0001683168-22-006660 | 10-K | XBRL Viewer

Subsequent events	12 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent events	Note 20 - Subsequent events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements are available to be issued. No material subsequent events that required recognition or additional disclosure in the consolidated financial statements are presented.

Subsequent events

12 Months Ended

Jun. 30, 2022

Note 20 - Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements are available to be issued. No material subsequent events that required recognition or additional disclosure in the consolidated financial statements are presented.

Joint Ventures	12 Months Ended
Jun. 30, 2022
Joint Ventures
Joint Ventures	Note 3 - Joint Ventures *Box Harmony, LLC* On January 13, 2022, the Company entered into a joint venture agreement (the “Joint Venture Agreement”) with Titanium Plus Autoparts, Inc., a California corporation (“TPA”), Tony Chiu (“Chiu”) and Bin Xiao (“Xiao”). Pursuant to the terms of the Joint Venture Agreement, the parties formed a Nevada limited liability company, Box Harmony, LLC (“Box Harmony”), for the principal purpose of providing logistic services primarily for foreign-based manufacturers or distributors who desire to sell their products online in the United States, with such logistic services to include, without limitation, receiving, storing and transporting such products. Following entry into the Joint Venture Agreement, Box Harmony issued a total of 6,000 certificated units of membership interest, designated as Class A voting units (“Equity Units”), as follows: (i) the Company agreed to contribute $50,000 in cash in exchange for 2,400 Equity Units in Box Harmony and agreed to provide Box Harmony with the use and access to certain warehouse facilities leased by the Company (see below), and (ii) TPA received 1,200 Equity Units in exchange for (a) $1,200 and contributing the TPA IP License referred to below, (b) its existing and future customer contracts, and (c) granting Box Harmony the use of shipping accounts (FedEx and UPS) and all other TPA carrier contracts, and (iii) Xiao received 2,400 Equity Units in exchange for $2,400 and his agreement to manage the day to day operations of Box Harmony. Under the terms of the Box Harmony limited liability operating agreement (the “LLC Agreement”), TPA and Xiao each granted to the Company an unconditional and irrevocable right and option to purchase from Xiao and TPA at any time within the first 18 months following January 13, 2022, up to 1,200 Class A voting units, at an exercise price of $550 per Class A voting unit, for a total exercise price of up to $660,000. If such option is fully exercised, the Company would own 3,600 Equity Units or 60% of the total outstanding Equity Units. As of the date of this report, the Company had not exercised the option to purchase additional voting units from Xiao and TPA. The LLC Agreement prohibits the issuance of additional Equity Units and certain other actions unless approved in advance by the Company, that a noncontrolling right that would not be substantive to overcome the majority voting interests held by TPA and Xiao. As a result, the Company owns 40% of the equity interest in Box Harmony with significant influence but does not own a majority equity interest or otherwise control of Box Harmony. The Company accounts for its ownership interest in Box Harmony following the equity method of accounting, in accordance with ASC 323, Investments —Equity Method and Joint Ventures. Under this method, the carrying cost is initially recorded at cost and then increased or decreased by recording its percentage of gain or loss in its statement of operations and a corresponding charge or credit to the carrying value of the asset. *Global Social Media, LLC* On February 10, 2022, the Company entered into a joint venture agreement with Bro Angel, LLC, Ji Shin and Bing Luo (the “GSM Joint Venture Agreement”). Pursuant to the terms of the GSM Joint Venture Agreement, the parties formed a Nevada limited liability company, Global Social Media, LLC (“GSM”), for the principal purpose of providing a social media platform, contents and services to assist businesses, including the Company and other businesses, in marketing their products. Following entry into the GSM Joint Venture Agreement, GSM issued 10,000 certificated units of membership interest (the “GSM Equity Units”), of which the Company was issued 6,000 GSM Equity Units and Bro Angel was issued 4,000 GSM Equity Units. Messrs. Shin and Luo are the owners of 100% of the equity of Bro Angel. The LLC Agreement prohibits the issuance of additional Equity Units and certain other actions unless approved in advance by Bro Angel, creating a noncontrolling right that would not be substantive to overcome the majority voting interests held by the Company. As of the date of this report, the members had not completed the capital contributions and no receivables were recorded. Pursuant to the terms of the Agreements, the Company owns 60% of the equity interest in GSM and control of the operations. Based on ASU 2015-02, the Company consolidate GSM due to its majority equity ownership and control over operations. For the years ended June 30, 2022 and 2021, the impact of GSM’s activities were immaterial to the Company’s consolidated financial statements.

Joint Ventures

12 Months Ended

Jun. 30, 2022

Joint Ventures

Joint Ventures

Note 3 - Joint Ventures

Box Harmony, LLC

On January 13, 2022, the Company entered into a joint venture agreement (the “Joint Venture Agreement”) with Titanium Plus Autoparts, Inc., a California corporation (“TPA”), Tony Chiu (“Chiu”) and Bin Xiao (“Xiao”). Pursuant to the terms of the Joint Venture Agreement, the parties formed a Nevada limited liability company, Box Harmony, LLC (“Box Harmony”), for the principal purpose of providing logistic services primarily for foreign-based manufacturers or distributors who desire to sell their products online in the United States, with such logistic services to include, without limitation, receiving, storing and transporting such products.

Following entry into the Joint Venture Agreement, Box Harmony issued a total of 6,000 certificated units of membership interest, designated as Class A voting units (“Equity Units”), as follows: (i) the Company agreed to contribute $50,000 in cash in exchange for 2,400 Equity Units in Box Harmony and agreed to provide Box Harmony with the use and access to certain warehouse facilities leased by the Company (see below), and (ii) TPA received 1,200 Equity Units in exchange for (a) $1,200 and contributing the TPA IP License referred to below, (b) its existing and future customer contracts, and (c) granting Box Harmony the use of shipping accounts (FedEx and UPS) and all other TPA carrier contracts, and (iii) Xiao received 2,400 Equity Units in exchange for $2,400 and his agreement to manage the day to day operations of Box Harmony.

Under the terms of the Box Harmony limited liability operating agreement (the “LLC Agreement”), TPA and Xiao each granted to the Company an unconditional and irrevocable right and option to purchase from Xiao and TPA at any time within the first 18 months following January 13, 2022, up to 1,200 Class A voting units, at an exercise price of $550 per Class A voting unit, for a total exercise price of up to $660,000. If such option is fully exercised, the Company would own 3,600 Equity Units or 60% of the total outstanding Equity Units. As of the date of this report, the Company had not exercised the option to purchase additional voting units from Xiao and TPA. The LLC Agreement prohibits the issuance of additional Equity Units and certain other actions unless approved in advance by the Company, that a noncontrolling right that would not be substantive to overcome the majority voting interests held by TPA and Xiao.

As a result, the Company owns 40% of the equity interest in Box Harmony with significant influence but does not own a majority equity interest or otherwise control of Box Harmony. The Company accounts for its ownership interest in Box Harmony following the equity method of accounting, in accordance with ASC 323, Investments —Equity Method and Joint Ventures. Under this method, the carrying cost is initially recorded at cost and then increased or decreased by recording its percentage of gain or loss in its statement of operations and a corresponding charge or credit to the carrying value of the asset.

Global Social Media, LLC

On February 10, 2022, the Company entered into a joint venture agreement with Bro Angel, LLC, Ji Shin and Bing Luo (the “GSM Joint Venture Agreement”). Pursuant to the terms of the GSM Joint Venture Agreement, the parties formed a Nevada limited liability company, Global Social Media, LLC (“GSM”), for the principal purpose of providing a social media platform, contents and services to assist businesses, including the Company and other businesses, in marketing their products.

Following entry into the GSM Joint Venture Agreement, GSM issued 10,000 certificated units of membership interest (the “GSM Equity Units”), of which the Company was issued 6,000 GSM Equity Units and Bro Angel was issued 4,000 GSM Equity Units. Messrs. Shin and Luo are the owners of 100% of the equity of Bro Angel. The LLC Agreement prohibits the issuance of additional Equity Units and certain other actions unless approved in advance by Bro Angel, creating a noncontrolling right that would not be substantive to overcome the majority voting interests held by the Company.

As of the date of this report, the members had not completed the capital contributions and no receivables were recorded.

Pursuant to the terms of the Agreements, the Company owns 60% of the equity interest in GSM and control of the operations. Based on ASU 2015-02, the Company consolidate GSM due to its majority equity ownership and control over operations. For the years ended June 30, 2022 and 2021, the impact of GSM’s activities were immaterial to the Company’s consolidated financial statements.

Commitments and contingencies

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 19 - Commitments and contingencies

Lease commitments

The Company has adopted ASC842 since its inception date, April 11, 2018. The Company has entered into a lease agreement for office and warehouse space with a lease period from December 1, 2018 until December 31, 2020. On August 24, 2020, the Company negotiated for new terms to extend the lease through December 21, 2023 at the rate of approximately $42,000 per month.

On September 1, 2020, in addition to the primary fulfillment center, the Company leased a second fulfillment center in City of Industry, California. The base rental fee is $27,921 to $29,910 per month through October 31, 2023.

On February 15, 2022, upon completion of the acquisition of Anivia Limited, the Company assumed an operating lease for offices located in the People’s Republic of China.

On July 28, 2021, the Company entered into a Lease agreement (the “Lease Agreement”) with 9th & Vineyard, LLC, a Delaware limited liability company (the “Landlord”), to lease from the Landlord approximately 99,347 square feet of space located at 8798 9th Street, Rancho Cucamonga, California (the “Premises”). The term of the Lease Agreement was for 62 months, commencing on the date on which the Landlord completes certain prescribed improvements on the property (the “Rent Commencement Date”). The Lease Agreement does not provide for an option to renew.

In addition, the Company will be responsible for its pro rata share of certain costs, including utility costs, insurance and common area costs, as further detailed in the Lease Agreement. Following the Rent Commencement Date, the first two months of the Base Rent will be abated.

The lease was not started under the original agreement as the construction was not completed. On February 23, 2022, the Company entered into an amended agreement to extend the lease term to 74 months. The lease commencement date is February 10, 2022, with rent payments commencing May 11, 2022 and the lease expiring on May 31, 2028. The base rental fee is $114,249 to $140,079 per month through the expiration date of May 31, 2028.

On May 1, 2022, the Company leased another fulfillment center in Duarte, California. The base rental fee is $56,000 to $59,410 per month through April 30, 2025.

Total commitment for the full term of these leases is $12,440,869, $10,453,282 and $1,819,421 of operating lease right-of-use assets and $10,848,544 and $1,901,496 of operating lease liabilities were reflected on the June 30, 2022 and 2021 financial statements, respectively.

Years Ended June 30, 2022 and 2021:


Lease cost	6/30/2022		6/30/2021
Operating lease cost (included in G&A in the Company's statement of operations)	$	1,568,907	$	744,149

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	1,247,305	$	663,214
Remaining term in years		0.08 – 5.92		2.25
Average discount rate - operating leases		5 - 8%		8%

The supplemental balance sheet information related to leases for the period is as follows:


Operating leases	6/30/2022		6/30/2021
Right of use asset - non-current	$	10,453,282	$	1,819,421

Lease Liability - current		2,582,933		731,944
Lease Liability - non-current		8,265,611		1,169,552
Total operating lease liabilities	$	10,848,544	$	1,901,496

Maturities of the Company’s lease liabilities are as follows:


	Operating
	Lease
For Year ending June 30:
2023	$	3,080,553
2024		2,510,963
2025		2,080,331
2026		1,533,918
2027		1,586,572
2028 and after		1,459,407
Less: Imputed interest/present value discount		(1,403,200	)
Present value of lease liabilities	$	10,848,544

Contingencies

Except as disclosed below, the Company is not currently a party to any material legal proceedings, investigation or claims. As the Company may, from time to time, be involved in legal matters arising in the ordinary course of its business, there can be no assurance that such matters will not arise in the future or that any such matters in which the Company is involved, or which may arise in the ordinary course of the Company’s business, will not at some point proceed to litigation or that such litigation will not have a material adverse effect on the business, financial condition or results of operations of the Company.

Pursuant to an engagement agreement, dated and effective August 31, 2020 (the “Engagement Agreement”), with Boustead Securities LLC (“Boustead”), the Company engaged Boustead to act as its exclusive placement agent for private placements of its securities and as a potential underwriter for its initial public offering. On February 28, 2021, the Company informed Boustead that it was terminating the Engagement Agreement and any continuing obligations the Company may have had under its terms. On April 15, 2021, the Company provided formal written notice to Boustead of its termination of the Engagement Agreement and all obligations thereunder, effective immediately. On April 30, 2021, Boustead filed a statement of claim with the Financial Institute Regulatory Authority, or FINRA, demanding to arbitrate the dispute, and is seeking, among other things, monetary damages against the Company and D.A. Davidson & Co. (who acted as underwriter in the Company’s IPO). We are presently waiting for the FINRA panel to schedule a hearing date for the matter. The Company has agreed to indemnify D.A. Davidson & Co. and the other underwriters against any liability or expense they may incur or be subject to arising out of the Boustead dispute. Additionally, Chenlong Tan, the Company’s Chairman, President and Chief Executive Officer and a beneficial owner more than 5% of the Company’s Common Stock, has agreed to reimburse the Company for any judgments, fines and amounts paid or actually incurred by the Company or an indemnitee in connection with such legal action or in connection with any settlement agreement entered into by the Company or an indemnitee up to a maximum of $3.5 million in the aggregate, with the sole source of funding of such reimbursement to come from sales of shares then owned by Mr. Tan. The Company cannot reasonably estimate the amount of potential exposure as of the date of this report.

In an effort to contain or slow the COVID-19 outbreak, authorities across the world have implemented various measures, some of which have been subsequently rescinded or modified, including travel bans, stay-at-home orders and shutdowns of certain businesses. The Company anticipates that these actions and the global health crisis caused by the COVID-19 outbreak, including any resurgences, will continue to negatively impact global economic activity. While the COVID-19 outbreak has not had a material adverse impact on the Company’s operations to date, it is difficult to predict all of the positive or negative impacts the COVID-19 outbreak may have on the Company’s business in the future.

In February 2022, the Russian Federation began conducting military operations against Ukraine, resulting in global economic uncertainty and increased cost of various commodities. In response to these types of events, should they directly impact our supply chain or other operations, we may experience or be exposed to supply chain disruption which could cause us to seek alternate sources for product supply, or suffer consequences that are unexpected and difficult to mitigate. Any of these risks might have a materially adverse impact on our business operations and our financial position or results of operations. Although, it is difficult to predict the impact that these factors may have on our business in the future, they did not have a material effect on our results of operations, financial condition, or liquidity for the year ended June 30, 2022.

Variable interest entity (Details - VIE Operations) - USD ($)	5 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue		$ 79,418,473	$ 54,075,922
Net loss after elimination of intercompany transactions		$ (1,517,875)	$ 775,749
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue	$ 0
Net loss after elimination of intercompany transactions	$ (1,272,705)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Variable interest entity (Details - Assets and Liabilities) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Right of use - noncurrent	$ 10,453,282	$ 1,819,421
Advance from shareholders	92,246	0
Accounts payable	9,533,408	3,940,963
Lease liability	10,848,544	1,901,496
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash in bank	271,164	0
Prepayments and other receivables	1,374,698	0
Rent deposit	50,036	0
Office equipment, net	57,730	0
Right of use - noncurrent	153,064	0
Advance from shareholders	92,246	0
Accounts payable	121,073	0
Lease liability	154,418	0
Income tax payable	299,563	0
Other payables and accrued liabilities	$ 188,066	$ 0

Equity (Tables)

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of RSU activity

Schedule of RSU activity
	Total RSUs Issued			Total Fair Market Value of RSUs Issued as Compensation (1)
RSUs granted, but not vested, at June 30, 2020		–
RSUs granted		46,546		$	232,730
RSUs forfeited		–
RSUs vested		(22,137	)
RSUs granted, but not vested, at June 30, 2021		24,409
RSUs granted		97,128		$	227,237
RSUs forfeited		(4,000	)
RSUs vested		(110,929	)
RSUs granted, but not vested, at June 30, 2022		6,608

_____________________

(1)	The total fair value was based on the current stock price on the grant date.

Other payables and accrued liabilities (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Accounts Payable, Current	$ 9,533,408	$ 3,940,963
One Vendor [Member]
Accounts Payable, Current	$ 378,385

Intangible assets, net

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

Note 10 – Intangible assets, net

As of June 30, 2022, intangible assets, net, consisted of the following:

Schedule of intangible assets
	June 30, 2022
Covenant Not to Compete	$	3,459,120
Supplier relationship		1,179,246
Software		534,591
Accumulated amortization		(243,515	)
Total	$	4,929,442

The intangible assets were acquired on February 15, 2022 through acquisition of Anivia. The weighted average remaining life for finite-lived intangible assets at June 30, 2022 was approximately 8.32 years, and the amortization expense for the year ended June 30, 2022 was $243,515. At June 30, 2022, finite-lived intangible assets are expected to be amortized over their estimated useful lives, which ranges from a period of five to 10 years, and the estimated remaining amortization expense for each of the five succeeding years thereafter is as follows:

Schedule of future amortization
Year Ending June 30,	Amount
2023	$	649,371
2024		649,371
2025		649,371
2026		649,371
2027		649,371
Thereafter		1,682,587
Intangible assets, net	$	4,929,442

Earnings per share

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings per share

Note 15 – Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years presented:


	For the year ended June 30,
	2022		2021
Numerator:
Net income (loss) attributable to iPower Inc.	$	1,517,875	$	(775,749	)
Denominator:
Weighted-average shares used in computing basic and diluted earnings per share*	$	27,781,493	$	21,116,750
Earnings per share of ordinary shares: -basic and diluted	$	0.05	$	(0.04	)

*On November 16, 2020, the Company implemented a 2-for-1 forward split of the issued and outstanding shares of Class A Common Stock of the Company. The computation of basic and diluted EPS was retroactively adjusted for all periods presented.

*On October 20, 2020, the Company issued to its founders 14,000,000 shares of Class B Common Stock, which shall be eligible to convert into Class A Common Stock, on a one-for-ten basis, at any time following twelve (12) months after the Company’s completion of its initial public offering of its Class A Common Stock. The computation of basic and diluted EPS did not include the Class B Common Stock as the holders of Class B Common Stock have no dividend or liquidation right until such time as their shares of Class B Common Stock have been converted into Class A Common Stock. See Note 16 for the status of Class B Common Stock.

*Due to the ani-dilutive effect, the computation of basic and diluted EPS did not include the shares underlying the exercise of warrants and RSUs as the Company had a net loss for the year ended June 30, 2021. For the year ended June 30, 2022, the computation of basic and diluted EPS included the vested RSUs.

*The computation of diluted EPS did not include the shares underlying the exercise of warrants, which would have been calculated using treasury method for the year ended June 30, 2022, as the exercise price was greater than the market price of the shares.

*The computation of diluted EPS did not include the shares underlying the exercise of options granted as none of the market and performance conditions had been met so no shares were considered issuable.

* For the years ended June 30, 2022 and 2021, 133,066 and 22,137 vested shares of restricted stock units under the 2020 Equity Incentive Plan (as discussed in Note 16) are considered issued shares and therefore are included in the computation of basic earnings (loss) per share as of grant date when the shares are fully vested.

Prepayments and other current assets

12 Months Ended

Jun. 30, 2022

Prepayments And Other Current Assets

Prepayments and other current assets

Note 8 – Prepayments and other current assets

As of June 30, 2022 and 2021, prepayments and other current assets consisted of the following:


	June 30, 2022		June 30, 2021
Advance to suppliers	$	3,938,881	$	3,969,625
Prepaid income taxes		375,087		–
Prepaid expenses and other receivables		1,130,495		723,375

Total	$	5,444,463	$	4,693,000

Other receivables consisted of delivery fees of $56,884 and $178,581 and receivables from one and two unrelated parties for their use of the Company’s courier accounts at June 30, 2022 and 2021. As of the date of this report, the amount had been fully collected.

Equity (Details Narrative) - USD ($)								4 Months Ended	10 Months Ended		12 Months Ended
Equity (Details Narrative) - USD ($)	May 12, 2022	May 12, 2022	Feb. 15, 2022	May 14, 2021	May 14, 2021	Nov. 16, 2020	Jan. 15, 2020	Oct. 20, 2020	May 14, 2021	May 14, 2020	Jun. 30, 2022	Jun. 30, 2021	May 13, 2022
Class of Stock [Line Items]
Share price	$ 1.12	$ 1.12
Sale of Stock, Price Per Share			$ 2.27
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			$ 5,528,373
Common stock, shares issued											29,572,382	26,448,663
Common stock, shares outstanding											29,572,382	26,448,663
Share-Based Payment Arrangement, Noncash Expense											$ 372,351	$ 110,683
Forfeiture shares											4,000	0
Unvested shares											0
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount											$ 15,000	$ 122,045
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares											133,066	22,137
Stock issued for RSU's vested											40,019
Stock to be issued for RSU's vested											93,047
[custom:CashPerformanceBonus]		$ 60,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price													$ 1.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	95.65%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.93%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
Equity Incentive Plan [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											5,000,000
Anivia [Member]
Class of Stock [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			$ 5,528,373
Stock issued for vested RSU's [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, Conversion of Convertible Securities											40,019
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, Conversion of Convertible Securities											97,128
Share-Based Payment Arrangement, Noncash Expense											$ 314,287	$ 110,683
Forfeiture shares											4,000	(0)
Unvested shares											6,608	24,409
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares											110,929	22,137
Restricted Stock Units (RSUs) [Member] \| Letter Agreements [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, Conversion of Convertible Securities									46,546
Options Granted [Member]
Class of Stock [Line Items]
Share-Based Payment Arrangement, Noncash Expense											$ 58,064	$ 0
Boustead Securities LLC [Member] \| Cashless Exercise Of Warrants [Member]
Class of Stock [Line Items]
Warrnat exercise				24,451
Chenlong Tan [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures		3,000,000
Mr Vassily [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures		330,000
IPO [Member]
Class of Stock [Line Items]
Stock issued new, shares										3,360,000
Proceeds from Issuance or Sale of Equity										$ 16,600,000
IPO [Member] \| Underwriters [Member]
Class of Stock [Line Items]
Stock issued new, shares										504,000
Common Class A [Member]
Class of Stock [Line Items]
Stock split						2-for-1 forward split
Number of shares converted							204,496
Stock issued for settlemtn payment, value							$ 427,010
Common Class B [Member]
Class of Stock [Line Items]
Stock issued new, shares								7,000,000
Share price								$ 0.001
Stock issued new, value								$ 14,000
Common Stock [Member] \| Convertible Notes [Member]
Class of Stock [Line Items]
Number of shares converted					955,716
Restricted Stock [Member] \| Anivia [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Acquisitions			3,083,700

Related party transactions

12 Months Ended

Jun. 30, 2022

Related party transactions

Note 13 - Related party transactions

On December 1, 2018, the Company acquired certain assets and assumed liabilities from BizRight, LLC, an entity owned and managed by the founders and officers of the Company. The net assets received were recorded at their historical carrying amounts and the purchase price of $2,611,594 was recorded as payable due to related parties. The purchase price shall be paid based on the Company’s cash flow availability and bears an interest rate of 8% per annum on the outstanding amount. During the years ended June 30, 2021, the Company recorded proceeds of $571,824 and payments of $705,617, respectively. As of June 30, 2022 and 2021, the outstanding amount due to BizRight was $0 and $0, respectively.

Starting March 1, 2022, the Company subleases 50,000 square feet of its warehouse space to Box Harmony, LLC, which is a 40% owned joint venture of the Company as disclosed on Note 1 and Note 2 above. For the year ended June 30, 2022, the Company received and recorded sublease fee of $330,000 as other non-operating income. As of June 30, 2022, other receivables due from Box Harmony was 51,762.

On February 15, 2022, the Company assumed $92,246 of advance from shareholders of DHS through acquisition of Anivia. This amount was for capital injection pending capital inspection by the local government in accordance with the PRC rules. As of June 30, 2022, the balance of advance from shareholders was $92,246.

Income taxes (Details) - USD ($)	12 Months Ended
Income taxes (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current:
Federal	$ 472,936	$ 513,036
State	222,441	253,726
Foreign	313,596	0
Total current income tax provision	1,008,973	766,762
Deferred:
Federal	(342,768)	0
State	(107,230)	0
Foreign	0	0
Total deferred taxes	(449,998)	0
Total provision for income taxes	$ 558,975	$ 766,762

Income Taxes (Details - Deferred taxes) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets
263A calculation	$ 123,884	$ 0
Inventory reserve	71,026	0
State taxes	45,234	0
Accrued expenses	69,172	0
ROU assets / liabilities	83,738	0
Stock-based compensation	70,266	0
Others	7,539	0
Total deferred tax assets	470,859	0
Deferred tax liabilities
Depreciation	(86,254)	0
Intangible assets acquired	(1,323,720)	0
Total deferred tax liabilities	(1,409,974)	0
Net deferred tax liabilities	$ (939,115)	$ 0

Income taxes (Details - Reconcilation of effective income tax rate)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Federal	21.00%	21.00%
State (net of federal benefit)	6.01%	8.84%
Foreign tax rate difference	(1.12%)	0.00%
Debt discount and change in fair value of warrants and conversion features	0.00%	(8931.93%)
Net effect of state income tax deduction and other permanent differences	1.20%	370.74%
Effective tax rate	27.09%	(8531.35%)

Income taxes (Details Narrative) - USD ($)	12 Months Ended
Income taxes (Details Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2022	Feb. 15, 2022
Operating Loss Carryforwards [Line Items]
Goodwill	$ 0	$ 6,094,144
Deferred Tax Liabilities, Goodwill and Intangible Assets		939,115
Non-deductible expense	2,870,000
U S Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Prepaid Taxes		375,087
Chinese Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Accrued Income Taxes	$ 790,823	299,563
Anivia [Member]
Operating Loss Carryforwards [Line Items]
Goodwill		$ 6,094,144	$ 6,094,144

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Commitments and contingencies (Details - Balance Sheet) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Right of use asset - non-current	$ 10,453,282	$ 1,819,421
Lease Liability - current	2,582,933	731,944
Lease Liability - non-current	8,265,611	1,169,552
Total operating lease liabilities	$ 10,848,544	$ 1,901,496

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entities (Details - Pro Forma Information) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Acquisition Of Anivia Limited And Subsidiaries And Variable Interest Entity
Total Revenues	$ 79,418,473	$ 54,075,922
Income from Operations	$ 3,133,112	$ 3,261,067
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 0.08	$ (0.03)
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 0.08	$ (0.03)

Intangible assets, net (Details - Future Amortization)	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 649,371
2024	649,371
2025	649,371
2026	649,371
2027	649,371
Thereafter	1,682,587
Intangible assets, net	$ 4,929,442

Prepayments and other current assets (Tables)

12 Months Ended

Jun. 30, 2022

Prepayments And Other Current Assets

Schedule of prepayments and other current assets


	June 30, 2022		June 30, 2021
Advance to suppliers	$	3,938,881	$	3,969,625
Prepaid income taxes		375,087		–
Prepaid expenses and other receivables		1,130,495		723,375

Total	$	5,444,463	$	4,693,000

Other payables and accrued liabilities - USD ($)

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Payables and Accruals [Abstract]

Other payables and accrued liabilities

Note 11 – Other payables and accrued liabilities

As of June 30, 2022 and 2021, other payables and accrued liabilities consisted of the following:


	June 30, 2022		June 30, 2021
Accrued payables for inventory in transit	$	4,217,941	$	1,692,502
Accrued Amazon fees		640,467		469,068
Sales taxes payable		307,152		9,665
Payroll liabilities		239,248		304,743
Other accrued liabilities and payables		510,412		11,463

Total	$	5,915,220	$	2,487,441

The Company’s controlled VIE, DHS, facilitated in the process of inventory procurement. The Company purchased a total of $378,385 inventories from a supplier which had a payment term of 90 days with a 2% premium on the purchase price. This supplier has purchased the inventory from DHS with payments made upon delivery. As of June 30, 2022, the Company included an outstanding amount of $378,385 in other payables and presented as financing cash inflow in proceeds from short term loans on the statement of cash flows. As of the date of this report, the amount had been paid off.

Accrued payables for inventory in transit

$ 4,217,941

$ 1,692,502

Accrued Amazon fees

640,467

469,068

Sales taxes payable

307,152

9,665

Payroll liabilities

239,248

304,743

Other accrued liabilities and payables

510,412

11,463

Total

$ 5,915,220

$ 2,487,441

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entity (Tables)

12 Months Ended

Jun. 30, 2022

Acquisition Of Anivia Limited And Subsidiaries And Variable Interest Entity

Schedule of allocation of acquisition price


Fair Value of Purchase Price:
Cash	$	1,500,000
Promissory note issued		3,600,627
Common stock issued		5,528,373
Total purchase consideration	$	10,629,000

Purchase Price Allocation:
Covenant not to compete	$	3,459,120
Supplier relationship		1,179,246
Software		534,591
Current assets		1,784,113
Property and equipment		46,548
Rent deposit		52,707
ROU asset		234,578
Goodwill		6,094,144
Deferred tax liabilities		(1,389,113	)
Current liabilities		(1,143,076	)
Lease liability		(223,858	)
Total purchase consideration	$	10,629,000

Schedule of Business Acquisition, Pro Forma Information


	Years ended June 30,
	2022		2021
	(Unaudited)		(Unaudited)
Total Revenues	$	79,418,473	$	54,075,922
Income from Operations	$	3,133,112	$	3,261,067
Basic and diluted income per share	$	0.08	$	(0.03	)

Loans Payable (Details - Interest expense) - USD ($)	12 Months Ended
Loans Payable (Details - Interest expense) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Accrued interest	$ 159,256	$ 0
Credit utilization fees	23,287	0
Amortization of debt discount	176,812	0
Total	$ 359,355	$ 0

Basis of Presentation and Summary of significant accounting policies (Tables)

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of estimated useful life

Schedule of estimated useful life
		Useful Life
Covenant Not to Compete		10 years
Supplier relationship		6 years
Software		5 years

Schedule of assumptions

Schedule of assumptions
Corporate bond yield	3.1%
Risk-free rate	1.6%
Liquidity premium	0.4%
Discount rate	3.5%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2022	Sep. 28, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	001-40391
Entity Registrant Name	iPower Inc.
Entity Central Index Key	0001830072
Entity Tax Identification Number	82-5144171
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2399 Bateman Avenue
Entity Address, Address Line Two	Duarte
Entity Address, City or Town	CA
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	91010
City Area Code	(626)
Local Phone Number	863-7344
Title of 12(b) Security	Common Stock
Trading Symbol	IPW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 22,443,433
Entity Common Stock, Shares Outstanding		29,572,382
Auditor Firm ID	1195
Auditor Name	UHY LLP
Auditor Location	Irvine, California

Accounts receivable, net

12 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Accounts receivable, net

Note 6 – Accounts receivable, net

Accounts receivable for the Company consisted of the following as of the dates indicated below:

Schedule of accounts receivable
	June 30, 2022			June 30, 2021
Accounts receivable	$	17,502,287		$	7,896,347
Less: allowance for credit losses		(70,000	)		–
Total accounts receivable	$	17,432,287		$	7,896,347

There was no credit loss for the year ended June 30, 2021.

Basis of Presentation and Summary of significant accounting policies (Details - Useful Lives)	12 Months Ended
	Jun. 30, 2022
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Asset, Useful Life	10 years
Supplier Relationship [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Asset, Useful Life	6 years
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Asset, Useful Life	5 years

Accounts receivable (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Receivables [Abstract]
Accounts receivable	$ 17,502,287	$ 7,896,347
Less: allowance for credit losses	(70,000)	0
Total accounts receivable	$ 17,432,287	$ 7,896,347

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Class B Common Stock [Member]	Subscription Receivable [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Jun. 30, 2020	$ 20,204	$ 14,000	$ (14,000)	$ 389,490	$ 2,520,822			$ 2,930,516
Beginning balance, shares at Jun. 30, 2020	20,204,496	14,000,000
Net income					(775,749)			(775,749)
Restricted shares issued for vested RSUs shares	40,019
Cash for Class B common stock			14,000					14,000
Conversion of Class B common stock	$ 1,400	$ (14,000)		12,600
Conversion of Class B common stock, shares	1,400,000	(14,000,000)
Shares issued for cash upon IPO	$ 3,864			16,562,541				16,566,405
Shares issued for cash upon IPO, shares	3,864,000
Shares issued upon conversions of debts	$ 956			4,777,602				4,778,558
Shares issued upon conversions of debts, shares	955,716
Shares issued upon exercise of warrants	$ 25			36,679				36,704
Shares issued upon exercise of warrants, shares	24,451
Restricted stock units vested				110,683				110,683
Warrants				1,324,668				1,324,668
Foreign currency translation adjustments								0
Ending balance, value at Jun. 30, 2021	$ 26,449			23,214,263	1,745,073			24,985,785
Ending balance, shares at Jun. 30, 2021	26,448,663
Net income					1,517,875			1,517,875
Non-controlling interest						(13,232)		(13,232)
Restricted shares issued for vested RSUs	40			(40)
Stock-based compensation				372,351				372,351
Shares issued for acquisition	$ 3,084			5,525,289				5,528,373
Shares issued for acquisition, shares	3,083,700
Foreign currency translation adjustments							5,678	5,678
Ending balance, value at Jun. 30, 2022	$ 29,573			$ 29,111,863	$ 3,262,948	$ (13,232)	$ 5,678	$ 32,396,830
Ending balance, shares at Jun. 30, 2022	29,572,382

Non-current prepayments

12 Months Ended

Jun. 30, 2022

Non-current Prepayments

Non-current prepayments

Note 9 – Non-current prepayments

Non-current prepayments included $853,749 for product sourcing, marketing research and promotion, and other management advisory and consulting services to companies owned by an employee and minority shareholder and by relatives of a minority shareholder of the Company. The terms of these services are from two years to five years. In addition, there was a $71,875 down payment on a four-year car lease. As of June 30, 2022 and 2021, total non-current prepayments were $925,624 and $1,357,292, respectively. For the years ended June 30, 2022 and 2021, the Company recorded amortization expenses of $431,668 and $53,959, respectively.

Nature of business and organization

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of business and organization

Note 1 - Nature of business and organization

iPower Inc., formerly known as BZRTH Inc., a Nevada corporation (the “Company”), was incorporated on April 11, 2018. The Company is principally engaged in the marketing and sale of advanced indoor and greenhouse lighting, ventilation systems, nutrients, growing media, grow tents, trimming machines, pumps and other products and accessories mainly in the North America.

Effective on March 1, 2020, as amended and restated pursuant to an agreement dated October 26, 2020, the Company entered into an agreement with E Marketing Solution Inc. (“E Marketing”), an entity incorporated in California and owned by one of the shareholders of the Company. Pursuant to the terms of the agreement, the Company agreed to provide technical support, management services and other services on an exclusive basis in relation to E Marketing’s business during the term of the agreement. The Company also agreed to fund E Marketing for operational cash flow needs and bear the risk of E Marketing’s losses from operations and E Marketing agrees that iPower has rights to E Marketing’s net profits, if any. Under the terms of the agreement, the Company may at any time, at its option, acquire for nominal consideration 100% of either the equity of E Marketing or its assets subject to assumption of all of its liabilities. E Marketing was considered a variable interest entity (“VIE”). On May 18, 2021, the Company acquired 100% equity ownership of E Marketing. As a result, E Marketing has become the Company’s wholly owned subsidiary.

On September 4, 2020, the Company entered into an agreement with Global Product Marketing Inc. (“GPM”), an entity incorporated in the State of Nevada on September 4, 2020. GPM was then wholly owned by Chenlong Tan, the Chairman, CEO and President and one of the majority shareholders of the Company. Pursuant to the terms of the agreement, the Company was to provide technical support, management services and other services on an exclusive basis in relation to GPM’s business during the term of the Agreement. In addition, the Company agreed to fund GPM for operational cash flow needs and bear the risk of GPM’s losses from operations and GPM agreed that the Company has the right to GPM’s net profits, if any. Under the terms of the agreement, the Company may at any time, at its option, acquire for nominal consideration 100% of either the equity of GPM or its assets subject to assumption of all of its liabilities. GPM was considered a variable interest entity (“VIE”). On May 18, 2021, the Company acquired 100% equity ownership of GPM. As a result, GPM has become the Company’s wholly owned subsidiary.

On January 13, 2022, the Company entered into a joint venture agreement and formed a Nevada limited liability company, Box Harmony, LLC (“Box Harmony”), for the principal purpose of providing logistic services primarily for foreign-based manufacturers or distributors who desire to sell their products online in the United States, with such logistic services to include, without limitation, receiving, storing and transporting such products. The Company owns 40% of the equity interest in Box Harmony, retaining significant influence, but does not own a majority equity interest or otherwise control of Box Harmony. See details on Note 3 below.

On February 10, 2022, the Company entered into another joint venture agreement and formed a Nevada limited liability company, Global Social Media, LLC (“GSM”), for the principal purpose of providing a social media platform, contents and services to assist businesses, including the Company and other businesses, in marketing their products. The Company owns 60% of the equity interest in GSM and controls its operations. See details on Note 3 below.

On February 15, 2022, the Company acquired 100% of the ordinary shares of Anivia Limited (“Anivia”), a corporation organized under the laws of the British Virgin Islands (“BVI”), in accordance with the terms of a share transfer framework agreement (the “Transfer Agreement”), dated February 15, 2022, by and between the Company, White Cherry Limited, a BVI company (“White Cherry”), White Cherry’s equity holders, Li Zanyu and Xie Jing (together with White Cherry, the “Sellers”), Anivia, Fly Elephant Limited, a Hong Kong company, Dayourenzai (Shenzhen) Technology Co., Ltd., and Daheshou (Shenzhen) Information Technology Co., Ltd. Anivia owns 100% of the equity of Fly Elephant Limited, which in turn owns 100% of the equity of Dayourenzai (Shenzhen) Technology Co., Ltd., a corporation located in the People’s Republic of China (“PRC”) and which is a wholly foreign-owned enterprise (“WFOE”) of Fly Elephant Limited. The WFOE controls, through contractual arrangements summarized in Note 4 below, the business, revenues and profits of Daheshou (Shenzhen) Information Technology Co., Ltd., a company organized under the Laws of the PRC (“DHS”) and located in Shenzhen, China. See details on Note 4 below.

Loans payable

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Loans payable

Note 12 – Loans payable

Short-term loans

Revolving credit facility

On May 3, 2019, the Company entered into an agreement with WFC Fund LLC (“WFC”) for a revolving loan of up to $2,000,000. The revolving loan bore interest equal to the prime rate plus 4.25% per annum on the outstanding amount. On May 26, 2020, the Loan and Security Agreement was amended and restated as a Receivable Purchase Agreement (the “Original RPA”). On November 16, 2020, the Original RPA was further amended and restated (the “Restated RPA”) to increase the credit limit of the revolving credit facility from $2,000,000 to $3,000,000. The Restated RPA bore a discount rate of 3.055555%, subject to a rebate of 0.0277% per day. This revolving credit facility was secured by all of the Company’s assets and guaranteed by Chenlong Tan, the CEO and one of the Company’s major shareholders and founders. Pursuant to the terms of the agreement, all purchases of accounts receivable were without recourse to the Company, and WFC assumed the risk of nonpayment of the accounts receivable due to a customer’s financial inability to pay the accounts receivable or the customer’s insolvency but not the risk of non-payment of the accounts receivable for any other reason. The Company was obligated to collect the accounts receivables and to repurchase or pay back the amount drawn down if the accounts receivable were not collected.

During the three months ended September 30, 2021, the Company terminated the Restated RPA and paid off the balance due to WFC.

As of June 30, 2022 and 2021, the outstanding balance due under the RPA was $0 and $162,769, respectively.

Long-term loan

SBA loan payable

On April 18, 2020, the Company entered into an agreement with the U.S. Small Business Administration (“SBA”) for a loan of $500,000 under Section 7(b) of the Small Business Act pursuant to which we issued a promissory note (the “SBA Note”) to the SBA. The SBA Note bears interest at the rate of 3.75% per annum and matures 30 years from the date of the SBA Note. Monthly installment payments, including principal and interest, will begin twelve months from the date of the SBA Note. During the quarter ended June 30, 2022, the Company paid off the SBA Note, including accrued interest expense of $39,237. As of June 30, 2022 and 2021, the outstanding balance of the SBA Note was $0 and $487,815, respectively, with the latter amount including a current portion of $29,244 and a non-current portion of $458,571.

Asset-based revolving loan

On November 12, 2021, the Company entered to a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender, for an asset-based revolving loan (“ABL”) of up to $25 million with key terms listed as follows:

Borrowing base equal to the sum of

Ø Up to 90% of eligible credit card receivables

Ø Up to 85% of eligible trade accounts receivable

Ø Up to the lesser of (i) 65% of cost of eligible inventory or (ii) 85% of net orderly liquidation value of eligible inventory

· Interest rates of between LIBOR plus 2% and LIBOR plus 2.25% depending on utilization

· Undrawn fee of between 0.25% and 0.375% depending on utilization

· Maturity Date of November 12, 2024

In addition, the ABL includes an accordion feature that allows the Company to borrow up to an additional $25.0 million. To secure complete payment and performance of the secured obligations, the Company granted a security interest in all of its right, title and interest in, to and under all of the Company’s assets as collateral to the ABL. Upon closing of the ABL, the Company paid $796,035 financing fees including 2% of $25.0 million or $500,000 paid to its financial advisor. The financing fees are recorded as debt discount and to be amortized over three years as financing expenses, the term of the ABL. For the year ended June 30, 2022, the Company recorded in interest expense – $176,812 of amortization of debt discount and $182,543 of interest expense and credit utilization fees.

