Loan Payables

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 9 – LOAN PAYABLES

As of December 31, 2019, the short-term loan payables consisted of three loans which mature on dates ranging from June 2, 2020 through June 27, 2020 with interest rates ranging from 5.22% to 6.31%. All 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	Postal Saving Bank of China - Pinggu Branch	June 3, 2019-June 2, 2020		6.31	%		2,872,000
2	Beijing Bank - Pinggu Branch	June 28, 2019-June 27, 2020		5.22	%		718,000
3	Beijing Bank - Pinggu Branch	August 14, 2019-June 27, 2020		5.22	%		287,200
	Total					$	3,877,200

The interest expense from short-term loans was $164,698 and $312,264 for the six months ended December 31, 2019 and 2018 respectively.