Document And Entity Information
Document And Entity Information | 9 Months Ended |
Mar. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | ORANCO, INC. |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | On June 8, 2023, Oranco, Inc. effected a reverse stock split at a ratio of 1-for-5 solely to decrease its issued and outstanding shares of common stock from 41,948,748 shares to 8,389,750 shares, with a par value of $0.001 each (the “Reverse Split”). Information of the offering price range and the assumed offering price, share numbers, option numbers, warrant numbers, other derivative security numbers and exercise prices appearing in this registration statement has been adjusted to give effect to the Reverse Split, unless otherwise indicated or unless the context suggests otherwise. |
Entity Central Index Key | 0001098996 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | NV |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Current assets | ||||
Cash and cash equivalents | $ 14,514,749 | $ 8,994,340 | $ 20,314,035 | |
Inventories | 10,100,041 | 11,046,837 | 1,916,573 | |
Accounts receivable | 6,249,885 | 4,430,883 | 4,565,305 | |
Other current assets | 11,773 | 318,319 | 112,865 | |
Prepayments | 3,185,207 | 7,091,645 | 4,307,852 | |
Prepaid land lease and other leases | 234,388 | 91,023 | 94,427 | |
Total current assets | 34,296,043 | 31,973,047 | 31,311,057 | |
Non-current assets | ||||
Investment | 145,611 | 149,296 | 154,880 | |
Property, plant and equipment | 310,799 | 365,054 | 411,531 | |
Prepaid land lease and other leases | 1,894,904 | 1,127,788 | 1,264,399 | |
Total non-current assets | 2,351,314 | 1,642,138 | 1,830,810 | |
Total assets | 36,647,357 | 33,615,185 | 33,141,867 | |
Current liabilities | ||||
Accounts payable | 23,851 | 108,561 | 112,621 | |
Accrued expenses and other current liabilities | 779,927 | 667,925 | 885,583 | |
Contract liabilities | 57,147 | |||
Amount due to Director | 3,613,282 | 3,322,862 | 3,033,028 | |
Current tax liabilities | 190,100 | 163,976 | 514,834 | |
Total current liabilities | 4,607,160 | 4,263,324 | 4,603,213 | |
Non-current liabilities | ||||
Amount due to Director | 11,908,353 | 12,209,702 | 12,666,389 | |
Total liabilities | $ 16,515,513 | $ 16,473,026 | $ 17,269,602 | |
Shareholders’ equity | ||||
Number of authorized shares with par value US$0.001 (in Shares) | [1] | 20,000,000 | 10,000,000 | 10,000,000 |
Number of issued shares with par value US$0.001 (in Shares) | [1] | 8,389,750 | 8,389,750 | 8,389,750 |
Equity | ||||
Fully paid shares | $ 39,139 | $ 39,139 | $ 39,139 | |
Additional paid-in capital | 377,538 | 377,538 | 377,538 | |
Foreign exchange reserve | (230,013) | 155,037 | 798,853 | |
Retained earnings | 19,945,180 | 16,570,445 | 14,656,735 | |
Total shareholders’ equity | 20,131,844 | 17,142,159 | 15,872,265 | |
Total liabilities and shareholders’ equity | $ 36,647,357 | $ 33,615,185 | $ 33,141,867 | |
[1]Giving retroactive effect to the Reverse Split as detailed in note 13 to the consolidated financial statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Number of authorized shares with par value | $ 0.001 | $ 0.001 | $ 0.001 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Income Statement [Abstract] | |||||
Revenues | $ 14,225,398 | $ 12,855,427 | $ 15,945,418 | $ 15,191,866 | |
Cost of sales | 5,750,793 | 6,314,207 | 7,671,428 | 5,299,465 | |
Selling and distribution expenses | 3,116,044 | 2,733,940 | 3,768,329 | 879,083 | |
Administrative expenses | 874,071 | 837,909 | 1,224,720 | 1,442,203 | |
Operating profits | 4,484,490 | 2,969,371 | |||
Income from operations | 3,280,941 | 7,571,115 | |||
Other income | 22,297 | 31,754 | 40,775 | 44,763 | |
Income before income taxes | 4,506,787 | 3,001,125 | 3,321,716 | 7,615,878 | |
Income taxes | 1,132,052 | 867,236 | 1,408,006 | 2,507,617 | |
Net income | 3,374,735 | 2,133,889 | 1,913,710 | 5,108,261 | |
Other comprehensive income: | |||||
Net change in foreign currency translation adjustment | (385,050) | 312,846 | (643,816) | 1,046,451 | |
Total comprehensive income | $ 2,989,685 | $ 2,446,735 | $ 1,269,894 | $ 6,154,712 | |
Earnings per share: | |||||
Basic and diluted earnings per share (in Dollars per share) | [1] | $ 0.4 | $ 0.25 | $ 0.23 | $ 0.61 |
[1]Giving retroactive effect to the Reverse Split as detailed in note 13 to the consolidated financial statements. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Income Statement [Abstract] | |||||
Diluted earnings per share | [1] | $ 3.43 | $ 3.42 | $ 0.05 | $ 0.12 |
[1]Giving retroactive effect to the Reverse Split as detailed in note 13 to the consolidated financial statements. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity - USD ($) | Number of shares | Share capital | Additional paid-in capital | Accumulated and other comprehensive income | Retained earnings | Total |
Balance at Jun. 30, 2020 | $ 39,139 | $ 377,538 | $ (247,598) | $ 9,548,474 | $ 9,717,553 | |
Balance (in Shares) at Jun. 30, 2020 | 8,389,750 | |||||
Other comprehensive income | 1,046,451 | 1,046,451 | ||||
Net income | 5,108,261 | 5,108,261 | ||||
Total comprehensive income for the period | 1,046,451 | 5,108,261 | 6,154,712 | |||
Balance at Jun. 30, 2021 | 39,139 | 377,538 | 798,853 | 14,656,735 | 15,872,265 | |
Balance (in Shares) at Jun. 30, 2021 | 8,389,750 | |||||
Net income | 2,133,889 | |||||
Total comprehensive income for the period | 312,846 | 2,133,889 | 2,446,735 | |||
Balance at Mar. 31, 2022 | 39,139 | 377,538 | 1,111,699 | 16,790,624 | 18,319,000 | |
Balance at Jun. 30, 2021 | 39,139 | 377,538 | 798,853 | 14,656,735 | 15,872,265 | |
Balance (in Shares) at Jun. 30, 2021 | 8,389,750 | |||||
Other comprehensive income | (643,816) | (643,816) | ||||
Net income | 1,913,710 | 1,913,710 | ||||
Total comprehensive income for the period | (643,816) | 1,913,710 | 1,269,894 | |||
Balance at Jun. 30, 2022 | 39,139 | 377,538 | 155,037 | 16,570,445 | 17,142,159 | |
Balance (in Shares) at Jun. 30, 2022 | 8,389,750 | |||||
Net income | 3,374,735 | |||||
Total comprehensive income for the period | (385,050) | 3,374,735 | 2,989,685 | |||
Balance at Mar. 31, 2023 | $ 39,139 | $ 377,538 | $ (230,013) | $ 19,945,180 | $ 20,131,844 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||||
Net income | $ 3,374,735 | $ 2,133,889 | $ 1,913,710 | $ 5,108,261 |
Adjustments: | ||||
Depreciation and amortization | 122,581 | 128,697 | 127,426 | 127,330 |
Interest income | (22,297) | (31,754) | (40,775) | (44,763) |
Changes in assets and liabilities, net of effects of acquisitions: | ||||
Inventories | 666,635 | (5,996,525) | (9,199,366) | 55,978 |
Accounts receivable | (1,906,871) | (1,161,855) | (30,180) | 18,242 |
Other current assets | 295,361 | 5,889 | (209,523) | (4,053) |
Prepayments | 2,681,904 | (2,103,922) | (2,939,113) | 1,135,345 |
Accounts payable | (81,116) | 9,246 | ||
Accrued expenses and other current liabilities | 127,056 | (181,178) | (240,815) | 46,437 |
Current tax liabilities | 29,835 | (229,759) | (332,296) | 52,754 |
Amount due to Director | 368,281 | 375,692 | 399,190 | 148,252 |
Cash (used in)/generated from operating activities | 5,656,104 | (7,060,826) | (10,551,742) | 6,653,029 |
Financing activities | ||||
Interest received | 22,297 | 31,754 | 40,775 | 44,763 |
Cash generated from financing activities | 22,297 | 31,754 | 40,775 | 44,763 |
Effect of movements in exchange rate on cash held | (157,992) | 312,795 | (808,728) | 1,295,083 |
(Decrease)/increase in cash and cash equivalents | 5,678,401 | (7,029,072) | (11,319,695) | 7,992,875 |
Cash and cash equivalents, beginning of the year | 8,994,340 | 20,314,035 | 20,314,035 | 12,321,160 |
Cash and cash equivalents, end of the year | 14,514,749 | 13,597,758 | 8,994,340 | 20,314,035 |
Supplemental disclosure of cash flows information | ||||
Cash paid during the year for interest | ||||
Cash paid during the year for income taxes | $ 1,102,216 | $ 1,096,996 | $ 1,759,791 | $ 2,460,187 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 1. (a) Oranco, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June 16, 1977. The Company and its subsidiaries (the “Group”) are principally engaged in marketing and wholesale of own -brand Details of the subsidiaries are set out in note 19. (b) The Consolidated Financial Statements include the financial statements of Oranco, Inc. and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de -consolidated The accompanying consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles or GAAP. The Group operates in one reportable segment and solely within the PRC. Accordingly, no segment or geographic information has been presented. Use of Estimates The preparation of these Consolidated Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Areas requiring a significant degree of estimation include useful lives of property, plant and equipment, allowance for doubtful debts, provision for obsolete inventories and fair value of investment. (c) Financial instruments of the Group primarily consist of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities and amount due to Director. The carrying values of the Group’s financial instruments approximate their fair values, principally because of the short -term The Group has no derivative financial instruments. (d) Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. (e) Our revenue consists primarily of the sale of own -brand -branded -upon in time when control transfers and our obligation has been fulfilled, which is when the ownership of the related goods are transferred to the customer, depending upon the method of distribution, and shipping terms. We have elected to treat transportation as a fulfilment activity. Revenue is measured as the amount of consideration we expect to receive in exchange for our products. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Certain customers receive cash -based (f) An investment in which the Company has the ability to exercise significant influence, but does not have a controlling interest, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the board of directors, voting rights, and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. (g) We periodically review our equity investments for impairment. We consider whether impairment indicators exist by evaluating the companies’ financial and liquidity position and access to capital resources, among others. If the assessment indicates that the investment is impaired, we write down the investment to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data. (h) Accounts receivable are stated at the amount the Group expects to collect. The Group maintains allowances for doubtful accounts for estimated losses. Management considers the following factors when determining the collectability of specific accounts: historical experience, creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. Allowance for doubtful accounts is made and recorded into administrative expenses based on the aging of accounts receivable and on any specifically identified receivables that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group takes a write -off -off (i) Inventories consist of raw materials, finished products and packaging materials. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Group routinely evaluates the net realizable value of the inventories in light of current market conditions and market trends and records a write -down -down (j) Property, plant and equipment are carried at cost less accumulated depreciation and any recorded impairment. Depreciation is calculated on a straight -line Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance are expensed as incurred and asset improvements are capitalized. Consideration is given at each balance sheet date to determine whether there is any indication of impairment of the carrying amounts of the property, plant and equipment. The indication could be an unfavorable development of a business or severe economic slowdown as well as reorganization of the operation. In assessing value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the PRC where the assets are located. (k) VAT on sales is charged at 13% on revenue from product sales and is subsequently paid to the PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is recognized in other current liabilities, and the excess of input VAT over output VAT is recognized in other current assets in the Consolidated Balance Sheets. (l) We determine if an arrangement is a lease at inception. Payments under our lease arrangements are fixed. Right -of-use -cancelable -current -line (m) All of the Group’s operations are conducted in the PRC and as a result, the functional and reporting currency of the Group is the Chinese Renminbi. