| RELATED PARTY TRANSACTIONS |
15.
RELATED PARTY TRANSACTIONS
| Name of Related Party | | Relationship to Us | | Zhuoqin Huang | | Chairman of the board of the Company | | Shenzhen HipHopJust Information Technology Co., Ltd. | | Minority shareholder of Shenzhen JamBox | | Weiyi Lin | | Director of Pop Shuzhi and former vice president and former director of the Company | | Lei Wang | | Director of Pupu Sibo | | Wanquan Yi | | Director of Shenzhen Pop | | Shenzhen JamBox | | A company controlled by Wanquan Yi, director of Shenzhen Pop | | Hualiu Boying | | A company in which the Company has a minority interest | | Xiamen Pupu Investment | | A company controlled by the chairman of the Company |
Balance
with related parties
As
of December 31, 2024 and June 30, 2024, due from related parties consisted of the following:
| Name of Related Party | |
Nature | |
December 31,
2024 | | |
June 30,
2024 | |
| Lei Wang | |
Receivable on disposal of a subsidiary | |
$ | - | | |
$ | 11,903 | |
| Wanquan Yi | |
Receivable on disposal of a subsidiary | |
| - | | |
| 247,688 | |
| Shenzhen JamBox | |
Outstanding balance on date of disposal of this subsidiary and further loan to this company | |
| - | | |
| 389,559 | |
| | |
| |
| - | | |
| 649,150 | |
| Allowance for credit loss | |
| |
| - | | |
| - | |
| Due from related parties, net | |
| |
$ | - | | |
$ | 649,150 | |
As
of December 31, 2024 and June 30, 2024, accounts receivable, net - related parties consisted of the following:
| Name of Related Party | |
Nature | |
December 31,
2024 | | |
June 30,
2024 | |
| Shenzhen JamBox | |
Business receivables | |
$ | 442,097 | | |
$ | 2,121,725 | |
| Hualiu Boying | |
Business receivables | |
| 7,905 | | |
| 8,373 | |
| Xiamen Pupu Investment | |
Business receivables | |
| - | | |
| 165 | |
| | |
| |
| 450,002 | | |
| 2,130,263 | |
| Allowance for credit loss | |
| |
| (70,292 | ) | |
| (1,513 | ) |
| Accounts receivable, net - related parties | |
| |
$ | 379,710 | | |
$ | 2,128,750 | |
As
of December 31, 2024 and June 30, 2024, accounts payable - related parties consisted of the following:
| Name of Related Party | |
Nature | |
December 31,
2024 | | |
June 30,
2024 | |
| Xiamen Pupu Investment | |
Business payables | |
$ | 10,159 | | |
$ | - | |
| Accounts payable - related parties | |
| |
$ | 10,159 | | |
$ | - | |
As
of December 31, 2024 and June 30, 2024, contract liability - related parties consisted of the following:
| Name of Related Party | |
Nature | |
December 31,
2024 | | |
June 30,
2024 | |
| Xiamen Pupu Investment | |
Advance payment for concert execution | |
$ | 1,178,003 | | |
$ | 2,906,209 | |
| Contract liability - related parties | |
| |
$ | 1,178,003 | | |
$ | 2,906,209 | |
As
of December 31, 2024 and June 30, 2024, other payables- related parties consisted of the following:
| Name of Related Party | |
Nature | |
December 31,
2024 | | |
June 30,
2024 | |
| Xiamen Pupu Investment | |
Ticket payments collected on behalf of the Company | |
$ | 1,543,299 | | |
$ | 1,390,515 | |
| Weiyi Lin | |
Reimbursement payable | |
| 2,136 | | |
| - | |
| Other payables - related parties | |
| |
$ | 1,545,435 | | |
$ | 1,390,515 | |
Related
party transaction
Related
party transaction during the six months ended December 31, 2024:
During the six months ended December 31, 2024,
the Company generated revenue from following related parties:
| | |
2024 | |
| Xiamen Pupu Investment | |
$ | 2,629,053 | |
| Shenzhen Jambox | |
| 487,295 | |
| Hualiu Boying | |
| 24,496 | |
| Total | |
$ | 3,140,844 | |
During the six months ended
December 31, 2024, Mr. Zhuoqin Huang, the Chief Executive Officer of the Company (the “CEO”) guaranteed the short-term bank
loans of $1,835,792 for the Company.
During the six months ended December 31, 2024,
the Company received $394,471 from Shenzhen JamBox for the outstanding receivable as of disposal date.
During the six months ended December 31, 2024,
the Company received $250,812 from Wanquan Yi and Lei Wang for the proceeds on disposal of a subsidiary.
During the six months ended December 31, 2024,
the Company received $12,053 from Lei Wang for the proceeds on disposal of an equity investment.
Related
party transaction during the six months ended December 31, 2023:
During
the six months ended December 31, 2023, Mr. Zhuoqin Huang, CEO of the Company guaranteed the long-term bank loans of $985,929 for the
Company.
|