Loans Payable - Related Parties

6 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Loans Payable - Related Parties

23. Loans Payable – Related Parties

On July 7, 2016, SWC received a loan from an employee. The amount of the loan bears no interest and amortized on a monthly basis over the life of the loan. As of December 31, 2020 and June 30, 2020, the balance of the loan was $48,143 and $35,943, respectively.

During the three months ended September 30, 2020, the Company received loans from related parties. The amount of the loan bears no interest. As of December 31, 2020 and June 30, 2020, the balance of the loan was $528,082 and $0, respectively.

As of December 31, 2020 and June 30, 2020, the Company had an outstanding loan balance – related parties of $576,225 and $35,943, respectively.