Related Party Transactions

12 Months Ended

Jun. 30, 2022

Related Party Transactions

Related Party Transactions

Note 6 - Related Party Transactions

Amounts due to a related party are for advances made by a stockholder of the Company. The balance due of $1,258,676 and $927,987 as at June 30, 2022 and June 30, 2021 respectively, is presented as due to related parties in the accompanying consolidated balance sheet. The amounts due are non-interest bearing and payable upon demand. In the period ended June 30, 2021, certain related parties forgave advances and accrued expenses in the amount of $262,116. This resulted in a gain on forgiveness of debt on the income statement in the amount of $262,116.