XML 61 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
LOAN PAYABLE - EQUIPMENT PURCHASE
12 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
LOAN PAYABLE - EQUIPMENT PURCHASE

NOTE L - LOAN PAYABLE - EQUIPMENT PURCHASE

 

On October 29, 2013, the Company borrowed $5,966,052 (RMB 36,474,054) in order to fund the acquisition of machinery and equipment by the Company. The loan term was to February 28, 2014, and the Company was to pay $211,606 (RMB 1,300,000) in interest over the life of the loan. The loan is secured by the assets of Jilin Huaxia. On June 30, 2014, the loan term was extended to December 31, 2015 in order to allow for the Company to receive the proceeds from the deposit made to purchase equipment. The loan has not been repaid and is in default. See Note D for corresponding deposit for equipment purchase.