v3.23.3
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties - USD ($)
Sep. 30, 2023
Jun. 30, 2023
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Less: allowance for doubtful accounts $ (2,132,500) $ (2,138,276)
Total 26,115 74,935
Zhejiang Jinbang Fuel Energy Co., Ltd [Member]    
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Due from related parties [1] 408,634 458,607
Shanghai Baoyin Industrial Co., Ltd [Member]    
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Due from related parties [2] 1,064,805 1,068,014
LSM Trading Ltd [Member]    
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Due from related parties [3] 570,000 570,000
Rich Trading Co. Ltd [Member]    
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Due from related parties [4] 103,424 103,424
Cao Lei [Member]    
Related Party Balance and Transactions (Details) - Schedule of Outstanding Amounts due from Related Parties [Line Items]    
Due from related parties [5] $ 11,752 $ 13,166
[1] As of September 30, 2023 and June 30, 2023, the Company advanced $408,634 and  $458,607 to Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) which is 30% owned by Mr. Wang Qinggang, CEO and legal representative of Trans Pacific Shanghai. The advance is non-interest bearing and due on demand. The Company provided allowance of $382,519 and $383,672 for the balance of the receivable as of September 30, 2023 and June 30, 2023, and the allowance changes as a result of changes in exchange rates.
[2] As of September 30, 2023 and June 30, 2023, the Company advanced approximately $1.1 million and $1.3 million to Shanghai Baoyin Industrial Co., Ltd. which is 30% owned by Qinggang Wang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The advance is non-interest bearing and due on demand. The Company provided full credit losses for the balance of the receivable.
[3] As of September 30, 2023 and June 30, 2023, the Company advanced $570,000 to LSM Trading Ltd, which is 40% owned by the Company. The advance is non-interest bearing and due on demand. The Company provided full credit losses for the balance of the receivable.
[4] On November 16, 2021, the Company entered into a project cooperation agreement with Rich Trading Co. Ltd USA (“Rich Trading”) for the trading of computer equipment. Rich Trading’s bank account was controlled by now-terminated members of the Company’s management and was, at the time, an undisclosed related party. According to the agreement, the Company was to invest $4.5 million in the trading business operated by Rich Trading and the Company would be entitled to 90% of profits generated by the trading business. The Company advanced $3,303,424 for this project, of which $3,200,000 has been returned to the Company. The Company provided allowance of $103,424 for the balance of the receivable as of September 30, 2023 and June 30, 2023.
[5] The amount represents business advance to Mr. Lei Cao, the former Chairman of the Board. During the three months ended September 30, 2023. Mr. Lei Cao paid back in $10,000, the receivables balance due from Lei Cao decreased accordingly. The impairment of $10,000 recognized in the prior year was reversed in this reporting period.