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. Transactions in currencies other than the functional currency are converted into the functional currency at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income. In translating the financial statements of the Company’s subsidiaries into the reporting currency, assets and liabilities are translated from the subsidiaries’ functional currencies to the reporting currency at the exchange rate at the balance sheet date. Equity amounts are translated at historical exchange rates; revenues, expenses, and other gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Income. The following exchange rates, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board, were used to translate the amounts from the functional currency RMB into the presentation currency United States dollars (“USD or US$”) for the respective periods: March 31, March 31, Period end exchange rate US$1.00 to RMB 6.8676 US$1.00 to RMB 6.3393 Nine months average exchange rate US$1.00 to RMB 6.945 US$1.00 to RMB 6.3962 (n) Income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more -likely-than-not (o) The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group follows the provisions of ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices in level -derived Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the asset or liability. The carrying value of financial instruments included in current assets and liabilities approximate their fair values because of the short -term (p) Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non -controlling -related -acquisition (q) When accounting for a transfer of assets or exchange of shares between entities under common control of the Group, the carrying amounts of the assets and liabilities transferred shall remain unchanged subsequent to the transaction, and no gain or loss shall be recorded in the Consolidated Statements of Comprehensive Income. (r) In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non -income (s) We expense software development costs, including costs to develop software products or the software to be sold, leased or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented. Software development costs also include costs to develop software to be used solely to meet internal needs. We capitalize development costs related to these software applications once the preliminary project sage is complete and it is probable that the project will be complete, and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented. (t) Not yet adopted During August 2020, the FASB issued ASU 2020 -06 -20 -40 -06 -over-substance-based -06 During May 2021, the FASB issued ASU 2021 -04 -classified The Group is reviewing the impact of these accounting pronouncements but does not currently expect the adoption of these to have a material impact on its consolidated financial statements. | 1. (a) Oranco, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June -brand Details of the subsidiaries are set out in note 19 set forth below. (b) The Consolidated Financial Statements include the financial statements of Oranco, Inc. and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de -consolidated The accompanying consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles or GAAP. The Group operates in one reportable segment and solely within the PRC. Accordingly, no segment or geographic information has been presented. Use of Estimates The preparation of these Consolidated Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Areas requiring a significant degree of estimation include useful lives of property, plant and equipment, allowance for doubtful debts, provision for obsolete inventories and fair value of investment. (c) Financial instruments of the Group primarily consist of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities and amount due to Director. The carrying values of the Group’s financial instruments approximate their fair values, principally because of the short -term The Group has no derivative financial instruments. (d) Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. (e) Our revenue consists primarily of the sale of own -brand -branded -upon of consideration we expect to receive in exchange for our products. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Certain customers receive cash -based (f) An investment in which the Company has the ability to exercise significant influence, but does not have a controlling interest, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the board of directors, voting rights, and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. (g) We periodically review our equity investments for impairment. We consider whether impairment indicators exist by evaluating the companies’ financial and liquidity position and access to capital resources, among others. If the assessment indicates that the investment is impaired, we write down the investment to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data. (h) Accounts receivable are stated at the amount the Group expects to collect. The Group maintains allowances for doubtful accounts for estimated losses. Management considers the following factors when determining the collectability of specific accounts: historical experience, creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. Allowance for doubtful accounts is made and recorded into administrative expenses based on the aging of accounts receivable and on any specifically identified receivables that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group takes a write -off -19 -off (i) Inventories consist of raw materials, finished products and packaging materials. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Group routinely evaluates the net realizable value of the inventories in light of current market conditions and market trends and records a write -down -down (j) Property, plant and equipment are carried at cost less accumulated depreciation and any recorded impairment. Depreciation is calculated on a straight -line Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance are expensed as incurred and asset improvements are capitalized. Consideration is given at each balance sheet date to determine whether there is any indication of impairment of the carrying amounts of the property, plant and equipment. The indication could be an unfavorable development of a business or severe economic slowdown as well as reorganization of the operation. In assessing value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the PRC where the assets are located. (k) VAT on sales is charged at 13% on revenue from product sales and is subsequently paid to the PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is recognized in other current liabilities, and the excess of input VAT over output VAT is recognized in other current assets in the Consolidated Balance Sheets. (l) We determine if an arrangement is a lease at inception. Payments under our lease arrangements are fixed. Right -of-use -cancelable -current -line (m) All of the Group’s operations are conducted in the PRC and as a result, the functional currency of the Group is the Chinese Renminbi (“RMB”). The presentation currency of the Group is the United States dollars (“USD or US$”). Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. Transactions in currencies other than the functional currency are converted into the functional currency at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of comprehensive income. In translating the financial statements of the Company’s subsidiaries in functional currencies into the presentation currency, assets and liabilities are translated from the subsidiaries’ functional currencies to the presentation currency at the exchange rate at the balance sheet date. Equity amounts are translated at historical exchange rates; revenues, expenses, and other gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Income. The following exchange rates, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board, were used to translate the amounts from the functional currency RMB into the presentation currency United States dollars (“USD or US$”) for the respective periods: June 30, June 30, Year end exchange rate US$1.00 to RMB 6.6981 US$1.00 to RMB 6.4566 Year average exchange rate US$1.00 to RMB 6.4477 US$1.00 to RMB 6.6217 (n) Income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more -likely-than-not (o) -19 The novel coronavirus, or COVID -19 -19 -19 (p) The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group follows the provisions of ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices in level, that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model -derived Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the asset or liability. The carrying value of financial instruments included in current assets and liabilities approximate their fair values because of the short -term (q) Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non -controlling -related -acquisition (r) When accounting for a transfer of assets or exchange of shares between entities under common control of the Group, the carrying amounts of the assets and liabilities transferred shall remain unchanged subsequent to the transaction, and no gain or loss shall be recorded in the Consolidated Statements of Operations. (s) In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non -income (t) We expense software development costs, including costs to develop software products or the software to be sold, leased or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented. Software development costs also include costs to develop software to be used solely to meet internal needs. We capitalize development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be complete, and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented. (u) Recently adopted During December 2019, the FASB issued ASU 2019 -12 The Group has adopted ASU 2019 -12 Not yet adopted During August 2020, the FASB issued ASU 2020 -06 -20 -40 -06 -over-substance-based -06 During May 2021, the FASB issued ASU 2021 -04 -classified During July 2021, the FASB issued ASU 2021 -05 -type -06 The Group is reviewing the impact of these accounting pronouncements but does not currently expect the adoption of these to have a material impact on its consolidated financial statements. |
Revenues and Other Income
Revenues and Other Income | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Revenues and Other Income [Abstract] | ||
REVENUE AND OTHER INCOME | 2. Revenues represent the invoiced spirits and wine products sold to customers less rebates and surcharges. Nine months ended March 31, Nine months ended March 31, US$ US$ Revenues 16,712,052 15,055,390 Sales rebate (2,486,654 ) (2,199,963 ) 14,225,398 12,855,427 Other income 22,297 31,754 14,247,695 12,887,181 All revenue is derived in the PRC. A concentration analysis of the revenue is as follows: Nine months Nine months Customer A 20 % 14 % Customer B 18 % 11 % Customer C 11 % 13 % Customer D 11 % 14 % Customer E 10 % 1 % Customer F 8 % 9 % Others 22 % 38 % 100 % 100 % | 2. Revenues represent the invoiced spirits and wine products sold to customers less rebates and surcharges. Year Ended Year Ended US$ US$ Revenues 18,092,018 17,204,693 Sales rebates (2,146,600 ) (2,012,827 ) 15,945,418 15,191,866 Other income 40,775 44,763 15,986,193 15,236,629 All revenue is derived in the PRC. A concentration analysis of the revenue is as follows: Year Ended Year Ended Customer A 11 % 16 % Customer B 13 % 16 % Customer C 13 % 13 % Customer D 5 % 10 % Customer E 8 % 10 % Customer F 11 % 9 % Customer G 8 % 4 % Others 31 % 22 % 100 % 100 % |
Property and Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | 3. Property, plant and equipment, net, consists of the following: March 31, June 30, US$ US$ Computer and office equipment 49,436 50,687 Building 546,717 560,551 596,153 611,238 Less: accumulated depreciation (285,354 ) (246,184 ) Property, plant and equipment, net 310,799 365,054 | 3. Property, plant and equipment, net, consists of the following: June 30, June 30, US$ US$ Computer and office equipment 50,687 52,583 Building 560,551 581,517 611,238 634,100 Less: accumulated depreciation (246,184 ) (222,569 ) Property, plant and equipment, net 365,054 411,531 |
Prepaid Land Lease and Other Le
Prepaid Land Lease and Other Leases | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Prepaid Land Lease and Other Leases [Abstract] | ||
PREPAID LAND LEASE AND OTHER LEASES | 4. Prepaid land lease and other leases consist of the following: March 31, June 30, US$ US$ Prepaid land lease and other leases 2,585,241 1,605,590 Less: accumulated amortization (455,949 ) (386,779 ) Prepaid land lease and other leases, net 2,129,292 1,218,811 The carrying amounts of the prepaid land lease and other leases are analyzed as: March 31, June 30, US$ US$ Current assets 234,388 91,023 Non-current assets 1,894,904 1,127,788 2,129,292 1,218,811 Prepaid land lease represents the cost of the rights of the use of the land in respect of leasehold land in the PRC, on which the Group’s buildings are situated. Prepaid other leases represent the leases of warehouse and offices in the PRC. The prepaid land lease’ terms are 70 years, ending in 2082. The other leases’ terms are 10 years starting from August 12, 2019 and March 2, 2023. Future minimum lease payments in relation to non -cancellable March 31, June 30, US$ US$ Within 1 year 163,906 18,757 Later than 1 year but no later than 5 years 655,622 75,029 Later than 5 years 1,309,242 631,784 2,128,770 725,570 | 4. Prepaid land lease and other leases consist of the following: June 30, June 30, US$ US$ Prepaid land lease and other leases 1,605,590 1,744,062 Less: accumulated amortization (386,779 ) (385,236 ) Prepaid land lease and other leases, net 1,218,811 1,358,826 The carrying amounts of the prepaid land lease and other leases are analyzed as: June 30, June 30, US$ US$ Current assets 91,023 94,427 Non-current assets 1,127,788 1,264,399 1,218,811 1,358,826 Prepaid land lease represents the cost of the rights of the use of the land in respect of leasehold land in the PRC, on which the Group’s buildings are situated. Prepaid other leases represent the leases of warehouse and offices in the PRC. The prepaid land lease’ terms are 70 years, ending in 2082. The other leases’ terms are 10 years starting from August The prepaid land lease is as follows: June 30, June 30, US$ US$ Within 1 year 18,757 19,459 Later than 1 year but no later than 5 years 75,029 77,835 Later than 5 years 631,784 674,873 725,570 772,167 |
Inventories
Inventories | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Inventories [Abstract] | ||
INVENTORIES | 5. Inventories consist of the following: March 31, June 30, US$ US$ Raw materials 8,569,751 10,699,515 Finished goods 1,503,253 319,600 Packaging material 27,037 27,722 10,100,041 11,046,837 | 5. Inventories consist of the following: June 30, June 30, US$ US$ Raw materials 10,699,515 1,551,440 Finished goods 319,600 336,604 Packaging material 27,722 28,529 11,046,837 1,916,573 |
Accounts Receivable
Accounts Receivable | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounts Receivable [Abstract] | ||
ACCOUNTS RECEIVABLE | 6. March 31, June 30, US$ US$ Accounts receivable 6,249,885 4,430,883 The Group normally allows credit terms to well -established -off A concentration analysis of accounts receivable is as follows: March 31, June 30, Customer A 12 % 11 % Customer B 11 % 12 % Customer C 19 % 12 % Customer D 6 % 8 % Customer E 20 % 13 % Customer F 7 % 8 % Customer G 10 % 4 % Others 15 % 32 % 100 % 100 % | 6. June 30, June 30, US$ US$ Accounts receivable 4,430,883 4,565,305 The Group normally allows credit terms to well -established -off A concentration analysis of accounts receivable is as follows: June 30, June 30, Customer A 10 % 23 % Customer B 12 % 16 % Customer C 12 % 14 % Customer D 0 % 10 % Customer E 8 % 9 % Customer F 13 % 9 % Customer G 9 % 5 % Others 36 % 14 % 100 % 100 % |
Other Current Assets
Other Current Assets | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Other Current Assets [Abstract] | ||
OTHER CURRENT ASSETS | 7. March 31, June 30, US$ US$ Other receivables 11,773 12,071 Other tax receivables — 306,248 11,773 318,319 | 7. June 30, June 30, US$ US$ Other receivables 12,071 112,865 Other tax receivables 306,248 — 318,319 112,865 |
Prepayments
Prepayments | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Prepayments [Abstract] | ||