Below is a summary of the interest expense recorded for the years ended June 30, 2022 and 2021:

	2022		2021
Accrued interest	$	159,256	$	–
Credit utilization fees		23,287		–
Amortization of debt discount		176,812		–
Total	$	359,355	$	–

As of June 30, 2022, the outstanding amount of the long-term revolving loan payable, net of debt discount, was $12,314,627, including interest payable of $182,543.

Promissory note payable

On February 15, 2022, as part of the consideration for acquisition of Anivia Limited, the Company issued a two-year unsecured 6% subordinated promissory note, payable in equal semi-annual installments commencing August 15, 2022 (the “Purchase Note”). The principal amount of the Purchase Note was $3.5 million with a fair value of $3.6 million as of February 15, 2022. For the year ended June 30, 2022, the Company recorded accrued interest of $78,750 and amortization of note premium of $18,609. As of June 30, 2022, including $78,750 of accrued interest and $82,020 of unamortized premium, the total outstanding balance of the Purchase Note was $3,660,770, which was presented on the consolidated balance sheet as a current portion of $1,879,065 and a non-current portion of $1,781,705.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Warrant liabilities (Details - Assumptions)		10 Months Ended
Warrant liabilities (Details - Assumptions)	Feb. 15, 2022	May 14, 2021
Measurement Input, Risk Free Interest Rate [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions	1.6%
Warrant Liability [Member] \| Measurement Input, Expected Term [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions		1 day to 3 years
Warrant Liability [Member] \| Measurement Input, Price Volatility [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions		3.3% to 58%
Warrant Liability [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions		0.35% to 0.92%
Warrant Liability [Member] \| Measurement Input, Expected Dividend Rate [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions		0%
Warrant Liability [Member] \| Measurement Input Probablity [Member]
Offsetting Assets [Line Items]
Fair value measurement assumptions		100%

Commitments and contingencies (Details - Lease cost) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,568,907	$ 744,149
Cash paid for amounts included in the measurement of lease liabilities	$ 1,247,305	$ 663,214
Remaining lease term in years	0.08 – 5.92
Lease remaining term		2 years 3 months
Average discount rate - operating leases	5 - 8%
Average discount rate - operating leases		8.00%

Commitments and contingencies (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	May 02, 2022	Feb. 23, 2022	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Rental fees		$ 114,249	$ 140,079
Rental fee description	The base rental fee is $56,000 to $59,410 per month through April 30, 2025.
Contractual Obligation			12,440,869
Right of use - non current			10,453,282	$ 1,819,421
Operating Lease, Liability			$ 10,848,544	$ 1,901,496

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entity

12 Months Ended

Jun. 30, 2022

Acquisition Of Anivia Limited And Subsidiaries And Variable Interest Entity

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entity

Note 4 - Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entity

On February 15, 2022, the Company acquired 100% of the ordinary shares of Anivia Limited (“Anivia”), a corporation organized under the laws of the British Virgin Islands (“BVI”), in accordance with the terms of a share transfer framework agreement (the “Transfer Agreement”), dated February 15, 2022, by and between the Company, White Cherry Limited, a BVI company (“White Cherry”), White Cherry’s equity holders, Li Zanyu and Xie Jing (together with White Cherry, the “Sellers”), Anivia, Fly Elephant Limited, a Hong Kong company, Dayourenzai (Shenzhen) Technology Co., Ltd. and Daheshou (Shenzhen) Information Technology Co., Ltd. Anivia owns 100% of the equity of Fly Elephant Limited, which in turn owns 100% of the equity of Dayourenzai (Shenzhen) Technology Co., Ltd., a corporation located in the People’s Republic of China (“PRC”) and which is a wholly foreign-owned enterprise (“WFOE”) of Fly Elephant Limited. The WFOE controls, through contractual arrangements summarized below, the business, revenues and profits of Daheshou (Shenzhen) Information Technology Co., Ltd., a company organized under the Laws of the PRC (“DHS”) and located in Shenzhen, China.

The contractual arrangements between the WFOE and DHS are established through a variable interest operating entity structure, which is reflected in (i) an exclusive business cooperation agreement, dated December 15, 2021, between the WFOE and DHS, (ii) an exclusive equity interest pledge agreement, dated December 15, 2021, between the WFOE and DHS in which the equity of DHS was pledged to the WFOE, (iii) an exclusive option agreement, dated December 15, 2021, between the WFOE, DHS and its equity holders, Li Zanyu and Xie Jing (the “Equity Holders), pursuant to which the Equity Holders give the WFOE the irrevocable and exclusive right to purchase the equity interests in DHS, and (iii) a power of attorney, dated December 15, 2021, pursuant to which Li Zanyu and Xie Jing, the holders of 100% of the equity interest of DHS, granted the WFOE all voting and other rights to their equity interest in DHS. According to the exclusive business cooperation agreement, in consideration for the services provided by the WFOE, DHS shall pay a service fee to the WFOE on annual basis (or at any time agreed by the Parties). The service fees for each year (or for any other period agreed to by the Parties) shall consist of a management fee and a fee for services provided, which shall be reasonably determined by the WFOE based on the nature, complexity, time, and other market and operation factors. The WFOE may provide a separate confirmation letter and/or invoice to DHS to indicate the amount of service fees due for each service period; or the amount of services fees may be as set forth in the relevant contracts separately executed by the Parties. DHS is principally engaged in selling a wide range of products and providing logistic services in the PRC.

Pursuant to the terms of the Agreements, the Company does not have direct ownership in DHS but is actively involved in DHS’s operations as the sole manager to direct the activities and significantly impact DHS’s economic performance. As such, based on the determination that the Company is the primary beneficiary of DHS, in accordance with ASC 810-10-25-38A through 25-38J, DHS is considered a variable interest entity (“VIE”) of the Company and the financial statements of DHS have been consolidated from the date such control existed, February 15, 2022.

Total fair value of the consideration for the transaction was $10,629,000, which was paid to White Cherry as follows: at closing, the Company (i) paid $3,500,000 in the form of a two-year unsecured 6% subordinated promissory note, payable in equal semi-annual installments commencing August 15, 2022 (the “Purchase Note”), (ii) issued 3,083,700 restricted shares (subject to a lock-up period of 180 days and insider trading rules) of the Company’s common stock, and (iii) an additional $1,500,000 in cash was to be paid after closing.

JP Morgan Chase Bank, the Company’s senior secured lender (“JPM”), consented to the transaction. In conjunction with obtaining JPM’s consent, the Company delivered an amendment to the pledge and security agreement with JPM, pursuant to which the Company pledged to JPM 65% of the equity interest of Anivia Limited, Fly Elephant Limited and the WFOE.

In addition, in conjunction with the closing of the transaction, the WFOE entered into an employment agreement with Li Zanyu, dated February 15, 2022 (the “Employment Agreement”), pursuant to which Mr. Li has been appointed to serve as general manager of the WFOE for a term of 10 years (through February 14, 2032), with annual base compensation of up to 500,000 RMB plus bonus as may be determined by the WFOE from time to time, in its sole discretion, based on Mr. Li’s performance. During such employment, Mr. Li may not engage in other employment without the consent of the WFOE.

The acquisition of Anivia was accounted for as a business combination under ASC 805. As the acquirer for accounting purposes, the Company has estimated the fair value of Anivia and its subsidiaries’ assets acquired and conformed the accounting policies of Anivia to its own accounting policies. The Company applied the income approach and cost approach in determining the fair value of the intangible assets, which intangible assets consisted of a covenant not to compete, supplier relationship and software. The fair value of the remaining assets acquired and liabilities assumed were not significantly different from their carrying values at the acquisition date. In addition, pursuant to the Transfer Agreement, the Sellers made certain representations and warranties, including that other than the items presented on the balance sheet on February 15, 2022, DHS, the operating VIE, was not subject to any loans, debts, liabilities, guarantees or other contingent liabilities at the Closing date. In the event of any breach of any of the representations and warranties, the sellers shall bear joint and several liability for any direct or indirect losses suffered by the Company as a result thereof. The Company recognized an approximately $6.1 million of goodwill in the transaction, which is primarily due to the subsumed assembled workforce intangible assets. Goodwill is not deductible for income tax purposes. The Company expensed with the acquisition, certain legal and accounting costs of $54,702, as general and administration expenses and $50,000 paid to JPM as financing fees.

The following information summarizes the purchase consideration and allocation of the fair values assigned to the assets at the purchase date, February 15, 2022:


Fair Value of Purchase Price:
Cash	$	1,500,000
Promissory note issued		3,600,627
Common stock issued		5,528,373
Total purchase consideration	$	10,629,000

Purchase Price Allocation:
Covenant not to compete	$	3,459,120
Supplier relationship		1,179,246
Software		534,591
Current assets		1,784,113
Property and equipment		46,548
Rent deposit		52,707
ROU asset		234,578
Goodwill		6,094,144
Deferred tax liabilities		(1,389,113	)
Current liabilities		(1,143,076	)
Lease liability		(223,858	)
Total purchase consideration	$	10,629,000

As of the date of this report, the $1.5 million cash portion of the consideration, which was presented as investment payable, had not been paid as the seller’s bank account was still not opened due to the delay caused by the COVID-19 conditions in Hong Kong and China.

The results of operations of Anivia for the period from February 16, 2022 through June 30, 2022 were included in the Company's consolidated financial statements as of and for the year ended June 30, 2022. See Note 5 for details.

Pro Forma Financial Information

The following pro forma information presents a summary of the Company’s combined operating results for the years ended June 30, 2022 and 2021, as if the acquisition had occurred on July 1, 2020. The following pro forma financial information is not necessarily indicative of the Company’s operating results as they would have been had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, basic shares outstanding and dilutive equivalents, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.


	Years ended June 30,
	2022		2021
	(Unaudited)		(Unaudited)
Total Revenues	$	79,418,473	$	54,075,922
Income from Operations	$	3,133,112	$	3,261,067
Basic and diluted income per share	$	0.08	$	(0.03	)

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entity (Details Narrative) - USD ($)		12 Months Ended
	Feb. 15, 2022	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Goodwill		$ 6,094,144	$ 0
Payments of Financing Costs		796,035	$ 120,000
Anivia [Member]
Restructuring Cost and Reserve [Line Items]
Payments to Acquire Businesses, Gross	$ 10,629,000
Business Combination, Consideration Transferred, Other	1,500,000
Goodwill	$ 6,094,144	$ 6,094,144
Anivia [Member] \| Restricted Stock [Member]
Restructuring Cost and Reserve [Line Items]
Stock Issued During Period, Shares, Acquisitions	3,083,700
Anivia [Member] \| Purchase Note [Member]
Restructuring Cost and Reserve [Line Items]
Notes Issued	$ 3,500,000
Aniva [Member]
Restructuring Cost and Reserve [Line Items]
Goodwill	6,100,000
Other General and Administrative Expense	54,702
Aniva [Member] \| JPM [Member]
Restructuring Cost and Reserve [Line Items]
Payments of Financing Costs	$ 50,000

Related party transactions (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Offsetting Assets [Line Items]
Advance from shareholders	$ 92,246	$ 0
Sub Lease Fee [Member] \| Box Harmony [Member]
Offsetting Assets [Line Items]
Other Nonoperating Income	330,000
Other Receivables	$ 51,762

Prepayments and other current assets (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Prepayments And Other Current Assets
Delivery fees receivable	$ 56,884	$ 178,581

Concentration of risk

12 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]

Concentration of risk

Note 18 - Concentration of risk

Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

As of June 30, 2022 and 2020, $1,821,947 and $6,651,705, respectively, were deposited with various major financial institutions in the United States and PRC. Accounts at each institution in the United States are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. The Company had approximately $0.5 million and $5.4 million, respectively, in excess of the FDIC insurance limit, as of June 30, 2022 and 2021.

Accounts receivable are typically unsecured and derived from revenue earned from customers, thereby exposing the Company to credit risk. The risk is mitigated by the Company’s assessment of its customers’ creditworthiness and its ongoing monitoring of outstanding balances. The Company maintains reserves for estimated credit losses, and such losses have generally been within expectations.

The business of DHS, the Company’s VIE, may be impacted by Chinese economic conditions, changes in regulations and laws, and other uncertainties.

Customer and vendor concentration risk

For years ended June 30, 2022 and 2021, Amazon Vendor and Amazon Seller customers accounted for 88% and 80% of the Company's total revenues, respectively. As of June 30, 2022 and 2021, accounts receivable from Amazon Vendor and Amazon Seller accounted for 94% and 98% of the Company’s total accounts receivable.

For the years ended June 30, 2022 and 2021, one supplier accounted for 18% and three suppliers accounted for 38% (18%, 10% and 10%) of the Company's total purchases, respectively. As of June 30, 2022, accounts payable to two suppliers accounted for 34% and 10% of the Company’s total accounts payable. As of June 30, 2021, accounts payable to two suppliers accounted for 11% and 10%, respectively, of the Company’s total accounts payable.

Equity (Details) - USD ($)

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

RSUs forfeited

(4,000)

RSUs vested

(133,066)

(22,137)

Restricted Stock Units (RSUs) [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

RSU's outstanding at beginning

24,409

RSUs granted

97,128

46,546

Total Fair Market Value of RSUs Issued as Compensation RSUs granted

^[1]

$ 227,237

$ 232,730

RSUs forfeited

(4,000)

RSUs vested

(110,929)

(22,137)

RSU's outstanding at ending

6,608

24,409

[1]	The total fair value was based on the current stock price on the grant date.

