Borrowings

12 Months Ended

Jun. 30, 2022

10. Borrowings

	2022			2021		2020			2019
		*US$*			*US$*		*US$*			*US$*
Loan from shareholder
Current
Balance as of 1 July		123,274			112,533		114,993			120,926
Repayment		(103,335	)		—		—			—
Forex exchange		(10,314	)		10,741		(2,460	)		(5,933	)
Balance as of 30 June		9,625			123,274		112,533			114,993

The loan balance above is an unsecured loan from Xin Jin, a significant shareholder and an officer of the Company and its sole Director. The loan is non-trade in nature, non-interest bearing and repayable on demand.

AREM PACIFIC CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2022, 2021, 2020, AND 2019

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Name Accounting Standards Codification
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+ Details

AREM PACIFIC Corp 10-K