PREPAYMENTS | 8. March 31, June 30, US$ US$ Prepayments for – purchase of inventories 580,729 2,478,192 – advertising expenses (Note (i)) 2,337,788 2,770,607 – warehouse lease (Note (ii)) — 1,492,961 – others 266,690 349,885 3,185,207 7,091,645 ____________ Notes: (i) -party (ii) | 8. June30, June30, US$ US$ Prepayments for – purchase of inventories 2,478,192 1,835,126 – advertising expenses (Note (i)) 2,770,607 1,958,275 – warehouse lease (Note (ii)) 1,492,961 — – others 349,885 514,451 7,091,645 4,307,852 ____________ Notes: (i) -party (ii) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
CASH AND CASH EQUIVALENTS | 9. March 31, June 30, US$ US$ Cash on hand 5,828 4,852 Cash held in banks 14,508,921 8,989,488 14,514,749 8,994,340 Cash and cash equivalents of US$14,496,633 and US$8,978,019 were held in the PRC as at March 31, 2023 and June 30, 2022, respectively. The rest were held in Hong Kong and the USA. Cash held in banks earns interest at floating rates based on daily bank deposit rates. | 9. June 30, June 30, US$ US$ Cash on hand 4,852 40,606 Cash held in banks 8,989,488 20,273,429 8,994,340 20,314,035 Cash and cash equivalents of US$8,978,018 and US$20,296,047 were held in the PRC as at June Cash held in banks earns interest at floating rates based on daily bank deposit rates. |
Accounts Payable
Accounts Payable | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounts Payable [Abstract] | ||
ACCOUNTS PAYABLE | 10. March 31, June 30, US$ US$ Accounts payable 23,851 108,561 For the larger suppliers, the Group makes payment in advance for the inventories. For the smaller suppliers, the Group obtains credit terms ranging from 30 to 90 days. A concentration analysis of the suppliers based on the purchases made during the period is as follows: Nine months ended March 31, Nine months ended March 31, Supplier A 73 % 38 % Supplier B 24 % 57 % Supplier C 3 % 5 % 100 % 100 % | 10. June 30, June 30, US$ US$ Accounts payable 108,561 112,621 For the larger suppliers, the Group makes payment in advance for the inventories. For the smaller suppliers, the Group obtains credit terms ranging from 30 to 90 days. A concentration analysis of the suppliers based on the purchases made during the year is as follows: June 30, June 30, Supplier A 39 % 54 % Supplier B 32 % 39 % Supplier C 20 % 7 % Supplier D 9 % 0 % 100 % 100 % |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accrued Expenses and Other Current Liabilities[Abstract] | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 11. Accrued expenses and other current liabilities consist of the following: March 31, June 30, US$ US$ Accrued salaries and bonus 46,929 46,051 Other accrued expenses and other payables 584,402 621,874 Other tax payables 148,596 — 779,927 667,925 | 11. Accrued expenses and other current liabilities consist of the following: June 30, June 30, US$ US$ Accrued salaries and bonus 46,051 42,639 Other accrued expenses and other 621,874 728,287 Other tax payables — 114,657 667,925 885,583 |
Amount Due to Director
Amount Due to Director | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Amount Due to Director [Abstract] | ||
AMOUNT DUE TO DIRECTOR | 12. March 31, June 30, US$ US$ Amount due within 1 year 3,613,282 3,322,862 Amount due after 1 year 11,908,353 12,209,702 15,521,635 15,532,564 The short -term -free The non -current | 12. June 30, June 30, US$ US$ Amount due within 1 year 3,322,862 3,033,028 Amount due after 1 year 12,209,702 12,666,389 15,532,564 15,699,417 The short -term -free Sure Rich Investment (Group) Limited owed US$ 1,650,000 to the Director since May -free The loan of US$13,319,891 to Reliant Galaxy International Limited from the Director was repayable in 15 annual instalments between July |
Share Capital And Capital Manag
Share Capital And Capital Management | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Equity and Capital Management [Abstract] | ||
SHARE CAPITAL AND CAPITAL MANAGEMENT | 13. Consolidated balance sheets as at March 31, 2023, June 30, 2022 and June 30, 2021 Pre-Reverse Adjustments Post-Reverse Number of shares – authorized 50,000,000 (40,000,000 ) 10,000,000 – issued and fully paid 41,948,748 (33,558,998 ) 8,389,750 Value (US$) 39,139 — 39,139 Additional paid-in capital Value (US$) 377,538 — 377,538 Total share capital Value (US$) 416,677 — 416,677 Consolidated statements of profit or loss for the nine months ended March 31, 2023 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.08 0.32 0.40 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Consolidated statements of profit or loss for the nine months ended March 31, 2022 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.05 0.20 0.25 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Each share has a nominal value of US$0.001 per share. In March 2023, the authorized capital shares of the Company were increased from 50,000,000 to 100,000,000. On June 8, 2023, Oranco, Inc. effected a reverse stock split at a ratio of 1 -for-5 Earnings per share is calculated by dividing the net income attributable to owners of the Company by the weighted average number of shares in issue throughout the years. There were weighted average of 41,948,748 -Reverse -dilutive -Reverse | 13. Consolidated balance sheets as at June 30, 2022, June 30, 2021 and June 30, 2020 Pre-Reverse Split Adjustments Post-Reverse Split Number of shares – authorized 50,000,000 (40,000,000 ) 10,000,000 – issued and fully paid 41,948,748 (33,558,998 ) 8,389,750 Value (US$) 39,139 — 39,139 Additional paid -in capital Value (US$) 377,538 — 377,538 Total share capital Value (US$) 416,677 — 416,677 Consolidated statements of profit or loss for the year ended June 30, 2022 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.05 0.18 0.23 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Consolidated statements of profit or loss for the year ended June 30, 2021 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.12 0.49 0.61 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Each share has a nominal value of US$0.001 per share. In March 2023, the authorized capital shares of the Company were increased from 50,000,000 to 100,000,000. On June -for-5 Earnings per share is calculated by dividing the net income attributable to owners of the Company by the weighted average number of shares in issue throughout the years. There were weighted average of 41,948,748 -Reverse -dilutive -Reverse |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
INCOME TAXES | 14. The Company is subject to taxes in the USA. The Company has had no taxable income under Federal or State tax laws. The Company has no available loss carry forward that may be offset against future federal income taxes. The Company’s BVI subsidiary is not subject to taxation. The Company’s Hong Kong subsidiary is subject to taxes in Hong Kong. The Hong Kong subsidiary has had no taxable income. The Company’s PRC subsidiaries are subject to taxes in the PRC. The applicable PRC statutory income tax rate is 25% according to the Enterprise Income Tax Law. A reconciliation of the income tax expenses is set out below: Nine months ended March 31, Nine months ended March 31, US$ US$ Profit before income tax 4,506,787 3,001,125 Taxation at the applicable tax rate of 25%/16.5%/21% 1,135,422 758,210 Tax effect on non-taxable income (75,081 ) (18,893 ) Tax effect of expenses that are not deductible 71,711 127,919 Income taxes 1,132,052 867,236 | 14. The Company is subject to taxes in the USA. The Company has had no taxable income under Federal or State tax laws. The Company has no available loss carryforward that may be offset against future federal income taxes. The Company’s BVI subsidiary is not subject to taxation. The Company’s Hong Kong subsidiary is subject to taxes in Hong Kong. The Hong Kong subsidiary has had no taxable income. The Company’s PRC Subsidiaries are subject to taxes in the PRC. The applicable PRC statutory income tax rate is 25% according to the Enterprise Income Tax Law. A reconciliation of the income tax expenses is set out below: June 30, June 30, US$ US$ Profit before income tax 3,321,716 7,615,878 Taxation at the applicable tax rates of 25%/16.5%/21% 846,672 1,903,969 Tax effect on non-taxable income (148 ) (11,191 ) Tax effect of expenses that are not deductible 568,066 731,849 Overprovision in respect of previous year (6,584 ) (117,010 ) Income taxes 1,408,006 2,507,617 |
Contribution Plan in the PRC
Contribution Plan in the PRC | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Contribution Plan in the PRC [Abstract] | ||
CONTRIBUTION PLAN IN THE PRC | 15. As stipulated by the PRC state regulations, the subsidiaries in the PRC participate in the state -run According to the relevant rules and regulations of the PRC, the PRC subsidiaries and their employees are each required to make contributions to an accommodation fund at 9% of the salaries and wages of the employees which are administered by the Public Accumulation Funds Administration Centre. There is no further obligation for the Group except for such contributions to the accommodation fund. The Group had no significant obligation apart from the contributions. | 15. As stipulated by the PRC state regulations, the subsidiaries in the PRC participate in the state -run According to the relevant rules and regulations of the PRC, the PRC Subsidiaries and their employees are each required to make contributions to an accommodation fund at 9% of the salaries and wages of the employees which are administered by the Public Accumulation Funds Administration Centre. There is no further obligation for the Group except for such contributions to the accommodation fund. The Group had no significant obligation apart from the contributions. |
Short-Term Operating Lease
Short-Term Operating Lease | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Short-Term Operating Lease [Abstract] | ||
SHORT-TERM OPERATING LEASE | 16. The Group is a lessee under a number of operating leases for offices and staff residence fully prepaid and the prepayments would be utilized according to the lease terms. The Group’s leases generally have remaining lease terms of 3 months to 1 year and some of which include options to terminate the leases within 1 year. These leases do not have rent escalation holidays, concessions, leasehold improvement incentives, or other build -out -of-use Supplemental information related to leases is as follows: Nine months ended March 31, Nine months ended March 31, US$ US$ Operating lease costs 287,422 237,407 March 31, June 30, Weighted average remaining lease term (years) of operating leases: 0.5 0.5 Weighted average discount rate of operating leases: 2.9 % 2.9 % | 16. On June -02 -lease -02 The Group is a lessee under a number of operating leases for offices and staff residence fully prepaid and the prepayments would be utilized according to the lease terms. The Group’s leases generally have remaining lease terms of 3 leases do not have rent escalation holidays, concessions, leasehold improvement incentives, or other build -out -of-use Supplemental information related to leases is as follows: June 30, June 30, US$ US$ Operating lease costs 253,966 136,064 |
Related Party Balances and Tran
Related Party Balances and Transactions | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY BALANCES AND TRANSACTIONS | 17. The Group had the following transactions with related parties during the financial periods: March 31, June 30, US$ US$ Current liabilities 3,613,282 3,322,862 Non-current liabilities 11,908,353 12,209,702 15,521,635 15,532,564 The balance represented the amount due to Director, Mr. Peng Yang, as at March 31, 2023 and June 30, 2022. | 17. The Group had the following transactions with related parties during the financial periods: June 30, June 30, US$ US$ Current liabilities 3,322,862 3,033,028 Non-current liabilities 12,209,702 12,666,389 15,532,564 15,699,417 The balance represented the amount due to Director, Mr. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 18. At the end of each reporting period, neither the Group nor the Company had any significant contingent liabilities, capital and other commitments. | 18. At the end of each reporting period, neither the Group nor the Company had any significant contingent liabilities, capital and other commitments. |
Details of Subsidiaries
Details of Subsidiaries | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Details of Subsidiaries [Abstract] | ||
DETAILS OF SUBSIDIARIES | 19. Company name Place and date of incorporation Capital Attributable equity interest Principal activities Reliant Galaxy International Limited Established in British Virgin Islands on January 3, 2017 Registered and paid-in capital of RMB69,100 100% Investment holding Sure Rich Investment (Group) Limited Established in Hong Kong on February 1, 2007 Share capital of RMB1 100% Investment holding Fujian Jinou Trading Co., Ltd. Established in the PRC on July 5, 2004 Registered and paid-in capital of US$1,650,000 100% Investment holding and marketing own-brand and wholesaling of spirits Shanxi Huaxin Wine Industry Development Co., Ltd. (Formerly known as Fenyang Huaxin Wine Industry Development Co., Ltd.) Note (i) Established in the PRC on April 15, 2013 Registered and paid-in capital of RMB1,000,000 100% Marketing own-brand and wholesaling of spirits and wines Shanxi Jinqiang Wine Industry Co., Ltd. (Formerly known as Fenyang Jinqiang Wine Industry Co., Ltd.) Note (i) Established in the PRC on November 7, 2013 Registered capital 10,000,000 and paid-in capital of RMB5,000,000 100% Marketing own-brand and wholesaling of spirits Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. Established in the PRC on April 14, 2018 Registered and issued capital of RMB1,000,000 51% Note (ii) Dormant (i) (ii) -free | 19. Company name Place and date of incorporation Capital Attributable equity interest Principal activities Reliant Galaxy International Limited Established in British Virgin Islands on January 3, 2017 Registered and paid-in capital of RMB 69,100 100% Investment holding Sure Rich Investment (Group) Limited Established in Hong Kong on February 1, 2007 Share capital of RMB1 100% Investment holding Fujian Jin’ou Trading Co., Ltd. Established in the PRC on July 5, 2004 Registered and paid-in capital of US$1,650,000 100% Investment holding and marketing own-brand and wholesaling of spirits Fenyang Huaxin Wine Industry Development Co., Ltd. Established in the PRC on April 15, 2013 Registered and paid-in capital of RMB1,000,000 100% Marketing own-brand and wholesaling of spirits and wines Fenyang Jinqiang Wine Industry Co., Ltd. Established in the PRC on November 7, 2013 Registered capital 10,000,000 and paid-in capital of RMB5,000,000 100% Marketing own-brand and wholesaling of spirits Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. Established in the PRC on April 14, 2018 Registered and issued capital of RMB1,000,000 51% Note (i) Dormant ____________ Note: (i) -free |
