Loan Payables

9 Months Ended

Mar. 31, 2023

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of March 31, 2023, the loan payables consisted of four loans which mature on dates ranging from June 22, 2023 through August 18, 2024 with interest rates ranging from 3.9% 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			March 31, 2023
1	Postal Saving Bank of China - Pinggu Branch	June 23, 2022-June 22, 2023		5.66	%		2,473,500
2	Beijing Bank - Pinggu Branch	June 24, 2022-June 23, 2023		5.22	%		1,455,000
3	Industrial Bank Co. Ltd	Aug.19, 2022-Aug.18,2024		3.98	%		1,105,800
4	Xian Bank	September 30, 2022-September 29, 2023		3.90	%		1,746,000
	Total					$	6,780,300

The interest expense from loans was $216,391 and $203,796 (for continuing operations only) for the period ended March 31, 2023 and 2022, respectively.