NOTE 9 – LOAN PAYABLES

As of June30, 2018, the short-term loan payables consisted of four loans which mature on dates ranging from June 18, 2018 through May 21, 2019 with interest rates ranging from 4.35% to 6.31%. No. 1 is guaranteed with parent company’s credit for Jinong. Loans No. 2 and 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 4 is guaranteed by the cash deposit.

No.	Payee	Loan period per agreement		Interest Rate			December 31, 2017
1	Beijing Agriculture Investment -small loan		August 4, 2017-July 30 2018		5.50	%		151,000
2	Bank of Beijing - Pinggu Branch		May 22, 2018-May 21, 2019		5.22	%		1,510,000
3	Postal Saving Bank of China - Pinggu Branch		June 19, 2018-June 18, 2019		6.31	%		3,020,000
4	Agriculture Bank -Pinggu Branch		June 28, 2017-September 27, 2018		4.35	%		45,300
	Total						$	4,726,300

The interest expense from short-term loans was $592,153 and $549,650 for the year ended June 30, 2018 and 2017, respectively.