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Credit Facilities | 12 Months Ended
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Jun. 30, 2019
Credit Facilities |
Credit Facilities | Note 10 – Credit Facilities Short term loans – banks Outstanding balances on short-term bank loans consisted of the following:
|  |  |  | Weighted |  |  |  |  |  |  |  |
|  |  |  | average |  |  |  |  |  |  |  |
Lenders |  | Maturities |  | interest rate |  | Collateral/Guarantee |  | June 30, 2019 |  | June 30, 2018
Shanghai Pudong Development (“SPD”) Bank Chongqing Nanbing Road Branch |  | April 22, 2020 |  | 6.09 | % | A security deposit of $109,221 and guaranteed by the CEO and certain members of the family and affiliate |  | $ | 1,456,187 |  | $ | 1,510,004
Chongqing Rural Commercial Bank |  | December 6, 2019 |  | 6.74 | % | Guaranteed by the CEO and certain members of the family and affiliate |  |  | 2,694,122 |  |  | 3,020,007
Chongqing Beibei Chouzhou Bank Co., Ltd. |  | January 20, 2020 |  | 6.96 | % | Guaranteed by GA Yongpeng’s properties recorded at RMB 36,626,600 (approximately $5.3 million) and Zeshu Dai’s 6.25% of stock right of GA Yongpeng recorded at RMB 1,250,000 (approximately $0.2 million) |  |  | 364,071 |  |  | —
Total |  |  |  |  |  |  |  | $ | 4,514,380 |  | $ | 4,530,011
Loans from third parties Outstanding balances of short term third-party loans consisted of the following:
|  |  |  | Weighted |  |  |  |  |  |  |  |
|  |  |  | average |  |  |  |  |  |  |  |
Lenders |  | Maturities |  | interest rate |  | Collateral/Guarantee |  | June 30, 2019 |  | June 30, 2018
Sichuan Toucu Financial Information Services Co., Ltd |  | Various amounts due between November 2018 and December 2018 ($145,628 was repaid in August 2019, and the balance was extended to be due between November 2019 and December 2019) |  | 9.0 | % | None |  | $ | 407,758 |  | $ | 302,001
Chongqing Puluosi Small Mortgage Co., Ltd. |  | Various amounts due between November 2018 and January 2019 (Reached new repayment terms upon private settlement)* |  | 12.0 | % | Guaranteed by the CEO and certain members of the family and affiliate |  |  | 4,805,734 |  |  | 4,530,011
Chongqing Zhouyang Shipping Co., Ltd |  | December 28, 2019 |  | 18.0 | % | None |  |  | 72,814 |  |  | 75,500
Mei Yang |  | October 10, 2019 (Renewed and to be due on October 10, 2020) |  | 18.0 | % | None |  |  | 43,688 |  |  | —
Ping Wang |  | January 10, 2020 |  | 9.89 | % | None |  |  | 48,057 |  |  | —
Yuzhu Hu |  | November 30, 2019 |  | 14.4 | % | None |  |  | 160,191 |  |  | —
Yixuan Liu |  | September 11, 2019 (Renewed and to be due on March 11, 2020) |  | 12.0 | % | None |  |  | 87,377 |  |  | —
Shuming Yang |  | September 20, 2019 (Renewed and to be due on March 20, 2020) |  | 12.0 | % | None |  |  | 174,754 |  |  | —
Qin Cao |  | October 22, 2019 (Renewed and to be due on October 22, 2020) |  | 24.0 | % | None |  |  | 72,814 |  |  | —
Maohua Xia |  | Various amounts due between August 2019 and September 2019 (Renewed and various amounts to be due between August 2020 and September 2020) |  | 24.0 | % | None |  |  | 223,848 |  |  | —
Bangwei Zhu |  | May 2, 2020 |  | 12.0 | % | None |  |  | 36,407 |  |  | —
Mei Zhang |  | April 9, 2019 (Renewed and to be due on April 9, 2020) |  | 24.0 | % | None |  |  | 72,814 |  |  | —
Total loans from third parties |  |  |  |  |  |  |  | $ | 6,206,256 |  | $ | 4,907,512
Total non-current loans from a third party |  |  |  |  |  |  |  |  | (3,131,007) |  |  | —
Total current loans from third parties |  |  |  |  |  |  |  | $ | 3,075,249 |  | $ | 4,907,512
*The Company settled the renewal terms of these past-due loans with the lender in September 2019. According to the renewal terms, the Company repaid $116,503 (RMB 800,000) in September 2019. Among the remaining balance, $101,940 (RMB 700,000) will be due by the end of October 2019, $728,141 (RMB 5,000,000) will be due on December 1, 2019, $728,141 (RMB 5,000,000) will be due on March 31, 2020, and $3,131,007 (RMB 21,500,000) with interests will be due on August 30, 2020. Short term loans – related parties See Note 9. Long-term loan - bank The outstanding balance of long term bank loan consisted of the following:
|  |  |  | Weighted |  |  |  |  |  |  |  |
|  |  |  | average |  |  |  |  |  |  |  |
Lender |  | Maturity |  | interest rate |  | Collateral/Guarantee |  | June 30, 2019 |  | June 30, 2018
Chongqing Dadukou Rongxing Village & Township Bank |  | September 20, 2020 |  | 12.0 | % | Guaranteed by CQ Penglin, CQ Pengmei, GA Yongpeng, CQ Mingwen, the CEO and certain members of the family |  | $ | 866,231 |  | $ | 981,502
Interest expense pertaining to the above loans for the years ended June 30, 2019, 2018 and 2017 amounted to $823,551 ($11,403 was for interest expense of loans – related parties), $1,243,708 and $632,160, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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