Related Party Balance and Transactions

12 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

RELATED PARTY BALANCE AND TRANSACTIONS

Note 20. RELATED PARTY BALANCE AND TRANSACTIONS

Due from related party, net

As of June 30, 2021 and 2020, the outstanding amounts due from related parties consist of the following:

	June 30,			June 30,
	2021			2020
Tianjin Zhiyuan Investment Group Co., Ltd. (1)	$	384,331		$	484,331
Zhejiang Jinbang Fuel Energy Co., Ltd (2)		430,902			-
Less: allowance for doubtful accounts		(384,331	)		(48,433	)
Total	$	430,902		$	435,898

(1) 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 June 30, 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 June 30, 2021. For the years ended June 30, 2021 and 2020, the Company recovered $10,000 and $41,341, respectively, of allowance for doubtful accounts of the amount due from Zhiyuan.

(2) The Company advanced Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) $477,278 and Zhejiang Jinbang return $46,376 for the year ended June 30, 2021. The rest of the advance is non interest bearing and due on demand.

Loan receivable- related parties

On June 10, 2021, the Company entered a loan agreement with Wang Qinggang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The loan amounted to $619,329 (RMB 4 million) and will be repaid in June 2023.

On April 10, 2021, the Company entered into a loan agreement with Shanghai Baoyin Industrial Co., Ltd. which is 30% owned by Wang Qinggang. The loan amounted to $4,644,969 (RMB 30,000,000 million). $619,329 (RMB 4,000,000) has been repaid as of June 30, 2021 and the rest of the loan $4,025,640 (RMB 26,000,000) is to be repaid in April 2023. The loan is unsecured and non-interest bearing.

As of June 30, 2021, the Company had payable to the CEO of $11,303 and to the acting CFO of $2,516 which were 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.