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Loans Payable
 3 Months Ended
Sep. 30, 2023
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 8 – LOANS PAYABLE

 

Loan from banks

 

On December 12, 2022, Beijing Shuhai entered a loan agreement with Shenzhen Qianhai WeBank Co., Ltd for the amount of RMB 900,000 ($129,225) with a term of 24 months, the interest rate was 10.728% to be paid every 20th of each month. For the three months ended September 30, 2023, the Company made a repayment of $17,925 to this loan. For the three months ended September 30, 2023, the Company recorded and paid $2,783 interest expense for this loan. As of September 30, 2023, $71,630 was recorded as current liabilities and $17,907 was recorded as non-current liabilities.

 

On January 13, 2023, Shenzhen Jingwei entered a loan agreement with Shenzhen Qianhai WeBank Co., Ltd for the amount of RMB 100,000 ($14,552) with a term of 24 months, the interest rate was 8.6832%. For the three months ended September 30, 2023, the Company made a repayment of $1,992 to this loan. For the three months ended September 30, 2023, the Company recorded and paid $265 interest expense for this loan. As of September 30, 2023, $7,959 was recorded as current liabilities and $2,653 was recorded as non-current liabilities. 

 

On April 25, 2023, Shuhai information entered a loan agreement with China Bank Co., Ltd for the amount of RMB 2,990,000 ($435,118) with a term of 12 months with a preferential annual interest rate of 2.35% to be paid every 21st of each month. For the three months ended September 30, 2023, the Company recorded and paid $2,503 interest expense for this loan. As of September 30, 2023, $416,446 was recorded as current liabilities.

 

The following table summarizes the loan balance as of September 30, 2023:

 

   Loan   Borrowing  Loan term   Interest   Balance due 
Lender  amount   date  in month   rate   Current   Non-current 
Shenzhen Qianhai WeBank Co., Ltd   13,928   1/13/2023   24    8.68%   7,959    2,653 
Shenzhen Qianhai WeBank Co., Ltd   125,352   12/20/2022   24    10.73%   71,630    17,907 
China Bank Co., Ltd   416,446   4/25/2023   12    2.35%   416,446    
-
 
Total   555,726                 496,035    20,560 

 

Loan from the unrelated parties

 

On April 24, 2022, the Company entered a loan agreement with an unrelated party Mr. Wanli Kuai for $596,001, the loan had no interest, and was required to be repaid any time before December 31, 2022. The Company repaid $447,001 to the unrelated party by June 30, 2022. On July 1, 2022, the Company entered into a new loan agreement with the same unrelated party for RMB 5,603,000 ($789,177), the loan had no interest, and was required to be repaid any time before December 31, 2022, the Company didn’t make any payment as of December 31, 2022 and signed an extension agreement to extend the maturity date to June 30, 2023. On October 1, 2022, the Company entered into a new loan agreement with the same unrelated party for RMB 3,970,000 ($642,779), the loan had no interest, and was required to be repaid any time before June 30, 2023. On May 24, 2023, the Company entered into a loan extension agreement with the lender, wherein both parties agreed to settle the loan in full by December 31, 2024. During the three months ended September 30, 2023, the Company repaid $0.16 million to this unrelated party. As of September 30, 2023 and June 30, 2023, the outstanding loan balance to the unrelated party was $1,879,713 and $1,310,306, respectively as a result of the Company did not repay the loan in full at maturity. On October 9, 2023, the Company entered into a Debt Transfer and Offset Agreement with Mr. Wanli Kuai and Guorui Innovation. This agreement was resulted from the termination of a Marketing and Promotion agreement among the Company and Guorui Innovation, which Guorui Innovation needs to repay the Company in full for RMB 13,000,600 ($1,810,719) due to cancellation of the agreement. Following the negotiations, the Company, Mr. Wanli Kuai and Guorui Innovation agreed and entered a Debt Transfer and Offset Agreement, wherein Guorui Innovation will repay the prepayment of RMB 13,000,600 ($1,810,719) to Mr. Wanli Kuai for settling the debt that the Company owed to Mr. Kuai (See Note 5).

 

On September 21, 2023, the Company entered a loan agreement with another unrelated party for $153,208, the loan had no interest, and was required to be repaid any time before December 31, 2024.