Document And Entity Information
Document And Entity Information | 6 Months Ended |
Dec. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | POP CULTURE GROUP CO., LTD |
Document Type | 6-K |
Current Fiscal Year End Date | --06-30 |
Amendment Flag | false |
Entity Central Index Key | 0001807389 |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-40543 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | |
CURRENT ASSETS: | |||
Cash | $ 1,688,012 | $ 2,751,309 | |
Short-Term Investment | 1,421,657 | 885,824 | |
Accounts receivable, net | 20,115,150 | 19,642,337 | |
Advance to suppliers | 11,619,485 | 8,864,972 | |
Prepaid expenses and other current assets | 133,738 | 95,992 | |
TOTAL CURRENT ASSETS | 34,978,042 | 32,253,714 | |
Property and equipment, net | 506,603 | 844,614 | |
Intangible assets, net | 115,025 | 119,519 | |
Operating right-of-use asset | 61,910 | 84,892 | |
Prepaid Taxes | 628,309 | 621,990 | |
Deferred tax assets | 10,819 | ||
Other non-current assets | 4,890,344 | 5,120,599 | |
TOTAL ASSETS | 41,191,052 | 39,045,328 | |
CURRENT LIABILITIES: | |||
Short-term bank loans | 4,183,158 | 3,971,702 | |
Long-term bank loans - current portion | 415,499 | 1,158,413 | |
Accounts payable | 5,556,663 | 2,697,089 | |
Deferred revenue | 1,746,025 | 393,003 | |
Taxes payable | 4,327,585 | 4,327,182 | |
Accrued liabilities and other payables | 234,698 | 215,042 | |
Operating lease liability - current | 64,884 | 65,115 | |
TOTAL CURRENT LIABILITIES | 16,528,512 | 12,827,546 | |
Long-term bank loans - non-current | 739,447 | ||
Operating lease liability - non-current | 13,351 | 39,634 | |
TOTAL LIABILITIES | 17,281,310 | 12,867,180 | |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Ordinary shares value | [1] | 24,390 | 24,050 |
Subscription receivable | (15,441) | (15,441) | |
Additional paid-in capital | 40,173,920 | 40,174,260 | |
Statutory reserve | 1,537,228 | 1,537,228 | |
Retained earnings | (15,705,178) | (13,339,929) | |
Accumulated other comprehensive (loss) income | (1,411,004) | (1,644,872) | |
TOTAL POP CULTURE GROUP CO., LTD SHAREHOLDERS’ EQUITY | 24,603,915 | 26,735,296 | |
Non-controlling interests | (694,173) | (557,148) | |
TOTAL SHAREHOLDERS’ EQUITY | 23,909,742 | 26,178,148 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 41,191,052 | 39,045,328 | |
Related Party | |||
CURRENT ASSETS: | |||
Due from related parties | $ 13,280 | ||
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 | |
Class A Ordinary Shares | |||
Ordinary shares, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 |
Ordinary shares, shares authorized | [1] | 4,400,000 | 4,400,000 |
Ordinary shares, shares issued | [1] | 1,862,733 | 1,828,692 |
Ordinary shares, shares outstanding | [1] | 1,862,733 | 1,828,692 |
Class B Ordinary Shares | |||
Ordinary shares, shares authorized | [1] | 600,000 | 600,000 |
Ordinary shares, shares issued | [1] | 576,308 | 576,308 |
Ordinary shares, shares outstanding | [1] | 576,308 | 576,308 |
Class C Ordinary Shares | |||
Ordinary shares, shares authorized | [1] | 1,000,000 | 1,000,000 |
Ordinary shares, shares issued | [1] | ||
Ordinary shares, shares outstanding | [1] | ||
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Income Statement [Abstract] | |||
REVENUE, NET | $ 24,008,463 | $ 11,255,771 | |
Cost of revenue | 22,228,049 | 13,627,203 | |
GROSS PROFIT (LOSS) | 1,780,414 | (2,371,432) | |
Selling and marketing | 236,900 | 448,371 | |
General and administrative | 3,934,301 | 1,800,312 | |
Total operating expenses | 4,171,201 | 2,248,683 | |
LOSS FROM OPERATIONS | (2,390,787) | (4,620,115) | |
Other (expenses) income: | |||
Interest expenses, net | (105,442) | (222,208) | |
Other (expenses) income, net | 123,418 | 189,181 | |
Total other income (expenses), net | 17,976 | (33,027) | |
LOSS BEFORE INCOME TAX PROVISION | (2,372,811) | (4,653,142) | |
PROVISION FOR INCOME TAXES | 144,708 | 176,028 | |
NET LOSS | (2,517,519) | (4,829,170) | |
Less: net loss attributable to non-controlling interests | (152,270) | (114,789) | |
NET LOSS ATTRIBUTABLE TO POP CULTURE GROUP CO., LTD SHAREHOLDERS | (2,365,249) | (4,714,381) | |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | 249,113 | (875,608) | |
COMPREHENSIVE LOSS | (2,268,406) | (5,704,778) | |
Less: comprehensive loss attributable to non-controlling interest | (137,025) | (97,189) | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO POP CULTURE GROUP CO., LTD SHAREHOLDERS | $ (2,131,381) | $ (5,607,589) | |
Net income per share | |||
Basic (in Dollars per share) | [1] | $ (0.98) | $ (2.01) |
Basic (in Shares) | [1] | 2,439,041 | 2,405,000 |
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Income Statement [Abstract] | |||
Diluted | [1] | $ (0.98) | $ (2.01) |
Diluted | [1] | 2,439,041 | 2,405,000 |
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) | Ordinary shares | Subscription receivable | Additional paid-in capital | Retained earnings | Statutory reserve | Accumulated other comprehensive (loss) income | Total Pop Culture Group Co., Ltd’s Shareholders’ Equity | Non-Controlling Interests | Total | |
Balance at Jun. 30, 2022 | $ 24,050 | $ (15,441) | $ 40,158,643 | $ 11,028,345 | $ 1,499,369 | $ 69,019 | $ 52,763,985 | $ 8,367 | $ 52,772,352 | |
Balance (in Shares) at Jun. 30, 2022 | [1] | 2,405,000 | ||||||||
Capital contribution from shareholders | 338,132 | 338,132 | ||||||||
Acquisition of Non-controlling interests | 15,617 | 15,617 | (15,617) | |||||||
Net income for the period | (24,330,415) | (24,330,415) | (927,281) | (25,257,696) | ||||||
Appropriation of statutory reserve | (37,859) | 37,859 | ||||||||
Foreign currency translation loss | (1,713,891) | (1,713,891) | 39,251 | (1,674,640) | ||||||
Balance at Jun. 30, 2023 | $ 24,050 | (15,441) | 40,174,260 | (13,339,929) | 1,537,228 | (1,644,872) | 26,735,296 | (557,148) | 26,178,148 | |
Balance (in Shares) at Jun. 30, 2023 | [1] | 2,405,000 | ||||||||
Capital contribution from shareholders | ||||||||||
Fractional shares on reverse stock split | $ 340 | (340) | ||||||||
Fractional shares on reverse stock split (in Shares) | [1] | 34,041 | ||||||||
Net income for the period | (2,365,249) | (2,365,249) | (152,270) | (2,517,519) | ||||||
Appropriation of statutory reserve | ||||||||||
Foreign currency translation loss | 233,868 | 233,868 | 15,245 | 249,113 | ||||||
Balance at Dec. 31, 2023 | $ 24,390 | $ (15,441) | $ 40,173,920 | $ (15,705,178) | $ 1,537,228 | $ (1,411,004) | $ 24,603,915 | $ (694,173) | $ 23,909,742 | |
Balance (in Shares) at Dec. 31, 2023 | [1] | 2,439,041 | ||||||||
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net Loss | $ (2,517,519) | $ (4,829,170) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Allowance for doubtful accounts | 1,386,885 | 290,151 |
Depreciation and amortization | 373,068 | 375,010 |
Amortization of operating lease right-of-use assets | 24,330 | 91,984 |
Deferred tax benefit | (10,617) | (72,538) |
Changes in assets and liabilities: | ||
Accounts receivable | (1,439,834) | 99,751 |
Advance to suppliers | (2,572,054) | (1,518,385) |
Deferred COGS | (319,884) | |
Amounts due from related parties | (1,369,415) | |
Prepaid expenses and other current assets | (35,407) | (541,764) |
Long-term deferred expenses | (19,264) | |
Other non-current assets | 231,483 | (573) |
Accounts payable | 2,749,836 | 1,238,772 |
Deferred revenue | 1,319,581 | 715,885 |
Taxes payable | (83,343) | 197,279 |
Accrued liabilities and other payables | 15,710 | 72,710 |
Due to a related party | (128,679) | |
Operating lease liability | (28,212) | (69,071) |
Net cash used in operating activities | (586,093) | (5,787,201) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (16,771) | (1,467,243) |
Purchase of intangible assets | (105,000) | |
deposits for long-term assets | (3,747,384) | |
Investment (redemption) of long-term investment | 566,318 | |
Investment (redemption) of short-term investment | (535,834) | (2,703,869) |
Net cash used in investing activities | (552,605) | (7,457,178) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short-term bank loans | 124,400 | 2,149,339 |
Repayments of short-term bank loans | (1,490,208) | |
Proceeds from long-term bank loans | ||
Repayments of long-term bank loans | (27,644) | (171,947) |
Contribution from shareholders | 309,370 | |
Repayments of related party loan | 13,311 | |
Net cash provided by financing activities | 110,067 | 796,554 |
Effect of exchange rate changes | (34,666) | (789,060) |
Net decrease in cash | (1,063,297) | (13,236,885) |
Cash at beginning of year | 2,751,309 | 14,396,032 |
Cash at end of year | 1,688,012 | 1,159,147 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Income tax paid | 52,789 | 294,894 |
Interest expense paid | $ 108,853 | $ 114,685 |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended |
Dec. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Xiamen Pop Culture Co., Ltd (“Pop Culture”) was incorporated in Xiamen, China on March 29, 2007 under the laws of the People’s Republic of China (the “PRC” or “China”). Pop Culture hosts entertainment events and provides event planning and execution services and brand promotion services to corporate clients. Pop Culture has seven wholly-owned subsidiaries in the PRC as follows: ● Shanghai Pupu Sibo Sports Technology Development Co., Ltd. (“Pupu Sibo,” formerly known as “Shanghai Pudu Culture Communications Co., Ltd.”), a company incorporated on March 30, 2017 in Shanghai, China; ● Xiamen Pop Network Technology Co., Ltd. (“Pop Network”), a company incorporated on June 6, 2017 in Xiamen, China; ● Guangzhou Shuzhi Culture Communication Co., Ltd (“Guangzhou Shuzhi,” formerly known as “Zhongjing Pop (Guangzhou) Culture Media Co., Ltd.”), a company incorporated on December 19, 2018 in Guangzhou, China; ● Shenzhen Pop Digital Industry Development Co., Ltd. (“Shenzhen Pop,” formerly known as “Shenzhen Pop Culture Co., Ltd.”), a company incorporated on January 17, 2020 in Shenzhen, China; ● Hualiu Digital Entertainment (Beijing) International Culture Media Co., Ltd. (“Hualiu Digital”), a company incorporated on April 14, 2022 in Beijing, China; ● Xiamen Pupu Digital Technology Co., Ltd. (“Pupu Digital”), a company incorporated on June 20, 2022 in Xiamen, China; and ● Xiamen Pop Shuzhi Culture Communication Co., Ltd. (“Xiamen Shuzhi”), a company incorporated on May 16, 2022 in Xiamen, China. Pop Culture also indirectly held a 56 % equity interest in Shenzhen Jam Box Technology Co., Ltd. (“Shenzhen Jam Box”), a joint venture incorporated on November 18, 2021 in Shenzhen, China. In January 2024, Pop Culture sold out a 36% equity interest in Shenzhen Jam Box and became a 20% equity shareholder of Shenzhen Jam Box. Wanquan Yi, the legal representative and executive director of Shenzhen Pop Digital Industry Development Co., Ltd., Shenzhen HipHopJust Information Technology Co., Ltd., and Zhaowei Wu, two unrelated third parties, collectively hold 80% of the equity interests in Shenzhen Jam Box. Pop Culture indirectly holds a 51% controlling interest in Zhongpu Shuyuan (Xiamen) Digital Technology Co., Ltd. (“Zhongpu Shuyuan”), a joint venture incorporated on March 30, 2022 in Xiamen, China, while three unrelated parties own the remaining 49% interests. Reorganization On January 3, 2020, Pop Culture Group Co., Ltd (“Pop Group” or the “Company”) was incorporated as an exempted company with limited liability under the laws of the Cayman Islands. On January 20, 2020, Pop Culture (HK) Holding Limited (“Pop HK”) was established as a wholly-owned subsidiary of Pop Group formed in accordance with laws and regulations of Hong Kong. Pop HK is a holding company and holds all the equity interests of Heliheng Culture Co., Ltd. (“WFOE”), which was established in the PRC on March 13, 2020. On March 30, 2020, WFOE entered into a series of agreements with Pop Culture and the shareholders of Pop Culture who collectively held 93.55% of the shares in Pop Culture, including an Exclusive Services Agreement, an Exclusive Option Agreement, a Share Pledge Agreement, Powers of Attorney, and Spousal Consents (collectively the “VIE Agreements”). All the above contractual arrangements obligate WFOE to absorb a majority of the risk of loss from business activities of Pop Culture and entitle WFOE to receive a majority of its residual returns. In essence, WFOE has gained effective control over Pop Culture. Therefore, the Company believes that Pop Culture should be considered as a variable interest entity (“VIE”) under the Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 “Consolidation.” Between February and May 2020, the Company and its shareholders undertook a series of corporation actions, including share issuances in February 2020, re-designation of ordinary shares of the Company, par value $0.001 per share (“Ordinary Shares”), into Class A and Class B Ordinary Shares in April 2020, and share issuances and transfers in May 2020. See “Note 13—Ordinary Shares.” The above-mentioned transactions, including the incorporation of Pop Group, Pop HK, and WFOE, the entry into the VIE Agreements, the share issuances, share re-designation, and share transfers, were considered a reorganization of the Company (the “Reorganization”). After the Reorganization, Pop Group ultimately owns 100% equity interests of Pop HK and WFOE, which further has effective control over the operating entities, Pop Culture, and its subsidiaries through the VIE Agreements. In accordance with ASC 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholder controls all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries and VIE have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Furthermore, ASC 805-50-45-5 indicates that the financial statements and financial information presented for prior years shall also be retrospectively adjusted to furnish comparative information. Acquisition of non-controlling interest in VIE On February 9, 2021, the Company issued 1,065,089 Class A Ordinary Shares to non-controlling shareholders of Pop Culture to acquire their 6.45% non-controlling interests in Pop Culture. See “Note 13—Ordinary Shares.” On February 19, 2021, the VIE Agreements were amended and restated, through which WFOE gained 100% control over Pop Culture. WFOE is obliged to absorb all risk of loss from business activities of Pop Culture and is entitled to receive all its residual returns. Upon the above transactions, the Company consummated the acquisition of non-controlling interests in Pop Culture, and Pop Culture does not have any non-controlling interests anymore. The consolidated financial statements of the Company included the following entities (subsequent changes on equity holding of the entities were not included below): Date of Place of Percentage of Principal activities The Company January 3, 2020 Cayman Islands 100% Parent Holding Wholly owned subsidiaries Pop HK January 20, 2020 Hong Kong 100% Investment holding WFOE March 13, 2020 PRC 100% WFOE, consultancy and information technology support Pop Culture Global Operations Inc. December 3, 2021 California 100% Overseas hip-hop resource integration and business development Xiamen Pop Investment Co., Ltd. (“Pop Investment”) January 25, 2022 PRC 60% owned by Heliheng; 40% owned by the VIE Cross-border funds management Fujian Pupu Shuzhi Sports Industry Development Co., Ltd. (“Shuzhi Sports”) July 21, 2022 PRC 100% Holding sports performance activities VIE Pop Culture March 29, 2007 PRC VIE Event planning, execution, and hosting VIE’s subsidiaries Pupu Sibo March 30, 2017 PRC 100% owned by VIE Event planning and execution Pop Network June 6, 2017 PRC 100% owned by VIE Marketing Guangzhou Shuzhi December 19, 2018 PRC 100% owned by VIE Event planning and execution Shenzhen Pop January 17, 2020 PRC 100% owned by VIE Event planning and execution Pupu Digital June 20, 2022 PRC 100% owned by the VIE Acting broker and self-branding development Zhongpu Shuyuan March 30, 2022 PRC 51% owned by the VIE Digital collection and Metaverse Shenzhen Jam box Technology Co., Ltd. November 18, 2020 PRC 56% owned by VIE Event planning and execution Xiamen Pop Shuzhi Culture Communication Co., Ltd. (“Xiamen Shuzhi”) May 16, 2022 PRC 100% owned by the VIE Online and offline advertising marketing and exhibitions Hualiu Digital April 14, 2022 PRC 100% owned by the VIE Digital Entertainment Risks in relation to the VIE structure The Company believes that the VIE Agreements are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the VIE Agreements. If the legal structure and the VIE Agreements were found to be in violation of PRC laws and regulations, the PRC government could: ● revoke the business and operating licenses of the Company’s PRC subsidiary and its VIE; ● discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and its VIE; ● limit the Company’s business expansion in China by way of entering into contractual arrangements; ● impose fines or other requirements with which the Company’s PRC subsidiary and its VIE may not be able to comply; ● require the Company or the Company’s PRC subsidiary and its VIE to restructure the relevant ownership structure or operations; or ● restrict or prohibit the Company’s use of the proceeds of the additional public offering to finance. The following financial statement amounts and balances of the VIE and its subsidiaries were included in the accompanying consolidated financial statements after the elimination of intercompany transactions: As of As of 2023 2023 Total assets $ 31,026,866 $ 16,775,802 Total liabilities $ 27,308,942 $ 12,336,610 For the 2023 2022 Total revenue $ 24,008,463 $ 8,727,933 Net loss $ (648,451 ) $ (4,118,522 ) Net cash (used in) provided by operating activities $ (1,294,161 ) $ 2,063,270 Net cash used in investing activities $ (16,771 ) $ (4,753,309 ) Net cash provided by financing activities $ 2,037,165 $ 796,554 The Company believes that there are no assets in Pop Culture that can be used only to settle specific obligations of Pop Culture except for the registered capital of Pop Culture and non-distributable statutory reserves. As Pop Culture is incorporated as a limited liability company under the PRC Company Law, creditors of Pop Culture do not have recourse to the general credit of the Company for any of the liabilities of Pop Culture. There are no terms in any arrangements, explicitly or implicitly, requiring the Company or its subsidiaries to provide financial support to Pop Culture. However, if Pop Culture were ever to need financial support, the Company may, at its discretion and subject to statutory limits and restrictions, provide financial support to Pop Culture through loans. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIE, and subsidiaries of its VIE. All inter-company transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, the useful lives of property and equipment and intangible asset, impairment of long-lived assets, deferred cost, and valuation for deferred tax assets. Actual results could differ from those estimates. Recent accounting pronouncements Recently issued Accounting Standards Updates (“ASUs”) by the FASB are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows, or disclosures. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | 3. ACCOUNTS RECEIVABLE, NET As of December 31, 2023 and June 30, 2023, accounts receivable consisted of the following: As of As of 2023 2023 Accounts receivable - gross $ 25,979,344 $ 24,000,374 Allowance for doubtful accounts (5,864,194 ) (4,358,037 ) Accounts receivable, net $ 20,115,150 $ 19,642,337 The Company recorded bad debt expenses of $1,386,885 and $290,138 for the six months ended December 31, 2023 and 2022, respectively. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of December 31, 2023 and June 30, 2023, prepaid expenses and other current assets consisted of the following: As of As of 2023 2023 Deferred costs (1) $ 738 $ 683 Other receivables 147,085 109,100 147,823 109,783 Allowance for doubtful accounts (2) (14,085 ) (13,791 ) $ 133,738 $ 95,992 (1) Deferred costs represent the costs incurred to fulfill a contract with a customer which relates directly to a contract that the Company can specifically identify, generate, or enhance resources of the Company that will be used in satisfying performance obligations in the future as well as are expected to be recovered. (2) The Company recorded bad debt expenses of $ nil |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 5. PROPERTY AND EQUIPMENT As of December 31, 2023 and June 30, 2023, property and equipment consisted of the following: As of As of 2023 2023 Leasehold improvement $ 960,232 $ 939,825 Building 466,488 456,748 Office equipment 134,497 115,314 1,561,217 1,511,887 Less: accumulated depreciation (1,054,614 ) (667,273 ) $ 506,603 $ 844,614 Depreciation expenses were $366,157 and $46,195 for the six months ended December 31, 2023 and 2022, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS As of December 31, 2023 and June 30, 2023, intangible assets consisted of the following: As of As of 2023 2023 Copyright licenses $ 2,005,550 $ 1,963,676 SaaS 140,847 137,906 2,146,397 2,101,582 Less: accumulated amortization (945,033 ) (918,405 ) Less: impairment for production copyright (1,086,339 ) (1,063,658 ) $ 115,025 $ 119,519 Acquired intangible assets are recognized based on their cost to the Company, which generally includes the transaction costs of the asset acquisition. These assets are amortized over their useful lives if the assets are deemed to have a finite life and they are reviewed for impairment by testing for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The fair value of an intangible asset is the amount that would be determined if the entity used the assumptions that market participants would use if they were pricing the intangible asset. The useful life of the Company’s intangible assets is 10 years, which is determined by using the time period that an intangible is estimated to contribute directly or indirectly to the Company’s future cash flows. Currently the MOVE IT project organized by the PRC operating entities, the first street dance stage play in China, is losing money; the carrying value of the amortizable intangible asset could not be recovered due to the poor financial performance, including declining customer numbers. The Company recognized a $1.0 million impairment loss for the production copyright. For the six months ended December 31, 2023 and 2022, amortization expenses amounted to $6,911 and $146,055, respectively. The following is a schedule, by fiscal year, of the amortization amount of intangible assets as of December 31, 2023: By December 31, 2024 $ 14,085 By December 31, 2025 14,085 By December 31, 2026 14,085 By December 31, 2027 14,085 By December 31, 2028 14,085 Thereafter 44,600 Total $ 115,025 |
Accrued Liabilities and Other P
Accrued Liabilities and Other Payables | 6 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Payables [Abstract] | |
ACCRUED LIABILITIES AND OTHER PAYABLES | 7. ACCRUED LIABILITIES AND OTHER PAYABLES As of December 31, 2023 and June 30, 2023, accrued liabilities and other payables consisted of the following: As of As of 2023 2023 Payroll payables $ 136,964 $ 92,856 Other payables 97,734 122,186 $ 234,698 $ 215,042 |
Taxes Payable
Taxes Payable | 6 Months Ended |
Dec. 31, 2023 | |
Taxes Payable [Abstract] | |
TAXES PAYABLE | 8. TAXES PAYABLE As of December 31, 2023 and June 30, 2023, taxes payable consisted of the following: As of As of 2023 2023 Corporate income tax $ 3,636,001 $ 3,495,646 Value-added tax (“VAT”) 641,095 828,488 Related surcharges on VAT payable 7,821 108 IIT 8,977 702 Other tax 33,691 2,238 $ 4,327,585 $ 4,327,182 |
Bank Loans
Bank Loans | 6 Months Ended |
Dec. 31, 2023 | |
Bank Loans [Abstract] | |
BANK LOANS | 9. BANK LOANS Bank loans represent the amounts due to various banks. As of December 31, 2023 and June 30, 2023, short-term and long-term bank loans consisted of the following: Summary of short-term bank loans Annual As of As of Rate Maturities 2023 2023 Short-term loans: Bank of China Ltd. (3) 4.25 % May 18, 2024 $ 943,675 $ 979,135 Industrial Bank Co., Ltd. 4.80 % December 7, 2023 - 1,379,063 China Merchants Bank (4) 4.93 % March 29, 2024 - 372,347 Xiamen Bank (1) 4 % June 25,2024 563,388 551,625 Industrial and Commercial Bank (5) 3.65 % September 23, 2023 - 689,532 Industrial and Commercial Bank of China (3) 3.65 % August 30, 2024 704,235 - Xiamen International Bank (1) 4.50 % October 8, 2024 845,083 - Industrial Bank Co., Ltd. 4.80 % December 26, 2024 1,126,777 - Total $ 4,183,158 $ 3,971,702 Current portion of long-term loans: Bank of China Ltd. (3) 3.80 % November 26, 2023 $ - $ 330,975 Bank of China Ltd. (3) 4.15 % December 29, 2023 - 772,275 Bank of China Ltd. (3) 5.10 % April 15, 2024 169,017 55,163 Bank of China Ltd. (3) (6) 4.35 % December 3, 2026 246,482 - Total $ 415,499 $ 1,158,413 $ 4,598,657 $ 5,130,115 Summary of long-term bank loans Annual As of As of Rate Maturities 2023 2023 Non-current portion of long-term loans: Bank of China Ltd. (3) (6) 4.35 % December 3, 2026 $ 739,447 $ - Total $ 739,447 $ - The weighted average interest rate on short-term bank loans outstanding as of December 31, 2023 and June 30, 2023 was 4.31% and 4.53%, respectively. The effective interest rate for bank loans was approximately 4.23% and 4.74% for the six months ended December 31, 2023 and 2022, respectively. (1) Loans from Xiamen Bank and Xiamen International Bank were personally guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and his spouse. (2) On February 4, 2021, Pop Culture entered into a factoring agreement with Industrial Bank Co., Ltd. and received a total of RMB10,000,000 (equivalent to $1,548,491) on February 4, 2021 by factoring the receivables due from customers of RMB13,000,000 (equivalent to $2,013,038), for which Industrial Bank Co., Ltd. had the right of recourse to Pop Culture. The factoring was guaranteed by Mr. Zhuoqin Huang, the chief executive office of the Company. Subsequently, the loans from Industrial Bank Co., Ltd were repaid on September 17, 2021 with the collections of receivables due from customers. (3) Loans from Bank of China were jointly guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company and Pop Culture. (4) The loan was guaranteed by Mr. Zhuoqin Huang. (5) The loan was guaranteed by Pop Culture. (6) The loan with principal of RMB7,000,000 (equivalent to $985,929) will be repaid in 20 installments at RMB350,000 (approximately $49,296) of each instalment till December 20, 2026. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS Amount due from a related party Name of Related Party Relationship Nature Repayment December 31, June 30, Weiyi Lin Director of the Company Account receivables Repayment in demand $ - $ 13,280 $ - $ 13,280 Related party transaction During the six months ended December 31, 2023, Mr. Zhuoqin Huang, CEO of the Company guaranteed the long-term bank loan of $985,929 for the Company. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | 11. INCOME TAXES Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. Hong Kong On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was announced on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar (“HKD”) of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2 PRC Generally, WFOE, Pop Investment, Shuzhi Sports, Pop Culture, Pupu Sibo, Pop Network, Guangzhou Shuzhi, Shenzhen Pop, Shenzhen Jam Box, Hualiu Digital, Zhongpu Shuyuan, Xiamen Shuzhi, and Pupu Digital, which were incorporated in PRC, are subject to enterprise income tax on their taxable income as determined under PRC tax laws and accounting standards at a rate of 25%. According to Taxation 2019 No. 13, which was effective from January 1, 2019 to December 31, 2021, an enterprise is recognized as a small-scale and low-profit enterprise when its taxable income is less than RMB3 million. A small-scale and low-profit enterprise receives a tax preference, including a preferential tax rate of 5% on its taxable income below RMB1 million and another preferential tax rate of 10% on its taxable income between RMB1 million and RMB3 million. In 2021, the preferential tax rate was reduced by half. During the six months ended December 31, 2023, Pop Network qualified as a small-scale and low-profit enterprise. i) The components of the income tax provision are as follows: For the 2023 2022 Current income tax provision $ 155,325 $ 193,212 Deferred income tax benefit (10,617 ) (17,184 ) Total $ 144,708 $ 176,028 The following table reconciles the statutory rate to the Company’s effective tax rate for the six months ended December 31, 2023 and 2022: For the Six Months Ended 2023 2022 China Statutory income tax rate 25.00 % 25.00 % Temporary difference 25.73 % - % Permanent difference (0.37 )% (0.18 )% Effect of different tax jurisdiction (14.75 )% - % Effect of favorable tax rates on small-scale and low-profit entities 0.43 % (0.31 )% Valuation allowance (42.13 )% (28.30 )% Effective tax rate (6.09 )% (3.79 )% The tax effect of temporary difference under ASC 740 “Accounting for Income Taxes” that gives rise to deferred tax assets as of December 31, 2023 and June 30, 2023 was as follows: As of As of 2023 2023 Deferred tax assets: Net operating loss carry forwards $ 2,598,013 $ 3,266,711 Allowance for doubtful accounts 1,506,510 1,092,957 Total deferred tax assets 4,104,523 4,359,668 Valuation allowance (4,093,704 ) (4,359,668 ) Total deferred tax assets, net $ 10,819 $ - |
Lease
Lease | 6 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
LEASE | 12. LEASE Supplemental balance sheet information related to the operating lease was as follows: As of As of 2023 2023 Right-of-use assets $ 61,910 $ 84,892 Operating lease liabilities - current $ 64,884 $ 65,115 Operating lease liabilities - non-current 13,351 39,634 Total operating lease liabilities $ 78,235 $ 104,749 The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2023 were as follows: Remaining lease term and discount rate: Weighted average remaining lease term (years) 1.17 Weighted average discount rate 6.92 % During the six months ended December 31, 2023 and 2022, the Company incurred total operating lease expenses of $43,390 and $91,984, respectively. As of December 31, 2023, the future minimum rent payable under the non-cancellable operating lease for fiscal years ended December 31 were: 2024 $ 68,162 2025 13,468 Total lease payments 81,630 Less: imputed interest (3,395 ) Present value of lease liabilities $ 78,235 |
