Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 333-150952 | |
Entity Registrant Name | China Media Inc. | |
Entity Central Index Key | 0001434674 | |
Entity Tax Identification Number | 46-0521269 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Room 10128, No. 269-5-1 Taibai South Road | |
Entity Address, Address Line Two | Yanta District, Xi'an City | |
Entity Address, City or Town | Shaan'xi Province | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 710068 | |
City Area Code | 86 | |
Local Phone Number | 298765-1114 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,750,000 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 1,882 | $ 2,603 |
Other receivable, net of allowance of $114,444 and $118,145 at March 31, 2020 and June 30, 2019, respectively | 3,238 | 3,780 |
Other current assets | 423 | |
Total current assets | 5,543 | 6,383 |
Fixed assets, net | 14,274 | 14,736 |
Operating lease right-of-use asset - related party | 48,404 | |
Total non-current assets | 62,678 | 14,736 |
Total Assets | 68,221 | 21,119 |
Current liabilities | ||
Accounts payable | 14,179 | 8,924 |
Accrued liabilities and other payable | 317,218 | 287,592 |
Accrued liabilities - related party | 42,613 | 73,270 |
Operating lease liability, current - related party | 59,406 | |
Due to related parties | 789,285 | 717,974 |
Total current liabilities | 1,222,701 | 1,087,760 |
Operating lease liability, non-current - related party | 31,540 | |
Total non-current liabilities | 31,540 | |
Total liabilities | 1,254,241 | 1,087,760 |
Stockholders' equity | ||
Common stock, $0.00001 par value, 180,000,000 shares authorized; 39,750,000 shares issued and outstanding at March 31, 2020 and June 30, 2019, respectively | 398 | 398 |
Additional paid-in capital | 11,345,213 | 11,323,440 |
Accumulated other comprehensive income | 665,515 | 630,561 |
Accumulated deficit | (13,197,146) | (13,021,040) |
Total stockholders' equity | (1,186,020) | (1,066,641) |
Total liabilities and stockholders' equity | $ 68,221 | $ 21,119 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 39,750,000 | 39,750,000 |
Common stock, shares outstanding | 39,750,000 | 39,750,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
Selling, general and administrative | $ 35,846 | $ 33,688 | $ 154,287 | $ 153,152 |
Impairment loss | 3,943 | 732,944 | ||
Total operating expenses | 35,846 | 37,631 | 154,287 | 886,096 |
Other income (expense) | ||||
Interest expense | 6,299 | 6,132 | 21,819 | 19,664 |
Net income before income taxes | (42,145) | (43,763) | (176,106) | (905,760) |
Income taxes benefit | ||||
Net loss | (42,145) | (43,763) | (176,106) | (905,760) |
Comprehensive income | ||||
Net loss | (42,145) | (43,763) | (176,106) | (905,760) |
Foreign currency translation gain (loss) | 20,552 | (20,001) | 34,954 | (12,766) |
Comprehensive income (loss) | $ (21,593) | $ (63,764) | $ (141,152) | $ (918,526) |
Net income per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.02) |
Weighted average number of shares outstanding-basic and diluted | 39,750,000 | 39,750,000 | 39,750,000 | 39,750,000 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total |
Beginning Balance at Jun. 30, 2018 | $ 398 | $ 11,298,300 | $ 619,693 | $ (12,056,334) | $ (137,943) |
Beginning Balance (in shares) at Jun. 30, 2018 | 39,750,000 | ||||
Foreign currency translation adjustment | 5,411 | 5,411 | |||
Imputed interest on related party loan | 6,801 | 6,801 | |||
Net income / (loss) | (66,056) | (66,056) | |||
Ending Balance at Sep. 30, 2018 | $ 398 | 11,305,101 | 625,104 | (12,122,390) | (191,787) |
Ending Balance (in shares) at Sep. 30, 2018 | 39,750,000 | ||||
Beginning Balance at Jun. 30, 2018 | $ 398 | 11,298,300 | 619,693 | (12,056,334) | (137,943) |
Beginning Balance (in shares) at Jun. 30, 2018 | 39,750,000 | ||||
Foreign currency translation adjustment | (12,766) | ||||
Net income / (loss) | (905,760) | ||||
Ending Balance at Mar. 31, 2019 | $ 398 | 11,317,917 | 606,927 | (12,962,094) | (1,036,852) |
Ending Balance (in shares) at Mar. 31, 2019 | 39,750,000 | ||||
Beginning Balance at Sep. 30, 2018 | $ 398 | 11,305,101 | 625,104 | (12,122,390) | (191,787) |
Beginning Balance (in shares) at Sep. 30, 2018 | 39,750,000 | ||||
Foreign currency translation adjustment | 1,824 | 1,824 | |||
Imputed interest on related party loan | 6,683 | 6,683 | |||
