Loans payable

9 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Loans payable

12. Loans payable

On January 25, 2017, SWC entered into an agreement with a lending company for $100,000 for its working capital needs. As of March 31, 2018 and June 30, 2017, the Company has an outstanding balance of $0 and $10,036, respectively.

During the year ended June 30, 2017, the Company entered a series of short-term loan agreements with Greater Asia Technology Limited (Greater Asia) for borrowing $375,000, with interest rate at 40% - 50% of the principal balance. As of March 31, 2018 and June 30, 2017, the outstanding balance with Greater Asia loans were $175,590 and $140,125, respectively.

On July 1, 2016, the Company entered into a repayment agreement with its employee for $20,280 at no interest. As of March 31, 2018 and June 30, 2017, the Company has an outstanding balance of $6,285. Repayment on this loan will be repaid at a later date with no interest being accrued.

On January 6, 2015, the Company entered into repayment agreement with its former employee for a loan of $9,500 at no interest. As of March 31, 2018 and June 30, 2017, the Company has an outstanding balance of $4,076.

On July 2, 2015, the Company entered into a repayment agreement with an individual for $22,583 at no interest. As of March 31, 2018 and June 30, 2017, the Company has an outstanding balance of $13,936.

On March 5, 2013, the Company entered an equipment loan agreement with Toyota financial services with maturity date of April 4, 2018. As of March 31, 2018 and June 30, 2017, the balance under this loan were $1,077 and $4,308, respectively.

On July 1, 2012, CarryOutSupplies entered an equipment loan agreement with a bank with maturity on June 1, 2017. The monthly payment is $255. As of March 31, 2018 and June 30, 2017, the outstanding balance under this loan were $0 and $261, respectively.

As of March 31, 2018 and June 30, 2017, the Company had an outstanding loan balance of $1,599 from one (1) vendor of the Company.