Investment
Investment | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Investment [Abstract] | ||
INVESTMENT | 20. Company name Place and date of incorporation Capital Attributable equity interest Principal activities Guangzhou Silicon Technology Co., Ltd. Established in the PRC on September 8, 2015 Registered and issued capital of RMB5,000,000 20% Development, sale and provision of software solutions On September 1, 2018, Shanxi Huaxin Wine Industry Development Co., Ltd. (formerly known as Fenyang Huaxin Wine Industry Development Co., Ltd.) acquired 20% equity interest of Guangzhou Silicon Technology Co., Ltd. which then became an associate of the Company. | 20. Company name Place and date of incorporation Capital Attributable equity interest Principal activities Guangzhou Silicon Technology Co., Ltd. Established in the PRC on September Registered and issued capital of RMB5,000,000 20% Development, sale and provision of software solutions On September Wine Industry |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 21. These consolidated financial statements were approved by the Board and were available for issuance on May | 21. These consolidated financial statements were approved by the Board and were available for issuance on May |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Description of Business | (a) Oranco, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June 16, 1977. The Company and its subsidiaries (the “Group”) are principally engaged in marketing and wholesale of own -brand Details of the subsidiaries are set out in note 19. | (a) Oranco, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June -brand Details of the subsidiaries are set out in note 19 set forth below. |
Basis of presentation and principals of consolidation | (b) The Consolidated Financial Statements include the financial statements of Oranco, Inc. and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de -consolidated The accompanying consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles or GAAP. The Group operates in one reportable segment and solely within the PRC. Accordingly, no segment or geographic information has been presented. Use of Estimates The preparation of these Consolidated Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Areas requiring a significant degree of estimation include useful lives of property, plant and equipment, allowance for doubtful debts, provision for obsolete inventories and fair value of investment. | (b) The Consolidated Financial Statements include the financial statements of Oranco, Inc. and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de -consolidated The accompanying consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles or GAAP. The Group operates in one reportable segment and solely within the PRC. Accordingly, no segment or geographic information has been presented. Use of Estimates The preparation of these Consolidated Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Areas requiring a significant degree of estimation include useful lives of property, plant and equipment, allowance for doubtful debts, provision for obsolete inventories and fair value of investment. |
Financial instruments | (c) Financial instruments of the Group primarily consist of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities and amount due to Director. The carrying values of the Group’s financial instruments approximate their fair values, principally because of the short -term The Group has no derivative financial instruments. | (c) Financial instruments of the Group primarily consist of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities and amount due to Director. The carrying values of the Group’s financial instruments approximate their fair values, principally because of the short -term The Group has no derivative financial instruments. |
Cash and cash equivalents | (d) Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. | (d) Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. |
Revenue recognition | (e) Our revenue consists primarily of the sale of own -brand -branded -upon in time when control transfers and our obligation has been fulfilled, which is when the ownership of the related goods are transferred to the customer, depending upon the method of distribution, and shipping terms. We have elected to treat transportation as a fulfilment activity. Revenue is measured as the amount of consideration we expect to receive in exchange for our products. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Certain customers receive cash -based | (e) Our revenue consists primarily of the sale of own -brand -branded -upon of consideration we expect to receive in exchange for our products. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Certain customers receive cash -based |
Equity Investments | (f) An investment in which the Company has the ability to exercise significant influence, but does not have a controlling interest, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the board of directors, voting rights, and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. | (f) An investment in which the Company has the ability to exercise significant influence, but does not have a controlling interest, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the board of directors, voting rights, and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. |
Impairment of Investments | (g) We periodically review our equity investments for impairment. We consider whether impairment indicators exist by evaluating the companies’ financial and liquidity position and access to capital resources, among others. If the assessment indicates that the investment is impaired, we write down the investment to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data. | (g) We periodically review our equity investments for impairment. We consider whether impairment indicators exist by evaluating the companies’ financial and liquidity position and access to capital resources, among others. If the assessment indicates that the investment is impaired, we write down the investment to its fair value by recording the corresponding charge as a component of other income (expense), net. Fair value is estimated using the best information available, which may include cash flow projections or other available market data. |
Accounts receivable and allowance for credit loss | (h) Accounts receivable are stated at the amount the Group expects to collect. The Group maintains allowances for doubtful accounts for estimated losses. Management considers the following factors when determining the collectability of specific accounts: historical experience, creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. Allowance for doubtful accounts is made and recorded into administrative expenses based on the aging of accounts receivable and on any specifically identified receivables that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group takes a write -off -off | (h) Accounts receivable are stated at the amount the Group expects to collect. The Group maintains allowances for doubtful accounts for estimated losses. Management considers the following factors when determining the collectability of specific accounts: historical experience, creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. Allowance for doubtful accounts is made and recorded into administrative expenses based on the aging of accounts receivable and on any specifically identified receivables that may become uncollectible. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group takes a write -off -19 -off |
Inventories | (i) Inventories consist of raw materials, finished products and packaging materials. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Group routinely evaluates the net realizable value of the inventories in light of current market conditions and market trends and records a write -down -down | (i) Inventories consist of raw materials, finished products and packaging materials. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Group routinely evaluates the net realizable value of the inventories in light of current market conditions and market trends and records a write -down -down |
Property and equipment | (j) Property, plant and equipment are carried at cost less accumulated depreciation and any recorded impairment. Depreciation is calculated on a straight -line Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance are expensed as incurred and asset improvements are capitalized. Consideration is given at each balance sheet date to determine whether there is any indication of impairment of the carrying amounts of the property, plant and equipment. The indication could be an unfavorable development of a business or severe economic slowdown as well as reorganization of the operation. In assessing value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the PRC where the assets are located. | (j) Property, plant and equipment are carried at cost less accumulated depreciation and any recorded impairment. Depreciation is calculated on a straight -line Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repairs and maintenance are expensed as incurred and asset improvements are capitalized. Consideration is given at each balance sheet date to determine whether there is any indication of impairment of the carrying amounts of the property, plant and equipment. The indication could be an unfavorable development of a business or severe economic slowdown as well as reorganization of the operation. In assessing value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the PRC where the assets are located. |
VAT and VAT refund | (k) VAT on sales is charged at 13% on revenue from product sales and is subsequently paid to the PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is recognized in other current liabilities, and the excess of input VAT over output VAT is recognized in other current assets in the Consolidated Balance Sheets. | (k) VAT on sales is charged at 13% on revenue from product sales and is subsequently paid to the PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is recognized in other current liabilities, and the excess of input VAT over output VAT is recognized in other current assets in the Consolidated Balance Sheets. |
Operating leases | (l) We determine if an arrangement is a lease at inception. Payments under our lease arrangements are fixed. Right -of-use -cancelable -current -line | (l) We determine if an arrangement is a lease at inception. Payments under our lease arrangements are fixed. Right -of-use -cancelable -current -line |
Foreign currency translation | (m) All of the Group’s operations are conducted in the PRC and as a result, the functional and reporting currency of the Group is the Chinese Renminbi. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. Transactions in currencies other than the functional currency are converted into the functional currency at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income. In translating the financial statements of the Company’s subsidiaries into the reporting currency, assets and liabilities are translated from the subsidiaries’ functional currencies to the reporting currency at the exchange rate at the balance sheet date. Equity amounts are translated at historical exchange rates; revenues, expenses, and other gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Income. The following exchange rates, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board, were used to translate the amounts from the functional currency RMB into the presentation currency United States dollars (“USD or US$”) for the respective periods: March 31, March 31, Period end exchange rate US$1.00 to RMB 6.8676 US$1.00 to RMB 6.3393 Nine months average exchange rate US$1.00 to RMB 6.945 US$1.00 to RMB 6.3962 | (m) All of the Group’s operations are conducted in the PRC and as a result, the functional currency of the Group is the Chinese Renminbi (“RMB”). The presentation currency of the Group is the United States dollars (“USD or US$”). Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. Transactions in currencies other than the functional currency are converted into the functional currency at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of comprehensive income. In translating the financial statements of the Company’s subsidiaries in functional currencies into the presentation currency, assets and liabilities are translated from the subsidiaries’ functional currencies to the presentation currency at the exchange rate at the balance sheet date. Equity amounts are translated at historical exchange rates; revenues, expenses, and other gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income/(loss) in the Consolidated Statements of Comprehensive Income. The following exchange rates, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board, were used to translate the amounts from the functional currency RMB into the presentation currency United States dollars (“USD or US$”) for the respective periods: June 30, June 30, Year end exchange rate US$1.00 to RMB 6.6981 US$1.00 to RMB 6.4566 Year average exchange rate US$1.00 to RMB 6.4477 US$1.00 to RMB 6.6217 |
Income taxes | (n) Income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more -likely-than-not | (n) Income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more -likely-than-not |
COVID-19 impact | (o) -19 The novel coronavirus, or COVID -19 -19 -19 | |
Fair value measurement | (o) The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group follows the provisions of ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices in level -derived Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the asset or liability. The carrying value of financial instruments included in current assets and liabilities approximate their fair values because of the short -term | (p) The Group defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group follows the provisions of ASC 820, “Fair Value Measurements and Disclosures”. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices in level, that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model -derived Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the asset or liability. The carrying value of financial instruments included in current assets and liabilities approximate their fair values because of the short -term |