Net income / (loss) | (795,941) | (795,941) | |||
Ending Balance at Dec. 31, 2018 | $ 398 | 11,311,784 | 626,928 | (12,918,331) | (979,221) |
Ending Balance (in shares) at Dec. 31, 2018 | 39,750,000 | ||||
Foreign currency translation adjustment | (20,001) | (20,001) | |||
Imputed interest on related party loan | 6,133 | 6,133 | |||
Net income / (loss) | (43,763) | (43,763) | |||
Ending Balance at Mar. 31, 2019 | $ 398 | 11,317,917 | 606,927 | (12,962,094) | (1,036,852) |
Ending Balance (in shares) at Mar. 31, 2019 | 39,750,000 | ||||
Beginning Balance at Jun. 30, 2019 | $ 398 | 11,323,440 | 630,561 | (13,021,040) | (1,066,641) |
Beginning Balance (in shares) at Jun. 30, 2019 | 39,750,000 | ||||
Foreign currency translation adjustment | 41,283 | 41,283 | |||
Imputed interest on related party loan | 6,804 | 6,804 | |||
Net income / (loss) | (64,531) | (64,531) | |||
Ending Balance at Sep. 30, 2019 | $ 398 | 11,330,244 | 671,844 | (13,085,571) | (1,083,085) |
Ending Balance (in shares) at Sep. 30, 2019 | 39,750,000 | ||||
Beginning Balance at Jun. 30, 2019 | $ 398 | 11,323,440 | 630,561 | (13,021,040) | (1,066,641) |
Beginning Balance (in shares) at Jun. 30, 2019 | 39,750,000 | ||||
Foreign currency translation adjustment | 34,954 | ||||
Net income / (loss) | (176,106) | ||||
Ending Balance at Mar. 31, 2020 | $ 398 | 11,345,213 | 665,515 | (13,197,146) | (1,186,020) |
Ending Balance (in shares) at Mar. 31, 2020 | 39,750,000 | ||||
Beginning Balance at Sep. 30, 2019 | $ 398 | 11,330,244 | 671,844 | (13,085,571) | (1,083,085) |
Beginning Balance (in shares) at Sep. 30, 2019 | 39,750,000 | ||||
Foreign currency translation adjustment | (26,881) | (26,881) | |||
Imputed interest on related party loan | 8,670 | 8,670 | |||
Net income / (loss) | (69,430) | (69,430) | |||
Ending Balance at Dec. 31, 2019 | $ 398 | 11,338,914 | 644,963 | (13,155,001) | (1,170,726) |
Ending Balance (in shares) at Dec. 31, 2019 | 39,750,000 | ||||
Foreign currency translation adjustment | 20,552 | 20,552 | |||
Imputed interest on related party loan | 6,299 | 6,299 | |||
Net income / (loss) | (42,145) | (42,145) | |||
Ending Balance at Mar. 31, 2020 | $ 398 | $ 11,345,213 | $ 665,515 | $ (13,197,146) | $ (1,186,020) |
Ending Balance (in shares) at Mar. 31, 2020 | 39,750,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS OPERATING ACTIVITIES | ||
Net loss | $ (176,106) | $ (905,760) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Imputed interest | 21,773 | 19,617 |
Impairment loss on film costs | 732,944 | |
Operating lease right-of-use asset - related party | 12,255 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 5,500 | |
Accrued liabilities and other payable | 39,049 | 54,231 |
Operating lease liability - related party | 2,078 | |
Net cash provided by (used in) operating activities | (100,951) | (93,468) |
CASH FLOW FINANCING ACTIVITIES | ||
Proceeds from related parties | 94,805 | 89,742 |
Net cash used in financing activities | 94,805 | 89,742 |
Effect of exchange rate changes on cash | 5,425 | (162) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (721) | (3,888) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 2,603 | 7,179 |
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 1,882 | 3,291 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Description of Business
Description of Business | 9 Months Ended |
Mar. 31, 2020 | |
Description Of Business | |
Description of Business | NOTE 1. Description of Business China Media Inc. (“we”, “our”, the “Company”, “China Media”), formerly Protecwerx Inc., was incorporated in the State of Nevada on October 16, 2007. The Company does not conduct any substantive operations of its own; rather, it conducts its primary business operations through Vallant Pictures Entertainment Co., Ltd. (“Vallant”), its wholly owned subsidiary incorporated under the laws of the British Virgin Islands, which in turn, conducts its business through Xi’an TV Media Co. Ltd. (“Xi’An TV”). Effective control over Xi’An TV was transferred to the Company through the series of contractual arrangements without transferring legal ownership in Xi’An TV. As a result of these contractual arrangements, the Company maintained the ability to approve decisions made by Xi’An TV and was entitled to substantially all of the economic benefits of Xi’An TV. Xi’An TV was incorporated in Xi’An, Shaan’xi Province, People’s Republic of China (“PRC”) and is in the business of investing, producing and developing film and television programming for the Chinese market. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | NOTE 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited interim consolidated financial statements of China Media Inc. have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual financial statements for the year ended June 30, 2019. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the year ended June 30, 2019 have been omitted. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including estimates of ultimate revenues and ultimate costs of film and television products, the amount of receivables that ultimately will be collected, the potential outcome of future tax consequences of events that have been recognized in the Company’s financial statements and loss contingencies. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or results of operations will be affected. Estimates are made based on past experience and other assumptions that management believes are reasonable under the circumstances, and management evaluates these estimates on an ongoing basis. Recent Accounting Pronouncements On July 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (as amended by ASU 2018-01, 2018-10, 2018-11, 2018-20, and 2019-01, collectively ASC Topic 842), using the modified retrospective method. The Company elected the transition method which allows entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result of electing this transition method, previously reported financial information has not been restated to reflect the application of the new standard to the comparative periods presented. The Company elected the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. The Company elected not to record assets and liabilities on its consolidated balance sheet for new or existing lease arrangements with terms of 12 months or less. The Company recognizes lease expenses for such lease on a straight-line basis over the lease term. The primary impact of applying ASC Topic 842 is the initial recognition of $92,000 of lease liability and $62,000 of right-of-use asset on the Company’s consolidated balance sheet as of July 1, 2019, for lease classified as operating leases under ASC Topic 840, as well as enhanced disclosure of the Company’s leasing arrangement. There is no cumulative effect to retained earnings or other components of equity recognized as of July 1, 2019 and the adoption of this standard did not impact the consolidated statement of operations and comprehensive loss or consolidated statement of cash flows of the Company. The Company does not have finance lease arrangements as of March 31, 2020. See Note 4 for further discussion. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has suffered recurring losses from operations and has a working capital deficit as of March 31, 2020. The Company also generated negative operating cash flows and incurred net loss for the nine months ended March 31, 2020. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, management intends to raise additional funds by way of cooperation with other film and television producers, obtaining loans from shareholders and borrowing from Dean Li, the President and Chief Executive Officer of the Company, to fund operations. The consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions | |
Related Party Transactions | NOTE 3. Related Party Transactions From time to time, the Company borrowed loans from Dean, Li, the President and Chief Executive Officer of the Company. As of March 31, 2020 and June 30, 2019, the Company owed Dean Li $789,285 and $717,974, respectively. The loans borrowed from Mr. Dean Li are unsecured, free of interest with no specified maturity date. The imputed interests are assessed as an expense to the business operation and an addition to the paid-in-capital and calculated based on annual interest rate in the range of 3.39%-4.15% with reference to one-year loan. The Company has a five-year lease agreement with Shaanxi Gede Trading Co., Ltd. (“Gede”) to lease its main office for a monthly rent of RMB11,167 (approximately $1,637) with a term of five years and expiration date on December 31, 2022. Gede’s Legal Representative and Chief Executive Officer is a major shareholder