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Related Party Transactions
9 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

 

The Company’s President, Zhixin Liu, paid certain operating expenses on behalf of the Company. As of March 31, 2020 and June 30, 2019, the amounts due to the President were $nil and $86,733 respectively. These amounts were interest-free, unsecured and due on demand.

 

On January 1, 2019, the Company’s President entered into a car rental agreement with the Company for a term of two years. Pursuant to the agreement, the Company rents a car from the Company’s President for a monthly rent of approximately $700. The agreement was replaced by a new agreement entered on November 30, 2019 for the leasing period from December 1, 2019 through December 31, 2020, with monthly rent of approximately $1,700, or total payment of $22,288, which was paid in full in advance as required by the agreement, and was recorded as prepaid expenses at March 31, 2020. The Company recorded car rental expense of $1,429 and $2,197 for the three months ended March 31, 2020 and 2019. The Company recorded car rental expense of $3,572 and $6,591 for the nine months ended March 31, 2020 and 2019.

 

In April 2019, the Company’s President entered into an apartment rental agreement with the Company. Pursuant to the agreement, the Company rents an apartment located in Harbin city as the Company’s branch office from the Company’s President with an annual rent of approximately $2,828. The term was from May 1, 2019 through April 30, 2020. The rent paid under this agreement was $729 and $733 for the three months ended March 31, 2020 and 2019, respectively. The rent paid under this agreement was $2,186 and $2,197 for the nine months ended March 31, 2020 and 2019, respectively. 

 

On April 22, 2019, the Company borrowed RMB400,000 (or approximately $57,000) with no interest from the Company’s President to pay operating expenses. The loan was repaid on July 8, 2019.