Business combinations | (p) Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non -controlling -related -acquisition | (q) Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non -controlling -related -acquisition |
Transactions between entities under common control | (q) When accounting for a transfer of assets or exchange of shares between entities under common control of the Group, the carrying amounts of the assets and liabilities transferred shall remain unchanged subsequent to the transaction, and no gain or loss shall be recorded in the Consolidated Statements of Comprehensive Income. | (r) When accounting for a transfer of assets or exchange of shares between entities under common control of the Group, the carrying amounts of the assets and liabilities transferred shall remain unchanged subsequent to the transaction, and no gain or loss shall be recorded in the Consolidated Statements of Operations. |
Commitments and contingencies | (r) In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non -income | (s) In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non -income |
Software development costs | (s) We expense software development costs, including costs to develop software products or the software to be sold, leased or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented. Software development costs also include costs to develop software to be used solely to meet internal needs. We capitalize development costs related to these software applications once the preliminary project sage is complete and it is probable that the project will be complete, and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented. | (t) We expense software development costs, including costs to develop software products or the software to be sold, leased or marketed to external users, before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented. Software development costs also include costs to develop software to be used solely to meet internal needs. We capitalize development costs related to these software applications once the preliminary project stage is complete and it is probable that the project will be complete, and the software will be used to perform the function intended. Costs capitalized for developing such software applications were not material for the periods presented. |
Recently issued accounting pronouncements not yet adopted | (t) Not yet adopted During August 2020, the FASB issued ASU 2020 -06 -20 -40 -06 -over-substance-based -06 During May 2021, the FASB issued ASU 2021 -04 -classified The Group is reviewing the impact of these accounting pronouncements but does not currently expect the adoption of these to have a material impact on its consolidated financial statements. | (u) Recently adopted During December 2019, the FASB issued ASU 2019 -12 The Group has adopted ASU 2019 -12 Not yet adopted During August 2020, the FASB issued ASU 2020 -06 -20 -40 -06 -over-substance-based -06 During May 2021, the FASB issued ASU 2021 -04 -classified During July 2021, the FASB issued ASU 2021 -05 -type -06 The Group is reviewing the impact of these accounting pronouncements but does not currently expect the adoption of these to have a material impact on its consolidated financial statements. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Schedule of a straight-line basis over the estimated useful lives | Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets | Category Estimated useful life Estimated residual values Building 20 years 0 – 10% Computer and office equipment 3 years 0 – 10% Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets |
Schedule of exchange rates | March 31, March 31, Period end exchange rate US$1.00 to RMB 6.8676 US$1.00 to RMB 6.3393 Nine months average exchange rate US$1.00 to RMB 6.945 US$1.00 to RMB 6.3962 | June 30, June 30, Year end exchange rate US$1.00 to RMB 6.6981 US$1.00 to RMB 6.4566 Year average exchange rate US$1.00 to RMB 6.4477 US$1.00 to RMB 6.6217 |
Revenues and Other Income (Tabl
Revenues and Other Income (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Revenues and Other Income [Abstract] | ||
Schedule of revenue represents the invoiced spirits and wine products sold to customers less discounts, returns, and surcharges | Nine months ended March 31, Nine months ended March 31, US$ US$ Revenues 16,712,052 15,055,390 Sales rebate (2,486,654 ) (2,199,963 ) 14,225,398 12,855,427 Other income 22,297 31,754 14,247,695 12,887,181 | Year Ended Year Ended US$ US$ Revenues 18,092,018 17,204,693 Sales rebates (2,146,600 ) (2,012,827 ) 15,945,418 15,191,866 Other income 40,775 44,763 15,986,193 15,236,629 |
Schedule of concentration analysis of the revenue | Nine months Nine months Customer A 20 % 14 % Customer B 18 % 11 % Customer C 11 % 13 % Customer D 11 % 14 % Customer E 10 % 1 % Customer F 8 % 9 % Others 22 % 38 % 100 % 100 % | Year Ended Year Ended Customer A 11 % 16 % Customer B 13 % 16 % Customer C 13 % 13 % Customer D 5 % 10 % Customer E 8 % 10 % Customer F 11 % 9 % Customer G 8 % 4 % Others 31 % 22 % 100 % 100 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of property and equipment | March 31, June 30, US$ US$ Computer and office equipment 49,436 50,687 Building 546,717 560,551 596,153 611,238 Less: accumulated depreciation (285,354 ) (246,184 ) Property, plant and equipment, net 310,799 365,054 | June 30, June 30, US$ US$ Computer and office equipment 50,687 52,583 Building 560,551 581,517 611,238 634,100 Less: accumulated depreciation (246,184 ) (222,569 ) Property, plant and equipment, net 365,054 411,531 |
Prepaid Land Lease and Other _2
Prepaid Land Lease and Other Leases (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Prepaid Land Lease and Other Leases [Abstract] | ||
Schedule of prepaid land lease, net | March 31, June 30, US$ US$ Prepaid land lease and other leases 2,585,241 1,605,590 Less: accumulated amortization (455,949 ) (386,779 ) Prepaid land lease and other leases, net 2,129,292 1,218,811 | June 30, June 30, US$ US$ Prepaid land lease and other leases 1,605,590 1,744,062 Less: accumulated amortization (386,779 ) (385,236 ) Prepaid land lease and other leases, net 1,218,811 1,358,826 |
Schedule of carrying amounts of prepaid land lease | March 31, June 30, US$ US$ Current assets 234,388 91,023 Non-current assets 1,894,904 1,127,788 2,129,292 1,218,811 | June 30, June 30, US$ US$ Current assets 91,023 94,427 Non-current assets 1,127,788 1,264,399 1,218,811 1,358,826 |
Schedule future minimum lease payments in relation to non-cancellable leases | March 31, June 30, US$ US$ Within 1 year 163,906 18,757 Later than 1 year but no later than 5 years 655,622 75,029 Later than 5 years 1,309,242 631,784 2,128,770 725,570 | June 30, June 30, US$ US$ Within 1 year 18,757 19,459 Later than 1 year but no later than 5 years 75,029 77,835 Later than 5 years 631,784 674,873 725,570 772,167 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Inventories [Abstract] | ||
Schedule of inventories | March 31, June 30, US$ US$ Raw materials 8,569,751 10,699,515 Finished goods 1,503,253 319,600 Packaging material 27,037 27,722 10,100,041 11,046,837 | June 30, June 30, US$ US$ Raw materials 10,699,515 1,551,440 Finished goods 319,600 336,604 Packaging material 27,722 28,529 11,046,837 1,916,573 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounts Receivable [Abstract] | ||
Schedule of accounts receivables | March 31, June 30, US$ US$ Accounts receivable 6,249,885 4,430,883 | June 30, June 30, US$ US$ Accounts receivable 4,430,883 4,565,305 |
Schedule of concentration analysis of accounts receivable | March 31, June 30, Customer A 12 % 11 % Customer B 11 % 12 % Customer C 19 % 12 % Customer D 6 % 8 % Customer E 20 % 13 % Customer F 7 % 8 % Customer G 10 % 4 % Others 15 % 32 % 100 % 100 % | June 30, June 30, Customer A 10 % 23 % Customer B 12 % 16 % Customer C 12 % 14 % Customer D 0 % 10 % Customer E 8 % 9 % Customer F 13 % 9 % Customer G 9 % 5 % Others 36 % 14 % 100 % 100 % |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Other Current Assets [Abstract] | ||
Schedule of Other Current Assets [Table Text Block] | March 31, June 30, US$ US$ Other receivables 11,773 12,071 Other tax receivables — 306,248 11,773 318,319 | June 30, June 30, US$ US$ Other receivables 12,071 112,865 Other tax receivables 306,248 — 318,319 112,865 |
Prepayments (Tables)
Prepayments (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Prepayments [Abstract] | ||
Schedule of prepayments | March 31, June 30, US$ US$ Prepayments for – purchase of inventories 580,729 2,478,192 – advertising expenses (Note (i)) 2,337,788 2,770,607 – warehouse lease (Note (ii)) — 1,492,961 – others 266,690 349,885 3,185,207 7,091,645 (i) -party (ii) | June30, June30, US$ US$ Prepayments for – purchase of inventories 2,478,192 1,835,126 – advertising expenses (Note (i)) 2,770,607 1,958,275 – warehouse lease (Note (ii)) 1,492,961 — – others 349,885 514,451 7,091,645 4,307,852 (i) -party (ii) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
Schedule of cash and cash equivalents | March 31, June 30, US$ US$ Cash on hand 5,828 4,852 Cash held in banks 14,508,921 8,989,488 14,514,749 8,994,340 | June 30, June 30, US$ US$ Cash on hand 4,852 40,606 Cash held in banks 8,989,488 20,273,429 8,994,340 20,314,035 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounts Payable [Abstract] | ||
Schedule of accounts payable | March 31, June 30, US$ US$ Accounts payable 23,851 108,561 | June 30, June 30, US$ US$ Accounts payable 108,561 112,621 |
Schedule of concentration analysis of the suppliers | Nine months ended March 31, Nine months ended March 31, Supplier A 73 % 38 % Supplier B 24 % 57 % Supplier C 3 % 5 % 100 % 100 % | June 30, June 30, Supplier A 39 % 54 % Supplier B 32 % 39 % Supplier C 20 % 7 % Supplier D 9 % 0 % 100 % 100 % |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accrued Expenses and Other Current Liabilities[Abstract] | ||
Schedule of receipts in advance, accrued expenses and other current liabilities | March 31, June 30, US$ US$ Accrued salaries and bonus 46,929 46,051 Other accrued expenses and other payables 584,402 621,874 Other tax payables 148,596 — 779,927 667,925 | June 30, June 30, US$ US$ Accrued salaries and bonus 46,051 42,639 Other accrued expenses and other 621,874 728,287 Other tax payables — 114,657 667,925 885,583 |
Amount Due to Director (Tables)
Amount Due to Director (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Amount Due to Director Disclosure Table [Abstract] | ||
Schedule of amount due to a director | March 31, June 30, US$ US$ Amount due within 1 year 3,613,282 3,322,862 Amount due after 1 year 11,908,353 12,209,702 15,521,635 15,532,564 | June 30, June 30, US$ US$ Amount due within 1 year 3,322,862 3,033,028 Amount due after 1 year 12,209,702 12,666,389 15,532,564 15,699,417 |
Share Capital And Capital Man_2
Share Capital And Capital Management (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Equity and Capital Management [Abstract] | ||
Schedule of consolidated balance sheets | Pre-Reverse Adjustments Post-Reverse Number of shares – authorized 50,000,000 (40,000,000 ) 10,000,000 – issued and fully paid 41,948,748 (33,558,998 ) 8,389,750 Value (US$) 39,139 — 39,139 Additional paid-in capital Value (US$) 377,538 — 377,538 Total share capital Value (US$) 416,677 — 416,677 | Pre-Reverse Split Adjustments Post-Reverse Split Number of shares – authorized 50,000,000 (40,000,000 ) 10,000,000 – issued and fully paid 41,948,748 (33,558,998 ) 8,389,750 Value (US$) 39,139 — 39,139 Additional paid -in capital Value (US$) 377,538 — 377,538 Total share capital Value (US$) 416,677 — 416,677 |
Schedule of consolidated statements of profit or loss | Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.08 0.32 0.40 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.05 0.20 0.25 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 | Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.05 0.18 0.23 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 Pre-Reverse Split Adjustments Post-Reverse Split Earnings per share – basic and diluted 0.12 0.49 0.61 Weighted average number of shares in issue for the year – basic and diluted 41,948,748 (33,558,998 ) 8,389,750 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
Schedule of reconciliation of the income tax expenses | Nine months ended March 31, Nine months ended March 31, US$ US$ Profit before income tax 4,506,787 3,001,125 Taxation at the applicable tax rate of 25%/16.5%/21% 1,135,422 758,210 Tax effect on non-taxable income (75,081 ) (18,893 ) Tax effect of expenses that are not deductible 71,711 127,919 Income taxes 1,132,052 867,236 | June 30, June 30, US$ US$ Profit before income tax 3,321,716 7,615,878 Taxation at the applicable tax rates of 25%/16.5%/21% 846,672 1,903,969 Tax effect on non-taxable income (148 ) (11,191 ) Tax effect of expenses that are not deductible 568,066 731,849 Overprovision in respect of previous year (6,584 ) (117,010 ) Income taxes 1,408,006 2,507,617 |
Short-Term Operating Lease (Tab
Short-Term Operating Lease (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Short-Term Operating Lease [Abstract] | ||
Schedule of leases and the consolidated financial statements | Nine months ended March 31, Nine months ended March 31, US$ US$ Operating lease costs 287,422 237,407 | June 30, June 30, US$ US$ Operating lease costs 253,966 136,064 |
Schedule of operating lease costs | March 31, June 30, Weighted average remaining lease term (years) of operating leases: 0.5 0.5 Weighted average discount rate of operating leases: 2.9 % 2.9 % |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Schedule of Transactions With Related Parties Balances [Abstract] | ||
Schedule of transactions with related parties balances | March 31, June 30, US$ US$ Current liabilities 3,613,282 3,322,862 Non-current liabilities 11,908,353 12,209,702 15,521,635 15,532,564 | June 30, June 30, US$ US$ Current liabilities 3,322,862 3,033,028 Non-current liabilities 12,209,702 12,666,389 15,532,564 15,699,417 |
Details of Subsidiaries (Tables
Details of Subsidiaries (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Details of Subsidiaries [Abstract] | ||
