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LOAN PAYABLES | 12 Months Ended
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Jun. 30, 2013
Debt Disclosure [Abstract] |
Short-term Debt [Text Block] |
NOTE 9 - LOAN PAYABLES As of June 30, 2013, the short-term loan payables consist of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the share ownership owned by Jinong.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | June 30, 2013 |
1 |  | Agriculture Bank of China-Beijing Branch |  | January 24, 2013 - January 13, 2014 |  |  | 6.60 | % |  | $ | 1,359,120 |
2 |  | Agriculture Bank of China-Beijing Branch |  | March 22, 2013 - March 21, 2014 |  |  | 6.60 | % |  |  | 1,294,400 |
3 |  | Agriculture Bank of China-Beijing Branch |  | April 25, 2013 - April 24, 2014 |  |  | 6.60 | % |  |  | 1,634,180 |
4 |  | Bank of Tianjin |  | June 28, 2013 - August 2, 2013 |  |  | 6.72 | % |  |  | 1,132,600 |
5 |  | Bank of Tianjin |  | June 20, 2013 - August 2, 2013 |  |  | 6.72 | % |  |  | 970,800 |
6 |  | China Merchant Bank |  | August 30, 2012 - August 29, 2013 |  |  | 6.30 | % |  |  | 4,045,000 |
7 |  | Industrial and Commercial Bank of China |  | October 25, 2012 - October 24,2013 |  |  | 8.00 | % |  |  | 1,618,000 |
8 |  | Industrial and Commercial Bank of China |  | September 25, 2012-September 24, 2013 |  |  | 8.00 | % |  |  | 1,618,000 |
9 |  | China Misheng Bank |  | January 5, 2013 - January 4, 2014 |  |  | 7.20 | % |  |  | 2,427,000 |
|  |  |  | Total |  |  |  |  |  | $ | 16,099,100 |
As of June 30, 2012, the short-term loans payable consist of eight loans which mature on dates ranging from July 23, 2012 through April 22, 2013 interest rates ranging from 6.89% to 8.87%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 4 below is collateralized by the inventory of Gufeng. In addition, the loans No.5, 6, 7 and 8 below are guaranteed by Jinong’s credit.
|  |  |  |  |  | Interest |  |  | June 30, |
No. |  | Payee |  | Loan period per agreement |  | Rate |  |  | 2012 |
1 |  | Agriculture Bank of China-Beijing Branch |  | January 11, 2012 - January 10, 2013 |  |  | 6.89 | % |  | $ | 1,330,560 |
2 |  | Agriculture Bank of China-Beijing Branch |  | March 23, 2012 - March 22, 2013 |  |  | 8.20 | % |  |  | 1,267,200 |
3 |  | Agriculture Bank of China-Beijing Branch |  | April 23, 2012 - April 22, 2013 |  |  | 7.26 | % |  |  | 1,599,840 |
4 |  | Bank of Tianjin |  | September 9, 2011 - July 23, 2012 |  |  | 7.54 | % |  |  | 1,813,680 |
5 |  | Minsheng Bank |  | September 8, 2011 - September 8, 2012 |  |  | 8.20 | % |  |  | 1,814,372 |
6 |  | Minsheng Bank |  | September 19, 2011 - September 19, 2012 |  |  | 8.20 | % |  |  | 561,628 |
7 |  | China Merchant Bank |  | July 25, 2011 - July 26, 2012 |  |  | 8.53 | % |  |  | 3,960,000 |
8 |  | Industrial and Commercial Bank of China |  | October 17, 2011 - October 17,2012 |  |  | 8.87 | % |  |  | 1,584,000 |
|  |  |  | Total |  |  |  |  |  | $ | 13,931,280 |
The interest expense from short-term loans were $1,351,157, $1,590,620 and $466,912for the years ended June 30, 2013, 2012 and 2011, respectively.

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