Note 7 - Long Term Loans

9 Months Ended

Jun. 30, 2014

Notes

Note 7 - Long Term Loans

Note 7 – Long Term Loans

The long term loans as of June 30, 2014 and September 30, 2013 consisted of the following:

	June 30, 2014			September 30, 2013
a) Individual loans from unrelated parties at monthly interest rate of 0%-6% at various maturities by May 7, 2016	$	2,344,632	$	3,358,411
b) Individual loans from various investors, bearing interest of 12% per annum and due on July 1, 2015, as extended		100,000		100,000
c) Loan payable to Jialing Rural Credit Cooperative Union due on December 19, 2015 at a interest rate of 10.764% per annum, secured by Chunfei Chemical’s real property and Chunfei Real Estate’s real property		4,709,600		-
Less: current portion of long term loans		( 2,276,036)		(  2,438,187	)
Total Long Term Loans	$	4,878,196	$	1,020,224