Commitments and contingencies (Tables)

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of lease cost and other information


Lease cost	6/30/2022		6/30/2021
Operating lease cost (included in G&A in the Company's statement of operations)	$	1,568,907	$	744,149

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	1,247,305	$	663,214
Remaining term in years		0.08 – 5.92		2.25
Average discount rate - operating leases		5 - 8%		8%

Supplemental balance sheet information related to leases


Operating leases	6/30/2022		6/30/2021
Right of use asset - non-current	$	10,453,282	$	1,819,421

Lease Liability - current		2,582,933		731,944
Lease Liability - non-current		8,265,611		1,169,552
Total operating lease liabilities	$	10,848,544	$	1,901,496

Schedule of maturities of lease liabilities


	Operating
	Lease
For Year ending June 30:
2023	$	3,080,553
2024		2,510,963
2025		2,080,331
2026		1,533,918
2027		1,586,572
2028 and after		1,459,407
Less: Imputed interest/present value discount		(1,403,200	)
Present value of lease liabilities	$	10,848,544

Intangible assets, net (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ (243,515)
Intangible Assets, Net (Excluding Goodwill)	4,929,442	$ 0
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	3,459,120
Supplier Relationship [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	1,179,246
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 534,591

Income taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income tax expense


	June 30, 2022			June 30, 2021
Current:
Federal	$	472,936		$	513,036
State		222,441			253,726
Foreign		313,596			–
Total current income tax provision		1,008,973			766,762
Deferred:
Federal		(342,768	)		–
State		(107,230	)		–
Foreign		–			–
Total deferred taxes		(449,998	)		–

Total provision for income taxes	$	558,975		$	766,762

Schedule of reconciliation of effective income tax rate


	June 30, 2022			June 30, 2021
Statutory tax rate
Federal		21.00%			21.00%
State (net of federal benefit)		6.01%			8.84%
Foreign tax rate difference		(1.12%	)		–
Debt discount and change in fair value of warrants and conversion features		–			(8,931.93%	)
Net effect of state income tax deduction and other permanent differences		1.20%			370.74%
Effective tax rate		27.09%			(8,531.35%	)

Schedule of deferred taxes

Schedule of deferred taxes
	June 30,
	2022			2021
Deferred tax assets
263A calculation	$	123,884		$	–
Inventory reserve		71,026			–
State taxes		45,234			–
Accrued expenses		69,172			–
ROU assets / liabilities		83,738			–
Stock-based compensation		70,266			–
Others		7,539			–
Total deferred tax assets		470,859			–

Deferred tax liabilities
Depreciation		(86,254	)		–
Intangible assets acquired		(1,323,720	)		–
Total deferred tax liabilities		(1,409,974	)		–

Net deferred tax liabilities	$	(939,115	)	$	–

Inventories, net

12 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, net

Note 7 – Inventories, net

As of June 30, 2022 and 2021, inventories consisted of finished goods ready for sale, net of allowance for obsolescence, amounted to $30,433,766 and $13,065,741, respectively.

As of June 30, 2022 and 2021, allowance for obsolescence was $320,000 and $95,574, respectively.

Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2021 $ / shares shares
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001
Preferred Stock, Shares Authorized	20,000,000
Preferred Stock, Shares Outstanding	0
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001
Common Stock, Shares Authorized	180,000,000
Common Stock, Shares, Outstanding	26,448,663

Basis of Presentation and Summary of significant accounting policies (Policies)

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of presentation

The accompanying financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The Company’s fiscal year end date is June 30.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries, E Marketing Solution Inc., Global Product Marketing Inc., Global Social Media, LLC, and Anivia Limited and its subsidiaries and VIE, including Fly Elephant Limited, Dayourenzai (Shenzhen) Technology Co., Ltd., and Daheshou (Shenzhen) Information Technology Co., Ltd. All inter-company balances and transactions have been eliminated.

Emerging Growth Company Status

The company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of.

Use of estimates and assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.

Foreign currency translation and transactions

The reporting and functional currency of iPower and subsidiaries is the U.S. dollar (USD). iPower’s WFOE and VIE in China uses the local currency, Renminbi (“RMB”), as its functional currency. Assets and liabilities of the VIE are translated at the current exchange rate as quoted by the People’s Bank of China (the “PBOC”) at the end of the period. Income and expense accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss) in the statement of changes in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

The balance sheet amounts of the VIE, with the exception of equity, on June 30, 2022, were translated at 6.6995 RMB to $1.00. The equity accounts were stated at their historical rates. The average translation rates applied to statements of operations and comprehensive income (loss) accounts for the year ended June 30, 2022 was 6.5222 RMB to $1.00. Cash flows were also translated at average translation rates for the period and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.

Cash and cash equivalents

Cash and cash equivalents consist of amounts held as cash on hand and bank deposits.

From time to time, the Company may maintain bank balances in interest bearing accounts in excess of the $250,000, which is currently the maximum amount insured by the Federal Deposit Insurance Corporation for interest bearing accounts (there is currently no insurance limit for deposits in noninterest bearing accounts). The Company has not experienced any losses with respect to cash. Management believes our Company is not exposed to any significant credit risk with respect to its cash.

Accounts receivable, net

During the ordinary course of business, the Company extends unsecured credit to its customers. Accounts receivable are stated at the amount the Company expects to collect from customers. Management reviews its accounts receivable balances each reporting period to determine if an allowance for credit loss is required.

In July 2020, the Company adopted ASU 2016-13, Topics 326 - Credit Loss, Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology, for its accounting standard for its trade accounts receivable.

The Company evaluates the creditworthiness of all of its customers individually before accepting them and continuously monitors the recoverability of accounts receivable. If there are any indicators that a customer may not make payment, the Company may consider making provision for non-collectability for that particular customer. At the same time, the Company may cease further sales or services to such customer. The following are some of the factors that the Company develops allowance for credit losses:

the customer fails to comply with its payment schedule;

the customer is in serious financial difficulty;

a significant dispute with the customer has occurred regarding job progress or other matters;

the customer breaches any of its contractual obligations;

the customer appears to be financially distressed due to economic or legal factors;

the business between the customer and the Company is not active; and

other objective evidence indicates non-collectability of the accounts receivable.

The adoption of the credit loss accounting standard has no material impact on the Company’s consolidated financial statements. Accounts receivable are recognized and carried at carrying amount less an allowance for credit losses, if any. The Company maintains an allowance for credit losses resulting from the inability of its customers to make required payments based on contractual terms. The Company reviews the collectability of its receivables on a regular and ongoing basis. The Company has also included in calculation of allowance for credit losses the potential impact of the COVID-19 pandemic on our customers’ businesses and their ability to pay their accounts receivable. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. The Company also considers external factors to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of the COVID-19 pandemic. In the event we recover amounts previously written off, we will reduce the specific allowance for credit losses.

Equity method investment

The Company accounts for its ownership interest in Box Harmony, a 40% owned joint venture, following the equity method of accounting, in accordance with ASC 323, Investments —Equity Method and Joint Ventures. Under this method, the carrying cost is initially recorded at cost and then increased or decreased by recording its percentage of gain or loss in Box Harmony’s statement of operations and a corresponding charge or credit to the carrying value of the asset.

Business Combination

On February 15, 2022, the Company acquired 100% of the ordinary shares of Anivia Limited (“Anivia”) and its subsidiaries, including the VIE. The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. See Note 4 for details on acquisition.

Variable interest entities

On February 15, 2022, the Company acquired 100% of the ordinary shares of Anivia Limited (“Anivia”) and its subsidiaries, including Daheshou (Shenzhen) Information Technology Co., Ltd., a company organized under the Laws of the PRC (“DHS”). Pursuant to the terms of the Agreements, the Company does not have direct ownership in DHS but is actively involved in DHS’s operations as the sole manager to direct the activities and significantly impact DHS’s economic performance. DHS’s operational funding has been provided by the Company following the February 15, 2022 acquisition. During the term of the agreements, the Company bears all the risk of loss and has the right to receive all of the benefits from DHS. As such, based on the determination that the Company is the primary beneficiary of DHS, in accordance with ASC 810-10-25-38A through 25-38J, DHS is considered a variable interest entity (“VIE”) of the Company and the financial statements of DHS have been consolidated from the date such control existed, February 15, 2022. See Note 4 and Note 5 for details on acquisition.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. The Company accounts for goodwill under ASC Topic 350, Intangibles-Goodwill and Other.

Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or if events or circumstances indicate a potential impairment, at the reporting unit level. The Company’s review for impairment includes an assessment of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill, a quantitative goodwill impairment test is performed, which compares the fair value of the reporting unit with its carrying amounts, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, additional procedures must be performed. That additional procedure compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value.

Intangible Assets, net

Finite life intangible assets at June 30, 2022 include covenant not to compete, supplier relationship, and software recognized as part of the acquisition of Anivia Limited. Intangible assets are recorded at the estimated fair value of these items at the date of acquisition, February 15, 2022. Intangible assets are amortized on a straight-line basis over their estimated useful life as followings:

Schedule of estimated useful life
		Useful Life
Covenant Not to Compete		10 years
Supplier relationship		6 years
Software		5 years

The Company reviews the recoverability of long-lived assets, including the intangible assets, when events or changes in circumstances occur that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future pretax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. As of June 30, 2022, there were no indicators of impairment.

Fair values of financial instruments

ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current assets and liabilities approximate fair values due to their short-term nature.

On February 15, 2022, as part of the consideration for the acquisition of Anivia Limited, the Company issued a two-year unsecured 6% subordinated promissory note, payable in equal semi-annual installments commencing August 15, 2022 (the “Purchase Note”). The principal amount of the Purchase Note was $3.5 million. On February 15, 2022, the Company evaluated the fair value of the Purchase Note to be $3.6 million using the following inputs:

Schedule of assumptions
Corporate bond yield	3.1%
Risk-free rate	1.6%
Liquidity premium	0.4%
Discount rate	3.5%

As of June 30, 2022, the outstanding principal balance of the Purchase Note was $3,660,770, including premium of $82,020 and $78,750 of accrued interest.

For other financial instruments to be reported at fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Revenue recognition

The Company has adopted Accounting Standards Codification (“ASC”) 606 since its inception on April 11, 2018 and recognizes revenue from product sales revenues, net of promotional discounts and return allowances, when the following revenue recognition criteria are met: a contract has been identified, separate performance obligations are identified, the transaction price is determined, the transaction price is allocated to separate performance obligations and revenue is recognized upon satisfying each performance obligation. The Company transfers the risk of loss or damage upon shipment, therefore, revenue from product sales is recognized when it is shipped to the customer. Return allowances, which reduce product revenue by the Company’s best estimate of expected product returns, are estimated using historical experience.

The Company evaluates the criteria of ASC 606 - Revenue Recognition Principal Agent Considerations in determining whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when the Company is primarily responsible for fulfilling the promise to provide a specified good or service, the Company is subject to inventory risk before the good or service has been transferred to a customer and the Company has discretion in establishing the price, revenue is recorded at gross.

Payments received prior to the delivery of goods to customers are recorded as customer deposits.

The Company periodically provides incentive offers to its customers to encourage purchases. Such offers include current discount offers, such as percentage discounts off current purchases and other similar offers. Current discount offers, when accepted by the Company’s customers, are treated as a reduction to the purchase price of the related transaction.

Sales discounts are recorded in the period in which the related sale is recognized. Sales return allowances are estimated based on historical amounts and are recorded upon recognizing the related sales. Shipping and handling costs are recorded as selling expenses.

Advertising costs

Advertising costs are expensed as incurred. Total advertising and promotional costs included in selling and fulfillment expenses for the years ended June 30, 2022 and 2021 were $2,718,082 and $1,783,573, respectively.

Cost of revenue

Cost of revenue mainly consists of costs for purchases of products and related inbound freight and delivery fees.

Operating expenses

Operating expenses, which consist of selling and fulfillment and general and administrative expenses, are expensed as incurred.

Inventory

Inventory consists of finished goods ready for sale and is stated at the lower of cost or market. The Company values its inventory using the weighted average costing method. The Company’s policy is to include as a part of cost of goods sold any freight incurred to ship the product from its vendors to warehouses. Outbound freight costs related to shipping costs to customers are considered periodic costs and are reflected in selling and fulfillment expenses. The Company regularly reviews inventory and considers forecasts of future demand, market conditions and product obsolescence.

If the estimated realizable value of the inventory is less than cost, the Company makes provisions in order to reduce its carrying value to its estimated market value. The Company also reviews inventory for slow moving inventory and obsolescence and records allowance for obsolescence.

Debt Issuance Costs

Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings.

Segment reporting

The Company follows ASC 280, Segment Reporting. The Company’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results of operations when making decisions about allocating resources and assessing the performance of the Company as a whole and, hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. For the year ended June 30, 2022, sales through Amazon to Canada and other foreign countries were approximately 7.2% of the Company’s total sales. Sales of hydroponic products, including ventilation and grow light systems, was approximately 50% of the Company’s total sales and the remaining 50% consisted of general gardening, home goods, and other products and accessories. As of June 30, 2022, there were approximately $1.8 million of inventory stored in China. The Company’s majority of long-lived assets are located in California, United States, and majority of the Company’s revenues are derived from within the United States. Therefore, no geographical segments are presented.

Leases

On its inception date, April 11, 2018, the Company adopted ASC 842 – Leases (“ASC 842”), which requires lessees to record right-of-use (“ROU”) assets and related lease obligations on the balance sheet, as well as disclose key information regarding leasing arrangements.

ROU assets represent our right to use an underlying asset for the lease terms and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Stock-based Compensation

The Company applies ASC No. 718, “Compensation-Stock Compensation,” which requires that share-based payment transactions with employees and nonemployees upon adoption of ASU 2018-07, be measured based on the grant date fair value of the equity instrument and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. In addition to requisite service period, the Company also evaluates the performance condition and market condition under ASC 718-10-20. For an award which contains both a performance and a market condition, and where both conditions must be satisfied for the award to vest, the market condition is incorporated into the fair value of the award, and that fair value is recognized over the employee’s requisite service period or nonemployee’s vesting period if it is probable the performance condition will be met. If the performance condition is ultimately not met, compensation cost related to the award should not be recognized (or should be reversed) because the vesting condition in the award has not been satisfied.

The Company will recognize forfeitures of such equity-based compensation as they occur.

Income taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their perspective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized.

As a result of the implementation of certain provisions of ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined, ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The Company has adopted the provisions of ASC 740 since inception, April 11, 2018, and has analyzed filing positions in each of the federal and state jurisdictions where the Company is required to file income tax returns, as well as open tax years in such jurisdictions. The Company has identified the U.S. federal jurisdiction, and the states of Nevada and California, as its “major” tax jurisdictions. However, the Company has certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized.

The Company believes that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. The Company’s policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes.

Commitments and contingencies

In the ordinary course of business, the Company is subject to certain contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and specific facts and circumstances of each matter.

Earnings per share

Basic earnings per share are computed by dividing net income attributable to holders of common stock by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities to issue common stock were exercised.

Recently issued accounting pronouncements

In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and require specific disclosures related to such an equity security. This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) as if the entity had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40).” This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock, as well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related EPS guidance. This standard is effective for the Company on July 1, 2024, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This ASU among other things clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The new ASU clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. ASU 2020-01 is effective For public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. An entity should apply ASU 2020-01 prospectively at the beginning of the interim period that includes the adoption date. The adoption of ASU 2020-01 is not expected to have material impact on the Company's Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. The update is intended to simplify the current rules regarding the accounting for income taxes and addresses several technical topics including accounting for franchise taxes, allocating income taxes between a loss in continuing operations and in other categories such as discontinued operations, reporting income taxes for legal entities that are not subject to income taxes, and interim accounting for enacted changes in tax laws. The new standard is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022; however, early adoption is permitted. The Company does not expect the adoption of this standard have a material impact on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates step two from the goodwill impairment test. Under ASU 2017-04, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that reporting unit. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. The adoption of ASU 2017-04 is not expected to have material impact on the Company's Consolidated Financial Statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements are available to be issued. Material subsequent events that required recognition or additional disclosure in the consolidated financial statements are presented.

Intangible assets, net (Tables)

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Schedule of intangible assets
	June 30, 2022
Covenant Not to Compete	$	3,459,120
Supplier relationship		1,179,246
Software		534,591
Accumulated amortization		(243,515	)
Total	$	4,929,442

Schedule of future amortization

Schedule of future amortization
Year Ending June 30,	Amount
2023	$	649,371
2024		649,371
2025		649,371
2026		649,371
2027		649,371
Thereafter		1,682,587
Intangible assets, net	$	4,929,442

Intangible assets, net (Details Narrative)	12 Months Ended
Intangible assets, net (Details Narrative)	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets remaining useful life	8 years 3 months 25 days
Amortization of Intangible Assets	$ 243,515

Earnings per share (Details) - USD ($)	12 Months Ended
Earnings per share (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to iPower Inc.	$ 1,517,875	$ (775,749)
Weighted-average shares used in computing basic and diluted earnings per share*	27,781,493	21,116,750
Earnings per share of ordinary shares: -basic and diluted	$ 0.05	$ (0.04)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Loans payable (Details Narrative) - USD ($)		3 Months Ended	12 Months Ended
Loans payable (Details Narrative) - USD ($)	Nov. 12, 2021	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Feb. 15, 2022	Nov. 16, 2020
Line of Credit Facility [Line Items]
Loans Payable, Current		$ 0	$ 0	$ 29,244
Payments of Financing Costs			796,035	120,000
Amortization of Debt Discount (Premium)			359,355	0
Amortization of Debt Discount (Premium)			176,812	0
SBA Loan [Member]
Line of Credit Facility [Line Items]
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		39,237
Notes Payable		0	0	487,815
Loans Payable, Current				29,244
Long-Term Debt				458,571
Anivia Purchase Note [Member]
Line of Credit Facility [Line Items]
Long-Term Debt		3,660,770	3,660,770
Interest Payable, Current		78,750	78,750
Face amount					$ 3,500,000
Fair value					$ 3,600,000
Interest Payable			78,750
Amortization of Debt Discount (Premium)			18,609
Interest Payable		78,750	78,750
Debt Instrument, Unamortized Discount		82,020	82,020
Notes Payable, Noncurrent		3,660,770	3,660,770
Long-Term Debt, Current Maturities		1,879,065	1,879,065
Long-Term Debt, Excluding Current Maturities		1,781,705	1,781,705
WFC [Member]
Line of Credit Facility [Line Items]
Proceeds from loan						$ 3,000,000
Long-Term Line of Credit		0	0	$ 162,769
Asset-based Revolving Loan [Member]
Line of Credit Facility [Line Items]
Proceeds from loan	$ 25,000,000
Long-Term Line of Credit		12,314,627	12,314,627
Maturity date	Nov. 12, 2024
Payments of Financing Costs	$ 796,035
Interest Payable, Current		182,543	$ 182,543
Asset-based Revolving Loan [Member] \| Amortization Of Debt Discount [Member]
Line of Credit Facility [Line Items]
Amortization of Debt Discount (Premium)		176,812
Asset-based Revolving Loan [Member] \| Interest And Credit Utilization Fees [Member]
Line of Credit Facility [Line Items]
Amortization of Debt Discount (Premium)		$ 182,543

Concentration of risk (Details Narrative) - USD ($)	12 Months Ended
Concentration of risk (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Concentration Risk [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 1,821,947	$ 6,651,705
Cash, Uninsured Amount	$ 500,000	$ 5,400,000
Cost of Sales [Member] \| Product Concentration Risk [Member] \| Three Suppliers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		38.00%
Cost of Sales [Member] \| Product Concentration Risk [Member] \| One Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		18.00%
Cost of Sales [Member] \| Product Concentration Risk [Member] \| Another Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		10.00%
Cost of Sales [Member] \| Product Concentration Risk [Member] \| Third Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		10.00%
Accounts Payable [Member] \| Product Concentration Risk [Member] \| One Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	34.00%	11.00%
Accounts Payable [Member] \| Product Concentration Risk [Member] \| Another Supplier [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	10.00%
Amazon Vendor And Amazon Seller [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	88.00%	80.00%
Amazon Vendor And Amazon Seller [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	9.00%	98.00%

Non-current prepayments (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
Non-current prepayments (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Offsetting Assets [Line Items]
Non-current prepayments	$ 925,624	$ 925,624	$ 1,357,292
Amortization expenses	431,668	53,959
Product Sourcing [Member]
Offsetting Assets [Line Items]
Non-current prepayments	853,749	853,749
Car Prepayment [Member]
Offsetting Assets [Line Items]
Non-current prepayments	$ 71,875	$ 71,875

Variable interest entity (Details Narrative) - Variable Interest Entity, Primary Beneficiary [Member] $ in Thousands	5 Months Ended
	Jun. 30, 2022 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
[custom:RevenueBeforeConsolidation]	$ 4,800
Net income	$ 900

Warrant liabilities

12 Months Ended

Jun. 30, 2022

Warrant Liabilities

Warrant liabilities

Note 17 – Warrant liabilities

The Company’s warrant liabilities contained unobservable inputs that reflected the Company’s own assumptions in which there was little, if any, market activity as of the measurement date. Accordingly, the Company’s warrant liabilities were measured at fair value on a recurring basis using unobservable inputs and were classified as Level 3 measurements.

On December 30, 2020, the Company issued warrants to purchase 2,415 shares of Series A Convertible Preferred Stock to Boustead Securities, LLC (the “Placement Agent”) as compensation, which was recorded as financing expense. The exercise price of the warrants is $10 per share and expires in five years from the issuance date. This Series A Preferred Stock warrant were valued using Black Scholes Option Pricing Model at issuance date and recorded $8,047 as financing expense and warrant liability.

On January 27, 2021, the Company completed a private placement offering pursuant to which the Company sold to two accredited investors an aggregate of $3,000,000 in Convertible Notes and warrants to purchase shares of Class A Common Stock equaling 80% of the number of shares of Class A Common Stock issuable upon conversion of the Convertible Notes. The convertible note warrants shall be exercisable for a period of three years from the IPO completion date at a per share exercise price equal to the IPO. In accordance with the terms of the warrants, in the event the Convertible Notes are repaid in cash by the Company, the warrants issued in conjunction with the Convertible Notes will expire and have no further value.

In connection with the Convertible Note offering, the Company also issued placement agent warrants to purchase 7.0% of the shares of Common Stock underlying the Convertible Notes exercisable at the conversion price of the Convertible Note (the “Conversion Price”). The placement agent warrants had an exercise period of five years from the issuance date.

On May 14, 2021, upon closing of its IPO, the Company remeasured the warrants to fair value using the Modified Black Scholes Option Pricing Model, based on the expected fair value of the underlying stock with the following assumptions:


	As of May 14, 2021
Expected term	1 day to 3 years
Expected volatility	3.3% to 58%
Risk-free interest rate	0.35% to 0.92%
Expected dividend rate	0%
Probability	100%

As of May 14, 2021, the fair value of the warrant liabilities was $1,361,347, which includes $4,610 preferred stock warrant, $1,324,668 warrants issued to the Convertible Note investors and $32,069 warrants issued to the placement agent. The increase in fair value immediately before the IPO was $617,593, which was reported in other non-operating expenses for the year ended June 30, 2021.

Upon closing the IPO on May 14, 2021, the Placement Agent exercised its warrants in full to purchase a total of 24,451 shares of the Company’s Common Stock and, as such, there were no placement agent warrants outstanding as of June 30, 2021. At the same time, the outstanding warrants held by the Convertible Note investors were reclassed to additional paid in capital as the terms became fixed upon closing of the IPO. Through June 30, 2022, none of the private placement investors exercised any of their warrants. As such, as of June 30, 2022 and 2021, the number of shares issuable under the outstanding warrants was 685,715, with an average exercise price of $5.00 per share.

Prepayments and other current assets (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Prepaid Expense and Other Assets, Current	$ 5,444,463	$ 4,693,000
Advance To Suppliers [Member]
Prepaid Expense and Other Assets, Current	3,938,881	3,969,625
Prepaid Income Taxes [Member]
Prepaid Expense and Other Assets, Current	375,087	0
Prepaid And Other [Member]
Prepaid Expense and Other Assets, Current	$ 1,130,495	$ 723,375

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current assets
Cash and cash equivalent	$ 1,821,947	$ 6,651,705
Accounts receivable, net	17,432,287	7,896,347
Inventories, net	30,433,766	13,065,741
Other receivable - related party	51,762	0
Prepayments and other current assets	5,444,463	4,693,000
Total current assets	55,184,225	32,306,793
Non-current assets
Right of use - non current	10,453,282	1,819,421
Property and equipment, net	544,633	55,659
Non-current prepayments	925,624	1,357,292
Goodwill	6,094,144	0
Investment in joint venture	43,385	0
Intangible assets, net	4,929,442	0
Other non-current assets	406,732	99,645
Total non-current assets	23,397,242	3,332,017
Total assets	78,581,467	35,638,810
Current liabilities
Accounts payable	9,533,408	3,940,963
Credit cards payable	807,687	584,311
Customer deposit	273,457	297,407
Other payables and accrued liabilities	5,915,220	2,487,441
Advance from shareholders	92,246	0
Short-term loans payable	0	162,769
Investment payable	1,500,000	0
Lease liability - current	2,582,933	731,944
Long-term loan payable - current portion	0	29,244
Long-term promissory note payable - current portion	1,879,065	0
Income taxes payable	299,563	790,823
Total current liabilities	22,883,579	9,024,902
Non-current liabilities
Long-term loan payable	0	458,571
Long-term revolving loan payable, net	12,314,627	0
Long-term promissory note payable, net	1,781,705	0
Deferred tax liabilities	939,115	0
Lease liability - non-current	8,265,611	1,169,552
Total non-current liabilities	23,301,058	1,628,123
Total liabilities	46,184,637	10,653,025
Commitments and contingency
Stockholders' Equity
Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2022 and 2021	0	0
Common stock, $0.001 par value; 180,000,000 shares authorized; 29,572,382 and 26,448,663 shares issued and outstanding at June 30, 2022 and 2021*	29,573	26,449
Additional paid in capital	29,111,863	23,214,263
Retained earnings	3,262,948	1,745,073
Non-controlling interest	(13,232)	0
Accumulated other comprehensive income (loss)	5,678	0
Total equity	32,396,830	24,985,785
Total liabilities and equity	$ 78,581,467	$ 35,638,810

Warrant liabilities (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
Warrant liabilities (Details Narrative) - USD ($)	Jan. 27, 2021	Dec. 30, 2020	Jun. 30, 2021	Jun. 30, 2022	May 14, 2021
Warrant exercise price				$ 5.00
Fair value of warrant liabilities					$ 1,361,347
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				685,715
Warrant [Member]
Fair Value Adjustment of Warrants			$ 617,593
Preferred Stock Warrants [Member]
Fair value of warrant liabilities					4,610
Convertible Note Investors [Member]
Fair value of warrant liabilities					1,324,668
Placement Agent Warrants [Member]
Fair value of warrant liabilities					$ 32,069
Placement Agent [Member] \| Series A Convertible Preferred Stock [Member]
Warrant exercise price		$ 10
Placement Agent [Member] \| Series A Convertible Preferred Stock [Member] \| Private Placement [Member]
Warrants issued		2,415
Financing expense		$ 8,047
Warrant liability		$ 8,047
Two Accredited Investors [Member] \| Private Placement [Member]
Proceeds from sale of equity	$ 3,000,000
Boustead Securities LLC [Member]
Warrants exercised					24,451

Basis of Presentation and Summary of significant accounting policies (Details - Assumptions)	Feb. 15, 2022
Corporate Bond Yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives, Determination of Fair Value	3.1%
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives, Determination of Fair Value	1.6%
Liquidity Premium [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives, Determination of Fair Value	0.4%
Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives, Determination of Fair Value	3.5%

Commitments and contingencies (Details - Lease maturity) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 3,080,553
2024	2,510,963
2025	2,080,331
2026	1,533,918
2027	1,586,572
2028 and after	1,459,407
Less: Imputed interest/present value discount	(1,403,200)
Present value of lease liabilities	$ 10,848,544	$ 1,901,496

Joint Ventures (Details Narrative)	Jun. 30, 2022
Box Harmony [Member]
Equity Method Investment, Ownership Percentage	40.00%
GPM [Member]
Equity Method Investment, Ownership Percentage	60.00%

Variable interest entity

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable interest entity

Note 5 – Variable interest entity

Effective February 15, 2022, upon acquisition of Anivia, the Company assumed the contractual arrangements between the WFOE and DHS through a variable interest operating entity structure. See Note 4 for details.