of the Company. As of March 31, 2020, the Company had a right-of-use asset of $48,404 and lease liability of $90,946 related to this lease. The Company also owed Gede rent payable of $42,613 for another lease that ended December 31, 2017. As of June 30, 2019, total rent payable owed to Gede was $73,270. See Note 4 for more details. On December 11, 2018, the Company provided a guarantee for Shaanxi Hengtai Mingji Trading Co., Ltd.’s (“Hengtai”) two-year loan borrowed from Chang’An Bank in the amount of RMB 210,532,513 (approximately $30,616,700 when borrowed). The loan was pledged by Hengtai’s receivable from Shaanxi Senzhiyuan Industrial Co., Ltd. (“Senzhiyuan”), a related party of the Company. See Note 5 for more details. |
Operating Lease
Operating Lease | 9 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Operating Lease | NOTE 4. Operating Lease On January 1, 2018, the Company entered into a lease agreement with Shaanxi Gede Trading Co., Ltd. (“Gede”), a related party, to lease its main office for a monthly rent of RMB11,167 (approximately $1,637) with a term of five years. Balance sheet information related to the operating lease is as follows: March 31, Operating lease right-of-use asset – related party $ 48,404 Operating lease liability, current – related party $ 59,406 Operating lease liability, non-current – related party 31,540 Total operating lease liability $ 90,946 For the nine months ended March 31, 2020, the Company had operating lease cost of $14,333 and the reduction in operating lease right-of-use asset – related party was $12,255. No cash was paid for amount included in the measurement of operating lease liability – related party during the nine months ended March 31, 2020. The weighted-average remaining lease term and the weighted-average discount rate of our lease are as follows: March 31, Weighted-average remaining lease term 2.75 years Weighted-average discount rate 4.85% The following table summarizes the maturity of our operating lease liability – related party as of March 31, 2020: For The Years Ended June 30, 2020 (remaining) $ 47,269 2021 18,908 2022 18,908 2023 and thereafter 9,454 Total lease payment 94,539 Less imputed interest (3,593) Total lease liability – related party $ 90,946 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5. Commitments and Contingencies On December 11, 2018, the Company entered into a guarantee agreement to provide guarantee for Shaanxi Hengtai Mingji Trading Co., Ltd.’s (“Hengtai”) two-year loan borrowed from Chang’An Bank in the amount of RMB 210,532,513 (approximately $30,616,700). The guarantee period is two years starting from the date the payment is due. The loan is pledged by Hengtai’s receivable from Shaanxi Senzhiyuan Industrial Co., Ltd. (“Senzhiyuan”) in the amount of RMB 226,000,000 and 50 million equity interest in Hengtai’s two shareholders. The controlling shareholder of Senzhiyuan is also a principal shareholder of the Company. The information of lease commitment is provided in Note 4. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Summary Of Significant Accounting Policies Policies Abstract | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited interim consolidated financial statements of China Media Inc. have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual financial statements for the year ended June 30, 2019. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the year ended June 30, 2019 have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including estimates of ultimate revenues and ultimate costs of film and television products, the amount of receivables that ultimately will be collected, the potential outcome of future tax consequences of events that have been recognized in the Company’s financial statements and loss contingencies. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or results of operations will be affected. Estimates are made based on past experience and other assumptions that management believes are reasonable under the circumstances, and management evaluates these estimates on an ongoing basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On July 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (as amended by ASU 2018-01, 2018-10, 2018-11, 2018-20, and 2019-01, collectively ASC Topic 842), using the modified retrospective method. The Company elected the transition method which allows entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result of electing this transition method, previously reported financial information has not been restated to reflect the application of the new standard to the comparative periods presented. The Company elected the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. The Company elected not to record assets and liabilities on its consolidated balance sheet for new or existing lease arrangements with terms of 12 months or less. The Company recognizes lease expenses for such lease on a straight-line basis over the lease term. The primary impact of applying ASC Topic 842 is the initial recognition of $92,000 of lease liability and $62,000 of right-of-use asset on the Company’s consolidated balance sheet as of July 1, 2019, for lease classified as operating leases under ASC Topic 840, as well as enhanced disclosure of the Company’s leasing arrangement. There is no cumulative effect to retained earnings or other components of equity recognized as of July 1, 2019 and the adoption of this standard did not impact the consolidated statement of operations and comprehensive loss or consolidated statement of cash flows of the Company. The Company does not have finance lease arrangements as of March 31, 2020. See Note 4 for further discussion. |
Going Concern | Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has suffered recurring losses from operations and has a working capital deficit as of March 31, 2020. The Company also generated negative operating cash flows and incurred net loss for the nine months ended March 31, 2020. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, management intends to raise additional funds by way of cooperation with other film and television producers, obtaining loans from shareholders and borrowing from Dean Li, the President and Chief Executive Officer of the Company, to fund operations. The consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern. |
Operating Lease (Tables)
Operating Lease (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Commitments And Contingencies Tables Abstract | |
Schedule of Operating Lease | Balance sheet information related to the operating lease is as follows: March 31, Operating lease right-of-use asset – related party $ 48,404 Operating lease liability, current – related party $ 59,406 Operating lease liability, non-current – related party 31,540 Total operating lease liability $ 90,946 |
Schedule of Weighted-average remaining lease term | The weighted-average remaining lease term and the weighted-average discount rate of our lease are as follows: March 31, Weighted-average remaining lease term 2.75 years Weighted-average discount rate 4.85% |
Schedule of maturity of operating lease liability | The following table summarizes the maturity of our operating lease liability – related party as of March 31, 2020: For The Years Ended June 30, 2020 (remaining) $ 47,269 2021 18,908 2022 18,908 2023 and thereafter 9,454 Total lease payment 94,539 Less imputed interest (3,593) Total lease liability – related party $ 90,946 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | |
Minimum [Member] | ||
Range of Annual Imputed Interest Rate (as a percentage) | 3.39% | |
Maximum [Member] | ||
Range of Annual Imputed Interest Rate (as a percentage) | 4.15% | |
Dean Li, President and Shareholder | ||
Advance from Related party | $ 789,285 | $ 717,974 |
Operating Lease (Details)
Operating Lease (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | |
Disclosure Operating Lease Details Abstract | ||
Operating lease right-of-use asset - related party | $ 48,404 | |
Operating lease liability, current - related party | 59,406 | |
Operating lease liability, non-current - related party | 31,540 | |
Total operating lease liability | 90,946 | |
Operating Lease cost | 14,333 | |
Reduction in operating lease right-of-use asset - related party | $ 12,255 | |
Weighted-average remaining lease term | 2 years 9 months | |
Weighted-average discount rate | 4.85% |
Operating Lease (Details 2)
Operating Lease (Details 2) | Mar. 31, 2020USD ($) |
Disclosure Operating Lease Details Abstract | |
2020 | $ 47,269 |
2021 | 18,908 |
2022 | 18,908 |
2023 | 9,454 |
Total | 94,539 |
Less imputed interest | (3,593) |
Total lease liability - related party | $ 90,946 |