Schedule of details of subsidiaries | Company name Place and date of incorporation Capital Attributable equity interest Principal activities Reliant Galaxy International Limited Established in British Virgin Islands on January 3, 2017 Registered and paid-in capital of RMB69,100 100% Investment holding Sure Rich Investment (Group) Limited Established in Hong Kong on February 1, 2007 Share capital of RMB1 100% Investment holding Fujian Jinou Trading Co., Ltd. Established in the PRC on July 5, 2004 Registered and paid-in capital of US$1,650,000 100% Investment holding and marketing own-brand and wholesaling of spirits Shanxi Huaxin Wine Industry Development Co., Ltd. (Formerly known as Fenyang Huaxin Wine Industry Development Co., Ltd.) Note (i) Established in the PRC on April 15, 2013 Registered and paid-in capital of RMB1,000,000 100% Marketing own-brand and wholesaling of spirits and wines Shanxi Jinqiang Wine Industry Co., Ltd. (Formerly known as Fenyang Jinqiang Wine Industry Co., Ltd.) Note (i) Established in the PRC on November 7, 2013 Registered capital 10,000,000 and paid-in capital of RMB5,000,000 100% Marketing own-brand and wholesaling of spirits Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. Established in the PRC on April 14, 2018 Registered and issued capital of RMB1,000,000 51% Note (ii) Dormant (ii) -free | Company name Place and date of incorporation Capital Attributable equity interest Principal activities Reliant Galaxy International Limited Established in British Virgin Islands on January 3, 2017 Registered and paid-in capital of RMB 69,100 100% Investment holding Sure Rich Investment (Group) Limited Established in Hong Kong on February 1, 2007 Share capital of RMB1 100% Investment holding Fujian Jin’ou Trading Co., Ltd. Established in the PRC on July 5, 2004 Registered and paid-in capital of US$1,650,000 100% Investment holding and marketing own-brand and wholesaling of spirits Fenyang Huaxin Wine Industry Development Co., Ltd. Established in the PRC on April 15, 2013 Registered and paid-in capital of RMB1,000,000 100% Marketing own-brand and wholesaling of spirits and wines Fenyang Jinqiang Wine Industry Co., Ltd. Established in the PRC on November 7, 2013 Registered capital 10,000,000 and paid-in capital of RMB5,000,000 100% Marketing own-brand and wholesaling of spirits Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. Established in the PRC on April 14, 2018 Registered and issued capital of RMB1,000,000 51% Note (i) Dormant (i) -free |
Investment (Tables)
Investment (Tables) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Investment [Abstract] | ||
Schedule of investment | Company name Place and date of incorporation Capital Attributable equity interest Principal activities Guangzhou Silicon Technology Co., Ltd. Established in the PRC on September 8, 2015 Registered and issued capital of RMB5,000,000 20% Development, sale and provision of software solutions | Company name Place and date of incorporation Capital Attributable equity interest Principal activities Guangzhou Silicon Technology Co., Ltd. Established in the PRC on September Registered and issued capital of RMB5,000,000 20% Development, sale and provision of software solutions |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Ownership interest percentage | 20% | 20% |
Income tax, percentage | 50% | 50% |
Percentage of VAT on sales | 13% | 13% |
Uncertain income tax | 50% | 50% |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies (Details) - Schedule of a straight-line basis over the estimated useful lives | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Building [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | 20 years |
Building [Member] | Minimum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 0% | 0% |
Building [Member] | Maximum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 10% | 10% |
Computer and office equipment [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | 3 years |
Computer and office equipment [Member] | Minimum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 0% | 0% |
Computer and office equipment [Member] | Maximum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 10% | 10% |
Leasehold improvement [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | Over the shorter of lease term or the estimated useful lives of the assets | Over the shorter of lease term or the estimated useful lives of the assets |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates | 12 Months Ended | |||
Jun. 30, 2022 $ / shares | Jun. 30, 2022 ¥ / shares | Jun. 30, 2021 $ / shares | Jun. 30, 2021 ¥ / shares | |
Year end exchange rate [Member] | ||||
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates [Line Items] | ||||
Exchange rate | (per share) | $ 1 | ¥ 6.6981 | $ 1 | ¥ 6.4566 |
Year average exchange rate [Member] | ||||
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates [Line Items] | ||||
Exchange rate | (per share) | $ 1 | ¥ 6.4477 | $ 1 | ¥ 6.6217 |
Revenues and Other Income (Deta
Revenues and Other Income (Details) - Schedule of revenue represents the invoiced spirits and wine products sold to customers less discounts, returns, and surcharges - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Revenue Represents The Invoiced Spirits And Wine Products Sold To Customers Less Discounts Returns And Surcharges [Abstract] | ||||
Revenues | $ 16,712,052 | $ 15,055,390 | $ 18,092,018 | $ 17,204,693 |
Sales rebates | (2,486,654) | (2,199,963) | (2,146,600) | (2,012,827) |
Revenue gross | 14,225,398 | 12,855,427 | 15,945,418 | 15,191,866 |
Other income | 22,297 | 31,754 | 40,775 | 44,763 |
Total | $ 14,247,695 | $ 12,887,181 | $ 15,986,193 | $ 15,236,629 |
Revenues and Other Income (De_2
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 100% | 100% | 100% | 100% |
Customer A [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 20% | 14% | 11% | 16% |
Customer B [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 18% | 11% | 13% | 16% |
Customer C [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 11% | 13% | 13% | 13% |
Customer D [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 11% | 14% | 5% | 10% |
Customer E [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 10% | 1% | 8% | 10% |
Customer F [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 8% | 9% | 11% | 9% |
Customer G [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 8% | 4% | ||
Others [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 22% | 38% | 31% | 22% |
Property and Equipment (Details
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 596,153 | $ 611,238 | $ 634,100 |
Less: accumulated depreciation | (285,354) | (246,184) | (222,569) |
Property and equipment, net | 310,799 | 365,054 | 411,531 |
Computer and office equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 50,687 | 52,583 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 546,717 | $ 560,551 | $ 581,517 |
Prepaid Land Lease and Other _3
Prepaid Land Lease and Other Leases (Details) | 9 Months Ended | 12 Months Ended | |
Aug. 12, 2019 | Mar. 31, 2023 | Jun. 30, 2022 | |
Prepaid Land Lease and Other Leases [Abstract] | |||
Description of lease periods | The prepaid land lease’ terms are 70 years, ending in 2082. | The prepaid land lease’ terms are 70 years, ending in 2082. | |
Lease warehouse year | 10 years |
Prepaid Land Lease and Other _4
Prepaid Land Lease and Other Leases (Details) - Schedule of prepaid land lease, net - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Prepaid Land Lease Net Abstract | |||
Prepaid land lease and other leases | $ 2,585,241 | $ 1,605,590 | $ 1,744,062 |
Less: accumulated amortization | (455,949) | (386,779) | (385,236) |
Prepaid land lease and other leases, net | $ 2,129,292 | $ 1,218,811 | $ 1,358,826 |
Prepaid Land Lease and Other _5
Prepaid Land Lease and Other Leases (Details) - Schedule of carrying amounts of prepaid land lease - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Carrying Amounts Of Prepaid Land Lease Abstract | |||
Current assets | $ 234,388 | $ 91,023 | $ 94,427 |
Non-current assets | 1,894,904 | 1,127,788 | 1,264,399 |
Prepaid land lease, net | $ 2,129,292 | $ 1,218,811 | $ 1,358,826 |
Prepaid Land Lease and Other _6
Prepaid Land Lease and Other Leases (Details) - Schedule future minimum lease payments in relation to non-cancellable leases - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Future Minimum Lease Payments In Relation To Non Cancellable Leases Abstract | |||
Within 1 year | $ 163,906 | $ 18,757 | $ 19,459 |
Later than 1 year but no later than 5 years | 655,622 | 75,029 | 77,835 |
Later than 5 years | 1,309,242 | 631,784 | 674,873 |
Total lease payments | $ 2,128,770 | $ 725,570 | $ 772,167 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Inventories [Abstract] | |||
Raw materials | $ 8,569,751 | $ 10,699,515 | $ 1,551,440 |
Finished goods | 1,503,253 | 319,600 | 336,604 |
Packaging material | 27,037 | 27,722 | 28,529 |
Inventories, net | $ 10,100,041 | $ 11,046,837 | $ 1,916,573 |
Accounts Receivable (Details)
Accounts Receivable (Details) | 12 Months Ended |
Jun. 30, 2022 | |
Accounts Receivable [Abstract] | |
Description of credit terms | The Group normally allows credit terms to well-established customers ranging from 90 to 150 days. |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of accounts receivables - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Accounts Receivables [Abstract] | |||
Accounts receivable | $ 6,249,885 | $ 4,430,883 | $ 4,565,305 |
Accounts Receivable (Details)_2
Accounts Receivable (Details) - Schedule of concentration analysis of accounts receivable | Jun. 30, 2022 | Jun. 30, 2021 |
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 100% | 100% |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 10% | 23% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 12% | 16% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 12% | 14% |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 0% | 10% |
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 8% | 9% |
Customer F [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 13% | 9% |
Customer G [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 9% | 5% |
Others [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 36% | 14% |
Other Current Assets (Details)
Other Current Assets (Details) - Schedule of other current assets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Other Current Assets [Abstract] | |||
Other receivables | $ 11,773 | $ 12,071 | $ 112,865 |
Other tax receivables | 306,248 | ||
Other current assets | $ 11,773 | $ 318,319 | $ 112,865 |
Prepayments (Details)
Prepayments (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CNY (¥) | |
Prepayments (Details) [Line Items] | ||||
Prepaid advertising expenses | $ 2,337,788 | $ 2,770,607 | $ 1,958,275 | |
Contracts expired | 1 year | 1 year | ||
Prepaid expenses | $ 1,492,961 | |||
Lease of the warehouse a term | 10 years | |||
Contracts to expired term | 1 year | |||
Prepaid expenses (in Yuan Renminbi) | $ 1,769,486 | |||
Repaid fees | 10 years | 20 years | ||
Prepayment other leases | $ 1,007,919 | |||
PRC [Member] | ||||
Prepayments (Details) [Line Items] | ||||
Prepaid expenses (in Yuan Renminbi) | ¥ | ¥ 1,492,961 |
Prepayments (Details) - Schedul
Prepayments (Details) - Schedule of prepayments - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
Prepayments for | |||||||
purchase of inventories | $ 580,729 | $ 2,478,192 | $ 1,835,126 | ||||
advertising expenses | 2,337,788 | [1] | 2,770,607 | [1],[2] | 1,958,275 | [2] | |
warehouse lease | [3] | 1,492,961 | |||||
others | 266,690 | 349,885 | 514,451 | ||||
Total | $ 3,185,207 | $ 7,091,645 | $ 4,307,852 | ||||
[1]The Group had entered into contracts with third -party -party |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Cash and Cash Equivalents (Details) [Line Items] | |||
Cash and cash equivalents | $ 14,496,633 | $ 8,978,019 | $ 20,296,047 |
Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents (Details) [Line Items] | |||
Cash and cash equivalents | $ 8,978,018 |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Cash And Cash Equivalents [Abstract] | |||
Cash on hand | $ 5,828 | $ 4,852 | $ 40,606 |
Cash held in banks | 14,508,921 | 8,989,488 | 20,273,429 |
Cash and cash equivalents | $ 14,514,749 | $ 8,994,340 | $ 20,314,035 |
Accounts Payable (Details)
Accounts Payable (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Accounts Payable [Abstract] | ||
Trade payables credit terms, description | the smaller suppliers, the Group obtains credit terms ranging from 30 to 90 days. | the smaller suppliers, the Group obtains credit terms ranging from 30 to 90 days. |
Accounts Payable (Details) - Sc
Accounts Payable (Details) - Schedule of accounts payable - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Accounts Payable [Abstract] | |||
Accounts payable | $ 23,851 | $ 108,561 | $ 112,621 |
Accounts Payable (Details) - _2
Accounts Payable (Details) - Schedule of concentration analysis of the suppliers | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 100% | 100% | 100% | 100% |
Supplier A [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 73% | 38% | 39% | 54% |
Supplier B [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 24% | 57% | 32% | 39% |
Supplier C [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 3% | 5% | 20% | 7% |
Supplier D [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 9% | 0% |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of receipts in advance, accrued expenses and other current liabilities - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Receipts In Advance Accrued Expenses And Other Current Liabilities Abstract | |||
Accrued salaries and bonus | $ 46,929 | $ 46,051 | $ 42,639 |
Other accrued expenses and other payables | 584,402 | 621,874 | 728,287 |
Other tax payables | 148,596 | 114,657 | |
Total | $ 779,927 | $ 667,925 | $ 885,583 |
Amount Due to Director (Details
Amount Due to Director (Details) - USD ($) | 9 Months Ended | |||
Mar. 31, 2023 | Jun. 30, 2022 | Jul. 01, 2018 | May 31, 2013 | |
Amount Due to Director Disclosure Details [Abstract] | ||||
Investment | $ 1,650,000 | |||
Loan | $ 13,319,891 | |||
Repaid expenses | $ 1,769,486 | |||
Non current liabilities repayable | 15 years |
Amount Due to Director (Detai_2
Amount Due to Director (Details) - Schedule of amount due to a director - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Amount Due To ADirector Abstract | |||
Amount due within 1 year | $ 3,613,282 | $ 3,322,862 | $ 3,033,028 |
Amount due after 1 year | 11,908,353 | 12,209,702 | 12,666,389 |
Total | $ 15,521,635 | $ 15,532,564 | $ 15,699,417 |
Share Capital And Capital Man_3
Share Capital And Capital Management (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||||
Jun. 08, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Equity and Capital Management [Abstract] | ||||||
Nominal value of per share (in Dollars per share) | $ 0.001 | $ 0.001 | ||||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares issued | [1] | 8,389,750 | 8,389,750 | 8,389,750 | ||
Minimum [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 50,000,000 | |||||
Maximum [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 100,000,000 | |||||
Pre-Reverse Split [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 50,000,000 | 50,000,000 | ||||
Common stock, shares issued | 41,948,748 | 41,948,748 | ||||
Weighted average shares | 41,948,748 | 41,948,748 | 41,948,748 | 41,948,748 | ||
Post-Reverse Split [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 10,000,000 | 10,000,000 | ||||
Common stock, shares issued | 8,389,750 | 8,389,750 | ||||
Weighted average shares | 8,389,750 | 8,389,750 | 8,389,750 | 8,389,750 | ||
Forecast [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Reverse stock split, description | reverse stock split at a ratio of 1-for-5 | |||||
Common stock, shares issued | 8,389,750 | |||||
Common stock, par value (in Dollars per share) | $ 0.001 | |||||
Common stock, shares issued | 41,948,748 | 8,389,750 | ||||
Common stock, shares outstanding | 8,389,750 | 8,389,750 | ||||
Forecast [Member] | Minimum [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 50,000,000 | |||||
Common stock, shares issued | 8,389,750 | |||||
Forecast [Member] | Maximum [Member] | ||||||
Equity and Capital Management [Abstract] | ||||||
Authorized capital shares | 100,000,000 | |||||
Common stock, shares issued | 41,948,748 | |||||
[1]Giving retroactive effect to the Reverse Split as detailed in note 13 to the consolidated financial statements. |
Share Capital And Capital Man_4
Share Capital And Capital Management (Details) - Schedule of consolidated balance sheets - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Pre-Reverse Split [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized | 50,000,000 | 50,000,000 |
Number of shares issued and fully paid | 41,948,748 | 41,948,748 |
Shares capital value | $ 39,139 | $ 39,139 |
Additional paid -in capital value | 377,538 | 377,538 |
Total share capital value | $ 416,677 | $ 416,677 |
Adjustments [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized | (40,000,000) | (40,000,000) |
Number of shares issued and fully paid | (33,558,998) | (33,558,998) |
Shares capital value | ||
Additional paid -in capital value | ||
Total share capital value | ||
Post-Reverse Split [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized | 10,000,000 | 10,000,000 |
Number of shares issued and fully paid | 8,389,750 | 8,389,750 |
Shares capital value | $ 39,139 | $ 39,139 |
Additional paid -in capital value | 377,538 | 377,538 |
Total share capital value | $ 416,677 | $ 416,677 |
Share Capital And Capital Man_5
Share Capital And Capital Management (Details) - Schedule of consolidated statements of profit or loss - $ / shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pre-Reverse Split [Member] | ||||
Earnings per share | ||||
Earnings per share basic and diluted | $ 0.08 | $ 0.05 | $ 0.05 | $ 0.12 |
Weighted average number of shares in issue for the year | ||||
Weighted average number of shares basic and diluted | 41,948,748 | 41,948,748 | 41,948,748 | 41,948,748 |
Adjustments [Member] | ||||
Earnings per share | ||||
Earnings per share basic and diluted | $ 0.32 | $ 0.2 | $ 0.18 | $ 0.49 |
Weighted average number of shares in issue for the year | ||||
Weighted average number of shares basic and diluted | (33,558,998) | (33,558,998) | (33,558,998) | (33,558,998) |
Post-Reverse Split [Member] | ||||
Earnings per share | ||||
Earnings per share basic and diluted | $ 0.4 | $ 0.25 | $ 0.23 | $ 0.61 |
Weighted average number of shares in issue for the year | ||||
Weighted average number of shares basic and diluted | 8,389,750 | 8,389,750 | 8,389,750 | 8,389,750 |
Share Capital And Capital Man_6
Share Capital And Capital Management (Details) - Schedule of consolidated statements of profit or loss (Parentheticals) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pre-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earnings per share basic and diluted | $ 0.08 | $ 0.05 | $ 0.05 | $ 0.12 |
Weighted average number of shares basic and diluted | 41,948,748 | 41,948,748 | 41,948,748 | 41,948,748 |
Adjustments [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earnings per share basic and diluted | $ 0.32 | $ 0.20 | $ 0.18 | $ 0.49 |
Weighted average number of shares basic and diluted | (33,558,998) | (33,558,998) | (33,558,998) | (33,558,998) |
Post-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earnings per share basic and diluted | $ 0.40 | $ 0.25 | $ 0.23 | $ 0.61 |
Weighted average number of shares basic and diluted | 8,389,750 | 8,389,750 | 8,389,750 | 8,389,750 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
PRC statutory income tax rate | 25% | 25% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of reconciliation of the income tax expenses - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Reconciliation Of The Income Tax Expenses Abstract | ||||
Profit before income tax | $ 4,506,787 | $ 3,001,125 | $ 3,321,716 | $ 7,615,878 |
Taxation at the applicable tax rates of 25%/16.5%/21% | 1,135,422 | 758,210 | 846,672 | 1,903,969 |
Tax effect on non-taxable income | (75,081) | (18,893) | (148) | (11,191) |
Tax effect of expenses that are not deductible | 71,711 | 127,919 | 568,066 | 731,849 |
Overprovision in respect of previous year | (6,584) | (117,010) | ||
Income taxes | $ 1,132,052 | $ 867,236 | $ 1,408,006 | $ 2,507,617 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of reconciliation of the income tax expenses (Parentheticals) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Reconciliation Of The Income Tax Expenses Abstract | ||||
Tax rate one | 25% | 25% | 25% | 25% |
Tax rate two | 16.50% | 16.50% | 16.50% | 16.50% |
Tax rate three | 21% | 21% | 21% | 21% |
Contribution Plan in the PRC (D
Contribution Plan in the PRC (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Contribution Plan in the PRC [Abstract] | ||
Contributions, description | The PRC subsidiaries are required to make contributions to the local social security bureau at 29.4% to 37.4% of the previous year’s average basic salary amount of the geographical area where the employees are under employment with the PRC subsidiaries. | The PRC Subsidiaries are required to make contributions to the local social security bureau at 29.4% to 37.4% of the previous year’s average basic salary amount of the geographical area where the employees are under employment with the PRC Subsidiaries. |
Accommodation fund, percentage | 9% | 9% |
Short-Term Operating Lease (Det
Short-Term Operating Lease (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Short-Term Operating Lease [Abstract] | ||
Operating lease initial period | The Group is a lessee under a number of operating leases for offices and staff residence fully prepaid and the prepayments would be utilized according to the lease terms. The Group’s leases generally have remaining lease terms of 3 months to 1 year and some of which include options to terminate the leases within 1 year. | The Group is a lessee under a number of operating leases for offices and staff residence fully prepaid and the prepayments would be utilized according to the lease terms. The Group’s leases generally have remaining lease terms of 3 months to 1 year and some of which include options to terminate the leases within 1 year. |
Short-Term Operating Lease (D_2
Short-Term Operating Lease (Details) - Schedule of leases and the consolidated financial statements - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of leases and the consolidated financial statements [Abstract] | ||||
Operating lease costs | $ 287,422 | $ 237,407 | $ 253,966 | $ 136,064 |
Related Party Balances and Tr_3
Related Party Balances and Transactions (Details) - Schedule of transactions with related parties balances - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Transactions With Related Parties Balances [Abstract] | |||
Current liabilities | $ 3,613,282 | $ 3,322,862 | $ 3,033,028 |
Non-current liabilities | 11,908,353 | 12,209,702 | 12,666,389 |
Total | $ 15,521,635 | $ 15,532,564 | $ 15,699,417 |
Details of Subsidiaries (Detail
Details of Subsidiaries (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 CNY (¥) | Jun. 30, 2022 CNY (¥) | |
Details of Subsidiaries [Abstract] | ||||
Issued capital amount | $ 73,943 | $ 76,141 | ¥ 510,000 | ¥ 510,000 |
Incorporation date term | 10 years | 20 years | ||
Incorporation permitted term | 20 years | 20 years |
Details of Subsidiaries (Deta_2
Details of Subsidiaries (Details) - Schedule of details of subsidiaries | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | ||
Reliant Galaxy International Limited [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in British Virgin Islands on January 3, 2017 | ||
Capital | Registered and paid-in capital of RMB 69,100 | ||
Attributable equity interest | 100% | ||
Principal activities | Investment holding | ||
Sure Rich Investment (Group) Limited [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in Hong Kong on February 1, 2007 | Established in Hong Kong on February 1, 2007 | |
Capital | Share capital of RMB1 | Share capital of RMB1 | |
Attributable equity interest | 100% | 100% | |
Principal activities | Investment holding | Investment holding | |
Fujian Jin’ou Trading Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on July 5, 2004 | Established in the PRC on July 5, 2004 | |
Capital | Registered and paid-in capital of US$1,650,000 | Registered and paid-in capital of US$1,650,000 | |
Attributable equity interest | 100% | 100% | |
Principal activities | Investment holding and marketing own-brand and wholesaling of spirits | Investment holding and marketing own-brand and wholesaling of spirits | |
Fenyang Huaxin Wine Industry Development Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on April 15, 2013 | ||
Capital | Registered and paid-in capital of RMB1,000,000 | ||
Attributable equity interest | 100% | ||
Principal activities | Marketing own-brand and wholesaling of spirits and wines | ||
Fenyang Jinqiang Wine Industry Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on November 7, 2013 | ||
Capital | Registered capital 10,000,000 and paid-in capital of RMB5,000,000 | ||
Attributable equity interest | 100% | ||
Principal activities | Marketing own-brand and wholesaling of spirits | ||
Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on April 14, 2018 | ||
Capital | Registered and issued capital of RMB1,000,000 | ||
Attributable equity interest | [1] | ||
Principal activities | Dormant | ||
[1]The subsidiary was registered with unpaid share capital and the Company committed to pay up its share of the issued capital in the amount of RMB510,000 (US$76,141) on March 31, 2037, which is 20 years from the date of incorporation permitted by the Regulation of the People’s Republic of China on Company Registration. The amount due to the subsidiary is interest -free |
Investment (Details)
Investment (Details) | Sep. 01, 2018 |
Fenyang Huaxin Spirit Development Co., Ltd [Member] | |
Investment (Details) [Line Items] | |
Attributable equity interest | 20% |
Investment (Details) - Schedule
Investment (Details) - Schedule of investment - Guangzhou Silicon Technology Co., Ltd. [Member] | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Investment (Details) - Schedule of investment [Line Items] | ||
Place and date of incorporation | Registered and issued capital of RMB5,000,000 | Established in the PRC on September 8, 2015 |
Attributable equity interest | 20% | 20% |
Capital | Development, sale and provision of software solutions | Registered and issued capital of RMB5,000,000 |
Principal activities | Development, sale and provision of software solutions |
Summary of Business and Signi_6
Summary of Business and Significant Accounting Policies (Details) - Schedule of a straight-line basis over the following estimated useful lives | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Building [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | 20 years |
Building [Member] | Minimum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 0% | 0% |
Building [Member] | Maximum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 10% | 10% |
Computer and office equipment [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | 3 years |
Computer and office equipment [Member] | Minimum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 0% | 0% |
Computer and office equipment [Member] | Maximum [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated residual values | 10% | 10% |
Leasehold improvement [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated useful life | Over the shorter of lease term or the estimated useful lives of the assets | Over the shorter of lease term or the estimated useful lives of the assets |
Summary of Business and Signi_7
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates | 9 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 ¥ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 ¥ / shares | |
Period end exchange rate [Member] | ||||
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates [Line Items] | ||||
Exchange rate | (per share) | $ 1 | ¥ 6.8676 | $ 1 | ¥ 6.3393 |
Six months average exchange rate [Member] | ||||
Summary of Business and Significant Accounting Policies (Details) - Schedule of exchange rates [Line Items] | ||||
Exchange rate | (per share) | $ 1 | ¥ 6.945 | $ 1 | ¥ 6.3962 |
Revenues and Other Income (Det
Revenues and Other Income (Details) - Schedule of invoiced spirits products sold to the external customers less discounts, returns, and surcharges - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Invoiced Spirits Products Sold To The External Customers Less Discounts Returns And Surcharges Abstract | ||||
Revenues | $ 16,712,052 | $ 15,055,390 | $ 18,092,018 | $ 17,204,693 |
Sales rebate | (2,486,654) | (2,199,963) | (2,146,600) | (2,012,827) |
Revenue gross | 14,225,398 | 12,855,427 | 15,945,418 | 15,191,866 |
Other income | 22,297 | 31,754 | 40,775 | 44,763 |
Total | $ 14,247,695 | $ 12,887,181 | $ 15,986,193 | $ 15,236,629 |
Revenues and Other Income (D_2
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 100% | 100% | 100% | 100% |
Customer A [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 20% | 14% | 11% | 16% |
Customer B [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 18% | 11% | 13% | 16% |
Customer C [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 11% | 13% | 13% | 13% |
Customer D [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 11% | 14% | 5% | 10% |
