries | |
| - | | |
| 2,459,560 | |
Total other assets | |
| 114,222,952 | | |
| 77,318,173 | |
| |
| | | |
| | |
Total assets | |
$ | 114,693,586 | | |
$ | 77,358,009 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Other payables and accrued liabilities | |
$ | 327,694 | | |
$ | 396,797 | |
Other payables - shareholders | |
| 10,711 | | |
| 10,711 | |
Total current liabilities | |
| 338,405 | | |
| 407,508 | |
| |
| | | |
| | |
OTHER LIABILITIES | |
| | | |
| | |
Deficit of investment in subsidiaries | |
| 65,911,417 | | |
| - | |
Total liabilities | |
| 66,249,822 | | |
| 407,508 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY: | |
| | | |
| | |
Ordinary share, $0.04 par value, 800,000,000 shares authorized, 4,819,700 and 2,758,920 shares issued and outstanding as of June 30, 2022 and 2021, respectively* | |
| 192,788 | | |
| 110,357 | |
Additional paid-in-capital | |
| 195,654,317 | | |
| 147,684,772 | |
Deferred stock compensation | |
| (32,978 | ) | |
| (682,383 | ) |
Deficit | |
| (147,370,363 | ) | |
| (70,162,245 | ) |
Total shareholders’ equity | |
| 48,443,764 | | |
| 76,950,501 | |
Total liabilities and shareholders’ equity | |
$ | 114,693,586 | | |
$ | 77,358,009 | |
|
Schedule of parent company statements of operations and comprehensive loss |
| |
For the Years Ended June 30, | |
| |
2022 | | |
2021 | | |
2020 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
$ | (4,098,934 | ) | |
$ | (2,821,121 | ) | |
$ | (1,402,044 | ) |
STOCK COMPENSATION EXPENSE | |
| (4,732,700 | ) | |
| (5,717,900 | ) | |
| (3,444,617 | ) |
LOSS FROM OPERATIONS | |
| (8,831,634 | ) | |
| (8,539,021 | ) | |
| (4,846,661 | ) |
| |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE), NET | |
| | | |
| | | |
| | |
Finance expense | |
| (5,507 | ) | |
| (6,480 | ) | |
| (5,007 | ) |
Equity loss of subsidiaries | |
| (68,370,977 | ) | |
| (1,118,204 | ) | |
| (12,562,142 | ) |
Gain on debt settlement | |
| - | | |
| 25,092 | | |
| - | |
Gain on sale of subsidiaries | |
| - | | |
| 1,400,100 | | |
| 5,787,213 | |
TOTAL OTHER INCOME (EXPENSE), NET | |
| (68,376,484 | ) | |
| 300,508 | | |
| (6,779,936 | ) |
| |
| | | |
| | | |
| | |
NET LOSS | |
$ | (77,208,118 | ) | |
$ | (8,238,513 | ) | |
$ | (11,626,597 | ) |
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Schedule of parent company statements of cash flows |
| |
For the Years Ended June 30, | |
| |
2022 | | |
2021 | | |
2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| | |
| |
Net loss | |
$ | (77,208,118 | ) | |
$ | (8,238,513 | ) | |
$ | (11,626,597 | ) |
Adjustments to reconcile net loss to cash used in operating activities: | |
| | | |
| | | |
| | |
Stock compensation expense | |
| 4,732,700 | | |
| 5,717,900 | | |
| 3,444,617 | |
Equity loss of subsidiaries | |
| 68,370,977 | | |
| 1,118,204 | | |
| 12,562,142 | |
Gain on debt settlement | |
| - | | |
| (25,092 | ) | |
| - | |
Gain on sale of discontinued operations | |
| - | | |
| (1,400,100 | ) | |
| (5,787,213 | ) |
Changes in operating assets and liabilities | |
| | | |
| | | |
| | |
Other receivables | |
| 8,900 | | |
| (6,600 | ) | |
| - | |
Prepayments and advances | |
| 4,300 | | |
| (4,300 | ) | |
| (125,000 | ) |
Intercompany receivables | |
| (39,364,339 | ) | |
| (65,500,903 | ) | |
| (1,231,449 | ) |
Other payables and accrued liabilities | |
| (69,103 | ) | |
| 60,090 | | |
| 93,711 | |
Net cash used in operating activities | |
| (43,524,683 | ) | |
| (68,279,314 | ) | |
| (2,669,789 | ) |
| |
| | | |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | | |
| | |
Purchase of equipment | |
| - | | |
| - | | |
| (2,000,000 | ) |
Proceeds from disposal of subsidiaries | |
| - | | |
| 100 | | |
| 600,000 | |
Net cash provided by (used in) investing activities | |
| - | | |
| 100 | | |
| (1,400,000 | ) |
| |
| | | |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
Borrowings from shareholders | |
| - | | |
| - | | |
| 300,000 | |
Borrowings from related parties | |
| - | | |
| - | | |
| - | |
Proceeds from sale of ordinary shares | |
| 43,937,202 | | |
| 62,341,025 | | |
| 4,502,901 | |
Proceeds from exercise of warrants | |
| 31,479 | | |
| 5,171,591 | | |
| - | |
Net cash provided by financing activities | |
| 43,968,681 | | |
| 67,512,616 | | |
| 4,802,901 | |
| |
| | | |
| | | |
| | |
NET CHANGE IN CASH | |
| 443,998 | | |
| (766,598 | ) | |
| 733,112 | |
| |
| | | |
| | | |
| | |
CASH, beginning of year | |
| 26,636 | | |
| 793,234 | | |
| 60,122 | |
| |
| | | |
| | | |
| | |
CASH, end of year | |
$ | 470,634 | | |
$ | 26,636 | | |
$ | 793,234 | |
| |
| | | |
| | | |
| | |
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | | |
| | |
Ordinary shares issued to repay other payables – related parties and service providers | |
$ | - | | |
$ | - | | |
$ | 1,137,378 | |
Ordinary shares issued to repay debt in subsidiary | |
$ | - | | |
$ | - | | |
$ | 5,240,679 | |
Ordinary share issued for acquisition of subsidiary | |
$ | - | | |
$ | - | | |
$ | 1,889,799 | |
Ordinary share issued for acquisition of equipment | |
$ | - | | |
$ | 3,818,000 | | |
$ | 1,963,607 | |
Ordinary share issued for acquisition of intangible assets held in a subsidiary | |
$ | - | | |
$ | 1,550,000 | | |
$ | - | |
Other receivables outstanding from disposal of subsidiary | |
$ | - | | |
$ | - | | |
$ | 1,000,000 | |
Forgiveness of former subsidiary’s receivable upon disposal of subsidiary | |
$ | - | | |
$ | 120,000 | | |
$ | - | |
Recognition of accrued liabilities from subsidiary | |
$ | - | | |
$ | - | | |
$ | 214,792 | |
Derecognition of intercompany balance upon disposal of subsidiary | |
$ | - | | |
$ | - | | |
$ | 23,164,488 | |
Proceeds from disposal of subsidiary received by intercompany | |
$ | - | | |
$ | 1,400,000 | | |
$ | - | |
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