Loans payable	12 Months Ended
Jun. 30, 2015
Notes to Financial Statements
Loans payable	*14. Loans payable* On August 14, 2009, SWC entered a loan agreement with a bank for $50,000 with maturity on August 14, 2016. The loan had an annual interest rate of 7% with monthly payment of $755. At June 30, 2015, the outstanding balance under this loan was $10,816. On March 1, 2012, SWC entered an equipment loan agreement with a bank with maturity on January 1, 2017. The monthly payment is $435. At June 30, 2015, the outstanding balance under this loan was $7,962. On July 1, 2012, SWC entered an equipment loan agreement with a bank with maturity on June 1, 2017. The monthly payment is $255. At June 30, 2015, the outstanding balance under this loan was $5,742. On March 5, 2013, SWC entered an auto loan agreement with a financial service company for $32,312. The loan had monthly payment of $539, bore no interest with maturity on March 5, 2018. At June 30, 2015, the outstanding balance under this loan was $17,233. On April 30, 2014, SWC entered a promissory note agreement with a bank for its working capital needs with maturity on August 3, 2015. The principal amount of the loan was $228,000 and the repayment amount was $303,240 with daily payment of $963. At June 30, 2015, the outstanding balance under this loan was $22,876. On September 3, 2014, SWC entered an agreement with a lending company for its working capital needs with maturity on March 6, 2015. The principal amount of the loan was $200,000 and the repayment amount was $279,800 with daily payment of $2,332. At June 30, 2015, this loan was paid in full. On December 18, 2014, SWC entered an agreement with a lending company for its working capital needs with maturity on May 28, 2015. The principal amount of the loan was $125,000 and the repayment amount was $174,875 with daily payment of $1,457. At June 30, 2015, this loan was paid in full. On April 30, 2015, Sugarmade entered a promissory note agreement with an unrelated private company for its working capital needs with maturity on October 31, 2015. The principal amount of the loan was $100,000 and the repayment amount will be $120,000 with interest of $20,000. At June 30, 2015, the outstanding balance under this loan was $83,334. On May 27, 2015, SWC entered an agreement with a lending company for its working capital needs. The loan was payable on the 132^nd day from the entering date of the agreement. The principal amount of the loan was $275,000 and the repayment amount was $376,750 including interest with daily payment of $2,854. At June 30, 2016, the outstanding balance under this loan was $226,312. In addition, at June 30, 2015, the Company had outstanding balance of $114,179 borrowed from two of its directors, $12,583 from one major shareholder’s family member and $20,000 from LMK Capital, LLC. These borrowings bore no interest, and were payable upon demand.

Loans payable

12 Months Ended

Jun. 30, 2015

14. Loans payable

On August 14, 2009, SWC entered a loan agreement with a bank for $50,000 with maturity on August 14, 2016. The loan had an annual interest rate of 7% with monthly payment of $755. At June 30, 2015, the outstanding balance under this loan was $10,816.

On March 1, 2012, SWC entered an equipment loan agreement with a bank with maturity on January 1, 2017. The monthly payment is $435. At June 30, 2015, the outstanding balance under this loan was $7,962.

On July 1, 2012, SWC entered an equipment loan agreement with a bank with maturity on June 1, 2017. The monthly payment is $255. At June 30, 2015, the outstanding balance under this loan was $5,742.

On March 5, 2013, SWC entered an auto loan agreement with a financial service company for $32,312. The loan had monthly payment of $539, bore no interest with maturity on March 5, 2018. At June 30, 2015, the outstanding balance under this loan was $17,233.

On April 30, 2014, SWC entered a promissory note agreement with a bank for its working capital needs with maturity on August 3, 2015. The principal amount of the loan was $228,000 and the repayment amount was $303,240 with daily payment of $963. At June 30, 2015, the outstanding balance under this loan was $22,876.

On September 3, 2014, SWC entered an agreement with a lending company for its working capital needs with maturity on March 6, 2015. The principal amount of the loan was $200,000 and the repayment amount was $279,800 with daily payment of $2,332. At June 30, 2015, this loan was paid in full.

On December 18, 2014, SWC entered an agreement with a lending company for its working capital needs with maturity on May 28, 2015. The principal amount of the loan was $125,000 and the repayment amount was $174,875 with daily payment of $1,457. At June 30, 2015, this loan was paid in full.

On April 30, 2015, Sugarmade entered a promissory note agreement with an unrelated private company for its working capital needs with maturity on October 31, 2015. The principal amount of the loan was $100,000 and the repayment amount will be $120,000 with interest of $20,000. At June 30, 2015, the outstanding balance under this loan was $83,334.

On May 27, 2015, SWC entered an agreement with a lending company for its working capital needs. The loan was payable on the 132^nd day from the entering date of the agreement. The principal amount of the loan was $275,000 and the repayment amount was $376,750 including interest with daily payment of $2,854. At June 30, 2016, the outstanding balance under this loan was $226,312.

In addition, at June 30, 2015, the Company had outstanding balance of $114,179 borrowed from two of its directors, $12,583 from one major shareholder’s family member and $20,000 from LMK Capital, LLC. These borrowings bore no interest, and were payable upon demand.