Loan Payables

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of September 30, 2021, the short-term loan payables consisted of three loans which mature on dates ranging from May 21, 2022 through May 26, 2022 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, 2021
1	Postal Saving Bank of China - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		2,326,500
2	Beijing Bank - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		310,200
3	Postal Saving Bank of China - Pinggu Branch	May 25, 2021-May 21, 2022		5.22	%		1,551,000
	Total					$	4,187,700

The interest expense from short-term loans was $72,011 and $56,768 for the period ended September 30, 2021 and 2020, respectively.