Loan Payables

12 Months Ended

Jun. 30, 2024

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of June 30, 2024, the short-term and long-term loan payables consisted of five loans which mature on dates ranging from August 19, 2022 through June 13, 2027 with interest rates ranging from 3.65% to 5.00%. No. 1 to 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit. No. 4 to 5 below are collateralized by Jinong’s land use right and building ownership right. No. 6 below is collateralized by Yuxing’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2024
1	Beijing Bank -Pinggu Branch	June 28, 2024-June 27, 2025		3.95	%		1,237,500
2	Huaxia Bank -HuaiRou Branch	June 28, 2024-June 28, 2025		3.65	%		1,375,000
3	Pinggu New Village Bank	June 28, 2024-June 27, 2025		5.00	%		962,500
4	Industrial Bank Co. Ltd	August 19, 2022-August 18, 2024		3.98	%		935,000
5	Industrial Bank Co. Ltd	October 7, 2023-October 6, 2024		3.70	%		2,750,000
6	Chang’An Bank	June 14, 2024-June 13, 2027		4.00	%		2,062,500
	Total					$	9,322,500

The interest expense from short-term loans was $292,186 and $295,804 for the year ended June 30, 2024 and 2023, respectively.