Loan Payables (Tables)

6 Months Ended

Dec. 31, 2017

Loan Payables [Abstract]

Summary of loan payables

No.	Payee	Loan period per agreement	Interest Rate			December 31, 2017
1	Postal Saving Bank of China - Pinggu Branch	March 24, 2017-March 5, 2018		6.31	%	$	4,599,000
2	Bank of Beijing - Pinggu Branch	June 9, 2017-June 8, 2018		5.22	%		1,456,350
3	Bank of Beijing-Pinggu Branch	June 9, 2017-June 8, 2018		5.22	%		76,650
4	Beijing Agriculture Investment -small loan	August 1, 2017-July 30, 2018		5.50	%		153,300
	Total					$	6,285,300

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2017
1	Postal Saving Bank of China - Pinggu Branch	March 24, 2017-March 5, 2018		6.31	%		4,507,080
2	Bank of Beijing - Pinggu Branch	June 9, 2017-June 8, 2018		5.22	%		1,502,360
3	Bank of Beijing - Pinggu Branch	June 28, 2016-July 28, 2017		5.22	%	$	1,502,360
4	Bank of China-Anhui	November 25, 2016-October 25, 2017		LPR	*	$	166,311
	Total					$	7,678,111

*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate used by commercial banks to their top grade borrowers whose credit are comparable to the interbank borrowing creditworthiness in China. The LPR rate is a variable rate and is published along with Shanghai Interbank Offer Rates daily.