Related Party Transactions
|3 Months Ended|
Sep. 30, 2019
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
Note 9 – related party transactions
The Company's President, Zhixin Liu, paid certain operating expenses on behalf of the Company. As of September 30 and June 30, 2019, the amounts due to the President were $0 and $86,733 respectively. These amounts were interest-free, unsecured and due on demand.
On January 1, 2016, the Company's President entered into a car rental agreement with the Company. Pursuant to the agreement, the Company rents a car from the Company's President for a monthly rent of approximately $750. The agreement expired on December 31, 2016. The agreement was renewed and the term was extended to December 31, 2020. The rent paid under this agreement was $2,137 and $2,205 for the three months ended September 30, 2019 and 2018, respectively.
On November 11, 2017, the Company bought a used car for $3,000 from Harbin Jinfenglvyuan Biotechnology Co., Ltd, a related entity owned by Mr. Fu Liu, a director of the Company.
In April 2017, the Company's President entered into an apartment rental agreement with the Company. Pursuant to the agreement, the Company rents an apartment from the Company's President with an annual rent of approximately $2,849. The agreement was renewed and the term was extended to April 30, 2020. The rent paid under this agreement was $712 and $735 for the three months ended September 30, 2019 and 2018, respectively.
On April 22, 2019, the Company borrowed RMB400,000 (or approximately $57,000) with no interest from the Company's President to pay operating expenses. The loan was repaid on July 8, 2019.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef