Related Party Balance and Transactions

3 Months Ended

Sep. 30, 2024

Related Party Balance and Transactions [Abstract]

RELATED PARTY BALANCE AND TRANSACTIONS

Note 19. RELATED PARTY BALANCE AND TRANSACTIONS 

Due from related party, net

As of September 30, 2024 and June 30, 2024, the outstanding amounts due from related parties consist of the following:

	September 30,			June 30,
	2024			2024
Zhejiang Jinbang Fuel Energy Co., Ltd (1)	$	396,549		$	382,949
Shanghai Baoyin Industrial Co., Ltd (2)		1,103,860			1,066,003
LSM Trading Ltd (3)		570,000			570,000
Rich Trading Co. Ltd (4)		103,424			103,424
Less: allowance for doubtful accounts		(2,173,833	)		(2,122,376	)
Total	$	-		$	-

(1) As of September 30, 2024 and June 30, 2024, the Company advanced $396,549 and  $382,949 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 allowance of $396,549 and $382,949 for the balance of the receivable as of September 30, 2024 and June 30, 2024, and the allowance changes as a result of changes in exchange rates.

(2) As of September 30, 2024 and June 30, 2024, the Company advanced approximately $1,103,860 and $1,066,003 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 September 30, 2024 and June 30, 2024, 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 provided 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 provided allowance of $103,424 for the balance of the receivable as of September 30, 2024 and June 30, 2024.

Accounts payable- related parties

As of June 30, 2024, the Company had accounts payable to Rich Trading Co. Ltd of $63,434. And there was no change as of September 30, 2024.

Other payable - related party

As of September 30, 2024 and June 30, 2024, the Company had accounts payable to Qinggang Wang, CEO and legal representative of Trans Pacific Shanghai, of $26,920 and $25,997. These payments were made on behalf of the Company for the daily business operational activities.

As of September 30, 2024 and June 30, 2024, the Company had accounts payable to $206,103 and $199,034 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.