Loans Payable

12 Months Ended

Jun. 30, 2023

Loans Payable [Abstract]

LOANS PAYABLE

NOTE 8 – LOANS PAYABLE

Loan from bank

On December 24, 2022, Zhangxun entered a loan agreement with Tianjin Jincheng Bank Co., Ltd for the amount of RMB 800,000 ($114,867) with a term of 24 months, the interest rate was 18.0% per annum to be paid every 21^st of each month. For the year ended June 30, 2023, the Company made a repayment of $28,812 to this loan. For the year ended June 30, 2023, the Company recorded and paid $9,395 interest expense for this loan. As of June 30, 2023, $55,357 was recorded as current liabilities and $27,704 was recorded as non-current liabilities.

On December 21, 2022, Zhangxun entered a loan agreement with Shenzhen Qianhai WeBank Co., Ltd for the amount of RMB 590,177 ($84,740) with a term of 24 months, the interest rate was 17.1% per annum to be paid every 24^th of each month. For the year ended June 30, 2023, the Company made a repayment of $12,146 to this loan. For the year ended June 30, 2023, the Company recorded and paid $7,173 interest expense for this loan. As of June 30, 2023, $46,672 was recorded as current liabilities and $23,312 was recorded as non-current liabilities.

On December 12, 2022, Beijing Shuhai entered a loan agreement with Shenzhen Qianhai WeBank Co., Ltd for the amount of RMB 900,000 ($129,225) with a term of 24 months, the interest rate was 10.728% to be paid every 20^th of each month. For the year ended June 30, 2023, the Company made a repayment of $18,522 to this loan. For the year ended June 30, 2023, the Company recorded and paid $6,862 interest expense for this loan. As of June 30, 2023, $71,174 was recorded as current liabilities and $35,587 was recorded as non-current liabilities.

On January 13, 2023, Shenzhen Jingwei entered a loan agreement with Shenzhen Qianhai WeBank Co., Ltd for the amount of RMB 100,000 ($14,552) with a term of 24 months, the interest rate was 8.6832%. For the year ended June 30, 2023, the Company made a repayment of $1,372 to this loan. For the year ended June 30, 2023, the Company recorded and paid $495 interest expense for this loan. As of June 30, 2023, $7,908 was recorded as current liabilities and $4,613 was recorded as non-current liabilities. 

On April 25, 2023, Shuhai information entered a loan agreement with China Bank Co., Ltd for the amount of RMB 2,990,000 ($435,118) with a term of 12 months with a preferential annual interest rate of 2.35% to be paid every 2^1st of each month. For the year ended June 30, 2023, the Company recorded and paid $1,575 interest expense for this loan. As of June 30, 2023, $413,795 was recorded as current liabilities.

The following table summarizes the loan balance as of June 30, 2023:

								Balance due
Lendor	Loan amount		Borrowing date	Loan term: Months	Interest rate			Current		Non- current
Tianjin Jincheng Bank Co., Ltd		110,714	12/21/2022	24	18	%	$	55,357	$	27,704
Shenzhen Qianhai WeBank Co., Ltd		81,676	12/24/2022	24	17.1	%		46,672		23,312
Shenzhen Qianhai WeBank Co., Ltd		13,839	1/13/2023	24	8.68	%		7,908		4,613
Shenzhen Qianhai WeBank Co., Ltd		124,553	12/20/2022	24	10.73	%		71,174		35,587
Shenzhen Qianhai WeBank Co., Ltd		413,795	4/25/2023	12	2.35	%		413,795		-
Total	$	744,577					$	594,906	$	91,215

Loan from an unrelated party

On April 24, 2022, the Company entered a loan agreement with an unrelated party for $596,001, the loan had no interest, and was required to be repaid any time before December 31, 2022. The Company repaid $447,001 to the unrelated party by June 30, 2022. On July 1, 2022, the Company entered into a new loan agreement with the same unrelated party for RMB 5,603,000 ($789,177), the loan had no interest, and was required to be repaid any time before December 31, 2022, the Company didn’t make any payment as of December 31, 2022 and signed an extension agreement to extend the maturity date to June 30, 2023. On October 1, 2022, the Company entered into a new loan agreement with the same unrelated party for RMB 3,970,000 ($642,779), the loan had no interest, and was required to be repaid any time before June 30, 2023. On May 24, 2023, the Company entered into a loan extension agreement with the lender, wherein both parties agreed to settle the loan in full by December 31, 2024. During the year ended June 30, 2023, the Company repaid $0.16 million to this unrelated party. In addition, there is also other receivable of $0 and $67,050 from the same unrelated party as of June 30, 2023 and 2022, respectively, which was net off with loans payable. As of June 30, 2023 and 2022, the outstanding loan balance to the unrelated party was $1,310,306 and $81,950, respectively as a result of the Company did not repay the loan in full at maturity.