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BANK LOANS PAYABLE | 9 Months Ended
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Mar. 31, 2020
Loans Payable [Abstract] |
BANK LOANS PAYABLE | Bank loans payable consisted of the following:
|  | Mar. 31, 2020 (Unaudited) |  |  | June 30, 2019 |
Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2028, bearing interest at the bank’s prime rate less 2.00% (4.85% and 5.00% at March 31, 2020 and June 30, 2019, respectively) per annum, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,539 and $2,683, as at March 31, 2020 and June 30, 2019, respectively. |  |  | 2,271 |  |  |  | 2,638 |
Note payable denominated in U.S. dollars for expansion plans in Singapore and its subsidiaries, maturing in April 2020, bearing interest at the bank’s lending rate (3.96% for March 31, 2020 and June 30, 2019) with monthly payments of principal plus interest through June 2020. This note payable is secured by plant and equipment with a carrying value of $121 and $148, as at March 31, 2020 and June 30, 2019, respectively. |  |  | 26 |  |  |  | 142 |
Total bank loans payable |  | $ | 2,297 |  |  | $ | 2,780 |
Current portion of bank loan payable |  |  | 395 |  |  |  | 494 |
Currency translation effect on current portion of bank loan |  |  | (17 | ) |  |  | (6 | )
Current portion of bank loan payable |  |  | 378 |  |  |  | 488 |
Long term portion of bank loan payable |  |  | 2,012 |  |  |  | 2,344 |
Currency translation effect on long-term portion of bank loan |  |  | (93 | ) |  |  | (52 | )
Long term portion of bank loans payable |  | $ | 1,919 |  |  | $ | 2,292 |
Future minimum payments (excluding interest) as at March 31, 2020 were as follows:
Remainder of fiscal 2020 |  | $ | 288 |
2021 |  |  | 364 |
2022 |  |  | 380 |
2023 |  |  | 397 |
2024 |  |  | 282 |
Thereafter |  |  | 586 |
Total obligations and commitments |  | $ | 2,297 |
Future minimum payments (excluding interest) as at June 30, 2019 were as follows:
2020 |  | $ | 488 |
2021 |  |  | 362 |
2022 |  |  | 380 |
2023 |  |  | 399 |
2024 |  |  | 407 |
Thereafter |  |  | 744 |
Total obligations and commitments |  | $ | 2,780 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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- References No definition available. + Details
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