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Due from Related Party
6 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
DUE FROM RELATED PARTY

(5) DUE FROM RELATED PARTY

 

On March 22, 2018, the Board of Directors approved the execution of two agreements with Xi'an of China, an affiliated Company of IDSI. The agreements are a Know How Transfer Contract and a CTLM Know How Confidentiality Agreement. The contract, having a term of 20 years, stipulates that Xi'an will pay IDSI a know how transfer fee of 25% of revenue for CTLM product sales in their territory. The Company also sells inventory parts or acquires parts from third parties on behalf of Xi'an. For the six months ended December 31, 2019 and 2018, such sales totaled $0 and $149,066, respectively. As of December 31, 2019 and June 30, 2019, the Company has receivables from related parties of $7,700 and $7,700, respectively as a result of sales of inventory parts or acquisition of parts from third parties on behalf of Xi'an. Xi'an and Viable have common ownership hence these transactions are considered related party transactions.

 

Additionally, as of December 31, 2019 and June 30, 2019, the Company has amounts due from related parties of $11,965 and 11,965, respectively. The majority of the amount due is $11,115 due from Xi'an. This was for product that was purchased by Xi'an that IDSI paid for. Xi'an will reimburse IDSI for the amounts paid on their behalf.