The Company did not provide financial or other support to the VIE for the periods presented where the Company was not otherwise contractually required to provide such support.

As of June 30, 2022 and 2021, there was no pledge or collateralization of the VIE assets that would be used to settle obligations of the VIE.

The carrying amounts of the assets, liabilities and the results of operations of the VIE included in the Company’s consolidated balance sheets and statements of operations and comprehensive income after the elimination of intercompany balances and transactions with the VIE are as follows:

The carrying amount of the VIE’s assets and liabilities were as follows for the years indicated:


	June 30, 2022		June 30, 2021
Cash in bank	$	271,164	$	–
Prepayments and other receivables	$	1,374,698	$	–
Rent deposit	$	50,036	$	–
Office equipment, net	$	57,730	$	–
Right of use - noncurrent	$	153,064	$	–
Advance from shareholders	$	92,246	$	–
Accounts payable	$	121,073	$	–
Lease liability	$	154,418	$	–
Income tax payable	$	299,563	$	–
Other payables and accrued liabilities	$	188,066	$	–

The operating results of the VIE were as follows for the period from February 15, 2022 to June 30, 2022:

Operating results of the VIE
	June 30, 2022
Revenue	$	–
Net loss after elimination of intercompany transactions	$	1,272,705

For the period from February 16, 2022 to June 30, 2022, the VIE contributed approximately $4.8 million of revenue and $0.9 million of net income before elimination.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,517,875	$ (775,749)
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization expense	277,924	12,091
Inventory reserve	224,426	0
Credit loss reserve	70,000	0
PPP loan forgiven	0	(175,500)
Loss on equity method investment	6,616	0
Stock-based compensation expense	372,351	110,683
Non-cash operating lease expense	323,907	82,075
Amortization of debt premium/discount and non-cash financing costs	158,203	1,611,874
Change in fair value of warrants and conversion features	0	1,358,555
Change in operating assets and liabilities
Accounts receivable	(9,535,940)	(1,829,148)
Inventories	(17,592,451)	(7,322,560)
Deferred tax assets/liabilities	(449,998)	0
Prepayments and other current assets	637,865	(3,956,769)
Non-current prepayments	431,668	(1,357,292)
Other non-current assets	(254,380)	(99,645)
Accounts payable	5,592,444	(279,384)
Credit cards payable	223,376	(308,481)
Customer deposit	(23,950)	(443,894)
Other payables and accrued liabilities	1,906,317	546,583
Income taxes prepaid/payable	(489,258)	69,612
Net cash used in operating activities	(16,603,005)	(12,756,949)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(484,172)	(61,498)
Cash acquired on acquisition	394,786	0
Investment in joint venture	(50,000)	0
Net cash used in investing activities	(139,386)	(61,498)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related parties	0	571,824
Payments to related parties	(51,762)	(705,617)
Proceeds from short-term loans	1,982,677	29,609,915
Payments of financing fees	(796,035)	(120,000)
Payments on short-term loans	(1,767,061)	(30,776,825)
Proceeds from convertible notes	0	3,000,000
Proceeds from long-term loans	13,031,912	0
Payments on long-term loans	(487,815)	(12,185)
Shares issued for cash	0	359,000
Gross proceeds from IPO	0	19,320,000
IPO offering costs in cash	0	(2,753,595)
Net cash provided by financing activities	11,911,916	18,492,517
EFFECT OF EXCHANGE RATE ON CASH	717	0
CHANGES IN CASH	(4,829,758)	5,674,070
CASH AND CASH EQUIVALENT, beginning of year	6,651,705	977,635
CASH AND CASH EQUIVALENT, end of year	1,821,947	6,651,705
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income tax	1,851,652	696,119
Cash paid for interest	0	153,785
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Shares issued for acquisition	5,528,373	0
Promissory note issued for acquisition	3,600,627	0
Investment payable for acquisition	1,500,000	0
Goodwill acquired in business acquisition	6,094,144	0
Identifiable intangible assets acquired in business acquisition	5,172,957	0
Other net assets/(liabilities) acquired in business acquisition	(638,101)	0
Right of use assets acquired under new operating leases	10,094,669	2,346,200
Reclassification of warrant liability to additional paid in capital	0	1,324,668
Conversion of debts to common stock	0	4,778,558
Exercise of warrants	$ 0	$ 36,704

Loans payable (Tables)

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Loans Payable (Details - Interest expense)

	2022		2021
Accrued interest	$	159,256	$	–
Credit utilization fees		23,287		–
Amortization of debt discount		176,812		–
Total	$	359,355	$	–

Inventories, net (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory, net	$ 30,433,766	$ 13,065,741
Inventory, LIFO Reserve	$ 320,000	$ 95,574

Income taxes

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 14 – Income taxes

On December 22, 2017, the President of the United States signed into law H.R.1, formerly known as the Tax Cuts and Jobs Act (the “Tax Legislation”). The Tax Legislation significantly revised the U.S. tax code by (i) lowering the U.S. federal statutory income tax rate from 35% to 21%, (ii) implementing a territorial tax system, (iii) imposing a one-time transition tax on deemed repatriated earnings of foreign subsidiaries, (iv) requiring a current inclusion of global intangible low taxed income of certain earnings of controlled foreign corporations in U.S. federal taxable income, (v) creating the base erosion anti-abuse tax regime, (vi) implementing bonus depreciation that will allow for full expensing of qualified property, and (vii) limiting deductibility of interest and executive compensation expense, among other changes. The Company has computed its tax expenses using the new statutory rate effective on January 1, 2018 of 21%.

In addition, upon completion of the acquisition of Anivia, the Company is subject to corporate income taxes in People’s Republic of China (“PRC”). Anivia and its subsidiaries were subject to BVI or Hong Kong income taxes but did not have any operations for the year ended June 30, 2022. DHS, the operating VIE of Anivia, is considered a Controlled Foreign Corporation (CFC) defined under IRC Sec. 957(a) since the Company indirectly owns more than 50% voting control of DHS as a result of the Transfer Agreement. Therefore, DHS is subject to the GILTI Tax. DHS is subject to 25% tax rate in PRC. The Company made an election to apply the GILTI high-tax exclusion for DHS under the Final Regulations (T.D. 9902). As the result of the election, no GILTI tax was recorded as of June 30, 2022. In addition, as a result of the acquisition the Company booked a $6,094,144 of goodwill. Since the acquisition was a stock acquisition, the Goodwill is not deductible for tax purposes.

Other provisions of the new legislation include, but are not limited to, limiting deductibility of interest and executive compensation expense. These additional items have been considered in the income tax provision for the years ended June 30, 2022 and 2021. For the year ended June 30, 2022, the Company recorded net deferred tax liabilities of $939,115 resulting from intangible assets acquired, and other temporary differences, including stock compensation expense, depreciation expenses, lease expenses, etc.

For the year ended June 30, 2021, the Company incurred non-deductible expense related to issuance of convertible notes and preferred stock of $2.87 million.

The income tax provision for the years ended June 30, 2022 and 2021 consisted of the following:


	June 30, 2022			June 30, 2021
Current:
Federal	$	472,936		$	513,036
State		222,441			253,726
Foreign		313,596			–
Total current income tax provision		1,008,973			766,762
Deferred:
Federal		(342,768	)		–
State		(107,230	)		–
Foreign		–			–
Total deferred taxes		(449,998	)		–

Total provision for income taxes	$	558,975		$	766,762

The Company is subject to U.S. federal income tax as well as state income tax in certain jurisdictions. The tax years 2018 to 2020 remain open to examination by the major taxing jurisdictions to which the Company is subject. The following is a reconciliation of income tax expenses at the effective rate to income tax at the calculated statutory rates:


	June 30, 2022			June 30, 2021
Statutory tax rate
Federal		21.00%			21.00%
State (net of federal benefit)		6.01%			8.84%
Foreign tax rate difference		(1.12%	)		–
Debt discount and change in fair value of warrants and conversion features		–			(8,931.93%	)
Net effect of state income tax deduction and other permanent differences		1.20%			370.74%
Effective tax rate		27.09%			(8,531.35%	)

As of June 30, 2022, prepaid income taxes to US tax authorities and income tax payable to Chinese tax authorities was $375,087 and $299,563, respectively. As of June 30, 2021, income tax payable to tax authorities $790,823.

The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows:

Schedule of deferred taxes
	June 30,
	2022			2021
Deferred tax assets
263A calculation	$	123,884		$	–
Inventory reserve		71,026			–
State taxes		45,234			–
Accrued expenses		69,172			–
ROU assets / liabilities		83,738			–
Stock-based compensation		70,266			–
Others		7,539			–
Total deferred tax assets		470,859			–

Deferred tax liabilities
Depreciation		(86,254	)		–
Intangible assets acquired		(1,323,720	)		–
Total deferred tax liabilities		(1,409,974	)		–

Net deferred tax liabilities	$	(939,115	)	$	–

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Variable interest entity (Tables)

12 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Carrying amount of VIE assets and liabilities


	June 30, 2022		June 30, 2021
Cash in bank	$	271,164	$	–
Prepayments and other receivables	$	1,374,698	$	–
Rent deposit	$	50,036	$	–
Office equipment, net	$	57,730	$	–
Right of use - noncurrent	$	153,064	$	–
Advance from shareholders	$	92,246	$	–
Accounts payable	$	121,073	$	–
Lease liability	$	154,418	$	–
Income tax payable	$	299,563	$	–
Other payables and accrued liabilities	$	188,066	$	–

Operating results of the VIE

Operating results of the VIE
	June 30, 2022
Revenue	$	–
Net loss after elimination of intercompany transactions	$	1,272,705

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Warrant liabilities (Tables)

12 Months Ended

Jun. 30, 2022

Warrant Liabilities

Schedule of assumptions for warrant liabilities


	As of May 14, 2021
Expected term	1 day to 3 years
Expected volatility	3.3% to 58%
Risk-free interest rate	0.35% to 0.92%
Expected dividend rate	0%
Probability	100%

Equity

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 16 – Equity

Common Stock

The Company was incorporated in Nevada on April 11, 2018. As of June 30, 2021, the total authorized shares of capital stock were 200,000,000 shares consisting of 180,000,000 shares of Common Stock (“Common Stock”) and 20,000,000 shares of preferred stock (the “Preferred Stock”), each with a par value of $0.001 per share.

On November 16, 2020, the Company filed an amended and restated articles of incorporation in Nevada to consummate a 2-for-1 forward split of our outstanding shares of Class A Common Stock. All share numbers of Class A Common Stock are stated at a post-split basis.

The holders of Class A Common Stock shall be entitled to one vote per share in voting or consenting to the election of directors and for all other corporate purposes. The Company issued 20,000,000 shares to its founders at inception.

On January 15, 2020, pursuant to a rescission and mutual release agreement with an unrelated company, the Company issued 204,496 shares of its Class A Common Stock as settlement for a payment of $427,010 received by the Company.

On October 20, 2020, the Company entered into stock purchase agreements with Chenlong Tan and Allan Huang (the “Founders”) pursuant to which each of the Founders received 7,000,000 shares of the Company’s Class B Common Stock, for a purchase price of $0.001 per share in cash. Based on the fact that other than the total consideration of $14,000 (total par value of the Class B Common Stock issued), the Founders did not provide additional services or other means of considerations for the issuance of these shares of Class B Common Stock, the issuance of the Class B Common Stock to the Founders was considered as a nominal issuance, in substance a recapitalization transaction. As such, in accordance with FASB ASC 260-10-55-12 and SAB Topic 4D, the Company recorded and presented the issuance retroactively as outstanding for all reporting periods.

The Class B Common Stock was entitled to ten (10) votes per share in voting or consenting to the election of directors and for all other corporate purposes. In accordance with the Company’s amended and restated articles of incorporation, the Class B Common Stock was eligible to convert into shares of Class A Common Stock, on a ten-for-one basis, at any time following twelve (12) months after the Company’s completion of the initial public offering of its Class A Common Stock. Holders of Class B Common Stock had no dividend or liquidation rights until such time as their shares of Class B Common Stock were converted into shares of Class A Common Stock. As of June 30, 2020, the outstanding shares of Class B Common Stock were retroactively stated as 14,000,000 and 14,000,000, respectively.

Effective April 14, 2021, the Company amended its articles of incorporation to allow conversion of its Class B Common Stock at any time after issuance. On that same date, the Class B Common stockholders, Chenlong Tan and Allan Huang, elected to convert all of their 14,000,000 outstanding shares of the Company’s Class B Common Stock into 1,400,000 shares of Class A Common Stock. On April 23, 2021, the Company further amended and restated its articles of incorporation to eliminate the Class A and Class B Common Stock designations and authorize for issuance a total of 180,000,000 shares which are solely designated as Common Stock.

On May 14, 2020, the Company closed its initial public offering (“IPO”) under a registration statement effective May 11, 2021, in which it issued and sold 3,360,000 shares of its Common Stock at a purchase price of $5.00 per share. On May 21, 2021, the Company closed on the IPO’s overallotment option, selling an additional 504,000 shares of Common Stock to the IPO’s underwriters at the public offering price of $5.00 per share. The Company received net proceeds of approximately $16.6 million from the IPO after deducting underwriting discounts and offering expenses.

