Loan Payables

12 Months Ended

Jun. 30, 2022

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of June 30, 2022, the short-term loan payables consisted of two loans which mature on dates ranging from June 22, 2023 through June 23, 2023 with interest rates ranging from 5.22% to 5.66%. No. 1 and 2 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2022
1	Postal Saving Bank of China - Pinggu Branch	June 23, 2022-June 22, 2023		5.66	%		2,538,100
2	Beijing Bank -Pinggu Branch	June 24, 2022-June 23, 2023		5.22	%		1,493,000
	Total					$	4,031,100

The interest expense from short-term loans was $256,784 and $266,304 for the year ended June 30, 2022 and 2021, respectively.