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RELATED PARTY TRANSACTIONS (Tables)
 9 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
SCHEDULE OF DUE FROM RELATED PARTIES

As of March 31, 2023 and June 30, 2022, the outstanding amounts due from related parties consisted of the following:

 

  

March 31,

2023

  

June 30,

2022

 
         
Zhao Min  $-   $1,410 
Shanghai Gaojing Private Fund Management (a.)   419,334    429,998 
Zhongjian Yijia Health Technology (Qingdao) Co., Ltd. (“Zhongjian Yijia”) (b.)   1,513,015    1,719,568 
Zhongjian (Qingdao) International Logistics Development Co., Ltd. (“Zhongjian International”) (c.)   4,724,916    4,644,011 
Subtotal   6,657,265    6,794,987 
Less: allowance for doubtful accounts   (728,010)   - 
Total due from related parties, net  $5,929,255   $6,794,987 
SCHEDULE OF DUE TO RELATED PARTIES

 

  

March 31,

2023

  

June 30,

2022

 
         
Wu Yang  $-   $95,630 
Wang Sai   38,206    96,081 
Zhou Guocong   2,100    - 
Li Baolin   2,038    - 
Zhao Min (a.)   423,134    562,528 
Zhou Shunfang (b.)   1,988,282    2,044,561 
Liu Fengming   44,157    - 
Yan Lixia   1,790    - 
Zhang Yuying   72,646    - 
Huang Shanchun   50,445    - 
Total due to related parties  $2,622,798   $2,798,800 

 

a. During the year ended June 30, 2022, the Company entered into a series of loan agreements with Zhao Min to borrow an aggregated amount of US$365,797 (RMB 2.45 million) for the Company’s working capital needs for three months, with a maturity date range between July 2022 to September 2022. The loans bore a fixed annual interest rate of 5.0% per annum. Upon maturity date, the Company signed loan extension agreements with Zhao Min to extend the loan period for another nine months, with the same interest rate of 5.0% per annum. During the nine months ended March 31, 2023, the Company borrowed additional loan of US$29,120 (RMB 0.2 million), resulted a total outstanding balance including principal and the interest of US$395,894 as of March 31, 2023.
   
b. During the year ended June 30, 2022, the Company entered into a series of loan agreements with Zhou Shunfang to borrow an aggregated amount of US$1,269,092 (RMB 8.5 million) for the Company’s working capital needs for less than one year, with a maturity date range on March 31, 2022. The loans bore a fixed annual interest rate of 20.0% per annum. All loans were fully repaid by the Company upon their maturity.