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Loans Payable | 12 Months Ended
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Jun. 30, 2024
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 year ended June 30, 2024, the Company made a repayment of $72,104 to this loan. For the year ended June 30, 2024, the Company recorded and paid $8,194 interest expense for this loan. As of June 30, 2024, $36,081 was recorded as 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 year ended June 30, 2024, the Company made a repayment of $8,012 to this loan. For the year ended June 30, 2024, the Company recorded and paid $796 interest expense for this loan. As of June 30, 2024, $4,677 was recorded as current liabilities. On April 25, 2023, Shuhai Beijing entered a loan agreement with China Bank Co., Ltd for the amount of RMB 2,990,000 ($422,156) 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 year ended June 30, 2024, the Company recorded and paid $8,464 interest expense for this loan. As of June 30, 2024, the loan was paid in full. On April 10, 2024, Guozhong Times entered a loan agreement with Bank of Beijing for the amount of RMB 500,000 ($70,158) with a term of 12 months with a preferential annual interest rate of 3.45% to be paid every 21st of each month. For the year ended June 30, 2024, the Company recorded and paid $396 interest expense for this loan. As of June 30, 2024, $70,158 was recorded as current liabilities. On April 23, 2024, Guozhong Times entered a loan agreement with Beijing Rural Commercial Bank Economic and Technological Development Zone Branch for the amount of RMB 550,000 ($77,173) with a term of 12 months with the annual interest rate of 4.95% to be paid every 21st of each month. For the year ended June 30, 2024, the Company recorded and paid $626 interest expense for this loan. As of June 30, 2024, $77,173 was recorded as current liabilities. On April 25, 2024, Shuhai Beijing entered a loan agreement with Industrial Bank Co., Ltd for the amount of RMB 2,000,000 ($280,631) with a term of 12 months with a preferential annual interest rate of 3.88% to be paid every 21st of each month. For the year ended June 30, 2024, the Company recorded and paid $1,722 interest expense for this loan. As of June 30, 2024, $280,631 was recorded as current liabilities. Liu Fu is the guarantor of this loan agreement. On May 28, 2024, Guozhong Times entered a loan agreement with China Everbright Bank for the amount of RMB 1,000,000 ($140,315) with a term of 12 months with the annual interest rate of 3.4% to be paid every 21st of each month. For the year ended June 30, 2024, the Company recorded and paid $318 interest expense for this loan. As of June 30, 2024, $140,315 was recorded as current liabilities. On June 20, 2024, Shuhai Beijing entered a loan agreement with Bank of China for the amount of RMB 4,000,000 ($561,262) with a term of 12 months with a preferential annual interest rate of 2.30% to be paid every 21st of thr third months of each quarter. As of June 30, 2024, $561,262 was recorded as current liabilities. Liu Fu is the guarantor of this loan agreement. The following table summarizes the loan balance as of June 30, 2024:
Lender |  | Loan amount |  |  | Borrowing date |  | Loan term: Months |  |  | Interest rate |  |  | Outstanding balance |
Shenzhen Qianhai WeBank Co., Ltd |  |  | 14,032 |  |  | 1/13/2023 |  |  | 24 |  |  |  | 8.68 | % |  |  | 4,677 |
Shenzhen Qianhai WeBank Co., Ltd |  |  | 126,284 |  |  | 12/20/2022 |  |  | 24 |  |  |  | 10.73 | % |  |  | 36,081 |
Bank of Beijing |  |  | 70,158 |  |  | 4/10/2024 |  |  | 12 |  |  |  | 3.45 | % |  |  | 70,158 |
Beijing Rural Commercial Bank Economic and Technological Development Zone Branch |  |  | 77,173 |  |  | 4/23/2024 |  |  | 12 |  |  |  | 4.95 | % |  |  | 77,173 |
China Everbright Bank |  |  | 140,315 |  |  | 5/28/2024 |  |  | 12 |  |  |  | 3.40 | % |  |  | 140,315 |
Bank of China |  |  | 561,262 |  |  | 6/20/2024 |  |  | 12 |  |  |  | 2.30 | % |  |  | 561,263 |
Industrial Bank Co., Ltd |  |  | 280,631 |  |  | 4/25/2024 |  |  | 12 |  |  |  | 3.88 | % |  |  | 280,631 |
Total |  | $ | 1,269,855 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,170,298 |
Loan from 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. On September 15, 2023, the Company, its CEO and Mr. Wanli Kuai entered a Debt Transfer Agreement, wherein the Company’s CEO transferred the Company’s debt of RMB 5,207,962 ($0.73 million) that was owed to her to Mr. Wanli Kuai. 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). During the year ended June 30, 2024, the Company repaid $2.1 million to this unrelated party. As of June 30, 2024 and 2023, the outstanding loan balance to the unrelated party was $nil and $1,310,306, respectively, as a result of the Debt Transfer and Offset Agreement.

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