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Related Party Transactions | 3 Months Ended
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Sep. 30, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 9 — RELATED PARTY TRANSACTIONS The relationship of related parties is summarized as follow:
Name of Related Party |  | Relationship to the Company
Mr. Henry Liu |  | Chairman of the Board, CEO, and an ultimate shareholder of the Company
Mr. Shuai Li |  | President, COO, and an ultimate shareholder of the Company
Weship Transport Inc. (“Weship”) |  | Controlled by Mr. Henry Liu
American Bear Logistics (Wuhan) Co., Ltd. (“ABL Wuhan”) |  | The Company owns 5% of equity interest
American Bear Logistics (Shenzhen) Co., Ltd. (“ABL Shenzhen”) |  | 100% owned subsidiary of ABL Wuhan
LLL Intermodal Inc. (“Intermodal”) |  | Controlled by Mr. Henry Liu
a) Summary of balances with related parties Due from related parties consist of mainly rent receivables from the following:
|  | September 30, 2024 |  | June 30, 2024
Due from Weship |  | $ | 626,781 |  |  | $ | 422,742 |
Due from Intermodal |  |  | 18,537 |  |  |  | 18,537 |
Total |  | $ | 645,318 |  |  | $ | 441,279 |
The Company has collected approximately $36,215 from Weship as of the report date, and is planning to collect the remaining receivable balance from two related parties by the end of June 2025. b) Summary of balances payable to related parties
|  | September 30, 2024 |  |  | June 30, 2024 |
Account payable to Weship |  | $ | 34,622 |  |  | $ | 175,172 |
Account payable to ABL Wuhan |  |  | 36,250 |  |  |  | 52,000 |
Account payable to Intermodal |  |  | - |  |  |  | 550 |
Total |  | $ | 70,872 |  |  | $ | 227,722 |
c) Summary of balances receivable from related parties
|  | September 30, 2024 |  |  | June 30, 2024 |
Account receivable from Weship |  | $ | 33,867 |  |  | $ | 32,435 |
Account receivable from ABL Shenzhen |  |  | 55,508 |  |  |  | - |
Account receivable from ABL Wuhan |  |  | 430,097 |  |  |  | 744,961 |
Total |  | $ | 519,472 |  |  | $ | 777,396 |
The Company has collected approximately $0.3 million from the related parties as of the report date. d) Summary of related parties’ transactions
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Revenue from Weship |  | $ | 1,432 |  |  | $ | 3,141 |
Revenue from ABL Wuhan |  | $ | 424,827 |  |  | $ | 91,048 |
Revenue from ABL Shenzhen |  | $ | 55,508 |  |  | $ | - |
Cost of revenue charged by Weship |  | $ | 346,015 |  |  | $ | 459,435 |
Rental income from Weship |  | $ | 97,312 |  |  | $ | 36,883 |
Cost of revenue charged by Intermodal |  | $ | 172,465 |  |  | $ | 124,176 |
Cost of revenue charged by ABL Wuhan |  | $ | 46,250 |  |  | $ | 11,725 |
During the three months ended September 30, 2024 and 2023, the Company had the following transactions with its related parties — Weship, ABL Wuhan, ABL Shenzhen and Intermodal
(a) | The Company provides logistic forwarding services to Weship, ABL Wuhan and ABL Shenzhen and charges Weship, ABL Wuhan and ABL Shenzhen at its regular market rate for the services provided.
(b) | Weship is one of the Company’s vendors for truck delivery service.
(c) | The Company subleased portion of its warehouse space to Weship for rental income. The Company subleased its warehouse in Chicago to Weship in July 2023 and again for the period from January 2024 to September 2024. The Company also subleased another warehouse in Los Angeles beginning in August 2023.
(d) | Intermodal is one of the Company’s vendors for truck delivery service.
(e) | ABL Wuhan provides labor force and certain cross-border freight consolidation and forwarding services and is one of our cross-border freight consolidation and forwarding service providers.
e) Due to shareholders
|  | September 30, 2024 |  | June 30, 2024
Due to shareholders, end |  | $ | (138,107 | ) |  | $ | (1,018,281 | )
The balance with the shareholders is unsecured, interest free, and due on demand. The Company had balance of due to shareholder Henry Liu of $134,370 and $986,923 and Shuai Li of $3,737 and $31,358 as of September 30, 2024 and June 30, 2024, respectively. f) Dividend payable to shareholders
|  | September 30, 2024 |  |  | June 30, 2024 |
Dividend payable to Mr. Henry Liu |  | $ | (27,056 | ) |  | $ | (27,056 | )
Dividend payable to Mr. Shuai Li |  |  | (71,794 | ) |  |  | (71,794 | )
Total |  | $ | (98,850 | ) |  | $ | (98,850 | )
No non-taxable dividend was declared to shareholders for the three months ended September 30, 2024. During the year ended June 30, 2023, ABL Chicago declared non-taxable dividend of total $200,000 to its two shareholders from its accumulated retained earnings, of which $101,150 of dividends declared was offset against balances due from shareholders. g) Salaries and employee benefits paid to major shareholders
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Mr. Henry Liu |  | $ | 22,523 |  |  | $ | 29,822 |
Mr. Shuai Li |  |  | 25,810 |  |  |  | 30,503 |
Total |  | $ | 48,333 |  |  | $ | 60,325 |

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