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Bank Loans (Tables)

6 Months Ended

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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- References

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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

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