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Bank Loans (Tables) | 6 Months Ended
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Dec. 31, 2021
Bank Loans [Abstract] |
Schedule of short-term bank loans |
|  | 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 |
|  | 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 |
| (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 Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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