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Related Party Transactions
6 Months Ended
Dec. 31, 2016
Related Party Transactions  
Related Party Transactions

13. Related party transactions

 

As of December 31, 2016, the Company had outstanding balance of Loans payable of $211,954 borrowed from LMK Capital., LLC a company affiliated with CEO Chan. Additionally the company had outstanding balance of Account Payable of $13,586 to LMK Capital LLC.

 

On December 1, 2016, the Company received a loan from an employee for $12,500 with an interest charge of $12,500. This amount was recorded as interest owed to the loan payable amount and is to be amortized on a monthly basis over the life of the loan. The loan is due on December 1, 2017. As of December 31, 2016, the Company had outstanding loan balance of $140,312 from Shareholders and directors of the company.

 

As of December 31, 2016, the Company had outstanding balance of Notes payable of $60,666 borrowed from employees, these borrowings have no interest, additionally an outstanding Notes payable balance of $20,000 borrowed from one employee, which bear interest rate of 18%. As of December 31, 2016, the Company had outstanding loan balance of $80,666 from employees of the company.

 

On September 7, 2016, our CEO and Chairman, Jimmy Chan, was awarded five (5) million shares of restricted common stock in the Company in lieu of salary. On September 7, 2016, Director Waylon Huang, was awarded three (3) million shares of restricted common stock in the Company in lieu of salary.  Mr. Huang is also the general manager of the CarryOutSupplies.com operation of the Company.

 

On September 7, 2016, Richard Ko, was awarded three (3) million shares of restricted common stock in the Company for services provided to the Company.