BANK LOAN PAYABLE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| BANK LOAN PAYABLE | NOTE 7 – BANK LOAN PAYABLE
In October 2022, the Company obtained a credit facility with OCBC Bank in Malaysia to provide a loan in the principal amount of MYR5,000,000 (approximately US$1,069,000) in relation to the Company’s purchase of a factory (No. 3 factory building, see Note 4). The acquisition and loan drawdown was completed in March 2023. The loan bears interest at the base lending rate, as defined, minus 2.2% (4.06% at June 30, 2025), is secured by the No. 3 factory building, matures in October 2042, and is guaranteed by certain of the Company’s shareholders.
In June 2023, the credit agreement with OCBC Bank was amended to provide a second loan to the Company in the principal amount of MYR4,600,000 (approximately US$975,162) in relation to the Company’s purchase of a factory (No. 5 factory building, see Note 4). The acquisition and loan drawdown was completed in February 2024. The loan bears interest at the base lending rate, as defined, minus 2.5% (4.06% at June 30, 2025), is secured by the No. 5 factory building, matures in December 2043, and is guaranteed by certain of the Company’s shareholders.
The total interest expenses were $ 123,168 and $81,203 for the year ended June 30, 2025 and 2024 respectively.
Future Minimum principal payments under the bank borrowing at June 30, 2025, are as follow:
|