XML 107 R91.htm IDEA: XBRL DOCUMENT v3.22.0.1
Related Party Balance and Transactions (Details) - Schedule of outstanding amounts loan receivable from related parties - USD ($)
Dec. 31, 2021
Jun. 30, 2021
Related Party Transaction [Line Items]    
Loan receivable $ 223,705  
Total 4,762,635 $ 4,644,969
Wang Qinggang [Member]    
Related Party Transaction [Line Items]    
Loan receivable [1] 629,416 619,329
Shanghai Baoyin Industrial Co., Ltd [Member]    
Related Party Transaction [Line Items]    
Loan receivable [2] $ 4,133,219 $ 4,025,640
[1] 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 is non-interest bearing and amounted to $620,478 (RMB 4 million) and will be repaid in June 2023. There has been no change in the balance other than exchange difference.
[2] 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). $619,329 (RMB 4,000,000) has been repaid as of June 30, 2021. For the three months ended December 31,2021, Shanghai Baoyin Industrial Co., Ltd borrowed $42,013(RMB 267,000) and the rest of the loan $4,133,219 (RMB 26,267,000) is to be repaid in April 2023. The loan is unsecured and non-interest bearing.