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Note 5 - Related Party Transactions
9 Months Ended
Jun. 30, 2015
Notes  
Note 5 - Related Party Transactions

Note 5 – Related Party Transactions

 

The Company periodically borrows money from its shareholders to finance the operations.  These loans are all due on demand. The details of loans from related parties are as follows:

 

 

 

June 30

2015

 

 

September 30,

2014

 

 

 

 

 

 

 

 

Sichuan Chunfei Real Estate

 

$

923,720

 

 

$

1,212,670

 

Sichuan Chunfei Daily Chemical

 

 

1,852,134

 

 

 

755,759

 

Sichuan Shubei Feed Co.Ltd.

 

 

71,318

 

 

 

62,891

 

Zhang, Qiwei, a shareholder

 

 

34,272

 

 

 

-

 

Pu Fachun, Chief Executive Officer

 

 

1,090,518

 

 

 

1,133,694

 

   Total

 

$

3,971,962

 

 

$

3,165,014

 

 

Sichuan Chunfei Daily Chemicals Co. Ltd (“Daily Chemical”) and Sichuan Chunfei Real Estate (“Chunfei Real Estate”) are owned by Mr. Pu Fachun. Sichuan Shubei Feed Co. Ltd. is owned by Mr. Pu Xidi, son of Mr. Pu Fachun.

 

The Company recorded imputed interest at 6% per annum and recorded $47,310 and $179,832 for non-interest bearing related party loans for the three and nine months ended June 30, 2015, respectively.

 

The Company recorded imputed interest at 6% per annum and recorded $23,779 and $148,001 for non-interest bearing related party loans for the three and nine months ended June 30, 2014, respectively.

 

Interest expense for interest-bearing related party loans was $28,872 and $61,016 for the three and nine months ended June 30, 2015, respectively.

 

Interest expense for interest-bearing related party loans was $81,503 and $226,057 for the three and nine months ended June 30, 2014, respectively.

 

The following table summarized related party loans with interest and non interest as of June 30, 2015:

 

 

 

Non

interest

bearing

 

 

Bearing

interest from

1%-3.5%

per month

 

Short term loan

 

$

3,351,802

 

 

$

620,160

 

Long term loan

 

 

             -

 

 

 

                  -

 

 

 

$

3,351,802

 

 

$

620,160