RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE– 16 RELATED PARTY TRANSACTIONS

a. Related parties

Name of Related Party	Relationship to the Company
Yun-Kuang Kung	Son of Shang-Chiai Kung, who is the CEO of Vivic Corp.
Kung Hwang Liu Shiang	Director and Spouse of Shang-Chiai Kung, who is the CEO of Vivic Corp.
Shang-Chiai Kung	CEO of Vivic Corp.
Kun-Teng Liao*	Secretary and Board Member
Huilian Chen	Office manager of Vivic Corp.
Guangdong Weiguan Ship	Yun-Kuang Kung acquired 100% ownership of this entity from Vivic Corp. in July 2023
Jiazhou Yatch Company Limited	Yun-Kuang Kung has 100% ownership of this entity

* On October 9,2024 Kun-Teng Liao resigned from his positions with the Company and ceased to be Secretary and a Board Member.

b. Accounts receivables - related party

As of June 30, 2024, accounts receivable from related party included receivables from Guangdong Weiguan Ship of $15,408, and Jiazhou Yatch Company Limited of $1,226,980, respectively, for ships sold to them.

During the year ended June 30, 2024, the Company sold yachts in the aggregate amount of $1,508,036 to Jiiazhou Yacht Company, an entity owned by Yun-Kuang Kun. Of this amount, $1,226,980 is included in accounts receivable as of June 30, 2024.

c. Deposit and prepayment - related party

As of June 30, 2024 and 2023, the Company has deposit and prepayments to Weiguan of $250,462 and $nil.

d. Accounts payable - related party

During the year ended June 30, 2024, the Company purchased yachts from Weiguan Ship for an aggregate purchase price of $ 913,728, of which $ 903,728 was included in accounts payable as of the year end.

e. Due from related parties

Due from related parties consisted of the following:

Name	June 30, 2024		June 30, 2023
Guangdong Weiguan Ship 1)	$	2,365,420	$	-
Yun-Kuang Kung 2)		186,948		-
Total	$	2,552,368	$	-

As of June 30, 2023, the due from related parties from discontinued operations was $33,222 (Note 4).

As of June 30, 2024, the due from related parties consisted of the following:

1)

The Company had a receivable from Weiguan Ship for $2,365,420 as of June 30, 2024. Because Weiguan Ship was owned by the Company as of June 30, 2023, any amount due was eliminated at consolidation.

2)

On June 16, 2023, the Company loaned $0.31 million to Yun-Kuang Kung. The amount is non-interest bearing and is payable on May 31, 2026. As collateral security for the amount due, Yun-Kuang Kung has agreed to grant the Company a lien on a yacht with a book value of approximately $400,000. During the year ended June 30, 2024, Yun-Kuang Kung repaid the Company approximately $15,000. As of June 30, 2024, Vivic HK owed $0.11 million to Yun-Kuang Kung for amounts loaned to Vivic HK. After netting-off the amount of due-to and due-from Yun-Kuang Kung, the Company’s outstanding amount receivable from Yun-Kuang Kung was $186,948 and $0 as of June 30, 2024 and 2023, respectively.

f. Due to related parties

Due to related parties consisted of the following:

Name	June 30, 2024		June 30, 2023
Kung Hwang Liu Shiang	$	2,815	$	270
Shang-Chiai Kung		183,816		190,416
Yun-Kuang Kung		-		107,358
Total	$	186,631	$	298,044

As of June 30, 2023, the due to related parties from discontinued operations was $183,472 (Note 4).

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or stockholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Due to related parties represented temporary advances to the Company by the stockholders or senior management of the Company, which were unsecured, interest-free and had no fixed terms of repayments. Imputed interests from related parties’ loan are not significant.

Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.