Contract Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONTRACT LIABILITIES | 7. CONTRACT LIABILITIES
These liabilities are advance deposits received from customers after an order has been placed. As of December 31, 2024, the Company expects all of the contract liabilities to be settled in less than one year. The decrease in the balance at December 31, 2024 was due to less orders on hand on that date. The amount of revenue recognized in the six months ended December 31, 2024, that was included in the opening contract liability balance was $1,924,847.
Changes in the contract liabilities is below:
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