Loan Payables

9 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 9 – LOAN PAYABLES

As of March 31, 2019, the short-term loan payables consisted of two loans which mature on dates ranging from May 21 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			March 31, 2019
1	Bank of Beijing - Pinggu Branch	May 22, 2018-May 21, 2019		5.22	%		1,490,000
2	Postal Saving Bank of China - Pinggu Branch	June 19, 2018-June 18, 2019		6.31	%		2,980,000
	Total					$	4,470,000

The interest expense from short-term loans was $457,885 and $452,640 for the nine months ended March 31, 2019 and 2018, respectively.