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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