XML 30 R18.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Mar. 31, 2019

NOTE 11 - RELATED PARTY TRANSACTIONS

DUE FROM RELATED PARTIES

The Company had previously made temporary advances to certain shareholders of the Company and to other entities that are either owned by family members of those shareholders or to other entities that the Company has investments in. Those advances are due on demand, non-interest bearing.

As of March 31, 2019 and June 30, 2018, the outstanding amounts due from related parties consist of the following:

	March 31, 2019		June 30, 2018

Yang Bin	$	44,702	$	151,063
Zhang Xin		-		93,658
Chang Song		-		59,669
Beijing Huiyinansheng Asset Management Co., Ltd		22,381		22,690
Beijing Shengguang Tianyi Clothing Co., LTD		65,691		-
Wang Qiwei		60,349		61,181
	$	193,123	$	388,261

DUE TO RELATED PARTIES

As of March 31, 2019 and June 30, 2018, the Company had related party payables of US$ 228,022 and US$ 197,617, respectively, mainly due to the principal shareholders or certain relatives of the shareholders of the Company who lend funds for the Company's operations. The payables are unsecured, non-interest bearing and due on demand.

	March 31, 2019		June 30, 2018

Wu Yang	$	95,440	$	96,755
Wang Sai		8,940		-
Zhouguocong		1,490		-
Zhangyuying		9,970		-
Zhao Min		112,182		100,862
	$	228,022	$	197,617

SALES TO RELATED PARTIES

For the nine and three months ended March 31, 2019, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party (see Note 7), of US$ 2,579,117 and US$ 777,330, respectively. For the nine and three months ended March 31, 2018, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party, of US$ 2,388,488 and US$ 786,854, respectively. As of March 31, 2019 and June 30, 2018, the balance of accounts receivable due from Shaanxi Pharmaceutical Group was US$ 2,058,320 and US$ 1,526,351, respectively.