Related Party Transactions

9 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

Note 20. RELATED PARTY TRANSACTIONS

As of March 31, 2021 and 2020, the outstanding amounts due from related parties consist of the following:

	March 31,			June 30,
	2021			2020
Tianjin Zhiyuan Investment Group Co., Ltd.	$	384,331		$	484,331
Less: allowance for doubtful accounts		(384,331	)		(48,433	)
Total	$	-		$	435,898

In June 2013, the Company signed a five-year global logistic service agreement with Tianjin Zhiyuan Investment Group Co., Ltd. (“Zhiyuan Investment Group”) and TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd. (together with Zhiyuan Investment Group, “Zhiyuan”). Zhiyuan Investment Group is owned by Mr. Zhong Zhang. In September 2013, the Company executed an inland transportation management service contract with the Zhiyuan Investment Group whereby it would provide certain advisory services and help control potential commodities loss during the transportation process.

Starting in late 2020, Mr, Zhang started selling off his shares of the Company and does not own shares of the Company as of March 31, 2021 and no longer a related party. Management’s reassessed the collectability and decided to make additional $345,898 allowance for doubtful accounts as of March 31, 2021. There was no recovery for the three months ended March 31, 2021 and 2020. For the nine months ended March 31, 2021 and 2020, the Company recovered $10,000 and $41,341, respectively, of allowance for doubtful accounts of the amount due from Zhiyuan.

As of March 31, 2021, the Company had payable to the CEO of $11,197 and to the acting CFO of $2,132 which was included in other payable. As of June 30, 2020, the Company had payable to the CEO of $6,279 and to the Acting CFO of $26,570 which were included in other payable. These payments were made on behalf of the Company for the daily business operational activities.