On May 14, 2021, upon closing on the Company’s IPO, the Series A convertible preferred stock and Convertible Notes were converted into an aggregate of 955,716 shares of the Company’s Common Stock.

On May 14, 2021, the Company issued 24,451 shares of Common Stock upon cashless exercise of warrants held by Boustead Securities LLC, the placement agent for the Company’s private placement offerings completed in December 2020 and January 2021.

During the year ended June 30, 2022, the Company issued 40,019 shares of restricted common stock for RSUs vested in the quarter ended September 30, 2021.

On February 15, 2022, as part of the consideration for the acquisition of Anivia and subsidiaries, the Company issued 3,083,700 restricted shares of the Company’s common stock, valued at $2.27 per share, which was the closing price of the Company’s Common Stock as traded on Nasdaq on February 15, 2022. These shares have a lock-up period of 180 days and are subject to insider trading restrictions. The fair value of the shares was $5,528,373, calculated with a discount of lack of marketability of 21%, which is determined using the Black Scholes Model.

As of June 30, 2022 and 2021, there were 29,572,382 and 26,448,663 shares of Common Stock issued and outstanding, respectively.

Preferred Stock

The Preferred Stock was authorized as “blank check” series of Preferred Stock, providing that the Board of Directors is expressly authorized, subject to limitations prescribed by law, by resolution or resolutions and by filing a certificate pursuant to the applicable law of the State of Nevada, to provide, out of the authorized but unissued shares of Preferred Stock, for series of Preferred Stock, and to establish from time to time the number of shares to be included in each such series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations or restrictions thereof. As of June 30, 2022 and 2021, respectively, there were no shares of Preferred Stock was issued and outstanding.

Equity Incentive Plan

On May 5, 2021, the Company’s Board of Directors adopted, and its stockholders approved and ratified, the iPower Inc. Amended and Restated 2020 Equity Incentive Plan (the “Plan”). The Plan allows for the issuance of up to 5,000,000 shares of Common Stock, whether in the form of options, restricted stock, restricted stock units, stock appreciation rights, performance units, performance shares and other stock or cash awards. The general purpose of the Plan is to provide an incentive to the Company’s directors, officers, employees, consultants and advisors by enabling them to share in the future growth of the Company’s business.

Restricted Stock Unit

Following completion of the IPO on May 11, 2021, pursuant to their letter agreements, the Company awarded 46,546 restricted stock units (“RSUs”) under the Plan to its independent directors, Chief Financial Officer, and certain other employees and consultants, all of which are subject to certain vesting conditions in the next 12 months and restrictions until filing of a Form S-8 for registration of the shares. The fair value of the RSUs was determined to be based on $5.00 per share, the initial listing price of the Company’s common stock on the grant date. During the year ended June 30, 2022, the Company granted additional 97,128 shares of RSUs. For the year ended June 30, 2022 and 2021, the Company recorded $314,287 and $110,683 of stock-based compensation expense. There was forfeiture of 4,000 and 0 RSUs occurred during the year ended June 30, 2022 and 2021. As of June 30, 2022 and 2021, the unvested number of RSUs was 6,608 and 24,409 and the unamortized expense was $15,000 and $122,045, respectively.

Information relating to RSU grants is summarized as follows:

Schedule of RSU activity
	Total RSUs Issued			Total Fair Market Value of RSUs Issued as Compensation (1)
RSUs granted, but not vested, at June 30, 2020		–
RSUs granted		46,546		$	232,730
RSUs forfeited		–
RSUs vested		(22,137	)
RSUs granted, but not vested, at June 30, 2021		24,409
RSUs granted		97,128		$	227,237
RSUs forfeited		(4,000	)
RSUs vested		(110,929	)
RSUs granted, but not vested, at June 30, 2022		6,608

_____________________

(1)	The total fair value was based on the current stock price on the grant date.

As of June 30, 2022, of the 133,066 vested RSUs, 40,019 shares of Common Stock were issued, and 93,047 shares were to be issued in the next fiscal year upon setup of the plan administration account.

Stock Option

On May 12, 2022, the Compensation Committee of the Board of Directors approved an incentive plan for the Company’s executive officers consisting of a cash performance bonus of $60,000 to be awarded to Kevin Vassily, CFO of the Company, and grants of stock option (the “Option Grants”) in the amount of (i) 3,000,000 shares to Chenlong Tan, CEO and (ii) 330,000 shares to Mr. Vassily. The Option Grants, which were issued on May 13, 2022, have an exercise price of $1.12, a contractual term of 10 years and consist of six vesting tranches with a vesting schedule based entirely on the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment of the recipients through each vesting date. Each of the 6 vesting tranches of the Option Grants will vest when both (i) the market capitalization milestone for such tranche, which begins at $150 million for the first tranche and increases by increments of $50 million through the fourth tranche and $100 million thereafter (based on achieving such market capitalization for five consecutive trading days), has been achieved, and (ii) any one of the following six operational milestones focused on revenue or any one of the six operational milestones focused on operating income have been achieved during a given fiscal year.

The achievement status of the operational milestones as of June 30, 2022 was as follows:

	Revenue in Fiscal Year			Operating Income in Fiscal Year
	Milestone			Milestone
	(in Millions)	Achievement Status		(in Millions)	Achievement Status

$	90	Probable	$	6	Probable
$	100	Probable	$	8	Probable
$	125	Probable	$	10	Probable
$	150	Probable	$	12	–
$	200	Probable	$	16	–
$	250	–	$	20	–

The Company evaluated the performance condition and market condition under ASC 718-10-20. The Option Grants are considered an award containing a performance and a market condition and both conditions (in this case at least one of the performance conditions) must be satisfied for the award to vest. The market condition is incorporated into the fair value of the award, and that fair value is recognized over the longer of the implied service period or requisite service period if it is probable that one of the performance conditions will be met. In relation to the five awards deemed probable to vest, the recognition period ranges from 2.93 years to 9.64 years. If the performance condition is ultimately not met, compensation cost related to the award should not be recognized (or should be reversed to the extent any expense has been recognized related to such tranche) because the vesting condition in the award would not have been satisfied.

On the grant date, a Monte Carlo simulation was used to determine for each tranche (i) a fixed amount of expense for such tranche and (ii) the future time when the market capitalization milestone for such tranche was expected to be achieved. Separately, based on a subjective assessment of our future financial performance, each quarter we determine whether it is probable that we will achieve each operational milestone that has not previously been achieved or deemed probable of achievement and if so, the future time when we expect to achieve that operational milestone. The Monte Carlo simulation utilized the following inputs:

	·	Stock Price - $1.12
	·	Volatility – 95.65%
	·	Term –10 years
	·	Risk Free Rate of Return – 2.93%
	·	Dividend Yield – 0%

The total fair value of the Option Grants was $3.2 million of which, at June 30, 2022, $2.3 million is deemed probable of vesting. As of June 30, 2022, none of the options had vested. For the year ended June 30, 2022 and 2021, the Company recorded $58,064 and $0 of stock-based compensation expense related to the Option Grants. Unrecognized compensation cost related to tranches probable of vesting is approximately $2.2 million and will be recognized over 2.8 years to 9.5 years, depending on the tranche.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Earnings per share (Details Narrative) - shares	1 Months Ended	12 Months Ended
Earnings per share (Details Narrative) - shares	Oct. 20, 2020	Jun. 30, 2022	Jun. 30, 2021
Vested shares		133,066	22,137
Class B Common Stock [Member]
Conversion of Class B common stock, shares	14,000,000		(14,000,000)

Earnings per share (Tables)

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of computation of earnings per share


	For the year ended June 30,
	2022		2021
Numerator:
Net income (loss) attributable to iPower Inc.	$	1,517,875	$	(775,749	)
Denominator:
Weighted-average shares used in computing basic and diluted earnings per share*	$	27,781,493	$	21,116,750
Earnings per share of ordinary shares: -basic and diluted	$	0.05	$	(0.04	)

Acquisition of Anivia Limited and Subsidiaries and Variable Interest Entities (Details - Acquisition allocation) - USD ($)	Feb. 15, 2022	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Common stock issued	$ 5,528,373
Goodwill		$ 6,094,144	$ 0
Anivia [Member]
Restructuring Cost and Reserve [Line Items]
Cash	1,500,000
Promissory note issued	3,600,627
Common stock issued	5,528,373
Total purchase consideration	10,629,000
Current assets	1,784,113
Property and equipment	46,548
Rent deposit	52,707
ROU asset	234,578
Goodwill	6,094,144	$ 6,094,144
Deferred tax liabilities	(1,389,113)
Current liabilities	(1,143,076)
Lease liability	(223,858)
Total purchase consideration	10,629,000
Anivia [Member] \| Noncompete Agreements [Member]
Restructuring Cost and Reserve [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	3,459,120
Anivia [Member] \| Supplier Relationship [Member]
Restructuring Cost and Reserve [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	1,179,246
Anivia [Member] \| Software [Member]
Restructuring Cost and Reserve [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 534,591

Basis of Presentation and Summary of significant accounting policies

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of significant accounting policies

Note 2 – Basis of Presentation and Summary of significant accounting policies

Basis of presentation

Principles of Consolidation

Emerging Growth Company Status

Use of estimates and assumptions

Foreign currency translation and transactions

Cash and cash equivalents

Cash and cash equivalents consist of amounts held as cash on hand and bank deposits.

Accounts receivable, net

the customer fails to comply with its payment schedule;

the customer is in serious financial difficulty;

a significant dispute with the customer has occurred regarding job progress or other matters;

the customer breaches any of its contractual obligations;

the customer appears to be financially distressed due to economic or legal factors;

the business between the customer and the Company is not active; and

other objective evidence indicates non-collectability of the accounts receivable.

Equity method investment

Business Combination

Variable interest entities

Goodwill

Intangible Assets, net

Schedule of estimated useful life
		Useful Life
Covenant Not to Compete		10 years
Supplier relationship		6 years
Software		5 years

Fair values of financial instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current assets and liabilities approximate fair values due to their short-term nature.

Schedule of assumptions
Corporate bond yield	3.1%
Risk-free rate	1.6%
Liquidity premium	0.4%
Discount rate	3.5%

As of June 30, 2022, the outstanding principal balance of the Purchase Note was $3,660,770, including premium of $82,020 and $78,750 of accrued interest.

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Revenue recognition

Payments received prior to the delivery of goods to customers are recorded as customer deposits.

Advertising costs

Cost of revenue

Cost of revenue mainly consists of costs for purchases of products and related inbound freight and delivery fees.

Operating expenses

Operating expenses, which consist of selling and fulfillment and general and administrative expenses, are expensed as incurred.

Inventory

Debt Issuance Costs

Segment reporting

Leases

Stock-based Compensation

The Company will recognize forfeitures of such equity-based compensation as they occur.

Income taxes

Commitments and contingencies

Earnings per share

Recently issued accounting pronouncements

Subsequent events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements are available to be issued. Material subsequent events that required recognition or additional disclosure in the consolidated financial statements are presented.

Accounts receivable, net (Tables)

12 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of accounts receivable

Schedule of accounts receivable
	June 30, 2022			June 30, 2021
Accounts receivable	$	17,502,287		$	7,896,347
Less: allowance for credit losses		(70,000	)		–
Total accounts receivable	$	17,432,287		$	7,896,347

Basis of Presentation and Summary of significant accounting policies (Details Narrative)		3 Months Ended	12 Months Ended
	Feb. 15, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Product Information [Line Items]
Advertising costs			$ 2,718,082	$ 1,783,573
CHINA
Product Information [Line Items]
Inventory, Gross		$ 1,800,000	$ 1,800,000
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Amazon Sales To Canada And Other Foreign Countries [Member]
Product Information [Line Items]
Concentration Risk, Percentage			7.20%
Anivia Purchase Note [Member]
Product Information [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Face Amount	$ 3,500,000
Debt Instrument, Fair Value Disclosure	$ 3,600,000
Long-Term Debt		3,660,770	$ 3,660,770
Debt Instrument, Unamortized Premium		82,020	82,020
Interest Payable, Current		$ 78,750	$ 78,750
Anivia Limited [Member]
Product Information [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Box Harmony [Member]
Product Information [Line Items]
Equity Method Investment, Ownership Percentage		40.00%	40.00%
China, Yuan Renminbi
Product Information [Line Items]
Translation rate at period end		6.6995	6.6995
Translation rate during period		6.5222

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUES	$ 79,418,473	$ 54,075,922
TOTAL REVENUES	79,418,473	54,075,922
COST OF REVENUES	46,218,580	31,257,358
GROSS PROFIT	33,199,893	22,818,564
OPERATING EXPENSES:
Selling and fulfillment	19,180,390	13,473,602
General and administrative	11,707,466	6,384,398
Total operating expenses	30,887,856	19,858,000
INCOME FROM OPERATIONS	2,312,037	2,960,564
OTHER INCOME (EXPENSE)
Interest income (expenses)	(458,159)	(153,785)
Other financing expenses	(80,010)	(148,139)
PPP loan forgiveness	0	175,500
Gain (Loss) on equity method investment	(6,616)	0
Other non-operating income (expense)	296,366	(2,843,127)
Total other (expenses), net	(248,419)	(2,969,551)
INCOME (LOSS) BEFORE INCOME TAXES	2,063,618	(8,987)
PROVISION FOR INCOME TAXES	558,975	766,762
NET INCOME (LOSS)	1,504,643	(775,749)
Non-controlling interest	(13,232)	0
NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	1,517,875	(775,749)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments	5,678	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	$ 1,523,553	$ (775,749)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK
Basic	27,781,493	21,116,750
Diluted	27,781,493	21,116,750
EARNINGS (LOSSES) PER SHARE
Basic	$ 0.05	$ (0.04)
Diluted	$ 0.05	$ (0.04)