Ordinary Shares
Ordinary Shares | 6 Months Ended |
Dec. 31, 2023 | |
Ordinary Shares [Abstract] | |
ORDINARY SHARES | 13. ORDINARY SHARES On February 9, 2021, the Company issued 106,509 Class A Ordinary Shares to non-controlling shareholders of Pop Culture to acquire their 6.45% non-controlling interests in Pop Culture, which resulted in Pop Culture becoming a VIE fully controlled by the Company. The Company has accounted this acquisition of non-controlling interest as an equity transaction with no gain or loss recognized in accordance with ASC 810-10-45. The subscription receivable presents the receivable for the issuance of Ordinary Shares of the Company and is reported as a deduction of equity. Subscription receivable has no payment terms nor any interest receivable accrual. On July 2, 2021, the Company closed its initial public offering of 620,000 Class A Ordinary Shares. The Class A Ordinary Shares were priced at $60.0 per share, and the offering was conducted on a firm commitment basis. The Company received an aggregate amount of $34,839,398, representing payment in full to the Company of the purchase price for 620,000 shares in the aggregate amount of $37,200,000 less underwriting discounts and expenses pursuant to the underwriting agreement dated June 30, 2021. Effective on October 27, 2023, the Company conducted a share consolidation of the Company’s issued and unissued Class A and Class B ordinary shares (the “Share Consolidation”). As a result of the Share Consolidation, each 10 Class A and Class B ordinary shares, par value US$0.001 per share, outstanding were automatically combined and converted into one issued and Outstanding ordinary share, par value US$0.01 per share, without any action on the part of the shareholders. All share numbers and per share amount as mentioned in the financial statements and the disclosure notes have been changed retrospectively to reflect the Share Consolidation. |
Statutory Reserve
Statutory Reserve | 6 Months Ended |
Dec. 31, 2023 | |
Statutory Reserve [Abstract] | |
STATUTORY RESERVE | 14. STATUTORY RESERVE WFOE, Pop Investment, Shuzhi Sports, Pop Culture, Pupu Sibo, Pop Network, Guangzhou Shuzhi, Shenzhen Pop, Shenzhen Jam Box, Hualiu Digital, Zhongpu Shuyuan, Xiamen Shuzhi, and Pupu Digital are required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Company is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by the Company in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before the distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends. For the six months ended December 31, 2023, the Company provided statutory reserve as follows: Balance - June 30, 2022 1,499,369 Appropriation to statutory reserve 37,859 Balance - June 30, 2023 $ 1,537,228 Appropriation to statutory reserve - Balance — December 31, 2023 $ 1,537,228 |
Restricted Net Assets
Restricted Net Assets | 6 Months Ended |
Dec. 31, 2023 | |
Restricted Net Assets [Abstract] | |
RESTRICTED NET ASSETS | 15. RESTRICTED NET ASSETS Relevant PRC laws and regulations restrict WFOE, Pop Culture, and the subsidiaries of Pop Culture from transferring a portion of their net assets, equivalent to the balance of their paid-in-capital, additional paid-in-capital and statutory reserves to the Company in the form of loans, advances, or cash dividends. Relevant PRC statutory laws and regulations permit the payments of dividends by WFOE, Pop Culture, and the subsidiaries of Pop Culture from their respective retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. As of December 31, 2023 and June 30, 2023, the balance of restricted net assets was $16,610,518 and $16,378,052, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS On March 19, 2024, the Company entered into a series of subscription agreements (collectively, the “Subscription Agreements”) with three purchasers, each an unrelated third party to the Company (collectively, the “Purchasers”). Pursuant to the Subscription Agreements, the Purchasers agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Purchasers, an aggregate of 1,500,000 Class A ordinary shares of the Company, par value $0.01 per share (the “Shelf Takedown Shares”), at a purchase price of $2.86 per share, and for an aggregate purchase price of $4,290,000. The Shelf Takedown Shares were offered under the Company’s registration statement on Form F-3 (File No. 333-266130), initially filed with the U.S. Securities and Exchange Commission on July 14, 2022 and declared effective on November 18, 2022. The transaction closed on March 21, 2024. An extraordinary general meeting of shareholders of the Company was held on March 26, 2024. It was resolved, by way of special resolution passed by the holders of the Company’s issued and outstanding Class A ordinary shares, that each holder of Class B ordinary shares shall be entitled to exercise 100 votes for each Class B ordinary share they hold (the “Class B Variation”). The Company separately obtained a written consent from the shareholders holding not less than two-thirds of issued Class B ordinary to the Class B Variation. It was further resolved, as an ordinary resolution, that the authorized share capital of the Company be increased from US$60,000 divided into 4,400,000 Class A ordinary shares of par value US$0.01 each, 600,000 Class B ordinary shares of par value US$0.01 each and 1,000,000 Class C ordinary shares of par value US$0.01 each, to US$760,000 divided into 64,400,000 Class A ordinary shares of par value US$0.01 each, 10,600,000 Class B ordinary shares of par value US$0.01 each and 1,000,000 Class C ordinary shares of par value US$0.01 each. The Company has evaluated subsequent events through the date the financial statements were available to be issued. Other than the above events, no other matters were identified affecting the accompanying financial statements or related disclosures. |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 6 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information of the Parent Company [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 17. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY The Company performed a test on the restricted net assets of its consolidated subsidiaries, the VIE, and the VIE’s subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only. The subsidiaries did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. As of December 31, 2023, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. PARENT COMPANY BALANCE SHEETS As of As of 2023 2023 ASSETS Cash $ 192,894 $ 1,095,007 Prepaid expenses and other current assets 2,425,174 4,179,826 Due from a related party 4,109,902 2,607,402 TOTAL CURRENT ASSETS 6,727,970 7,882,235 Intangible assets, net - - Other non-current assets 4,831,483 5,062,966 Investments in subsidiaries, consolidated VIE and VIE’s subsidiaries 13,089,946 13,821,695 TOTAL ASSETS 24,649,399 26,766,896 LIABILITIES AND SHAREHOLDERS’ EQUITY Other Payable $ 45,484 $ 31,600 Due to a related party - - TOTAL CURRENT LIABILITIES $ 45,484 $ 31,600 TOTAL LIABILITIES 45,484 31,600 SHAREHOLDERS’ EQUITY Ordinary Shares (par value $0.01 per share; 4,400,000 Class A Ordinary Shares authorized as of December 31, 2023 and June 30, 2023; 1,862,733 and 1,828,692 Class A Ordinary Shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively; 600,000 Class B Ordinary Shares authorized, 576,308 Class B Ordinary Shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively; 1,000,000 Class C Ordinary Shares authorized, nil 24,390 24,050 Subscription receivable (15,441 ) (15,441 ) Additional paid-in capital 40,173,920 40,174,260 Retained earnings (14,167,950 ) (11,802,701 ) Accumulated other comprehensive (loss) income (1,411,004 ) (1,644,872 ) TOTAL SHAREHOLDERS’ EQUITY 24,603,915 26,735,296 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 24,649,399 $ 26,766,896 * Certain shares are presented on a retroactive basis to reflect the Share Consolidation (see Note 13). PARENT COMPANY STATEMENTS OF COMPREHENSIVE LOSS For the Six Months Ended 2023 2022 Selling expenses $ 1,151,120 $ 36,000 General and administrative expenses 250,000 605,795 Financial expenses (income) (1,488 ) 114,980 Loss from operation (1,399,632 ) (756,775 ) Other loss: Share of loss of subsidiaries, consolidated VIE, and VIE’s subsidiaries (965,617 ) (3,957,606 ) Loss before income tax expense (2,365,249 ) (4,714,381 ) Income tax expense - - Net loss $ (2,365,249 ) $ (4,714,381 ) Other Comprehensive loss Foreign currency translation (loss) income 233,868 (893,208 ) Total comprehensive loss $ (2,131,381 ) $ (5,607,589 ) PARENT COMPANY STATEMENTS OF CASH FLOWS For the Six Months Ended 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (2,365,249 ) (4,714,381 ) Depreciation and amortization - 36,875 Equity loss (income) of subsidiaries 965,617 3,957,606 Changes in operating assets and liabilities Other non-current assets 231,483 (4,448,342 ) Other current assets 1,754,652 - Due from subsidiaries and the VIE (1,502,500 ) - Other payable 13,884 (70,000 ) Due from a related party - (3,500,001 ) Net cash used in operating activities $ (902,113 ) (8,738,243 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of intangible assets - (105,000 ) Net cash used in investing activities - (105,000 ) Net decrease in cash (902,113 ) (8,843,243 ) Cash at the beginning of the period 1,095,007 9,085,082 Cash at the end of the period $ 192,894 241,839 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIE, and subsidiaries of its VIE. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, the useful lives of property and equipment and intangible asset, impairment of long-lived assets, deferred cost, and valuation for deferred tax assets. Actual results could differ from those estimates. |
