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Related Party Transactions

3 Months Ended

Sep. 30, 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 September 30, 2019 and June 30, 2019, the outstanding amounts due from related parties consist of the following:

	September 30, 2019		June 30, 2019
Yang Bin	$	42,027	$	43,688
Beijing Huiyinansheng Asset Management Co., Ltd (a.)		21,041		21,873
Beijing Shengguang Tianyi Clothing Co., Ltd (b.)		2,948		63,911
Wang Qiwei		56,737		58,981
	$	122,753	$	188,453

a. This Company is wholly owned by one of the Company's senior management.

b. This Company is wholly owned by one of the Company's shareholders.

DUE TO RELATED PARTIES

As of September 30, 2019 and June 30, 2019, the Company had related party payables of US$ 287,066 and US$ 234,500, 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.

	September 30, 2019		June 30, 2019
Wu Yang	$	89,727	$	93,275
Wang Sai		8,405		8,738
Chen Jiping		952		989
Zhang Yuying		0		2,913
Zhao Min		187,982		128,585
	$	287,066	$	234,500

SALES TO RELATED PARTIES

For the three months ended September 30, 2019 and 2018, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party (see Note 7), of US$ 795,548 and US$ 802,910, respectively. As of September 30, 2019 and June 30, 2019, the balance of accounts receivable due from Shaanxi Pharmaceutical Group was US$ 2,285,268 and US$ 2,706,111, respectively.