8. Debt Disclosure

3 Months Ended

Sep. 30, 2015

Notes

8. Debt Disclosure

8              LOAN PAYABLE - BANK

Loan payable – bank consist of the following loans collateralized by assets of the company:

	September 30,		June 30,
	2015			2015
Bank Note in the amount of 30 million RMB with Shijiazhuang Huirong Rural Cooperative Bank bearing an annual interest rate of 10% made on September 23, 2014. The note matured on November 22, 2014 and was extended to March 16, 2016	$	4,706,768		$	4,894,922
Bank Note in the amount of 27 million RMB with Postal Savings Bank bearing an annual interest rate of 7.8%, made on July 22, 2014 for one year maturing on July 21, 2015 and was extended to December 21, 2015		4,236,091			4,894,922
Bank Note in the amount of 20 million RMB with China Merchant Bank bearing an annual floating rate of  7.0%, initially made on December 27, 2013 and renewed on January 13, 2015 for one year maturing on January 12, 2016		3,137,846			3,263,282
Bank Note in the amount of 20 million RMB with China Everbright Bank bearing 7.84% interest per annum, made on January 16, 2015 for one year maturing on January 15, 2016		3,137,846			3,263,282
	$	15,218,551		$	16,316,408