Bank Borrowings (Tables)

12 Months Ended

Jun. 30, 2024

Bank Borrowings [Abstract]

Schedule of Bank Borrowings

Components of bank borrowings are as follows as of June 30,:

	Interest rate			2024			2023
Bank of China (Hong Kong) – Loan 1(1)		3.625	%	$	119,899		$	198,512
Bank of China (Hong Kong) – Loan 2(2)		3.625	%		63,152			103,112
Bank of China (Hong Kong) – Loan 3(3)		3.625	%		62,333			87,245
				$	245,384		$	388,869
Less: current portion of long-term bank borrowings					(164,741	)		(151,544	)
Non-current portion of long-term bank borrowings				$	80,643		$	237,325

(1) On September 30, 2020, OPS HK borrowed a 3-years term loan of $439,591 (HK$3,442,000) as working capital at an annual interest rate of Hong Kong Prime Rate minus 2.5% per annum under the loan agreement with Bank of China (Hong Kong) signed on September 17, 2020. Repayments are to be made on a monthly basis throughout the tenor of the loan. The loan was secured by personal guarantees from the directors of OPS HK. Tenor of the loan has subsequently been extended from 3 years to 5 years. The effective interest rate increased from 2.750% per annum at the date of inception of such bank borrowings to 3.125% per annum in November 2022, 3.375% per annum in December 2022, 3.500% per annum in May 2023 and further to 3.625% per annum in July 2023. Accordingly, the effective interest rates as of June 30, 2024 and 2023 were 3.625% per annum and 3.500% per annum, respectively.  

(2) On December 24, 2020 OPS HK borrowed a 5-years term loan of $198,978 (HK$1,558,000) as working capital at an annual interest rate of Hong Kong Prime Rate minus 2.5% per annum under the loan agreement with Bank of China (Hong Kong) signed on December 15, 2020. Repayments are to be made on a monthly basis throughout the tenor of the loan. The loan was secured by personal guarantees from the directors of OPS HK. The effective interest rate increased from 2.750% per annum at the date of inception of such bank borrowings to 3.125% per annum in November 2022, 3.375% per annum in December 2022, 3.500% per annum in May 2023 and further to 3.625% per annum in July 2023. Accordingly, the effective interest rates as of June 30, 2024 and 2023 were 3.625% per annum and 3.500% per annum, respectively.  

(3) On October 20, 2021 OPS HK borrowed a 5-years term loan of $127,714 (HK$1,000,000) as working capital at an annual interest rate of Hong Kong Prime Rate minus 2.5% per annum under the loan agreement with Bank of China (Hong Kong) signed on September 14, 2021. Repayments are to be made on a monthly basis throughout the tenor of the loan. The loan was secured by personal guarantees from the directors of OPS HK. The effective interest rate increased from 2.750% per annum at the date of inception of such bank borrowings to 3.125% per annum in November 2022, 3.375% per annum in December 2022, 3.500% per annum in May 2023 and further to 3.625% per annum in July 2023. Accordingly, the effective interest rates as of June 30, 2024 and 2023 were 3.625% per annum and 3.500% per annum, respectively. 

Schedule of Maturities of the Bank Borrowings

Maturities of the bank borrowings were as follows:

For the year ending June 30,	Year ended June 30, 2024
2025	$	171,144
2026		72,640
2027		9,308
Total bank borrowings repayments	$	253,092
Less: imputed interest		(7,708	)
Total	$	245,384