Loan Payables

12 Months Ended

Jun. 30, 2023

Loan Payables [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of June 30, 2023, the short-term and long-term loan payables consisted of five loans which mature on dates ranging from September 29, 2023 through August 18, 2024 with interest rates ranging from 3.65% to 5.00%. No. 1 to 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit. No. 4 to 5 below are collateralized by Jinong’s land use right and building ownership right.

No.	Payee	Loan period per agreement		Interest Rate			June 30, 2023
1	Beijing Bank -Pinggu Branch		June 5, 2023-June 5, 2024		4.15	%		1,378,000
2	Huaxia Bank -HuaiRou Branch		June 28, 2023-June 28, 2024		3.65	%		1,378,000
3	Pinggu New Village Bank		June 29, 2023-June 28, 2024		5.00	%		964,600
4	Industrial Bank Co. Ltd		August 19, 2022-August 18, 2024		3.98	%		1,047,280
5	Xian Bank		September 30, 2022-September 29, 2023		3.90	%		1,515,800
	Total						$	6,283,680

The interest expense from short-term loans was $295,804 and $256,784 for the year ended June 30, 2023 and 2022, respectively.