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BANK LOANS PAYABLE

12 Months Ended

Jun. 30, 2021

Loans Payable [Abstract]

BANK LOANS PAYABLE

Bank loans payable consisted of the following:

		June 30, 2021				June 30, 2020
Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank’s prime rate less 2.00% (3.60% and 3.85% at June 30, 2021 and June 30, 2020) per annum, respectively, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,579 and $2,543, as at June 30, 2021 and June 30, 2020, respectively.		$	1,885			$	2,206
Financial arrangement at fixed interest rate 3.2% per annum with monthly payments of principal plus interest through July 2025		$	175				-
Total bank loans payable			2,060				2,206
Current portion of bank loans payable			428				384
Currency translation effect on current portion of bank loans			11				(14	)
Current portion of bank loans payable			439				370
Long term portion of bank loans payable			1,564				1,911
Currency translation effect on long-term portion of bank loans			57				(75	)
Long term portion of bank loans payable		$	1,621			$	1,836

Future minimum payments (excluding interest) as of June 30, 2021, were as follows:

2022		$	439
2023			457
2024			462
2025			208
2026			171
Thereafter			323
Total obligations and commitments		$	2,060

Future minimum payments (excluding interest) as of June 30, 2020, were as follows:

2021		$	370
2022			384
2023			400
2024			403
2025			158
Thereafter			491
Total obligations and commitments		$	2,206

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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

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- References

No definition available.

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