NOTE 8 – LOAN PAYABLES

As of March 31, 2017, the short-term loan payables consisted of three loans which mature on dates ranging from July 28, 2016 through March 5, 2018 with interest rates ranging from 5.22% to 6.3075%. Loan No. 1 below is collateralized by Tianjuyan’s real estate, and guaranteed by Jinong’s credit and Loan No. 2 below is guaranteed by Jinong’s credit.

No.	Payee	Loan period per agreement	Interest Rate			March 31, 2017
1	Postal Savings Bank of China-Pinggu Branch	March 24, 2017 - March 5, 2018		6.3075	%		1,886,482
2	Beijing Bank- Pinggu Branch	July 28, 2016 – July 28, 2017		5.22	%		1,451,140
	Total					$	3,337,622

As of June 30, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from May 18, 2016 through March 17, 2017 with interest rates ranging from 4.87% to 5.82%. Loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. Loan No. 2 below is guaranteed by Jinong’s credit.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2016
1	Agriculture Bank of China-Pinggu Branch	May. 18, 2016 – Mar. 17, 2017		4.87	%	$	1,956,500
2	Beijing Bank - Pinggu Branch	Aug. 11, 2015 – Aug. 2, 2016		5.82	%		1,505,000
3	Agriculture Bank of China-Pinggu Branch	Jan. 19, 2016 – Jan. 17, 2017		5.00	%		1,204,000
	Total					$	4,665,500

The interest expense from short-term loans was $464,430 and $943,413 for the nine months ended March 31, 2017 and 2016, respectively.