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Loan Payables

3 Months Ended

Sep. 30, 2018

Loan Payables [Abstract]

NOTE 9- LOAN PAYABLES

As of September 30, 2018, the short-term loan payables consisted of two loans which mature on dates ranging from May 21, 2019 through June 18, 2019 with interest rates ranging from 5.22% to 6.31%. Both loans are collateralized by Tianjuyuan’s land use right and building ownership right. .

No.		Payee		Loan period per agreement		Interest Rate				September 30, 2018
1		Bank of Beijing - Pinggu Branch		May 22, 2018-May 21, 2019			5.22	%			1,456,000
2		Postal Saving Bank of China - Pinggu Branch		June 19, 2018-June 18, 2019			6.31	%			2,912,000
		Total								$	4,368,000

The interest expense from short-term loans was $93,122 and $179,575 for the period ended September 30, 2018 and 2017 respectively.