XML 92 R20.htm IDEA: XBRL DOCUMENT
v3.24.3

Bank Loans | 12 Months Ended
--- | ---
Jun. 30, 2024
Bank Loans [Abstract] |
BANK LOANS |
| 13. | BANK LOANS
Bank loans represent the amounts due to various banks. As of June 30, 2024 and 2023, short-term and long-term bank loans consisted of the following:
a) | Summary of short-term bank loans and current portion of long-term loans are as follows:
|  | Annual Interest |  |  |  |  |  | As of June 30, |
|  | Rate |  |  | Maturities |  |  | 2024 |  |  | 2023 |
Short-term loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank of China Ltd. (2) |  |  | 4.25 | % |  | May 24, 2024 |  |  |  | - |  |  |  | 979,135 |
ICBC (4) |  |  | 3.45 | % |  | August 30, 2024 |  |  |  | 688,023 |  |  |  | - |
Xiamen International Bank (1) |  |  | 4.50 | % |  | October 8, 2024 |  |  |  | 784,346 |  |  |  | - |
Industrial Bank Co., Ltd. (1) |  |  | 4.60 | % |  | December 26, 2024 |  |  |  | 1,100,837 |  |  |  | - |
Xiamen Bank (1) |  |  | 3.50 | % |  | June 16, 2025 |  |  |  | 550,418 |  |  |  | - |
Bank of China Ltd. (5) |  |  | 4.05 | % |  | May 16, 2025 |  |  |  | 853,148 |  |  |  |  |
Xiamen International Bank (1) |  |  | 4.50 | % |  | February 28, 2025 |  |  |  | 275,210 |  |  |  |  |
Industrial Bank Co., Ltd.(1) |  |  | 4.80 | % |  | December 7, 2023 |  |  |  | - |  |  |  | 1,379,063 |
China Merchants Bank (3) |  |  | 4.93 | % |  | March 29, 2024 |  |  |  | - |  |  |  | 372,347 |
Xiamen Bank (1) |  |  | 4 | % |  | June 25, 2024 |  |  |  | - |  |  |  | 551,625 |
Industrial and Commercial Bank (4) |  |  | 3.65 | % |  | September 23, 2023 |  |  |  | - |  |  |  | 689,532 |
Subtotal |  |  |  |  |  |  |  |  |  | 4,251,982 |  |  |  | 3,971,702 |
Long-term loans-current portion: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank of China Ltd. (2) |  |  | 3.80 | % |  | November 26, 2023 |  |  |  | - |  |  |  | 330,975 |
Bank of China Ltd. (5) |  |  | 4.35 | % |  | May 5, 2027 |  |  |  | 33,026 |  |  |  | - |
Bank of China Ltd. (5) |  |  | 4.35 | % |  | December 3, 2026 |  |  |  | 192,646 |  |  |  | - |
Bank of China Ltd. (5） |  |  | 4.35 | % |  | December31, 2026 |  |  |  | 189,894 |  |  |  | - |
Bank of China Ltd. (2) |  |  | 4.15 | % |  | December 29, 2023 |  |  |  | - |  |  |  | 772,275 |
Bank of China Ltd. (2) |  |  | 5.10 | % |  | April 15, 2024 |  |  |  | - |  |  |  | 55,163 |
Subtotal |  |  |  |  |  |  |  |  | $ | 415,566 |  |  | $ | 1,158,413 |
b) | Summary of long-term bank loans is as follows:
|  | Annual Interest |  |  |  |  |  | As of June 30, |
|  | Rate |  |  | Maturities |  |  | 2024 |  |  | 2023 |
Long-term loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank of China Ltd. (5) |  |  | 4.35 | % |  | May 5, 2027 |  |  |  | 132,100 |  |  |  | - |
Bank of China Ltd. (5) |  |  | 4.35 | % |  | December 31, 2026 |  |  |  | 712,104 |  |  |  | - |
Bank of China Ltd. (5) |  |  | 4.35 | % |  | December 3, 2026 |  |  |  | 674,263 |  |  |  | - |
Total |  |  |  |  |  |  |  |  | $ | 1,518,467 |  |  | $ | - |
The weighted average interest rate on short-term bank loans outstanding as of June 30, 2024 and 2023 was 4.14% and 4.53%, respectively. The effective interest rate for bank loans was approximately 4.26%, 4.60%, and 4.87% for the fiscal years ended June 30, 2024, 2023, and 2022, respectively. For the fiscal years ended June 30, 2024, 2023, and 2022, interest expenses related to bank loans amounted to $241,604, $226,296, and $266,126, respectively.
(1) | Loans from Xiamen Bank, Industrial Bank Co., Ltd. and Xiamen International Bank were personally guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and his spouse.
(2) | Loans from Bank of China were jointly guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, and Pop Culture.
(3) | The loan was guaranteed by Mr. Zhuoqin Huang.
(4) | The loan was guaranteed by Pop Culture and Guangzhou Financing Re-guarantee Co., LTD.
(5) | Loans from Bank of China were jointly guaranteed by Mr. Zhuoqin Huang, the chief executive officer of the Company, Guangzhou Shuzhi, and Pop Culture.
As of June 30, 2024, the Company’s future long-term loan obligations according to the terms of the loan agreement were as follows:
|  | USD |
Within 1 year |  |  | 415,566 |
1-2 year |  |  | 415,566 |
2-3 year |  |  | 1,102,901 |
Total |  |  | 1,934,033 |

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LongtermLoansPayableToBankCurrentAndNoncurrentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration