Loan Payables

6 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 9- LOAN PAYABLES

As of December 31, 2018, the short-term loan payables consisted of two loans which mature on dates ranging from May 21 through June 18, 2019, with interest rates ranging from 5.22% to 6.31%. Both loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			December 31, 2018
1	Bank of Beijing - Pinggu Branch	May 22, 2018-May 21, 2019		5.22	%		1,454,000
2	Postal Saving Bank of China - Pinggu Branch	June 19, 2018-June 18, 2019		6.31	%		2,908,000
	Total					$	4,362,000

The interest expense from short-term loans was $312,264 and $274,162 for the six months ended December 31, 2018 and 2017, respectively.