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Credit Facilities (Tables) | 12 Months Ended
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Jun. 30, 2019
Credit Facilities |
Summary of outstanding balances on short-term bank loans | 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
Summary of outstanding balances of short term third-party loans | 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.
Summary of outstanding balances of long term bank loan | 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

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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