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Loans Payable – Related Parties
12 Months Ended
Jun. 30, 2022
Loans Payable Related Parties  
Loans Payable – Related Parties

25. Loans Payable – Related Parties

 

On January 23, 2013, SWC received a loan from an officer for $40,000. The amount of loan bears no interest. As of June 30, 2022 and 2021, the balance of loans payable is $0 and $15,427, respectively.

 

On July 7, 2016, SWC received a loan from an officer. The amount of the loan bears no interest and amortized on a monthly basis over the life of the loan. As of June 30, 2022 and 2021, the balance of the loans payable were $0 and $49,447, respectively.

 

On November 21, 2016, SWC received a loan from an officer. The amount of the loan bears no interest and due in September 30, 2017. As of June 30, 2022 and 2021, the balance of the loans payable were $0 and $83,275, 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 June 30, 2022 and 2021, the balance of the loan payable to LMK were $278,006 and $26,452, respectively, and the balance of loan receivable were $0 and $0, 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 June 30, 2022 and 2021, the balance of the loans were $2,289 and $3,000, respectively.

 

As of June 30, 2022 and 2021, the Company had an outstanding balance of $280,295 and $163,831 owed to various related parties, respectively.