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Related Party Transactions
 12 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 13 – RELATED PARTY TRANSACTIONS

  

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. The related parties that had transactions or balances with the Company in 2023 and 2022 consisted of:

 

Related Party   Relationship with the Company
Xiao Feng Yang   Chairman of the Board
Raymond Ming Hui Lin   CEO of the Company
Economic Modeling Information Technology Co., Ltd. (“EMIT”)   Equity investee of the Company
Beijing Bright Technology Co., Ltd (“Beijing Bright”)   Noncontrolling interest shareholder of JAJI China
UniDev   Equity investee of the Company
Fuson Group Limited (“Fuson”)   Equity investee of the Company
MCT   Noncontrolling interest shareholder of MSCT

 

(a) Related party balances

 

The balances due from and due to related parties were as follows:

 

   As of June 30, 
   2023   2022 
Due from related parties:        
UniDev  $201,908   $44,341 
Fuson   189,363    3,887 
EMIT   
-
    226,421 
Beijing Bright   
-
    102,993 
Total  $391,271   $377,642 

  

Due from related parties mainly represents loan provided to UniDey and Fuson and unreceived IT service fee from Fuson.

 

   As of June 30, 
   2023   2022 
Due to related parties:        
UniDev  $19,445   $33,727 
MCT   5,444    5,541 
EMIT   
-
    27,616 
Total  $24,889   $66,884 

 

Due to related parties mainly represents the unpaid consulting service fee to UniDev and unpaid administrative fee to MCT.

 

(b)Related party transactions

 

    For the year ended,  
    2023     2022     2021  
a) Consulting services provided to the related parties                  
                   
UniDev   $ -     $ 46,008     $ -  
EMIT     158       6,016       -  
Fuson     57,418       -       -  
CLPS Lihong     -       -       269,472  
    $ 57,576     $ 52,024     $ 269,472  
                         
b) Services provided by the related parties                        
EMIT   $ 221,584     $ 157,762     $ 758,976  
UniDev     269,966       34,995       -  
Beijing Bright     99,208       142,487       604,033  
    $ 590,758     $ 335,244     $ 1,363,009  
                         
c) Loans provided to the related parties                        
UniDev   $ 143,810     $ -     $ -  
Fuson     130,402       -       -  
EMIT     -       83,651       151,783  
    $ 274,212     $ 83,651     $ 151,783  
d) Repayment of loans from the related parties                        
EMIT   $ 204,211     $ 15,491     $ -  
    $ 204,211     $ 15,491     $ -  
e) Interest income received from the related parties                        
UniDev   $ 6,342     $ -     $ -  
Fuson     1,518       -       -  
EMIT     3,704       9,260       -  
    $ 11,564     $ 9,260     $ -  
f) Rental income from the related party                        
Fuson   $ 10,718     $ 3,587     $ -