XML 82 R31.htm IDEA: XBRL DOCUMENT v3.19.3

Credit Facilities (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of long-term bank loans arrangements, having initial terms of repayment after one year or the normal operating cycle, if longer.

+ References

No definition available.

+ Details

Name:	plin_ScheduleOfLongTermBankLoansTableTextBlock
Namespace Prefix:	plin_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term bank loans arrangements, having initial terms of repayment within one year or the normal operating cycle, if longer.

+ References

No definition available.

+ Details

Name:	plin_ScheduleOfShortTermBankLoansTableTextBlock
Namespace Prefix:	plin_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration