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Loans Payable – Related Parties
6 Months Ended
Dec. 31, 2022
Loans Payable Related Parties  
Loans Payable – Related Parties

25. 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 December 31, 2022 and June 30, 2022, the balance of the loan payable to LMK were $271,652 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 December 31, 2022 and June 30, 2022, the balance of the loans were $2,289 and $2,289, respectively.

 

As of December 31, 2022 and June 30, 2022, the Company had an outstanding balance of $273,941 and $163,831 owed to various related parties, respectively.