Recent accounting pronouncements | Recent accounting pronouncements Recently issued Accounting Standards Updates (“ASUs”) by the FASB are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows, or disclosures. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
Schedule of Consolidated Financial Statements | The consolidated financial statements of the Company included the following entities (subsequent changes on equity holding of the entities were not included below): Date of Place of Percentage of Principal activities The Company January 3, 2020 Cayman Islands 100% Parent Holding Wholly owned subsidiaries Pop HK January 20, 2020 Hong Kong 100% Investment holding WFOE March 13, 2020 PRC 100% WFOE, consultancy and information technology support Pop Culture Global Operations Inc. December 3, 2021 California 100% Overseas hip-hop resource integration and business development Xiamen Pop Investment Co., Ltd. (“Pop Investment”) January 25, 2022 PRC 60% owned by Heliheng; 40% owned by the VIE Cross-border funds management Fujian Pupu Shuzhi Sports Industry Development Co., Ltd. (“Shuzhi Sports”) July 21, 2022 PRC 100% Holding sports performance activities VIE Pop Culture March 29, 2007 PRC VIE Event planning, execution, and hosting VIE’s subsidiaries Pupu Sibo March 30, 2017 PRC 100% owned by VIE Event planning and execution Pop Network June 6, 2017 PRC 100% owned by VIE Marketing Guangzhou Shuzhi December 19, 2018 PRC 100% owned by VIE Event planning and execution Shenzhen Pop January 17, 2020 PRC 100% owned by VIE Event planning and execution Pupu Digital June 20, 2022 PRC 100% owned by the VIE Acting broker and self-branding development Zhongpu Shuyuan March 30, 2022 PRC 51% owned by the VIE Digital collection and Metaverse Shenzhen Jam box Technology Co., Ltd. November 18, 2020 PRC 56% owned by VIE Event planning and execution Xiamen Pop Shuzhi Culture Communication Co., Ltd. (“Xiamen Shuzhi”) May 16, 2022 PRC 100% owned by the VIE Online and offline advertising marketing and exhibitions Hualiu Digital April 14, 2022 PRC 100% owned by the VIE Digital Entertainment |
Schedule of Financial Statement Amounts and Balances of VIE and its Subsidiaries | The following financial statement amounts and balances of the VIE and its subsidiaries were included in the accompanying consolidated financial statements after the elimination of intercompany transactions: As of As of 2023 2023 Total assets $ 31,026,866 $ 16,775,802 Total liabilities $ 27,308,942 $ 12,336,610 |
Schedule of Income and Cash Flows | For the 2023 2022 Total revenue $ 24,008,463 $ 8,727,933 Net loss $ (648,451 ) $ (4,118,522 ) Net cash (used in) provided by operating activities $ (1,294,161 ) $ 2,063,270 Net cash used in investing activities $ (16,771 ) $ (4,753,309 ) Net cash provided by financing activities $ 2,037,165 $ 796,554 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2023 and June 30, 2023, accounts receivable consisted of the following: As of As of 2023 2023 Accounts receivable - gross $ 25,979,344 $ 24,000,374 Allowance for doubtful accounts (5,864,194 ) (4,358,037 ) Accounts receivable, net $ 20,115,150 $ 19,642,337 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | As of December 31, 2023 and June 30, 2023, prepaid expenses and other current assets consisted of the following: As of As of 2023 2023 Deferred costs (1) $ 738 $ 683 Other receivables 147,085 109,100 147,823 109,783 Allowance for doubtful accounts (2) (14,085 ) (13,791 ) $ 133,738 $ 95,992 (1) Deferred costs represent the costs incurred to fulfill a contract with a customer which relates directly to a contract that the Company can specifically identify, generate, or enhance resources of the Company that will be used in satisfying performance obligations in the future as well as are expected to be recovered. (2) The Company recorded bad debt expenses of $ nil |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2023 and June 30, 2023, property and equipment consisted of the following: As of As of 2023 2023 Leasehold improvement $ 960,232 $ 939,825 Building 466,488 456,748 Office equipment 134,497 115,314 1,561,217 1,511,887 Less: accumulated depreciation (1,054,614 ) (667,273 ) $ 506,603 $ 844,614 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Asset | As of December 31, 2023 and June 30, 2023, intangible assets consisted of the following: As of As of 2023 2023 Copyright licenses $ 2,005,550 $ 1,963,676 SaaS 140,847 137,906 2,146,397 2,101,582 Less: accumulated amortization (945,033 ) (918,405 ) Less: impairment for production copyright (1,086,339 ) (1,063,658 ) $ 115,025 $ 119,519 |
Schedule of Fiscal Year, of the Amortization Amount of Intangible Assets | The following is a schedule, by fiscal year, of the amortization amount of intangible assets as of December 31, 2023: By December 31, 2024 $ 14,085 By December 31, 2025 14,085 By December 31, 2026 14,085 By December 31, 2027 14,085 By December 31, 2028 14,085 Thereafter 44,600 Total $ 115,025 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Payables (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Payables [Abstract] | |
Schedule of Accrued Liabilities and Other Payables | As of December 31, 2023 and June 30, 2023, accrued liabilities and other payables consisted of the following: As of As of 2023 2023 Payroll payables $ 136,964 $ 92,856 Other payables 97,734 122,186 $ 234,698 $ 215,042 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Taxes Payable [Abstract] | |
Schedule of Taxes Payable | As of December 31, 2023 and June 30, 2023, taxes payable consisted of the following: As of As of 2023 2023 Corporate income tax $ 3,636,001 $ 3,495,646 Value-added tax (“VAT”) 641,095 828,488 Related surcharges on VAT payable 7,821 108 IIT 8,977 702 Other tax 33,691 2,238 $ 4,327,585 $ 4,327,182 |
Bank Loans (Tables)
Bank Loans (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Bank Loans [Abstract] | |
Schedule of Short-Term Bank Loans | Summary of short-term bank loans Annual As of As of Rate Maturities 2023 2023 Short-term loans: Bank of China Ltd. (3) 4.25 % May 18, 2024 $ 943,675 $ 979,135 Industrial Bank Co., Ltd. 4.80 % December 7, 2023 - 1,379,063 China Merchants Bank (4) 4.93 % March 29, 2024 - 372,347 Xiamen Bank (1) 4 % June 25,2024 563,388 551,625 Industrial and Commercial Bank (5) 3.65 % September 23, 2023 - 689,532 Industrial and Commercial Bank of China (3) 3.65 % August 30, 2024 704,235 - Xiamen International Bank (1) 4.50 % October 8, 2024 845,083 - Industrial Bank Co., Ltd. 4.80 % December 26, 2024 1,126,777 - Total $ 4,183,158 $ 3,971,702 Current portion of long-term loans: Bank of China Ltd. (3) 3.80 % November 26, 2023 $ - $ 330,975 Bank of China Ltd. (3) 4.15 % December 29, 2023 - 772,275 Bank of China Ltd. (3) 5.10 % April 15, 2024 169,017 55,163 Bank of China Ltd. (3) (6) 4.35 % December 3, 2026 246,482 - Total $ 415,499 $ 1,158,413 $ 4,598,657 $ 5,130,115 Annual As of As of Rate Maturities 2023 2023 Non-current portion of long-term loans: Bank of China Ltd. (3) (6) 4.35 % December 3, 2026 $ 739,447 $ - Total $ 739,447 $ - (1) Loans from Xiamen Bank and Xiamen International Bank were personally guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and his spouse. (2) On February 4, 2021, Pop Culture entered into a factoring agreement with Industrial Bank Co., Ltd. and received a total of RMB10,000,000 (equivalent to $1,548,491) on February 4, 2021 by factoring the receivables due from customers of RMB13,000,000 (equivalent to $2,013,038), for which Industrial Bank Co., Ltd. had the right of recourse to Pop Culture. The factoring was guaranteed by Mr. Zhuoqin Huang, the chief executive office of the Company. Subsequently, the loans from Industrial Bank Co., Ltd were repaid on September 17, 2021 with the collections of receivables due from customers. (3) Loans from Bank of China were jointly guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company and Pop Culture. (4) The loan was guaranteed by Mr. Zhuoqin Huang. (5) The loan was guaranteed by Pop Culture. (6) The loan with principal of RMB7,000,000 (equivalent to $985,929) will be repaid in 20 installments at RMB350,000 (approximately $49,296) of each instalment till December 20, 2026. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due from a Related Party | Amount due from a related party Name of Related Party Relationship Nature Repayment December 31, June 30, Weiyi Lin Director of the Company Account receivables Repayment in demand $ - $ 13,280 $ - $ 13,280 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax | The components of the income tax provision are as follows: For the 2023 2022 Current income tax provision $ 155,325 $ 193,212 Deferred income tax benefit (10,617 ) (17,184 ) Total $ 144,708 $ 176,028 |
Schedule of Reconciles the Statutory Rate to the Company’s Effective Tax Rate | The following table reconciles the statutory rate to the Company’s effective tax rate for the six months ended December 31, 2023 and 2022: For the Six Months Ended 2023 2022 China Statutory income tax rate 25.00 % 25.00 % Temporary difference 25.73 % - % Permanent difference (0.37 )% (0.18 )% Effect of different tax jurisdiction (14.75 )% - % Effect of favorable tax rates on small-scale and low-profit entities 0.43 % (0.31 )% Valuation allowance (42.13 )% (28.30 )% Effective tax rate (6.09 )% (3.79 )% |
Schedule of Deferred Tax Asset | The tax effect of temporary difference under ASC 740 “Accounting for Income Taxes” that gives rise to deferred tax assets as of December 31, 2023 and June 30, 2023 was as follows: As of As of 2023 2023 Deferred tax assets: Net operating loss carry forwards $ 2,598,013 $ 3,266,711 Allowance for doubtful accounts 1,506,510 1,092,957 Total deferred tax assets 4,104,523 4,359,668 Valuation allowance (4,093,704 ) (4,359,668 ) Total deferred tax assets, net $ 10,819 $ - |
Lease (Tables)
Lease (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to the Operating Lease | Supplemental balance sheet information related to the operating lease was as follows: As of As of 2023 2023 Right-of-use assets $ 61,910 $ 84,892 Operating lease liabilities - current $ 64,884 $ 65,115 Operating lease liabilities - non-current 13,351 39,634 Total operating lease liabilities $ 78,235 $ 104,749 |
