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Bank Loans
 6 Months Ended
Dec. 31, 2022
Bank Loans [Abstract]  
BANK LOANS

9. BANK LOANS

 

Bank loans represent the amounts due to various banks. As of December 31, 2022 and June 30, 2022, short-term and current portions 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  2022   2022 
Short-term loans:               
Industrial Bank Co., Ltd. (2)   4.80%  December 20, 2023   1,449,864    1,492,960 
Xiamen Bank (1)   4.3%  June 16, 2023   434,959    
-
 
Xiamen Bank (1)   4.3%  June 16, 2023   289,973    
-
 
Xiamen Bank (1)   5.22%  June 18, 2022   
-
    447,888 
Xiamen Bank (1)   5.22%  June 22, 2022   
-
    298,592 
Bank of China Ltd. (3)   4.70%  June 1, 2022   
-
    
-
 
Bank of China Ltd. (3)   4.70%  May 30, 2023   1,101,896    1,194,370 
Industrial and Commercial Bank   3.65%  September 23, 2023   724,932    
-
 
                   
Subtotal           4,001,624    3,433,810 
Current portion of long-term loans:                  
Bank of China Ltd. (3)   3.80%  November 26, 2023   347,967    89,579 
Bank of China Ltd. (3)   4.15%   December 29, 2023   811,924    209,014 
Bank of China Ltd. (3)   5.10%  April 15, 2024   57,995    59,718 
Total          $5,219,510   $3,792,121 

 

Summary of long-term bank loans is as follows:

 

   Annual Interest      As of
December 31,		   As of
June 30,		 
   Rate   Maturities  2022   2022 
Long-term loans:               
Bank of China Ltd. (3)   3.80%  November 26, 2023  $
-
   $313,522 
Bank of China Ltd. (3)   4.15%  December 29, 2023   
-
    731,551 
Bank of China Ltd. (3)   5.10%  April 15, 2024   173,984    209,014 
Total          $173,984   $1,254,087 

  

The weighted average interest rate on short-term bank loans outstanding as of June 30, 2022 and December 31, 2022 was 4.86% and 3.98%, respectively. The effective interest rate for bank loans was approximately 4.87% and 4.74% for the years ended June 30, 2022 and December 31, 2022, 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.