6. Short-term Borrowing

9 Months Ended

Mar. 31, 2015

Notes

6. Short-term Borrowing

6.          SHORT-TERM BORROWING

             Short-term borrowing consists of the following:

		For Nine Months		For the Year
		Ended		Ended
		March 31, 2015		June 30, 2014
Shijiazhuang Finance Bureau  (a)	$	81,538	$	81,199
Shijiazhuang Construction Investment Group Co. Ltd   (b)		5,218,441		3,247,966
TianJin Heng Xing Mirco finance Bureau   (c)		4,076,906		-
Hebei Chuangyu Investment Group Co., Ltd		-	$	1,948,780
Hebei Hengrui Sunshine Pharmacy Co., Ltd		-		3,247,966
Mr. Liu Shujun		-	$	260,519
Mr. Li Hui		2,303		538,208
Shijiazhuang Red Property Management Co., Ltd		-		2,073,826
Total	$	9,379,188	$	11,398,464

a)        A non – interest bearing note payable to Shijiazhuang Bureau, an agency of a local government, due on demand.

b)        A one- year loan from Shijiazhuang Construction Investment Group, disbursed through China Construction Bank. The note bears an annual interest rate of 15% and was due on August 3, 2013 and further extended to July 12, 2015. The note was secured by certain registered trademarks and renewal certificates relating to Aoxing’s Zhongtongan capsule.

c)        A one year term loan from TianJin Heng Xing Mirco Finance Bureau. The note bears an annual interest rate of 20.04% and is due on March 17, 2016.