Schedule of Remaining Lease Term and Discount Rate | The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2023 were as follows: Weighted average remaining lease term (years) 1.17 Weighted average discount rate 6.92 % |
Schedule of Future Minimum Rent Payable | As of December 31, 2023, the future minimum rent payable under the non-cancellable operating lease for fiscal years ended December 31 were: 2024 $ 68,162 2025 13,468 Total lease payments 81,630 Less: imputed interest (3,395 ) Present value of lease liabilities $ 78,235 |
Statutory Reserve (Tables)
Statutory Reserve (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Statutory Reserve [Abstract] | |
Schedule of Statutory Reserve | For the six months ended December 31, 2023, the Company provided statutory reserve as follows: Balance - June 30, 2022 1,499,369 Appropriation to statutory reserve 37,859 Balance - June 30, 2023 $ 1,537,228 Appropriation to statutory reserve - Balance — December 31, 2023 $ 1,537,228 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) - Parent Company [Member] | 6 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information of the Parent Company (Tables) [Line Items] | |
Schedule of Parent Company Condensed Balance Sheets | PARENT COMPANY BALANCE SHEETS As of As of 2023 2023 ASSETS Cash $ 192,894 $ 1,095,007 Prepaid expenses and other current assets 2,425,174 4,179,826 Due from a related party 4,109,902 2,607,402 TOTAL CURRENT ASSETS 6,727,970 7,882,235 Intangible assets, net - - Other non-current assets 4,831,483 5,062,966 Investments in subsidiaries, consolidated VIE and VIE’s subsidiaries 13,089,946 13,821,695 TOTAL ASSETS 24,649,399 26,766,896 LIABILITIES AND SHAREHOLDERS’ EQUITY Other Payable $ 45,484 $ 31,600 Due to a related party - - TOTAL CURRENT LIABILITIES $ 45,484 $ 31,600 TOTAL LIABILITIES 45,484 31,600 SHAREHOLDERS’ EQUITY Ordinary Shares (par value $0.01 per share; 4,400,000 Class A Ordinary Shares authorized as of December 31, 2023 and June 30, 2023; 1,862,733 and 1,828,692 Class A Ordinary Shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively; 600,000 Class B Ordinary Shares authorized, 576,308 Class B Ordinary Shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively; 1,000,000 Class C Ordinary Shares authorized, nil 24,390 24,050 Subscription receivable (15,441 ) (15,441 ) Additional paid-in capital 40,173,920 40,174,260 Retained earnings (14,167,950 ) (11,802,701 ) Accumulated other comprehensive (loss) income (1,411,004 ) (1,644,872 ) TOTAL SHAREHOLDERS’ EQUITY 24,603,915 26,735,296 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 24,649,399 $ 26,766,896 * Certain shares are presented on a retroactive basis to reflect the Share Consolidation (see Note 13). |
Schedule of Parent Company Statements of Comprehensive Loss | PARENT COMPANY STATEMENTS OF COMPREHENSIVE LOSS For the Six Months Ended 2023 2022 Selling expenses $ 1,151,120 $ 36,000 General and administrative expenses 250,000 605,795 Financial expenses (income) (1,488 ) 114,980 Loss from operation (1,399,632 ) (756,775 ) Other loss: Share of loss of subsidiaries, consolidated VIE, and VIE’s subsidiaries (965,617 ) (3,957,606 ) Loss before income tax expense (2,365,249 ) (4,714,381 ) Income tax expense - - Net loss $ (2,365,249 ) $ (4,714,381 ) Other Comprehensive loss Foreign currency translation (loss) income 233,868 (893,208 ) Total comprehensive loss $ (2,131,381 ) $ (5,607,589 ) |
Schedule of Parent Company Statements of Cash Flows | PARENT COMPANY STATEMENTS OF CASH FLOWS For the Six Months Ended 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (2,365,249 ) (4,714,381 ) Depreciation and amortization - 36,875 Equity loss (income) of subsidiaries 965,617 3,957,606 Changes in operating assets and liabilities Other non-current assets 231,483 (4,448,342 ) Other current assets 1,754,652 - Due from subsidiaries and the VIE (1,502,500 ) - Other payable 13,884 (70,000 ) Due from a related party - (3,500,001 ) Net cash used in operating activities $ (902,113 ) (8,738,243 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of intangible assets - (105,000 ) Net cash used in investing activities - (105,000 ) Net decrease in cash (902,113 ) (8,843,243 ) Cash at the beginning of the period 1,095,007 9,085,082 Cash at the end of the period $ 192,894 241,839 |
Organization and Principal Ac_3
Organization and Principal Activities (Details) - $ / shares | Jan. 31, 2024 | Dec. 31, 2023 | Apr. 30, 2022 | Feb. 19, 2021 | Feb. 09, 2021 | Mar. 30, 2020 |
Organization and Principal Activities [Line Items] | ||||||
Ordinary shares, par value (in Dollars per share) | $ 0.001 | |||||
WFOE net income percentage | 100% | |||||
Ownership [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interests percentage | 100% | |||||
Acquire non-controlling interests percentage | 6.45% | |||||
Class A Ordinary Shares [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Issued non-controlling shareholders (in Dollars per share) | $ 1,065,089 | |||||
Shenzhen Jam Box Technology Co., Ltd. (“Shenzhen Jam box”) [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interest, percentage | 56% | |||||
Shenzhen Jam Box [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interest, percentage | 20% | |||||
Shenzhen HipHopJust Information Technology Co., Ltd [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interest, percentage | 80% | |||||
Exclusive Services Agreement [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interest, percentage | 93.55% | |||||
Subsequent Event [Member] | Shenzhen Jam Box Technology Co., Ltd. (“Shenzhen Jam box”) [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Equity interest, percentage | 36% | |||||
Zhongpu Shuyuan (Xiamen) Digital Technology Co., Ltd [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Interest percentage | 51% | |||||
Unrelated Party [Member] | ||||||
Organization and Principal Activities [Line Items] | ||||||
Interest percentage | 49% |
Organization and Principal Ac_4
Organization and Principal Activities (Details) - Schedule of Consolidated Financial Statements | 6 Months Ended |
Dec. 31, 2023 | |
The Company [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jan. 03, 2020 |
Place of incorporation | Cayman Islands |
Percentage of ownership | 100% |
Principal activities | Parent Holding |
Pop HK [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jan. 20, 2020 |
Place of incorporation | Hong Kong |
Percentage of ownership | 100% |
Principal activities | Investment holding |
WFOE [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Mar. 13, 2020 |
Place of incorporation | PRC |
Percentage of ownership | 100% |
Principal activities | WFOE, consultancy and information technology support |
Pop Culture Global Operations Inc. [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Dec. 03, 2021 |
Place of incorporation | California |
Percentage of ownership | 100% |
Principal activities | Overseas hip-hop resource integration and business development |
Xiamen Pop Investment Co., Ltd. (“Pop Investment”) [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jan. 25, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 60% owned by Heliheng; 40% owned by the VIE |
Principal activities | Cross-border funds management |
Fujian Pupu Shuzhi Sports Industry Development Co., Ltd. (“Shuzhi Sports”) [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jul. 21, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 100% |
Principal activities | Holding sports performance activities |
Pop Culture [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Mar. 29, 2007 |
Place of incorporation | PRC |
Percentage of ownership | VIE |
Principal activities | Event planning, execution, and hosting |
Pupu Sibo [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Mar. 30, 2017 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by VIE |
Principal activities | Event planning and execution |
Pop Network [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jun. 06, 2017 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by VIE |
Principal activities | Marketing |
Guangzhou Shuzhi [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Dec. 19, 2018 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by VIE |
Principal activities | Event planning and execution |
Shenzhen Pop [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jan. 17, 2020 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by VIE |
Principal activities | Event planning and execution |
Pupu Digital [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Jun. 20, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by the VIE |
Principal activities | Acting broker and self-branding development |
Zhongpu Shuyuan [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Mar. 30, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 51% owned by the VIE |
Principal activities | Digital collection and Metaverse |
Shenzhen Jam box Technology Co., Ltd. [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Nov. 18, 2020 |
Place of incorporation | PRC |
Percentage of ownership | 56% owned by VIE |
Principal activities | Event planning and execution |
Xiamen Pop Shuzhi Culture Communication Co., Ltd. (“Xiamen Shuzhi”) [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | May 16, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by the VIE |
Principal activities | Online and offline advertising marketing and exhibitions |
Hualiu Digital [Member] | |
Schedule of Consolidated Financial Statements [Line Items] | |
Date of incorporation | Apr. 14, 2022 |
Place of incorporation | PRC |
Percentage of ownership | 100% owned by the VIE |
Principal activities | Digital Entertainment |
Organization and Principal Ac_5
Organization and Principal Activities (Details) - Schedule of Financial Statement Amounts and Balances of VIE and its Subsidiaries - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Financial Statement Amounts and Balances of VIE and its Subsidiaries [Abstract] | ||
