v3.26.1
Related Party Balances and Transactions
 9 Months Ended
Mar. 31, 2026
Related Party Balances and Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

Note 16. RELATED PARTY BALANCES AND TRANSACTIONS 

 

Set forth below are balances and transactions with related parties for the three months ended, for the nine months ended, and as of March 31, 2026, and as of June 30, 2025.

 

Due from related party, net

 

As of March 31, 2026 and June 30, 2025, the outstanding amounts due from related parties consist of the following:

 

    As of     As of  
    March 31,     June 30,  
    2026     2025  
Shanghai Baoyin Industrial Co., Ltd (1)   $ 1,126,561     $ 1,084,793  
Zhejiang Jinbang Fuel Energy Co., Ltd (2)     403,454       388,496  
Less: impairment for credit losses     (1,530,015 )     (1,473,289 )
Total    
-
      
-
  

Movements of allowance for credit losses were as follows:

 

    As of     As of  
    March 31,     June 30,  
    2026     2025  
Beginning balance   $ 1,473,289     $ 2,122,376  
Less: Write-off    
-
       (675,063 )
Exchange rate effect     56,726       25,976  
Ending balance   $ 1,530,015     $ 1,473,289  

 

(1) As of March 31, 2026 and June 30, 2025, the Company advanced $1,126,241 and $1,084,793 to Shanghai Baoyin Industrial Co., Ltd. (“Shanghai Baoyin”) which is 30% owned by Qinggang Wang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The advance is non-interest bearing. The Company provided full credit losses for the balance of the receivable. The amount due from Shanghai Baoyin changed was as a result of changes in exchange rates.

 

(2) As of March 31, 2026 and June 30, 2025, the Company advanced $403,454 and $388,496 to Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) which is 30% owned by Mr. Wang Qinggang, CEO and legal representative of Trans Pacific Shanghai. The advance is non-interest bearing. The Company provided full credit losses for the balance of the receivable. The amount due from Zhejiang Jinbang changed was as a result of changes in exchange rates.

 

Due to related parties

 

As of March 31, 2026 and June 30, 2025, the Company owed $27,389 and $26,373 to Qinggang Wang, CEO and legal representative of Trans Pacific Shanghai, respectively. These payments were made on behalf of the Company for the daily business operational activities. The amount due to Qinggang Wang changed was as a result of changes in exchange rates.

 

As of March 31, 2026 and June 30, 2025, the Company owed $1,048,986 and $497,858 Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) which is 30% owned by Mr. Wang Qinggang, CEO and legal representative of Trans Pacific Shanghai. These payments were made on behalf of the Company for the daily business operational activities.

 

The balance of due to related parties was interest-free, unsecured, and due upon demand.