Loan Payables

3 Months Ended

Sep. 30, 2022

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of September 30, 2022, the loan payables consisted of three loans which mature on dates ranging from June 22, 2023 through August 18, 2024 with interest rates ranging from 3.98% to 5.66%. The first two loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.		Payee	Loan period per agreement		Interest Rate			September 30, 2022
	1	Postal Saving Bank of China - Pinggu Branch		June 23, 2022-June 22, 2023		5.66	%		2,383,400
	2	Beijing Bank - Pinggu Branch		June 24, 2022-June 23, 2023		5.22	%		1,402,000
	3	Industrial Bank Co. Ltd		Aug.19, 2022-Aug.18,2024		3.98	%		1,121,600
		Total						$	4,907,000

The interest expense from loans was $82,244 and $72,011 (for continuing operations only) for the period ended September 30, 2022 and 2021, respectively.