Total assets | $ 31,026,866 | $ 16,775,802 |
Total liabilities | $ 27,308,942 | $ 12,336,610 |
Organization and Principal Ac_6
Organization and Principal Activities (Details) - Schedule of Income and Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Income and Cash Flows [Abstract] | ||
Total revenue | $ 24,008,463 | $ 8,727,933 |
Net loss | (648,451) | (4,118,522) |
Net cash (used in) provided by operating activities | (1,294,161) | 2,063,270 |
Net cash used in investing activities | (16,771) | (4,753,309) |
Net cash provided by financing activities | $ 2,037,165 | $ 796,554 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Receivable, Net [Abstract] | ||
Debt expenses | $ 1,386,885 | $ 290,138 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Accounts Receivable [Abstract] | ||
Accounts receivable - gross | $ 25,979,344 | $ 24,000,374 |
Allowance for doubtful accounts | (5,864,194) | (4,358,037) |
Accounts receivable, net | $ 20,115,150 | $ 19,642,337 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses and Other Current Assets [Abstract] | ||
Bad debt expenses of other receivable | $ 13 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | |
Schedule of Prepaid Expenses and Other Current Assets [Abstract] | |||
Deferred costs | [1] | $ 738 | $ 683 |
Other receivables | 147,085 | 109,100 | |
Total | 147,823 | 109,783 | |
Allowance for doubtful accounts | [2] | (14,085) | (13,791) |
Total prepaid expenses and other current assets | $ 133,738 | $ 95,992 | |
[1] Deferred costs represent the costs incurred to fulfill a contract with a customer which relates directly to a contract that the Company can specifically identify, generate, or enhance resources of the Company that will be used in satisfying performance obligations in the future as well as are expected to be recovered. The Company recorded bad debt expenses of $ nil |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses | $ 366,157 | $ 46,195 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,561,217 | $ 1,511,887 |
Less: accumulated depreciation | (1,054,614) | (667,273) |
Property and equipment, net | 506,603 | 844,614 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 960,232 | 939,825 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 466,488 | 456,748 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 134,497 | $ 115,314 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets [Abstract] | ||
Term intangible assets | 10 years | |
Impairment loss | $ 1,000,000 | |
Amortization expense | $ 6,911 | $ 146,055 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Asset - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2022 | |
Schedule of Intangible Asset [Abstract] | ||
Copyright licenses | $ 2,005,550 | $ 1,963,676 |
SaaS | 140,847 | 137,906 |
intangible assets gross | 2,146,397 | 2,101,582 |
Less: accumulated amortization | (945,033) | (918,405) |
Less: impairment for production copyright | (1,086,339) | (1,063,658) |
Total intangible assets | $ 115,025 | $ 119,519 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Fiscal Year, of the Amortization Amount of Intangible Assets | Dec. 31, 2023 USD ($) |
Schedule of Amortization Amount of Intangible Asset by Fiscal Years [Abstract] | |
By December 31, 2024 | $ 14,085 |
By December 31, 2025 | 14,085 |
By December 31, 2026 | 14,085 |
By December 31, 2027 | 14,085 |
By December 31, 2028 | 14,085 |
Thereafter | 44,600 |
Total | $ 115,025 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Payables (Details) - Schedule of Accrued Liabilities and Other Payables - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Accrued Liabilities and Other Payables [Abstract] | ||
Payroll payables | $ 136,964 | $ 92,856 |
Other payables | 97,734 | 122,186 |
Total | $ 234,698 | $ 215,042 |
Taxes Payable (Details) - Sched
Taxes Payable (Details) - Schedule of Taxes Payable - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Taxes Payable [Abstract] | ||
Corporate income tax | $ 3,636,001 | $ 3,495,646 |
Value-added tax (“VAT”) | 641,095 | 828,488 |
Related surcharges on VAT payable | 7,821 | 108 |
IIT | 8,977 | 702 |
Other tax | 33,691 | 2,238 |
Total taxes payable | $ 4,327,585 | $ 4,327,182 |
Bank Loans (Details)
Bank Loans (Details) | 6 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2023 | Dec. 31, 2022 | Feb. 04, 2021 USD ($) | Feb. 04, 2021 CNY (¥) | |
Bank Loans (Details) [Line Items] | ||||||
Total received | $ 1,548,491 | ¥ 10,000,000 | ||||
Receivables due from customers | $ 2,013,038 | ¥ 13,000,000 | ||||
Loan principal amount | $ 985,929 | ¥ 7,000,000 | ||||
Repaid installment | $ 49,296 | ¥ 350,000 | ||||
Short-Term Debt [Member] | ||||||
Bank Loans (Details) [Line Items] | ||||||
Weighted average interest rate, percentage | 4.31% | 4.31% | 4.53% | |||
Interest rate for bank loans | 4.23% | 4.23% | 4.74% |
Bank Loans (Details) - Schedule
Bank Loans (Details) - Schedule of Short-Term Bank Loans - USD ($) | 6 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | ||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Total | $ 4,598,657 | $ 5,130,115 | |
Non-current portion of long-term loans: | |||
Total | 739,447 | ||
Subtotal | $ 4,183,158 | 3,971,702 | |
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1] | 4.25% | |
Maturities | [1] | May 18, 2024 | |
Short-term loans | [1] | $ 943,675 | 979,135 |
Industrial Bank Co., Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | 4.80% | ||
Maturities | Dec. 07, 2023 | ||
Short-term loans | 1,379,063 | ||
China Merchants Bank [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [2] | 4.93% | |
Maturities | [2] | Mar. 29, 2024 | |
Short-term loans | [2] | 372,347 | |
Xiamen Bank [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [3] | 4% | |
Maturities | [3] | Jun. 25, 2024 | |
Short-term loans | [3] | $ 563,388 | 551,625 |
Industrial and Commercial Bank [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [4] | 3.65% | |
Maturities | [4] | Sep. 23, 2023 | |
Short-term loans | [4] | 689,532 | |
Industrial and Commercial Bank of China [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1] | 3.65% | |
Maturities | [1] | Aug. 30, 2024 | |
Short-term loans | [1] | $ 704,235 | |
Xiamen International Bank [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [3] | 4.50% | |
Maturities | [3] | Oct. 08, 2024 | |
Short-term loans | [3] | $ 845,083 | |
Industrial Bank Co., Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | 4.80% | ||
Maturities | Dec. 26, 2024 | ||
Short-term loans | $ 1,126,777 | ||
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1] | 3.80% | |
Maturities | [1] | Nov. 26, 2023 | |
Short-term loans | [1] | 330,975 | |
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1] | 4.15% | |
Maturities | [1] | Dec. 29, 2023 | |
Short-term loans | [1] | 772,275 | |
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1] | 5.10% | |
Maturities | [1] | Apr. 15, 2024 | |
Short-term loans | [1] | $ 169,017 | 55,163 |
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1],[5] | 4.35% | |
Maturities | [1],[5] | Dec. 03, 2026 | |
Short-term loans | [1],[5] | $ 246,482 | |
Current portion of long-term loans [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Short-term loans | $ 415,499 | $ 1,158,413 | |
Bank of China Ltd. [Member] | |||
Bank Loans (Details) - Schedule of Short-Term Bank Loans [Line Items] | |||
Annual Interest Rate | [1],[5] | 4.35% | |
Maturities | [1],[5] | Dec. 03, 2026 | |
Short-term loans | [1],[5] | $ 739,447 | |
[1] Loans from Bank of China were jointly guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company and Pop Culture. The loan was guaranteed by Mr. Zhuoqin Huang. Loans from Xiamen Bank and Xiamen International Bank were personally guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and his spouse. The loan was guaranteed by Pop Culture. The loan with principal of RMB7,000,000 (equivalent to $985,929) will be repaid in 20 installments at RMB350,000 (approximately $49,296) of each instalment till December 20, 2026. |
Related Party Transactions (Det
Related Party Transactions (Details) | Dec. 31, 2023 USD ($) |
Related Party Transactions [Abstract] | |
Long-term bank loan | $ 985,929 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Amount Due from a Related Party - Weiyi Lin [Member] - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||
Relationship | Director of the Company | |
Nature | Account receivables | |
Repayment terms | Repayment in demand | |
Amount due from a related party | $ 13,280 |
Income Taxes (Details)
Income Taxes (Details) ¥ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |
Mar. 21, 2018 HKD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2021 CNY (¥) | |
Income Taxes [Line Items] | |||
Accounting standards rate | 25% | ||
Taxable income (in Yuan Renminbi) | ¥ 1 | ¥ 3 | |
Preferential tax rate | 5% | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Profits tax rates (in Dollars) | $ | $ 2 | ||
Tax percentage | 8.25% | ||
Taxable income (in Yuan Renminbi) | ¥ 1 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Profits tax rates (in Dollars) | $ | $ 2 | ||
Tax percentage | 16.50% | ||
Taxable income (in Yuan Renminbi) | ¥ 3 | ||
Preferential tax rate | 10% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Components of Income Tax - Income Tax Provision [Member] - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes (Details) - Schedule of Components of Income Tax [Line Items] | ||
Current income tax provision | $ 155,325 | $ 193,212 |
Deferred income tax benefit | (10,617) | (17,184) |
Total | $ 144,708 | $ 176,028 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Reconciles the Statutory Rate to the Company’s Effective Tax Rate | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Reconciles the Statutory Rate to the Company’s Effective Tax Rate [Abstract] | ||
China Statutory income tax rate | 25% | 25% |
Temporary difference | 25.73% | |
Permanent difference | (0.37%) | (0.18%) |
Effect of different tax jurisdiction | (14.75%) | |
