Loan Payables

6 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of December 31, 2021, the short-term loan payables consisted of three loans which mature on dates ranging from June 17, 2020 through August 5, 2021 with interest rates ranging from 5.22% to 5.66%. All loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			December 31, 2021
1	Postal Saving Bank of China - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		2,359,500
2	Beijing Bank - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		314,600
3	Postal Saving Bank of China - Pinggu Branch	May 25, 2021-May 21, 2022		5.22	%		1,573,000
	Total					$	4,247,100

The interest expense from short-term loans was $138,518 and $123,953 for the period ended December 31, 2021 and 2020, respectively.