NOTE 8- LOAN PAYABLES

As of September 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from October 29, 2014 through September 23, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No 4,7 and 8 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No.5 is collateralized by deposit. The loans No.3 collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 6 and 10 are guaranteed by Jinong’s credit. The loans No. 1, 2 and 11 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No.9 is guaranteed by Jinong and Tianjuyuan’s deposit.

No.	Payee	Loan period per agreement		Interest Rate			As of Sep 30, 2014
1	Beijing International Trust Co., Ltd		Oct 30, 2013- Oct 29, 2014		7.80	%	$	1,299,200
2	Beijing International Trust Co., Ltd		Dec 12, 2013 - Dec 11, 2014		7.80	%		1,299,200
3	Bank of Tianjin- Beijing Branch		Jan 8, 2014- Jan 7, 2015		6.60	%		5,684,000
4	Agriculture Bank of China-Pinggu Branch		Jan 15, 2014-Jan 14, 2015		6.60	%		1,364,160
5	Bank of Tianjin- Beijing Branch		Jan 23, 2014- Jan 22, 2015		6.00	%		3,053,120
6	China Merchants Bank- Chaoyangmen Branch		Feb 19, 2014- Feb 18, 2015		7.20	%		2,436,000
7	Agriculture Bank of China-Pinggu Branch		Mar 24, 2014- Mar 23, 2015		6.60	%		1,299,200
8	Agriculture Bank of China-Pinggu Branch		Apr 25, 2014- Apr 24, 2015		6.60	%		1,640,240
9	Bank of Beijing- Pinggu Branch		Aug 6, 2014- Aug 5, 2015		7.20	%		1,624,000
10	China Merchants Bank- Chaoyangmen Branch		Aug 27, 2014- Aug 26, 2015		7.80	%		1,624,000
11	Beijing International Trust Co., Ltd		Sep 24, 2014- Sep 23, 2015		7.80	%		1,624,000
	Total						$	22,947,120

As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No. 7, 10 and 11 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 2 is collateralized by Gufeng and Tianjuyuan. The loan No.8 is collateralized by deposit. The loans No. 1, 3, 4, 5 and 9 are guaranteed by Jinong’s credit. The loan No. 6 is collateralized by the land use rights of Jinong. The loans No. 1 and 2 were subsequently paid off during August 2014.

No.	Payee	Loan period per agreement		Interest Rate		As of June 30, 2014
1	China Merchants Bank Chaoyang Branch		Feb 25, 2014 - Aug 14, 2014	6.90	%	$	2,030,000
2	Beijing Bank Pinggu Branch		Aug 16, 2013 - Aug 15, 2014	7.20	%		1,624,000
3	Beijing International Trust Co., Ltd		Sep 25, 2013 - Sep 24, 2014	7.80	%		1,624,000
4	Beijing International Trust Co., Ltd		Oct 30, 2013-Oct 29, 2014	7.80	%		1,624,000
5	Beijing International Trust Co., Ltd		Dec 12, 2013-Dec 11, 2014	7.80	%		1,624,000
6	Tianjin Bank Beijing Branch		Jan 8, 2014-Jan 7, 2015	6.60	%		5,684,000
7	Agriculture Bank of China-Pinggu Branch		Jan 15, 2014-Jan 14, 2015	6.60	%		1,364,160
8	Tianjin Bank Beijing Branch		Jan 23, 2014 - Jan 22,2015	6.00	%		3,053,120
9	China Merchants Bank Chaoyang Branch		Feb 19, 2014-Feb 18, 2015	7.20	%		2,436,000
10	Agriculture Bank of China-Pinggu Branch		Mar 24, 2014- Mar 23, 2015	6.60	%		1,299,200
11	Agriculture Bank of China-Pinggu Branch		Apr 25, 2014- Apr 24, 2015	6.60	%		1,640,240
	Total					$	24,002,720

The interest expense from short-term loans were $455,744 and $233,186 for the three months ended September 30, 2014 and 2013, respectively