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Bank Loans | 6 Months Ended
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Dec. 31, 2021
Bank Loans [Abstract] |
BANK LOANS | 9. BANK LOANS Bank loans represent the amounts due to various banks. As of December 31, 2021 and June 30, 2021, short-term and current portion of long-term banks consisted of the following: Summary of short-term bank loans is as follows:
|  | Annual Interest |  |  |  |  |  | As of December 31, |  |  | As of June 30, |
|  | Rate |  |  | Maturities |  |  | 2021 |  |  | 2021 |
Short-term loans: |  |  |  |  |  |  |  |  |  |  |  |
Industrial Bank Co., Ltd. (2) |  |  | 5.00 | % |  |  | September 30, 2021 |  |  | $ | - |  |  |  | 1,548,491 |
Xiamen International Bank (1) |  |  | 8.00 | % |  |  | October 29, 2021 |  |  |  | - |  |  |  | 1,083,944 |
Xiamen Bank (4) |  |  | 5.22 | % |  |  | August 10, 2021 |  |  |  | - |  |  |  | 309,698 |
Industrial Bank Co., Ltd. (2) |  |  | 4.80 | % |  |  | December 20, 2022 |  |  |  | 1,569,218 |  |  |  | - |
Xiamen Bank (1) |  |  | 5.22 | % |  |  | June 18, 2022 |  |  |  | 470,765 |  |  |  | 464,548 |
Xiamen Bank (1) |  |  | 5.22 | % |  |  | June 22, 2022 |  |  |  | 313,844 |  |  |  | 309,698 |
Bank of China Ltd. (3) |  |  | 4.70 | % |  |  | June 1, 2022 |  |  |  | 1,255,375 |  |  |  | 1,238,793 |
Subtotal |  |  |  |  |  |  |  |  |  |  | 3,609,202 |  |  |  | 4,955,172 |
Current portion of long-term loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank of China Ltd. (3) |  |  | 3.80 | % |  |  | November 26, 2023 |  |  |  | 94,153 |  |  |  | 46,454 |
Bank of China Ltd. (3) |  |  | 4.15 | % |  |  | December 29, 2023 |  |  |  | 219,691 |  |  |  | 108,394 |
Bank of China Ltd. (3) |  |  | 5.10 | % |  |  | April 15, 2024 |  |  |  | 62,768 |  |  |  | 30,970 |
Total |  |  |  |  |  |  |  |  |  | $ | 3,985,814 |  |  | $ | 5,140,990 |
Summary of long-term bank loans is as follows:
|  | Annual Interest |  |  |  |  |  | As of December 31, |  |  | As of June 30, |
|  | Rate |  |  | Maturities |  |  | 2021 |  |  | 2021 |
Long-term loans: |  |  |  |  |  |  |  |  |  |  |  |
Bank of China Ltd. (3) |  |  | 3.80 | % |  |  | November 26, 2023 |  |  | $ | 376,612 |  |  | $ | 418,093 |
Bank of China Ltd. (3) |  |  | 4.15 | % |  |  | December 29, 2023 |  |  |  | 878,762 |  |  |  | 975,549 |
Bank of China Ltd. (3) |  |  | 5.10 | % |  |  | April 15, 2024 |  |  |  | 251,075 |  |  |  | 278,728 |
Total |  |  |  |  |  |  |  |  |  | $ | 1,506,449 |  |  | $ | 1,672,370 |
The weighted average interest rate on short-term bank loans outstanding as of June 30, 2021 and December 31, 2021 was 5.58% and 4.80%, respectively. The effective interest rate for bank loans was approximately 7.21%, and 4.75% for the years ended June 30, 2021 and December 31, 2021, respectively.
| (1) | Loans from Xiamen Bank and Xiamen International Bank were personally guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and his spouse.
| (2) | On February 4, 2021, Pop Culture entered into a factoring agreement with Industrial Bank Co., Ltd. and received a total of RMB10,000,000 (equivalent to $1,548,491) on February 4, 2021 by factoring the receivables due from customers of RMB13,000,000 (equivalent to $2,013,038), for which Industrial Bank Co., Ltd. had the right of recourse to Pop Culture. The factoring was guaranteed by Mr. Zhuoqin Huang, the chief executive office of the Company. Subsequently, the loans from Industrial Bank Co., Ltd were repaid on September 17, 2021 with the collections of receivables due from customers.
| (3) | Loans from Bank of China were guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company.
| (4) | This loan was jointly guaranteed by Mr. Zhuoqin Huang and his spouse, and Taiping General Insurance Co., Ltd. Xiamen Branch.

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- Definition The entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI https://asc.fasb.org/topic&trid=2209208 + Details
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