NOTE 8- LOAN PAYABLES

As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 with interest rates ranging from 5.60% to 7.80%. The loans No 6 and 10 are collateralized by Tianjuyuan’s land use right and building ownership right. The loan No.8 is collateralized by Gufeng’s deposit. The loan No.7 is collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 2 and 9 are guaranteed by Jinong’s credit. The loans No.3, 4 and 5 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No.1 is guaranteed by Jinong and Tianjuyuan’s deposit.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2015
1	Bank of Beijing- Pinggu Branch	Aug 6, 2014 - Aug 5, 2015		6.72	%	$	1,637,000
2	China Merchants Bank- Chaoyangmen Branch	Aug 27, 2014 - Aug 26, 2015		7.80	%		1,637,000
3	Beijing International Trust Co., Ltd	Sep 24, 2014 - Sep 23, 2015		7.80	%		1,637,000
4	Beijing International Trust Co., Ltd	Oct 28, 2014 - Oct 27, 2015		7.80	%		1,637,000
5	Beijing International Trust Co., Ltd	Dec 16, 2014 - Dec 15, 2015		7.28	%		1,637,000
6	Agriculture Bank of China-Pinggu Branch	Jan 21, 2015 - Jan 20, 2016		6.16	%		1,309,600
7	Bank of Tianjin- Beijing Branch	Feb 3, 2015 - Jan 27, 2016		6.16	%		6,548,000
8	Bank of Tianjin- Beijing Branch	Feb 11, 2015 - Feb 10, 2016		5.60	%		4,616,340
9	China Merchants Bank- Chaoyangmen Branch	March 16, 2015 - March 15, 2016		6.96	%		818,500
10	Agriculture Bank of China-Pinggu Branch	May 12, 2015 - April 29, 2016		5.89	%		2,128,100
	Total						23,605,540

As of June 30, 2014, the short-term loan payables consisted of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No.7,10 and 11below 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.

No.	Payee	Loan period per agreement	Interest Rate			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 08, 2014 - Jan 07, 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	March 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 was $1,712,639, $1,380,829 and $1,351,157 for the years ended June 30, 2015, 2014 and 2013, respectively.