Note 5 - Loans Receivable From Property Development Projects

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Loan Receivable From Property Development Projects [Text Block]

5.   LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

The following table presents Trio-Tech (Chongqing) Co. Ltd (“TTCQ”)’s loan receivables from property development projects in China as of March 31, 2023.

	Loan Expiry	Loan Amount			Loan Amount
	Date	(RMB)			(U.S. Dollars)
Short-term loan receivables
JiangHuai (Project – Yu Jin Jiang An)	May 31, 2013		2,000			291
Less: allowance for doubtful receivables			(2,000	)		(291	)
Net loan receivables from property development projects			-			-
Long-term loan receivables
Jun Zhou Zhi Ye	Oct 31, 2016		5,000			728
Less: transfer – down-payment for purchase of investment property			(5,000	)		(728	)
Net loan receivables from property development projects			-			-

The short-term loan receivables amounting to renminbi (“RMB”) 2,000, or approximately $291 arose due to TTCQ entering into a Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China during year ended June 30, 2011. TTCQ did not generate other income from JiangHuai for the quarter ended March 31, 2023 or for Fiscal 2023. TTCQ is in the legal process of recovering the outstanding amount of approximately $291.

The long-term loan amounting to RMB 5,000, or approximately $728, arose from TTCQ entering into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in JiaSheng’s projects (Project B-48 Phase 2) located in Chongqing City, China during the year ended June 30, 2011. The loan receivable was unsecured and repayable at the end of the term. During the year ended June 30, 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project (See Note 8).