Loan Payables

9 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 9 – LOAN PAYABLES

As of March 31, 2020, the short-term loan payables consisted of three loans which mature on dates ranging from June 2, 2020 through June 27, 2020 with interest rates ranging from 5.22% to 6.31%. All loans are collateralized by Tianjuyuan's land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			March 31, 2018
1	Postal Saving Bank of China - Pinggu Branch	June 3, 2019-June 2, 2020		6.31	%		2,822,000
2	Beijing Bank - Pinggu Branch	June 28, 2019-June 27, 2020		5.22	%		705,500
3	Beijing Bank - Pinggu Branch	August 14, 2019-June 27, 2020		5.22	%		282,200
	Total					$	3,809,700

The interest expense from short-term loans was $215,241 and $250,127 for the Nine Months ended March 31, 2020 and 2019 respectively.