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8. Debt Disclosure
 9 Months Ended
Mar. 31, 2017
Notes  
8. Debt Disclosure

8              LOAN PAYABLE - BANK

 

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

 

 

 

March 31,

                 June 30,

 

 

 

2017

 

 

2016

 

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 June 7, 2017

 

$

4,353,802

 

 

$

4,514,462

 

Bank Note in the amount of 25.7 million RMB with Postal Savings Bank bearing an annual interest rate of 6.09%, made on July 22, 2014 for one year maturing on July 21, 2015 and was extended to October 31, 2017.

 

 

3,722,500

 

 

 

3,859,865

 

Bank Note in the amount of 20 million RMB with China Merchant Bank bearing an annual floating rate of 5.98%, initially made on December 27, 2013 and extended to October 4, 2017.

 

$

2,902,534

 

 

$

2,991,584

 

Bank Note in the amount of 19.9 million RMB with China Everbright Bank bearing 5.655% interest per annum made on January 16, 2015 for one year maturing on January 15, 2016 and was extended to February 24, 2018.

 

 

2,901,083

 

 

 

3,006,719

 

 

 

$

13,879,919

 

 

$

14,372,630