Loan Payables

9 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of March 31, 2022, the short-term loan payables consisted of three loans which mature on dates ranging from May 27, 2021 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			March 31, 2022
1	Postal Saving Bank of China - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		2,359,500
2	Beijing Bank - Pinggu Branch	May 27, 2021-May 26, 2022		5.66	%		314,600
3	Postal Saving Bank of China - Pinggu Branch	May 25, 2021-May 21, 2022		5.22	%		1,573,000
	Total					$	4,247,100

The interest expense from short-term loans was $203,796 and $181,269 for the period ended March 31, 2022 and 2021, respectively.