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RELATED PARTY TRANSACTIONS
6 Months Ended
Dec. 31, 2022
RELATED PARTY TRANSACTIONS  
NOTE 5 - RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

 

Amounts due to a related party are for advances made by a stockholder of the Company. The balance due of $1,425,676 and $1,258,676 as at December 31, 2022 and June 30, 2022 respectively, is presented as due to related parties in the accompanying consolidated balance sheet.  The amounts due are non-interest bearing and payable upon demand. In the period ended June 30, 2021, certain related parties forgave advances and accrued expenses in the amount of $262,116. This resulted in a gain on forgiveness of debt on the income statement in the amount of $262,116.