Customer E [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 10% | 1% | 8% | 10% |
Customer F [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 8% | 9% | 11% | 9% |
Others [Member] | ||||
Revenues and Other Income (Details) - Schedule of concentration analysis of the revenue [Line Items] | ||||
Percentage of concentration analysis of the revenue | 22% | 38% | 31% | 22% |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - Schedule of property and equipment - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 596,153 | $ 611,238 | $ 634,100 |
Less: accumulated depreciation | (285,354) | (246,184) | (222,569) |
Property and equipment, net | 310,799 | 365,054 | 411,531 |
Computer and leasehold improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 49,436 | 50,687 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 546,717 | $ 560,551 | $ 581,517 |
Prepaid Land Lease and Other _7
Prepaid Land Lease and Other Leases (Details) - Schedule of prepaid land lease, net - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Prepaid Land Lease Net Abstract | |||
Prepaid land lease and other leases | $ 2,585,241 | $ 1,605,590 | $ 1,744,062 |
Less: accumulated amortization | (455,949) | (386,779) | (385,236) |
Prepaid land lease and other leases, net | $ 2,129,292 | $ 1,218,811 | $ 1,358,826 |
Prepaid Land Lease and Other _8
Prepaid Land Lease and Other Leases (Details) - Schedule of carrying amounts of prepaid land lease - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Carrying Amounts Of Prepaid Land Lease Abstract | |||
Current assets | $ 234,388 | $ 91,023 | $ 94,427 |
Non-current assets | 1,894,904 | 1,127,788 | 1,264,399 |
Prepaid land lease, net | $ 2,129,292 | $ 1,218,811 | $ 1,358,826 |
Prepaid Land Lease and Other _9
Prepaid Land Lease and Other Leases (Details) - Schedule of future minimum lease payments in relation to non-cancellable leases - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Future Minimum Lease Payments In Relation To Non Cancellable Leases Abstract | |||
Within 1 year | $ 163,906 | $ 18,757 | $ 19,459 |
Later than 1 year but no later than 5 years | 655,622 | 75,029 | 77,835 |
Later than 5 years | 1,309,242 | 631,784 | 674,873 |
Future minimum lease payments | $ 2,128,770 | $ 725,570 | $ 772,167 |
Inventories (Details) - Sched_2
Inventories (Details) - Schedule of inventories - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Inventories [Abstract] | |||
Raw materials | $ 8,569,751 | $ 10,699,515 | $ 1,551,440 |
Finished goods | 1,503,253 | 319,600 | 336,604 |
Packaging material | 27,037 | 27,722 | $ 28,529 |
Inventories, net | $ 10,100,041 | $ 11,046,837 |
Accounts Receivable (Details)_3
Accounts Receivable (Details) - Schedule of accounts receivables - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Accounts Receivables [Abstract] | |||
Accounts receivable | $ 6,249,885 | $ 4,430,883 | $ 4,565,305 |
Accounts Receivable (Details)_4
Accounts Receivable (Details) - Schedule of concentration analysis of accounts receivable - Accounts Receivable [Member] | Mar. 31, 2023 | Jun. 30, 2022 |
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 100% | 100% |
Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 12% | 11% |
Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 11% | 12% |
Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 19% | 12% |
Customer D [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 6% | 8% |
Customer E [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 20% | 13% |
Customer F [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 7% | 8% |
Customer G [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 10% | 4% |
Other Customer [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration accounts receivable | 15% | 32% |
Other Current Assets (Details_2
Other Current Assets (Details) - Schedule of Other Current Assets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Other Current Assets [Abstract] | |||
Other receivables | $ 11,773 | $ 12,071 | $ 112,865 |
Other tax receivables | 306,248 | ||
Other current Assets | $ 11,773 | $ 318,319 | $ 112,865 |
Prepayments (Details) - Sched_2
Prepayments (Details) - Schedule of prepayments - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
Schedule of prepayments [Abstract] | |||||||
purchase of inventories | $ 580,729 | $ 2,478,192 | $ 1,835,126 | ||||
advertising expenses | 2,337,788 | [1] | 2,770,607 | [1],[2] | 1,958,275 | [2] | |
warehouse lease | [3] | 1,492,961 | |||||
others | 266,690 | 349,885 | $ 514,451 | ||||
Total | $ 3,185,207 | $ 7,091,645 | |||||
[1]The Group had entered into contracts with third -party -party |
Cash and Cash Equivalents (De_3
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule Of Cash And Cash Equivalents Abstract | |||||
Cash on hand | $ 5,828 | $ 4,852 | $ 40,606 | ||
Cash held in banks | 14,508,921 | 8,989,488 | 20,273,429 | ||
Cash and cash equivalents | $ 14,514,749 | $ 8,994,340 | $ 13,597,758 | $ 20,314,035 | $ 12,321,160 |
Accounts Payable (Details) - _3
Accounts Payable (Details) - Schedule of accounts payable - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Accounts Payable [Abstract] | |||
Accounts payable | $ 23,851 | $ 108,561 | $ 112,621 |
Accounts Payable (Details) - _4
Accounts Payable (Details) - Schedule of concentration analysis of the suppliers | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 100% | 100% | 100% | 100% |
Supplier A [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 73% | 38% | 39% | 54% |
Supplier B [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 24% | 57% | 32% | 39% |
Supplier C [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 3% | 5% | 20% | 7% |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule Of Accrued Expenses And Other Current Liabilities Abstract | |||
Accrued salaries and bonus | $ 46,929 | $ 46,051 | $ 42,639 |
Other accrued expenses and other payables | 584,402 | 621,874 | 728,287 |
Other tax payables | 148,596 | 114,657 | |
Total | $ 779,927 | $ 667,925 | $ 885,583 |
Amount Due to Director (Detai_3
Amount Due to Director (Details) - Schedule of amount due to a director - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Amount Due To ADirector Abstract | |||
Amount due within 1 year | $ 3,613,282 | $ 3,322,862 | $ 3,033,028 |
Amount due after 1 year | 11,908,353 | 12,209,702 | 12,666,389 |
Total | $ 15,521,635 | $ 15,532,564 | $ 15,699,417 |
Share Capital And Capital Man_7
Share Capital And Capital Management (Details) - Schedule of consolidated balance sheets - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Pre-Reverse Split [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized (in Shares) | 50,000,000 | 50,000,000 |
Number of shares issued and fully paid (in Shares) | 41,948,748 | 41,948,748 |
Share capital value | $ 39,139 | $ 39,139 |
Additional paid-in capital value | 377,538 | 377,538 |
Total share capital | $ 416,677 | $ 416,677 |
Adjustments [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized (in Shares) | (40,000,000) | (40,000,000) |
Number of shares issued and fully paid (in Shares) | (33,558,998) | (33,558,998) |
Share capital value | ||
Additional paid-in capital value | ||
Total share capital | ||
Post-Reverse Split [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Number of shares authorized (in Shares) | 10,000,000 | 10,000,000 |
Number of shares issued and fully paid (in Shares) | 8,389,750 | 8,389,750 |
Share capital value | $ 39,139 | $ 39,139 |
Additional paid-in capital value | 377,538 | 377,538 |
Total share capital | $ 416,677 | $ 416,677 |
Share Capital And Capital Man_8
Share Capital And Capital Management (Details) - Schedule of consolidated statements of profit or loss - $ / shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pre-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.08 | $ 0.05 | $ 0.05 | $ 0.12 |
Weighted average number of shares basic and diluted | 41,948,748 | 41,948,748 | 41,948,748 | 41,948,748 |
Adjustments [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.32 | $ 0.2 | $ 0.18 | $ 0.49 |
Weighted average number of shares basic and diluted | (33,558,998) | (33,558,998) | (33,558,998) | (33,558,998) |
Post-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.4 | $ 0.25 | $ 0.23 | $ 0.61 |
Weighted average number of shares basic and diluted | 8,389,750 | 8,389,750 | 8,389,750 | 8,389,750 |
Share Capital And Capital Man_9
Share Capital And Capital Management (Details) - Schedule of consolidated statements of profit or loss (Parentheticals) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pre-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.08 | $ 0.05 | $ 0.05 | $ 0.12 |
Weighted average number of shares basic and diluted | 41,948,748 | 41,948,748 | 41,948,748 | 41,948,748 |
Adjustments [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.32 | $ 0.20 | $ 0.18 | $ 0.49 |
Weighted average number of shares basic and diluted | (33,558,998) | (33,558,998) | (33,558,998) | (33,558,998) |
Post-Reverse Split [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Earning per share basic and diluted | $ 0.40 | $ 0.25 | $ 0.23 | $ 0.61 |
Weighted average number of shares basic and diluted | 8,389,750 | 8,389,750 | 8,389,750 | 8,389,750 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of reconciliation of the income tax expenses - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Reconciliation Of The Income Tax Expenses Abstract | ||||
Profit before income tax | $ 4,506,787 | $ 3,001,125 | $ 3,321,716 | $ 7,615,878 |
Taxation at the applicable tax rate of 25%/16.5%/21% | 1,135,422 | 758,210 | 846,672 | 1,903,969 |
Tax effect on non-taxable income | (75,081) | (18,893) | (148) | (11,191) |
Tax effect of expenses that are not deductible | 71,711 | 127,919 | 568,066 | 731,849 |
Income taxes | $ 1,132,052 | $ 867,236 | $ 1,408,006 | $ 2,507,617 |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of reconciliation of the income tax expenses (Parentheticals) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Reconciliation Of The Income Tax Expenses Abstract | ||||
Tax rate one | 25% | 25% | 25% | 25% |
Tax rate two | 16.50% | 16.50% | 16.50% | 16.50% |
Tax rate three | 21% | 21% | 21% | 21% |
Short-Term Operating Lease (D_3
Short-Term Operating Lease (Details) - Schedule of leases and the company's consolidated financial statements - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of leases and the company's consolidated financial statements [Abstract] | ||||
Operating lease costs | $ 287,422 | $ 237,407 | $ 253,966 | $ 136,064 |
Short-Term Operating Lease (D_4
Short-Term Operating Lease (Details) - Schedule of operating lease costs | Mar. 31, 2023 | Jun. 30, 2022 |
Schedule of operating lease costs [Abstract] | ||
Weighted average remaining lease term (years) of operating leases: | 6 months | 6 months |
Weighted average discount rate of operating leases: | 2.90% | 2.90% |
Related Party Balances and Tr_4
Related Party Balances and Transactions (Details) - Schedule of transactions with related parties balance - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of transactions with related parties balance [Abstract] | |||
Current liabilities | $ 3,613,282 | $ 3,322,862 | $ 3,033,028 |
Non-current liabilities | 11,908,353 | 12,209,702 | 12,666,389 |
Total | $ 15,521,635 | $ 15,532,564 | $ 15,699,417 |
Details of Subsidiaries (Deta_3
Details of Subsidiaries (Details) - Schedule of details of subsidiaries | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | ||
Reliant Galaxy International Limited [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in British Virgin Islands on January 3, 2017 | ||
Capital | Registered and paid-in capital of RMB69,100 | ||
Attributable equity interest | 100% | ||
Principal activities | Investment holding | ||
Sure Rich Investment (Group) Limited [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in Hong Kong on February 1, 2007 | Established in Hong Kong on February 1, 2007 | |
Capital | Share capital of RMB1 | Share capital of RMB1 | |
Attributable equity interest | 100% | 100% | |
Principal activities | Investment holding | Investment holding | |
Fujian Jinou Trading Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on July 5, 2004 | Established in the PRC on July 5, 2004 | |
Capital | Registered and paid-in capital of US$1,650,000 | Registered and paid-in capital of US$1,650,000 | |
Attributable equity interest | 100% | 100% | |
Principal activities | Investment holding and marketing own-brand and wholesaling of spirits | Investment holding and marketing own-brand and wholesaling of spirits | |
Shanxi Huaxin Wine Industry Development Co., Ltd. (Formerly known as Fenyang Huaxin Spirit Development Co., Ltd.) [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | [1] | Established in the PRC on April 15, 2013 | |
Capital | [1] | Registered and paid-in capital of RMB1,000,000 | |
Attributable equity interest | [1] | 100% | |
Principal activities | [1] | Marketing own-brand and wholesaling of spirits and wines | |
Shanxi Jinqiang Wine Industry Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on November 7, 2013 | ||
Capital | Registered capital 10,000,000 and paid-in capital of RMB5,000,000 | ||
Attributable equity interest | 100% | ||
Principal activities | Marketing own-brand and wholesaling of spirits | ||
Beijing Huaxin Tianchuang Enterprise Management Consulting Co., Ltd. [Member] | |||
Details of Subsidiaries (Details) - Schedule of details of subsidiaries [Line Items] | |||
Place and date of incorporation | Established in the PRC on April 14, 2018 | ||
Capital | Registered and issued capital of RMB1,000,000 | ||
Attributable equity interest | [2] | ||
Principal activities | Dormant | ||
[1]The change of company name of the subsidiaries was effective on September 1, 2022.[2]The subsidiary was registered with unpaid share capital and the Company committed to pay up its share of the issued capital in the amount of RMB510,000 (US$73,943) on March 31, 2037, which is 20 years from the date of incorporation permitted by the Regulation of the People’s Republic of China on Company Registration. The amount due to the subsidiary is interest -free |
Investment (Details) - Schedu_2
Investment (Details) - Schedule of investment - Guangzhou Silicon Technology Co., Ltd [Member] | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Investment (Details) - Schedule of investment [Line Items] | ||
Place and date of incorporation | Registered and issued capital of RMB5,000,000 | Established in the PRC on September 8, 2015 |
Attributable Equity interest | Development, sale and provision of software solutions | Registered and issued capital of RMB5,000,000 |
Capital | 20% | 20% |