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Loans Payable (Tables) | 3 Months Ended
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Sep. 30, 2024
Loans Payable [Abstract] |
Schedule of Loan Balance | The loan balance consists of the following:
|  | September 30, 2024 |  |  | June 30, 2024 |
Equipment loans |  | $ | 70,602 |  |  | $ | 84,357 |
Vehicle loans |  |  | 132,048 |  |  |  | 146,283 |
Other loans |  |  | 387,241 |  |  |  | 652,697 |
Total |  |  | 589,891 |  |  |  | 883,337 |
Less: loan payable, current |  |  | (484,725 | ) |  |  | (746,962 | )
Loan payable, non-current |  | $ | 105,166 |  |  | $ | 136,375 |
Schedule of Other Loans | Other loans
|  | September 30, 2024 |  |  | June 30, 2024 |
Loan A |  | $ | 150,000 |  |  | $ | 150,000 |
Loan B |  |  | — |  |  |  | 200,000 |
Loan C |  |  | 50,000 |  |  |  | 50,000 |
Loan D |  |  | 125,000 |  |  |  | 175,000 |
Loan E |  |  | 62,241 |  |  |  | 77,697 |
Total |  | $ | 387,241 |  |  | $ | 652,697 |
(a) | The Company entered a loan of $300,000 with an unrelated party on March 1, 2022. The loan is unsecured, with a fixed interest of 15% per annum and payable on monthly basis, for 6 months period and matured on September 1, 2022. On September 1, 2022, both parties agreed to extend the loan’s principal payment term to on demand.
(b) | The Company entered a loan of $200,000 with an unrelated party on July 26, 2021. The loan is unsecured, with no interest bearing for 6 months period and matured on January 25, 2022. The Company paid a principal of $100,000 during the year ended June 30, 2021 and both parties agreed to extend the remaining principal balance of $100,000 payment term to on demand. On April 8, 2024, the Company entered another loan of $100,000 with the same party. The loan is unsecured, with no interest bearing for a 6-month period and matured on September 7, 2024. The Company has made repayment of $200,000 during the three months ended September 30, 2024.
(c) | The Company entered a loan agreement of 50,000 with an employee on October 27, 2021. The loan is non-interest bearing, for a 12-month period, and matured on October 26, 2022.
On October 26, 2022, both parties agreed to extend the loan term to on demand.
(d) | The Company entered a loan agreement of $100,000 with an unrelated party on July 3, 2023. The loan is non-interest bearing, for a 6-month period.
On April 10, 2024, the Company entered another loan agreement of $75,000 with same party. The loan is non-interest bearing, for a 6-month period, and matured on September 9, 2024. The Company made repayment of $50,000 during the three months ended September 30, 2024. Both parties agreed to extend the remaining principal balance of $125,000 payment term to on demand
| (e) | The Company entered a loan of $125,000 with an unrelated party on August 17, 2023. The loan is personally guaranteed by Henry Liu, the Chairman of the Board and CEO, with a fixed interest of 16.00% per annum for 24 months period and matured on August 16, 2025. The monthly payment is $6,120 blending of interest and principal.
Schedule of Repayment Loans | The repayment schedule for the Company’s loans is as follows:
Twelve months ending September 30, |  | Vehicle loans |  |  | Equipment loans |  |  | Others |  |  | Total |
2025 |  | $ | 57,279 |  |  | $ | 48,823 |  |  | $ | 392,320 |  |  | $ | 498,422 |
2026 |  |  | 35,353 |  |  |  | 23,878 |  |  |  | - |  |  |  | 59,231 |
2027 |  |  | 29,866 |  |  |  | 3,619 |  |  |  | - |  |  |  | 33,485 |
2028 |  |  | 13,406 |  |  |  | - |  |  |  | - |  |  |  | 13,406 |
2029 |  |  | 5,586 |  |  |  | - |  |  |  | - |  |  |  | 5,586 |
Total undiscounted borrowings |  |  | 141,490 |  |  |  | 76,320 |  |  |  | 392,320 |  |  |  | 610,130 |
Less: imputed interest |  |  | (9,442 | ) |  |  | (5,718 | ) |  |  | (5,079 | ) |  |  | (20,239 | )
Total |  | $ | 132,048 |  |  | $ | 70,602 |  |  | $ | 387,241 |  |  | $ | 589,891 |

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