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LOAN PAYABLES (Tables)
6 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
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