Loan Payables

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of June 30, 2020, the short-term loan payables consisted of two loans which mature on dates ranging from June 16, 2021 through June 22, 2021 with interest rates ranging from 5.22% to 5.66%. No. 1 and 2 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2019
1	Postal Saving Bank of China - Pinggu Branch	June 17, 2020-June 16, 2021		5.66	%		2,122,500
2	Beijing Bank -Pinggu Branch	June 22, 2020-June 22, 2021		5.22	%		1,415,000
	Total					$	3,537,500

The interest expense from short-term loans was $278,328 and $318,122 for the year ended June 30, 2020 and 2019, respectively.