LOAN PAYABLES

6 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Short-term Debt [Text Block]

NOTE 8- LOAN PAYABLES

As of December 31, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from January 21, 2015 through August 2, 2016 with interest rates ranging from 5.20% to 6.96%. The loans No. 1 and 5 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No.3 is collateralized by deposit. The loan No. 2 is collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 4, 6 and 7 are guaranteed by Jinong’s credit. The loan No.8 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit.

 

No.		Payee	Loan period per agreement	Interest Rate			December 31, 2015
	1	Agriculture Bank of China-Pinggu Branch	Jan 21, 2015 - Jan 20, 2016		6.16	%	$	1,232,000
	2	Bank of Tianjin- Beijing Branch	Feb 3, 2015 - Jan 27, 2016		6.16	%		6,160,000
	3	Bank of Tianjin- Beijing Branch	Feb 11, 2015 - Feb 10, 2016		5.60	%		4,342,800
	4	China Merchants Bank- Chaoyangmen Branch	Mar 16, 2015 - Mar 15, 2016		6.96	%		770,000
	5	Agriculture Bank of China-Pinggu Branch	May 12, 2015 - Apr 29, 2016		5.89	%		2,002,000
	6	Bank of Beijing- Pinggu Branch	Aug 11, 2015- Aug 2, 2016		5.82	%		1,540,000
	7	China Merchants Bank- Cahoyangmen Branch	Sep 9, 2015- Mar 8, 2016		5.20	%		1,540,000
	8	Beijing International Trust Co., Ltd	Nov 17, 2015- Feb 13, 2016		5.22	%		1,232,000
		Total					$	18,818,800

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 were collateralized by Tianjuyuan’s land use right and building ownership right. The loan No. 8 was collateralized by Gufeng’s deposit. The loan No.7 was collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 2 and 9 were guaranteed by Jinong’s credit. The loans No. 3, 4 and 5 were guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 1 was guaranteed by Jinong and Tianjuyuan’s deposit.

 

No.		Payee	Loan period per agreement	Interest Rate			June 30, 2015
	1	Beijing Bank – Pinggu Branch	Aug 6, 2014 – Aug 5, 2015		6.72	%	$	1,637,000
	2	China Merchants Bank – Chaoyang 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 26, 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	Tianjin Bank – Beijing Branch	Feb 3, 2015 – Jan 27, 2016		6.16	%		6,548,000
	8	Tianjin Bank – Beijing Branch	Feb 11, 2015 – Feb 10, 2016		5.60	%		4,616,340
	9	China Merchants Bank – Chaoyang Branch	Mar 16, 2015 – Mar 15, 2016		6.96	%		818,500
	10	Agriculture Bank of China-Pinggu Branch	May 12, 2015 – Apr 29, 2016		5.89	%		2,128,100
		Total					$	23,605,540

The interest expense from short-term loans were $731,679 and $815,659 for the six months ended December 31, 2015 and 2014, respectively.