Loan Payables

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of June 30, 2021, the short-term loan payables consisted of three loans which mature on dates ranging from May 25, 2021 through May 27, 2021 with interest rates ranging from 5.22% to 5.66%. No. 1, 2 and 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 3 is also guaranteed by the cash deposit.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2021
1	Postal Saving Bank of China - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		2,322,000
2	Postal Saving Bank of China - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		309,600
3	Beijing Bank -Pinggu Branch	May 25, 2021-May 21, 2022		5.22	%		1,548,000
	Total					$	4,179,600

The interest expense from short-term loans was $266,304 and $278,328 for the year ended June 30, 2021 and 2020, respectively.