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Loans Payable – Related Parties
3 Months Ended
Sep. 30, 2022
Loans Payable Related Parties  
Loans Payable – Related Parties

24. Loans Payable – Related Parties

 

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, 2022 and June 30, 2022, the balance of the loan payable to LMK were $227,695 and $278,006, 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 September 30, 2022 and June 30, 2022, the balance of the loans were $2,289 and $2,289, respectively.

 

As of September 30, 2022 and June 30, 2022, the Company had an outstanding balance of $229,984 and $163,831 owed to various related parties, respectively.