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Loan Payables

12 Months Ended

Jun. 30, 2017

Loan Payables & Convertible Notes Payable [Abstract]

NOTE 9 – LOAN PAYABLES

As of June 30, 2017, the short-term loan payables consisted of three loans which mature on dates ranging from July 28, 2017 through June 8, 2018 with interest rates ranging from 5.22% to 6.31%. The loans No. 1 to 3 are guaranteed with parent company’s credit from Jinong; the loans No. 2 and 3 4 below are collateralized by Tianjuyan’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2017
1	Bank of Beijing-Pinggu Branch	June 28, 2016 -July 28, 2017		5.22	%	$	1,502,360
2	Postal Saving Bank of China - Pinggu Branch	March 24, 2017 – March 5, 2018		6.31	%		4,507,080
3	Bank of Beijing - Pinggu Branch	June 9, 2017-June 8, 2018		5.22	%		1,502,360
4	Bank of China-Anhui	November 25, 2016-October25, 2017		LPR	*	$	166,311
	Total					$	7,678,111

*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate used by commercial banks to their top grade borrowers whose credit are comparable to the interbank borrowing credit worthiness in China. The LPR rate is a variable rate and was published along with Shanghai Interbank Offer Rates daily.

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%. The loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2 is guaranteed by Jinong’s

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	%	$	1,953,068
2	Beijing Bank - Pinggu Branch	Aug. 11, 2015- Aug. 2, 2016		5.82	%		1,502,360
3	Agriculture Bank of China-Pinggu Branch	Jan. 19, 2016 – Jan. 17, 2017		5.00	%		1,201,888
	Total					$	4,657,316

The interest expense from short-term loans was $549,650 and $995,959 for the years ended June 30, 2017 and 2016, respectively.