Effect of favorable tax rates on small-scale and low-profit entities | 0.43% | (0.31%) |
Valuation allowance | (42.13%) | (28.30%) |
Effective tax rate | (6.09%) | (3.79%) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Deferred Tax Asset - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 2,598,013 | $ 3,266,711 |
Allowance for doubtful accounts | 1,506,510 | 1,092,957 |
Total deferred tax assets | 4,104,523 | 4,359,668 |
Valuation allowance | (4,093,704) | (4,359,668) |
Total deferred tax assets, net | $ 10,819 |
Lease (Details)
Lease (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease [Abstract] | ||
Operating lease expense | $ 43,390 | $ 91,984 |
Lease (Details) - Schedule of S
Lease (Details) - Schedule of Supplemental Balance Sheet Information Related to the Operating Lease - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Supplemental Balance Sheet Information Related to the Operating Lease [Abstract] | ||
Right-of-use assets | $ 61,910 | $ 84,892 |
Operating lease liabilities - current | 64,884 | 65,115 |
Operating lease liabilities - non-current | 13,351 | 39,634 |
Total operating lease liabilities | $ 78,235 | $ 104,749 |
Lease (Details) - Schedule of R
Lease (Details) - Schedule of Remaining Lease Term and Discount Rate | Dec. 31, 2023 |
Schedule of Remaining Lease Term and Discount Rate [Abstract] | |
Weighted average remaining lease term (years) | 1 year 2 months 1 day |
Weighted average discount rate | 6.92% |
Lease (Details) - Schedule of F
Lease (Details) - Schedule of Future Minimum Rent Payable - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Schedule of Future Minimum Rent Payable [Abstract] | ||
2024 | $ 68,162 | |
2025 | 13,468 | |
Total lease payments | 81,630 | |
Less: imputed interest | (3,395) | |
Present value of lease liabilities | $ 78,235 | $ 104,749 |
Ordinary Shares (Details)
Ordinary Shares (Details) - USD ($) | Oct. 27, 2023 | Jul. 02, 2021 | Feb. 09, 2021 |
Ordinary Shares (Details) [Line Items] | |||
Ordinary share per share (in Dollars per share) | $ 0.01 | ||
Class A Ordinary Shares [Member] | |||
Ordinary Shares (Details) [Line Items] | |||
Ordinary shares issued | 106,509 | ||
Non controlling interests | 6.45% | ||
Class A Ordinary Shares [Member] | Initial Public Offering [Member] | |||
Ordinary Shares (Details) [Line Items] | |||
Ordinary shares issued | 620,000 | ||
Shares price per share (in Dollars per share) | $ 60 | ||
Aggregate amount (in Dollars) | $ 34,839,398 | ||
Purchase price | 620,000 | ||
Underwriting discounts (in Dollars) | $ 37,200,000 | ||
Joya Enterprises Limited [Member] | |||
Ordinary Shares (Details) [Line Items] | |||
Ordinary shares issued | 10 | ||
Ordinary shares, par value (in Dollars per share) | $ 0.001 |
Statutory Reserve (Details)
Statutory Reserve (Details) | Dec. 31, 2023 |
Statutory Reserve [Abstract] | |
Net profit after income tax percentage | 10% |
Registered capital percentage | 50% |
Statutory Reserve (Details) - S
Statutory Reserve (Details) - Schedule of Statutory Reserve - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Schedule of Statutory Reserve [Abstract] | ||
Balance beginning | $ 1,537,228 | $ 1,499,369 |
Appropriation to statutory reserve | 37,859 | |
Balance ending | $ 1,537,228 | $ 1,537,228 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Restricted Net Assets [Abstract] | ||
Restricted net assets | $ 16,610,518 | $ 16,378,052 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 6 Months Ended | |||||
Dec. 31, 2023 | Mar. 19, 2024 | Jun. 30, 2023 | Apr. 30, 2022 | Feb. 09, 2021 | ||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.001 | |||||
Ordinary Shares [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Number of ordinary shares (in Shares) | [1] | 34,041 | ||||
Class A Ordinary Shares [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Aggregate ordinary shares (in Shares) | 106,509 | |||||
Ordinary shares par value | [2] | $ 0.01 | $ 0.01 | |||
Class A Ordinary Shares [Member] | Minimum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Authorized share capital (in Dollars) | $ 60,000 | |||||
Number of ordinary shares (in Shares) | 4,400,000 | |||||
Class A Ordinary Shares [Member] | Maximum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Number of ordinary shares (in Shares) | 64,400,000 | |||||
Class B Ordinary Shares [Member] | Minimum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Number of ordinary shares (in Shares) | 600,000 | |||||
Class B Ordinary Shares [Member] | Maximum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Number of ordinary shares (in Shares) | 10,600,000 | |||||
Class C Ordinary Shares [Member] | Minimum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Number of ordinary shares (in Shares) | 1,000,000 | |||||
Class C Ordinary Shares [Member] | Maximum [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Ordinary shares par value | $ 0.01 | |||||
Authorized share capital (in Dollars) | $ 760,000 | |||||
Number of ordinary shares (in Shares) | 1,000,000 | |||||
Forecast [Member] | Ordinary Shares [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Aggregate purchase price (in Dollars) | $ 4,290,000 | |||||
Forecast [Member] | Class A Ordinary Shares [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Aggregate ordinary shares (in Shares) | 1,500,000 | |||||
Ordinary shares par value | $ 0.01 | |||||
Purchase price per share | $ 2.86 | |||||
[1]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13.[2]Share and per share data are presented on a retroactive basis to reflect the reverse stock split as disclosed in footnote #13. |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company (Details) - Schedule of Parent Company Balance Sheets - Parent Company [Member] - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | |
ASSETS | |||
Cash | $ 192,894 | $ 1,095,007 | |
Prepaid expenses and other current assets | 2,425,174 | 4,179,826 | |
TOTAL CURRENT ASSETS | 6,727,970 | 7,882,235 | |
Intangible assets, net | |||
Other non-current assets | 4,831,483 | 5,062,966 | |
Investments in subsidiaries, consolidated VIE and VIE’s subsidiaries | 13,089,946 | 13,821,695 | |
TOTAL ASSETS | 24,649,399 | 26,766,896 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Other Payable | 45,484 | 31,600 | |
TOTAL CURRENT LIABILITIES | 45,484 | 31,600 | |
TOTAL LIABILITIES | 45,484 | 31,600 | |
SHAREHOLDERS’ EQUITY | |||
Ordinary shares value | [1] | 24,390 | 24,050 |
Subscription receivable | (15,441) | (15,441) | |
Additional paid-in capital | 40,173,920 | 40,174,260 | |
Retained earnings | (14,167,950) | (11,802,701) | |
Accumulated other comprehensive (loss) income | (1,411,004) | (1,644,872) | |
TOTAL SHAREHOLDERS’ EQUITY | 24,603,915 | 26,735,296 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 24,649,399 | 26,766,896 | |
Related Party | |||
ASSETS | |||
Due from a related party | 4,109,902 | 2,607,402 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
Due to a related party | |||
[1]Certain shares are presented on a retroactive basis to reflect the Share Consolidation (see Note 13). |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company (Details) - Schedule of Parent Company Balance Sheets (Parentheticals) - Parent Company [Member] - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 | |
Class A Ordinary Shares [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Ordinary shares, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 |
Ordinary shares, shares authorized | [1] | 4,400,000 | 4,400,000 |
Ordinary shares, shares issued | [1] | 1,862,733 | 1,828,692 |
Ordinary shares, shares outstanding | [1] | 1,862,733 | 1,828,692 |
Class B Ordinary Shares [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Ordinary shares, shares authorized | [1] | 600,000 | 600,000 |
Ordinary shares, shares issued | [1] | 576,308 | 576,308 |
Ordinary shares, shares outstanding | [1] | 576,308 | 576,308 |
Class C Ordinary Shares [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Ordinary shares, shares authorized | [1] | 1,000,000 | 1,000,000 |
Ordinary shares, shares issued | [1] | ||
Ordinary shares, shares outstanding | [1] | ||
[1]Certain shares are presented on a retroactive basis to reflect the Share Consolidation (see Note 13). |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company (Details) - Schedule of Parent Company Statements of Comprehensive Loss - Parent Company [Member] - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Condensed Statement of Income Captions [Line Items] | ||
Selling expenses | $ 1,151,120 | $ 36,000 |
General and administrative expenses | 250,000 | 605,795 |
Financial expenses (income) | (1,488) | 114,980 |
Loss from operation | (1,399,632) | (756,775) |
Other loss: | ||
Share of loss of subsidiaries, consolidated VIE, and VIE’s subsidiaries | (965,617) | (3,957,606) |
Loss before income tax expense | (2,365,249) | (4,714,381) |
Income tax expense | ||
Net loss | (2,365,249) | (4,714,381) |
Other Comprehensive loss | ||
Foreign currency translation (loss) income | 233,868 | (893,208) |
Total comprehensive loss | $ (2,131,381) | $ (5,607,589) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company (Details) - Schedule of Parent Company Statements of Cash Flows - Parent Company [Member] - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,365,249) | $ (4,714,381) |
Depreciation and amortization | 36,875 | |
Equity loss (income) of subsidiaries | 965,617 | 3,957,606 |
Changes in operating assets and liabilities | ||
Other non-current assets | 231,483 | (4,448,342) |
Other current assets | 1,754,652 | |
Due from subsidiaries and the VIE | (1,502,500) | |
Other payable | 13,884 | (70,000) |
Due from a related party | (3,500,001) | |
Net cash used in operating activities | (902,113) | (8,738,243) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of intangible assets | (105,000) | |
Net cash used in investing activities | (105,000) | |
Net decrease in cash | (902,113) | (8,843,243) |
Cash at the beginning of the period | 1,095,007 | 9,085,082 |
Cash at the end of the period | $ 192,894 | $ 241,839 |