XML 79 R45.htm IDEA: XBRL DOCUMENT v3.24.3
Related Party Balances and Transactions (Tables)
 12 Months Ended
Jun. 30, 2024
Related Party Balances and Transactions [Line Items]  
Schedule of Related Party Amount due from related party
Name of Related Party  Relationship  Nature  June 30,
2024		   June 30,
2023		 
Company A  Owned by the executives of the Company  Paid on behalf fees  $140(1)  $
—
 
(1)As of the date of this report, such balance was repaid by Company A.
Other payable — related party consists of the following:
Name of Related Party  Relationship  Nature  June 30,
2024		   June 30,
2023		 
Company A(1)  Owned by the executives of the Company  Consulting fees  $
—
   $25,000 
Company B(2)  Controlled by the immediate family member of the executive of the Company  Research and development fees  $51,168    
—
 
(1)On September 1, 2022, the Company entered into a consulting agreement to receive consulting services provided by a consulting company which is owned by the executives of the Company.
(2)On September 1, 2022, the Company entered into an agreement with Company B for the research and development project.

 

As of June 30, 2024 and 2023, the outstanding short-term loan from related party consists of the following:
   June 30,
2024		   June 30,
2023		 
Executive(1)  $
—
   $91,235 
(1)On July 23, 2019, the Company entered into a loan agreement with the executive of the Company. The loan agreement allows the Company to draw up to $1,000,000 and is non-interest bearing. The Company’s imputed interest is immaterial. During the year ended June 30, 2024, the Company made a full repayment to the related party with a total amount of $91,235.
Research and development expenses
Name of Related Party  Relationship 

For the
Year Ended
June 30,
2024

  

For the
Year Ended
June 30,
2023

 
Company B(1)  Controlled by the immediate family member of the executive of the Company  $91,168   $272,080 
(1)On September 1, 2022, the Company entered into an agreement with Company B for the research and development project.
Consulting expense
Name of Related Party   Relationship   For the
Year Ended
June 30,
2024		     For the
Year Ended
June 30,
2023		  
Company A(1)   Owned by the executives of the Company   $ 324,000     $ 25,000  
(1)On September 1, 2022, the Company entered into a consulting agreement to receive consulting services provided by a consulting company which is owned by the executives of the Company.