Loan Payables

3 Months Ended

Sep. 30, 2023

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of September 30, 2023, the short-term and long-term loan payables consisted of four loans which mature on dates ranging from June 5, 2024 through August 18, 2024 with interest rates ranging from 3.65% to 5.00%. The first three loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			September 30, 2023
1	Beijing Bank -Pinggu Branch	June 5, 2023-June 5, 2024		4.15	%		1,371,000
2	Huaxia Bank -HuaiRou Branch	June 28, 2023-June 28, 2024		3.65	%		1,371,000
3	Pinggu New Village Bank	June 29, 2023-June 28, 2024		5.00	%		959,700
4	Industrial Bank Co. Ltd	August 19, 2022-August 18, 2024		3.98	%		987,120
	Total					$	4,688,820

The interest expense from loans was $67,554 and $82,244 for the three months ended September 30, 2023 and 2022, respectively.