Loans Payable – Related Parties

3 Months Ended

Sep. 30, 2021

Loans Payable Related Parties

Loans Payable – Related Parties

27. 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 September 30, 2021 and June 30, 2021, the balance of the loan were $0 and $49,447, respectively.

On November 21, 2016, SWC received a loan from a former independent consultant. The amount of the loan bears no interest and due in September 30, 2017. As of September 30, 2021. the note was in default. As of September 30, 2021 and June 30, 2021, the balance of the loans were $0 and $83,275, respectively.

On May 25, 2021, Lemon Glow received a loan from an officer. The amount of the loan bears no interest and due on demand. As of September 30, 2021 and June 30, 2021, the balance of the loans was $0 and $3,000, respectively.

On September 1, 2017, the Company had related party transaction with LMK Capital LLC, a related party company owned by Jimmy Chan, the Company’s CEO. The amount of the loan payable/receivable bears no interest and is due on demand. As of September 30, 2021 and June 30, 2021, the balance of the loan payable to LMK were $46,871 and $26,452, respectively, and the balance of loan receivable were $0 and $0, respectively.

As of September 30, 2021 and June 30, 2021, the Company had an outstanding related party loan balance of $46,871 and $163,831, respectively.