Loan Payables

3 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of September 30, 2020, the short-term loan payables consisted of three loans which mature on dates ranging from June 17, 2020 through August 5, 2021 with interest rates ranging from 5.22% to 5.66%. All loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.	Payee	Loan period per agreement	Interest Rate			September 30, 2020
1	Postal Saving Bank of China - Pinggu Branch	June 17, 2020-June 16, 2021		5.66	%		2,208,000
2	Beijing Bank - Pinggu Branch	June 22, 2020-June 22, 2021		5.22	%		1,472,000
3	Postal Saving Bank of China - Pinggu Branch	August 6, 2020-August 5, 2021		5.66	%		294,400
	Total					$	3,974,400

The interest expense from short-term loans was $56,768 and $70,789 for the period ended September 30, 2020 and 2019, respectively.