v3.26.3
Accounts Receivable, Net
 12 Months Ended
Jun. 30, 2026
Accounts Receivable, Net [Abstract]  
ACCOUNTS RECEIVABLE, NET

NOTE 4. ACCOUNTS RECEIVABLE, NET

 

As of June 30, 2026 and 2025, accounts receivable consisted of the following:

 

    As of
June 30,		     As of
June 30,		  
    2026     2025  
Accounts receivable – gross   $ 45,957,544     $ 64,927,626  
Allowance for credit losses     (26,138,064 )     (17,971,470 )
Accounts receivable, net   $ 19,819,480     $ 46,956,156  
                 
Accounts receivable, net – current portion     19,819,480       39,588,998  
Accounts receivable, net – non current portion     -       7,367,158  
Accounts receivable, net   $ 19,819,480     $ 46,956,156  

 

The Company recorded $20,715,826 and $22,034,812 credit loss expenses for accounts receivable for the years ended June 30, 2026 and 2025, respectively. The decrease in the credit loss expenses was the combined effect of the tightening of the North American sales strategy, including stricter payment terms and higher deposit requirements for new accounts, offset by the lack of improvement in long-aged accounts receivable balances. For the years ended June 30, 2026 and 2025, the Company wrote off accounts receivable against allowance for credit losses of $12,549,232 and $9,948,580, respectively. As of June 30, 2026 and 2025, there were nil and $7,367,158 accounts receivable reclassified to accounts receivable – non current due to payment term extension arrangements with customers.

 

Activity in the allowance for credit losses is below:

 

    For the year ended
June 30,		  
    2026     2025  
Balance at July 1   $ 17,971,470     $ 5,885,238  
Provision for expected losses     20,715,826       22,034,812  
Write-offs charged against the allowance     (12,549,232 )     (9,948,580 )
Balance at June 30     26,138,064       17,971,470