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SHORT-TERM LOANS
9 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 8 - SHORT-TERM LOANS
 
Short-term loans consist of the following:
Lender
 
March 31, 2016
 
Maturity
Date
 
Int. 
Rate/Year
 
Chongqing Alibaba Micro-Credit Company-a
 
 
38,000
 
 
2016-9-9
 
 
15.21
%
Agricultural Bank of China-b
 
 
310,200
 
 
2016-9-24
 
 
5.52
%
Agricultural Bank of China-c
 
 
465,300
 
 
2016-8-9
 
 
5.82
%
Agricultural Bank of China-c
 
 
465,300
 
 
2016-10-27
 
 
5.27
%
Agricultural Bank of China-c
 
 
1,240,800
 
 
2016-11-18
 
 
5.22
%
Total
 
$
2,519,600
 
 
 
 
 
 
 
 
Lender
 
June 30, 2015
 
Maturity
Date
 
Int.
Rate/Year
 
Beijing Rural Commercial Bank Donghua Branch
 
$
111,006
 
 
Due on demand
 
 
7.97
%
Agricultural Bank of China-b
 
 
327,400
 
 
2015-8-25
 
 
7.20
%
Agricultural Bank of China-c
 
 
491,100
 
 
2015-7-29
 
 
7.20
%
Agricultural Bank of China-c
 
 
327,400
 
 
2015-10-14
 
 
7.80
%
Agricultural Bank of China-c
 
 
491,100
 
 
2015-10-16
 
 
7.20
%
Agricultural Bank of China-c
 
 
1,309,600
 
 
2015-10-30
 
 
7.20
%
Agricultural Bank of China-c
 
 
327,400
 
 
2016-2-16
 
 
6.42
%
Total
 
$
3,385,006
 
 
 
 
 
 
 
 
The loans outstanding were guaranteed by the following properties, entities or individuals:
 
a. Not collateralized or guaranteed.
 
b. Collateralized by the building owned by Xiaoyan Chen and Jing Chen, who are both the related parties of the company. Xiaoyan Chen is one of the shareholders of Ankang Longevity Pharmaceutical (Group) Co., Ltd. Jing Chen is the sister of the Xiaoyan Chen but not a shareholder of Ankang Longevity Group.
 
c. Guaranteed by commercial credit guaranty companies unrelated to the Company.
 
The Company recorded interest expense of $133,491 and $163,625 for the nine months ended March 31, 2016 and 2015, respectively. The annual weighted average interest rates are 6.14% and 7.24% as of March 31, 2016 and June 30, 2015, respectively.