Related Party Balance and Transactions (Tables)

6 Months Ended

Dec. 31, 2023

Related Party Balance and Transactions [Abstract]

Schedule of Outstanding Amounts due from Related Parties

As of December 31, 2023 and June 30, 2023, the outstanding amounts due from related parties consist of the following:

	December 31,			June 30,
	2023			2023
Zhejiang Jinbang Fuel Energy Co., Ltd (1  )	$	495,492		$	458,607
Shanghai Baoyin Industrial Co., Ltd (2)		1,091,571			1,068,014
LSM Trading Ltd (3)		570,000			570,000
Rich Trading Co. Ltd (4)		103,424			103,424
Lei Cao		-			13,166
Less: allowance for doubtful accounts		(2,157,129	)		(2,138,276	)
Total	$	103,358		$	74,935

(1) As of December 31, 2023 and June 30, 2023, the Company advanced $495,492 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 allowances of $392,134 and $383,672 for the balance of the receivable as of December 31, 2023 and June 30, 2023. The amount of the  allowance changes as a result of changes in exchange rates.

(2) As of December 31, 2023 and June 30, 2023, the Company advanced $1,091,571 and $1,068,014 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 December 31, 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 evaluated the collection possibility and decided to provide 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 filed a complaint to recover the remainder of the funds advanced. The Company provided an allowance of $103,424 for the balance of the receivable as of December 31, 2023 and June 30, 2023.