Loan Payables

12 Months Ended

Jun. 30, 2016

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 8- LOAN PAYABLES

As of June 30, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from May 18, 2016 through March 17, 2017 with interest rates ranging from 4.87% to 5.82%. The loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2 is guaranteed by Jinong’s credit.

No.	Payee	Loan period per agreement		Interest Rate			June 30, 2016
1	Agriculture Bank of China-Pinggu Branch		May 18, 2016 - March 17, 2017		4.87	%	$	1,956,500
2	Beijing Bank Pinggu Branch		August 11, 2015- August 2, 2016		5.82	%		1,505,000
3	Agriculture Bank of China-Pinggu Branch		Jan 19, 2016 - Jan 17, 2017		5.00	%		1,204,000
	Total						$	4,665,500

As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2015 through April 29, 2016 with interest rates ranging from 5.60% to 7.80%. The loans No 6 and 10 are collateralized by Tianjuyuan’s land use right and building ownership right. The loan No.8 is collateralized by Gufeng’s deposit. The loan No.7 is collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 2 and 9 are guaranteed by Jinong’s credit. The loans No.3, 4 and 5 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No.1 is guaranteed by Jinong and Tianjuyuan’s deposit.

No.	Payee	Loan period per agreement		Interest Rate			June 30, 2015
1	Beijing Bank – Pinggu Branch		Aug 6, 2014 – Aug 5, 2015		6.72	%	$	1,637,000
2	China Merchants Bank – Chaoyang Branch		Aug 27, 2014 – Aug 26, 2015		7.80	%		1,637,000
3	Beijing International Trust Co., Ltd		Sep 24, 2014 – Sep 23, 2015		7.80	%		1,637,000
4	Beijing International Trust Co., Ltd		Oct 28, 2014 – Oct 27, 2015		7.80	%		1,637,000
5	Beijing International Trust Co., Ltd		Dec 26, 2014 – Dec 15, 2015		7.28	%		1,637,000
6	Agriculture Bank of China-Pinggu Branch		Jan 21, 2015 – Jan 20, 2016		6.16	%		1,309,600
7	Tianjin Bank – Beijing Branch		Feb 3, 2015 – Jan 27, 2016		6.16	%		6,548,000
8	Tianjin Bank – Beijing Branch		Feb 11, 2015 – Feb 10, 2016		5.60	%		4,616,340
9	China Merchants Bank – Chaoyang Branch		Mar 16, 2015 – Mar 15, 2016		6.96	%		818,500
10	Agriculture Bank of China-Pinggu Branch		May 12, 2015 – Apr 29, 2016		5.89	%		2,128,100
	Total						$	23,605,540

The interest expense from short-term loans was $995,959 and $1,712,639 for the years ended June 30, 2016 and 2015, respectively.