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Related Party Transactions

6 Months Ended

Dec. 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 December 31, 2019 and June 30, 2019, the outstanding amounts due from related parties consist of the following:

	December 31, 2019		June 30, 2019

Yang Bin	$	43,054	$	43,688
Beijing Huiyinansheng Asset Management Co., Ltd (a.)		21,556		21,873
Beijing Shengguang Tianyi Clothing Co., Ltd (b.)		-		63,911
Wang Qiwei		58,124		58,981
	$	122,734	$	188,453

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

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

DUE TO RELATED PARTIES

As of December 31, 2019 and June 30, 2019, the Company had related party payables of US$ 495,555 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.

	December 31, 2019		June 30, 2019

Wu Yang	$	91,920	$	93,275
Wang Sai		8,611		8,738
Chen Jiping		-		989
Zhang Yuying		-		2,913
Zhou Guocong		11,481		-
Li Baolin		215,270		-
Zhao Min		168,273		128,585
	$	495,555	$	234,500

SALES TO RELATED PARTIES

For the six and three months ended December 31, 2019, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party (see Note 7), of US$ 1,545,849 and US$ 750,301, respectively. For the six and three months ended December 31, 2018, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party, of US$ 1,801,787 and US$ 998,877, respectively. As of December 31, 2019 and June 30, 2019, the balance of accounts receivable due from Shaanxi Pharmaceutical Group was US$ 2,054,466 and US$ 2,706,111, respectively.