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SHORT-TERM LOANS
3 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 8- SHORT-TERM LOANS
 
Short-term loans consist of the following:
 
 
 
 
 
Maturity
 
 
Int.
 
Lender
 
September 30, 2016
 
Date
 
 
Rate/Year
 
Wanxiang Trust Co., Ltd-a
 
$
31,483
 
2017-9-9
 
 
13.67%
 
Agricultural Bank of China-c
 
 
749,600
 
2017-8-18
 
 
5.71%
 
Agricultural Bank of China-d
 
 
449,760
 
2016-10-27
*
 
5.27%
 
Agricultural Bank of China-d
 
 
1,199,360
 
2016-11-18
 
 
5.22%
 
Agricultural Bank of China-d
 
 
299,840
 
2017-4-7
 
 
5.22%
 
Total
 
$
2,730,043
 
 
 
 
 
 
 
 
 
 
 
Maturity
 
 
Int.
 
Lender
 
June 30, 2016
 
Date
 
 
Rate/Year
 
Chongqing Alibaba Micro-Credit Company-a
 
$
36,873
 
2016-9-9
*
 
15.21%
 
Agricultural Bank of China-b
 
 
301,008
 
2016-9-24
*
 
5.52%
 
Agricultural Bank of China-d
 
 
451,512
 
2016-8-9
*
 
5.82%
 
Agricultural Bank of China-d
 
 
451,512
 
2016-10-27
*
 
5.27%
 
Agricultural Bank of China-d
 
 
1,204,032
 
2016-11-18
 
 
5.22%
 
Agricultural Bank of China-d
 
 
301,008
 
2017-4-7
 
 
5.22%
 
Total
 
$
2,745,945
 
 
 
 
 
 
 
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.
 
d. Guaranteed by a commercial credit guaranty company, unrelated to the Company and also by Jiping Chen, a shareholder of the Company.
 
*
The Company repaid the loans in full on maturity date.
 
The Company recorded interest expense of $39,303 and $38,898 for the three months ended September 30, 2016 and 2015, respectively. The annual weighted average interest rates are 5.48% and 6.71% for the three months ended September 30, 2016 and 2015, respectively.