| Schedule of Due From Related Parties |
As of June 30, 2026 and 2025, the outstanding
amounts due from related parties consist of the following:
| |
|
As of |
|
|
As of |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2026 |
|
|
2025 |
|
| Shanghai Baoyin Industrial Co., Ltd (1) |
|
$ |
1,145,307 |
|
|
$ |
1,084,793 |
|
| Zhejiang Jinbang Fuel Energy Co., Ltd (2) |
|
|
410,168 |
|
|
|
388,496 |
|
| Less: impairment for credit losses |
|
|
(1,555,475 |
) |
|
|
(1,473,289 |
) |
| Total |
|
|
- |
|
|
|
- |
|
| (1) |
As of June 30, 2026, and 2025, the Company advanced $1,145,307
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 and due
on demand. 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 June 30, 2026, and 2025, the Company advanced $410,168
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. |
|
| Schedule of Allowance For Credit Losses |
Movements of allowance for credit losses were
as follows:
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2026 |
|
|
2025 |
|
| Beginning balance |
|
$ |
1,473,289 |
|
|
$ |
2,122,376 |
|
| Less: Write-off |
|
|
- |
|
|
|
(675,063 |
) |
| Exchange rate effect |
|
|
82,186 |
|
|
|
25,976 |
|
| Ending balance |
|
$ |
1,555,475 |
|
|
$ |
1,473,289 |
|
|