| LOANS PAYABLE |
NOTE 11 — LOANS PAYABLE
The loan balance consists of the following:
| | |
March 31,
2026 | | |
June 30,
2025 | |
| Loan A | |
$ | 24,246 | | |
$ | 23,347 | |
| Loan B | |
| 144,970 | | |
| 139,595 | |
| Loan C | |
| - | | |
| 99,928 | |
| Loan D | |
| 64,487 | | |
| - | |
| Total | |
| 233,703 | | |
| 262,870 | |
| Less: loan payable, current | |
| (184,609 | ) | |
| (262,870 | ) |
| Loan payable, non-current | |
$ | 49,094 | | |
$ | - | |
| (A) | The Company entered a loan of RMB167,250 with a third party on August 9, 2024. The loan is unsecured, with no interest bearing and repayable on demand. | | | | | (B) | The Company entered a loan of RMB1,000,000 with a third party on June 6, 2025. The loan is unsecured, with no interest bearing for 12 months period and matured on May 31, 2026. | | | | | (C) | The Company entered a loan of $99,928 with a third party on June 27, 2025. The loan is at a fixed interest of 8.99% per annum and payable on monthly basis, for 11 months period and matured on May 27, 2026. The monthly payment is $9,498 blending of interest and principal. During the nine months ended March 31, 2026, the Company cancelled an insurance policy associated with a loan arrangement and, as a result, was legally released from its obligation to repay the related loan. The Company determined that the liability had been extinguished as it was no longer the primary obligor. Accordingly, the Company derecognized the outstanding loan balance and recognized a gain on extinguishment of debt of $25,832, which is included in income from continuing operations. | | | | | (D) | The Company entered a loan of RMB500,000 with a third party on August 8, 2025. The loan is at a fixed interest of 1.92% per annum and payable on monthly basis, for 60 months period and matured on May 4, 2030. The monthly payment is RMB8,746 blending of interest and principal. |
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