Short-Term Loans

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

SHORT-TERM LOANS

NOTE 9 - SHORT-TERM LOANS

Short-term loans consist of the following:

Lender	December 31, 2019		Maturity Date	Int. Rate/Year
Agricultural Bank of China-c		1,435,132	2020-2-25		5.66	%
Agricultural Bank of China-c		287,027	2020-8-26		5.60	%
Total	$	1,722,159

Lender	June 30, 2019		Maturity Date		Int. Rate/Year
MY Bank-a		7,282	2019-8-29	*		15.80	%
Agricultural Bank of China-b		291,256	2019-8-12	*		5.66	%
Agricultural Bank of China-b		655,327	2019-11-13			3.92	%
Agricultural Bank of China-c		1,456,282	2020-2-25			5.66	%
Total	$	2,410,147

The loans outstanding were guaranteed by the following properties, entities or individuals: 

a. Not collateralized or guaranteed.

b. Guaranteed by a commercial credit guaranty company, unrelated to the Company and also by Jiping Chen, a shareholder of the Company.

c. Collateralized by the building owned by Xiaoyan Chen and Jing Chen, who are both related parties of the Company. Xiaoyan Chen is one of the shareholders of Ankang Longevity Group. Jing Chen is the sister of the Xiaoyan Chen but not a shareholder of Ankang Longevity Group.

* The Company repaid the loan in full on maturity date.

The Company recorded interest expense of US$ 58,266 and US$ 58,544 for the six months ended December 31, 2019 and 2018, respectively. The annual weighted average interest rates are 5.32% and 5.74% for the six months ended December 31, 2019 and 2018, respectively.

The Company recorded interest expense of US$ 27,989 and US$ 27,172 for the three months ended December 31, 2019 and 2018, respectively. The annual weighted average interest rates are 5.52% and 5.77% for the three months ended December 31, 2019 and 2018, respectively.