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Bank Loans
 12 Months Ended
Jun. 30, 2023
Bank Loans [Abstract]  
BANK LOANS

NOTE 11 – BANK LOANS

  

Outstanding balances of bank loans consisted of the following:

 

   As of June 30, 
   2023   2022 
         
Loan from Bank of Shanghai Pudong Development  $5,683,626   $7,040,738 
Loan from China Merchants Bank   3,491,928    5,931,331 
Loan from Bank of Communication   1,379,063    1,492,961 
Loans from Development Bank of Singapore   
-
    9,333 
Total bank loans  $10,554,617   $14,474,363 
Less: Non-current portion   
-
    
-
 
Short-term bank loans and long-term bank loans – current portion  $10,554,617   $14,474,363 

 

Bank loans consisted of several bank loans denominated in RMB and SGD.

  

As of June 30, 2023, the Company had total financing credit facilities of RMB10,000,000 of which the unused amount was zero.

 

As of June 30, 2023, the Company had total financing credit facilities of RMB10,000,000 and HKD 58,000,000 of which the unused amount was HKD 58,000,000.

 

Interest expenses were $365,893, $447,187, and $156,749 for the years ended June 30, 2023, 2022 and 2021, respectively. The effective weighted average interest rates were 3.467%,  3.771% and 4.160% for the years ended June 30, 2023, 2022 and 2021, respectively. 

 

As of June 30, 2023, all loan principal will be due within 1 year.